Currently, supply is larger than demand in the Calgary housing market. This is good news for anyone shopping for a new home because prices have been dropping as a result. Another advantage to purchasing in Calgary is that houses tend to be newly built. But buyers must also understand how this affects the Calgary mortgage market. For instance, since prices are falling, your may not be approved for the amount you applied for. Mortgages are secured by a properties value. Calgary’s vast land has lead to people building new construction homes. But if construction takes a while, one may lose their locked in rate. Buyers should consider a longer rate hold. Being aware of these nuances can save you a lot of money.

“Don’t rush into the first mortgage you’re offered. For all home buyers, probably the number-one tip is to shop around.”

Read more: https://www.moneysense.ca/spend/real-estate/best-mortgage-rates-calgary/