Found 14 blog entries tagged as homeownership.

Real Estate - a stable, long-term investment that offers numerous benefits, including inflation protection, and the potential for significant returns. Investing in real estate can be a smart financial move, especially for first-time homebuyers. Here are a few reasons why:

Long-Term Appreciation

Over time, property values tend to appreciate, which means that the value of your home will likely increase in the long run. While there may be short-term fluctuations, real estate has historically proven to be a reliable long-term investment. This makes it a great way to build wealth over time.

Forced Savings

When you make mortgage payments, a portion of each payment goes toward paying down the principal on your loan. This means that every…

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Moving to a new neighborhood can be an exciting and stressful experience. Whether you are moving across town or to a new city, there are many things to consider before and during the move. In this blog post, we will discuss five tips to make your relocation to a new neighborhood affordable and stress-free.

Research Your New Neighborhood

Before you move, it is essential to research your new neighborhood to get an idea of the local amenities, schools, transportation options, and crime rates. This information will help you to choose the best neighborhood that meets your needs and budget. You can research online, visit the area, or talk to the locals to get a sense of the community's vibe.

Plan and Organize Your Move

Moving requires a lot…

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Your credit score is a three-digit number that represents your creditworthiness. It is calculated based on your credit history and financial behavior. A higher credit score indicates that you are more likely to repay your debts on time, while a lower credit score suggests that you may be a higher risk borrower. In Canada, credit scores range from 300 to 900, with a score of 650 or higher considered to be good.

Your credit score is important because it affects your ability to get approved for credit, such as a credit card or loan, and the terms and interest rates that you are offered. It also impacts other areas of your life, such as renting an apartment, getting a job, and even setting up utilities.

When applying for credit, lenders will…

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For many Canadians, the decision to rent or buy a home is a significant financial decision. With the cost of housing on the rise, especially in urban areas, it can be challenging to decide what's right for you. In this article, we'll explore the pros and cons of renting and buying a home for first-time homebuyers and those looking to transition from renting to owning.

Pros of Renting:
  1. Flexibility: Renting provides more flexibility than buying since you aren't tied down to a long-term commitment. You can easily move from one rental to another without worrying about selling a property or finding a new buyer.
  2. Lower upfront costs: Renting typically requires lower upfront costs than buying. You won't need to save for a down payment or pay for…

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Are you a homeowner who is looking for a way to supplement your retirement income? If so, a reverse mortgage might be just what you need. Let's look at what a reverse mortgage is, how it works, and discuss Canadian mortgage regulations that may apply.

What is a Reverse Mortgage?

A reverse mortgage is a type of loan that allows homeowners to borrow money against the equity they have built up in their homes. Unlike a traditional mortgage where the borrower makes monthly payments to the lender, a reverse mortgage allows the homeowner to receive payments from the lender. These payments can be made as a lump sum, a monthly income, or a line of credit.

How Does a Reverse Mortgage Work?

To qualify for a reverse mortgage in Canada, you must be at…

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As a first-time homeowner, the thought of inheriting property can be both exciting and overwhelming. On the one hand, inheriting property can be a great way to get a foot on the property ladder without having to go through the stressful process of buying a home. On the other hand, inheriting property can come with its own unique set of challenges and responsibilities. In this blog post, we'll explore what first-time homeowners need to know about inheriting property, including the legal process, practical advice, and important considerations.

The Legal Process of Inheriting Property

Before we dive into the practical advice, it's important to understand the legal process of inheriting property. In general, when someone passes away and leaves…

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Buying a home as-is can be enticing. For those who’ve been struggling to get into the market, the price point can be more affordable. For others looking to buy when housing supply is low, it can present a viable avenue to explore. However, it’s important to bear in mind the decision to buy a home as-is works for some, but not for all.

Buying a home as-is means “the homeowner is selling the home in its current condition, and will make no repairs or improvements, before or after closing,” says Nick Kyte, a REALTOR® and salesperson in Ottawa, Ontario. “Essentially, what you see is what you get, but what you don’t see is also what you get.” 

When the correct steps are taken, buying a home this way could be a calculated and worthwhile risk that pays…

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deciding where to live

Whether you’re choosing to stay in the same city or relocate to a new province entirely, there are plenty of options available when looking to buy a new home, and it’s important not to box yourself in. Sure, you like the neighbourhood you live in right now, and it may be sad to leave, but there are plenty of other unique places across Canada to live, and it’s essential to consider all your options when deciding where to live.

Which is the Most Important Factor in Deciding Where to Live?

Before deciding where you want to live, it’s important to think about what you want out of a city and a home. Therefore, your decision where to live should be guided by your goals from homeownership. Before starting your house hunting…

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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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housing shortage affordability crisis

The Canadian real estate market is experiencing a correction period. While many industry observers are stopping short of calling this downturn a crash, it is clear that the once-sizzling housing sector is being doused by rising interest rates and broader uncertainty surrounding market conditions. So, are we still experiencing an affordability crisis?

In September, the national average home price tumbled 3.9 per cent from the same time a year ago to $637,673, according to the Canadian Real Estate Association (CREA). Even when Toronto and Vancouver – two of the hottest housing markets in Canada – are eliminated from the equation, the typical residential property in the country sold for more than $500,000. While this is…

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