February stats
| January | | | February | | |
| | Change from | December | | Change from | January |
New Listings | 1,247 | +129 | +10.3% | 2,505 | +1,258 | +50.2% |
Sales | 882 | -66 | -6.9% | 1,184 | +302 | +25.5% |
Average Sale price | $301,603 | -$3,864 | -1.2% | $300,551 | -$1,052 | -0.34% |
House | $363,883 | -$2,878 | -0.7% | $369,573 | +$5,690 | +1.5% |
Condo | $239,321 | -$4,853 | -1.9% | $231,530 | -$7,791 | -3.2% |
Changes to the Mortgage rules
As everyone has heard the federal government has made some changes to the Mortgage rules that come in to effect on April 1st 2010.
1. All mortgages must qualify at the 5 year rate, regardless of the term of agreed to with your lender. (Whether this will be the discounted or posted rate is still to be determined.)
2. Anyone refinancing their home will be limited to 90% of the value of the property; prior to April 1st this is 95%.
3. Any property being purchased that will not be a primary residence will require a 20% down payment.
This is a worst case scenario.
Using today’s rates and qualifying at 5 year posted rates:
Ø 5 year posted rate is 5.38%
Ø 3 year discounted rate is 3.45%
· A family earning $60,000/year
· One car payment of 600/month
· Excellent credit
· 5% down payment, 35 year amortization
· Property taxes of 1800/year
Current qualification Under new rules
3 year discounted rate 5 year posted rate
Approx purchase price Approx purchase price
$316,000 $ 245,000
Mortgage scinario compiled by Roberta Hardern a liecenced mortgage broker.
Making your real estate needs my priority
DaveDry
Licensed Realtor in the province of Alberta
Re/Max Real Estate
www.davedry.ca
info@davedryhomes.com