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...

Details Released Regarding the First-Time Buyer Program

To clear up some of the confusion and specify the requirements and guidelines, below are key dates for program role out and points to be aware of:

Important Dates:

• The first date purchases are eligible to qualify for the home buyers incentive are September 2nd. The first closings on the program are November 1st.
• Buyers who purchase property before September 2nd are not eligible for the program, even if the closing happens after September 2nd.

Eligible Buyers:

• First-time buyers must have saved at least the minimum 5% down payment. 
• To count as a first-time buyer, client or their spouse cannot have owned a property in the last 4 years. Technically they could have owned a home before to qualify for the program, but not within the past 4 years. 
• If a person is going through a divorce or ending a common law relationship...

Purchasing a home is a big decision and a thorough home inspection is absolutely necessary in the buying process. We refer our clients to - their objective is two fold:  To ensure a quality product for the home buyer, and to assure every client that their new home will provide a safe environment for their family. They are available 24/7 to service the greater Calgary area and to answer any questions, call 587.888.6181 or email them at book@prospections.ca to book your appointment.

What is a qualified...

Why Use A REALTOR®: When Buying or Selling a Home

Real estate transactions are one of the biggest financial investments most people encounter in their lifetime. Seeing the small upside cost and the large downside risk, it would be unwise to consider a deal in real estate without the professional assistance of a REALTOR®.

Whether buying or selling, you’re involved in a complex process requiring many professionals. One of these professionals is a REALTOR®, who’s responsible for making the transaction as efficient and as easy as possible for you. Your REALTOR® will ensure the transaction is completed competently and professionally. You can get advice from someone with an in-depth knowledge of the local housing market. And you can count on the help of a professional who has committed to serve you with integrity and competence....

After the wedding ends and the party is over, it is time to start thinking about a place to call home, your first martial home of all your own. While some newlyweds choose to rent, some prefer to own their new home together.  Weddings can be so expensive, just ask any bride to be and she will tell you the budget is nearly always higher than anticipated leaving many newlyweds over extended and in marital debt after the wedding. With all that debt from the wedding, what options are there for the purchase of a home in terms of down payments?  See our first time home buyers guide for more information on down payment options and requirements (link below).

When buying a house in Calgary,  finding the right real estate agent to represent you is one of the keys to finding the right home to suit your needs. As you search through your options, it is helpful to understand the differences between a real estate broker and a real estate agent as well as how these professionals can help you through the buying process. 

What is the Difference Between a Real Estate Agent and Real Estate Broker? 

A real estate broker is a professional who is licensed to manage his or her own business. As independent sales people, they often sell real estate that is owned buy others. In addition to helping clients buy or sell property, they may also help with renting property...

What to Expect When Buying your First Calgary Condo 

Your journey in purchasing a condo for the first time can be both challenging and exciting. You have to be all prepped up for all types of soul-searching and decision-making. After all, this is one of the biggest investments of your life and you don’t want to end up making the wrong choice. 

By now, you might have countless questions running through your mind. Here is some relevant information to point you in the right direction: 

Know what you want.

Before...

 As the make-up of today’s families change so does the way families live in our city and the type of real estate purchased in Calgary.  Hence the rise of homes with duo or double master bedrooms.  Lifestyle often dictates architectural style and that’s what we’re beginning to see in Calgary homes. 

Why They’re Referred to as Master Bedrooms 

Looking back through history, the largest and grandest chamber or bedroom in a home, was used by the owner or master of the estate.  The French term was “chambre des maitres”.    The term when applied to new home construction really came into its own in the 1920s, when houses in urban neighbourhoods began to feature one bedroom that was larger...

We love to tout storm water ponds as community features when selling homes in Calgary. Listed on feature sheets as community benefits, today’s storm water ponds are surrounded by graceful bull rushes and native grasses gently blowing in the breeze, attracting water fowl and reflecting with the red and orange hues of a setting sun.

This time of year as the ponds freeze over, seemingly presenting an opportunity for some old-fashioned 3 on 3 pond hockey, the community ponds can turn from treasure to tragedy real quick.  Because even if we were to sustain temperatures of -20 for weeks at a time in Calgary, those lovely storm...