COVID-19 has hit 2020 like a wrecking ball, slowly making its way across borders. Social distancing has us all pressing pause, letting go of priorities in favour of time spent indoors, connected only through our screens. Alas, in the real estate market, even amid a global pandemic, there are still sellers who need to sell, and buyers who need to buy. Lucky for us, [...]
With tax season right around the corner, many Canadians are collecting their tax slips outlining your earnings and investments, gathering receipts and perhaps you’re even planning how to spend your income tax refund. To some, this perceived windfall is considered a “green light” to go on a spending spree. According to Canada Revenue Agency, the average income tax refund in Canada in 2019 was $1,740 [...]
Bank drops overnight benchmark rate to 1.25% As was widely expected, the Bank of Canada announced that it is dropping its benchmark interest rate by 50 basis points. The Bank’s overnight interest rate target currently sits at 1.25 per cent, down from 1.75 per cent. Despite Canada’s economy and inflation both hovering at expected levels, the Bank cites global and Canadian economic shocks due to coronavirus concerns. [...]
Despite housing affordability, many buyers being priced out of the market 62 per cent of brokers surveyed in major Canadian cities are seeing buyers priced out of their market; however, 75 per cent of brokers agree that their market is undervalued Based on average household income rates and monthly percentage allocated to housing, Canadians can afford homes Despite the commonly held notion that housing [...]
Taking that first step on the real estate ladder can mean a steep learning curve when it comes to financial terms and how they affect you. One common area of confusion for those entering into the real estate market is the terms real estate and property taxes, which are often used interchangeably. So the real question is, are “real estate taxes” and “property taxes” [...]
Canada real estate trends reported by the Canadian Real Estate Association (CREA) are indicating a month-over-month decline in home sales. CREA’s release reports national home sales fell by 0.9 per cent in December 2019 compared to the month prior, “ending a streak of monthly gains that began last March.” At the local level, CREA’s data reveals an almost-even split between housing markets were home sales rose versus where [...]
Buying a house is one of the biggest purchases you will make in your lifetime and a lot goes into the planning and finances of purchasing a home, especially if it is your first home. From a down-payment, to repairs & maintenance, to purchasing furniture and appliances, there are hidden expenses that one might not think of when in the home-buying process. We reached [...]
