Blackfalds Market Update November 1, 2019

Red Deer Market Update — Residential sales in central Alberta were slower again in October which is normal for this time of year. It is possible that preoccupation with the federal election also helped slow things down a little. However, the election is over and it’s time for us to get on with business. What can Alberta do that could have a very positive influence on the real estate market?

The federal government’s mortgage stress test was designed to calm heated markets in Vancouver and Toronto but it unnecessarily penalizes buyers and sellers in Alberta where there are no heated markets. The other reason for the stress test was that interest rates were going to be higher in the future and homeowners will have trouble managing those higher rates when their mortgages come up for renewal. But there aren’t any economists predicting higher interest rates any time soon. We need relief from that irrational policy.

The federal government should eliminate the stress test in Alberta. If they won’t, the Alberta government could create an “Alberta Mortgage and Housing Corporation” that would insure mortgages for Albertans without having to adhere to federal government stress test regulations. AMHC would be self funding through similar premiums collected now by CMHC. We encourage all Albertans to write the Prime Minister, Minister of Finance, CMHC, Premier Kenny, your MP and your MLA to ask them to find a solution.

Clearwater County Market Update – November 1, 2019

Red Deer Market Update — Residential sales in central Alberta were slower again in October which is normal for this time of year. It is possible that preoccupation with the federal election also helped slow things down a little. However, the election is over and it’s time for us to get on with business. What can Alberta do that could have a very positive influence on the real estate market?

The federal government’s mortgage stress test was designed to calm heated markets in Vancouver and Toronto but it unnecessarily penalizes buyers and sellers in Alberta where there are no heated markets. The other reason for the stress test was that interest rates were going to be higher in the future and homeowners will have trouble managing those higher rates when their mortgages come up for renewal. But there aren’t any economists predicting higher interest rates any time soon. We need relief from that irrational policy.

The federal government should eliminate the stress test in Alberta. If they won’t, the Alberta government could create an “Alberta Mortgage and Housing Corporation” that would insure mortgages for Albertans without having to adhere to federal government stress test regulations. AMHC would be self funding through similar premiums collected now by CMHC. We encourage all Albertans to write the Prime Minister, Minister of Finance, CMHC, Premier Kenny, your MP and your MLA to ask them to find a solution.

Rocky Mountain House Market Update – November 1, 2019

Red Deer Market Update — Residential sales in central Alberta were slower again in October which is normal for this time of year. It is possible that preoccupation with the federal election also helped slow things down a little. However, the election is over and it’s time for us to get on with business. What can Alberta do that could have a very positive influence on the real estate market?

The federal government’s mortgage stress test was designed to calm heated markets in Vancouver and Toronto but it unnecessarily penalizes buyers and sellers in Alberta where there are no heated markets. The other reason for the stress test was that interest rates were going to be higher in the future and homeowners will have trouble managing those higher rates when their mortgages come up for renewal. But there aren’t any economists predicting higher interest rates any time soon. We need relief from that irrational policy.

The federal government should eliminate the stress test in Alberta. If they won’t, the Alberta government could create an “Alberta Mortgage and Housing Corporation” that would insure mortgages for Albertans without having to adhere to federal government stress test regulations. AMHC would be self funding through similar premiums collected now by CMHC. We encourage all Albertans to write the Prime Minister, Minister of Finance, CMHC, Premier Kenny, your MP and your MLA to ask them to find a solution.