The long extended fall we enjoyed is officially over, however, at least the snow has stopped for a couple of days! The end of 2012 is quickly approaching and it was a big year in the mortgage world.
On the national level, we have seen more banking regulations that have greatly changed the mortgage approval process and lenders leaving the lending landscape. This coupled with the ever-looming concern of over debted Canadians has slowed down many markets. Locally , a different story in unfolding. We have seen a rebound in the Calgary market and the term "HOT" is starting to be thrown around again.
June is the start of summer, but also property tax season. This is reminder that for most municipalities, taxes are due June 30th. If you believe your mortgage lender is paying your taxes, or you are on a monthly installment directly to the municipality, please double check your tax bill to ensure things are set up as such. If you pay annually, do not forget to pay this on time, as the charges for late payments are quite hefty. If you have any question regarding your taxes, please feel free to contact Mortgage Connection.
Are things heating up in Calgary? We are starting to think so. Perhaps the perfect storm for buying real estate has hit the market. Interest rates remain at historic lows, job creation in Alberta continues to grow and housing inventory is still plentiful.
This is not to say that there is not uncertainty in the markets. Obviously, times remain uneasy globally. Real estate bubble talk, potential further changes to Canadian mortgage regulations, coupled with an ongoing debt crisis, and economists readying for possible 200-400 dollar oil if Iran closes The Strait of Hormuz, can put the scare in anyone. The message here is not to spend wildly, but also not to ignore a once in a lifetime interest rate opportunity.
The 2nd Annual Holiday Campaign has come to a close. We would like to thank everyone that nominated a deserving charity. We are happy to announce our selections, each of whom will receive a three thousand dollar donation "on behalf of the clients of Mortgage Connection":
Right to Play, Mustard Seed, Poppy Fund, Seva Canada and Children's Cottage
Mortgage Connection is able to make these donations because of working with wonderful clients like you. We thank you for helping make a difference and are very grateful that you trust us to be your mortgage experts.
May your holiday season be filled with joy and may you have a prosperous 2012.