Real Estate Blog

How Will Higher Interest Rates Affect Me?

Canadians have enjoyed low interest rates for the last decade, but even more so since the onset of the global pandemic, when the Bank of Canada responded with a trio of rate cuts, bringing us to 0.25%. But 2022 has already seen three interest rate hikes in response to soaring inflation rates, which reached a 39-year high in May, at 7.7 per cent. With a fourth increase in the Bank’s interest rate, you may be wondering: How will higher interest rates affect me?

What does an interest rate hike mean if you’re planning to buy a home, if you already have a mortgage, or are carrying any other debt? Let’s take a step back to better understand what causes movement in interest rates and how a higher rate might impact you.

What Causes Interest Rates to…

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Down Payment Planning: Examining RRSPs, TFSAs, and FHSAs

Putting together the funds for a down payment often takes time and a solid strategy that goes beyond tucking a few dollars away each month. Luckily, Canadians have access to a number of investment savings accounts that can optimize their savings towards homeownership. 

Unlike a standard savings account, an investment account offers specific tax and interest benefits a regular account won’t have, making an investment savings account more advantageous when building for a down payment. For instance, Jessica Moorhouse, a millennial money expert and accredited financial counsellor, explains the longer you plan to save for a down payment, the more appropriate it is to invest your money, rather than keep it in an account that’ll gain very little interest…

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Atlantic Canada Real Estate Activity Continues to Heat Up

How is the Atlantic Canada real estate market performing in the era of rate normalization? Eastern Canada has been a hotbed of growth for the last two years, from population gains to economic resuscitation. With the coronavirus pandemic turning the housing industry upside down and triggering a change in consumer patterns, the Maritimes region is enjoying a renaissance. But while there is the uncertainty of higher interest rates and a post-crisis national economy reopening, experts are confident that this part of the country will survive the next phase of the economic cycle.

In the meantime, market analysts are combing through the data to determine just how well places like Prince Edward Island and Nova Scotia are doing in this environment. Experts…

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Blast From The Past! Check Out These 7 Retro Design Items

Staying ahead of trends is tricky business. A Pet Rock was a must-have in 1975, but you’re not likely to find many on display in contemporary curio cabinets these days. It’s not much different for elements of home design. Flocked velvet wallpaper may have put you one step ahead of the neighbors the day it went up, but it quickly became a design liability just months after its application. There’s a natural conservative impulse surrounding big-ticket home purchases. We tend toward neutrals or classics for sofas or appliances for the purpose of longevity. We want things that “fit” five or 10 years down the road, though not every choice holds up over time.

On the other hand, accessories are particularly prone to trendy regret…

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What Is A Housing Bubble? And Are We In One?

What is a housing bubble? You’ve undoubtedly heard the term, but what does it actually mean, and is Canada experiencing one? Whether you already own a home, are considering buying one in the near future, or you’re waiting for the right time to sell, here we answer what is a housing bubble, what causes it, and how it may affect you.

What is a Housing Bubble?

A housing bubble happens when the price of homes rises quickly, at an unsustainable rate. Typically, a price-growth rate that’s in the high single-digits is considered to be healthy and sustainable. Under healthy conditions, homeowners continue to earn equity over time, sellers can make a profit on resale, and buyers can still afford to get into the market. This type…

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The Best Reasons to Hire a Real Estate Agent

It’s no secret that buying or selling a home can be one of life’s most stressful endeavors. With so many unknowns and variables at play, limiting stress during this event can help make the process more enjoyable; one of the simplest ways to help reduce the stress and anxiety attached to purchasing a home is to hire a real estate agent.

The Role of a Real Estate Agent

A real estate agent acts as the intermediary between buyers and sellers. The agent will connect the two and handle all legal negotiations to ensure the deal takes place without a hitch. A real estate agent helps clients sell, buy or rent their property. They also may guide the client when it comes to navigating the market, take them on showings, and assist…

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How to Make Your Laundry Room More Efficient

As time goes by, it feels like we only get busier as a society. Small household tasks can seem overwhelming between work, family obligations and social events. While some people may find peace in spending a day at home, cleaning and getting things in order, others are seemingly always rushing around trying to squeeze small household tasks in before jetting off to the next event. This is where creating an efficient living space can pay off in dividends. Arguably, one of the more time-consuming chores at home is laundry – and the bigger the family, the more laundry there will be, leaving you wondering how to make your laundry room more efficient.

We will take you through some of the best ways to make your laundry room more…

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Tips on Combining Households When You’re Blending Families

As blended families have become more common—making up more than 10% of all Canadian households, according to Statistics Canada—more people face the challenge of bringing two families together under one roof. Deciding whose home to move into, or whether to sell both properties and start house-hunting together, requires lots of thought about locations, amenities, and space. Then there’s all the stuff both families have accumulated and compromising on who keeps what. We asked a professional organizer for tips on how to navigate these big decisions and make the moving process smoother for everyone.

Who goes where? 

Merging households requires careful planning and discussion. No two families are alike, so there are many factors involved in making…

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Renovations You Should Leave to the Pros

If you’ve spent the last few years binge watching your favorite home renovation shows and looking for #DIYInspo projects all over social media, you’ve probably considered making a few tweaks around your home. 

However, when it comes to home renos, knowing when to hire a professional is essential.

A recent survey conducted by Leger examined how Canadians changed their homes during the COVID-19 pandemic. The survey found of the 17% of people who had improved their homes, only one third hired professional help—the rest opting to tackle the jobs themselves.

While it may be tempting to take on home renovation and home improvement projects that don’t appear to present any risks on the surface, there are several instances when the expertise of a…

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Climate Change Risk Disclosure when Selling Real Estate in Canada

Governments prioritize updating national flood maps, to help Canadians buying or selling a home assess climate change-related risk more comprehensively

RE/MAX Canada’s latest report looks at the Canada real estate market through a lens of climate change and the risks to homebuyers, which include displacement due to extreme weather events, higher insurance premiums and compromised liveability, and are already being felt by homeowners from coast to coast.

According to the Insurance Bureau of Canada, the estimated trend of the overall costs of catastrophic losses has increased from approximately $1 billion in 2005 to almost $2.5 billion in 2021.

“These climatic stresses are increasingly colliding with federal and…

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