Saturday, November 2, 2024 / by Evelyn Lopes
Multigenerational Home Buying: How to Find a Home That Fits Your Whole Family
For many homebuyers, multigenerational living used to be considered an option of last resort: it was a route families took only when they needed to ride out a financial storm or care for ailing family members. But that mindset is on the decline: A growing number of families now say that they are embracing multigenerational living and moving in together by choice.
In fact, the share of homes occupied by three or more generations or by cohabiting households has jumped 45% in the last 20 years, according to Statistics Canada. By the time the 2021 census was recorded, over half a million kids lived with both parents and grandparents.1
Living with extended family has become especially popular in recent years as younger generations face higher home costs and seniors embrace aging in place. With average home prices continuing to outpace median incomes in Canada, first-time home buyers have b ...
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Monday, October 21, 2024 / by Evelyn Lopes
If you're preparing to buy a home, you may believe you've accounted for everything in your budget. But have you factored in all the fees associated with closing?
In a recent survey, many Canadian homebuyers reported being caught off guard by unexpected closing costs. Let’s break down these fees so your closing day goes as smoothly as possible.
1. First let's talk about High Ratio Mortgage Fees
For many homebuyers, High Ratio Mortgage HST on fees is a big surprise.
The actual High Ratio Insurance premium which is payable on mortgages that have less than 20% as downpayment equity, are required to insure the mortgage on behalf of the lender. The buyer pays that insurance premium which is added to the overall loan amount, however the HST tax on the insurance premium is due up front and may home buyers are unaware of this cost- it's a surprise.
Always ask your lender about the cost for the mortgage insurance premium, which will be dependent on the amount financed, but d ...
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Friday, October 18, 2024 / by Evelyn Lopes
Thinking about updating your home? You're not alone. Over the past five years, 94% of homeowners completed a major renovation project. Whether it’s a fresh coat of paint or a full bathroom remodel, staying on top of the latest trends can help you make smart decisions that add value and enjoyment to your home.
But here’s the catch—78% of those renovations came with budget overruns, and many also encountered unexpected delays and even regret. Today, we'll dive into the top renovation trends for 2024 and share tips to help you navigate your next project with confidence.
Renovating vs. Relocation
With rising home prices and mortgage rates, many homeowners are choosing to stay put and invest in their current property rather than move. According to Clever Real Estate, 63% of homeowners prefer to remodel their homes instead of moving into one that’s already updated. Whether it’s to improve comfort, repair damage, or boost resale value, renovations ; ...
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bathroom remodels, budget overruns, diy vs contractor, energy-efficient upgrades, home improvement costs, home remodeling, home renovation trends 2024, home value, interior painting, renovation regrets
Friday, October 18, 2024 / by Evelyn Lopes
5 ways to protect yourself online
(NC) Between work, entertainment and staying in touch with friends and family, we spend many of our waking hours living in a digital world. While there are certainly many benefits of being connected to the online world, we’re also increasingly at risk of cyber attacks. Here are five ways to protect yourself online.
Use passwords wiselyBy now, most people know that you shouldn’t use easy-to-guess passwords for websites and apps, like your child’s name or the word “password.” Create a unique password for every site you register with. That way, your other accounts won’t be at risk if the site is hacked. Each password should be at least 12 characters long and have a combination of uppercase and lowercase letters, numbers and symbols. If you’re worried about remembering these, another more secure option is to use a passphrase. This is a mix of four or more random words, using a minimum of 15 characters, that am ...
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Thursday, October 3, 2024 / by Evelyn Lopes
GTA Home Sales on the Rise: What You Need to Know
The Greater Toronto Area real estate market is heating up, and now could be the perfect time to make your move! ??
In September, home sales surged by 8.5% compared to last year, with nearly 5,000 homes sold. Not only that, but over 18,000 new listings hit the market, giving buyers more options and better negotiating power. ??
With interest rates dropping and new mortgage rules making it easier to secure financing, especially for first-time buyers, the opportunity to buy is better than ever. Whether you’re considering a condo, townhouse, or your dream family home, these favorable conditions are making homeownership more affordable.
One of the biggest updates? The average home price in the GTA has dipped slightly—just 1% down from last year. This means buyers can find great deals, particularly in more affordable housing options like condos and townhouses. ??
Curious about the full market picture? Check out the interactive ...
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