We recently had not one but two big news events happen in Calgary that will have a profound impact on our local economy and the real estate market. The first has to do with OPEC and the oil sector while the second pertains to new regulations in mortgage banking and their effects on interest rates. These far-reaching effect will impact buyers, sellers, and homeowners alike. For more information, watch this short video.
We're back with our monthly market update. To get a feel for the market, we like to compare the benchmark home prices from last month to the same month last year. We're seeing a mixed bag, but overall, the market is down a bit. This leaves an opportunity open for certain people, however. To learn more about the state of our market and who is in the best position to take advantage, watch this short video.
I wanted to give you an update on the new tax changes to the principal residence program, because they affect all residents of Canada. These changes were brought about to prevent foreign investors taking advantage of tax loopholes, but the new changes extend beyond just investors. The CRA will now require all sales to be reported on your tax return, regardless of whether you owe taxes or not from the principal residence exemption. If you don't report a sale or you fail to designate your primary residence, you could wind up paying thousands of dollars in penalties. For more details on this new change, watch this short video.
Many people think that spring and summer are the only times you can successfully sell a home. While those seasons mark the height of home sales, fall is actually a great time to sell for a number of reasons. For one, you will find that fall buyers tend to be much more motivated than spring and summer buyers. Those who are out searching for homes in the colder months are serious about moving into a home before the holidays. For more information on why fall is such a good time to sell your home, watch this short video.
The Bank of Canada has recently announced a few changes to the rules for mortgage qualifications. What do these changes mean for you? I’d like to break down these new rules today and explain how they may affect your future home purchase. The good news is that these new rules don’t go into effect until October 17th, so you still have time to get into the home you want—you’ll just have to act fast! For the full breakdown of these changes, watch this short video.