Archives for Buyers

What Canadian home buyers need to know NOW about the upcoming changes to Mortgage rules

Confused by the upcoming changes to the mortgage rules? Don’t panic. Our very own Kent Browne, Owner and Broker at Royal LePage Team Realty, sat down with Mortgage Broker York Polk  of Mortgage Alliance to discuss all these changes in order to help you, our clients, understand how they may affect you. What home buyers need to know before 2018 As of January 1, 2018, Canadian homebuyers will have to meet stiffer requirements in order to qualify for a mortgage with a federally regulated mortgage lender. Why are the Mortgage Rules changing? As Canada’s financial “watchdog” OSFI believes these new
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Why Appreciate Your Real Estate Agent

  When you decide to buy your first home, the initial excitement is often quickly followed by fear of the unknown. After viewing many attractive properties online, you have no idea where to start. Eventually, though, with the invaluable assistance of a real estate agent, you can purchased your dream home at a great price.   Those who have experienced a number of property transactions realize just how many reasons they have to be thankful for the trusting relationship they developed with their agent.  First, the money and time you save far exceeds the agent’s commission. From planting the For
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Financing Your Home Purchase – Mortgage Broker or Bank?

  When it comes time to purchase a new home, where should you go for financing? You may have a relationship with a bank from past transactions (RRSPs, savings accounts, car loan), so it’s the first option that comes to mind.  But, mortgage brokers are licensed specialists who have access to many lenders and mortgage rates, so they may be a better choice. Here are some pros and cons for each.   Advantages of Mortgage Brokers   do all the negotiating for you to find the lowest rate have knowledge of, and access to, the entire mortgage market have exclusive
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Real Estate Snapshot February 2016

  What a difference a day makes!  An extra day in February saw 46 sales on that day (February 29th) as per the Ottawa Real Estate Board’s news release March 3rd.   See the full Ottawa Real Estate market snapshot for February and the full story from the Ottawa Real Estate Board below. With spring around the corner, we’re starting to see more homes come on the market, if you’re thinking of selling now is a great time to get your home listed with a real estate professional.  While statistics are useful in establishing trends they should not be used as
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Saving Strategies for Every Age

  We all want to save more money, but doing it requires a plan. And, the best approach to saving depends on the stage of life you’re in because each phase has unique financial commitments. Although individual circumstances vary, these generation-specific suggestions will point you in the right direction.   Millennials (19-35)   Millennials, born between 1980 and 1996, are actually better than Gen Xers at money management, according to financial journalist Vera Gibbons. But, they tend to live in the moment and prefer instant gratification to long-term financial planning. And, because personal finance is not a core subject in
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Don’t tax my dream campaign succeeds

  The efforts of the Ontario Real Estate Association (OREA) and the Progressive Conservatives were recently rewarded when the provincial government decided they would NOT be expanding the municipal land transfer tax program.   Liberals keep election promise   In an unexpected announcement during the legislature’s question period, Municipal Affairs Minister Ted McMeekin ended concerns that the Liberals would break their election campaign promise and allow other cities and towns to introduce the tax. “There has been no call, at all, for a municipal land transfer tax,” he said, “nor is there any legislation before the House that would allow
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8 steps to getting started in property investment

  This propertyinvestment.com post from Nila Sweeney is an excellent primer for those who want to start a property portfolio. First, check your finances to see how much you can invest and get mortgage pre-approval.   Then, define what success means for you, as well as the level of risk you are comfortable with, and set your goals. Next, start budgeting and create a purchase plan.   Finally, research the market for opportunities that meet your criteria and approach them as business transactions, applying logic rather than being swayed by your emotional attachment. To read more click here. Source: Blog
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An Economist’s Letter to Millennials Who Can’t (Yet) Buy a Home

This post from Jonathan Smoke, chief economist at realtor.com, explains what Millenials can do to help themselves along the path to home ownership.   For example, a high debt burden will restrict their ability to qualify for a mortgage, and the amount they can get, so they need to limit their total debt payments (student loans, credit cards, car loans, etc.) to less than 15% of their income.   Smoke also covers the importance of improving their credit score, saving as much as they can for a down payment and creating an emergency fund for unexpected bills. To read more click here.
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The 3 Most Common Reasons a Home Inspection Kills a Deal

  In this Redfin.com post, home inspector Dylan Chalk underscores the importance of a home inspection by identifying how they can prevent a potential sale.  The most common reason is the home is not what it appears to be, especially in the case of a “flipped home”, one purchased and updated with the intention of making as much profit as possible.  The inspection reveals there are more repairs and updates than the buyer expected.  Problems with the core systems of a “fixer” house (foundation, frame, roofline, floor plan, drainage and access) add cost and complexity to the new homeowner’s projected
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Is It Time to Downsize? Ask Yourself These 4 Questions First

  If you’ve reached the time of life where you are contemplating downsizing your home, the first question to ask, according to this Realto.com post, is what kind of lifestyle do you want after downsizing? By defining how you want to live, you can narrow your search and focus on housing that will meet those requirements.   For example, if you want to escape the bluster of winter and relax on a beach, local climate conditions and geography will drive your hunt. Or, if you like social activities, you would seek active adult communities where you can interact with like-minded
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