The following is the August Press Release from the Fort McMurray Real Estate Board.
Statistics include Fort McMurray and surrounding area
July has seen a slight decrease in sales compared to July of last year. All categories including single family detached homes, mobile homes, townhomes, duplexes and lot sales saw a decrease for the month. However, this was not true for apartment sales. They saw a 66% increase in sales when compared to July of last year. The total amount of listings has slightly increased which is typical for this time of year. Single family home prices saw a slight increase year over year.
As always the best advice is the trusted advice from your Real Estate Professional.
Complete statistics are posted monthly on our website www.fmreb.com.
It’s the reason you clip coupons and choose the office coffee rather than hitting the local coffee shop on your way to the office. It’s the reason you’ve become more familiar with the creatively cost-efficient “staycation” rather than a lavish vacation, and the reason you carefully consider each purchase before swiping your card. That’s right, it’s time to discuss the down payment, and more importantly, discuss exactly what is a down payment?
For those of you who have done your research, you know that when it comes to your down payment, you have a few options to consider. The down payment is the part of the purchase price that you come up with in advance of getting your mortgage, and the amount of your down payment is something you should have set before beginning the search for your dream home.
What is a Down Payment
If you have a conventional down payment, this means that you have saved enough to put at least 20% of the purchase price down for your down payment. The benefit of this option is you do not need to be insured.
You are able to put as little as 5% down on your new home, but this option requires you to obtain Mortgage Default Insurance. This is a one-time premium that you pay as part of your closing costs.
Did you know that under the Federal Governments Home Buyer’s Plan, first time home buyers are able to use up to $25,000 per person is Registered Retirement Savings Plan (RRSP) for their down payment? As long you repay within 15 years, the withdrawal is not taxable.
If you would like additional information regarding the current Real Estate Market in Fort McMurray please contact Dana McAroe.
Here are the top 10 real estate questions, and the answers supplied by our expert network of RE/MAX brokers and agents across Canada.
#1: I'm thinking about buying my first home. Where do I start?
Read more here.
#2: Is there a "best" time of year price-wise to buy a home?
#3: Can I buy a home with no down payment?
Aside from good ol’ scrimping and saving, you can also take advantage of the first-time Home Buyer’s Plan to borrow from your RRSPs – tax free! Click here for more information.
#4: How does mortgage loan insurance work?
#5: How much will I need for closing costs?
#6: Should I lower my list price, or offer an incentive to sell my home faster?
#7: What color of houses sell the fastest?
#8: What should I look for in a lucrative investment property?
Vancouver-based real estate research and consulting firm Cutting Edge Research Inc. identified these factors for a solid investment property. Is the area experience population, income and employment growth? Will the area benefit from an economic or real estate ripple effect? Can the local infrastructure support the expected growth? Are there any major transportation improvements in the works? Is the area attractive to Baby Boomers’ lifestyle? Is there a short-term problem occurring that is likely to disappear in the future?
Read more about location here.
#9: Does a higher credit score mean a better mortgage rate?
If you have a poor rating, do some damage control before you apply for your mortgage. For more information, read this.
#10: What does the new mortgage "stress test" mean?
As for the effects, it depends on your housing market! Click here to find out how the new rules are expected to impact housing markets from coast to coast.
RE/MAX INTEGRA, Ontario-Atlantic CanadaLydia McNutt is an award-winning writer and editor, who’s interest in real estate, creative flair and love of the written word have brought her to RE/MAX. As Manager of Public Relations and Content at RE/MAX, Lydia is responsible for the creation and curation of content that informs homebuyers and sellers, and empowers them on their journey. Lydia executes on RE/MAX’s public relations, communications and social media strategies, which includes developing reports, featured content and the consumer-facing blog at remax.ca. Lydia has been published nationally, on topics ranging from real estate, decor and design, to finance, business, technology, entertainment and lifestyle.
When she’s not head-down at her writing desk, Lydia is blissfully “momming it up” in Oakville, Ontario, where she lives with her husband, two kids and their chocolate lab, Betty. Email Lydia at firstname.lastname@example.org.
Hi, my name is Dana McAroe. I'm a Real Estate Agent in Fort McMurray. I help people get the best possible outcome from their real estate transaction - whether they are selling or buying or a house.