Leslie Chan RE/MAX Real Estate - Mountain View

05/29/2025

More help for first-time home buyers interest in purchasing a new construction home. The government is eliminating the GST for new homes priced up to a million dollars, which is a savings of up to $50,000!! For homes priced between $1 million and $1.5 million the savings is 50% on the GST portion. This comes into effect May 27, 2025 and applies to homes purchased before 2031.

GST relief for first-time home buyers on new homes valued up to $1.5 million

10/23/2024

Well it finally happened. The bank of Canada just dropped interest rates by 0.50%, their 4th consecutive drop and largest since 2020. It’s welcome news for anyone borrowing money.

The last scheduled announcement for 2024 is Dec 6. Let’s see what happens.

10/08/2024

October 20, 2024. Why is this date important? It’s important because buying a property and registering a mortgage will become more expensive. After October 20, 2024 land title transfers will increase from $2.00 to $5.00/$5,000.00 of land value. Registering a mortgage will increase from $1.50 to $5.00/$5,000.00 of the mortgage amount in addition to the $50 base fee which remained unchanged. Even with these increases it’s important to note Alberta still ranks among the lowest in Canada for these real estate fees.

10/03/2024

I read, through some mortgage industry articles I follow, that UN-insured mortgage owners could soon be allowed to switch lenders come renewal time without having to go through the stress test. So far the announcement has only been for those with insured mortgages.

It’s taken some digging around but indeed it looks like come Nov 21, ANYONE up for mortgage renewal, without making any changes to their mortgage details, can switch lenders without having to re-qualify under the stress test. Again, another big change to try and help homeowners during this time of elevated mortgage rates.

If you need help with mortgage financing or re-financing reach out as I work with a number of highly experienced mortgage specialists.

09/25/2024

Hot off the demographic data presses, we are sending a second Twenty-Four today summarizing today’s release of the latest population estimates from Statistics Canada.Population growth continues to run red hot. Alberta’s population is quickly closing in on the 5 million mark. It stood at 4.89 mil...

09/23/2024

Do you currently have an insured mortgage? Is your mortgage up for renewal? Did you know you do not have to renew your mortgage with your current financial institution. You can shop around and switch lenders without having to go through the stress test again. If you need help with your renewal let me know. I work with a number of trusted mortgage brokers who can help you through the process.

09/17/2024

So the government finally made some changes today that might actually be helpful for home buyers. 1) If you’re a first time home buyer or buying a new construction home you can now amortize the mortgage over 30 years. You will end up paying more in interest over time but it will help with monthly mortgage payments and get you into the market. 2) If you can only come up with a 5% down payment you will need an insured mortgage. Currently it limited you to a maximum home purchase of $1 million. Now you
can now purchase a home valued up to $1.5 million. This will certainly be valuable to some buyers in the Calgary market. Both changes come into effect on Dec 15th.

I’m connected to a number of trusted mortgage professionals if you have any questions and are looking to take advantage of either of the two options.

09/10/2024

Congrats to my seller on a successful sale of their condo for 1.5% over asking price.

09/09/2024

OK, for those who participated in the mini Merengue class, remember the moves? Here it is.

09/09/2024

Enjoyed seeing everyone for my 20th year in Real Estate celebration.