Real Estate Blog - August, 2022

3.5 Million More Homes Needed by 2030 to Tackle Affordability Crisis

Is Canada’s housing affordability crisis as bad as it was a year ago? No.

Is Canada’s housing affordability crisis still ongoing? Yes.

The talk of affordability has dissipated in recent months as prices continue slipping from their peak earlier this year. Many financial institutions are anticipating declining prices heading into the new year, with projections as deep as 25 per cent.

While this is a considerable drop in home valuations, prices are expected to remain above the pre-pandemic levels. This is especially true in many major urban centres, such as Toronto and Vancouver.

RBC published its latest housing affordability report that confirmed the situation has not been this bad since the early 1990s. The…

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Is the Canadian Real Estate Market Coming in for a Soft Landing?

As Canadian home sales activity and prices continue their downward trend, many prospective home buyers want to know where the bottom is… and how hard that landing will feel.

Predicting the end to the slide is anyone’s guess, but the Canadian Real Estate Association’s Senior Economist Shaun Cathcart said there’s an “increasing number of data points I’m watching that could suggest (the real estate market) will have a softer landing as opposed to the harder variety.”

Year over year, the average price of a Canadian home sold in July was $629,971, down 5% from $662,924 in July 2021.

Canadian Real Estate Activity

While home sales were once again down from June to July, the declines were smaller than the ones experienced in the previous four…

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5 Advantages of Living in the Suburbs That Nobody Talks About

Every city has a suburb, and these areas have become hotspots during the course of the pandemic – and with good reason. They provide a great balance between the excitement of city living and the peace and quiet to be had out in the outskirts. There are many advantages to living in the suburbs that people know about, like greater affordability in buying or renting, bigger houses, and a close-knit sense of community. But several advantages often get overlooked in comparing the suburbs to the city. Let’s take a look at five of them.

5 Advantages of Living in the Suburbs

1. You can enjoy a slower pace of life and a healthier lifestyle. While the suburbs still experience rush hour, there is a huge difference coming from the…

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Building Credit History with Rent Payments

It only takes a few bad decisions or a few months of hard times before your credit score plummets, and once it’s low, it can be very difficult to build it back up. Sometimes it isn’t enough to just make payments on time, and you might need a little help with building your credit history.

An easy way to help build up your credit score is by incorporating rent payments into the calculation. Several programs are available that use your regular monthly rental payments to help increase your credit score, so you can enjoy the benefits that go with that.

Let’s learn a bit more about why building credit history is important and how these programs work in conjunction with your credit history to increase your score.

The Benefits…

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HELOCs vs. Home Equity Loans vs. Remortgaging: Tapping Into Your Home’s Equity

Homeownership has many benefits, including the ability to use your property’s equity as a lending resource.  

Whether you need funding for a renovation or to consolidate debts, a mortgage holder can access home loans and home equity lines of credit (HELOC) through their property. There’s also the option to remortgage your home, which by breaking your existing mortgage and starting a new one, can provide leftover cash through your home’s equity to pay for large expenses. 

If you’re considering employing your home’s equity, here’s what you need to know about HELOCS, home equity loans, and remortgaging.  

What is a Home Equity Line of Credit (HELOC)? 

If you’d like the flexibility of having a large chunk of change on…

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How Much Does It Cost To Buy A House [INFOGRAPHIC]

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Market Update

MLS® home sales in Newfoundland and Labrador post third best monthly total ever in July, overall inventory remains stable

The number of homes sold through the MLS® System of the Newfoundland and Labrador Association of REALTORS® totaled 703 units in July 2022, declining 11.9% from July 2021.

Home sales were 17.9% above the five-year average and 30.8% above the 10-year average for the month of July.

On a year-to-date basis, home sales totaled 3,563 units over the first seven months of the year. This was virtually unchanged from the same period in 2021, moving only 0.1% (five sales).

Residential activity in St. John’s was down by 10.9% on a year-over-year basis in July, while activity…

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Architectural Trends in New Homes

Design trends come and go each year, and it’s always an exciting undertaking for interior designers to explore the current and upcoming design themes for condos, townhouses and single-family homes. When we think about these trends, however, we often overlook architecture or building design and instead tend to focus on fun, non-structural elements such as colours, materials, textures and accessories.

What’s interesting about this is the fact that architectural trends are a key consideration for both the government and developers when it comes to constructing new homes. 

“Guidelines are developed in collaboration with city staff, developers, planners, and architects,” says Melanie Doytchinova of Kirkor Architects & Planners, based out of Toronto,…

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What Does a Buyer’s Market Mean for Sellers?

Things are changing in Canada’s real estate landscape. 

After a scorching year for real estate in 2021—a time when home prices smashed records and sales volume rose above the norm—there appears to be a slowdown in the marketplace.  

According to the latest numbers from the Canadian Real Estate Association (CREA), home sales recorded over Canadian MLS® Systems dropped 5.6% between May and June 2022. Sales were down in three-quarters of all local markets, led by Canada’s biggest cities – the Greater Toronto Area (GTA), Greater Vancouver, Calgary, Edmonton, Ottawa, Hamilton, and Burlington to name a few.

The shift in the marketplace from a hot seller’s market to a balanced or more buyer-friendly one can feel uncertain, especially for people…

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10 Cleaning Myths and Whether or Not They Actually Work

Everyone has that one friend who swears they know how to fix something using a tried-and-true method passed down from their friend’s cousin’s co-worker’s grandmother but, more often than not, these types of “fixes” are mediocre at best. 

The same can be said for cleaning “hacks.” 

Whether it’s pouring white wine on a red wine stain to remove it, or using wax paper to polish your sinks, we wanted to know if there was any truth to these cleaning myths—and shockingly, there is! Well, to some of them, at least. 

Let’s take a look at 10 popular cleaning myths and see if they’re really worth listening to. 

1. You shouldn’t vacuum too often because it wears out the carpet.

VERDICT: False

Sorry to everyone who hates vacuuming, but this one…

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