Blog

Why Getting an Annual Real Estate Review is Important

Your Real Estate investment is likely the biggest single expenditure in your lifetime so why not keep a pulse on its value? Life can happen fast and keeping a relationship with your trusted Realtor
can benefit you in many ways.

1) You will learn the real time value of your highest valued asset.

2) Realtors can give you the real scoop on what is happening in your neighbourhood or for
properties like yours. Unfortunately newspapers and media often report the biggest headlines to
sell papers or get website traffic. Their reporting is broad covering the whole market in as few
words as possible. Not only is this misleading to the common home owner but if you believe
the reporting word for word, you could be limiting your own financial growth in Real Estate.

3) Perhaps it is time to move up or move down, build, or time a purchase or sale that will maximize your position. Your CIR Realtor can assist you in solving this puzzle and protecting your best interests.

4) Thinking of renovating with the thought of moving sooner than later? Why not bounce your renovation ideas off your agent that knows what improvements will maximize your selling value or save you from
over renovating your home?

Please do contact me for your complimentary review so we can ensure you have the information
you need to make informed long term decisions about your home.

Finance Minister Announces Changes to Mortgage Qualification Rules – Preferred Client Update

On October 2nd changes to Canada’s mortgage qualifying rules were announced by our Finance Minister. As of Oct 17, a stress test used for approving high-ratio mortgages will be applied to all new insured mortgages—including those where the buyer has more than 20% for a down payment.

The stress test is aimed at assuring the lender that the home buyer could still afford the mortgage if interest rates were to rise. The home buyer would need to qualify for a loan at the negotiated rate in the mortgage contract, but also at the Bank of Canada’s five-year fixed posted mortgage rate, which is an average of the posted rates of the big six banks in Canada.

This rate is usually higher than what buyers can negotiate. As of Sept 28, the posted rate was 4.64%. Other aspects of the stress test require that the home buyer will be spending no more than 39% of income on home-carrying costs like mortgage payments, heat and taxes. Another measure called total debt service includes all other debt payments and the TDS ratio must not exceed 44%.

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Enter Our ‘In My Backyard’ Contest & Win 1 of 4 $5000 Grants

This Fall, CIR REALTY will be giving out four, $5,000 grants ($20,000 total) to local community projects and initiatives. All members of the public are encouraged to submit an entry and winners will be decided by public votes!

The contest is open for entries starting September 5 and will run until October 10. Winners will be announced the week of October 11.

There are 4 different categories an entry can be submitted to. Each entry can only belong to one category. If an entry does not fit into one of these four categories it is NOT eligible for funding.

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Coming Soon – CIR: In My Backyard Contest

CIR REALTY will be giving out four, $5,000 grants ($20,000 total) to local community projects and initiatives. All members of the public are encouraged to submit an entry and winners will be decided by public votes!

The contest is open for entries starting September 5th and will run until October 10th. Winners will be announced the week of October 11th.

There are 4 different categories an entry can be submitted to. Each entry can only belong to one category. If an entry does not fit into one of these four categories it is NOT eligible for funding.

There is also Important location criteria for eligibility: All projects, initiatives and local-non profit organizations must operate and service populations exclusively in areas covered by the Calgary Real Estate Board and Central Alberta Real Estate Board, including but not limited to areas such as: Calgary, Sundre, Cochrane, Okotoks, High River, Strathmore, Chestermere, Crossfield, Didsbury, Airdrie, Langdon, Irricana, Olds, Red Deer, Sylvan Lake, Innisfail, Lacombe ect ). If you are applying for funding in an area that is not mentioned in this list, please email marketing@cirrealty.ca to see if your area is covered by our real estate boards.

Category 1 – Locally registered non-profit grants

Category 2 – Community facility improvement grants – Assists community organizations with construction, renovation or redevelopment of community public-use facilities that will help enhance the quality of life and citizen well-being in communities

Category 3 – Youth extracurricular grant – Support programs outside of school that offer a range of structured, supervised activities that encourage social skills and self-esteem (including sports teams, youth clubs and programs).

Category 4 – Local sustainability and conservation grant – used to support local organizations, projects and producers who protect our local environment and contribute to making Calgary and area sustainable for future generations.

How do you enter?

Our contest website will be released and become active on September 5th. We will be sending you an e-mail letting you know the contest is open. As of that date, there will also be a link on CIR REALTY’s landing page, www.cirrealty.ca, where you can always access the contest.