Calgary house prices grow the highest in Canada
Calgary’s house prices are growing the fastest in Canada. As I have been saying for ages, this is due to the continued in-bound migration by workers from Canada and overseas and it has been sustained for more than a few years now. CMHC forcasts it to continue for a few more years as well. Mark Herman, top Calgary Alberta mortgage broker
Second most sales homes in Calgary EVER for the month August!
The average cost of a home in YYC is now 545,000! When you include condos in the mix the average is 459,500!
To be able to buy many people are turning to condos as most are priced below 400k.
BUT conod purchases include: AGM’s, reserve fund studies, board meetings minutes, financial statements, engineering reports, bylaws, post-tension cables, elevators, and all the rest.
Calgary – 5th BEST place to live in the world! – the Economist
This is why Calgary housing prices are supported by about 20,000 new arrivals a year. The in-migration will continue for a while yet … and that will support housing prices.
Three Canadian cities — Vancouver, Toronto and Calgary — have been named as some of the best places to live in the world, according to a report by The Economist.
In the annual poll ranked Vancouver as 3rd most livable city in the world; followed by Toronto at No. 4, and Calgary tied for fifth place with Adelaide, Australia.
Mortgage rate data – short version
Below is the type of data that we watch for you on a daily basis. … short version – rates are holding at 114 year lows.
As expected the Bank of Canada has held the line on its benchmark interest rate for another setting.
Is it time for mortgage interest rates to start going up?
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The Canadian housing market shows no signs of slowing down during the typically slowing summer months. Economists say they continue to be surprised by the strength in the housing market and continued appetite that Canadians have towards home ownership. The U.S economy is growing much faster than expected and unemployment is down to 6.1% which is at its lowest level since the summer of 2008. Housing starts across the US have also exceeded the expectations of many economists. This encouraging news is causing speculation that the US Federal Reserve will be forced to raise interest rates faster than anticipated to ensure inflation does not become a concern. According to Bloomberg News, Charles Plosser of the Federal Reserve states, “The data keeps telling us we ought to be raising rates, if we wait too long we could find ourselves raising rates faster and higher than we want to.” Historically, our interest rates usually follow the lead of the US. With the hot real estate market this summer, it makes sense to get a pre-approved mortgage with a locked in interest rate while we are still at historical lows. Access to major banks, trust companies and credit unions combined with my expertise provides you the opportunity to get the right mortgage with the best possible rate and terms. Contact me today.
5 Plex and up, Yes we do them now!Multi Residential Lender within a bank that will work with 5-PLEX and UP!! These are multi residential rates (APPROX 3.99% on 5 year). This is nerdy news but it is a big deal for real estate investors who have a tough time getting funding for small 5 and 6 plex deals as they are so small lenders will not look at them commercially and anything more than 4 units can not be done as residential. Calgary 4th most expensive city in Canada to live inVancouver tops the list of most expensive Canadian cities to live in, surpassing Toronto for the second year in a row, according to an annual cost of living survey. But life is still expensive in Toronto, as well as Montreal and Calgary, which round out the top four costly cities in the country, according to Mercer’s 2014 Cost of Living Survey. CMHC not insuring luxury homes with sales price of more than $1MThis was announced about 4 months ago so it is no surprise – unless you have been sitting on a huge pile of cash and just now thought it is a good time to buy a home for $1,000,001 or more.Another great example of rules that we have been working under for months that did not make the headlines … — CMHC no longer offering mortgage insurance for luxury homesAlso cutting insurance to loans to finance condo projects By Mario Toneguzzi AND cANADIAN pRESS, Calgary Herald Canada Mortgage and Housing Corp. is making changing to mortgage insurance for luxury properties.CALGARY – Canada Mortgage and Housing Corp. says it will no longer offer mortgage insurance for homes that cost $1 million or more, starting July 31, even if the buyer has made a deposit of 20 per cent or more. CMHC and Flood Damaged Homes in YYC / CalgaryWe get this question often as there is lots of fully bizarre data out there. Here is what we are seeing. Remember, as the #1 mortgage brokerage/ franchise in ALL of Canada for 2013 at the countries largest SuperBroker – Mortgage Alliance we see lots of deal flow so this is based off of many hundreds of conversations with the insurers and lenders: More on how Banks “get ya” with payout penaltiesThe beginning of a great article below goes more into the details on what the BANKS do to you when you get their low rates deals like the BMO 2.99% – which everyone now says is not a great deal as you must sell your home to get out of it – among other things. Ensure you always use a broker for your mortgage.Low mortgage rates tempt, but penalties for breaking can be high!!You want some of these record low rates on the market but you’re locked into a mortgage. Just break it, right? Not so fast, there’s a key question you need to ask before you commit to break a mortgage: how much will it cost you? Actually, it’s a question you should be asking before you sign up in the first place. |