Wednesday, September 15, 2021 / by Evelyn Lopes
9 Tips for Buying and Selling Your Home at the Same Time
Selling your home when you still need to shop for a new one can feel daunting to even the most seasoned homeowner––especially when the demand for new homes keeps rising, but the supply feels like it's dwindling.¹ You're not alone either if you're already feeling drained by the complex logistics of trying to sell and buy a new home all at once.
Searching for a new home can be exciting, but many homebuyers admit that it can also be stressful, especially if you live in an unpredictable market with plenty of competitors. Unfortunately, waiting out a competitive housing market isn’t always the best idea either since homes are in notoriously short supply across Canada, and listings are expected to remain limited in the most coveted neighbourhoods for some time.²
That doesn't mean, though, that you should just throw up your hands and give up on moving altogether. In fact, as a curre; ...
Friday, August 6, 2021 / by Evelyn Lopes
5 Factors That Reveal Where The Real Estate Market Is Really Headed
In a July release, the Canadian Real Estate Association reported that home sales had fallen for three months in a row after reaching an all-time high in March.1 So could one of the world’s hottest real estate markets finally be headed for a downturn?
We wouldn’t bet on it. That’s because even though sales have slowed, it was still the strongest June on record—and 13% higher than last year.1
"Don't be fooled — this is still an extremely strong level of demand," Bank of Montreal Economist Robert Kavcic told CBC News. "Home sales have backed off extreme levels seen in recent months, but demand is still historically strong and driving strong price growth. We believe that sales activity will continue to gradually cool in the year ahead, but it's going to take higher interest rates to soften the market in a meaningful way."1
So what can we expect from Canaf ...
Wednesday, August 4, 2021 / by Evelyn Lopes
Mortgage Backlog will likely quell rate deals
Article from: Canadian Real Estate Wealth
By Neil Sharma on July 21 2021
Mortgage underwriters are so busy that it is unlikely rates will drop again before their anticipated increase in 2022, says a Toronto-based broker.
“Consumers need to remember that what lenders discount off of the prime rate is up to the lender. Lenders tend to use lower rates to drive borrowing and the last few months have seen a record number of mortgages being processed,” said Leah Zlatkin, principal broker at Brite Mortgage and an expert with LowestRates.ca . “Lenders are short staffed and often can’t submit applications fast enough to keep up with demand. Given this environment, why would lenders incentivize homebuyers to increase lending?”
CanWise Financial recently rolled out a 98 basis variable rate mortgage that’s being made available to homebuyers who have less than 20% for their down payments. It als; ...
Thursday, July 22, 2021 / by Evelyn Lopes
How to Bridge the Appraisal Gap in Today’s Real Estate Market
If you’re searching for drama, don’t limit yourself to Netflix. Instead, tune in to the real estate market, where the competition among buyers has never been fiercer. And with homes selling for record highs,1 the appraisal process—historically a standard part of a home purchase—is receiving more attention than ever.
That’s because some sellers are finding out the hard way that a strong offer can fizzle quickly when an appraisal comes in below the sales price. Thus, many sellers favour buyers who can guarantee their full offer price—even if the property appraises for less. For the buyer, that could mean a large down payment or extra cash on hand to cover the gap.
Whether you’re a buyer or a seller, it’s never been more important to understand the appraisal process and how it can be impacted by a quickly appreciating and highly competit. ...
Tuesday, June 22, 2021 / by Evelyn Lopes
Could Rising Home Prices Impact Your Net Worth?
Learn how to determine your current net worth and how an investment in real estate can help improve your bottom line.
Among its many impacts, COVID-19 has had a pronounced effect on the housing market. Low home inventory and high buyer demand have driven home prices to an all-time high.1 This has given an unexpected financial boost to many homeowners during a challenging time. However, for some renters, rising home prices are making dreams of homeownership feel further out of reach.
If you’re a homeowner, it’s important for you to understand how your home’s value contributes to your overall net worth. If you’re a renter, now is the time for you to figure out how homeownership fits into your short-term goals and your long-term financial future. An investment in real estate can help you grow your net worth, build wealth over time, and gain a foothold in the housing market to keep pace with rising; ...