Category Archives: General Interest

Re/Max Report Predicts Robust 2012 Canadian Housing Market

The Canadian housing market showed exceptional resilience in 2011, according to Re/Max’s annual housing marketing outlook. Published early last week, the report states that an estimated 460,000 homes are expected to be sold this year, a significant increase over last year’s 44,010 properties.

Re/Max credits low interest rates for the housing market’s success, along with tight inventory levels and increased urban demand. And while the European debt crisis and worsening American recession continue to plague the global marketplace, it appears to have had little effect on the Canadian housing market. The country’s economic foundations actually grew in the past year, thanks to the addition of more than 200,000 jobs and slow but steady GDP growth. According to Re/Max’s report, economists are already looking forward to increased growth and renewed investment in 2012. Continue reading →

Do You Know What a Property Disclosure Statement Is?

It’s standard practice for home sellers to freshen up their property prior to listing it on the market. A fresh coat of paint, new floors, or new light fixtures increase the value and marketability of a home. But sometimes these seemingly honest updates are done with the intentions of covering something up.

That’s why it’s crucial for homebuyers to always request a property disclosure statement. Seller’s are obligated to disclose any known defects to a potential buyer by way of this two page document. From zoning and water rights to plumbing, roofing, and structural damage, a property disclosure statement is designed to protect the buyer against a future of regret. Continue reading →

No Rate Change from the Bank of Canada

The Bank of Canada has opted to freeze rates for the 11th consecutive time, maintaining the 1.0% interest rate this morning.

The stay is consistent with Governor Mark Carney’s statements from October that forecasted no changes for the foreseeable future. The current Chairman of the Financial Stability Board insists that the Bank will remain flexible, in light of world and domestic future developments (specifically the never-ending European debt and banking crisis). Continue reading →

How to Make Wealth-Building Real Estate Decisions

It’s a sad but stark reality: when buying real estate, far too many Canadians fail to take the basic precautions or perform standard due diligence prior to submitting an offer. Instead of running the numbers, comparing mortgage rates, and consulting with a professional mortgage broker, home hunters are simply throwing caution to the wind and diving into the housing market head first. This approach is crazy – real estate is typically the largest and riskiest asset someone could ever buy. The housing crisis of the past few years has certainly showed us how problematic and unpredictable investing in real estate can be.  Continue reading →

How to Become an Open House Expert

Feeling a little wet behind the ears while shopping for your first home? Well, instead of looking listings up online, why not spend the day out and about visiting open houses in your target neighbourhoods? Even if you’re still in the window shopping phase, open houses are a great place to learn the ins and outs of your local market, refine your first time home buyer wish list, and get realistic about what you can afford based on a mortgage pre-approval. Continue reading →