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With The Realty Market Cooling, Is Now The Time To Buy A Home?

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For a couple of years, Canada’s property market was on a steep upward spiral. House prices skyrocketed, until they had far surpassed pre-pandemic highs. Then interest rates started to rise, and buying a home became more expensive than ever.

However, the rise of interest rates meant that the high prices could not last for long. Since May, Canada’s realty market has been cooling quickly. While we have not seen a crash, prices are significantly down from their peaks.

With this in mind, you may be thinking about buying a home in the near future. Is this a good idea or should you wait for prices to drop even further? What about the expense of actually decorating your new home?

 

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Are prices still going down?

Prices have not stopped declining since May. They have declined every month including October 2022. However, that does not mean there are no signs that the decline will end. On the contrary, the pace of the decline in October was the lowest since the downturn began.

There is never any surefire way to predict the housing market. Experts get it wrong fairly often. But indications do still mean something. The fact that the decline is slowing is a strong sign that we are reaching the end and that prices will start to rise again.

In light of this, you may think that now is the best time to buy a home, rather than waiting for prices to rise. But furniture prices will also play a part in your decision, as will the available mortgage rates.

 

Is furniture expensive?

Inflation has hit everyone pretty hard. Industries that rely on construction and manufacturing have had it harder than others. Supply chain delays, along with the cost of gas, have led to soaring expenses. As such, prices have been going up throughout 2022.

However, as we approach the end of the year, many companies have managed to turn this around and are offering lower prices to ease the stress on customers. Canadian furniture companies, such as Bouclair, are offering lower rates on items than have been available for a long time.

If you’re looking to furnish a new home, you won’t have to worry about high prices. In tandem, lower housing costs and the low price of furniture may have you considering buying a home. However, interest rates may make you think again.

 

How do interest rates impact the cost of housing?

Unless you’re buying a home in cash, your mortgage payments are going to be determined based on the mortgage rates you get. The higher the benchmark interest rates in the country, the higher the mortgage rates. At present, interest rates are particularly high as the country tries to deal with inflation.

This is a major reason for the prices of homes dropping. The simple reality is that it can be more expensive to buy a cheap home now than it was to buy a more expensive home a year ago.

Canada’s property prices are low, as is the cost of furnishing a home. But this doesn’t mean it’s a good time to buy a home. On the contrary, the price you pay will be significantly linked to the mortgage rates you secure.

Real eState

8Twelve Enters into Mortgage Solution Agreement with Your Home Sold Guaranteed Realty – Financial Post

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TORONTO, Jan. 30, 2023 (GLOBE NEWSWIRE) — 8Twelve Financial Technologies Inc. (“8Twelve” or the “Company”) is pleased to announce that it has entered into an agreement to provide mortgage solutions to Your Home Sold Guaranteed Realty (“YHSGR”), its agents and their clients.

8Twelve’s proprietary INFIN8 utilizes real-time analytics, AI, and workflow automation to identify the best possible mortgage from Canada’s largest marketplace of bank, alternative, and private mortgage products.

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At Your Home Sold Guaranteed Realty, we invest in our agents more than any brokerage you will find,” said Todd Walters, CEO and Co-Founder. “Partnering with 8Twelve fits our model perfectly because we consistently equip our agents with differentiating tools that help them to build their business and dominate in the industry. This partnership ensures that YHSRG realtors have the best tool to secure financing for their deals.”

YHSGR is the only real estate brokerage in North America to be licensed by the US and Canada’s #1 real estate Coach Craig Proctor. The distinction brings with it exclusive access to Craig Proctor’s proprietary business teachings and systems for YHSGR agents; systems that have been proven to create more millionaire agents than any other real estate trainer or coach.

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“With rising interest rates and tighter lending requirements, Canadians now more than ever need to know all their home financing options,” said Akber Abbas, President & Chief Information Officer of 8Twelve.  “This agreement highlights the strength of our service offering in enabling large scale enterprises to deliver the best financing solutions to their clients.”

8Twelve is seeing increased interest and user success in its offering as companies are exploring more ways to help their clients.  8Twelve’s secure, smart technology is able to provide fast turnarounds and exceptional service levels to homebuyers as it strives to provide a mortgage solution for every borrower situation.

