The Homess Real Estate Canada

  Introduction If you're a homeowner in Canada contemplating a move, you might be wondering what to do with your existing mortgage. Porting or transferring your mortgage can be an appealing option, but it's essential to understand the pros and cons before making a decision. This comprehensive guide will walk you through the ins and outs of mortgage portability and the steps to do it successfully. What is Mortgage Portability? Mortgage portability, also known as transferring a mortgage, is a process that allows homeowners to take their existing mortgage with them when they move to a new property.  Pros of Mortgage Portability: Interest Rate Preservation:  No Prepayment Penalties:  Easier Process:  Consistent Terms:  Cons of Mortgage Portability: Property Qualification:  Renegotiation Limitations: Potential Fees:  How to Port Your Mortgage: Contact Your Lender: Find a New Property:  Mortgage Assessment:  Paperwork: Appraisal:  Approva...

  The Calgary real estate market has been heating up in recent months, with strong demand and low supply driving prices up. According to the Calgary Real Estate Board (CREB), the median home price in Calgary reached $505,000 in September 2023, up 9.8% year-over-year. There are a number of factors contributing to the strong demand in the Calgary real estate market. One factor is the city's growing population. Calgary is one of the fastest-growing major cities in Canada, and this growth is putting a strain on the city's housing supply. Another factor contributing to the strong demand is the city's strong economy. Calgary's economy is recovering from the oil price downturn of 2014-2016, and this recovery is leading to increased job creation and higher incomes. This is making Calgary an attractive place to live and work, and it is also leading to increased demand for housing. Current Calgary Real Estate Market Statistics Here are some of the key statistics for the Calgary r...