The latest and greatest real estate news from Tania & Tina.
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Welcome to your February 2017 Update!

What's New? 
Tina:  Has anyone been out to Carrington or Livingston - two new communities in the north near Evanston? (One day, a long long time from now, the Green Line is supposed to go to these two communities.) Carrington will be getting a bit more buzz as the year goes on as it will also be the home of the Stampede Lottery house this year. Tania and I recently stopped in to check things out and we were pretty surprised to hear that most builders are already sold out of Phase 1! I'll be keeping my eye on these communities.

Tania:  I went skiing a few weekends ago - but bailed on skiing and ended up going to Johnston Canyon near Banff instead. Have you ever gone in the winter??  It's gorgeous! Also, we have an awesome new listing, check it out and pass it along!

Market Update:  
‘In the housing market we are starting to see things rebound. When you look at the pace of single-detached construction we are seeing activity stabilize in Calgary. Demand for housing has been gradually improving. We are seeing some improvements in the economy,’’  - Richard Cho, principal market analyst (Calgary) Canada Mortgage and Housing Corporation

CMHC to Hike Mortgage Insurance Premiums in March

The Canada Mortgage and Housing Corporation will charge borrowers a few dollars more every month to insure their mortgages, starting in March.

By law, anyone putting down less than 20% of the purchase price of a home in Canada must pay mortgage insurance, even though the homeowners themselves don’t benefit from that coverage. Rather, it’s a fee borrowers pay so if they default on loans, their lenders aren’t on the hook. Instead, an insurance payout would cover any defaulted loans.

Premiums are calculated based on the amount borrowers are getting versus the size of the down payments.

Typically, CMHC fees are as little as 0.6% of each loan’s value. But on smaller down payments and larger loans, the fees can mount to 3.6%—more than six times as much as the lowest rate.

Under current rules, the CMHC charges 3.6% to insure that mortgage, or $24,567 over the life of the loan.

Under new rules starting March 17, the CMHC will charge 4% of that loan’s value to insure the loan. That pushes the premium to $27,297, an increase of $2,730 or $12 a month.

Different borrowers will pay different amounts depending on how much they are borrowing, and how much equity they have.

What is YOUR home worth?

Contact us for a Market Evaluation!  Our goal is to meet all of your real estate needs - we look forward to hearing from you and we are happy to answer ANY questions you may have!
Tania:  403-813-4448
Tina:    403-891-9142

Copyright © 2014, Tania King Real Estate Team, All rights reserved.

Our mailing address is:
#144, 1935 32 Avenue N.E.
Calgary, AB, T2E 7C8

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CIR REALTY · #144, 1935 32 Avenue N.E. · Calgary, Ab T2E 7C8 · Canada

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