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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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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Friday, August 2, 2024 / by Evelyn Lopes
Tips to get your Home and Family ready for Fall.
As the lazy days of summer wind down and the back-to-school hustle approaches, August is the perfect month to tackle some essential home maintenance tasks. Whether you're wrapping up summer fun or preparing for a smooth transition into fall routines, this comprehensive checklist will help you get your home in tip-top shape. From stowing away summer gear to organizing your closets, we've got all the tips and tricks you need to ensure your home and family are ready for the busy months ahead. Dive in and discover how a little preparation now can make all the difference for a stress-free and enjoyable fall season!
Stow Away Summer Essentials
As summer winds down, it’s time to clean and store your summer gear. Wash and dry beach towels, swimsuits, and picnic blankets. Store outdoor furniture, umbrellas, and toys in a clean, dry place to keep them in good condition for next year.
Create a Family Schedule
With school and work sch. ...
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Thursday, August 1, 2024 / by Evelyn Lopes
Top 4 Factors to Consider When Choosing Your Mortgage
With home prices and rates still relatively high, securing a mortgage can feel daunting––even to the most experienced borrowers. But don't let that deter you: If other homebuyers’ experiences are any indication, odds are you'll eventually find a home loan that works well for you.
In fact, research from the Real Estate and Mortgage Institute of Canada (REMIC) found that even after the Bank of Canada pushed rates to a 22-year high, most homeowners still felt satisfied with their mortgages. According to an online survey, only a small fraction regretted the mortgage that they'd chosen because they felt “locked in at ‘a bad rate.’” Fewer than a third said they would have picked another property if they'd known their mortgage rates would climb.1
Now that the Bank of Canada's policy rate has finally moved lower, this is an ideal time to compare mortgages and get pres ...
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Monday, March 11, 2024 / by Evelyn Lopes
Is Now the Best Time to Buy a House? Unpacking Spring's Unique Opportunities
The question that is on everyone's mind ... "Is Now the Best Time to Buy a House? This spring provides some unique opportunities.
...
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