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All Blog Entries by John Mayberry

Found 298 blog entries published by John Mayberry.

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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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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Wondering how the detached market fared in 2019? Check out some bullet points we grabbed from the 2020 CREB Forecast…

  • Detached home sales dropped slightly from 2018, ultimately making it one of the slowest years of sales since the mid-1990s. 
  • Nearly 60 percent of the detached home inventory is priced over $500,000.
  • The North West and South districts saw an improvement in detached home sales while all other districts registered a decline in overall sales. Calgary’s North District saw the largest decline year-over-year. 
  • Many home builders with a presence in Calgary have adjusted their prices to be more competitive with the resale market, ultimately shifting demand from the resale side of the market back over to new
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Every year the Calgary Real Estate Board (CREB) releases its annual forecast, which talks about what we saw happening with the local housing market over the past 12 months, and also what we might be able to expect over the course of the next 12 months. 

Below are some stats and highlights mentioned in the 2020 CREB Forecast…

Sales activity last year was actually a bit higher than initially projected thanks to steeper price declines and easing mortgage rates. Homes priced below $500,000 saw modest improvements, which offset losses seen for higher-priced homes throughout the area. 

As we transition into the new year, this trend is expected to continue, although even the higher-end market is expected to improve by 2 percent in 2020. This increase in

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Calgary Home PricesA newly released housing market forecast predicts home prices will rise in Alberta in the coming year. According to a market survey forecast from Royal LePage, two major Alberta cities are in line for a slight increase in homes prices for 2020.

The study foresees a 1.5-percent year-over-year increase in the aggregate price of a Calgary home. It’s forecasting a 0.75-percent year-over-year increase in the median price of a condo and a 1.75-percent year-over-year increase in the median price of a detached, two-storey home. Those increases likely won’t be a factor until the second quarter of the year. 

As for Edmonton, the survey predicts a one-percent increase in the aggregate price of a home at the end of the new year. During the same time, the median

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