Real Estate Blog - First time home buyer

Allendale Real Estate Listings Statistics

Allendale Homes For Sale Statistics 

Allendale Houses & Condos Listings Statistics (2- Listings Sold)

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Cashback Mortgages and the Lowdown

What’s the worst part of being a first time home buyer? After tightening your belt to save up  for a mortgage, you go through the song and dance of all the procedures, and then pay a down payment. That’s okay, you were prepared for that, you did those calculations…but then your lawyer’s fees come out, moving expenses and all of sudden you are looking at a property tax bill. Talk about financial stress and strain!

Lucky, banks such as CIBC, offer something called a cashback mortgage, which is geared toward first-time buyers, and yes, it means exactly what you think it does. You get cash in hand from you mortgage – just in time to cover all those last minute expenses.

CIBC says that “The amount of money you receive is based on the size and term of…

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CMHC mortgage loan insurance premiums is going up

CMHC has increased its mortgage loan insurance premiums for homeowner and will be from effective May 1, 2014. It does not apply to mortgage currently insured by CMHC.
According to CMHC, higher premium will result in an increase of approximately $5 to their mortgage payment.
Effective May 1st 2014 rates will be as follows
Loan-to-Value Ratio Standard Premium (Current) Standard Premium (Effective May 1st, 2014)
Up to and including 65% 0.50% 0.60%
Up to and including 75% 0.65% 0.75%
Up to and including 80% 1.00% 1.25%
Up to and including 85% 1.75% 1.80%
Up to and including 90% 2.00% 2.40%
Up to and including 95% 2.75% 3.15%
90.01% to 95% – Non-Traditional Down Payment 2.90% 3.35%

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Edmonton Housing and inventory up in January 2014

Residential Home inventory on MLS® rose up to 16% in January. According to CMA over 1800 homes were on sale in January. In December only 783 home listings were available. Total inventory of 3537 (up from 3049 in December) kept prices stable in all housing categories.
Compared to December, Single family detached homes prices were down. Condominium and half duplex prices were also down.
Average days on market per listing was 61 days in January compared to 73 days in January 2013.
Low rental vacancies and the potential for higher rental are also attracting investors in to the market.
January 2014 
SFD2 average3 selling price – month $416,344
SFD median4 selling price – month $385,000
Condominium average selling price $230,463
Condominium median selling…

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