Real Estate Blog - homebuyers

Should You Get a Home Inspection?

Should I get a home inspection? A careful mind always answers “yes” but under certain market conditions, some homebuyers may be tempted to bypass this critical step in the purchasing process. It could be a competitive seller’s market, or the immediate “feels” you get when you find a home that could be “the one.” From the moment you walked through the front door, you knew it had to be yours. The walk-in closet, open-concept plan and lush backyard are exactly what you’ve been dreaming of, and may be enough to overlook the leaking faucet in the bathroom and the strange smell wafting up from the basement.

Sometimes when viewing a home, it is easy to let staging get the best of us. We get so caught up in the pretty wrapping that we forget…

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What Is a Clean Offer?

What is a clean offer? This term actually has nothing to do with housework. Below, we answer some of important questions about what a clean offer is, how to go about presenting a clean offer, and the risks and benefits of making one.

What is a clean offer?

A clean offer is an offer to purchase a home without any conditions attached to it. Also called a contingency-free offer, a clean offer aims to entice the seller with the promise to buy a home without any caveat that might cause the deal to fall through, which can happen based on the conditions specified in the offer. Conditions, and reasons to renege, may relate to the buyer or seller, and may include conditions like an unsatisfactory home inspection, the buyer’s…

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What’s Mortgage Pre-Approval? Canadian Real Estate Questions Answered.

To get pre-approved for a mortgage, do I just have to be really nice to the broker?  You have questions about Canadian real estate. Read on for answers.

Though you’re probably that aware posting selfies with the house you’re interested in buying and tallying “likes” has nothing to do with pre-approval. But you may have other questions about the Canadian housing market, mortgages, offer conditions and negotiations and selling. It can all be a little overwhelming, and sometimes you need help.

That’s why RE/MAX Canada decided to hit the streets and talk with Canadians, to see what real estate questions they may need answers to.

How Much do People Really Know About Canadian Real Estate?

How much does the average person…

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Canadian Housing Market Outlook: Fall 2022

RE/MAX Canada Network expects Canadian housing market prices to decrease 2.2 per cent this fall

• RE/MAX brokers and agents anticipate prices in the Canadian housing market to ease by 2.2 per cent this fall, due to high inflation, rising interest rates and economic uncertainty
• Rising interest rates have prompted 44 per cent of Canadians to temporarily shelf their home-buying aspirations, while 34 per cent say they won’t hold on purchasing a home for the foreseeable future
• Recession worries have impelled 41 per cent of Canadians to wait to purchase/sell their home in fall 2022

Toronto, ON and Kelowna, BC, September 28, 2022 – RE/MAX brokers and agents are anticipating the national average residential sale price in the Canadian housing…

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What Are the Steps to Buying a Home?

What are the steps to buying a home? You’re starting to think about becoming a homeowner, or maybe you’ve even started to look at listings. Either way, you likely have lots of questions, from the general “how tos” to specific queries around financing, different home types and locations, to how to make an offer. To help simplify what can be a complicated process, we’ve outlined the steps to buying a house in Canada.

What Are the Steps to Buying a Home?

There’s a lot to do, but we’ve narrowed it down. Here’s our 10-step home buying process checklist to get you started!

1. Choose a real estate agent that’s right for you.

A home is a huge investment, so work with a realtor that’s knowledgeable, professional and…

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Is Low Supply Keeping Canadian Real Estate Prices High?

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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What is 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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Where Canadians Are Buying Internationally

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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The 411 on Pre-Construction Homes

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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How Do You Buy a House Before Selling One?

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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