Our Approach: Connecting You with Us!

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This is a common question given the market that we work in. With rising prices all over the area, it can be daunting to think about making such a large investment. There are a couple of variables to consider here: 1. Interest Rates: As interest rates continue to rise, buying power decreases. The negative correlation of rising rates outweighs the impact of a market slowdown. When you look at the overall cost of interest rates rising, for every .5 rate increase, it represents an additional 5.5% that you'll be paying each month. To put this into perspective - for a 30-year loan on a $500,000 purchase with 20% down, you're looking at an additional $43,000 in mortgage payments over the term of the loan for each .5 rise. 2. Do you have something to sell?: If you are planning to leverage equity from a current home, or need to sell before you will buy, keep in mind that should the market cool down, so does your investment. Talk to a mortgage professional sooner rather than later to discuss various scenarios for your next purchase.

In most provinces, traditionally the seller agrees to the commission that will be paid to the agent that is working for them. From there, once the listing is posted publicly on the Multiple Listing System, the commission that agent will pay to a cooperating broker is posted there. Essentially, this means that both buyer and seller agents are working for free until the deal is closed! The buyer will almost never write a cheque to pay a broker, and the agent working for the seller is paid out of the proceeds of the sale. For rentals, the way the market is right now, the tenant is usually charged a fee of one month’s rent that is often split between two cooperating brokers.

Inspection – Inspection costs vary based on the area, size of the home, and the services the inspector is providing. For a standard home inspection, a buyer should budget $400-600. Of course, other inspections require additional fees, so if you’re thinking about a lead inspection or an additional pest inspection there will be an additional cost, and so on. Lender Costs/Fees (Appraisal, Credit Report, etc) – These fees are often lumped into your closing costs that are paid at the end of the transaction, but sometimes are charged up front. Expect to pay about $390 for an appraisal. Lawyer/Legal Fees – Real estate lawyers and notaries traditionally charge a flat fee and do not charge by the hour. A real estate lawyer that is able to work on behalf of your lender will often waive the personal representation fees on your behalf, as they will be compensated by the lender. Expect to pay about $1000-1200 for lawyer/notary fees. You will be required to pay a deposit once you have performed your due diligence (inspection, financing approval, etc) which is usually around 5% of the purchase price.

If you can put down 20% or more, this is called a conventional or low ratio mortgage and usually does not require mortgage protection insurance. if you are putting down less than 20%, this is a high ratio mortgage and will require that you pay extra for mortgage default insurance through Canada mortgage and housing corporation (CMHC), Genworth financial, or Canada guarantee. We recommend speaking with your financial institution or mortgage broker for further details.

Yes and no! Properties will continue to sell year round but there are periods of higher demand. Depending on when you decide to sell could directly affect the amount of time on market and the final sale price of your home.

Weather conditions, according to area, play a role in popular times for buying/selling. Generally speaking, spring is a season in which the market picks up. Towards the latter of summer, the market demand can get substantially slower as buyers and realtors take their summer vacations.

Same goes for the fall. A second demand occurs up until about November, prior to the approaching holidays. The upside to keeping your home on the market during the holidays could be directly related to supply and demand, as there are constantly buyers in need of homes. Seller competition is substantially lower.

In general, you have the obligation to disclose anything that may be a potential problem or affect the value of the home.

In most provinces, it’s illegal to directly conceal or lie about any major issues going on in the house such as asbestos, roof damage, or lead paint. Things like strata fees and rules, neighborhood meetings, and zoning requirements should also be noted. You may want to disclose anything of the paranormal variety or if someone has passed away in the home.

Staging is a vital part of the home selling process. They say that first impressions are everything, and this couldn’t be truer when it comes to potential buyers walking into your home for the first time.

We often find that homes that have been staged sell faster and for more money than comparable non-staged homes.

Staging your home can take many different directions, but our goal is to let the potential buyer see themselves in your home. That task is much more attainable without your personal photos and mementos.