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Edmonton House Hunting

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The Edmonton Real Estate Blog, Market Information, Advise & Opinion

 

NEW YEARS IS TOO LATE!

With the change in upcoming qualifing mortgage rules, there is some good news.

Pre-Approvals committed before January 1st will remain valid up to 120 days following the initial credit decision. Approved applications closing beyond January 1st will remain valid; no re-adjudication is required as a result of the qualifying rate update.

Expect the average Canadian's home purchasing power for a given income to be reduced 15-20%. Here's an example of the impact a new qualifying rate will have on the maximum mortgage proceeds and home purchase price.  Amounts are based upon a combined Canadian family income of $75,000, 5-year fixed term mortgage at a target rate of 3.39%, 25-year amortization, $100,000 available for down payment, and $700 in other monthly debt obligations:

With a qualifing rate of two percent higher after January 1st, with a 20% downpayment changes dramatically. For example - qualifing purchase price prior to January 1, 2018 would be $400,000 and on January 1, 2018 would be $325,000.

 

If you would like a contact information for one of our in-house mortgage brokers for your pre-approval, contact us.

 

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Why Buy in Edmonton?

Why buy a house in Edmonton picture


Have you ever asked yourself that question? I know I have. I’ve questioned the idea in my head once or twice. What makes it so great from a business stand point, what is the job market like and is it really worth buying in Alberta? The short answer is: yes… wait, the answer is HECK YES! There is something great about Edmonton besides the Roger’s Place at the Ice District in downtown.

 

According to The Culture Trip, houses on average are roughly $350K. Which, for the most part, is true. Prices have not doubled in the last 10 years and have been surprisingly steady and unchanging in this period of time. Edmonton is one of the cheapest Canadian cities to live. With over 1.3 million people in surrounding areas and roughly 900K living in the city, the capital of Alberta has so much more to offer than our rival city, Calgary (there's that "Battle of Alberta" happening). 

 

Our Real Estate market has been receiving some hate due to the increased growth of the city within the last six months but it benefits those eager to buy. This means you'll receive a steal-of-a-deal that you won't get anywhere else. The best places to buy are downtown and the south side right now!

 

So the question is, why Edmonton? Why buy here? If you want more bang for your buck, Edmonton is relatively cheap. Cheaper housing than Calgary, one of the best job markets, minimum wage is one of the highest across Canada, awesome people and lower gas prices because we’re an oil province!  Go here to get started 

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Is 5% really what you need to purchase a home in Edmonton....

You've been looking on line and found that perfect home, calculated and saved your 5% downpayment and want to make an offer to purchase. But are you really ready to buy your Edmonton dream home?


Your down payment is the amount of money that a home buyer contributes in cash towards the purchase of a home. Down payment is usually described as a percentage of the total sale price.5% down for your Edmonton Mortgage image

Before you make an offer on any home, ensure you have calculated all buying costs. Talk with your mortgage broker or your buyers agent and inquire on CHMC, legal, property tax adjustments and closing costs. If you don't have a mortgage broker or bank mortgage specialist, ask us with your choice of bank or financial institution as we know some great people in that sector of the industry.  
Mortgage lenders offer more attractive loan terms for borrowers with large down payments. Putting down 20% or more of a home’s purchase price will avoid mortgage insurance, also known as CHMC and offer the most attractive interest rates. As the down payment percentage goes down, the lender is at greater risk if they have to foreclose on the property, so they offer less attractive loan terms and higher interest rates.

 

Make sure your REALTOR® is an ABR and check out some of our buyers services we offer.

Have Questions? We are here to help!

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