More and more Canadians are leaving the head office for a home office, quitting corporate jobs in order to start their own companies. In fact, statistics show that nearly 20% of all income earners in Canada are now self-employed. Which is fantastic… until you need to apply for an affordable mortgage rate. Securing a mortgage when you own your own company can be difficult, especially if your business is relatively new. Today, lenders want proof of a stable income before considering adding you to their accounts. Here are a few ways to ease the process and increase your chances of qualifying for the best mortgage rates. Continue reading
Tag Archives: Home Ownership
How to Avoid Major Home Buying Errors
Housing affordability continues to remain stable across Canada, creating the perfect environment for savvy home hunters. With more houses available on the market, buyers are becoming much more competitive, rushing to complete their purchase agreements. Situations like this often lead to costly buyer errors, as anxious home hunters make hasty, uninformed choices. These mistakes are sometimes impossible to reverse, so be careful.Ā Continue reading
CAAMP Report Finds Canadian Consumers Believe They Have Too Much Debt
The seventh annual State of the Residential Mortgage MarketĀ report, conducted by CAAMP (the Canadian Association of Accredited Mortgage Professionals) has found that consumers are worried about debt. The report, which included survey data from 2,000 Canadians (half of which were homeowners), asked participants to what extent they agree with various statements based on a 10-point scale: a response of 10 indicated complete agreement. The statement, “as a whole, Canadians have too much debt,” received the the highest degree of agreement, scoring an average rating of 7.98 out of 10.
While debt remains a major cause of concern, there is a widespread opinion that Canadian real estate is a good long term investment. Consumers still feel that a mortgage is a “good debt” and very few regret taking on the size of mortgage that they did. However, there is still a very big perception that Canadian homeowners are largely unprepared for the financial obligations of purchasing a home. Continue reading
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