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Mortgage Connection - Calgary's Mortgage Brokerage

A Mortgage Connection Update


2016 is off and running (although slower than most would hope for!) This newsletter will provide you with some helpful insight on how to use your mortgage during this downturn, along with mortgage and housing updates.


Calgary Skyline

Budgets, Taxes and Falling Rates

An increase in closing costs:

With the Alberta provincial budget announced, there are some major changes to land titles registration fees.  In short, the fees associated with buying and selling real estate in the province is about to see a major increase.  Closing costs are still relatively inexpensive compared to other provinces with transfer taxes, but the changes are a big jump and come into effect July 1st, 2015.   The increase is somewhere between 4-6 times current levels depending on price point and mortgage amount.  For example, a 500,000 dollar purchase with 400,000 dollar mortgage will see registration fees move from 290 dollars, to 1230 dollars.

These increases will be avoided by closing a mortgage or purchase prior to July 1st.  However, the deadline may create registration backlog, so if you can close earlier than the end of June, that may be a capital idea.

The Connection by Mortgage Connection

First Time Home Buyers Tax Credit

Some helpful information regarding the First Time Home Buyers Tax Credit in Canada

Buying a new home can be an exciting, if not busy time of your life. We know you already have a million things on your mind as you work towards buying your first home, but when it comes to this hint, it's worth adding one more item on your list. (tip: it involves extra money for you!) 

Mortgage Connection - Calgary's Mortgage Brokerage

Hey Department of Finance... that’s a little too tight! I can’t breathe

The Department of Finance Announces Sweeping Changes to the Mortgage Lending Landscape.

In an attempt to cool hot real estate markets in Vancouver and Toronto, on Monday, October 3, 2016 the Department of Finance once again announced sweeping changes to the mortgage lending landscape.  The full release can be read here.

We were quick to send out the news on our social media but have waited to send out a Mortgage Update until now while we gathered some further insight and ran some numbers (we’re always doing math!)

Mortgage Connection Piggy Bank

Rates Are Moving (and what that means)

A big bank increases rates and they get a lot of press. Our last communication in October predicted this, so we are not surprised (and it is great to give insight that turns out correct, because looking through the rate crystal ball is never easy).  So why the increases, what do they mean, and is it time to panic? 

Start of 2017

2017 is off and running and it is the start of a “new lending reality”. The fourth quarter of 2016 saw further big changes to the mortgage lending landscape. The Federal Government, along with OSFI (the Wizard of Oz of the Canadian financial institutions) continue to make regulatory changes that impact Canadians.