PROTECT YOUR MORTGAGE APPROVAL TIP 1 Don’t deposit cash into your bank accounts. Lenders need to source your money and cash is not really traceable. Small, explainable deposits are fine, but getting $10,000 from your parents as a gift in cash is not. Discuss the proper way to track your assets with your mortgage broker.

PROTECT YOUR MORTGAGE APPROVAL TIP 2 Don’t make any large purchases like a new car or a bunch of new furniture. New debt comes with it, including new monthly obligations. New obligations create new qualifications. People with new debt have higher ratios…higher ratios make for riskier loans…and sometimes qualified borrowers are no longer qualifying. This is also true about Buy Now Pay Later programs, even if you don't need to make a payment for a year, the bank still calculates a payment equal to 3% of balance, eg. $4000 appliance package = $120/mth payment

PROTECT YOUR MORTGAGE APPROVAL TIP 3 Don’t co-sign other loans for anyone. When you co-sign,...

REALTORS® Association 2013 Housing Forecast is bullish on Edmonton

Edmonton, January 9, 2013: The REALTORS® Association of Edmonton released their annual housing forecast today at a seminar at the Northlands Expo Centre attended by 700 REALTORS® and business people. President Darrell Cook forecast that the value of MLS® sales in 2013 will increase by about 3% for the year after sales of $7 billion in 2012. This is based on a three percent increase in the number of homes sold and increased prices. Cook expects that single family homes, duplexes and rowhouses will increase on average by 2% while the average price for condos will increase by one percent next year.

“We are positioned in the best economy in Canada and perhaps the world,” said Cook. “It is hard to make a restrained forecast when we have job growth, in-migration, low vacancy rates and continuing low interest rates.”

His remarks echoed the predictions of five other speakers at the seminar...

How Much Can You Afford?
Why is it so important to know how much you can afford to spend on a
home?
Two reasons.
First, you don't want to buy a property and then find out, only after you’ve
moved in, that you can't financially maintain it. That would mean having to
resell it under stressful conditions.
Second, you don't want to settle for a property that's less than ideal, when
you really could have afforded the "dream home" you've always wanted.
So how do you figure out how much you can afford to pay for your next
home?
The first step is to talk to a good REALTOR®. He or she will help you gain a
clearer understanding of how much your current home will likely sell for in
today's market. That amount, together with other financial resources you
might have (such as savings), will determine your down payment.
The next thing you’ll need to figure out is your mortgage. Your REALTOR®
can help you find a lender who will take a variety of factors into account –
income, credit...

Go it alone, or use a REALTOR®?

The fact is, most people who try to sell their own home end up using a REALTOR® in the end anyway. Before anybody decides to fly solo through this complex, time consuming and financially perilous process, they should consider these questions.

Will you really “save” the real estate commission?

When buyers see a home for sale ‘by the owner,’ they see a bargain. They imagine the REALTORS® fee going into their pocket, not yours.

Are you familiar with real estate law?

Complicated and ever changing, real estate law governs nearly every phase of selling your home. One misstep and an entire deal can fall through, or worse, a lawsuit can come your way.

How many potential buyers will you reach?

Selling a home takes more than just hanging a “For Sale” sign. How will you promote your home? Will you write your own ads? How will you use the Internet, knowing that you’ll have no access to REALTOR.ca or the Multiple Listing...

FOR IMMEDIATE RELEASE
NOVEMBER 2012 HOUSING STARTS IN EDMONTON
Edmonton, December 10, 2012 – Housing starts in the Edmonton Census Metropolitan Area (CMA) were trending at 14,615 units in November, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR)1 of total housing starts. The standalone monthly SAAR was 20,295 units in November, compared to 13,701 in October.
“An elevated level of multi-family home starts contributed to the strong housing activity in November. However, some moderation is expected in the coming months given the heightened pace of multi-family starts thus far this year,” said David Lan, CMHC’s Senior Market Analyst for Edmonton.

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