I will keep you posted as soon as the data for June is in!
New Mortgage Rules starting Jan. 2018
Starting January 1st, 2018 all mortgages will be required to qualify at the posted 5 year rate, or at this time approximately 4.89%. Currently mortgages with 20% or more can qualify at the regular 5 year rate of approximately 3%. The difference can reduce mortgage amounts by approximately 20%.
If you are interested in buying and have not been pre-approved for the new stress test, now might be the time to do so to find out, what the difference would be for you and if you should make a move before the deadline at the end of this year.
Below is a link to the government's website detailing the changes. Feel free to call or email if you have any questions or concerns!
The Canmore Real Estate Market – Past, Present and Future
The decline of the price of crude oil which started internationally in August 2014 had a huge influence on the economy of Alberta and Calgary. While the price was previously at around $100US / barrel crude oil, the price dropped to its lowest at around $30 in February 2016 and has since started to recover to around $54 US in Dec. 2016.
Alberta’s economy which depends heavily on the oil industry has been hit with unemployment which lead to a negative net migration. People previously employed in the oil industry left Alberta and went back to their home provinces. The spending budget of many of those who stayed decreased sharply.
This development was also reflected in the Real Estate Market. With a lot of properties coming on the market but less people to look for properties, the Sales Volume in Calgary declined in Nov. 2016 by 3% year over year and was down by 17% when compared to long-term averages. Sales Prices decreased...
Beginning in February, insurers will require a 10% down payment on the portion of any mortgage over $500,000. The five per cent rule remains the same for the portion under $500,000. This means that someone looking to buy a $750,000 home would need to have a total minimum downpayment of $50,000 (which is five per cent of $500,000 plus 10 per cent of the remaining $250,000).
this fabulous house as well. A smashing evening for everyone!
The perfect stage for this casual fun event will be my listing at 510 - 5th Avenue a 5 bed/4 baths Half Duplex with great open spaces!
Suggested $10-15 as you are able. Please BYOB (bring your own beverages) and nibbles for sharing.
Enjoy the music and check out this fantastic half duplex while you are there! www.canmorethomas.com/properties.php/details/15
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See you there!