The perfect home is essentially the place where you can kick your feet up and end the day on a good note. From the West Coast to the Maritimes, Canada has a vast and interesting repertoire that can cater to the desires of many.
Nowadays, the real estate market has become very confusing, especially if you are new on the block. To dive straight into the pond of real estate without the proper guidance can be very costly for you and your wallet. That’s why we have decided to help you out with some essential tips to have in mind while in the market for a new home in Canada.
Check the housing inventory
With the housing inventory reaching a historical all-time low, reaching the goal of owning the perfect Canadian home can be quite tricky. The housing market Canada offers requires deep and thorough research before venturing ahead.
Make use of the digital tools that are available online, see the listings, the prices, and start comparing. Let the knowledge of others empower you on this journey.
Make a list of desired locations
The house can be as pretty as it gets, but what makes or breaks the deal is the location and the neighborhood. A good neighborhood can take a home and elevate it to the next level. A location that enables you to enjoy outdoor activities should be a priority given the social options that it allows you.
Carefully create a list of where you want to put your feet up with the people you love so that you can enjoy life to the fullest.
Rely on experts
After picking up the required knowledge, it’s time for maximizing the positive outcomes of your house hunt. Estate agents are a great asset when on the lookout for a new house. The added input from the agent can feed your list with new houses each passing day.
In addition to that, when it comes to offers and sales, it’s best to have a professional around that knows how to negotiate the right price.
Think about the budget
Speaking of price, it’s time to check under the mattress for savings. With the housing market being low on inventory, expect that you are going to be paying top dollar. You should always pay a safe amount when buying a house in order to evade problems for you and your loved ones.
Budget’s big little helper
Flipping through the lists and catalogs of houses can be very exciting, but a huge disappointment can set in when the prices don’t meet your funds. Getting that preapproval on the mortgage can expand your options largely.
That being said, see how you stand with your credit score and how much of a deposit you can afford to make. If you have a good credit score and can allow for a big deposit, a conventional mortgage might be the right path for you. Conventional mortgages have fixed rates, making them easier to pay every month.
The style tips
The location is found, the funds ready, it’s time for the right pick of a style. The most beautiful Canadian houses are the minimalistic ones. Finding or designing your Canadian house, one can’t go wrong with the craftsman-style home. Even though the summers are a bit shorter for the Canadians, who don’t enjoy a large porch where kids can run around and the grill can be fired up.
DIY time
It’s time to roll up the sleeves and get the creativity flowing. Turning a property into your perfect house requires just your imagination. Here are our tips on how you can reach perfection:
Add a splash of a new color: The color should speak about your and your house’s personality. Living in a house that speaks to people about what you are really about is a great bonus. Get your brushes ready and be prepared to watch paint dry.
Eye-catching decorations: Mirrors and greenery have the potential to transform your house into a masterpiece. Many outdoor and indoor plants add to the warmness of the house, making it more comfortable for you and visitors. Consider adding as many natural elements as you can to mimic the beautiful Canadian wilderness into your home.
DIY wall art: A great way to liven up the place is to put something of yourself on the walls. Polaroids taken from vacation trips and souvenir maps can seriously do wonders to the arty side of your house.
Final thoughts
The biggest investment one can make for themselves and their loved ones is the home. Having a place where you can call home can greatly improve your quality of life.
Be sure to be pragmatic while in the market and utilize the internet and real estate experts to your advantage. Perfect doesn’t come by itself, but, a little creativity with DIY initiative can transform an ordinary house into the perfect nest.
TORONTO – One expert predicts Ottawa‘s changes to mortgage rules will help spur demand among potential homebuyers but says policies aimed at driving new supply are needed to address the “core issues” facing the market.
The federal government’s changes, set to come into force mid-December, include a higher price cap for insured mortgages to allow more people to qualify for a mortgage with less than a 20 per cent down payment.
The government will also expand its 30-year mortgage amortization to include first-time homebuyers buying any type of home, as well as anybody buying a newly built home.
CIBC Capital Markets deputy chief economist Benjamin Tal calls it a “significant” move likely to accelerate the recovery of the housing market, a process already underway as interest rates have begun to fall.
However, he says in a note that policymakers should aim to “prevent that from becoming too much of a good thing” through policies geared toward the supply side.
Tal says the main issue is the lack of supply available to respond to Canada’s rapidly increasing population, particularly in major cities.
This report by The Canadian Press was first published Sept. 17,2024.
OTTAWA – The Canadian Real Estate Association says the number of homes sold in August fell compared with a year ago as the market remained largely stuck in a holding pattern despite borrowing costs beginning to come down.
The association says the number of homes sold in August fell 2.1 per cent compared with the same month last year.
On a seasonally adjusted month-over-month basis, national home sales edged up 1.3 per cent from July.
CREA senior economist Shaun Cathcart says that with forecasts of lower interest rates throughout the rest of this year and into 2025, “it makes sense that prospective buyers might continue to hold off for improved affordability, especially since prices are still well behaved in most of the country.”
The national average sale price for August amounted to $649,100, a 0.1 per cent increase compared with a year earlier.
The number of newly listed properties was up 1.1 per cent month-over-month.
This report by The Canadian Press was first published Sept. 16, 2024.
MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
