Found 2 blog entries tagged as home buyers.

Calgary housing market forecast to remain strong in 2022

Calgary's housing market forecast for 2022 has been released by the Calgary Real Estate Board Media Releases (CREB).

Following a stronger housing market in 2021 than anticipated, where the residential price rose by 8.25 per cent , CREB is forecasting a 4.46 per cent increase in the residential price for 2022.

“Despite challenges with COVID-19, we are starting to see a turnaround in our job and migration numbers, and while interest rates are expected to rise, they remain relatively low. All these factors are expected to support strong housing demand into 2022,” said CREB® Chief Economist Ann-Marie Lurie.

“The biggest question will be whether supply can meet that demand. It will take time…

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New Mortgage Rules

If you planning on buying a home or refinancing an existing home in Calgary, the new mortgage rules may affect you. Starting July 9, 2012 the new rules will decrease the maximum amortization for a government-insured mortgage in Canada from 30 years to 25 years. This affects home buyers who have a down payment of less than 20 per cent. The federal government is hoping that the new rules will prevent homeowners from stretching themselves too thin.

The federal government has also lowered mortgage refinancing, reducing the maximum mortgage amount to 80% of the appraised value of the home, from 85%.

One other change is that properties over 1 million dollars can no longer be mortgage insured. Mortgage insurance is required by most lenders when someone is…

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