Securing financing to purchase a new home is one of the most important, exciting, and nerve-wracking financial steps most people will ever take. The government has tightened mortgage lending rules several times in recent years, and banks have become increasingly cautious about making mortgage commitments. Does this mean that you won’t be able to get… Read More
When Does The Seller Have To Move Out On Closing Day?
January 22, 2018 By 1 Comment
Most sellers and buyers are at least a bit confused about this question. The standard wording of the Purchase and Sale Agreement says that the Agreement “shall be completed by no later than 6:00 p.m. on the _____ day of ____________, 2011. Upon completion, vacant possession of the property shall be given to the buyer unless… Read More
Five Things You Should Know About Home Inspections
January 18, 2018 By Leave a Comment
If you’re hiring someone to inspect the home you want to buy, or you’re a seller trying to find out if there are any hidden problems that need fixing before you put your home on the market, here are five things you need to know: 1. You can choose your home inspector. Your real estate… Read More
How To Keep Your Mortgage Approval Approved
January 15, 2018 By Leave a Comment
You know how tough it is to qualify for a mortgage. Prove you’ve got a long-term job with ample income. A credit score to the moon. Your life’s savings as a down payment. More cash stashed away. A debt-to-income ratio to die for. For some, tax returns for the last two years. You’ve been there,… Read More
Capital Gains Tax And Your Principal Residence
December 20, 2017 By Leave a Comment
Tax-free profit on the sale of your principal residence is alluring, but it can be elusive. Under the federal Income Tax Act, property owners are entitled to tax-free profit on the sale of their principal residence, provided they follow the Canada Revenue Agency (CRA) guidelines. Capital gain is the net difference between the cost of… Read More
Buying Your First Condo
December 17, 2017 By 1 Comment
With more than 500,000 condominium units in Canada and one in four new homes built as condominiums, Canadian buyers need basic condominium buying skills to protect them in any market. Too often, condominium buyers fall prey to the “do nothing, just play” sales pitches inherent in lifestyle campaigns presented by condominium developers. Although “condo living”… Read More
How to Make Long-Term Real Estate Decisions
December 12, 2017 By Leave a Comment
No longer is there an automatic last move for boomers—that is, being moved into a HOME. No longer is there a “last stage” of adult life that dictates an end to independence and to living in a home you love. Aging in place, or staying in your own home as you age, even if you… Read More
Will New Mortgage Rules Disrupt the Market?
October 26, 2017 By Leave a Comment
Last October, the federal government introduced mortgage rules that required anyone needing mortgage insurance (less than 20% down payment) to pass a ‘stress test’ to prove that they could afford the payments if mortgage rates were to increase. The Bank of Canada’s posted rate, approximately 2% higher than the rates actually available, was chosen as… Read More
Why You Should Use an Expert to Navigate the Home Buying Process
October 19, 2017 By Leave a Comment
In a growing atmosphere of the do-it-yourself mentality, some wonder if they should take on the homebuying process on their own. It’s certainly been done but, more often than not, homebuyers turn to the experts when it comes time to making what will often be their most expensive purchase. Here are just a few reasons why it’s a… Read More
Worst Time Of The Year May Be The Best for Buyers
October 10, 2017 By Leave a Comment
Why is the worst time of the year, often the best time for real estate buyers? The holiday season and the following “worst weather” months are widely considered the worst time of the year for selling or buying real estate. In reality, these distraction-packed months – November to February – carry benefits for determined buyers…. Read More
