Do Canadian homeowners really move every seven years?

From The Squamish Chief

Canadian homeowners move every seven years on average, according to a statistic that has been frequently cited in the real-estate industry for years. From Simplii Financial, to RE/MAX, to the Canadian Association of Movers, to Borrowell, the number is often used to underscore why homeowners should beware of the high cost of breaking a fixed mortgage rate if they are forced to move earlier than expected. Read more…

Canadian housing starts jumped 18% in December

From Global News

Canada Mortgage and Housing Corp. says the annual pace of housing starts in December rose 18 per cent compared with November, helped higher by an increase in multi-unit urban starts in Vancouver and Montreal. The national housing agency says the seasonally adjusted annual rate of housing starts for December was 249,255 units, up from 210,918 in November. Read more…

What does ‘AS IS’ property purchase mean in Real Estate?

From Remax Blog

Purchasing a home typically begins with making an offer, also referred to as the agreement of purchase. This document outlines the necessary conditions that must be met to finalize the deal. Common conditions typically include securing mortgage financing and sometimes undergoing a home inspection.

The concept of purchasing a property “as is” indicates the seller’s intent not to make repairs before the sale, transferring the burden of any property issues and subsequent repair costs to the buyer. It’s a common myth that an “as-is” purchase locks the buyer into the deal regardless of discovered flaws. In reality, a well-crafted “subject to inspection” clause can offer a strategic exit plan, allowing buyers to bow out gracefully if the inspection reveals substantial problems. Read more…

Where Are Mortgage Interest Rates Going in 2024?

From Remax Blog

This year, mortgage interest rates will be the talk of the Canadian real estate market. After the conventional five-year fixed-rate mortgage remained above six per cent for four consecutive months in November, a lot has occurred in the world of interest rates. And these trends could begin saving prospective homebuyers some money.

After the Federal Reserve signalled three rate cuts in 2024 at the December Federal Open Market Committee (FOMC) policy meeting, Canadian investors immediately looked at the Bank of Canada to determine what the monetary policymakers would do this year. Read more…

How Much Does It Cost to Build a House in Canada?

From Remax blog

If you’ve wondered how much it costs to build a house in Canada, you’re not alone. While housing supply has improved across the Canadian real estate markets, inventory is still far below the historical averages in many major urban centres, suburbs, and rural communities. Is it easier and more affordable to purchase a resale residential property or buy bare land and build a home from scratch? Indeed, there are many advantages to constructing a single-family home from the ground up, considering that a large swathe of homeowners are not selling their houses to endure higher interest rates. You have the opportunity to customize the space to fit your lifestyle. Room by room, you have the final say on the layout, features, and finishings. On top of all that, there is the thrill of watching the project come together. Read more…

RE/MAX Is Named a Top Franchisor 40 Years Straight

From Remax Blog

RE/MAX has hit a new milestone in advancing its longstanding reputation as a leading franchisor. Its streak of consecutive years on the prestigious Entrepreneur Franchise 500 list, a ranking of top franchisor brands across all industries, has hit 40.

In 2024, RE/MAX was once again selected as a top real estate brokerage franchisor based on multiple factors like support, extraordinary brand strength, finances, and size and growth. Read more…

6 Reasons to Get into Waterfront Property Investment

From Remax Blog

Waterfront properties are an appealing choice in Canada when investing in commercial real estate. Not only do they offer great views, but they are often in higher demand, their resale value has the potential to shoot up, and they also come with some surprising health benefits.

There are also downsides that you must consider when making any type of investment. Make sure to carefully weigh the pros and cons of waterfront property investment before making any decisions. Read more…

Winter Renovation Survival Guide

From Remax Blog

Winter might seem like an unusual time to undertake a renovation, but with the right knowledge and a bit of preparation, it can be a great time to add value to your home.

The secret to a successful winter renovation is good planning and working closely with your renovator, says RenoMark renovator Sam Lapidus. Talking to your renovator in advance about potential challenges can help you save time and money in the long run. Snow and cold weather are two of the biggest factors that can hamper a winter renovation, and they require precautionary measures so nothing’s left to chance. Read more…

Rents Rising at the Highest Rate in 40 Years

From Remax Blog

Are rents in Canada spiralling out of control? While only a handful of cities across the country enjoy modest monthly rents, recent inflation data highlight that rents are growing at the fastest pace in four decades nationwide.

According to Statistics Canada, the annual inflation rate rose 3.1 per cent in November, unchanged from the previous month. Within the consumer price index, there were three noticeable increases: mortgage interest costs (29.8 per cent), rent (7.4 per cent), and food purchased from stores (4.7 per cent). These were the largest contributors to the year-over-year jump in prices. Read more…

Does Spray Foam Insulation Make a Home Unsellable?

From Remax Blog

Spray foam insulation is an effective solution for energy savings, offering excellent insulation to keep homes comfortable throughout the year. It’s particularly good at reducing heat transfer, which can lead to lower energy costs. This insulation keeps your home warm in the winter and cool in the summer by expanding to fill gaps and cracks, creating an airtight seal that prevents drafts and air leaks. Its moisture-resistant qualities also make it ideal for damp areas like basements and attics, helping to ward off mould and mildew and contributing to a healthier home environment. Read more…

How are Canadian Mortgage Rates Determined?

From Remax Blog

Canadian mortgage rates have been in a state of flux for the last year. The pandemic prompted a trio of interest rate drops, bringing the benchmark rate down to 0.25 per cent. This, in turn, resulted in a housing boom that saw many homebuyers stretch their financing to the limit in order to be able to buy a home. Now that the boom has passed and interest rates have bounced to their highest level in 22 years, the focus has shifted to the cost of holding a mortgage, and conversations on whether a variable- or fixed-rate loan is the way to go. Read more…