Real Estate Blog - affordability

Your Guide to Homebuying: Common Questions and Helpful Tips

Buying a home can be an exciting yet overwhelming experience, especially for first-time homebuyers. With so many decisions to make and factors to consider, it's easy to feel lost in the process. Let's take a look at some of the top questions that homebuyers ask and what they are searching for when it comes to buying real estate.

How much can I afford?

Your budget is determined by several factors, including your income, expenses, debt-to-income ratio, credit score, and down payment. Here's a closer look at each of these factors and how they can affect your budget:

• Income: This takes into account your monthly income and expenses to determine how much of your income can go toward your mortgage payment.
• Expenses: Including things like car…

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Renting vs. Buying: The Pros and Cons for First-Time Homebuyers

For many Canadians, the decision to rent or buy a home is a significant financial decision. With the cost of housing on the rise, especially in urban areas, it can be challenging to decide what's right for you. In this article, we'll explore the pros and cons of renting and buying a home for first-time homebuyers and those looking to transition from renting to owning.

Pros of Renting:

1. Flexibility: Renting provides more flexibility than buying since you aren't tied down to a long-term commitment. You can easily move from one rental to another without worrying about selling a property or finding a new buyer.
2. Lower upfront costs: Renting typically requires lower upfront costs than buying. You won't need to save for a down payment or pay for…

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How Much is a Down Payment on a House?

When you’re in the market for a new home, one of the most important questions you’ll need to answer is how much you can afford to put down as a down payment. In Canada, the amount of a down payment can vary greatly depending on the type of home you’re buying, the size of the mortgage you take out, and other factors. Knowing how much is required for the down payment on a house can help determine if you’re financially prepared for the purchase.

How Much You Need for a Down Payment on a Home?

• Down payment vs. deposit
• Calculating your minimum down payment
• Saving for a down payment

Saving for a down payment has become challenging for many Canadians. Rising housing prices are putting some homebuyers in a tough…

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Home Improvement Projects You Can Do For Under $50

Home improvement projects can be a great way to add value to your home, increase your comfort, and make your living space more functional. However, many people assume that home improvement projects require a significant investment of time and money. While some projects can certainly be expensive, there are plenty of options for those on a tight budget. Here are some home improvement projects under $50 that you can tackle with just a little bit of time and effort.

Install a new light fixture

Lighting can make a big difference in the look and feel of a room. You can find affordable light fixtures at most home improvement stores, and installing them is usually a straightforward process that you can do yourself. A new light fixture can instantly…

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Factors to Consider When Deciding Where to Live

Whether you’re choosing to stay in the same city or relocate to a new province entirely, there are plenty of options available when looking to buy a new home, and it’s important not to box yourself in. Sure, you like the neighbourhood you live in right now, and it may be sad to leave, but there are plenty of other unique places across Canada to live, and it’s essential to consider all your options when deciding where to live.

Which is the Most Important Factor in Deciding Where to Live?

Before deciding where you want to live, it’s important to think about what you want out of a city and a home. Therefore, your decision where to live should be guided by your goals from homeownership. Before starting your house hunting…

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Types of Tiny Homes

The skyrocketing price of houses has some people wondering: is there a way to own a home that is affordable? And the answer is yes. A tiny home can provide you with a permanent residence and give you more financial freedom. Just because a home is small does not mean it is uncomfortable. If you choose the right kind of tiny home, you can experience a life of freedom, flexibility and adventure.

Tiny Homes on Foundations

TV shows like Tiny House Nation (Netflix) have made the idea of the tiny house on a foundation more popular in recent years. This is an excellent option if you have a piece of land and want to build a “normal” home that is just smaller. You would build your home on a concrete foundation, or if you think you…

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5.8M Homes Needed by 2030 To Tackle Affordability Crisis

The Canadian real estate market is experiencing a correction period. While many industry observers are stopping short of calling this downturn a crash, it is clear that the once-sizzling housing sector is being doused by rising interest rates and broader uncertainty surrounding market conditions. So, are we still experiencing an affordability crisis?

In September, the national average home price tumbled 3.9 per cent from the same time a year ago to $637,673, according to the Canadian Real Estate Association (CREA). Even when Toronto and Vancouver – two of the hottest housing markets in Canada – are eliminated from the equation, the typical residential property in the country sold for more than $500,000. While this is…

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A Spotlight on Newfoundland Real Estate

Since the beginning of the coronavirus pandemic, the Newfoundland and Labrador real estate market has seen the best of times and the most modest of times. In other words, the Atlantic Canada housing market has enjoyed a pandemic boom, but prices have not mirrored what was taking place in British Columbia or Ontario.

Despite climbing interest rates that have ostensibly impacted many major urban centres, small towns and rural communities across the country, Newfoundland and Labrador have held steady. The province and its municipalities have not fallen off a cliff. Instead, despite waning demand, prices have remained intact and affordable.

So, what occurred in the eastern province’s real estate market? Let’s explore the…

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What It Means to Be House Poor – and How to Avoid It

You’ve got your mortgage pre-approval, and you’re shopping the market for your perfect home. If you find one that’s priced too close to your limit, you run the risk of being house poor. Let’s look at what it is, what you can do to avoid it, and what to do if you are already house poor.

The Costs of Owning a Home

When you begin the process of looking for a home, you may think that the amount in your pre-approval letter and the house sale price are the only things that matter, but that’s not the case. There are several other costs associated with buying and maintaining a home that people often overlook:

Utilities – Your home needs water, electricity, and natural gas to run. You may also require utilities like internet and possibly city services…

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Architectural Trends in New Homes

Design trends come and go each year, and it’s always an exciting undertaking for interior designers to explore the current and upcoming design themes for condos, townhouses and single-family homes. When we think about these trends, however, we often overlook architecture or building design and instead tend to focus on fun, non-structural elements such as colours, materials, textures and accessories.

What’s interesting about this is the fact that architectural trends are a key consideration for both the government and developers when it comes to constructing new homes. 

“Guidelines are developed in collaboration with city staff, developers, planners, and architects,” says Melanie Doytchinova of Kirkor Architects & Planners, based out of Toronto,…

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