The Canadian housing market has been red-hot for the past two years, and that trend doesn’t appear to be slowing down anytime soon. Recently released data shows that existing home sales in Canada increased by 6.2% from September 2017 to September 2018. This is great news for homeowners who may be hoping to sell their homes shortly.
The tightened lending standards mean homebuyers must meet very specific criteria before they can even qualify for a mortgage and buy a house. As such, if you’re thinking about buying a home in Alberta soon, it may not be as simple as you anticipate. This article covers everything you need to know about the mortgage market in Alberta and what you can expect moving forward
Tips For Finding The Best Mortgage Rates In Alberta
If you want to find the best mortgage rates alberta, here are some tips that may help you.
First, you should try to get pre-approved for a mortgage. This will let you know what you’re qualified for and give you a better idea of what you can afford. You may also want to look at different types of mortgage rates in Alberta, such as fixed rates and variable rates.
Fixed rates are typically lower than variable rates, but they also limit your options. You should also shop around for mortgage rates in Alberta. While one lender may offer you a low rate, you don’t know if it will stay that way. By comparing rates, you can make sure you get a good deal that lasts.
What To Know Before Buying A Home In Alberta
If you’re thinking about buying a home in Alberta, you will want to make sure you fully understand the process and what you’re getting into. First, you will need to make sure you can afford a home. This means carefully calculating your finances and making sure you have enough room to pay for your mortgage, utilities, and other expenses.
You will also want to make sure you have enough money for a down payment. This is typically between 5% and 20% of the total price of the home. The amount you need to have in your savings account will depend on the type of mortgage you get. You will also need to have good credit to get approved for a mortgage.
3 Ways Recent Changes Will Impact Current And Future Homeowners
As mentioned, recently there have been a few changes to the mortgage market in Alberta. Here are the 3 ways recent changes will impact current and future homeowners:
– More stringent borrowing requirements: Lenders are more cautious than ever. As a result, they have been tightening their borrowing requirements.
– A rental advantage: If you’re planning on renting out your home soon but don’t want to sell, you may want to give a 10-year mortgage a try.
– Changing home ownership dynamics: Rising home prices and short supply of homes have led to a change in homeownership dynamics. All things considered, likely, these changes will only continue.
The Canadian real estate market has been red-hot for the past two years. This has been great for homeowners who want to sell their properties, but it has made it very difficult for new homebuyers to get approved for mortgages. If you’re thinking about buying a home in Alberta, you may want to act soon. Mortgage rates in Alberta are expected to increase over the next few months.