Mortgages are changing again


This new mortgage rule is designed to help keep people out of over extending themselves on financing a new home purchase.  For buyers putting less than 20% down on a home purchase.  They will have to qualify for a mortgage with a higher interest rate than the actual rate they may recieve.   This will help protect them in the event rates increase and will cause less strain on their daily living.  Or so it is designed to do so.

 

 

Lets jope that it works as designed as we all know how most government programs and initiatives have backfired in the past.    I will stay possitive and hope for the best.  

 

http://bit.ly/OctChanges2016.


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Alberta Real Estate Market Update


 
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Alberta home sales decline year-over-year in July

The Alberta Real Estate Association (AREA) compiles provincial MLS® sales data for dissemination to REALTORS® and other interested groups. The data that is provided represents statistics provided to AREA by way of the Canadian Real Estate Association (CREA). For more detailed statistical information for Boards/Associations or for individual areas, contact your local real estate Board/Association or your local REALTOR®.

The Alberta Real Estate Association (AREA) reports that a total of 5,151 residential unit sales were recorded through the MLS® Systems of real estate Boards/Associations in Alberta in July, down 16 per cent from the same month last year.

The average MLS® residential price increased 2.2 per cent from July 2015 to $403,665.

 

 



 

 

Four of Alberta's real estate Boards/Associations saw an increase in monthly residential average prices from year-ago levels:

Board Year-Over-Year Change Year-to-Date Change
Lethbridge Region +8.3 per cent +0.6 per cent
Edmonton Region +2.6 per cent -0.3 per cent
Lloydminster Region (AB Only) +2.5 per cent -4.8 per cent
Calgary Region +2.0 per cent +1.1 per cent

The remaining six Boards/Associations saw the monthly residential average price decrease to varying degrees from July 2015:

Board Year-over-Year Change Year-to-Date Change
Central Alberta -2.4 per cent -3.6 per cent
Medicine Hat Region -3.3 per cent -5.1 per cent
South Central Alberta -4.0 per cent -16.1 per cent
Grande Prairie Region -6.2 per cent -6.1 per cent
Fort McMurray Region -8.4 per cent -14.6 per cent
Alberta West -13.5 per cent -3.8 per cent

Note: The data above is national data and may not perfectly reflect the data reported by a Board/Association. The numbers represented are for the full Board/Association region, rather than city/town proper areas that may be reflected in a board's name. Click here for a general guideline of Board/Association boundaries.

The value of all home sales in the province totalled $2.08 billion for the month, falling 14.2 per cent from July 2015.

 

 

There were 5.7 months of inventory at the end of July 2016, up from 4.3 months at the same time one year ago. 

 

 

New listings on the MLS® Systems of real estate boards in Alberta numbered 9,756 units in July, a decrease of 4.4 per cent from a year earlier, while active residential listings numbered 29,224 units at the end of July, up 9.8 per cent from one year earlier.

Click here for the full release, including a breakdown of information by area. For more detailed statistical information, contact your local real estate Board/Association or your local REALTOR®.