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Featured Property

187 SE Deerfield Drive, Calgary

Beds: 3 Baths: 2 Size: 952 Sq.Ft. Price: SOLD
Mnt Fee: $388 Built: 1990 Taxes: $1,531 Type: Other

*** INVESTOR ALERT to BUY NOW Before new Mortgage Rules Change ***REDUCED over $25,000*** This Spacious 3 Bed Townhome is in Immaculate, Move-In Condition and has been Tenderly Cared for by Current Owner. Main Level comprises Living Room, Kitchen, Dining Area and 2 Piece Bathroom. Upper Level comprises Master Bedroom, 2 other good sized Bedrooms, 4 Piece Bathroom and Linen Closet. Lower Level is Fully Finished and comprises Huge Family Room and Storage/Furnace/Laundry Room. Sunny East Facing backyard with Raised Deck and Fully Fenced Yard. Newer Furnace, Hot Water Tank, Shingles, Windows and Fence. Assigned Parking Stall and Visitor Parking plus ample Street parking. Parking Stall conveniently situated right outside back door. Easy walking distance to Shops, Schools, Playgrounds and Sikome Lake/Fish Creek Provincial Park. Located close to Deerfoot/ Stoney Trail/Ring Road. This Home has been Professionally Measured to RMS Standards.

Welcome

Now is the time to buy Real Estate !!!

Important changes to Mortgage Rules January 1, 2018

Yesterday, the Office of the Superintendent of Financial Institutions (OSFI) released revised guidelines for the mortgage industry, similar to the draft version released earlier this summer. These new parameters will take effect January 1, 2018.

In October of 2016, OSFI implemented the stress test for all insured mortgages - those with less than 20% down payment. Now they are extending that same stress test to everyone, regardless of down payment.

OSFI said they will be holding information sessions through the fall to discuss implementation expectations. This new stress test means that borrowers will be qualified at the greater of their contract rate + 2% or the five year benchmark rate published by the Bank of Canada, which is currently 4.89%.

To give you some numbers, per $100,000 in mortgages:

 

  • Mortgage Payment - $488.25 (3.29% with 25 year amortization)
  • Benchmark Rate Payment - $575.36 (4.89% with 25 year amortization)
  • Stress Test Payment - $598.22 (5.29% with a 25 year amortization)

 

Lenders determine how much money you can borrow by determining what percentage of your income can go towards your mortgage and debt payments. The new requirement will determine the mortgage payment based on the higher of the benchmark rate or stress test rate, even though your contract rate is 3.29%. This will reduce your maximum allowable mortgage by approximately 20%.

These are not the only changes made today, below is a summary of all the changes:

 

  • A new minimum qualifying rate (stress test) for uninsured mortgages 
  • Lenders will be required to enhance their Loan to Value (LTV) measurement and limits to ensure risk responsiveness
  • Restrictions will be placed on certain lending arrangements that are designed or appear designed to circumvent LTV limits.

 

The guidelines go into effect January 1, 2018. If you are currently looking for a home and you have 20% down, we should talk. It's possible you no longer qualify for as much as you did when you were pre-approved.

 

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A Good Real Estate Agent does not disappear once the closing papers are signed.   This may be our chosen Profession and Ultimately our Livelihood, but it is more than that.  We absolutely LOVE our Profession, and are there for you long after the transaction is complete. When we say we are available 24 hrs a day/7 days a week, we mean it and you can count on us to always work in our clients best interests and represent you to the utmost of our ability.  We can proudly say that all our Clients have become our Friends.

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View all the up to date Real Estate Stats on the Calgary Real Estate Board website at:

http://www.creb.com

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