Latest updates from Matt Best

I’m hoping none of you need emergency service, but here’s a place to call if needed! Consider chatting with them and planning regular/scheduled maintenance so you don’t get left in the cold!

Happy New Year!

Happy Halloween!

I have the privilege to be at this open house with Brooke Funk - Royal LePage The Realty Group!

Looking at your property financing?

When you have friend’s that care about your ongoing learning and they send you new ideas and techniques... that’s when you know you’re in good company! Thanks, Shelley Visser for the unexpected gift!

Contest Time! *** drawing for a $25 Gift Card to Home Depot *** If you know what this pictured item is, go and check yours and comment "Done" when you have. (Also, make sure it's working!) Like and Share this post and I'll draw for the gift card on Sunday afternoon. (Oct 25th). - -... A little back story: A few weeks ago I had the "experience" of learning about how these work (and how they die!) - Now I'm out, trying to create some awareness! See more

A recent update of the community news.

What are you doing this SUNDAY? Check out this open house with Brooke Funk - Royal LePage from 2PM -4PM With interest rates low and our economy rebuilding, now is a great time to start paying your own mortgage, not someone else’s!

Who doesn’t want to go 1000 Km/Hour between the two largest cities in Alberta! I’d ride that train! Alberta is looking at some neat technology these days!

Friendly reminder: With all this rain tonight, make sure you’re checking your basements in case your sump pump gives out!

Some healthy real estate numbers here in Grande Prairie! Thanks Heather Coney - Re/max Grande for the stats!

Happy Canada Day!

Three big changes from CMHC’s announcements today. These are going to be active as of July 1, 2020. Keep in mind, these changes affect the mortgage insurance company, ergo, it’s for deals that require mortgage insurance, like high ratio 5%-19.9% down. There are two other main mortgage insurance companies within Canada, namely Genworth and Canada Guaranty, however, they have traditionally followed suit to CMHC’s changes, so it’s likely we will also see them change as well. 1) ...Flex-down mortgages are gone. What’s a flex down mortgage? It’s when you borrow against a credit source (ie credit card or line of credit) for your down payment. Impact level? Minimal; not a heavily used program. 2) Credit score requirements are being raised. They are raising the minimum credit score for the primary borrower from 600 to 680. That is a substantial increase from the current requirement. Impact level? Medium - Major; a lot of current buyers are in this 600-680 range currently. 3) The Debt Servicing Ratios are being lowered. GDS: Gross Debt Service, the percentage of your income that goes towards paying your property taxes, heating, and of course the mortgage. TDS: Total Debt Service, the percentage of your income that goes towards paying your property taxes, heating, mortgage *AND* all other types of debt, including credit cards, lines of credit, student loans, auto/vehicle payments, and other instalment/revolving payments. I.E. TDS = GDS + Other Debt Traditionally, mortgages were meant to stay at a ratio of 32%/40% (GDS/TDS). With the insurance options available, these ratios are extended to 39%/44% - which is very commonly used for transactions. Today’s announcement is changing the maximum ratios to be 35%/42% - which numerically may not seem like a lot, but can substantially change mortgage affordability. Impact level? Medium-Major; lowering the allowed total debt ratios while also lowering the allowed house cost/debt ratios simultaneously will lower affordability options for a client, and can in turn majorly affect housing prices. The takeaway? July 1, 2020, is going to add a few more challenges, and more so to First Time Home Buyers. July 1, 2020, is also going to contribute to a possible decline in housing prices by lowering affordability, therefore preventing as many house sales, increasing the count of houses on the market, and in turn, lowering listing values - resulting in a depreciation of housing prices. For the official release of this new information, you can see the release from CMHC directly here: https://www.cmhc-schl.gc.ca//cmhc-reviews-underwriting-cri

#blackoutTuesday #weStandTogether

5% down payments aren’t going anywhere. A short video from the president of Mortgage Architects, Dustan Woodhouse. Don’t get caught up in the media hype; don’t be in fear of missing out, and be made to rush anything.

To the mothers in our lives, we thank you! (Not only for helping us find things we lose!)