Christmas Events in Edmonton

Posted on November 18, 2017 by Lorraine Mah, your local Edmonton REALTOR®

We are full of Christmas Cheer this year and are so lucky to live in an area with a plethora of Christmas Events, all December long! Here is a list of some exciting Christmas Events in the Edmonton Area. Which ones will you attend?

Christmas events in Edmonton

Christmas Lights

The Magic of Lights- A 2 KM drive through beautiful light displays. Stay warm in your car! Runs until January 6^th, 5-10pm. Castrol Raceway by Nisku $25/car. Details here.

The Enchanted Forest- Walk through a winter wonderland in Fort Saskatchewan! Runs until Jan 7, free, details here.

Luminaria- Candle lit paths, apple cider, bonfires, music and more! Devonian Botanic Garden, Dec 1-3, tickets.

Candy Cane Lane- An Edmonton tradition! Dec 8-31, free (donations appreciated), 148 Street & 100 Ave to 92 Ave.

Country Christmas Lights- An entire acreage is transformed into a magical Christmas display! Some nights Santa makes an appearance and you can enjoy free hot chocolate. Leduc, free (donations appreciated). Details here.

Alberta Legislature- Enjoy the lights, carollers & hot chocolate. Dec 7-23, Free.

Zoominescence- Festival of Lights- Light installations, skating, DJ, fire dancers & more! Edmonton Valley Zoo, Dec 1-31, $7.50 adults $5 child. Details here.

Festival of Trees- Over 100 decorated tress and displays, kids activities and more! Shaw Conference Centre, Nov 30-Dec 3. Pricing can be found here.

Christmas events in Edmonton

Events!

A Jann Arden Christmas- December 1-2, Winspear Centre, tickets here.

George Canyon Acoustic Christmas- December 2, Dow Centennial Centre Fort Saskatchewan, tickets here.

Martin Deerline’s Green Christmas- Santa pictures in a tractor, crafts & treats! Free! Information here.

Christmas at Fort Edmonton Park- Celebrate Christmas the old fashioned way! Various dates and prices, details here.

St. Albert Children’s Theatre, It’s a Wonderful Life & Elf production- Nov 23-Dec 3, tickets here.

Festival of Carols- December 9 at The Winspear, in support of the Salvation Army, free tickets here.

Edmonton Singing Christmas Tree- December 14-17 at the Jubilee Auditorium, tickets here.

A Christmas Carol at The Citadel Theatre- December 1-23, tickets here.

Santa Shuffle Fun Run & Elf Walk- December 2 at Hawrelak Park, register here.

Holiday Magic Coral and Handbell performances by Edmonton School Choirs- December 4-8 (10am-2pm), Edmonton City Hall, free.

Whyte Wishes Shop in Old Strathcona and enjoy a sleigh ride & visit with Santa. November 16-December 15.

The Nutcracker Ballet- December 7-10 at the Jubilee Auditorium, tickets here.

A Christmas Past- Music, history, cookies & cider. December 9 (12-4pm) at Rutherford House, regular admission.

Candlelight Christmas- Music, treats and 19^th Century history homes. December 7-22 at the John Walter Museum, tickets here.

A Prairie Christmas- Celebrate the season at the farm! December 9-10, Prairie Garden Adventure Farm, details here.

Fiddler on the Roof- December 15-30 at Festival Place Sherwood Park, tickets here.

Happy Holidays!

Lorraine "Edmonton" Mah

780-905-1179

RE/MAX River City

Edmonton Realtor

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New Mortgage Changes: What you Need to Know

Posted on November 8, 2017 by Lorraine Mah, your local Edmonton REALTOR®

New mortgage changes are coming down the pipe, and it can all be a little confusing. Here's what the experts are saying....

MORTGAGE TERMS:

Insured Mortgage / High Ratio Mortgage = Less than 20% down payment
Non Insured Mortgage / Conventional Mortgage = 20% or greater down payment / equity
Bank of Canada Rate = the 5 year fixed posted rate (currently 4.99%)
Contract Rate = the actual rate offered by the lender to the consumer
Benchmark Rate/Qualifying Rate = Stress Test: Bank of Canada Rate OR Contract Rate +2%, whichever is greater
LTV (Loan To Value) = the size of a mortgage compared to the value of the property
securing the loan

3 new mortgage rule changes starting January 1, 2018:

Change 1: QUALIFYING RATE STRESS TEST TO ALL NON INSURED MORTGAGES

Non insured mortgage consumers (buyers with a 20% or greater down payment) must now qualify using a new minimum qualifying rate. The minimum rate will be the greater of the five-year benchmark rate published by the Bank of Canada OR the lender contractual mortgage rate +2.0%.

How does this affect the mortgage consumer with a down payment of 20% or more?
The biggest impact will be on the amount in which the homebuyer will be able to qualify. Previously, the homebuyer qualified at the rate offered by the lender. Now, the homebuyer must qualify at the benchmark rate which is the higher of the Bank of Canada Rate (currently 4.99%) OR the rate from the lender plus 2%. This applies to all terms, fixed and variable rates.

Do I still have the option to refinance my home?
Yes, homebuyers will still have the ability to refinance up to 80% of the value of their property. You will have to pass the same stress test which is the higher of the Bank of Canada Rate (currently 4.99%) OR the rate from the lender plus 2%.

Change 2: LENDERS WILL BE REQUIRED TO ENHANCE THEIR LOAN TO VALUE (LTV) MEASUREMENT AND LIMITS TO ENSURE RISK RESPONSIVENESS

Mortgage lenders (excluding credit unions and private lenders) must establish and adhere to appropriate LTV ratio limits that are reflective of risk and updated as housing markets and the economic environment evolve. We are awaiting more details on this policy from lenders. As we have new information, we will update this document.

Change 3: RESTRICTIONS WILL BE PLACED ON CERTAIN LENDING ARRANGEMENTS THAT ARE DESIGNED, OR APPEAR DESIGNED TO AVOID LTV LIMITS

Mortgage lenders (excluding credit unions and private lenders) are prohibited from arranging with another lender: a mortgage, or a combination of a mortgage and other lending products, in any form that circumvents the institution’s maximum LTV ratio or other limits in its residential mortgage underwriting policy, or any requirements established by law. This is often referred to as “bundling” or “bundle partnership”.

What does this mean?
For example: a consumer applies for 80% LTV mortgage and the lender can only approve 65%. The lender then partners with a second lender for the additional 15%. The original lender then “bundles” the 15% LTV mortgage with the original 65% mortgage to form the complete 80% LTV loan. This will no longer be permitted.

Questions? Contact us and we will put you in touch with the experts!

Lorraine Mah