About Your Home Sold Guaranteed Realty
Your Home Sold Guaranteed Realty was founded with this vision: To Be the Best Place to Work, Buy, and Sell Real Estate! We are proud to be one of the fastest-growing real estate companies nationwide. If you’re looking to buy or sell a home, Your Home Sold Guaranteed Realty is there for you every step of the way. You can count on knowledgeable agents with PERFORMANCE GUARANTEES that are ready to handle every situation, giving you the peace of mind that you made the perfect choice in a Real Estate Agent and Company!

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About 8Twelve Financial Technologies
8Twelve is transforming the home financing experience by providing consumers with one convenient platform to solve all their mortgage needs. Gone are the days of needing to search for a mortgage through multiple providers such as banks, mortgage brokers, and private lenders. Borrowers can now access Canada’s largest selection of mortgages in one convenient marketplace. 8Twelve’s proprietary cloud platform INFIN8 utilizes real-time analytics, AI, and workflow automation to identify the best possible financing solution in the Canadian market (from over 65 lenders and over 7000 mortgage products).

Follow 8Twelve on:
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Contact:
Rick McLaughlin
Email: rick@8twelve.mortgage 

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Saskatoon Real Estate: 6 most expensive house lisitngs | CTV News – CTV News Saskatoon

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Housing sales have been dropping in Saskatoon. However, sales are still higher than the 10-year-trend according to the Saskatchewan Realtors Association (SRA). For those searching for something a little above average, the Saskatoon market still has some of the top luxury homes to offer.

Here are six of the most expensive homes in the region.

 

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(Realtor.ca)

(Realtor.ca)

A four-bedroom, six-bathroom home in the Nutana neighbourhood. The property has direct access to the South Saskatchewan River and offers captivating views. Over four-thousand square feet spread over three levels, including a developed basement. It also has an in-ground pool, courtyard and a dock at the river’s edge. The open-concept kitchen contains a butler’s pantry, coupled with a formal living and dining room on the main floor.

 

(Point2Homes.ca)

 

(Point2Homes.ca)

A four-bedroom, three-bath luxury home overlooking the South Saskatchewan River. This property was custom created to make the most of the breathtaking view. It offers floor-to-ceiling windows, an ultra-private rear courtyard with a built-in cooking area, a basement that has a space for a live-in nanny suite and a home gym. It also has a unique high-heel style bathtub in the master bedroom. 

 

(Realtor.ca)

(Realtor.ca)

This five-bedroom, four-bathroom home offers views of the South Saskatchewan River. It is also automated, which means you can control elements through your phone, such as windows, temperature, surround sound, lighting and security system. There is also a four-car garage on the property, a second-flood deck and landscaping.

 

(Point2Homes.ca)

(Point2homes.ca)

A five-bedroom, seven-bathroom home that offers a lot of space and comes completely furnished, except for the piano. In the basement, there is a theatre room, powder room, and storage room. The main level features a powder room, pantry and kitchen with Miele appliances. In the yard, there is a ground-level patio and a triple garage that offers direct entry to the basement.

 

(Realtor.ca)

(Realtor.ca)

One of Saskatoon’s original mansions, this 5-bedroom, 4-bathroom home was designed by Frank P. Martin, a well-known architect from the 1900s. Renovations have kept the original plan while updating the wiring, plumbing and more. This home features a private rooftop patio, a third-floor self-contained suite that is separate from the rest of the home, and the original carriage house with a loft.

 

(Realtor.ca)

 

(Realtor.ca)

This four-bedroom, three-bathroom home was built in 1962 by George Kerr in the Mid-Century Modern Style. It includes a large art studio, a floating staircase, a 20-foot ceiling and floor-to-ceiling windows. It offers views of the green space in Grosvenor Park and is a short walk to the University of Saskatchewan.

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This Week’s Top Stories: Canadian Real Estate Prices Rise Sharply In Some Markets, BoC Sees Further Declines – Better Dwelling

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This Week’s Top Stories: Canadian Real Estate Prices Rise Sharply In Some Markets, BoC Sees Further Declines  Better Dwelling

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