New Home - CMHC Issues

[ken0042]

Congrats from me as well. Welcome to the homeowner club!

As of now; if you break it, you have to fix it yourself!

[MacDougalbry]

He also made comment as to a huge number of lots being released to Genstar and Carma in June - any truth to this?

Silverado is the largest new development that I am aware of. This will be on the other side of Macleod Trail from Lake Chapparal and will comparable in size. I think they are saying that it will be "home to 17000 residents." I am not sure who the developer is.

There is also lots of new land coming online in West Springs, Aspen Estates, and Springbank Hill, but this will likely all be high end stuff ($500K+, though is that really considered high end any more?)

I can tell you that some builders are expecting supply to increase over the next 12 months, which is why many builders have adopted a policy of not selling to investors... they are worried about the possibility of people walking away from deals or possibly creating a glut of homes on the market next year when they try to flip their properties.

If you are "in deep" into real estate right now, you should also tune into what is going on in the US market, where there is a huge glut of homes on the market right now and prices have started to pull back slightly.

[Clarkey]

[mykalberta]

Originally Posted by I-Hate-Hulse

Good to hear! Congrats! What area did you end up in?

I had a chat with my broker just now and he's seen many CMHC applications halted this week on valuation issues. He made the comment that the real estate agents need to jump in right away with comparable sales data for the neighborhood, and quite often CMHC will grant approval within the hour if that data supports it. CMHC and the approvers are finally putting their foot down and rejecting a lot more deals lately, so you were not alone.

He also made comment as to a huge number of lots being released to Genstar and Carma in June - any truth to this?

I think I figured out my problem with CMHC

1: The condo I bought is 2 years old and ran by some type of Chinese Consortium, in the last 3 months there have been 8 sales, 7 on the 4th floor and one on the 3rd - I am on the 5th. The one on the 3rd floor was pretty much an exact duplicate of mine without a fakey fireplace unit, it sold for 4K less about 45 days earlier than my closing date. The ones on the 4th floor is I think what killed me, I noticed they went for about 10-25 less than mine, I had asked the agent about those and she said that what had happened is a group of units were bulk purchasd to be sold off in China, when the buyer gets here and sees the 4th floor they flip it asap because supposedly 4 sounds like death in Chinese.

I am happy I didnt end up buying one in Pt McKay (I think its called the Riverside - its those two tall brown towers down 16 ave NW) one for 295k amazing views of city and mountains but the clientel , CMHC might have shat themselves over that price - I just couldnt flex my budget enought to swallow 489$ in monthly condo fees

MYK