Calgary real estate prospects

[msommers]

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5% down is only on the first $500k, the amount above that is a minimum of 10% down.

No 20% requirements for any amount now?

[ercchry]

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No 20% requirements for any amount now?

Insured? Not that I’ve seen yet.

The lenders need to develop products for these new rules though, so we will see.

For conventional, they all have sliding scales (ie: 20% down to $1m, 35% over that). But with this being insured, we will see.

[finboy]

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5% down is only on the first $500k, the amount above that is a minimum of 10% down.

My bad, it is laddered but will definitely will boost prices

[Buster]

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Freeland allowing more 30-year mortgages, higher values for insured mortgages
The 30-year mortgages will apply to both new buyers and anyone buying new construction homes

https://nationalpost.com/news/politi...ured-mortgages

The goalposts will be moving on these rapidly. A combination of inflation and some sort of defense against a real estate conflagration in Canada. Our RE market is so distorted. We shouldn't even have CMHC. It's so dumb.

[ExtraSlow]

Yes, the problem with the Canadian housing market is that people cant borrow enough.

[vengie]

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Yes, the problem with the Canadian housing market is that people cant borrow enough.

** While putting down as little as possible.

[msommers]

2.3MM in Killarney is reaching. Big house though

https://www.realtor.ca/real-estate/2...lgary-richmond

[Xtrema]

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Freeland allowing more 30-year mortgages, higher values for insured mortgages
The 30-year mortgages will apply to both new buyers and anyone buying new construction homes

https://nationalpost.com/news/politi...ured-mortgages

People: we can't afford housing.

Feds: Let me allow more buyers into the market. Into more debt and less likely to afford it.

[ThePenIsMightier]

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People: we can't afford housing.

Feds: Let me allow more buyers into the market. Into more debt and less likely to afford it.

Followed by...

People: "Let's vote for you again - dErP!"

[msommers]

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We shouldn't even have CMHC. It's so dumb.

Agreed.

[ExtraSlow]

Yep. Lenders should assess risk, price it accordingly, and be on the hook if they are wrong.

It's insane that often lowering your downpayment increases your interest rate. No rational system would operate that way.

[Xtrema]

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Yep. Lenders should assess risk, price it accordingly, and be on the hook if they are wrong.

It's insane that often lowering your downpayment increases your interest rate. No rational system would operate that way.

Heard RBC no longer honor the 65% HELOC rule. Their approval is lower than that. They definitely don't want to hold the bag on this. Especially after absorbing HSBC.

[ercchry]

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Heard RBC no longer honor the 65% HELOC rule. Their approval is lower than that. They definitely don't want to hold the bag on this. Especially after absorbing HSBC.

That’s probably value dependent… no one wants to extend a 7-figure HELOC…. Unless you’re a private banking client/have enough assets with them to offset

It’s a feeding frenzy out there right now for loans… the big 5 are cutthroat at the moment

[benyl]

Not sure how letting more people into the market and allowing people to insure 50% more is going to help affordability. It's like Freeland owns a bunch of houses in the $1-1.5M range and wants to unload before her next job review. Kinda like the west LRT.

[killramos]

Easy. The young people for whom home ownership is just out of reach that will be most affected by this are a key voting demographic for the liberals.

That and this change is easy as fuck to implement, actually building homes would require the liberals to do something tangible and measurable which they are patently incapable of.