The 2023 real estate market in Canada is showing signs of slowing down. In cities across the country, we’re seeing market slowdowns caused by the rising interest rates. While home prices remain high, the amount of bidding wars has dropped significantly. In cities like Montreal,… Read More »Best Places to Invest in Real Estate in Canada 2023
A standing order in banking is authorization provided by the account holder to the financial institution to make a one-time or recurring payment. It is also referred to as standing instructions. Most banks and credit unions will allow their customers to set up a standing… Read More »What is a Standing Order in Banking?
If a new construction home appraisal comes in lower than the purchase price, the lender will require the borrower to increase the downpayment to cover the difference and lower the qualifying mortgage amount. When you are purchasing a new build home from a builder, it’s… Read More »New Construction Home Appraisal Less than Purchase Price
If you’re buying a new construction home; this list of electrical upgrades for a new build home will help you decide what to upgrade and what not to. A new build home can have hundreds of features to upgrade, which can make the process a… Read More »Electrical Upgrades for New Construction Home (with Price List)
The Canadian equivalent of an FHA loan in Canada is a mortgage insured by the CMHC (Canada Mortgage and Housing Corporation). The FHA loan is a mortgage offered by lenders in USA, which is backed by the Federal Housing Administration. A mortgage is a type… Read More »A Complete Guide to FHA Loans in Canada
Homebuilders use special perfumes with floral, rose, jasmine, or cherry blossom scents to make their model homes smell good. These scents have various properties that affect our emotions, hormones, happiness, positivity, and mood. If you’re like me, you’ve been inside model homes and wondered –… Read More »How Do Model Homes Smell So Good?
Yes, you can borrow money from your parents to buy a house. There are two options to borrow money from your parents – you can either receive a gift or a loan. A gift and a loan are not the same when borrowing money to… Read More »Can I Borrow Money from My Parents to Buy a House
A car loan can affect your mortgage application in a negative way, by reducing the amount of mortgage you qualify for. A car loan can increase your debt-to-income ratio, which can lower the mortgage amount you qualify for. An automotive financing car loan will show… Read More »Does a Car Loan Affect Your Mortgage Application?
Home builders do not pay closing costs, but they may offer incentives on closing costs. The majority of closing costs are related to the mortgage process, and working with the builder’s lender may provide incentives on the closing costs. The buyer is responsible for paying… Read More »Do Home Builders Pay Closing Costs?
You can buy a second home and rent out the first in Canada, as long as you make a 20% down payment on the new home, or deem the second home as a principal residence. There are many people who own a second home for… Read More »Buying a Second Home and Renting Out the First in Canada
You can get a mortgage for more than the purchase price for renovations by applying for a purchase plus improvements mortgage. This mortgage would give you additional funds to cover renovation costs for the home you’re buying. You will need to obtain quotes for the… Read More »Can You Get a Mortgage for More than the Purchase Price for Renovations
