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Stories Tagged - Interest Rates

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News

June 26, 2019 | Mario Toneguzzi

Federal government shares new details about First-Time Buyer Incentive

The federal government is hailing its First-Time Buyer Incentive program as a golden opportunity for thousands of potential homebuyers across the country who are hoping to purchase their first property.

The ultimate impact of new Canada-wide mortgage rules on the Calgary housing market is hard to predict. But experts say the new rules, combined with rising interest rates, might make it harder for many people to break into the market.
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News

Jan. 30, 2018 | Gerald Vander Pyl

Up in the air

Impact of new mortgage rules on Calgary housing market remains uncertain entering 2018

A new Canada-wide stress test for people applying for uninsured mortgages is leading to uncertainty among experts about the possible effects on the Calgary real estate market in 2018.

The federal government's new B-20 guidelines, introduced on Jan. 1, set out a new minimum qualifying rate or "stress test" for mortgages. Borrowers must qualify using the five-year benchmark rate published by the Bank of Canada, or the contractual mortgage rate plus two per cent – whichever is greater.

News

June 24, 2016 | Paula Trotter

Do you understand your options?

Understanding different mortgage options

Fixed versus variable; closed versus open; payment frequency: When it comes to picking a mortgage, do you know what's best for you?

BMO mortgage specialist Laura Parsons offers her insights.

Fixed versus variable interest rate

A variable rate will fluctuate with prime – meaning you could end up paying more interest if prime changes. A fixed rate will not fluctuate.

Ellyn Mendham recalls her year as president of CREB®’s board of directors in 1993 as one 
of positive change following years of transition in the 1980s. Photo by Michelle Hofer/For CREB®Now
News

June 02, 2016 | Cailynn Klingbeil

55 Years of Real Estate: 1993 CREB® president Ellyn Mendham

Ellyn Mendham credits teaching background to industry leadership

Ellyn Mendham describes her entry into real estate as a "fluke."

Originally an elementary school teacher in Philadelphia, then Nova Scotia, Mendham's credentials did not immediately transfer when she moved to Alberta.

"I needed to work and produce an income, and at the time I thought I would go back to teaching later," said Mendham. "By fluke, I got into real estate."

But after making her first sale – a home that went for $42,000 in 1975 – she quickly realized she loved the industry.

News

Feb. 01, 2016 | CREBNow

Housing market remains unchanged in January

Slow sales activity and inventory gains place downward pressure on prices

Calgary's housing market is starting 2016 firmly in buyers' market territory, much the same as last year ended, according to CREB®'s monthly housing summary for January.

"The recent slide in energy prices has raised concerns about near-term recovery prospects for the city," said CREB® chief economist Ann-Marie Lurie. "Energy market uncertainty and a soft labour market are weighing on many aspects of our economy, including the housing sector."

City wide, January sales totaled 763 units, 13 per cent below last year and 43 per cent below long-term averages. While new listings declined by 16 per cent compared to January 2015, the number of new listings far outpaced the sales, causing inventory gains. January's city wide months of supply levels rose above six months.

News

Jan. 29, 2016 | Cody Stuart

Interest-ing times

Bank of Canada's overnight lending rate exposes disparities in Canada's housing markets

The Bank of Canada's decision to leave its overnight lending rate unchanged at 0.5 per cent is expected to have vastly different impacts on markets across the country, say experts.

The bank's decision to stand pat on the rate it established last July instead of downgrading it by 0.25 per cent will do little to help revive what's expected to be a sluggish economy in 2016, said BMO Financial Group chief economist Douglas Porter in an interview with CREB®Now.

"It's certainly not going to be enough to turn around Calgary," he said. "Is it enough to revive the Canadian economy? No, a quarter point is not going to do it. But there's only so much a central bank can do without risking other things, and I think we've seen those risks in the past year."

News

Jan. 28, 2016 | CREBNow

5 things about the Bank of Canada's overnight rate

By the numbers

Canada's central bank carries out monetary policy by influencing short-term interest rates. It does this by raising and lowering the target for the overnight rate, which is the interest rate at which major financial institutions borrow and lend one-day (or "overnight") funds among themselves. Not surprisingly, the overnight rate has a strong impact on the rates Canadians get from their lending institutions when they save or borrow money.

To help the average Canadian get a better grasp on the overnight lending rate, CREB®Now presents some of the key numbers.

CALGARY ALBERTA - November 28th, 2015; Chad Kanovsky anticipates buying two to four condos within the next six months--   November 28th, 2015 (for ) (Adrian Shellard for CREB)
News

Dec. 07, 2015 | Barb Livingstone

Planning for tomorrow

Investors see opportunities within local housing market

Within the next six months, 26-year-old Calgarian Chad Kanovsky intends to take the plunge and buy as many as four multi-family units as income-producing investment properties.

The commercial real estate associate already has a stock portfolio, and is looking to diversify by adding local real estate.

Yet Kanovsky, who started working in land development as a teenager for his father's company, is adamant he will not be jumping into any "get-rich-quick" investment.

"I'm not looking to make a million dollars in the next year and then go to Mexico," he said.

Jenny Hoa and Patrick Yeung, who are selling their individual condos in order to buy a move-up home and combine their households in Simons Gate. Photo by Adrian Shellard/For CREB®Now
News

Sept. 21, 2015 | Alex Frazer Harrison

Right place, right time

Buying decisions encouraged by favourable conditions

Timing, they say, is everything.

Just ask Patrick Yeung and Jenny Hoa, who are selling their individual condos and moving into a newly constructed home in the northwest community of Symons Gate later this year.

"It was a coincidence – perfect timing," said Yeung of buyer-friendly market conditions currently in Calgary's residential resale housing market.

"We'd already decided we wanted to get a home together, but the timing just fell together."

Although Yeung and Hoa work across the city from the deep-northwest community (he near Marlborough Mall, she near Chinook Centre), both of their condos are in the Panorama-Kincora area, and both wanted to stay in the region to be close to friends and family.

News

Aug. 04, 2015 | Alex Frazer Harrison

Rosy picture for rentals

Several factors contributing to more favourable conditions

Calgary's rental market is emerging as an early winner this year as the result of improved vacancy rates, added inventory and a more conservative appetite among buyers in the resale housing sector.

CREB®'s mid-year forecast update, released earlier this week, notes more choice and less upward pressure on rents has, and will continue to, impact the resale market as more consumers choose to keep renting.

An April report from the Canadian Mortgage and Housing Corp. (CMHC) showed two-bedroom apartment and row vacancy rates rose to 3.6 per cent in 2015 – the highest level since 2010 – from 1.5 per cent the year prior.

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CREB® acknowledges that its office is located, and that its REALTOR® members serve, on the traditional territories of the peoples of the Treaty 7 region and Métis Nation of Alberta, Region 3. We honour and acknowledge the members of the Métis community and specifically, the Métis Nation Region 3. In the spirit of reconciliation and because we are all treaty people, we also acknowledge all Calgarians who make our homes in the traditional Treaty 7 territory of Southern Alberta.


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