Found 36 blog entries tagged as homebuyers.

Why is housing supply so low_construction

There is no other way to sugar-coat what is happening in Canada’s housing market: The nation is facing a severe supply shortage. Why is housing supply so low?

Current market conditions, be it record-low inventories or strengthening demand, have sparked a housing affordability crisis. With interest rates on the rise and an inevitable increase in the mortgage stress test, buying a home within typical Canadian incomes and budgets will become more difficult this year, and potential into the foreseeable future.

But while factors such as historically low-interest rates and pandemic-era pent-up savings have contributed to the current housing frenzy, the fundamental principle of supply and demand has been the chief component in…

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The population data from the census 2021 is now available and it offers us a wealth of information about where Canadians live, where they’re moving to and what communities are growing in size as a result. 

The latest census arrives at a critical time in Canada’s real estate history, when governments of all levels are weighing their options to boost supply and improve housing affordability. Over the past two years, the COVID-19 pandemic has also played a critical role in influencing the migration of Canadians, including those new to the country. 

“This type of information is critical in helping to answer many of the important questions being asked in Canada’s national housing conversation,” said Shaun Cathcart, Senior Economist and Director of…

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cost to build a house

  • The cost of building a house in Canada
  • Getting a loan for building a house
  • Average time to build a house
  • Ways of reducing costs when building a house
  • Alternatives to custom-built homes

If you’ve wondered about the average cost to build a house in Canada, you’re not alone, with current market conditions from coast to coast characterized by a severe housing inventory shortage. Quite simply, it could be easier to purchase bare land or a tear-down home and build something brand new. But aside from stock, there are many other advantages to building your home from scratch. You have the opportunity to customize the space to fit your lifestyle. Room by room, you have the final say on the layout, features, and…

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Tips for Single Home Buyers

Buying a home is one of the most exciting times of your life, however, it can be extremely daunting for individuals looking to make the biggest purchase of your life. Buying a home as a single person can be intimidating, but we have some smart tips for single home buyers that will make the process much smoother.

With home prices across Canada rising at a fever pitch, entering the housing market as a solo act can carry more stress from a financial perspective than if you were going in with another person. However, each scenario has distinct advantages. For example, as a single you don’t have to consider another person’s needs and wants when it comes to finding your dream home. This means less compromising. If you work…

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Just like searching for a home, there are many options beyond fixed or variable rates when it comes to mortgages. In Canada, there are several types of residential mortgages available for everyone’s unique financial circumstances, no matter if you’re looking for an open mortgage or a hybrid option.

So whether you’re a new buyer qualifying for your first mortgage or an existing holder, what are the key things you need to know about the most common mortgage types? Frances Hinojosa, ​​CEO, co-founder, and principal mortgage broker at Tribe Financial Group offers some insights.

Open and closed mortgages

If you anticipate making any lump sum payments on your mortgage, you might want to weigh your options between a closed or open mortgage.

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How sellers win when housing inventory is low

A recent report from the Canadian Real Estate Association (CREA) revealed that two-thirds of the nation’s housing markets are slanted in favour of sellers. With supply failing to keep up with demand, this could be the top trend for the foreseeable future.

For years, housing development has been tepid, resulting in supply falling short of demand levels. This imbalance might be more intense in more-populous markets such as Toronto and Vancouver, but this trend is prevalent throughout Canada, leading to accelerating home prices.

Under current conditions, sellers who bought even five years ago would benefit from this tight housing market. Here’s how sellers win when housing inventory is low.

How Sellers Win When Housing…

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Image via HONOMOBO on Instagram

Looking for a unique, well-built home that’s ready for you in as little as 16 weeks? Welcome to the world of the modular home, an increasingly popular trend across Canada. These prefabricated (prefab) homes are generally cost effective and beautifully designed, and several companies have popped up in recent years to deliver on this trend. 

Daniel Engelman, president and co-founder of Edmonton-based HONOMOBO, launched in 2016, and says business is booming.  

“Numbers are going crazy now; last year, we did about 30 homes and this year, we’ll probably double it or more,” he says, adding buyers are typically busy professionals who want something beautiful, modern, and ready quickly. “We think modular homes are the…

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* How Will Higher Interest Rates Impact My Mortgage

How will higher interest rates impact my mortgage? It’s a question more homebuyers and homeowners are asking, in the wake of the Bank of Canada’s recent interest rate hikes. We consider many variables in life before making any big decision, and one of the most important ones to think about when buying a home is the current state of interest rates. While a low interest rate is desirable for a prospective buyer, as it means they have more purchasing power, lower rates may not be all they are cracked up to be.

Interest rates fluctuate. They rise and fall in response to the economy and world events, and can significantly impact the amount you pay for your home over the lifespan of your mortgage.

Typically, mortgage loans are…

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Newfoundland and Labrador MLS® home sales surpass Q1 2021 totals; new listings return to historical average for this time of year

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The number of homes sold through the MLS® System of the Newfoundland and Labrador Association of REALTORS® totaled 443 units in March 2022. This was down modestly by 2.9% (13 sales) from March 2021.

Home sales were 35.7% above the five-year average and 47.4% above the 10-year average for the month of March.

On a year-to-date basis, home sales totaled a record 1,138 units over the first three months of the year. This was an increase of 12% from the same period in 2021.

Residential activity in St. John’s was up modestly by 3.3% on a year-over-year basis in…

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Over the course of the pandemic, homeowners have been re-evaluating what they need most out of their property. For some, this has meant packing up and downsizing to a smaller city or community for greater living space, privacy, and a more relaxed pace of life.

Both statistically and anecdotally, we’ve witnessed buyers moving to the suburbs and other rural areas over the past two years. Small towns like Squamish, Wasaga Beach, Kingston, and Collingwood have been home to some of Canada’s fastest growing populations lately, a trend largely attributed to residents moving from urban centres in search of more affordable housing, according to a report from RBC Economics.

Why have buyers been moving to smaller cities?

Right now, there are two main…

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