Home Buying Guide
More and more Canadians are taking the plunge into homeownership. Regardless of the type of property, you’re looking to purchase; the entire process can seem very daunting and most new home buyers are unsure where they should start. Whether you are buying your first home, purchasing a rental property, or looking for a vacation home, the following tips will help you navigate the Canadian market.
Government Of Canada’s First Home Buyers Incentive Program
Buying your first home is one of the most substantial investments you will make. With the recent revamp of Canada’s mortgage stress test, buying a home has become more accessible as a first-time homebuyer. Launched on September 2, 2019, the First-Time Home Buyers incentive program will help assist individuals in purchasing their first home.
How Does An Aging Population Affect Real Estate?
By the year 2050, almost 20% of the population will be over the age of 65. One out of every three households will be lead by a senior citizen. This significant increase will have large impacts on the way people live, shop, and entertain themselves.The demographic shift is already having a profound impact on society and the cities in which individuals live. It is believed that by 2030, all major urban cities will see an increase in their senior population and will have to adapt and develop short and long-term strategies to respond to these changes adequately.
4 Tips To Convert Your Home Into A Vacation Rental
Sites like Airbnb and HomeAway have made it easy to turn your home into a vacation rental. Using your home as a vacation rental will allow you to maximize your investment in the property and bring in an additional source of income.
What’s Next: Bank of Canada Drops Mortgage Stress Test
Three years ago, the Bank of Canada enacted the Mortgage Stress Test to assess whether a borrower could withstand higher interest rates while also trying to bring more balance to the country’s real estate market. The bank’s minimum mortgage qualifying rate has dropped to 5.19% from 5.34% and will help increase the buying power for mortgage borrowers allowing them to afford a home up to 1.4% more.The decrease in the qualifying rate will mean that both insured and uninsured mortgages will receive a lower rate and make it easier for borrowers to qualify. The stress test requires potential buyers to show that they would still be able to make their mortgage payment if they were faced with higher interest rates and less income.
Commercial Property Inspections
Leasing or buying commercial space can be a costly endeavor for any business. Before signing a lease and locking into a legal agreement for years to come, it is important to schedule a commercial property inspection to make sure your investment is protected. Inspections can rule out any potential problems and will ensure that the space is a worthwhile investment.
Residential Home Inspections In Ontario
Whether you’re a first-time buyer or buying your third or fourth house, you know that a home inspection can make or break the deal. While Canadian home buyers often feel slightly overwhelmed when it comes to an inspection, the task does not have to be daunting!
Professional home inspectors in Ontario must be licensed and qualified to perform the inspection. A 2016 announcement by the Ontario Minister of Government and Consumer Services introduced laws to establish minimum standards for home inspections.
Adding Value Through Renovations
When it comes to updating and renovating your home, the money that you spend might not always be recouped when it comes to selling your home. When it comes to renovating, homeowners want to get the best value out of their renovation. Before deciding on a remodel, you should consider the cost versus the value and then decide if the remodel is worth the investment. The goal of a remodel is to improve your home while commanding a higher price when it comes time to sell your home.
Achieving Maximum Value in a Buyers Market
If you are considering selling your home, the price you set will play a huge factor in how long your home sits on the market. Any home will sell in a given market if the price is right. But in a buyer’s market, sellers need to become more realistic about the price they are setting for their property.
Valuing Commercial Vs. Residential Property
Any property, whether it is commercial or residential, can be a great investment property. Both property types will give investors financial reward, but the total investment for both types of properties can vary. Depending on the location, type, and demand, the value of the property may significantly vary.