The last weekend of summer has come to an end and the kids are all back to school. We hope everyone has had a safe an happy summer!Make sure you note the new School Zone signs (now in effect until 9PM). With school back, it seems appropriate to share some money tips for kids and the final quarter of 2014 is great time to do a quick review of what has been happening in the mortgage and housing markets over the past year.There has been a continuation of government regulation and mortgage default insurers (primarily CMHC), pulling back on product offerings, the same old low rate story, and a hot real estate market (especially in Alberta).Is this record on repeat, or what?
It sure is brutally cold in Calgary. Waking up to -30 degrees is not a great start to a weekend. We hope you are staying warm. If you are in another part of the Country, or out of Canada altogether, lucky you!
2014 is already two months in and once again, we are seeing a lot of changes in the mortgage and housing market. A quiet rate war, government changes and a lack of inventory are the perfect storm for a busy spring in Alberta. Other parts of Canada may not have the same heated market, but still should experience some additional housing activity in the next two months.
Summer is certainly drawing to a close, but with the warm weather and the leaves still mostly green, it is hard to believe we are halfway through September. September is a busy month with summer vacations now in the rear view mirror, kids back to school and the reality that snow will fly soon (sorry!) However, it is also a good time to review what has been happening that impact the mortgage and housing markets.
FLOOD 2013 UPDATE:
What a summer we have experienced in southern Alberta. Flood 2013 is something most of us never thought we would see. Obviously, the devastation is far-reaching and many Mortgage Connection clients have been deeply impacted. Our office was in the flood zone, but thankfully we were not nearly as impacted as many others. We are truly thankful for the kind wishes and messages we received during the flood. More importantly, we are proud of our city and province for the spirit of giving that was demonstrated during such a tragic and stressful time. On September 17th, his Excellency David Johnston honoured the city of Calgary by presenting the city with the Governor General's Commendation for Outstanding Service Award. Quite the honour, especially for an entire city to receive.
We are now well on our way in 2013 and hopefully everyone is dating things with the correct year now! With all this warm weather-well out west at least, winter sure feels like spring (hopefully that doesn't lead to spring feeling like winter!) We hope everyone is off to great start in 2013 and want to write to provide you with some ideas and links to help with your plans in 2013, as well as a mortgage and market update.
Well, is it finally spring? Let's hope so! We certainly are experiencing a spring market in Calgary and area. In this issue of The Connection, we will discuss improvement loans, what is causing the current market conditions, and new changes with CMHC.
THE HOME IMPROVEMENT PLAN:
Current mortgage regulations have made accessing equity a lot tougher than it used to be. This causes some real issues with home improvements and renovations. The idea that you can buy a home and renovate the kitchen next year by refinancing, is no longer a reality-so what is the solution? A purchase or refinance plus improvement loan. Let's start with a purchase and show you how it works.
Well, Old Man Winter has certainly showed he is here to stay in Alberta. For our clients in other provinces, count your blessings! For those here, stay safe and warm.
2013 is winding down and we want to first off thank you our valued clients for another great year. We are honoured to be your trusted source for advice on your biggest investment-your home. Part of the ongoing commitment at Mortgage Connection is to give back to the communities in which we serve. In keeping with our tradition, we are launching our 4th Annual Charity Campaign over the Christmas and holiday season. How it works is that MCI donates 3000 dollars each to five deserving organizations, as nominated by our clients. We do this "on behalf of the clients of Mortgage Connection" To date this campaign as contributed 45,000 dollars. So, here is your chance, simply reply to this email and let us know where you would like Mortgage Connection to help.
We are almost at the halfway mark for 2013 and what has become the norm in the news- personal finance, interest rates and the housing market are still hot topics. The concern about over indebted Canadians, the pending rise of historically low rates and the fear of a national housing collapse, continue to grab headlines.
As such, it is a good time to provide a bit of an update on all of these areas.
Thank you to everyone that nominated charities through email, phone and Facebook. This year we had more nominations than the past two years and we are truly thankful to everyone that took the time to nominate a cause.
Mortgage Connection is actively involved in the community and your continued support allows us to help better the lives of many people. Beyond the Holiday Campaign, in 2012 Mortgage Connection has continued to fund a breakfast and literacy program at a local underfunded school, has raised funds to build a new outdoor rink in Inglewood and donated hormone free, humanely raised beef to multiple facilities in the Calgary area. It is your continued business that allows these projects to take off.