RE/MAX Excellence
17718 - 64 Avenue, Edmonton, Alberta
P: 780-481-2950
F: 780-481-1144
CMHC Backing Fewer Loans CMHC (Canada Mortgage and Housing Corportation) was started in 1946 as a national housing program to help house the war veterans. Now it has grown into a $600-billion financing program for home buyers. As it nears its $600-billion cap, CMHC is cutting back on mortgages. Generally, CMHC provides insurance to back mortgages for homebuyers with down payments of less than 20%. Over the past few years the federal government has tightened the rules several times by reducing the amortization and raising the minimum down payments. In many cases these changes impact the first time buyers. Now, the federal government introduced legislation to have Canada's banking regulator oversee CMHC. This suggests tigher scrutiny of CMHC and perhaps more changes for the program.
Mortgage Rates There are rumblings that the banks may increase their mortgage rates. This could happen overnight. So if you're planning on buying a home this spring/summer, you may save by immediately getting a pre-approval and locking in the low rate. The rate can impact how much you can qualify to purchase and your monthly payments. If you would like more information, call Delores Knudsen at 780-940-4554,
Household Debt Bank of Canada governor Mark Carney announced that in recent months household debt has slowed. Still concerned with short term household debt he suggested that locking in to fixed-term mortgages leaves households less vulnerable to increases in interest rates. The bank kept the rate at 1.0% but again hinted that interest rates would increase given the improving global economy...this is the rate that generally impacts your short term debt.
Open House on Sunday April 22 from 2:00 to 4:00 pm at 260 Kananaskis Bay in Devon, Alberta. Look at this beautiful bi-level in newer area with 3 plus 2 bedrooms and double attached garage. Home features large kitchen with stainless steel appliances, central air-conditioning, newer flooring, vaulted ceilings, gas fireplace and jetted tub and developed lower level with high ceilings & large windows. Call Delores Knudsen at 780-940-4554 for directions or more information.
RE/MAX Housing Outlook 2012 - Edmonton
Edmonton remains one of the most affordable large markets in Canada. While both sales and average price are expected to remain stable—on par with 2011 levels—the market is forecast to return to more balanced conditions. A projected increase in pent-up demand, prompted by the threat of higher interest rates, is expected to induce home buying activity in the latter half of the year. First-time buyers will once again lead the charge, while move-up purchasers slowly enter the market for mid-priced properties. Condominium values should stabilize, providing younger buyers with an opportunity to gain a foothold. Investors should continue to be a force, with condominium townhomes their investment of choice.
(Source: RE/MAX Western Canada - Dec 2011)
Did you know? Employment Rose in Alberta
Employment in Alberta rose by 7,500 and the unemployment rate slid from 5.4% in September to 5.1% in October. (Source: Alberta Government November 10, 2011) Employment is one of the factors that influences house sales.
Housing Affordability Remains Attractive in Alberta
The RBC Report on Housing Trends and Affordability dated August 2011 suggests that housing affordability remains attractive in Alberta. RBC reported that in the second quarter the affordability measures were the lowest of all the provinces. They stated that "Homebuyer demand has been stuck in low gear up to this point with existing home sales, new home construction, and home prices continuing to exhibit flat month-to-month trends." The RBC Housing Trends and Affordability August 2011 Report expects, "that robust economic growth and rising employment will shore up confidence in Alberta's housing market, thereby leading to stronger resale activity in the period ahead."
Wednesday, February 29, 2012 - New Listing - E3290579
Friday, February 24, 2012 - Getting A Mortgage
Wednesday, February 22, 2012 - Just Sold - E3288544
Tuesday, February 21, 2012 - New Listing - E3289700
Thursday, February 9, 2012 - New Listing - E3288544
Wednesday, February 1, 2012 - New Listing - E3287564
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