Changes to Minimum Home Down Payment Rules
Starting on February 15, 2016, the Federal Government is doubling the minimum down payment for insured mortgages to 10% from 5% for the
portion of a home’s value from, $500,000 to $1-million.
Down payment rules for mortgages on properties selling for less than $500,000 will be unchanged. The government had already restricted mortgage insurance to homes values at less than $1-million, and the new rules leave the minimum down payment for more expensive homes
unchanged at 20%. According to the Finance Minister, Bill Morneau, the new rule will help create stability for the overall market, as well as help ensure Canadians take the right approach to investing in a home. - source, The Globe and Mail Keeping Mice Out
Mice seek the shelter of warmer locations once winter weather hits. Often, people are not aware of the population boom that is occurring with this invasive species in their attic or basement until the occasional mouse droppings and urine are discovered around food, furniture and storage areas.
Here are some ways to keep mice out:
- Install door sweeps on exterior doors and repair damaged screens.
- Screen vents and openings to chimneys.
- Seal cracks and holes on the outside of the home, including areas where utilities and pipes enter the home, using caulk, steel wool or a combination of both.
- Keep attics, basements and crawl spaces well ventilated and dry.
- Replace loose mortar and weather stripping around the basement foundation and windows.
- Eliminate all moisture sites, including leaking pipes and clogged drains that provide the perfect breeding site for pests.
JAN 4, 2016 - ACCORDING TO CREB(referencing metro Calgary stats only)...
Housing market characterized by slow demand. Elevated supply levels placed downward pressure on prices in December. With the focus shifting toward the holiday season, Dec sales activity slowed to 878 units in the city, 18% below last year at this time and well below the
five and 10-year averages.
ACTIVE LISTINGS as of January 4, 2016⁕ // SALES for Dec 2015⁕
COUNT AVERAGE PRICE AVERAGE DOM
Single Family 4331 // 809 $749,563 // $520,538 86 // 56
Condominium 2353 // 334 $413,666 // $338,401 82 // 58
Combined 6684 // 1143
Rural with Home 0 // 0 n/a // n/a n/a // n/a
Rural Land 528 // 19 $874,580 // $366,647 319 // 301
Total Rural 528 // 19
Total MLS 7212 // 1162
⁕ All numbers gathered for the Listings and Sales stats are compiled from metro Calgary and rural southern Alberta areas CALL NOW for A FREE MARKET EVALUATION
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We look forward to hearing from you as we are happy to answer any questions you may have.