Real Estate Blog - homeownership

Factors to Consider When 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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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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5.8M Homes Needed by 2030 To Tackle 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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What It Means to Be House Poor – and How to Avoid It

You’ve got your mortgage pre-approval, and you’re shopping the market for your perfect home. If you find one that’s priced too close to your limit, you run the risk of being house poor. Let’s look at what it is, what you can do to avoid it, and what to do if you are already house poor.

The Costs of Owning a Home

When you begin the process of looking for a home, you may think that the amount in your pre-approval letter and the house sale price are the only things that matter, but that’s not the case. There are several other costs associated with buying and maintaining a home that people often overlook:

Utilities – Your home needs water, electricity, and natural gas to run. You may also require utilities like internet and possibly city services…

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HELOCs vs. Home Equity Loans vs. Remortgaging: Tapping Into Your Home’s Equity

Homeownership has many benefits, including the ability to use your property’s equity as a lending resource.  

Whether you need funding for a renovation or to consolidate debts, a mortgage holder can access home loans and home equity lines of credit (HELOC) through their property. There’s also the option to remortgage your home, which by breaking your existing mortgage and starting a new one, can provide leftover cash through your home’s equity to pay for large expenses. 

If you’re considering employing your home’s equity, here’s what you need to know about HELOCS, home equity loans, and remortgaging.  

What is a Home Equity Line of Credit (HELOC)? 

If you’d like the flexibility of having a large chunk of change on…

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Down Payment Planning: Examining RRSPs, TFSAs, and FHSAs

Putting together the funds for a down payment often takes time and a solid strategy that goes beyond tucking a few dollars away each month. Luckily, Canadians have access to a number of investment savings accounts that can optimize their savings towards homeownership. 

Unlike a standard savings account, an investment account offers specific tax and interest benefits a regular account won’t have, making an investment savings account more advantageous when building for a down payment. For instance, Jessica Moorhouse, a millennial money expert and accredited financial counsellor, explains the longer you plan to save for a down payment, the more appropriate it is to invest your money, rather than keep it in an account that’ll gain very little interest…

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What Homeownership Looks Like for Younger Generations

The COVID-19 pandemic has paved an unexpected path to homeownership for many young Canadians. Sure, mortgage rates fell to historically low rates, but a severe lack of supply and highly competitive sellers’ markets meant many Millennials and Gen Zers were left watching from the sidelines.

As restrictions loosened and life returned back to “normal”, demand for housing increased, pushing prices up in the process. As of November 2021, the average price for a home in Canada was $720,854, a 19.6% year-over-year increase according to data from the Canadian Real Estate Association (CREA).

So what exactly does homeownership currently look like for younger generations?

When it comes to where and how younger generations are choosing to live, it turns…

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