With new information and changes coming daily, many Calgarians, and Canadians have been asking in their homes. Should I defer my mortgage?  

Calgary Mortgage Tips


To defer or not to defer – it’s the million dollar question! As COVID 19 hit Canada over the past weeks and many non-essential businesses began laying off employees, there has been much miscommunication from the government, both federally and provincially, that lead both homeowners and tenants to believe that mortgages are being “forgiven.” This is just not correct.  Period.  There is ZERO mortgage forgiveness being offered to homeowners.  All those mortgage payments have to be made, eventually.  The major banks and other lenders across Canada have worked to put mortgage “deferral”…

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COVID19 AND CALGARY REAL ESTATE 

calgary_real_estate_covid_19_caronavirusIt's important for our team to provide communication not only to our clients, but consumers wondering how this virus effects and shapes the world as new measures and changes come through.  

Presently our team is working with buyers and sellers throughout the city, however, we have had clients postpone showings and viewings on homes for the interim until more clarity on the outlook of this pandemic is certain. 

Our team has taken the efforts and steps to help provide clarity online through social media to educate buyers and sellers of precautions for showings whether you're a buyer, seller, or buyers agent and have updated our showing instructions to reflect these new measures in hopes that responsibility within…

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This market is BONKERS.

A quick update on the newest bank of Canada mortgage rate DECREASE, the second drop we've seen recently.  

100%, this is the most crazy mortgage market that we've seen in our lifetime. Changes to the fixed rates, variable rates & bank rules coupled with the up coming changes to the stress test (that will take affect on April 6th, 2020) have created unprecedented volatility.  

It is imperative that any buyer clients, pre-approved for mortgages check in with their lending professionals about their mortgage pre approvals prior to writing an offer.  Rates, rules and times are a changing faster than we've ever seen.  

Clients that have mortgages committed at 2.80% or higher should absolutely consider breaking these mortgages and…

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Calgary Mortgage News

Effective this morning the Bank of Canada has decreased their overnight lending rate by 50 basis points or .5%.  Although many expected a rate drop in late 2020, this was certainly a more substantial drop than anticipated.  This drop comes on the back of general weakness in the global economy due to the Coronavirus or COVID-19 outbreak and the .50% drop by the Federal Reserve yesterday, March 3rd 2020.

Before today, the last move to the Bank Prime Rate was in October of 2018.    

The media is full of information (some correct and some incorrect) so we wanted to take some time to break down exactly how this effects mortgages and our clients in the Calgary, Residential Real Estate Market.  

 What drives mortgage rates?…

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