Found 99 blog entries tagged as homebuyers.

Housing affordability in Canada

Relocation, relocation, relocation: Canadians love their neighbourhoods, but will move to achieve housing affordability

  • For 64 per cent of Canadians, relocation is among the top sacrifice they’d be willing to make in order to achieve housing affordability; however, half (50 per cent) agree that the farthest they would go would be less than 100 kilometres
    • 56 per cent say that moving to a different neighbourhood/community would be one of the top three sacrifices they would make
    • 38 per cent would make the sacrifice of moving to a different city/province/region regardless of distance
  • 38 per cent of Canadians define housing affordability as a home they can afford that meets their basic needs, and includes some…

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what is a housing bubble

What is a housing bubble? You’ve undoubtedly heard the term, but what does it actually mean, and is Canada experiencing one? Whether you already own a home, are considering buying one in the near future, or you’re waiting for the right time to sell, here we answer what is a housing bubble, what causes it, and how it may affect you.

What is a Housing Bubble?

A housing bubble happens when the price of homes rises quickly, at an unsustainable rate. Typically, a price-growth rate that’s in the high single-digits is considered to be healthy and sustainable. Under healthy conditions, homeowners continue to earn equity over time, sellers can make a profit on resale, and buyers can still afford to get into the market. This type…

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Hire a Real Estate Agent

It’s no secret that buying or selling a home can be one of life’s most stressful endeavors. With so many unknowns and variables at play, limiting stress during this event can help make the process more enjoyable; one of the simplest ways to help reduce the stress and anxiety attached to purchasing a home is to hire a real estate agent.

The Role of a Real Estate Agent

A real estate agent acts as the intermediary between buyers and sellers. The agent will connect the two and handle all legal negotiations to ensure the deal takes place without a hitch. A real estate agent helps clients sell, buy or rent their property. They also may guide the client when it comes to navigating the market, take them on showings, and assist…

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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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Avoid overspending when applying for mortgage

You’ve assessed your finances and the housing market, and researched the various financial options open to you and your household. Then, you took the leap in applying for a mortgage – quite possibly the most significant money-related decision of your life. Now you play the waiting game.

This waiting period is perhaps one of the hardest parts of the home-buying process, determining if you have been approved or rejected for a home loan. While it can be challenging, especially in this red-hot Canadian real estate market, you can be confident in your prospects if you have taken the necessary steps and employed the right strategies to receive approval and attain the best mortgage rate.

But it is not time to throw caution to…

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When housing markets begin to cool after record highs, some homebuyers get cold feet. Imagine you buy a home for $1.2 million. When it comes time to close after you have signed your purchase agreement, you notice a comparable home down the street sells for $855,000. What happens when a buyer backs out of a real estate deal?

Some homebuyers choose to walk away when it comes to closing day, despite agreeing to purchase the property. Another common scenario occurs when a homebuyer backs out after overbidding in a hot market and going over budget. Once it comes time to close, the bank completes an appraisal and refuses the entire mortgage amount. The homebuyers need to come up with hundreds of thousands of dollars to close. They walk away because they…

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Canadian real estate with luxury homes

Are the effects of the Bank of Canada’s (BoC) tightening cycle being felt in the Canadian real estate market?

For at least two years and probably longer than that, the nation’s housing market has been sizzling, with nearly every pocket of the country experiencing soaring prices and impressive sales activity. The laws of supply and demand have been in full force since the beginning of the coronavirus pandemic – inventory is low and demand has been strong – but historically low interest rates have also played a significant role.

When rates are low, prospective homeowners can take advantage of monetary conditions to increase their purchasing power and outcompete other buyers who may be interested in the same property. Now…

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While a strong offer to purchase can help you get the home of your dreams, in today’s real estate market there’s more to buying a home beyond meeting or exceeding the asking price. Want to stand out among a sea of potential buyers? Consider including a personal letter so sellers can get to know you, suggests Pete Shpak, an associate broker and REALTOR® with Oakwyn Realty’s Lee and Pete Real Estate Team in Vancouver, British Columbia.

“When we’re doing the perfect offer package to present to a seller, it’s going to have a bank draft attached to it and a personal letter—we’re using this personal letter almost every time we’re in a competitive situation now,” says Shpak.

What to include in a personal letter to sellers

Shpak recommends…

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Rising interest rates and housing market

The Bank of Canada (BoC) has said it will be use its monetary policy to tamp down inflation, which currently sits at a 30-year high, joining the chorus of central banks worldwide trying to grapple with the rapidly escalating cost of living. So far this year, the BoC has already moved forward with rising interest rates three times, and Governor Tiff Macklem is preparing the financial market for more quantitative tightening in upcoming policy meetings.

But while the objective is to garner a stranglehold on a surging consumer price index (CPI) and producer price index (PPI), rate hikes will lead to financial pain for borrowers, investors and homebuyers.

Indeed, the Canadian real estate market is seeing the effects of a…

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