CMHC insurance fees are now taxed as of August 1st, 2017 to the tune of 6% PST.. This tax will only affect Buyers who are utilizing the CMHC insurance program whereby the Buyer is placing 5-20% down payment on any purchase. Contact us to find out more details or connect with our mortgage Specialist Crystal Wandler of CIBC Mortgages at 306-261-5149.
Well the May long weekend has come and gone and the warm weather is here to stay in Saskatoon. With warm weather comes a busy time for REALTORS with families, friends and couples looking to shake things up with their current home. Ideally with the current Saskatoon market you need to be informed and educated as to good deals out there and believe me there are deals out there. Especially for buyers who have their "ducks in a row."
I'm referencing to the new mortgage approval rules released by CMCH (Canadian Mortgage Housing Corporation) after the federal budget. If you are planning on buying with anything less than 20% down (like most people), knowing what you can spend ahead of time and getting things in place so that when "THE ONE" comes
MORTGAGE Lending rules as of October 17/16 The federal finance minister recently announced new guidelines for Banks & lenders. As of Oct 17/16, any bank granting mortgage financing will now have to have the Buyer qualify at the Banks posted 5 year rate ( currently hovering approx at 4.64%) on mortgage that require CMHC insurance or any of their competitors! Prior to Oct 17th, any Buyer who was obtaining a mortgage with 5-19% down payment was able to qualify at the lenders discounted rate of approx 2.35-2.4%.
What does this mean to Buyer's? With these changes to mortgage lending it will reduce the Buyer's mortgage limits! As an example if a couple are purchasing a home and their annual income is $100,000. With a 5% down payment and good credit rating
Statistically far less than 50% of the homes that get listed on Saskatoon's MLS market DO NOT SELL! There can be a multiple reasons this has happen to you perhaps! Often Sellers blame their selection of a REALTOR for this although that's not always the reason!! On some occasions the REALTOR has simply "put the home for sale" at whatever price the Seller has requested, however in today's real estate market the Seller should NOT be dictating the price as to what they need versus what's the home is really worth! Accurately pricing a property is very key to creating a successful sale, your REALTOR should be basing the price on comparable sales of similar homes in the same area as yours PLUS and in today's real estate market,
Greetings from Cam Bird & Jordan Bird. What a great time to be buying a home.. I do not recall ever seeing the interest rates being as low as they are now (call / email us to get you in touch with Mortgage Brokers offering rates UNDER 2.5%) The inventory of homes has not been higher..at time of writing this there are 1097 single family homes on the MLS system just in the City of Saskatoon, not counting the out lying communities. You may wonder how many newer homes are currently on the market built between 2014 to 2016- well that number is currently at 311 of those 1097 or 28% of the inventory of homes in Saskatoon are new or virtually new..Wow what a selection, what amazing rates.. And condos, if your looking for a condo- there simply cannot be a better
With the warm weather that we are experiencing here in Saskatoon the Buyers and Sellers are coming out of hibernation and heating up the market! In the past 9 days we have experienced 165 property sales in Saskatoon and surround area the average price of these sold properties were around $350,000 and those properties took an average of 53 days on the market. It seems like once this warm weather comes new listings are hitting the market and with an abundance of buyers out looking for houses now it seems like the good ones go very quickly and it makes for a very hot market here in Saskatoon. I can just image how things will be picking up once we hit May and June here in 2014.
We Just wanted to welcome everyone to our new website. This new site has made finding homes much easier and a lot faster. With access directly into the Multiple Listing System or (MLS) Buyers now have access to everything for sale in and around the Saskatoon area. You will now have access to search for all homes for sale through the map function, area, price range, minimum bedrooms/bathrooms and community. The map function makes finding homes simple and easy with all listing being marked by an icon allowing you to pan around and zoom in and out for all the homes for sale in the area your searching for that new home.