Husking Corn That's Uncooked Is Made Easy With Diane Plant

Toronto Beaches and Boardwalk at Queen St East

Toronto Beaches and Boardwalk at Queen St East

Millenials turn to Mom & Dad For Help in Buying a Home

Young Canadians are increasingly receiving help from their parents in order to become first-time buyers in Vancouver and Toronto.

A study by lender HomEquity Bank shows that parents are keen to find out about reverse mortgages to release equity in order to give their kids a downpayment.

"Ten years ago, this topic rarely came up as most seniors were more concerned with remaining self-sufficient. And, first-time homebuyers were purchasing houses on their own. That's changed. Up to 30 per cent of my clients aged 60+ now want to discuss to what degree they can help their adult children financially," explains Rona Birenbaum, financial planner and founder, Caring for Clients.

HomEquity says that by using a zero-rate mortgage registered in the home, the parents’ funds are protected and they can later choose to cancel the mortgage with the funds considered as a gift.

BACK TO WEBSITE

Using A Real Estate Broker Just Makes Good Sense-Diane Plant, Broker Agrees

Using a Real Estate Profession Guides Would-be Buyers through the Process

Aside from ensuring that a sale goes smoothly, the broker fulfills the crucial duty of guiding would-be buyers through Canada’s complex and rapidly-changing housing market in the first place.

 

As discussed by the Guelph Mercury staff in a recent piece published on their website, a real estate broker is uniquely positioned to assist “with all the details, including buying rules and the best neighbourhoods to choose in her key markets.”

 

The piece noted that an intimate knowledge of the industry is the best thing that a housing professional can bring to the table.

 

“[A broker] can help potential buyers … make the most of the buying experience when moving to the country by answering questions such as which features [are needed] nearby and how many family members plan to live in the property,” Guelph Mercury wrote. “There are some properties that already have separate living spaces set up, but you'll need to consider the rules of each region about adding separate dwellings for others.”

 

Aside from familiarity with existing regulations and tax laws, a real estate professional can navigate clients to the exact property that they need.

 

“[A broker] can collect all of your information and help you find a home that fits the description of what you're looking for, and within the amount of money you have to spend,” the article said. “If you're new to Canada and buying a home, [he or she] can help you break down any barriers that are standing in your way of becoming a homeowner.”

BACK TO WEBSITE

CONTACT US

Mortgages Are Getting Harder To Attain

GET PRE-APPROVED SOON

It’s become harder to secure a mortgage from Scotiabank for homebuyers in Vancouver and Toronto. The lender’s CEO Brian Porter says that it has cut back its lending in Canada’s two hottest housing markets.

Expressing concern over high prices, Brian Porter told Bloomberg TV: “We just took our foot off the gas the last couple quarters in terms of mortgage growth… in terms of Vancouver and Toronto."

Bank of Nova Scotia is the latest of the big banks to announce a rise in funds it is setting aside for bad loans in the energy sector but Mr Porter said that, for residential mortgages, the bank is in a good position.

BACK TO WEBSITE

Bathroom are #1 in Home Renovations

More Owners Spruce Up Bathrooms, Kitchens

Home owners are taking on larger remodeling projects, according to a survey conducted by the National Association of Home Builders Remodelers, an arm of the NAHB.

Whole house remodels and both large and small scale additions are returning to levels not seen since prior to the downturn, while bathroom and kitchen remodels remain the most common renovations, basements

Notable increases since 2013 are: whole house remodels rose by 10 %; room additions rose by 12 %; finished basements increased by 8 %; and bathroom additions jumped 7 %.

Bathrooms have topped the list of most common remodeling jobs since 2010 in the survey. Eighty-one % of remodelers report taking on a bathroom remodeling project. Seventy-nine% report taking on a kitchen remodel.

The following were the most common remodeling jobs in 2015, according to NAHB’s Remodeling Market Index Survey:

1.    Bathroom remodeling: 81% of remodelers reported job as common

2.    Kitchen remodeling: 79%

3.    Whole house remodeling: 49%

4.    Room additions: 47%

5.    Windows/door replacement: 36%

6.    Finished basement: 30%

7.    Bathroom additions: 28%

8.    Repairing property damage: 27%

9.    Decks: 26%

10. Roofing: 25%

11. Handyman services: 20%

12. Siding: 20%

13. Second story additions: 17%

14. Enclosed/added garage: 16%

15. Enclosed/added porch: 16%

16. Historic preservation: 10%

17. Finished attic: 4%

Back to Website