Home Sales Forecast to Ease but Remain Historically Strong in 2022-2023

The Canadian Real Estate Association (CREA) has updated its forecast for home sales activity via the Multiple Listing Service® (MLS®) Systems of Canadian real estate boards and associations in 2022 and extended the forecast into 2023.

Home sales have kicked off 2022 below 2021 levels, while price growth has continued to set records. This is consistent with strong demand meeting end-of-month inventory levels that are lower than they have ever been.

Along with the ongoing supply crisis, the other main factor expected to impact housing markets this year and next will be higher interest rates.

While discounted five-year mortgage rates have already begun to rise – a…

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RE/MAX Infinity welcomes our newest REALTOR® - Tommy Allen!

Before starting his real estate career, Tommy was in the automotive industry in Nova Scotia. Tommy will be joining Team Grandy, a team with over 25 years experience in real estate.   You can reach Tommy at 709-693-8245 or tallen@infinitynl.ca   Happy to have you with us Tommy!

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Canadians looking to purchase a home will be happy to hear there was a jump in new listings that hit real estate markets across the country in February 2022.

The number of newly listed properties jumped 23.7% month-over-month in February. That would have been an all-time record had it not been for the exceptional May and June Canada’s housing market experienced in 2020 following the first wave of the COVID-19 pandemic.

The latest data from the Canadian Real Estate Association (CREA) shows Canadians took advantage of the increase in supply as national home sales rose 4.6% from January to February 2022. Year-over-year, February’s home sales are down 8.2% compared to a record-breaking February 2021.

During CREA’s latest Monthly Housing Market…

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If you find your family growing, or spending more time at home has you feeling like you live in a tiny home, craving a more spacious abode could be your current reality. The obvious choice is usually to sell in favour of a larger dwelling, but the simplest solutions aren’t always the best—or easiest. 

You may encounter roadblocks to buying a larger home like prohibitive pricing, or not wanting to move away from a beloved neighbourhood, close family or friends. Whatever your reasons, things could be looking up with a vertical home expansion, especially if expanding horizontally is not in your cards.

Image via Blake Wheeler, Unsplash

Not your average reno

Make no mistake, this is a massive and complex renovation that requires professionals from…

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Pre-Approved for a Mortgage

Buying a home for the first time is an exciting experience. While the process can be stressful at times, there are ways to limit unnecessary anxiety, and one of the most significant ways is to get pre-approved for a mortgage before you begin your house-hunting adventure.

To put it simply, being pre-approved for a mortgage means that a lender says you have qualified to borrow a specific amount of money for the purchase of a home. Pre-approval is based on various factors, and the process involves several different steps.

As the borrower, you can shop around for mortgages and compare options from different lenders. Throughout this process, you will learn the maximum amount of mortgage you qualify for and the estimated…

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2022 federal budget_Canadian parliament building

In early April, the Canadian government is set to reveal the 2022 federal budget, with government sources telling reporters that it will be a “back to basics” document. In other words, it is a post-pandemic budget that addresses the broad array of fresh economic challenges on the other side of the public health crisis and the geopolitical uncertainties stemming from Russia’s invasion of Ukraine.

Prime Minister Justin Trudeau is expected to release a more “prudent” budget, which scales back the myriad of COVID-related benefits and aid packages. At the same time, the Liberal budget will still need to venture through murky waters amid skyrocketing price inflation and global supply chain issues that were apparent before the…

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Photo by Phil Hearing on Unsplash

When a loved one passes, you may find yourself the inheritor of their property. Whether you intend to keep the home or sell it, the process of handling someone else’s real estate can feel like a huge responsibility, especially on top of the other emotions you’re processing. 

Jason Heath, managing director and Certified Financial Planner (CFP) at Objective Financial Partners Inc., says more people are opting to keep their inherited home due to climbing real estate prices. Often their biggest question about inheritance centres around what to do with the property once it’s in their possession.

“I find a lot of times people inherit a home and [some] of the considerations [are] ‘Do I keep it? Do I rent it out? Do I…

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Canadian real estate street view

Over the last few years, investors have played a significant role in the housing boom that has taken place in the Canadian real estate market, especially in the major markets such as Toronto and Vancouver.

Late last year, there was a lot of buzz when it was reported that more than one-quarter of the Ontario real estate market was controlled by investors. Teranet data highlighted that the number of people who owned more than one property in the nation’s most populous province accounted for more than 25 per cent of buyers.

What a difference a decade can make. In 2011, investors represented just a small percentage of overall residential real estate transactions.

But this trend is happening nationwide, too. In Toronto,…

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We all know heading to the basement in a horror movie is never a good idea.  Despite their cinematic reputation, basements are a versatile space in the home, a fact their design evolution over the decades can attest to.

As with other rooms in the house–like bathrooms, kitchens and living rooms–basement design has ebbed and flowed over the decades. Their functionality and design, including flooring, are heavily influenced by the happenings of the wider world.

Image via jamiekop on Flickr, CC BY-ND 2.0

1950s: The beginning of basement evolution

Before the 1950s, basements were mainly crawl spaces and cellars. The combination of post-Second World War industrialization and the introduction of concrete transformed these dank, dark, cramped spaces…

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Harsh winter weather can take a toll on a house – especially outside. Here’s how to prepare for warmer days ahead.


 

Snow is melting, temps are rising, and grass is growing (though the ground still may freeze from time to time). In locales that experience the four seasons, these are a few tell-tale signs that spring is almost here.


For homeowners, seasonal change comes with care and keeping – inside and out – to maintain the property and repair damage.


With spring just days away, consider these maintenance tips and inspection reminders to help prepare the home for a change in weather.

Clean out gutters

Leaves from the fall, debris from winter storms and…

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