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Calgary Home Boys Real Estate Blog

Lending Standards Canada MortgagesIf you haven’t already heard, the Canada Mortgage and Housing Corp (CMHC) has made some significant changes to their underwriting policies, which will undoubtedly impact home buyers starting July 1, 2020.

According to our mortgage partner, Josh Higgelke, here are the most notable policy changes:

Limiting the Gross/Total Debt Servicing (GDS/TDS) ratios to standard requirement of 35/42 (down from 39/44, roughly 10% less buying power);
Establish minimum credit score of 680 for at least one borrower (up from 600); and
Non-traditional sources of down payment that increase indebtedness (Flex-down) will no longer be treated as equity for insurance purposes. Gifted down payment will still be accepted

For anyone planning to be in the market for a new home this year,

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In case you missed it, new renderings were released that show what Calgary’s new BMO Centre expansion could look like, and it’s about as spectacular as we had hoped for when the project was first announced.

According to reports, the $500 million expansion is aimed at modernizing the facility in order to help bring more major, international conventions to Calgary.

The design, which comes after roughly a year of collaboration between Stantec, Populous, and S2 Architecture, includes adding more than one million square feet of total floor space, including 350,000 square feet of exhibit space, or more than double the current rentable area.

As of now, the new BMO Centre is expected to be finished by June 2024.



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Opening Soon! Alberta's Relaunch Strategy

The light at the end of the tunnel is getting brighter, but we're not out of the woods yet! 

You may have heard that as early as May 14, 2020, some business and facilities will be permitted to resume operations.  Granted, this will be a slow transition back to a very different "normal", but it is a step in the right direction!

According to the re-launch strategy (linked below), there will be several phases to the program with each new phase relying on the success of the previous, based on the Alberta government's health indicators. So in other words, yes, the rules are relaxing a little but, just like in elementary school, a few bad eggs can ruin it for everyone so stay vigilant!  While it still looks

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Your Guide to Buying and Selling During COVID-19 


Without a doubt, we are living in unparalleled times and in many cases, living with more questions than answers! It’s frustrating and confusing and at least right now, there’s no end in sight. It really feels like no one, no industry, and no business is safe right now. And, real estate is no exception!

That said, Real Estate remains open for business and we are making the best of a challenging situation! Deemed an essential service, The Calgary Home Boys Real Estate Team is tooled to guide you through this situation! Utilizing technology,  new ways of thinking, and our amazing personalities, we’re paving new and

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Mortgage Deferral Information 

Deferred Mortgage Payment Program Information 

As the COVID-19 situation continues to evolve, many of us are faced with the challenging reality of managing our cash flow.  Employment is in flux, there's a seemingly unlimited amount of uncertainty, and it feels like the only thing we know for sure is that the bills are still hitting the mailbox. For many people, the announcement that many mortgage lenders are offering deferral options is an extremely welcome breath of fresh air.  Too good to be true you might ask?! Well, it's up to you to decide if the strings attached are worth it!  

Our amazing friends over at Mortgage Connection have gone the distance and pulled together a brief info sheet (linked

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Canada Mortgage Deferral COVID 19If you're looking for more information in these uncertain and difficult times, we reached out to our mortgage partner to gather whatever details we could regarding mortgage payment relief for home owners in Calgary during the COVID-19 outbreak. Below is a quick summary.

Insurers (CMHC, Genworth, and CG) already had programs in place with the banks/lenders that allowed them to capitalize up to 4 monthly payments. Today they announced that they will consider extending the program to allow up to 6 months of capitalization provided that:

1. Original insured loan amount is not exceeded
2. Request to cap payments is received prior to Sept 13, 2020
3. Bank/lender confirms the capitalization is being applied reasonably to help mitigate short-term financial difficulty

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It's already time for the annual Children's Wish Poker Tournament, sponsored by WFG, the Calgary Home Boys & the Calgary Home Girls. The 2020 event will be held on Friday March 20th & the prize pool has been raised to a whopping $20,000. Easily the best charity Poker Tournament in Calgary!! Join us for a night of bluffing, raising & calling in to help raise money to grant wishes for Children in Alberta with a life threatening illness. Tickets include $4,000 in chips & a beautiful buffet dinner. You’ll enjoy speeches, a 50/50 draw &special guests. 


The Date:

Friday, March 20, 2020

The Venue: 

Deerfoot Inn and Casino, 1150035 St SE #1000, Calgary, AB T2Z 3W4


 The Time: 

  • Registration 5:00 pm 
  • Poker lesson 5:30 pm
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Wondering how Calgary’s condo market fared in 2019? Check out some bullet points we grabbed from the 2020 CREB Forecast…

  • Calgary recorded 2,672 condo sales last year, representing a 0.41 percent increase year-over-year. 
  • Overall condo sales stabilized in 2019 thanks to a stronger second half of the year, although sales levels are still 20 percent lower than longer-term averages. 
  • A reduction in overall inventory helped stabilize sales in 2019 as supply levels dropped from an average of seven months in 2018 to six months in 2019. 
  • Condo sales improved for units priced below $200,000.
  • Prices eased by just over 2 percent in 2019 and remain 17 percent below 2015 highs.

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Calgary Home Prices Wondering what’s in store for the 2020 housing market in Calgary? Before we look ahead at what to expect, let’s first dive into what we’ve seen over the last couple years…

Home Sales Summary 

Back in 2018, home sales in Calgary only reached 16,142, which represented a dramatic 14.50 percent decline compared to 2017. Last year, 16,365 homes sold in Calgary, up 1.38 percent year-over-year. In 2020, CREB is projecting 16,731 home sales, which would be a welcoming 2.24% jump compared to 2019’s sales volume 

Home Price Summary 

In 2018, CREB’s benchmark price settled at $437,483, a 1.55 percent decline year-over-year. Last year, home prices continued to stumble, falling 3.39 percent to $422,650. Thanks to an oversupply of inventory, CREB is

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The detached housing market in Calgary has been challenged in recent months, especially compared to other segments of the market. From 2018 to 2019, detached home sales fell from 9,944 sales to 9,913 sales, representing a slight 0.31 percent decline. But after another year of price declines, CREB is projecting a nearly 2 percent improvement in sales for 2020, which would equal 10,101 detached home sales in 2020. 

It’s also noted that any gains seen in the detached home market will likely be fueled by lower-priced homes, which should be in high demand thanks to continued price drops, favorable lending rates, and job growth in non-traditional and lower paid sectors. 

Improving conditions in the lower-end detached market can also lead to stronger

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