Mortgage and Real Estate News

Is Staging Your Home Worth the Upfront Cost?

If you’re considering selling your home or you’re already in the process of doing so, you understand how important appearance is. With more viewings being done online, you need your home to look its best, so it can sell quickly and get you the best return possible on your investment.

Potential Risks of Buying a House Without Seeing It

Now more than ever, people are buying a variety of objects online. Groceries, household items, clothing, furniture and virtually anything else can be purchased online. But buying a home is a massive investment that is typically the largest purchase a person will make in their lifetime. There is more to consider than just the cost of your mortgage payments! So, does it make sense to buy a home without seeing it in person? Here are some potential reasons to do it, and risks you take when buying a home without seeing it first.

Everything You Need to Know About Multiple Offers

Real estate markets across the country have been soaring over the last year. Even during these unprecedented times, homes are selling at an incredible rate and for record-high prices. So, it’s no surprise that sellers are having to deal with multiple offers coming in on their properties. Here is everything need to know about managing multiple offers if you’re selling your home.

Why Experts are Saying the Housing Market Will Drop by 14% This Year

To say that the last year has been a crazy one would be an extreme understatement. A lot of unfortunate things have transpired, but for housing markets across the country, 2020 was a record year. According to the Canadian Real Estate Association (CREA), roughly 551,392 homes sold last year, which was up 12.6 per cent from 2019.

5 Things to Consider Before Buying a Home in the Country

We deal with so many forms of daily stress. Work, family, social life, commuting, and political and economic uncertainty are just a few common stressors. It’s no surprise, then, that homeowners are looking to escape the concrete jungle and get back to nature to try and subdue some added pressures of the daily grind. It's important to keep in mind that country living isn’t for everyone, and it comes with its list of struggles and issues. Here are five things you need to consider before making the move to a home in the country.

How to Buy Foreclosed Properties

Simply stated, a foreclosure is a legal action initiated by a lender. When the mortgagor of a property is unable to keep up on their mortgage payments, the lender will attempt to recover the amount owed on the defaulted loan by taking over ownership the property and selling it.

Purchasing Real Estate Through a Corporation

Is investing in real estate through a Canadian Controlled Private Corporation (CCPC) a good idea? Here is a very common misconception: When the marginal tax rate, on a personal tax return is high, invest in real estate through a corporation, because the corporate tax rate for a CCPC is low.

Why Winter Is the Best Time to Buy Real Estate

When you're on the hunt to buy a home; you want to set yourself up for success as much as possible, so you can get the dream home you want. It might seem odd, but the seasons play a major role in the homebuying process. Buying a home in the winter offers a variety of benefits that the other seasons don’t. Here are some reasons why winter is the best time to buy a home.

Pros and Cons of Buying a Resale Home vs. Building a New Home

Buying a home is a massive investment that involves a lot of planning, saving, and research. With such a huge undertaking you want to be sure that you know exactly what you want in a home before you put a down payment on a property. A big question to ask yourself is whether you want to buy a previously owned home or build a new one. This decision will be based on your personal preferences and financial situation and comes with advantages and disadvantages to consider.

Will the Real Estate Market See More Inventory Soon?

We are living in some unprecedented times. There is a lot of uneasiness in the air, and when it comes to the Canadian housing market, things are looking unpredictable. Yes, home sales and prices are up. According to the Canadian Real Estate Association (CREA), house prices are up 17.5 from September 2019 to September of this year. So, what is causing this extreme increase in price and what does this mean for Canadians and our economy?

Why Canadians are Flocking to the Country

Deciding whether city life or country living is better has been a debated topic, and in many cases your opinion on the matter will depend on your personal preferences, opinion, and personality. Both styles of life offer an array of benefits, and some disadvantages that vary depending on your lifestyle. Some people were raised in the county and could never imagine the constant buzz that living in a bustling metropolis offers. On the flip side, there are city dwellers who couldn’t imagine not having a Starbucks down the block from them.

Is CMHC Housing Market Forecast Still Relevant?

Housing markets across the country are showcasing some alarming traits. There is a shortage of homes in many major cities, and this has caused the supply of homes that are available to rise in price quite steadily. This was happening before the pandemic hit, but it hasn’t helped ease any of the tension that high- demand and low supply has caused.

Is COVID the only Reason Housing Prices are High?

As anyone who has tried to buy a home in the last eight months knows, prices remain high and, in some markets, have risen by almost 20 percent. It may seem strange, but even in these uncertain financial times, people are still buying homes, and a steady rate, too. House sales in September were up 46 percent from the previous year, and prices rose 17.5 percent during that same period. So, with prices and sales already on the rise before the pandemic hit, you have to wonder if there are other factors at play that helped boost these numbers.

5 Reasons Condo Prices Are Stagnant in Canada

As the global pandemic continues to have a grasp on the world, some housing markets are continuing to remain stagnant. This can especially be seen in the Canadian condo market, where, according to Straight's Carlito Pablo, prices have remained sluggish since back in March. This has become a national issue, with some of Canada's largest markets (Vancouver, Toronto, and Hamilton) being affected.

How much your Debt-to-Income Ratio Affects Mortgage Application

You might have a job with a decent income, pay off your debt payments such as credit card bills, loan payments, medical bills, and other expenses on time, and maintain good financial habits to boost credit score. But still, your mortgage applications are getting rejected every time.

Why Toronto Sales Are Up, while the Rental Market is Down

Finding affordable rental units in Toronto used to be a constant struggle. In a lot of cases it took a personal connection with a landlord or the tenant moving out of the space to be able to get into a rental unit. But now, due to the pandemic caused by COVID-19, the rental market has been turned upside down, and tenants have taken some of the power back from landlords as they are now able to negotiate prices and perks before signing a lease.

Ongoing Loss of Canadian Dollar Purchasing Power

Even without the global pandemic, the Canadian dollar hasn’t been in good shape for a number of years. Now, Canada’s economy and dollar have taken massive hits due to the pandemic lockdown. Unfortunately, there doesn’t seem to be even the slightest glimpse of the Canadian dollar strengthening anytime soon. This negative outlook as to the value of Canadian currency is due to a variety of factors, including our relationship to the United States.

Bank of Canada Cuts Benchmark Mortgage Rate Again

For the third time in the last six months, The Bank of Canada has cut the five-year mortgage rate in an attempt to ease some of the stress brought on by the pandemic. The rate now sits at 4.79 per cent, after it fell to 4.94 per cent in May and 5.04 per cent in March, Global News reports. The new mortgage rate isn’t far off from Canada’s all-time low of 4.64 per cent, which happened in July of 2017. So, why did the Bank of Canada make this change and what will be the aftereffects of the decision?

Record High Canadian Real Estate Sales in July

Before the pandemic hit back in March, Canadian home sales were down 14 per cent from the month before, and the amount of building permits was up across the country. Then unprecedented times hit the world and except for a few major cities (Vancouver, Toronto and Montreal), housing markets in Canada froze in fear of what the future would hold.