EXCITED TO ANNOUNCE!!!


Coming Soon to the Calgary Real Estate Market is this very, very special Calgary Luxury Estate property.  Unbelievable location on Lake Bonaventure, massive size, impressive design and very well priced. 


Contact Me To Make Your Luxury Calgary Home The Next I Sell!



Steven Hill

Certified Luxury Home Marketing Specialist

403-863-6344

Associate Broker

Sotheby's International Realty Canada

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NEW CMHC MORTGAGE RULES START MARCH 17th
 
 
 
 
Homeowner mortgage loan insurance premiums are changing as of March 17. For the average CMHC-insured homebuyer, this means an increase of around $5 to your monthly mortgage payments.
  • Mortgage loan insurance helps protect lenders against mortgage default and enables consumers to purchase homes with a minimum down payment of 5% with interest rates comparable to those with a 20% down payment.  Mortgage loan insurance is typically required by lenders when homebuyers make a down payment of less than 20% of the purchase price.

  • CHMC's new premium rates will be effective for new mortgage loan insurance requests submitted on or after March 17, 2017.  The current mortgage loan insurance premiums will apply for applications submitted to CHMC prior to this date, regardless of the closing date.  As is normal practice, complete borrower and property details must be submitted to CMHC when requesting mortgage loan insurance.

  • The changes do not impact mortgages currently insured by CMHC.
 
 
 
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CREB® | Market Forecast Report

CREB® delivers a market forecast twice annually—once at the beginning of the year (typically the second week in January) and again around the mid-point (July/August).

The forecast report provides a comprehensive look at key economic indicators that influence housing within CREB®’s region boundaries, from energy prices to employment and population trends, to name a few.

It also examines each market sector, explores housing by property type and clarifies how supply and demand is functioning at the district level. 

To learn more and view CREB®’s latest forecast report, please click here more information.

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The Alberta Real Estate Association (AREA) released this update to its licensed Realtor body yesterday, informing us of the forthcoming regulations to be implemented on October 17th. It offers some important insight as to the changes ahead.

This is their entire message:

AREA remains in contact with REALTORS®, mortgage professionals, lenders and insurers for information that continues to become available as the real estate and mortgage industries continue to prepare for changes to the mortgage insurance rules effective October 17, 2016.

In speaking with lenders, it is our understanding that lenders and insurers are establishing their policies with a limited amount of contact from the federal government other than the government's backgrounder on the announcement, which states:

The announced measure will apply to new mortgage insurance applications received on October 17, 2016 or later. This measure will not apply to mortgage loans where, before October 3, 2016: a mortgage insurance application was received; the lender made a legally binding commitment to make the loan; or the borrower entered into a legally binding agreement of purchase and sale for the property against which the loan is secured. Mortgage loans for which mortgage insurance applications are received after October 2, 2016 and before October 17, 2016 are also not affected by the rule change, provided that the mortgage is funded by March 1, 2017. Homeowners with an existing insured mortgage or those renewing existing insured mortgages are not affected by this measure.

Based on the information AREA received, the AREA Advisory to members stated that 'Accepted Offers to Purchase signed before October 17, 2016 will qualify under the current rules provided that the mortgage is funded by March 1, 2017'. Discussions with lenders and the government backgrounder indicate that having a legally binding purchase contract prior to October 17, 2016 may not be enough - the mortgage insurance application may also have to occur prior to October 17 for the current rules to remain in effect.

What does this mean?

  • Have your client contact their lender to learn more about their policies on the application of the new mortgage insurance rules.
  • In many cases, we understand lenders will require the mortgage insurance application to occur prior to October 17, 2016 to fall under the current rules.
  • Where the application does not occur until on or after October 17, 2016, the new 'stress test' would apply, requiring the buyer to qualify for a mortgage at the Bank of Canada posted rate, currently 4.64%, even though they would still receive the contract rate.

The example in the October 7 Advisory illustrating the effect of the new rules continues to apply. Family A is qualifying for a mortgage using the following information:

Current Annual Family Income

$87,000

Household Debt Payments

$700 per month

Property Tax Payments

$3,000 per year

Down Payment

5%

Mortgage Rate

2.49%

Result:

  • Qualifying for a mortgage and applying for mortgage insurance under current rules, Family A qualifies for a purchase price of $450,000.
  • Qualifying for a mortgage and applying for mortgage insurance after October 17, 2016, given the need to qualify at the Bank of Canada rate of 4.64%, Family A qualifies for a purchase price of $360,000.

Questions

Have your client speak to their lender and their mortgage professional about their circumstances. Depending on where they are at in their search or the purchase process, the changes may affect their buying power and adjustments may need to be made to their search criteria.

 - As always, it is important to have all the facts and the best representation possible from your licensed real estate professional and your lender. If you have any questions, please feel free to contact me anytime.

Steven

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Beautiful Luxury Home at 3822 Sarcee Road SW in Calgary SOLD in 9 Days!
 
Partnering with my colleauge Jacqueline Thorogood of Sotheby's International Realty Canada.  This absolutely gorgeous home was sold in 9 Days!
Experience luxurious urban living in this beautiful Crystal Creek 3 storey infill home. The airy entrance flows seamlessly to a stunning entertaining space with a focal fireplace. The spacious dining area and gourmet kitchen are flooded with an abundance of natural light and appointed with top of the line appliances and finishings. The upper floors hold two expansive bedrooms, a full bathroom, generous laundry room and a peaceful master retreat with luxurious, spa inspired ensuite. A relaxed living area can be found in the finished basement along with a fourth bedroom and full bath. The back yard is an outdoor oasis complete with maintenance free patio, hot tub and BBQ area. Imagine living the Currie life where parks, schools, dining, shopping, recreation and transit are all steps away from your front door.
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