When housing markets begin to cool after record highs, some homebuyers get cold feet. Imagine you buy a home for $1.2 million. When it comes time to close after you have signed your purchase agreement, you notice a comparable home down the street sells for $855,000. What happens when a buyer backs out of a real estate deal?
Some homebuyers choose to walk away when it comes to closing day, despite agreeing to purchase the property. Another common scenario occurs when a homebuyer backs out after overbidding in a hot market and going over budget. Once it comes time to close, the bank completes an appraisal and refuses the entire mortgage amount. The homebuyers need to come up with hundreds of thousands of dollars to close. They walk away because they…
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Are the effects of the Bank of Canada’s (BoC) tightening cycle being felt in the Canadian real estate market?
For at least two years and probably longer than that, the nation’s housing market has been sizzling, with nearly every pocket of the country experiencing soaring prices and impressive sales activity. The laws of supply and demand have been in full force since the beginning of the coronavirus pandemic – inventory is low and demand has been strong – but historically low interest rates have also played a significant role.
When rates are low, prospective homeowners can take advantage of monetary conditions to increase their purchasing power and outcompete other buyers who may be interested in the same property. Now…
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When purchasing a home, one of the first steps is finding out just how much mortgage you can afford. The mortgage amount is determined on several factors, such as how much debt you carry, what your income level and if you pass the mortgage stress test. Prospective buyers often consult with a number of lenders to find the best mortgage rate available. This is where mortgage brokers come in. There are many benefits of using the services of a mortgage broker, including that the buyer doesn’t receive a bill for this service. So, how do mortgage brokers get paid?
What is a Mortgage Broker?
A mortgage broker is an intermediary who links borrowers to potential lenders to assist the borrowers in obtaining the best possible…
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Choosing a place to retire is an important decision to make. You must take into account the kind of lifestyle you want to enjoy during your retirement. Some seniors like to retire in a peaceful and laid-back community, while others seek out active opportunities and thrive in an environment that enables them to explore the outdoors more. No matter what you want to do and enjoy, retiring in Newfoundland is a smart idea.
Use this guide to help plan your retirement and to help decide where you would like to spend your retirement years.
Why Retire in Newfoundland?
Many people choose to retire in a place or country with tropical weather. Therefore, you might be curious to know why Newfoundland is gaining popularity as a retirement destination.…
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When first thinking about renovating our homes, we often get lost in daydreams and fantasies of new bathrooms, kitchens, walk-in closets, and a whole host of other great renovation ideas. Eventually, though, we come back to reality and the daunting thought of the cost associated with renovations. So, how do home renovations work? Let’s dig in.
Home renovations can run anywhere from a few hundred dollars up to hundreds of thousands of dollars, and there are many different ways to pay for them. While inexpensive upgrades such as new light fixtures, countertops and windows can be paid for using either a line of credit or a savings account, large reconstruction projects take far more time and money, often requiring home…
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Have you ever had your relaxing moment on the deck disrupted by a pesky wasp? Or have you been bombarded by mosquitoes when all you’re trying to do is just enjoy a nice dinner with friends? Decks and porches are fantastic—no doubt about it! They let us relax, work, and entertain while enjoying the fresh air and sunlight, which can help boost your mood and get you a dose of vitamin D. But, bugs driving us back inside are an unfortunate part of being outdoors.
If you want uninterrupted deck or patio time, here are three screen solutions to keep the insects and rodents at bay.
1. A pop-up tent
If you want a temporary method for screening in your deck and turning it into a bug-free sanctuary, consider purchasing a pop-up tent with screen…
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If you’re considering buying a cottage in Canada and have been watching the market, you already know this market segment has seen a surge in competition between buyers over the last decade. In recent years, cabins and cottages have been in high demand, as interest in renting out personal properties for extra income has become more accessible through various online platforms.
While purchasing a cottage as a recreational property or even as a year-round home can be an excellent investment in both the short and long term, there are some important factors to consider during your hunt for the perfect getaway home. Below we break down five important factors to consider when purchasing a recreational property
5 Factors to…
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While a strong offer to purchase can help you get the home of your dreams, in today’s real estate market there’s more to buying a home beyond meeting or exceeding the asking price. Want to stand out among a sea of potential buyers? Consider including a personal letter so sellers can get to know you, suggests Pete Shpak, an associate broker and REALTOR® with Oakwyn Realty’s Lee and Pete Real Estate Team in Vancouver, British Columbia.
“When we’re doing the perfect offer package to present to a seller, it’s going to have a bank draft attached to it and a personal letter—we’re using this personal letter almost every time we’re in a competitive situation now,” says Shpak.
What to include in a personal letter to sellers
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As recent as two years ago, traveling to the cottage was an event reserved for the weekends and summer months. Now, thanks to the rise in remote working, more and more Canadians are taking their full-time nine-to-five jobs to cottage country.
Since the onset of the COVID-19 pandemic, thousands of Canadians have migrated permanently to rural vacation markets, regions that have traditionally served as vacation and cottage hotspots. This heightened demand has sent recreational property prices higher and inventory lower, with multiple buyers competing for cottages that offer the ability to work from home in Canada’s picturesque countryside. For many, working remotely from the cottage is a decision not just driven by real estate prices, but also a…
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