CMHC Tightens Lending Criteria, but Buyers Still Have Lots of Options On July 1, 2020, CMHC modified their lending criteria for insured mortgages to require buyers to have stronger qualifications before owning a home. These adjustments to the requirements include an increase in credit score, a need to have less percentage of income be designated for housing expenses and placing limitatio ...

The Sky Isn’t Falling: The Media’s Miscalculation Contrary to the stories in the media, the sky is not falling on the Alberta real estate market. In April in the Calgary market, we saw an average price drop of -8.31 per cent. That’s pretty big. But is it true? At face value, yes. But let’s consider how the average is calculated. If there are three homes that sell in a month and two are $1 ...

Ending Isolation Will Immediately Change the Real Estate Market On Thursday, April 30th, the Alberta Government announced their plan to reopen the province after the COVID-19 closures. This decision will immediately impact the real estate market. With sales being down over 60 per cent in April across most markets, people who were planning to buy or sell in the spring, did not. Despite hig ...

Real Estate is Open, But Different To encourage the flattening of the curve and to keep the public safe, the Government of Alberta has issued restrictions on social gatherings and face-to-face interactions. To extend this effort, all non-essential businesses have been forced to close. What about real estate? Understanding that many consumers are caught in a life circumstance that requires ...

After a strong start to 2020, economic conditions have dramatically changed, as COVID-19 is impacting all aspects of society. The economic impact is starting to be felt across many industries. This includes the housing market. March sales activity started the month strong, but quickly changed, as concerns regarding the spread of COVID-19 brought about social distancing measures. This ha ...

Many property investors, like yourself, are feeling concerned about the health and safety of your tenants as well as the financial implications of missed rent payments. Late last week, the Alberta government announced restrictions regarding civil enforcements of evictions.  Effective immediately, landlords cannot evict a tenant for non-payment of rent in April or tenants who missed rent paym ...

Why Spring Is the Perfect Time to Sell Your Home Spring is almost here and interest rates are low–which means it's a great time to make the most of eager buyers. With warmer weather on the way and vacation season coming to a close, homebuyers are coming out of hibernation, and it’s the time of year that's typically considered a hot period for the housing market.  If you’ve considered sell ...

This month saw a double-digit gain in sales, but last February was one of the slowest levels of activity since the late ’90s. With the extra day this February, monthly sales totaled 1,197 units.  A combination of these two factors resulted in a 23 per cent improvement over last year, but sales remain well below longer-term trends and consistent with the lower levels reported over the pas ...

Did you sell your home in 2019?  You will need to report that information on your tax return.   Here is what you need to know. What is a principal residence? A principal residence is a residential property that you owned and occupied at any point during the year.  This can be your main residence, a cottage, or a mobile home. What are capital gains? Capital gains are the profits you receiv ...