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CMHC is tightening their criteria to get a mortgage with less than a 20% down payment.

The following criteria will apply for any new accepted offers.

• The maximum gross debt service (GDS) ratio and maximum total debt service (TDS) ratio are dropping meaning you will qualify for 9-13% less of a mortgage than before July 1st
• The minimum credit score rises from 600 to 680 for at least one borrower
• Non-traditional sources of down payment that increase indebtedness will no longer be treated as equity for insurance purposes

If you want to know how this effects your specific situation, please get in touch. With the help of our trusted mortgage expert, we can help you navigate through the new changes.

If you’re shopping near your max-approved amount and would like to purchase before these changes take effect, we’re here for you!

We’re your Calgary Real Estate Connection.

Home Sweet Home Team

403.874.9021
www.HomeSweetHomeTeam.ca

Our HOME SWEET HOME Story!

Well… where do I start! I figured since I’m the resident marketing expert for a Top Producing Calgary Real Estate Team, that I should share my unique perspective on buying my first home with my fiancé, Megan. Not only did we buy a house, we officially purchased days before a world changing pandemic. What could possibly go wrong!?

I won’t make you wait in suspense. Fortunately for us, it went as smoothly as we could have dreamt. That is due to the incredible support and guidance we received from everyone who assisted us in the process. From my entire team at the Home Sweet Home Team, to Derek Gareau at A Buyer’s Choice Home Inspections , to Réal Leblanc at DLC Elevation Mortgage, and Derek Cougle and Ann Recsky at Cougle + Co. 

After almost 8 years of working in Calgary real estate, as a member of the Home Sweet Home Team, it was mine and Megan’s turn to be the clients. Like most millennials, we got a dog and decided that our cozy Downtown Calgary Condo no longer fulfilled our housing needs.

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April Market Stats

April statistics have been released for Calgary and our surrounding area’s Real Estate markets. What can we say about April? It’s truly a month all of us will never forget. After the first full month with social distancing measures, Calgary’s housing market is adjusting. As expected, sales and prices decreased across all prices ranges and home types.

One thing we’re confident about is that Calgarians are a resilient group. We know things are nowhere close to going back to normal. However, with the Alberta relaunch plan we’re optimistic that there are going to be better days ahead. We’ve noticed that the activity has picked up in the last couple of days. We’ve received more showings on our listings and more buyer inquiries than in the weeks prior.

Click here if you’re interested in viewing the full stats package from CREB:
https://www.creb.com/-/media/Public/CREBcom/Housing_Statistics/City_of_Calgary_Report.pdf?la=en

If you have any questions regarding Calgary’s Real Estate Market, or if you would specific information on your Calgary neighbourhood, we’re here for you!

HOME SWEET HOME TEAM COVID19 UPDATE

To all of our clients, business partners, family and friends,

We know this is exactly what you were looking for, another COVID-19 update! We want to first start off by saying Calgary we’re here for you! We understand amid the growing concerns and developments regarding the COVID-19 outbreak that this is having a tremendous impact on our city and everyone in it.

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