There are 2 very important changes coming soon to the mortgage and real estate industry.

 

These changes are going to cost consumers more so it's in your best interest to know what the changes are and how the timing works. 

 

1 - The first change is an increase to CMHC mortgage default insurance premiums on anyone that puts down less than 10%. When you purchase a home for less than 20% down it is required that you have your house insured with CMHC or one of the private insurers. Right now if your downpayment is less than 10% you would be charged 3.15% for the insurance. On June 1st this is moving to 3.60%. In dollar amounts you are looking at an increase of $450 for every $100,000 of mortgage.


2 - The second change is directly associated with your closing costs and fees. The Alberta government has increased the cost of closing and registering your mortgage in Alberta. For a $400,000 purchase with 5% downpayment, the fees to register your mortgage go from $258.74 to $1102.42. This is a 426% increase in cost. This change is set to take place on July 1st.

 

One more important thing to know about these 2 changes is how the implementation date affects you. With the insurance premium increase, as long as you have your mortgage in and approved by an insurer by June 1st you get the old rates. Even if your mortgage closes in the Fall, as long as it is approved before June 1st you are okay.

 

The registration fees are different. You are charged the fee based on when your mortgage is actually registered. So if land titles is 2 weeks behind, highly likely, then anything that closes mid to late June will probably end up with the higher fees. Timing will be important either way to avoid the higher costs.

 

For more information, or if you have questions about your upcoming real estate purcahse email us

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Please visit our Open House at 306015 32 ST E in Rural Foothills M.D..
Open House on Sunday, April 26, 2015 13:30 - 16:00
OKOTOKS COUNTRY ESTATE!! This BEAUTIFUL, PRIVATE 2760+ sq. ft. bungalow located on a treed 9.44 acre parcel has it all for the horse lover. The main floor features an open concept with the kitchen (HUGE ISLAND & GRANITE COUNTERTOPS), living room (FIREPLACE) & dining area all flowing together over BRAZILIAN CHERRY / OAK FLOORING. As well you'll find 3 bedrooms, including the master suite ( 4 PC. ENSUITE & PRIVATE DECK) along with a private office, family room (FIREPLACE & VAULTED CIELING)) & a 4 pc. & 3 pc. bath. The lower level is fully finished with a huge 2nd family room (WET BAR & FIREPLACE), billiards area, games room, theatre, 2 more bedrooms & a 5 pc. bath and plenty of storage. Outside there's a double attached front garage, a 2nd 2 car garage, 36 X 60 barn with 3 stalls, 30 x 20 4 stall stable, 3 pastures, hay shed, riding / roping arena and is fenced & cross fenced. The home also features Hardie board siding, metal / composite shingles and composite decks. Call today for your private showing.
 
Contact our Okotoks & Calgary Real Estate Team to find out how we are selling homes FAST & for top dollar! 
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Please visit our Open House at 32 AUTUMN CL SE in Calgary.
Open House on Saturday, April 25, 2015 13:30 - 16:00
This beautiful, custom built, 2 story home is located in one of Calgary's most sought-after communities - Auburn Bay. This immaculate home has been well-maintained & shows like-new. The main floor features an open concept layout over porcelain tile floors & under a 9' knockdown ceiling with built-in speakers. The gourmet kitchen boasts quartz counter tops, stainless steel appliances, a built-in wine rack & glass tile back-splash. The dining nook allows access to the large rear deck also with built-in speakers. The comfortable living room features a gas fireplace with recessed TV nook above. The main floor also features a powder room, mud room & built-in office area/desk. Upstairs you will find the spacious bonus room with built-in speakers, a 4 pc bath, laundry room & 3 big bedrooms including the master suite with a luxurious 4 pc ensuite & walk-in closet. The lower level is fully, professionally finished with a family room, bedroom & 3 pc bath. Outside you will find a double attached front garage.
 
Contact our Okotoks & Calgary Real Estate Team to find out how we are selling homes FAST & for top dollar! 
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Our REMAX Realtors with "The Jay Magnussen Real Estate Team" have SOLD a property at 2 CIMARRON MEADOWS CR in Okotoks.
FORMER SHOWHOME ! Call today to view this beautifully maintained and upgraded, 1151 sq. ft. bungalow, located on a corner lot. The main floor features a cozy front living room ( WITH HARDWOOD FLOORING ) , large family kitchen ( WITH NEARLY NEW APPLIANCES, SKYLIGHT & BREAKFAST BAR ) , large dining nook, 3 bedrooms including the master. There is also a 4 pc. bath with a pocket door leading to the master bedroom ... ALL UNDER VAULTED CIELINGS ! The basement is developed with a large family room ( WITH BUILT-IN ENTERTAINMENT CENTRE & GAS FIREPLACE ), a large games area, a work / hobby room as well as a laundry / mechanical room with plenty of storage space. Outside you'll find a double attached front garage with work bench, a 2 tiered rear desk and a nicely landscaped yard.... Don't delay !!
 
