Real Estate Blog - homebuyers

4 Reasons You Need a Home Inspection for a New Build

Think you don’t need a home inspection when you purchasing a new build? Think again! Here are four reasons you need a home inspection—even if it’s a new build. 

1. A home inspection is different from the final walk-through with the builder

During the final walk-through among the buyers, their REALTOR® and the builder, any last-minute details—like paint touch-ups—can be fixed before you get the keys. According to the Canadian Home Builders’ Association (CHBA), many new homes and condos built by licensed builders carry a third-party home warranty—they’re mandatory in Quebec, Ontario, Alberta, and British Columbia, but in other provinces, individual builders can decide whether to offer one or not. CHBA members are required to offer a warranty.

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Why You Should Live in Your Home Before Renovating it

Buying a new home is exciting, but depending on where you are on the property ladder, you may not be getting a move-in ready property. Although it can be tempting to jump right in to transform your space, it’s not always a good idea to rip down walls as soon as you close the sale. Here’s why you should put down that sledgehammer and take your time instead. 

1. You’ll learn about your home and its pain points

Whether you buy a total fixer-upper, an older home that needs minor updates, or a newly built place you want to personalize, it’s smart to play the waiting game before embarking on major renovations, says David Stevens, a REALTOR® in Victoria, British Columbia.

“I tell my purchasers I’d like to see them in the house for 12 months…

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Canadian Home Sales See Surprising Rise?

On Tuesday, November 15, the Canadian Real Estate Association (CREA) released its national housing statistics for the month of October. Below, CREA’s Senior Economist Shaun Cathcart provides an update on the current state of housing markets in Canada and explains what the data means for members:

In a surprise to many, home sales recorded over Canadian MLS® Systems edged up 1.3% between September and October 2022.

To close observers, this should not come as a surprise given that month-to-month sales declines have been becoming increasingly smaller since May. For some, the change from negative to positive results is a big deal, if only psychologically.

A 1.3% increase may not seem like much since our natural inclination is to compare it to…

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What Are Condo Fees?

What are condo fees, how are they calculated, and what do they cover? Condos have become the home of choice for many Canadian homebuyers, particularly first-timers, but increasingly move-up buyers as well. But many don’t understand this lifestyle option before deciding that it’s right for them.

Homeowners are drawn to condo living for a variety of reasons. It is a good option as residents age and can no longer care for a house or want to downsize. There is less maintenance and repair responsibility and more security features. But the big draw is often on-site amenities such as a swimming pool that you would not otherwise be able to afford.

Affordability is a big factor behind the relatively recent shift to condo living,…

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5 Questions to Ask a Condo Board Before Buying

Doing your due diligence before buying a condo is of the utmost importance. Potential questions include: 

• What are the service terms for board members?
• Does the condo board have a reserve fund and how much money is in it? 
• Does the condo have any upcoming major repairs? 
• Are water, electricity or heating included?
• Is maintenance of common areas (garbage pickup, snow removal, etc.) covered by condo fees? 

They’re all questions you’ll want answers to before you decide to put in an offer. 

Whether you live in a big city full of condos like Toronto, Ontario, or a smaller town like Canmore, Alberta, condos are often seen as a first step in homeownership for young adults. They’re also popular among seniors looking for…

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How Do Rent-to-Own Programs Work?

The Canadian real estate market is showing signs of slowing, now that interest rates are rising. Despite sales activity sliding and prices moderating, the country’s housing sector is still leaving many hopeful homebuyers sitting on the sidelines.

According to the Canadian Real Estate Association (CREA), national home sales tumbled at a monthly rate of 3.9 per cent in September. The MLS® Home Price Index (HPI) declined by 1.4 per cent month-over-month but was still up 3.3 per cent year-over-year. Meanwhile, the actual (not seasonally adjusted) national average sale price declined 6.6 per cent year-over-year, to $640,479.

New residential listings fell 0.8 per cent month-over-month, and months of inventory edged up slightly…

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Sold Over Asking – What Does This Mean?

When the Canadian real estate market peaked in February, this was undoubtedly the key question on prospective homebuyers’ lips, whether a single-family home in rural Ontario or a condominium unit in downtown Vancouver. It was also a hot topic – and goal – of home sellers from coast to coast.

The “pandemic boom” was certainly a housing market that many people will never forget, especially in the major urban centres such as Toronto and Montreal. Even Atlantic Canada got in on the enormous gains, thanks to notable population increases as a newfound freedom to work remotely opened up options on where to buy a home.

One notable trend accelerated in Canada’s housing market as it built up to its peak: homes sold over asking.

…

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How Do You Make a Low Ball Offer?

Could the Canadian housing market be in store for the return of the low-ball offer? While this buying strategy became all but extinct given the heated housing market in the last couple of years, rising interest rates have caused many markets to cool, and shift from strong seller’s markets to more balances, or even tilted in favour of buyers.

What is a Low-Ball Offer?

A low-ball offer is when a prospective homebuyer makes an offer to purchase a home that is below the asking price.

When Should You Make a Low-Ball offer?

Low-ball offers are more common in a buyer’s market, when there are more listings than there are buyers, and competition is not a factor. Another common scenario for low-ball offers is when looking to…

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What is Missing Middle Housing?

A well-served housing market means different things for different cities—and, on a more granular level, different neighbourhoods. Some people benefit more from multi-family buildings, others are better served by a larger share of single-family homes. One trend in many major Canadian markets is missing middle housing, even in those that stand to benefit from it.

What is middle housing? 

Middle housing includes duplexes, triplexes, quadplexes, townhomes, cottage courts, and laneway homes—it’s the middle ground between multi-family apartments or condos and single-family homes. Middle housing tends to be more affordable and requires a similar amount of land as single-family homes, while offering more…

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How To Sell a Haunted House – And How To Avoid Buying One!

Superstitions, stigmas and the supernatural – whether you believe in them or not, they can have a very real impact on how long it takes to sell your home and the price you’ll get for it. As a homebuyer, even the mere thought of a haunted house can have you running for your life. With that said, there’s always an upside, and in the case of a stigmatized house, an unbothered buyer could be in store for a quick closing and a great price.

Did Someone Say *GULP* Haunted House?

Most people would agree that living in a murder house might be creepy, and it may be enough to turn buyers off, regardless of tight market conditions – which some industry observers might consider even scarier than an other-worldly house guest. Whether…

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