The Royal LePage House Price Survey and Market Survey Forecast (Q4) was released to media early this morning. These initiatives help us to collectively build our brand and further establish Royal LePage as The Voice of Canadian Real Estate. Consumers, the media and many organizations turn to Royal LePage for information on house price trends both nationally and in regional markets across the
Of course, the topic on everyone's minds is interest rates and some of the changes coming. The change in the usual 5% down payment to 10% over $500,000 breaks up the down payment. You may still do the 5% down payment but only on purchases up to $500,000, after that 10% minimum down payment is required. So, if a purchase price on a property is $550,000 the minimum down payment would be 5% up to $500,000 or $25,000. On the $50,000 over the $500,000 price you would then need 10% or $5,000, so the total down payment would be $25,000 + $5,000 = $30,000. Buyer's please check with your lender not only about down payments but also make sure you are locked in at a lower interest rate as rates are sinking as well. Seller's if your home is priced close to the $500,000 mark bear in mind that these changes coming are going to affect your price point.
The question of the day lately......
What is my home worth in today's market?
But the better question that should be asked is...."What list price can the Market Bear in today's market?" Because these are two very different things right now.
Prices have dropped across Alberta not just Slave Lake and area. But that's not all bad!
***Buyers can rest assured that if buying today that they can be assured of respectable returns in the long run. Real Estate is still the Best Investment there is, and the market will come back - it is Alberta after all!
***Sellers can still make a profit in this market but each home and seller will be unique. Talk to your Royal LePage Realtor for your best options.