Thursday, January 2, 2025 / by Evelyn Lopes
The chill in Canada's housing market could be thawing sooner than expected.
Interest rates are dropping.1 Pent-up demand is building.2 Sales are starting to heat up.3 And a potentially electrifying set of mortgage rules just went into effect, making it easier than it 's been in years for first-time buyers with smaller down payments to qualify for a higher priced home.4
As a result, some experts now project that competition for new homes could start tightening sooner than anticipated.5 "It's game on for home buyers," wrote NerdWallet's mortgage and real estate expert Clay Jarvis after the Bank of Canada announced its latest jumbo rate cut in December. "The combined impact of lower rates and less-stringent lending guidelines could be a game-changer –– for some buyers, anyway."4
Even the Bank of Canada acknowledged last month that a confluence of factors that are now widely expected to come together in 2025 could help to rekindle Canada's long fro ...
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Wednesday, January 1, 2025 / by Evelyn Lopes
Finding Your Perfect Family Nest in 2025: Why Your New Dream Home is Closer Than You Think!
Searching for the perfect home can feel overwhelming, but with the right approach and some expert advice, your dream home may be closer than you think. Whether you need more space for a growing family, are looking for a cozy place to downsize, or need a multigenerational home, understanding the steps and trends in 2025 can make your journey smoother. Let’s explore how you can find your new family nest.
Understanding Your Needs
The first step to finding your dream home is to know what you need. Prioritize what you want in a home and neighbourhood. Are you looking for a place with more bedrooms for a growing family? Or do you need a peaceful neighbourhood close to amenities and family?
Make a list of must-haves and nice-to-haves. This helps you focus on what’s important and stops you from getting overwhelmed by all the options. If you’re unsure what to inc. ...
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Friday, November 15, 2024 / by Evelyn Lopes
What Makes a Good Neighbourhood? What Home Buyers Should Look For
Buying a home is a big decision, and it’s not just about the house itself. The neighbourhood you choose plays a huge role in your day-to-day life, your sense of comfort, and even the future value of your home. So, how do you pick the right area? Let’s break down the key things to consider when choosing a neighbourhood that fits your lifestyle and needs.
1. Safety and Peace of Mind
Feeling safe in your own neighbourhood is non-negotiable. No one wants to worry every time they step outside. That’s why it’s important to check crime rates before making a decision. You can find this info online or ask your real estate agent for the scoop on safety in the area. A safer neighbourhood isn’t just good for peace of mind; it can also help your property hold its value over time.
2. Great Schools (Even if You Don’t Have Kids)
If you have kids—or might in the future&md? ...
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Saturday, November 2, 2024 / by Evelyn Lopes
Multigenerational Home Buying: How to Find a Home That Fits Your Whole Family
For many homebuyers, multigenerational living used to be considered an option of last resort: it was a route families took only when they needed to ride out a financial storm or care for ailing family members. But that mindset is on the decline: A growing number of families now say that they are embracing multigenerational living and moving in together by choice.
In fact, the share of homes occupied by three or more generations or by cohabiting households has jumped 45% in the last 20 years, according to Statistics Canada. By the time the 2021 census was recorded, over half a million kids lived with both parents and grandparents.1
Living with extended family has become especially popular in recent years as younger generations face higher home costs and seniors embrace aging in place. With average home prices continuing to outpace median incomes in Canada, first-time home buyers have b ...
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Monday, October 21, 2024 / by Evelyn Lopes
If you're preparing to buy a home, you may believe you've accounted for everything in your budget. But have you factored in all the fees associated with closing?
In a recent survey, many Canadian homebuyers reported being caught off guard by unexpected closing costs. Let’s break down these fees so your closing day goes as smoothly as possible.
1. First let's talk about High Ratio Mortgage Fees
For many homebuyers, High Ratio Mortgage HST on fees is a big surprise.
The actual High Ratio Insurance premium which is payable on mortgages that have less than 20% as downpayment equity, are required to insure the mortgage on behalf of the lender. The buyer pays that insurance premium which is added to the overall loan amount, however the HST tax on the insurance premium is due up front and may home buyers are unaware of this cost- it's a surprise.
Always ask your lender about the cost for the mortgage insurance premium, which will be dependent on the amount financed, but d ...
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