RE/MAX Blog
Gentrification is often seen as a controversial topic. The meaning of gentrification describes the process where wealthier individuals or groups move into historically lower-income neighbourhoods, driving economic and social changes. Defining gentrification involves recognizing how these newcomers, with more disposable income, attract businesses, services, and amenities that cater to their lifestyle. The influx of wealth causes property values and rents to rise, displacing the original, often lower-income, residents who can no longer afford to live in their community.
The term “gentrification” was first coined in 1964 by sociologist Ruth Glass to describe the transformation of working-class neighbourhoods into middle-class ones. Gentrification is a prominent issue in several Canadian cities, including Vancouver’s Downtown Eastside, Toronto’s Parkdale, and Montreal’s Plateau-Mont-Royal. While it is true that gentrification can bring challenges, it can also be viewed as a catalyst for positive revitalization when approached with care and intentionality. Read more…
Incentives for First-Time Homebuyers
RE/MAX Blog
Homeownership is a significant milestone for many Canadians, but with the rising costs in the housing market, getting into the real estate market is getting more difficult. The good news is that you’re not alone. There are government homebuying incentives in Canada designed to ease the financial burden and help make your dream of owning a home a reality.
Federal Tax Incentives for Buying a Home
First-Time Home Buyers’ Tax Credit (HBTC)
The First-Time Home Buyers’ Tax Credit (HBTC) is a non-refundable tax credit to offset some of the initial costs associated with purchasing your first home in Canada. The HBTC provides a tax credit of $5,000, which translates to up to $750 in tax savings for the year of purchase. Read more…
Interest Rate Announcement: “Jumbo” Cut Takes Rate to 3.75%
RE/MAX Blog
Benchmark Rate Now Sits at 3.75%
In a widely expected move, the Bank of Canada has continued the downward trajectory with a jumbo half-point cut to its benchmark interest rate, which now sits at 3.75%. This marks the fourth interest rate cut in a row, thanks to cooling inflation, which fell to 1.6 per cent in September – the lowest it’s been since February 2021.
Interest Rates and the Canadian Housing Market
According to a Leger survey conducted by RE/MAX as part of the 2024 Fall Housing Market Outlook Report, even the mere prospect of lower rates has boosted confidence among first-time homebuyers, with 25 per cent of Canadians actively saving for a home purchase and expressing confidence that they will be able to buy soon. The majority of them are Gen Zs aged 18-24, at 35 per cent. Read more…
Condo vs. Apartment: The Pros and Cons
RE/MAX Blog
Choosing between an apartment vs. condo can be a challenging decision. Whether you’re looking for a new place to call home or simply exploring your housing options, it is helpful to understand the condo vs. apartment differences.
Owning a condo and renting an apartment each come with advantages and drawbacks, and your decision can significantly impact your quality of life and financial future. Let’s look into the specifics to understand the condo vs. apartment difference and the pros and cons of each. Read more…
How Will the BoC Interest Rate Impact My Mortgage?We consider many variables in life before making any big decision, and one of the most important ones to think about when buying a home is the current state of interest rates. While a low interest rate is desirable for a prospective buyer, as it means they have more purchasing power, lower rates may not be all they are cracked up to be. Read more…
Understanding Condo Rules
RE/MAX Blog
Condominiums can often be a more affordable option than single-family homes, especially when housing prices are skyrocketing or you’re looking to settle in an expensive city. However, before buying a condo, you need to consider that condos usually have a written set of rules. They could mean the difference between finding your dream home and stepping into a costly nightmare. Read more…
Building a House vs Buying a House
RE/MAX Blog
Picture yourself standing on an empty plot of land, imagining your dream home. You might flip through magazines, browse online galleries, or visit display homes to get a sense of what you want. Now think about walking through an already-built house, feeling the space, and knowing exactly what you’re getting. Each option – pre-built or custom-built – has its own unique opportunities and potential headaches. Building a house offers the allure of complete customization and modern amenities, while buying an existing home provides convenience and established neighbourhoods. We explore the various facets of building versus buying a house, offering insights to help you accomplish this important milestone. Read more…
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