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The Calgary Housing Market Expected to Stay Stable for 2018

Canada’s housing market has long been considered quite overheated. This trend is mostly driven by the extreme markets of Vancouver and Toronto housing markets; these are the markets that government regulations limit loan to value ratios among others that were targeted at cooling. Conversely, the Fort McMurray housing market is crashing along with activity in the oil patch. But where does that leave Calgary’s housing market?

New Mortgage Stress Test – January 1, 2018

Canada’s banking regulator today unveiled in October final changes to its mortgage underwriting standards—Guideline B-20—that will further tighten lending standards and affect borrowers and lenders alike.
The most wide-reaching change announced by the Office of the Superintendent of Financial Institutions (OSFI) is the establishment of a new minimum qualifying rate, or “stress test,” for borrowers making a down payment of more than 20% of the home’s value.

New CMHC Down Payment Rules Now in Effect

New federal mortgage rules are now officially in effect, but most market watchers don’t expect to see much change.
Just to recap: Ottawa has boosted the minimum down payment on insured mortgages valued at $500,000 to $999,000. In order to get mortgage insurance the down payment on the value above $500,000 is now 10%. The down payment on the value below $500,000 remains at 5%.

Thinking About Buying Your First Home? Consider These Questions

If you are considering buying your first home, an exciting step no matter where you are in life. From a university graduate, to a newly married couple, to someone who is later on in life and ready to root down somewhere, buying your first home is exciting, but at the same time nerve-wracking experience. How do you know if you can afford it? How do you know if you’re picking the right home for your current and future needs?

New Immigrant Mortgages

The New To Canada(TM) Mortgage Insurance Program makes it possible for individuals relocating to Canada to purchase a home with as little as 5% down. This program helps new Canadians purchase their first home, build equity, and become economically established in Canada.

Using your RRSP for a Down Payment

If you’re a first-time buyer with a home purchase in your near future, you might want to consider taking advantage of the Federal government’s Home Buyers’ Plan (HBP).

In a nutshell, the HBP allows each buyer (provided they’re both first-timers) to use up to $25,000 of their RRSPs as a down payment towards a home that is going to be their primary residence.