Oversupplied market weighs on prices
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City of Calgary, November 1, 2018 –
Elevated inventory levels compared to sales, are causing prices to ease further in Calgary’s housing market.
Citywide benchmark prices totaled $426,300 in October, trending down for the fifth consecutive month and resulting in a year-over-year decline of 2.9 per cent.
“Job growth in this city remains a concern, as unemployment levels remain well above levels expected for this year. Rising costs of ownership also continue to weigh on housing demand,” said CREB® chief economist Ann-Marie Lurie.
“At the same time, housing supply levels are not adjusting fast enough to current conditions, resulting in price adjustments.”
Inventories and sales totaled 7,345 and 1,322 in October. This has resulted in months of supply of 5.6, above…
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Setting Your List Price Requires Calculation and Savvy
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When you're having a garage sale, one of the toughest tasks is pricing your
items. If you put a price tag on your old golf clubs that’s too high, no one will
buy them. If you make the price too low, they might sell quickly, but you’ll
spend the rest of the day wondering if you could have gotten more!
It's similar to selling your home — except with your home, the stakes are
much higher. You want to price your property to sell, but you don’t want to
leave any money on the table.
How do you accomplish that?
Setting the right list price for your home requires a combination of skilled
calculation and industry savvy.
Let's start with the "calculation" part...
When you work with us, we'll review recently sold…
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Using Your RRSPs to Purchase Your Home
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When considering purchasing your home there’s one thing that the majority of people are concerned about, that is having enough for a down payment on a property. Have a 20% down payment of the purchase price on a home is most preferred. If you don’t have a 20% down payment, then a 5% down payment option is available. When you have less than a 20% down payment you are required to have mortgage insurance through CMHC to be able to qualify for your mortgage.
Nonetheless if it’s a 5% or 20% down payment, the government of Canada allows home buyers to use their RRSPs to purchase a home without a penalty for withdrawing the RRSPs. This home buyer option is called Home Buyer’s Plan or HBP.
But before you withdraw your RRSP, the following conditions must be…
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What you need to obtain a Mortgage
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A home purchase is one of the largest assets and the biggest debt that a person will have. If this is your first time obtaining mortgage, then there are a few things that you need to know about what is required to qualify.
1) Credit History: How is your current credit and how has it been in the past? Your financial institution will look at your rating, and that everything is in good standing. If you are able to manage your debt, then it reflects on your ability to manage house payments.
2) Debt Load: What are your liabilities? How much debt do you have? Your financial institution will look at the amount that you owe compared to the amount that you earn. Your debts should not exceed 40 to 42 % of your gross income, and your housing…
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