Real Estate
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Realtors share their tips and tricks for winning a bidding war

Posted on 12 May 2021

Ontario’s cottage real estate market is hot right now—there’s no arguing with that. Bidding wars have sent the price of recreational properties soaring. This year, recreational property in Ontario is forecasted to increase by 17 per cent, reaching an average price of $547,207, according to Royal Lepage’s 2021 Recreational Property Survey. Much of this is due to the COVID-19 pandemic, whic ...

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Here are the most affordable cities in Ontario for buying a home right now

Posted on 12 May 2021

As the trend of working remotely entrenches itself as the new norm among office workers, more and more young urbanites have been fiddling around with the idea of moving away from Toronto — because why would you pay to live somewhere so dang expensive if you don't have to? Jobs that previously required a schlep into the downtown core every day can now be done from anywhere — lik ...

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Buying a house: What happens after your offer is accepted?

Posted on 12 May 2021

It may have taken months, or maybe years, of preparation. But you’ve finally saved up a down payment, zeroed in on your dream home and made an offer. Now the sellers have accepted and you’ve settled on a closing date. Soon, your new home will be yours.  So what’s left to do?  Celebrate – then get ready to do some more work. Once the seller accepts& ...

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Canada's mortgage rates are rising fast — here's how to secure the lowest rate possible

Posted on 12 May 2021

This article was created by MoneyWise. Postmedia and MoneyWise may earn an affiliate commission through links on this page. Homebuyers and homeowners rushed to join the party when the COVID-19 crisis produced some of the cheapest mortgages Canadians had ever seen. Dirt-cheap interest rates, fewer home listings and high demand fuelled sales. As a result, a record-breaking 551,000 homes c ...

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Should you consider a variable rate mortgage?

Posted on 12 May 2021

Could recent news from the Bank of Canada signal a continued boon for variable rate mortgages in 2021? The Bank’s announcement in March that it would keep its overnight rate at a lower bound for the foreseeable future was good news for Canadians exploring the possibility of going down the variable rate avenue. Data from Ratehub showed that fully 60 basis points currently separate the best fixed ...

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Mortgage agents beware: don’t be seduced by low rates

Posted on 12 May 2021

Mortgage agents who recommend options solely based on interest rates are not serving their clients’ interest and expose themselves to liability - and Chris Cheng, at RESCO Mortgage Investment Corporation, wants to see that change. RESCO is a mortgage investment corporation which specializes in first and second residential mortgages, bundle mortgages, and bridge loans. According to RESCO’s COO ...

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Six tips to help you through the home-buying process in Canada

Posted on 12 May 2021

The road to home ownership is not always an easy one. Throughout the past year, we’ve seen that the pandemic has created both challenges and opportunities for newcomers looking to purchase a home. For some, lifestyle changes have created opportunities for increased savings. Others have had to alter their plans in the face of economic uncertainty and rising home prices in markets across Canada. ...

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Posthaste: Why Canadians should brace for higher mortgage rates sooner than expected

Posted on 12 May 2021

Good Morning! Well, that was a surprise. The Bank of Canada took a step towards easing pandemic stimulus yesterday — the biggest yet by a major economy — with a hawkishness that surprised many observers. Not only did it say it would reduce purchases of government debt (which was expected), it also brought forward its timeline for a possible rate hike. Previously, the Bank had forecast that ...

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10 Mistakes Canadians Make With Their Mortgage

Posted on 11 May 2021

The entire concept of mortgages in Canada, including the rules and regulations surrounding fixed and variable options, is becoming increasingly confusing. This financially complex process is known to be challenging, leading to more costly errors. Choosing a mortgage in Canada is a major financial decision that requires shopping around using the services of a professional mortgage broker. This mea ...

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Real Estate A three-generation Toronto family bought this Tiny Township cottage for $420,000. They’re loving it

Posted on 01 May 2021

The buy: A four-bedroom, two-bathroom detached house in Tiny. Who: Iwona Rychalska, 40, a learning consultant who is currently a stay-at-home mom; her husband, Armando Ramos, 46, a wealth consultant; and their three kids, Camilla, 10, Dominika, 6, and Emilio, 4. Irena Rychalska, 65, a partly retired high school teacher; and Mike Rychalski, 67, who owns a commerc ...