CMHC Rule Changes Coming for July 2020
Here we go again, more changes to lending, this time the changes will affect high ratio mortgage insurance with CMHC. High ratio mortgages are anyone who is putting down less than 20% on their purchase price. GE (Genworth )and Canada Guaranty are both private mortgage insurance companies and will not be implementing the same changes at the time of this article, but we expect it would be likely to see them follow suit with the changes in the future as it will decrease their risk and exposure.
WHAT will change?
The new rules will lower the debt allowed for a homeowner to take on. So essentially...
We’re not immune to disasters in (think 2013) but we are so lucky we don’t have mud slides or wildfires that send us fleeing from our homes in Calgary in the middle of the night. Whether you were an unfortunate victim of flooding early five years ago, or if you watch the nightly news with trepidation and empathy, we are all thinking about what’s important. Real estate is important – possessions are important and we all go to extraordinary lengths to protect our assets. If you own investment properties in Calgary, there are a variety of things to think about when it comes to mitigating damage – no matter how minor.
If you are a landlord with rental property in Calgary, or if you are a renter in Alberta,...
How Important is Resale Value?
With the January 1 mortgage rules on the horizon, estimated to affect about 20% of home buyers, people are scrambling to understand what exactly they can afford. The fear – if you want to call it “fear” – is that people will be forced into a lower price range and will get less home than they want and perhaps, have to buy in different neighbourhood.
It’s important to keep one of the basic tenents of buying real estate in Calgary, and that is: is this home a sound investment with good resale value down the road. You...
