Why Now is the Perfect Time to Make Calgary Home

~ 2-3 min read

Big changes are underway in Canada’s economy and housing market, making this an ideal moment to turn your Calgary dreams into reality!

In case you missed it, on December 11, 2024, the Bank of Canada cut its benchmark interest rate to 3.25%, —woohoo!— the second significant reduction in a row. This is great news for buyers as borrowing costs drop, giving you more purchasing power.

New Mortgage Rules

As of December 15th, these changes are designed to improve affordability and accessibility:

• 30-Year Amortization for first-time homebuyers on insured mortgages. Meaning smaller monthly payments.

• The insured mortgage cap has increased to $1.5 million (previously $1 million), meaning you’ll have more options in Calgary’s affordable yet growing market.

• Minimum down payments remain at 5% for the first $500,000, and 10% on the remaining upto $1.5 million. Minimum downpayment for investment properties *ahem Toronto folks* still remains at 20%.
  

Compared to Toronto, Calgary offers lower housing prices, a better job market, and an exceptional quality of life with its proximity to nature and vibrant urban culture. It’s a place where your investment goes further while you enjoy the perks of a balanced lifestyle.

And so, with borrowing costs down and mortgage rules improving access, there’s no better time to make your move.

Ready to learn more about your Calgary options?

Let’s chat and make your move stress-free! 😊