I’m sure by now most of you have heard about the new mortgage rules regarding high ratio mortgages.
Effective October 17th, those who have a down payment of less than 20% will now be tested on their ability to pay their mortgage at the Bank of Canada’s five-year posted rate. This strengthened mortgage rate stress test will be required on all new insured mortgages.
What does this mean to you?
Borrowers will still be able to take advantage of the lower interest rate offered by their lender, but they will now have to qualify for the higher rate.
What this will mean to buyers is they may have to adjust their expectations on what they can purchase. For example, for a household with $100,000 in total income, the stress test could mean a 20% drop in their approved mortgage value.
Some people may now have to wait and save more to be able to get into the market, but I believe for most buyers, they will adjust to the new rules.
I also believe that interest rates won’t stay at historic lows forever and having to qualify at the higher rate helps to ensure home owners don’t run into financial trouble making their mortgage payments when rates increase.
It will likely take a little while for everyone to adjust to the new rules, but people will adjust to this new normal.
Living in a suburban community has much to offer, although for some people, they may feel that suburban living means having to drive to everything and that the “burbs” don’t have as much to offer as inner-city living. Not true! There are many districts that have shops, restaurants, natural areas and unique offerings that add character and become welcome meeting places where residents can relax and get to know their neighbours. We are going to explore these places. Some you may know about and we hope you will check out the ones that are new to you.
There are many very good reasons to call Royal Oak and Rocky Ridge home – the amazing new recreation centre currently under construction comes to mind. Another hidden asset lies just below the Mormon temple in the form of a small shopping plaza that provides a great array of convenient necessities like daycare, health, dentistry and veterinary services, as well as options for food and drink. This little plaza is becoming a community hub and has something for everyone to enjoy and appreciate.
I had some time between appointments the other day, and had the good fortune to walk into Cafe Fresco. Patrons situated throughout the open, modern space (including a patio for warm days), were enjoying good conversation over cups of specialty coffees, glasses of wine and baked delicacies. Being able to relax for a few minutes, savour a great coffee in a comfortable environment was very appreciated and was just the boost I needed.
If you haven’t checked out this little plaza, you might just want to do so.
The crisp autumn air signals that another Calgary summer has slipped away (perhaps that should be washed away) as it was a little damp for most peoples’ liking.
It is also a reminder that our 18th Annual Pumpkin Giveaway is around the corner.
Over the years we have seen a wide array of amazing and cute children’s costumes and very funny pet outfits. We have also experienced just about every type of weather condition. But, from snow to sun, every year we continue to grow our donation to the Calgary Food Bank, with your support.
For many, this annual event has become a cherished family activity (as it has for us too) however, we shouldn’t lose sight of the importance of the event, as the need has never been greater.
Here are some sobering statistics from the Calgary Food Bank:
41% of Calgary users are children (5% more than the national average)
1 in 9 Calgarians came to the Food bank for help (61% are families)
The community has been incredibly generous over the years. Last year alone, residents gave 1583 kilograms (3,490 pounds) of food as well as a substantial cash donation.
The pumpkin harvest is in full swing and this years’ crop of pumpkins apparently look even better than last year. There are going to be some fantastic jack-o-lanterns throughout northwest Calgary!
On behalf or the entire team, we wish you and your families a safe and happy halloween. Finally, I’d like to mention the Tuscany Club, Sobeys and Starbucks that have all played a key role in helping us make this great event happen year after year.
We’ll be in the Tuscany Club parking lot as usual, from 9am to 1pm, drop by and get a pumpkin in exchange for a non-perishable food or cash donation.
We look forward to seeing you Saturday, October 22nd.
by AUDREY WHELAN 660 NEWS
Posted Sep 28, 2016 6:54 am MDT
Wednesday marks the grand opening of the new Royal Vista multi-service facility and fire station.
In addition to providing emergency services, it also has office space for community standards staff, a satellite station for Calgary police, and a community meeting space.
The facility has a number of environmental features including: a rain garden, a green roof, and solar panels.
The event with Fire Chief Steve Dongworth and Mayor Naheed Nenshi starts at 10:30 a.m. in the northwest.
Kelly McKelvie’s 18th Annual Tuscany Pumpkin Giveaway
Come see us on October 22nd from 9am to 1pm (or until all the pumpkins are gone). Calgary’s biggest pumpkin patch will be located in the parking lot of the Tuscany Club as usual. Please bring non-perishable food items or a cash donation for the Calgary Food Bank to get your pumpkin.
Please click on the link to see more information on the event and the kid’s coloring contest.
We would like to send out a huge thank you to Megan for taking the time to share about her positive experience working with the McKelvie group to sell her home and buy another. We greatly value feedback from our clients, asking each of them to complete a feedback form after working with us. Here is what Megan had to say…
Did you feel well informed throughout the process?
Megan: “Your team was well organized and I felt well informed yet not bombarded with correspondence.”
Would you feel comfortable recommending us to friends and family?
Megan: “I already have!”
Please provide us with any comments you have with regards to the quality of service we provided.
Megan: “We had the pleasure of working with all 4 team members throughout our purchasing and selling process. Your team was always available and we never felt hurried or pressured. We felt that we were listened to and then future properties met our criteria when we were buying. As for selling, the process went smoothly, there was a ton of interest right away. We loved the booking company that was used which made booking showings with 2 young kids relatively painless! We appreciated the expertise and knowledge of this team which helped in guiding this process from start to finish. Your team was extremely organized and truly worked as a team. We are thrilled with the experience we had and would not hesitate to use your team again!”
In what, if any, areas could we improve our service?
Megan: “I truly don’t have one suggestion. Not only was your core team a pleasure to work with, so was your photographer and any other personnel. I also must thank your team for all the suggestions for contractors to help us out with a few small jobs along the way. It is obvious why you are such a successful team! THANK YOU!”