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Blog by Thomas Krause

New Mortgage Rules starting January 2018

October 18th, 2017

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-approv ...

The Canmore Real Estate Market: Past, Present, Future

December 28th, 2016

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 ...

New Down Payment Requirements are going into effect February 15, 2016

December 29th, 2015
Finance Minister Bill Morneau announced today that to "address emerging vulnerabilities in certain housing markets, while not overburdening other regions" the down payment requirement will be modified on purchases that exceed $500,000. 

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 p ...

Latest decrease in interest rates and its effect!

July 20th, 2015

Five things to watch after the Bank of Canada's latest rate cut

 

The decision that practically gripped the nation came down this morning, as Bank of Canada Governor Stephen Poloz decided to cut interest rates once more. The first of his cuts came more abruptly when in January of this year, the BoC shaved 25 basis points off what was thought to be a stable 1 per cent; it was the first rate ...

Canmore Real Estate Stats June 2015

June 3rd, 2015

Canmore Real Estate Market, June 1st 2015

 

Canmore had 145 closed deals from January to May 2015 as compared to 207 in the same period in 2014. That is a 30% reduction in closed deals compared to last year.

The number of listings on the other hand increased from around 200 in January to 264 in June which is more than we saw during the year 2014.

While the average sales price of apartment ...