Baby boomers are getting older and greatly influence the housing trends here in Calgary and across Canada. The largest increase in birth numbers since 1921 took place in 1945 and 1946, which was the beginning of the baby-boom. It ended in 1964 and 1965. This means that there were approximately 20 years of increased birth amounts and these babies are now in their late 40s - 60s.
There were more than 8.2 million babies born during this time period. If you average that out it's about 412,000 births yearly. During the same time women were averaging 3.7 children each while in recent years the number has decreased to 1.7. The 2011 Census figures showed that approximately 3/10 Canadians were baby boomers.
Many people wonder if buying a home is really within their reach. It often seems like a daunting purchase for the first time buyer. The good news is that with the large variety of options available today, it has never been easier to secure a mortgage.
Calgary land is becoming more and more popular as house prices continue to rise and the dream of owning a home becomes more and more difficult for young people. One of the alternatives to buying a home is to purchase a piece of land as an investment opportunity.
If you're in the market for a new condo you have most likely seen ads stating that you must be of a certain age to live there. For example, you might have seen a condo building that only accepts residents that are 50 years of age or older. If you are 49 years old and know that your birthday is coming up in 6 months, you may think that you might be accepted even though you haven't officially reached the bi-centennial mark yet. Unfortunately, you'll have to prove that you have reached the required age in order to be accepted as a resident in that condo.
If you're new to the world of purchasing a home and haven't taken out a mortgage before, you may be confused about the differences between a mortgage broker and a loan officer at the bank. Although they can both provide you with a mortgage, there are differences between them that you'll want to learn so that you can get end up getting the best mortgage possible that matches your personal financial situation.
A new survey was conducted by Pfizer Canada that asked real estate brokers and agents in the province of Ontario about the price changes that could occur due to an owner smoking in their home. The survey showed that smoking could reduce a property's value by up to 29%. It's important to note, however, that Pfizer Canada is a pharmaceutical company that promotes a medication to help smokers quit the habit!
When considering the possibility of financing a home, some may overlook a few important considerations for lenders. Those buying a home with cash have less need to be concerned about the debt carried when buying a home compared with other applying for a home mortgage loan. Though higher mortgage interest rates and high debt levels can make it difficult to qualify for conventional mortgage options. Learn more about the debt-to-income ratio and how it may impact the ability to buy a home.
There are a lot of people that are just happy making their mortgage payments every month knowing that their 25 year mortgage will be paid off some day. For others, it's a race to the finish line where getting the mortgage paid off as fast as possible is a priority. If you fall into the second category and can't wait for the day when you can finally set the mortgage papers burning, here are the 3 tips you need to know in order to make it happen.
According to The Bank of Canada's recent financial review, the number of people choosing amortization periods longer than 25 years rose by 10% in 2014-2015. Almost half of all uninsured mortgages in this country are now amortized over 30 years which is in direct correlation to high prices. Having your loan spread out over such a long period of time certainly keeps the monthly payments down. It is also helping to keep the rate of delinquent mortgages down as well. However, because the debt is being paid back at such a slow rate, it leads to a higher overall level of indebtedness in Canadian households. Whether buyers choose to spread out payments or are forced to, the 30-year amortization is becoming pretty stand.
If you're like most Albertans you prefer the fixed-rate mortgage. This is according to a recent survey conducted by CIBC showing that most residents in the province would select a mortgage with a fixed-rate over a variable rate.