The Calgary Real Estate Board is encouraging homebuyers to take advantage of the city’s dropping house prices, “there is no doubt we are seeing a significant slowdown as Greater Calgary transitions to a more stable and balanced housing market,” said Bonnie Wegerich, the newly appointed president of CREB, “a door may be closing, but the window of opportunity couldn’t be better for buyers right now.”
Not only have house prices stabilized making it increasingly possible for homebuyers to purchase, but with the Bank of Canada dropping its interest rates to an all new low of one percent in January and again dropping it on March 3, it has made it increasingly possible for homebuyers to secure financing. These “lower interest rates combined with lower house prices, are motivators” for both first-time buyers and seasoned investors and have consequently decreased the average income needed to buy a home in the city by 15% since this time last year.
Not only have variable rates decreased, with prime currently sitting at 2.5%, but we have seen a significant drop in fixed rates as well. For someone with good credit and borrowing capacity, rates as low as 4.15% on a 5 year fixed term are very possible*.
MBN Mortgage, with its ability to access over 40 of the top lenders and all of their varying products, can provide insight for homebuyers on financing strategies that best suit their specific needs because while rate is important, it is only one of the many vital components to consider when obtaining mortgage financing.
MBN Mortgage
CMP News
*on March 10, 2009
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