Today, June 21, 2012, the Department of Finance announced upcoming mortgage rule changes. If you are in the process of purchasing a home you will need to contact your lender to review how these changes will impact you.

 

Details of the announcement

 

Changes quoted from the announcement:

 

The Government is announcing four measures for new government-backed insured mortgages with loan-to-value ratios of more than 80 per cent:

  • Reduce the maximum amortization period to 25 years from 30 years. This will reduce the total interest payments Canadian families make on their mortgages, helping them build up equity in their homes more quickly and pay off their mortgages sooner. The maximum amortization period was set at 35 years in 2008 and further reduced to 30 years in 2011.
  • Lower the maximum amount Canadians can borrow when refinancing to 80 per cent from 85 per cent of the value of their homes. This will promote saving through home ownership and encourage homeowners to prudently manage borrowings against their homes.
  • Fix the maximum gross debt service ratio at 39 per cent and the maximum total debt service ratio at 44 per cent. This will better protect Canadian households that may be vulnerable to economic shocks or an increase in interest rates.
  • Limit the availability of government-backed insured mortgages to homes with a purchase price of less than $1 million.

It is noted that changes come into effect on July 9, but we are expecting more details shortly regarding the implementation process for these new changes. 

Post CommentComments: 0Read Full Story

Have you seen the Uplands Recreation Centre? Imagine being able to walk half a block down the street to your own private community pool, squash courts, fitness centre and party room to use at your leisure.

You can enjoy this fabulous amenity only if you live in the Uplands.

 

39 Hawkside Close is your opportunity.

 

Beautifully updated and elegantly appointed, this custom home at the top of the hill in the Uplands of Hawkwood is situated on a mature lot with detailed landscaping. Upon entering the foyer, you will notice the beautiful hardwood floors and the great front living room with massive windows that bring in amazing light and unique architectural details. To the right you enter the exquisite dining room and the open concept kitchen, breakfast nook and sunken family room. Updated with built in oven, counter top stove, granite counters, updated cabinetry, lighting and finishes, this chef's kitchen is ideal. The home wraps around an amazing courtyard like deck. The grand curving staircase guides you to the master bedroom with custom 5 piece bath. Two additional bedrooms and full bath complete the upper level. Clay tile roof, detailed interior updates and beautiful views. 


View all property details, photos and videos for 39 Hawkside Close NW.


Post CommentComments: 0Read Full Story

May 2012 residential sales in the City of Calgary increased by 31.8 per cent over last year, to 2,385, making it the highest May activity since the recession.

 

Now that is a statement.

 

It has been a very busy spring market and the recent activity has reduced the average days on market and increased the list to sale ratios meaning folks are buying quicker and at closer to asking price. There has been an increase in prices and the average numbers and benchmark numbers are in the CREB statistics packages in detail for various property types and price ranges.

 

Now that we have seen an increase in prices, it will be interesting to see the seller response in terms of new listings. The general feeling is that we are on a positive course in a balanced market, but not at risk of the boom price jumps of 2006/2007.

 

An important item to note is that many new home builders that had multiple spec homes available last year now have limited quick possession properties available in some areas. The absorption of that available inventory is not reported in MLS statistics.

 

The positive economic outlook for Calgary has much to do behind the positive numbers which are the envy of many other parts of Canada. If even half of the recent headlines regarding job prospects and economic growth are true, we have a very positive future ahead.

 

View the full CREB statistics package.

Post CommentComments: 0Read Full Story

On June 1, 2012, the Calgary Real Estate Board introduced a new property status. If you receive property updates from a Realtor, you may see this new status which displays as "U" - Under Contract.

 

Current status types include "A" for Active, "S" for Sold, "E" for Expired and others. There is currently also a "P" status for Pending.  P for Pending and U for Under Contract differ in the following way.

 

Status "U" - Under Contract. U status means that the seller has accepted an offer to purchase and the property is conditionally sold. The property is still available for showings and will display as available on realtor.ca. The conditional contract details will not be revealed.

 

Status "P - Pending. P status means that the seller has accepted an offer to purchase and the property is conditionally sold. The property may or may not be available for future showings and the property will no longer display on realtor.ca. The conditional contract details will not be revealed.

 

As sellers no longer have to disclose if an offer has been accepted, some active listings, Status "A", may also be conditionally sold.

 

A little confusing? Maybe, but in the end the new addition allows for sellers to communicate to other Realtors that a property is under contract, but still allows for the property to be actively marketed until the current deal is firm. As a buyer, it is important to understand these changes and decide which properties they wish to pursue.  

 

Give me a call if you are interested in purchasing a new home and I will do the research to meet your goals.

Post CommentComments: 0Read Full Story