Found 64 blog entries tagged as homebuyers.

A year ago, housing affordability dominated national conversations as the Canadian real estate market exploded in growth, across major urban centres and rural communities alike.

For the last couple of months, it seems like this discussion has shifted, with affordability taking a back seat given recent moderation in the market following the unprecedented “COVID boom.”

The average price for a home in Canada was sold for about $630,000 in July, recent data from the Canadian Real Estate Association (CREA) confirm. This is down five per cent from the same time a year ago. When the red-hot markets of Toronto and Vancouver are removed from the equation, the typical price for a residential property falls to roughly $525,000.

Despite the last several…

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Renovation mortgage financing

The good news is that you’ve found your dream home. The bad news is it’s a bit of a fixer-upper. You’ve saved for the down payment but do not have the money to undertake the necessary renovations. Fear not, homebuyer! There are many options available to help you finance the renovations, so you can stop dreaming and start enjoying your new home.

How to pay for renovations when buying a home

Renovation mortgage financing is one of the most popular renovation financing options for new homebuyers. It allows you to add renovation costs to your mortgage when you purchase your new home. So if your mortgage was $500,000 to cover the purchase price and you needed $60,000 for the renovations, you would assume a mortgage of…

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When Canadians travel, some people might head to the cottage or a hotel, while others take flight to their second home abroad.   

Some Canadians own homes across the globe. While select international homeowners buy property for investment purposes, most opt for a home in a foreign destination strictly for vacations.   

“It’s very clear the primary motivation for Canadians who buy internationally is to have a vacation home,” said Sharon von Schoenberg, Manager of Global Strategy and Relations with the Canadian Real Estate Association (CREA).

Citing data from the National Association of REALTORS® (NAR) 2022 International Transactions in U.S. Residential Real Estate report, von Schoenberg explained more than half of Canadians who buy a home in…

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Do you choose the resale market or opt for a pre-construction home? When you are in the market to buy a home, it is an important consideration. There is no doubt that pre-construction homes have a certain appeal to homebuyers.

Buying brand new provides the opportunity to own a home that no one else has ever lived in. And because the house is in the pre-construction phase, you have the opportunity to customize it to your preferences.

If pre-construction is something you’re considering, here’s the 411 to help you decide if it really is for you.

What is a Pre-Construction Home?

A pre-construction home is exactly what it sounds like, a house you buy before constructed. Most styles of homes are available for…

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The COVID-19 pandemic certainly turned Canada’s housing market on its head. Many had anticipated a significant crash in the early days of the coronavirus public health crisis, but the opposite transpired, with a big change in consumer buying and selling patterns. Many Canadian homeowners experienced enormous equity gains on their residential properties and with remote work taking hold, they chose to sell and move elsewhere, in search of a bigger place, or a quieter way of life. What resulted in a massive demand for homes, coupled with a shortage of listings, created strong seller’s market conditions. With buying a home becoming a challenge, many homeowners decide to play it safe, with a plan to buy a house before selling one. But how do you buy a…

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MLS® home sales in Newfoundland and Labrador post third best monthly total ever in July, overall inventory remains stable

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The number of homes sold through the MLS® System of the Newfoundland and Labrador Association of REALTORS® totaled 703 units in July 2022, declining 11.9% from July 2021.

Home sales were 17.9% above the five-year average and 30.8% above the 10-year average for the month of July.

On a year-to-date basis, home sales totaled 3,563 units over the first seven months of the year. This was virtually unchanged from the same period in 2021, moving only 0.1% (five sales).

Residential activity in St. John’s was down by 10.9% on a year-over-year basis in July, while activity…

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Things are changing in Canada’s real estate landscape. 

After a scorching year for real estate in 2021—a time when home prices smashed records and sales volume rose above the norm—there appears to be a slowdown in the marketplace.  

According to the latest numbers from the Canadian Real Estate Association (CREA), home sales recorded over Canadian MLS® Systems dropped 5.6% between May and June 2022. Sales were down in three-quarters of all local markets, led by Canada’s biggest cities – the Greater Toronto Area (GTA), Greater Vancouver, Calgary, Edmonton, Ottawa, Hamilton, and Burlington to name a few.

The shift in the marketplace from a hot seller’s market to a balanced or more buyer-friendly one can feel uncertain, especially for people…

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Candian real estate news

We’ve all heard the hype: Canadian real estate is facing the deepest market correction in the last 40 years. But this isn’t the first time that experts have forecast corrections or crashes, none of which have materialized in recent history. So, let’s read between the headlines and examine some facts.

“Canadian real estate prices are dropping.”

More accurately, prices are plateauing from the meteoric rise we experienced throughout 2021 and in early 2022. According to the Canadian Real Estate Association (CREA), the MLS Home Price Index edged down 1.7 per cent month-over-month in July, but it was still up 10.9 per cent year-over-year. While we have seen some easing in prices, the sky is nowhere near falling. In fact, there…

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Guide to flipping a house

The Canadian government has set its sights on the house-flipping industry to cool housing prices. Ottawa held that slapping an anti-flipping tax would help bring down home valuations, allowing a greater number of prospective homebuyers to purchase a property. Indeed, flipping a house in the Canadian real estate market can be wealth-generator for individuals and corporations, under the right market conditions. But how can you take advantage of such opportunities?

We have compiled a guide of the best tips to keep in mind.

A Beginner’s Guide to Flipping a House

#1 Do the Math

When flipping a house, some people think it’s merely about the market value. However, several other financial factors are critical to remember.

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