Found 16 blog entries tagged as affordability.

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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tiny home

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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housing shortage 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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St. John's 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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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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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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Buying a home is no easy task. It’s likely the biggest investment you’ll ever make in your lifetime and there are so many things you need to take into consideration, like where you should live, how much you can afford to spend, and when the right time to move is. 

These are just some of the questions that buyers need answers to—and truthfully, just the tip of the iceberg when it comes to buying a home. With the help of a REALTOR®, you’ll be able to answer these questions for yourself and get a better sense of what the home buying journey looks like for you.

We asked a few REALTORS® for some of the advice they give to home buyers, whether it’s their first home or they’re downsizing, to help them feel more confident in the process. 

When is…

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How do mortgage brokers get paid

When purchasing a home, one of the first steps is finding out just how much mortgage you can afford. The mortgage amount is determined on several factors, such as how much debt you carry, what your income level and if you pass the mortgage stress test. Prospective buyers often consult with a number of lenders to find the best mortgage rate available. This is where mortgage brokers come in. There are many benefits of using the services of a mortgage broker, including that the buyer doesn’t receive a bill for this service. So, how do mortgage brokers get paid?

What is a Mortgage Broker?

A mortgage broker is an intermediary who links borrowers to potential lenders to assist the borrowers in obtaining the best possible…

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Choosing a place to retire is an important decision to make. You must take into account the kind of lifestyle you want to enjoy during your retirement. Some seniors like to retire in a peaceful and laid-back community, while others seek out active opportunities and thrive in an environment that enables them to explore the outdoors more. No matter what you want to do and enjoy, retiring in Newfoundland is a smart idea. 

Use this guide to help plan your retirement and to help decide where you would like to spend your retirement years.

Why Retire in Newfoundland?

Many people choose to retire in a place or country with tropical weather. Therefore, you might be curious to know why Newfoundland is gaining popularity as a retirement destination.…

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St. John's Newfoundland real estate

Is the Newfoundland and Labrador real estate market still sizzling, or is it cooling down like a February evening in the province?

For the last two years, Canada’s housing market has been taken aback by the exceptional growth in Atlantic Canada, heated up by the population boom and the surge in home prices. This was a surprising turn of events because, before the coronavirus pandemic, people were leaving parts of the east coast, and some local real estate markets unable to gather much momentum.

Now it appears that Newfoundland real estate is joining the broader market. Sales activity is strong, though it has eased recently. Price gains remain sky-high, but growth has also eased year-over-year. Overall, the housing boom is…

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