What?!? More money down for a deposit? No more 30 year terms?

(February 29, 2012 )

CRAZY!

First time home buyers, if you are thinking about buying a home in Calgary Alberta, you may want to pick up the pace. I just got word that amount down may be changing from 5% to 10% (currently there are still some cash back / Zero downs available – but they may be going as well), and the 30 year terms may be gone too. They are talking about going back to the 25 year terms.

This is going to hurt our market! This will take a lot of the first time buyers out of the market completely. Which will then cause sales to slow, as the buyers will then be fewer and farther between.

If you have been considering buying a home, I suggest you call up a mortgage broker and get the conversation going. You may be able to qualify, and you don’t even know it. If you don’t have a broker, feel free to ask me and I’ll pass you along to one I use.

I will be watching the federal government for more information on this, but you probably don’t want to wait to long, you may be taken out of the market completely.

Wishing you the best,

Tania King