Well, we have gotten through 2017 without any major issues and in fact in good shape overall. Alberta has had a few tough years and has a bit to go yet before we all feel confident we have truly weathered the storm.
The positive is the interest rates are still very low as well as house prices in many areas especially in Red Deer and surrounding areas. Even though clients now have to qualify at the BenchMark rate as determined by the Bank of Canada, that qualifying rate is set at 2% above the contract rate a client will receive from the lender who approves their mortgage. The results, in some cases, can mean that the amount approved for and therefore the maximum purchase price can be affected and possibly be lower. That does not always happen, we at Advance Mortgage can assist you with that to get thee home you love.
