Real Estate Blog

Set Up a Backyard Movie Night

During those beautiful summer nights, it doesn’t matter where you are in Canada, you want to be outside. It’s natural, and let’s face it, the past few years have driven many to upgrade their own backyard retreats, so you’ve got a good reason to be out and about in your own space. 

Upcycling and repurpose trends show no sign of abating, and we’ve already seen signs of the backyard undergoing radical redesigns, adding features like pizza ovens, outdoor kitchens, and bars. Why not extend that idea and bring your home theatre outside? What says summer better than a drive-in (or walk-in) movie night? In the  spirit of the popular staycation trend, let’s look at how you can set up a backyard movie night. 

The scale is up to you. It can be as simple as…

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Environmental Upgrades That Can Save You Money (INFOGRAPHIC)

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How Does Your Credit Score Affect Your Mortgage Interest Rate?

It takes credit to build credit ­– most of us have heard this at some point in our early years of adulthood. Some of us heard it when we got our first credit card; others when they went to apply for a loan of some type and realized they didn’t have a credit score. The crux is that while it takes credit to build credit, it also takes credit to destroy credit. So, what exactly is “credit” when it comes to finances, and how does your credit score affect your mortgage interest rate?

Credit is essentially a numbering system that gauges how likely you are to repay borrowed money. The higher your score, the ‘safer’ you seem to lenders, and the lower your score, the ‘riskier’ you are.

The first step to building your credit is to…

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The Evolution of Open Houses

REALTORS® have been conducting open houses for decades. They’re an opportunity for real estate professionals to grow their business, network with other agents, and meet with potential buyers. But over the years, open house culture has shifted. 

Open houses used to be simple—a real estate professional would promote the event, have visitors sign-in, offer brochures and marketing materials, and chat and mingle with potential buyers, agents, and visitors. Now, REALTORS® have adapted to the changing expectations of clients and created open houses that are more of a social event, providing benefits to everyone in attendance. 

The benefits of open houses

In a competitive market, an open house is an opportunity…

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April Market Snapshot: Mortgage Rates Climb and Home Sales Drop

The Canadian housing market hasn’t seen a home sales situation like this since the summer of 2020.

National home sales dropped by 12.6% between March and April and actual (not seasonally adjusted) sales activity was down 25.7% from the record highs we saw in April 2021, according to the Canadian Real Estate Association (CREA).

Sales were down in 80% of Canadian markets in April 2022, save for Montreal, Halifax-Dartmouth and Victoria, B.C.

Why are home sales down?

“Housing markets in many parts of Canada have cooled off pretty sharply over the last two months, in line with a jump in interest rates and buyer fatigue,” said Jill Oudil, Chair of CREA. “For buyers, this slowdown could mean more time to consider options in the market. For…

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Interest Rate Announcement: 0.5% Hike and More Measures to Come

Bank of Canada Interest Rate Announcement Raises It Another 0.5% on June 1

This morning’s interest rate announcement by the Bank of Canada reveals another 50-basis-point hike to the key rate, bringing it up to 1.5 per cent. This is the third in a series of increases expected in 2022, with the year kicking off at a low of 0.25 per cent, followed by a 0.25-per-cent bump in March and another 0.5-per-cent increase in April. Today’s increase makes the second time in the last 25 years that the Bank has implemented back-to-back increases of 50 basis points. The move appears to be having a cooling effect on hot Canadian housing markets, with Toronto and Vancouver sowing some signs of cooling. The Bank said it will use its monetary policy tools to ease…

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A Realistic Look at Federal, Provincial Non-Resident Buyer Bans

For years, even before the coronavirus pandemic, many public policymakers and housing advocates claimed that foreign investors contributed to the skyrocketing cost of home ownership in Toronto and Vancouver. At a time when Canadian real estate prices have skyrocketed since the beginning of the COVID-19 public health crisis, lawmakers are looking closely as possible solutions, with some suggesting non-resident buyer bans could cool the hot market.

According to the latest data from Statistics Canada, non-resident owners account for an average of nearly three per cent of housing stock. This is up from the pre-pandemic rate of 2.3 per cent.

Where are foreign investors dropping their capital in the Canadian real estate market?…

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Are Modern Houses More Energy-Efficient?

Are modern houses more energy-efficient? Though this wasn’t a question that many homeowners considered decades ago, we’ve reached a point – both socially and technologically – where energy efficiency has become a real consideration and priority in building houses. With the effects of climate change on the rise, Canadians have become more and more invested in doing their part to minimize their environmental impacts.

But the perks of energy-efficient homes aren’t all ecological. Modern technology can potentially help homeowners save on their monthly bills and enjoy greater convenience when they take advantage of certain home upgrades.

Of course, benefiting from these perks is contingent upon whether modern houses are actually built in a more…

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Avoid Doing These 4 Things if You are Closing on a Home

You may breathe a sigh of relief once your offer to purchase a home has been accepted, but you’re not quite done yet. Between the time you come to terms with the sellers and the moment you finally put your key in the front door, you’ll be navigating the closing process—along with its associated costs.

There are multiple steps involved in the transfer of a home. While closing times can vary, it can take up to three months between an accepted offer and signing day, notes David Stevens, a REALTOR® with Royal LePage Coast Capital Realty in Victoria, British Columbia. 

This includes time for processing the deposit, conducting a title search, getting a home inspection organized, finalizing the purchase agreement, the lender’s property appraisal, and…

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Owning Is More Affordable Than Renting in Most of Canada

Is it better to buy or rent a home in today’s sizzling real estate market?

Because the barrier to entry in Canada’s housing sector has intensified over the last couple of years, many prospective homeowners have given up on the dream of homeownership, choosing to maintain their renter status. Even when they save enough for a down payment, the minimum threshold rises because of how rapid price growth is in this environment.

Remember, the national average price for a home in Canada is approximately $820,000.

As a result, many Canadians do not have a choice but to continue renting an apartment from a corporation or leasing a three-bedroom, two-bathroom house from private individuals.

But is this throwing money down the…

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