Renting out your property is a great way to bring in income. However, finding the right tenant can be a tricky process. Whether you are handling the process on your own or delegating the task to an agent, here are the seven main things to look out for when screening potential tenants.

Proof of Income

The first thing you need to check is whether your future tenants will afford to pay rent. Ideally, their monthly income should be at least three times the rent. Pay stubs, tax returns and even bank statements would confirm whether the figures add up. But if it looks like your tenant will be spending more than 30% of their income on rent, they may encounter difficulties making payments later on.

Credit Score

A tenant’s credit score…

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Whether you’re a first-time home buyer or a seasoned property owner, shopping around for a mortgage lender can feel daunting.

With multiple companies, interest rates, and options to look over, finding the best lender for your specific needs can appear overwhelming. However, mortgage brokers and specialists have the tools and knowledge at their fingertips to help borrowers make informed decisions about their home financing.

Image via Pexels

To tell us more about what to look for when choosing a mortgage lender, we recruited the advice of Carrie Cardinal from Realtyone Real Estate Services Inc. and Ryan Mollberg with M Realty, both of whom are Saskatchewan-based mortgage brokers and REALTORS®. 

Types of mortgage lenders and how a broker can help

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Canada’s unemployment fell and things sound a lot better, but it might not be what it seems. Statistics Canada (Stat Can) data shows the unadjusted unemployment rate fell in October. A deeper dive shows a drop in full-time employment was made up by a rise in part-time employment. Also, the drop in unemployed people? It was nearly the size of the number of people who dropped out of the workforce.

Canada’s Unemployment Rate Fell To 6% Last Month

The Canadian unemployment rate fell to pre-pandemic levels showing recovery is near. It might not look (or feel) the same as it was before the pandemic though. The unemployment rate fell to 6.0% in October, down from 6.3% the previous month. It was the lowest rate since February 2020, the last full month…

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Why Should You Start Composting?

Composting reuses biodegradable waste that would otherwise end up in a landfill. Although some areas have composting programs in place, most waste is usually either incinerated or allowed to rot in landfill sites. Unfortunately, both these practices release harmful pollutants into the air, such as methane, carbon dioxide, carbon monoxide, sulfur dioxide, and more.

By having a compost bin in your home or garden, you are effectively upcycling kitchen or yard waste. You’re transforming this waste into a great source of nutrients for your garden or indoor plants. In the process, you also help reduce your carbon footprint as well as your impact on the environment. As far as both you and the planet are…

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There’s no doubt Canada’s real estate market has been in flux since the beginning of the COVID-19 pandemic, from home buyers migrating to outer-city areas, to soaring demand and prices across the nation. 

While the homeownership landscape has transformed, the Canadian rental market has seen its fair share of changes too, including the shifting preferences and priorities of tenants. Whether its location, unit size, or rental prices, those looking to lease have adjusted their needs and wants based on current market conditions.

Conrad Rygier, a Toronto-based broker and REALTOR® with Right at Home Realty Inc, tells us more about how priorities for Canadian renters have changed as of late.

Image via James Bombales

What has happened with Canada’s…

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Canadian home sales are falling, and that’s turning into a drag for home building intentions. Statistics Canada (Stat Can) data shows September permit values made a monthly increase. Despite the bump, values are still generally trending lower. Soft housing demand has residential permit values currently in a correction.

Canadian Building Construction Investment Is Trending Lower

Construction intentions bumped higher from a month before but didn’t break the trend. Building permit values reached a seasonally adjusted $10.1 billion in September. This is 4.3% higher than a month before and 4.9% higher than last year. Leaving it there, things would sound pretty good. However, there is a lot to unpack with this number.

Canadian Building Permit…

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Canadians might see much higher borrowing rates in the not-so-distant future. Scotiabank chief economist Jean-François Perrault has forecast up to 8 rate hikes within 2 years. He sees elevated inflation backing the Bank of Canada (BoC) into a corner on the issue. Inflation appears to be a lot less transitory than thought. If that’s the case, the central bank will be forced to move, and address the highest inflation rate in decades.

Canadian Interest Rates Forecast To Rise 200 Basis Points

The bank’s economists are calling a very sharp climb for Canadian interest rates. They have forecast an increase of 100 basis points (bps) in the second half of 2022. It would be followed by another increase of 100 bps in 2023. An overnight rate of 2.25% would…

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When it comes to investment properties, there’s a lot to take into consideration. Aside from the financial and tax responsibilities, finding an investment property that makes sense for your situation requires some serious soul-searching. 

It’s best to take a look at some of the pros and cons before getting into the market, as each type comes with its own set. However, there are some pros and cons that apply to every type of investment property. One pro, of course, is you’ll have a second income—always a plus. The biggest con for any investment property is you’re not guaranteed to have tenants at all times, which means that second income may not be consistent. As the landlord you’re also on the hook for any repairs or issues that need to be dealt…

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The last 18 months have made for volatile market conditions, but according to the Canadian Real Estate Association (CREA), there has been more stabilization across the county.

Monthly snapshot

However, there is still lots of demand chasing a scarce amount of listings. As CREA’s Senior Economist and Director of Housing Data and Market Analysis Shaun Cathcart says in the latest housing market report, the market may remain challenging as we head into the twilight months of 2021.

As always, we will keep you posted on the pulse of the Canadian housing market. Check back next month to see October’s snapshot with the most up-to-date insights!

Remember, contact a REALTOR®  for detailed information about your neighbourhood and its price trends.

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OCTOBER 22, 2021

The whole world is undergoing a housing shortage, but vacant homes are barely budging. The OECD‘s latest data drop shows 42 million of its 426 million homes are vacant. Yes, roughly one in ten homes in advanced economies are empty. There are literally years of housing supply being used as an alternative to gold.

Rather than pondering why it’s so attractive to have vacant homes, many countries doubled down on reasons to hoard. If we only build more homes and give the investors cheap money, there can be enough to hoard too, right? I mean, you almost tried, so partial points. Let’s take a look at how bad the issue has become.

Canada Has Over 1.3 Million Vacant Homes, About 6 Years Of Supply

Canada has one of the highest…

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