'We're still a very affordable market in Canada to own and to have money left over at the end of the day'
Like a lot of young homeowners, Terra Belanger and her fiancé wanted to step up in the real estate market.
The couple had been in their current home for eight years, but wanted a bigger yard for their dog and a quieter neighbourhood. They had saved hard — even living in a relative's basement for two years while renting out their home — and felt capable of affording a new place.
In April, they'll move to Edgemont, a residential neighbourhood in southwest Edmonton, just outside the Henday. They've struggled to sell their old home but are finally close to a deal.
"[Edgemont] is full of trees and we like that, how it feels like you're in
There are a lot of options for financing with the “New To Canada” Mortgage Program
In order for someone to qualify for this program, one does not need to be a Canadian citizen or have a permanent residency set in Canada. You’ll only need for this mortgage program is a work permit with at least 6 months remaining on the permit.
The minimum down payment is only 5% but it must come from your own savings. It cannot be gifted or borrowed. You must also show that this 5% is accumulating in a Canadian or overseas account for 90 days.
Also, interest rate in this program is the same for everyone else. Best interest rates for everybody.
Credit is a factor for any mortgage program. If a person doesn’t have enough credit history or no credit history
As of February 4, 2018 The Edmonton Real Estate Market Continues To Be A Strong Buyers Market!
We are not heading into the second month of 2018, and all indications are showing that we are continuing to be in a strong buyer’s market. How strong of a buyer’s market we are in is very dependent on which price range we are looking at.
As of Feb 04, 2018 there are 2,626 single-family homes for sale. In the previous 30 days there were 420 single-family homes sold. That would give us a listings to sales ration also know as absorption rate of 6.25:1. That is significantly higher than a ratio of 4.00:1 we need for a balance or neutral market.
But you will notice in the data below that dependent of the price range the listings to sales ratio ranges
On January 1, new mortgage qualification rules took effect targeting uninsured mortgage borrowers. Here’s what you need to know about the new rules, and how they could impact Canada’s housing markets in 2018.
Canada posted year-over-year residential price gains in 2017 across most regions. Now in 2018, many housing markets could see reduced purchasing power resulting from the new OFSI mortgage rules that took effect on January 1.
What the what???
If you’re among the 37 per cent of Canadians are not aware of the stress test regulation changes or how they will affect their ability to purchase a property in the future, read on. Here’s the condensed version of the new mortgage rules, how they may affect you, and how to forge ahead with purchase
CMHC’s current Housing Market Assessment shows improving conditions in Winnipeg and Saskatoon, while Canada’s overall rating remains highly vulnerable.
Background on the assessment:
The Housing Market Assessment (HMA) compared the vulnerability of census metropolitan area (CMA) housing markets using data from the third quarter of 2017. Results are not incidental by housing type or neighbourhood. Rather, they show an assessment of the entire CMA.
The HMA assesses 4 factors that impacts housing markets:
overheating of demand (when sales notably outdo new listings)
price acceleration, which may partly reflect assumed activity
overvaluation (when house prices are not fully backed by fundamental drivers such