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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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? 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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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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woman wondering is it better to buy or rent a home

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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Commercial real estate Newfoundland and Labrador

While commercial real estate in Newfoundland and Labrador represents a smaller percentage of the overall market, economic growth in St. John’s, especially in terms of the oil and gas sector, is likely to stimulate greater activity in the future. This, according to the new 2022 Commercial Real Estate Report from RE/MAX Canada. Emergence from the depths of the Covid-19 pandemic, and the slow but steadily improving economic picture has helped to bolster job growth in the province, with employment trending upward, while unemployment trends downward, hovering just below 12 per cent. 

Most employees are back to work and have been for some time. St. John’s did not experience as big a shift to work-from-home arrangements that were…

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Condos are often attractive to buyers, not only because they can be in a more favourable price range than single family homes, they can provide easier access to amenities and a low-maintenance lifestyle. 

However, these benefits don’t come without a cost. In addition to your mortgage, you’ll need to plan for the maintenance fees, also known as condo fees. This article will look at what condo fees are, when they can be reassessed, and what they mean for your mortgage, specifically related to an apartment-style condominium building.

What are condo fees?

To put it simply, condo fees are monthly contributions made by unit owners to a condo corporation (the organization that runs the condo building). This money is then pooled together and goes…

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private lenders

Some prospective homebuyers are turning to private mortgages in this red-hot Canadian real estate market. A private mortgage is a home mortgage from a private individual or company that is not a federally regulated financial institution. In an environment of historically low-interest rates and strengthening demand for limited residential properties, Canada’s private mortgage lending market is thriving amid tighter federal rules and regulations. Private lenders will argue that the current rules are too conservative and could leave too many people on the sidelines, especially when prices are growing at exponential levels.

Statistics Canada data show that non-bank residential mortgages rose to approximately $339 billion as of…

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Your Guide to Creating an Outdoor Kitchen

When the warmer weather hits we all want to spend as much time outdoors as possible! Whether you’re a die-hard DIYer or simply looking for ways to get the most out of your backyard space, creating an outdoor kitchen might be the perfect project to tackle. Let’s see what’s involved with this endeavour to get you hosting some epic meals in your own backyard kitchen.

Why a kitchen in your backyard?

Grilling outdoors is one of Canada’s favourite pastimes. Given our temperate climate and the fact summers can get quite hot—requiring a substantial amount of energy to cool your home—one of the biggest benefits of using an outdoor kitchen is keeping the heat outside. 

Another…

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You Could Win $10,000 Toward a Vacation Rental; Contest Runs May 18 Until July 20, 2022

Have you been thinking about selling your home? Moving on to greener pastures? In addition to the Unfair Advantage you already get by working with a RE/MAX Agent, including access to cutting-edge resources and a vast team of experienced agents, RE/MAX® Canada is giving you another chance to win when selling your home, with the Sale Away Contest.

 

Sale Away with RE/MAX Canada

List your home with your RE/MAX agent and you could be packing more than just boxes! Enter for a chance to win 1 of 3 prizes of a gift card for $10,000 toward a vacation rental. Use it to leave town while your home is listed, to celebrate the sale before starting your next…

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