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

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

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

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,

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

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

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

A buyer looks at your home, makes you an offer, you negotiate, a deal is made, and your home is sold! It's as simple as that, right? Well...not always. Could you have gotten more for your home? Did you eliminate a large portion of the buyer pool by not offering a buyer commission? No matter what led you to the decision to sell your home by yourself, here's some of the best professional real estate advice I can offer.

Compare Your Home to Others on the Market

Don't let your emotions or your need for a specific sale price impact your review of homes on the market now. Take into account that listing prices are not sale prices. Make fair compromises when it comes to determining your home’s value, and be sure that the price you come up with is based

Did you know that almost 50% of North Americans have a tendency to leave home repairs undone? Are you one of them? For many homeowners, it often comes down to simply not knowing everything that needs to be done to maintain their home. For others, it is a matter of putting it off again and again.

While little problems can be fixed quite easily, if caught in time, those same issues could become more complicated and possibly even disastrous later, especially when it comes to marketing your home to buyers. Clogged gutters could turn into water-damaged walls, chipped paint could lead to wood rot, and dirty filters could shorten the lifespan of your furnace. 

Maintaining a home can be quite a bit of work, especially if you don't know what needs to be

SASKATOON REAL ESTATE REPORT

February Update:

February's residential sales of 352 units were up from January's total of 278. They were up 53.04% from February 2020 which saw 230 units sell!

- 131 of the 352 were in the price range between $200,000 - $349,999 (37.22%)

- $200,000 - $299,999 had 85 units sell (24.72%)

- $300,000 - $349,999 had 38 units sell (12.50%)

Here are some interesting numbers for February

-$500,000 - $750,000 had 37 units sell, February 2020 saw 15 units sell

- $750,000 - $999,999 had 8 units sell, February 2020 saw 0 units sell

- $1,000,000+ had 1 unit sell, February 2020 saw 0 units sell.

When home sales are up, along with higher priced homes, it's an indication that consumers are confident in the