You’ve had it with your roommates and you’ve had it with paying rent. You’re ready to move out and you’re seriously considering taking the leap into homeownership. But just because you want to buy a home, doesn’t mean you should. Before you start planning your housewarming party, take a minute to sit down and consider everything that comes along with homeownership. From mortgage rate trends to better budgeting, there’s more to buying a house than simply signing an offer. Continue reading
Category Archives: Housing Costs
Your Down Payment Affects… Everything
It doesn’t matter how you approach the task of house hunting, eventually, you’ll end up taking a good, long look at your savings. Why? Because determining how much money you have available for a down payment on your home will affect just about every aspect of the home buying decision. From the housing type, to the mortgage rate, even how you word your purchase offer, all of these decisions come down to the amount of money in your bank account. Continue reading
How to Buy a Foreclosed Home
It’s no secret that foreclosures have rocked the American real estate market over the past five years, but what about the Canadian real estate scene? While our major housing markets have faired better than that of our neighbour, there are still many foreclosed properties available across the country. First time home buyers and investors alike are jumping at the chance to take advantage of this surge of inventory thanks to affordable investment opportunities. But you can’t reap the rewards until your experience the risks. If you’re considering bidding on a foreclosed home it is important that you first understand the pros and cons of purchasing a property that’s in financial limbo. Continue reading
Consumers paying more for home insurance but mortgage interest costs decreased in Aug
The Consumer Price Index (CPI) rose 3.1% in the 12 months to August, mainly as a result of higher prices for gasoline and food purchased from stores. This follows increases of 2.7% in July and 3.1% in June. On a seasonally adjusted monthly basis, consumer prices rose 0.3% in August.
The 0.4 percentage point difference between the year-over-year increases posted in August and July was mainly the result of price increases for the purchase of passenger vehicles, electricity, homeowners’ home and mortgage insurance, telephone services and jewellery. Continue reading
Housing Types
From townhouses to triplexes, there are numerous types of properties available to Canadian consumers. Not sure what layout works best for your family? Then check out our explanation of typical housing types below. Your mortgage payments and regular monthly bills may change depending on the kind of house you acquire, therefore it is vital that you carefully weigh the pros and cons related to each design before you make your final decision.
Condominiums
Condominiums, or condominiums as they’re commonly referred to, are a popular form of housing in larger cities. Inside a condominium contract, you own the unit, but do not own the land the unit is situated on, or any of the common space (lobby, gardens, and so on) outside of your unit. In order to ensure the suitable maintenance of these areas, condo proprietors are generally charged a monthly “condo fee.” Fee’s additionally help take care of things like elevator maintenance tasks, snow removal, and the use of any onsite recreational establishments (swimming pools, work-out devices, etc.). Don’t forget, these types of monthly fees are in addition to your residence mortgage payments. Continue reading