Real Estate Blog

Want to know more about the home renovation tax credit just announced in Saskatchewan? We've got the low down for you!

 

Full details: https://www.saskatchewan.ca/residents/taxes-and-investments/tax-credits/home-renovation-tax-credit?fbclid=IwAR308_dlsm5Xp2PzNFnf99dSHZfgzNaY0zAAVI3L1ANjcLJiLNPVTCxHtk8

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Homebuyers needing to finance their home are required to pass a stress test, and it's about to become harder to pass. Here's what you need to know about the stress test as it stands currently and what is about to change.

What is the Stress Test?

Introduced in 2018, the stress test for insured mortgages requires applicants to meet criteria that prove they could continue to make mortgage payments based on higher interest rates.  For a stress test, mortgage lenders calculate the Gross Debt Service and Total Debt Service ratios to decide if applicants have a high enough income and low enough debt load to make higher mortgage payments should rates increase.  

Changes to the Stress Test

"Regulators plan to ratchet up the country's dreaded

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Recently I shared 6 Tips for Buying Land. In that article, I highlighted the fundamentals for buying bare land in Canada. When you buy a city or suburban home, the transaction is usually straightforward. Beyond the building inspection, there are everyday things to consider, like rights-of-way, easements, surveys, proximity to public transit, land leases, air traffic flight paths, distance to amenities, and future local development plans. These typical items will apply to any rural land purchases like easements, surveys, and coming local development plans. However, some areas are different when buying farmland specifically. Let’s have a look at some tips for buying farmland.

Work With a REALTOR®

In the case of buying land, it is recommended that

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It’s the time of year as we approach summer to expect more recreational properties to come on the market. And buying cabins and cottages is the newest fad sweeping Canada. But if you want to make that dream a reality, you’ll have to be willing to shell out some serious cash. What can be expected this season in the recreational property market?  

Cottage Prices on the Rise

In 2020 recreational properties across Canada saw prices increase by an average of 17%, and 2021 is forecasted to grow another 15%. This will depend greatly on the region, but you can expect increases in every province across Canada. Interestingly, out of 3 property categories—urban, suburban and recreational—recreational properties show the most significant increase in prices

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When the country went into lockdown a year ago, there was an expectation that the real estate market would be directly affected. As a result of lost faith in the economy and job security, the expectation was that people would stop buying and selling homes. The prediction was for a general market slowdown and a drop in home values. Surprisingly the opposite has happened. Today the market is HOT, to say the least.  

The National Post's Jesse Kline had this to say about the national market. "The resiliency of Canada's housing market came as a surprise to many, but looking back, it makes perfect sense. Last May, the Canada Mortgage and Housing Corporation (CMHC) predicted that house prices would drop by upwards of 18% due to the pandemic. Instead,

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Well, Saskatoon, it looks like we’ll be spending another summer close to home. With the real estate market as hot as it is right now, it’s evident that some people are taking the opportunity to upgrade their living situations. Imagine finding a home with a great outdoor space—kids' playset included. Or what if it has a pool? How amazing will your summer be with access to your very own backyard oasis?

If it's possible to change your primary residence to suit your desired lifestyle better, that is a great option. If you are unable to find your family’s perfect home, what can you do to improve your outdoor space? The good news is, there's plenty you can do to enhance the outdoor area you do have while you are waiting to move!

Furnishings: Need a

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Want a master suite with a walk-in closet? A double attached garage? A newer kitchen with high-end finishes and appliances? An open concept floor plan so you don't feel like you're cut off from your company when preparing dinner? These are not unreasonable desires for your next home but can be hard to find in pre-owned homes on the market, especially if the homes you are looking at are 25+ years old.

So you've exhausted the market and are now considering purchasing a new build. You get to choose the floor plan and the finishes, so it's understandable that you would be feeling this as an option. No matter how shiny and new sounds in theory, though, there's always pros and cons that should be considered before you buy a house. Let's dive into the

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For most people, buying a house is the single largest purchase they’ll ever make.  Wanting to ensure you get a good deal is only natural. But how can you really know? It’s not like you can ask the seller how much the other buyer is offering, and in a seller’s market there are likely to be multiple offers and competing bids.

Having said that, you still don’t want to overpay just because the market is hot. Of course, the price is not the only determining factor in deciding whether a home is a good purchase—location and condition are also integral factors. With that said, as your REALTOR®, I have many tools I use to help you ensure you get the best deal possible.  

Comparables

When you show interest in a property, and before we even discuss a

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