CategoryReal Estate news

Posted February 27, 20231 Comment Case study

Problem & Solution: I Bought A New Home, But Haven’t Sold My Old One

Higher interest rates are causing a lot of problems for homeowners. Not just in terms of being able to purchase a home – but also in terms of being able to sell the existing one. Unfortunately, this is a problem I’ve been getting far too many calls about these days. Finding a new home is really only half the battle. Selling your current home to complete the transaction is the real challenge, especially in this market.

It’s easy to feel stuck when you’re in this situation. Luckily, with the right people and the right guidance, there’s always a solution. Here’s an example of a client we were able to get out of a pretty tight corner.

Posted February 2, 20231 Comment Bank News

Is This the End of Rate Hikes?

The last few months have been tough to say the least. Variable rates are at their highest levels in 20 years. The prime rate has gone up 4.25% in less than 12 months. Every Bank of Canada announcement feels like it could be another 50 point jump. If you’re a homeowner, it’s seemingly never ending. The news certainly doesn’t help you feel otherwise. But if you take a look at what’s happened in the past, you’ll see that the time we’re in isn’t so unprecedented. We’ve been here before and we’ve gotten out of it – and I believe we’re doing it all over again.

Posted January 30, 20231 Comment Consumer Debt

The News Says Home Prices Are Falling… But Are They?

At work, on Twitter, on the news – wherever you are, it seems like everyone is talking about home prices plummeting. That’s the big headline. It’s a neat and tidy story that seems to make sense on the surface: home prices skyrocketed. Then rates went up. Then home prices started slipping. It’s the kind of story that gets clicks and sells newspapers. But if you look beneath the surface you’ll see the full story – one that’s a lot more optimistic, and one that the media often fails to report.

Posted January 20, 20231 Comment Mortgage News

You Might Sell Your Home… And Not Even Know It

Well, it’s happening again. Scammers are coming after innocent homeowners, assuming their identities, and selling their homes on their behalf. It’s disgusting behaviour that’s made even more possible by a precarious housing market. Unfortunately, this isn’t anything new. Scams like this have been happening for decades. The only thing that’s changed is how the fraudsters do it.

In most recent cases, homes were sold by tenants who used fake IDs and job letters to rent the houses. Once they’re in, they assume the identity of the homeowner, take out a mortgage in their name, and use a realtor to list the home.

Posted January 6, 2023 Bank News

What the New Foreign Buyers Ban Means For You

Now that the dust has settled from the holidays and we’re back into the swing of things, we’re reminded that January 1st, 2023 wasn’t just the first day of the new year; it was also the first day of Canada’s new foreign buyers ban. The ban was passed through parliament last summer and is now officially in place prompting many Canadians to ask, “what does this mean for me?” Unfortunately, the answer isn’t so simple.