While Calgarians are busy decking the halls, it may be the perfect time to start shopping for a home. The Calgary real estate market is typically softer in the Winter as sellers prefer to list their home in the Spring. Sellers in December, however, are often more motivated to sell. As a homebuyer, take advantage of the urgency and unseasonably warm Winter weather this year to start searching for a home. With stricter mortgage rules looming in the New Year, December offers additional opportunities for the Calgary homebuyer to get more for their money in 2017. Here’s our top 3 reasons to buy a house in Calgary this December!
1. New Mortgage Lending Rules
The Office of the Superintendent of Financial Institutions has established new mortgage lending rules coming into play on January 1, 2018. Under OSFI's new rules, prospective home buyers would have to meet a new minimum qualifying rate, a stress test, to determine their ability to make the mortgage payments. This is expected to hit first-time homebuyers hardest, but will also significantly affect move-up homebuyers. Buying a house in 2017 means you will not have to be subjected to the new stress test for your mortgage.
2. Easier to Book a Mover (and potentially better rates)
It comes as no surprise that summer is the busiest time for moving companies. The flurry of homes being bought and sold in the summer months means lots of people that need movers. As a result, it can be challenging to book a mover in Calgary during the summer. Given the slow down moving companies experience in December, not only is it easier to schedule a mover when you need them, there may be more room for negotiation on the moving rates too.
3. Less Competition in the Home Search
With less homes for sale in Calgary in December, there are less buyers out searching. Coupled with the fact that many people are busy getting ready for the holidays and that most people are not keen to move in the Winter, it may just be the perfect time to buy a home without the bidding war.
Buying a home at any time can seem like a daunting task. Working with the right realtor can really help alleviate the stress of finding and buying a house. A Realtor is a licensed real estate agent who belongs to the National Association of REALTORS®, and are held to a high ethical standard and Code of Ethics. Contact Brandon Leys at First Calgary Real Estate of CIR Realty for information on buying a house in Calgary and upcoming changes to mortgage lending.