CONTACT US today for details on how we are SELLING homes fast & for the most money! 
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Our REMAX Realtors with "The Jay Magnussen Real Estate Team" have SOLD a property at 304 16 POPLAR AV in Okotoks.
This bright & sunny 2 bedroom condo offers an excellent floor plan and location. Features include a bright white kitchen with raised breakfast bar, corner gas fireplace in the living room, 9 foot ceilings, bay window, in-suite laundry, in-suite furnace and hot water tank, south-facing balcony, 2 assigned parking stalls, storage unit on the same floor, and much more. You will also find two bedrooms, including the generous master bedroom which boasts a walk-in closet, and a shared 4 piece. This is a corner unit with exposure to the south and east. Centrally located within Okotoks, walk just a few blocks to shops, restaurants, parks, and bike paths along the river.
 
CONTACT US today for details on how we are SELLING homes fast & for the most money! 
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Please visit our Open House at 306015 32 ST E in Rural Foothills M.D..
Open House on Saturday, April 18, 2015 13:30 - 16:00
OKOTOKS COUNTRY ESTATE!! This BEAUTIFUL, PRIVATE 2760+ sq. ft. bungalow located on a treed 9.44 acre parcel has it all for the horse lover. The main floor features an open concept with the kitchen (HUGE ISLAND & GRANITE COUNTERTOPS), living room (FIREPLACE) & dining area all flowing together over BRAZILIAN CHERRY / OAK FLOORING. As well you'll find 3 bedrooms, including the master suite ( 4 PC. ENSUITE & PRIVATE DECK) along with a private office, family room (FIREPLACE & VAULTED CIELING)) & a 4 pc. & 3 pc. bath. The lower level is fully finished with a huge 2nd family room (WET BAR & FIREPLACE), billiards area, games room, theatre, 2 more bedrooms & a 5 pc. bath and plenty of storage. Outside there's a double attached front garage, a 2nd 2 car garage, 36 X 60 barn with 3 stalls, 30 x 20 4 stall stable, 3 pastures, hay shed, riding / roping arena and is fenced & cross fenced. The home also features Hardie board siding, metal / composite shingles and composite decks. Call today for your private showing.
 
Contact our Okotoks & Calgary Real Estate Team to find out how we are selling homes FAST & for top dollar! 
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Our REMAX Realtors with "The Jay Magnussen Real Estate Team" have listed a new property at 1308 154 AV SW in Calgary.
PRIDE OF OWNERSHIP!! end of unit , townhouse in Millrise, close to everything , schools,transportation ,shopping .MAIN FLOOR : Foyer, dining area,living room ,kitchen, sliding door leading to facing south back yard .UPPER FLOOR : two bedrooms and 4 pieces bathroom .BASEMENT : Fully finished with a 3 pieces bathroom .Garage : single garage with garage opener and remote control.this townhouse is located in MILLSIDE GREEN CONDOMINIUMS. THIS TOWNHOUSE ORIGINALLY WAS 3 BEDROOMS , PREVIOUS OWNERS CHANGED TO 2 BEDROOMS , YOU CAN GET BACK TO 3 BEDROOMS IF THAT IS YOUR DESIRE.
 
Contact us for more information. 
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Our REMAX Realtors with "The Jay Magnussen Real Estate Team" have listed a new property at 304 16 POPLAR AV in Okotoks.
This bright & sunny 2 bedroom condo offers an excellent floor plan and location. Features include a bright white kitchen with raised breakfast bar, corner gas fireplace in the living room, 9 foot ceilings, bay window, in-suite laundry, in-suite furnace and hot water tank, south-facing balcony, 2 assigned parking stalls, storage unit on the same floor, and much more. You will also find two bedrooms, including the generous master bedroom which boasts a walk-in closet, and a shared 4 piece. This is a corner unit with exposure to the south and east. Centrally located within Okotoks, walk just a few blocks to shops, restaurants, parks, and bike paths along the river.
 
Contact us for more information. 
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