Real Estate Blog - February, 2023

Buying in a Buyer’s Market

Following the first wave of the coronavirus pandemic, the Canadian real estate market accelerated into a seller’s market. With the Bank of Canada (BoC) slashing interest rates to near zero and the national economy being flooded with billions in fresh liquidity, fully employed households started purchasing residential properties across the country, from cities in British Columbia to small towns in Atlantic Canada. This was indeed a once-in-a-lifetime event in Canada’s housing sector.

As housing supply dwindled and demand spiked, prices responded with meteoric growth. Whether in major urban centres or rural communities, detached homes became the subject of intense bidding wars. At the peak of the pandemic-era housing boom, the…

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Mortgage Trends to Watch for in 2023

It’s looking like we’re going to be seeing similar real estate trends in 2023 compared to last year.

Following a year defined by market highs and lows, experts are forecasting a gradual return to a more balanced market towards the end of 2023. However, with inflation remaining more or less unchanged at the tail-end of 2022, last year’s trend of diminished purchasing power seems likely to persist.

As for what that means for mortgage lending, Shaun Cathcart, Senior Economist at the Canadian Real Estate Association (CREA), predicts primary-based mortgage payments will continue to rise dramatically until the Bank of Canada (BoC) reaches its terminal rate. 

Variable rate mortgages will hit their ‘trigger rate’

“The ‘terminal rate’ as it’s…

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The Best Home Renovations for the Biggest ROI

Pandemic living has changed how Canadians think about renovations: according to the RE/MAX 2021 Renovation Investment Report, more than half of Canadians renovated their homes during the year. While only 16 per cent explicitly renovated to increase their home’s market value, nearly 60 per cent said they still considered the return on investment.

Prepping your house for sale can often require an investment to bring it up to current standards and help it compete in the hot real estate market. Especially if you’ve lived in the house for several decades, you may be blind to your home’s shortcomings. Here, we examine the top home renovations to ensure your return on investment.

Paint

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Optimizing Space in Your Galley Kitchen

Curious how to get the kitchen of your dreams within a narrow space? Here’s the skinny: some careful planning, judicious use of storage and small renovations can give a galley kitchen quite a pop.

The long and narrow galley kitchen traces back to tiny spaces set aside for a single cook to feed the onboard crews of waterborne vessels, both small and large. This style was then passed on to long-distance trains of the early 20th century, where a galley arrangement maximized customer seating while retaining a tight and efficient space for food prep—as long as kitchen workers were few and coordinated. 

In a residential home, the galley kitchen often serves as a space saver. Kitchens were often isolated, out-of-the-way functional places prior to the…

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How to Incorporate an Office in Your Small Space

Are you working from home but struggling to find the perfect spot to set up your office? If you’re living in a small space, it can be challenging to carve out an area that meets your needs. But don’t worry! With some creativity and strategic planning, it’s possible to incorporate an efficient office into even the smallest of homes or apartments.

The trend of working from home is on the rise. With more companies embracing the remote work lifestyle, more and more people are making their homes their offices. Whether you’re a full-time telecommuter, freelancer, or just need a spot to stay productive, having an office space in your home is essential. But if you’re living in a small apartment or a crowded house, it can be tricky…

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Pros and Cons of Buying a Home As-Is

Buying a home as-is can be enticing. For those who’ve been struggling to get into the market, the price point can be more affordable. For others looking to buy when housing supply is low, it can present a viable avenue to explore. However, it’s important to bear in mind the decision to buy a home as-is works for some, but not for all.

Buying a home as-is means “the homeowner is selling the home in its current condition, and will make no repairs or improvements, before or after closing,” says Nick Kyte, a REALTOR® and salesperson in Ottawa, Ontario. “Essentially, what you see is what you get, but what you don’t see is also what you get.” 

When the correct steps are taken, buying a home this way could be a calculated and worthwhile risk that pays…

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Home Renovations - Make It a Rewarding Experience

Home renovations can be a daunting task, but with the right planning and execution, they can also be a rewarding experience. Whether you're looking to update a few key rooms or overhaul your entire home, there are a few things to keep in mind as you embark on your renovation journey.

First and foremost, it's important to have a clear vision of what you want to accomplish with your renovation. This might involve creating a mood board or sketching out rough plans for each room. If you are not adequately prepared, it can lead to delays and stressful situations. It may also increase the overall expenses. Having a clear idea of what you want to achieve will help you stay on track as you move through the renovation process.

Next, it's important to…

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