The Calgary Real Estate Board has come out with their latest Calgary housing Statistics for February 1 2011, and there is no doubt things are improving rapidly.
Sales of single family homes rose both month-over-month and year-over-year in January, the first year-over-year increase since April 2010.
Sales of homes under the $350,000 mark saw an increase in January, suggesting more first time home buyers are taking the plunge, but also showing a need for more affordable housing in our City.
To read the full statistics package click here.
Calgary Mortgage News :
In January 2011, the Federal Government announced new mortgage financing rules. The changes were geared to address concerns of high household debt. The biggest change that will affect today’s buyer is the 35 year amortization period as a current maximum will be reduced to a max amortization of now 30 years. This change may impact a buyer’s purchasing power based on debt service ratios.
However, If you pre-qualified for a 35 year amortization you still have until April 18th to get in on the market with the higher amortization.
There is also speculation that interest rates will start to rise, as they are still at historic lows. This is also a great reason to get pre-qualified so that you can secure a low rate for 90 ish day period.
So, if you are STILL WAITING TO BUY because your Uncle’s, Brother’s, Aunt’s friend thinks the prices will go lower and the interest rates will go lower, then your sources might not be perfectly in touch with the Calgary Real Estate Market for 2011. Please feel free to contact me directly so that we can go over all the new rules and see how they may affect you.
Cheers
Neil Rowlandson
CIR Realty
Selling Calgary Group