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No Rate Hike Until March–BoC Assures Inflation Will Return To 2% over 2023-24
General Mitchell Goode 26 Jan
Month: January 2022
Renting Vs. Buying: What You Need to Know!
General Mitchell Goode 25 Jan
When it comes to the Canadian housing market, there are lots of options for where to live! From renting an apartment to owning a single-family home, it all comes down to where you see yourself living and what you can afford! The beauty is, there is no right or wrong answer when it comes to renting versus buying but let’s break down the pros and cons of both and hopefully help you to decide which is best for you!
why do people rent?
One of the most common answers to this question is affordability. Most people rent because they believe it is cheaper than owning a home. This can be true in some cases, but there are also times when monthly rent costs are higher than monthly mortgage payments. Of course, there are also cases where rent is far more affordable than buying, especially when you factor in the cost of a down payment and maintenance on a home you own, rather than one you rent. Affordability is fairly dependent on an individual’s situation, but it is not the only decision factor for choosing to rent.
Another reason individuals may choose to rent is that they simply aren’t sure where they want to live, or maybe they cannot find a place that fits their needs. If you are new to an area, you may want to rent in the meantime so you can get to know the neighbourhoods and determine which area is the right fit for you. In some cases, you simply may be unable to find a home that is affordable to buy in the area you want or within a reasonable commute from your work.
For individuals who travel a lot for work or like to be free-floating, renting can be the perfect option but if you simply believe buying a home to be out of the question, it is time to take a hard look at your options because it may not be so far fetched!
pros and cons of renting:
To help you decide if renting is right for you, we have put together a little list of pros versus cons to help you see if it is the right fit.
| Pros of Renting | Cons of Renting |
| Less maintenance Fewer repairs Lower upfront costs Short-term commitment for people unsure of where they want to plant roots Protection from potential decrease in property values |
Monthly payments may increase Potential for being evicted / lease renewal not being approved Paying to someone else’s mortgage instead of building your own equity Requiring permission to paint or remodel |
why do people buy?
According to the most recent data, Canada boasts an overall homeownership rate of 67.8%. Even for those Canadians aged 35 and under, more than 40% of households own their own homes. This is quite an impressive statistic! So, let’s look at why people choose to buy.
One of the main reasons that people choose to buy a home is to have the stability and peace of mind of owning the place you live. This means you are not at risk of being put in a situation where the landlord wants to move their parents into the basement suite and you have to leave or having to deal with increased costs if you go to renew a lease agreement.
For others, the benefit to buying comes in building up equity and ensuring that nest egg for your future. When you choose to rent, you are paying into someone else’s mortgage and into their future but when you work towards buying your own home, suddenly all that money you invested is going to your future instead. This is an extremely important aspect to consider in today’s age when many are having trouble with the idea of saving for retirement.
Now I get it, you may be thinking “if I can’t afford to retire, how can I afford to buy a house” but if you can afford to pay the high cost of rent in today’s market, then home ownership isn’t as far out of reach as you think. This is especially true if you buy a two-story home and rent out the basement, giving you ample living space upstairs but also additional income to pay your mortgage.
pros and cons of buying:
To further show the benefits and costs to buying, we have broken down some pros and cons to help you to determine if this is the right path for you.
| Pros of Buying | Cons of Buying |
| Freedom to renovate or modify your home as you wish You are building up equity in a safe, secure investment as you pay down your mortgage Potential for additional income if you have a rental suite Stability and peace of mind from being in control of your investment and owning the place where you live |
The risk of losing your home value when you sell Responsibility for all ongoing costs, including mortgage principal and interest, property taxes, insurance and maintenance Monthly payments can increase if interest rates go up at renewal time Possibility of unexpected and potentially costly repairs |
to rent or buy, that is the question!
Did you know? 4 in 10 households spend more than 30 per cent of their pre-tax income on rent, which is above the commonly accepted affordability threshold.
The latest National Bank report revealed that monthly mortgage costs for median-priced condos was higher than the average monthly rent for a similar unit in Toronto, Montreal, Vancouver, Victoria and Hamilton. At the same time, monthly mortgage payments were lower than rents in Calgary, Edmonton, Quebec City, Winnipeg and Ottawa. While this data does not include suburbs, it shows a staggering difference between mortgage payments and rent payments.
If someone can rent for $900 a month or pay a mortgage of $1200 a month, it may seem like a no brainer but it is important to remember that paying rent does not build equity! However, if you are unsure of where you want to live or cannot find a suitable and affordable home with a close enough commute to work, renting may be your only option. This is where checking listings and discussing with a real estate agent may open doors and where a mortgage broker can come in handy to help you determine if purchasing a home is viable in your near future.
yes, you can buy!
The reality is that in the long run, homeowners often fare financially better than renters because homeownership enables forced savings that accumulate over the years, growing into a sizeable nest egg.
If you are unhappy renting or really prefer the idea of owning your own home, you CAN. It is time to stop assuming you cannot make the leap from renting to buying – all you need is the right information and the right preparation!
To determine if you are able to purchase a home, a good place to start is the My Mortgage Toolbox app from Dominion Lending Centers. This app is perfect for seeing what you can afford. Using the app to calculate minimum down payments and monthly mortgage costs can help you to get a good picture of the financial landscape and your options. Looking at your budget and evaluating your current rent costs and other monthly expenses can also help you to determine your affordability bracket.
Some other things to consider before buying include:
- Your credit score – do you have good financial standing to be approved for a mortgage?
- Your savings – do you have any money put away for a downpayment? If not, do you have wiggle room in your budget to start saving?
- Your time – do you have the resources to maintain a home from the yard to any necessary repairs?
If buying a home to live in is out of the question due to the availability in your area or cost of homes close to work, another option is to consider an investment opportunity. Maybe you cannot afford to buy in the area you want so you rent in order to keep your commute short and be in a neighbourhood you love. However, you can still reap the equity benefits by investing in a vacation or rental property which would give you the necessary nest egg and help you feel more secure about your future financial situation. You could keep the investment property as long as you want! If you end up finding the perfect home in your area down the line, you could always sell your investment property and take the earnings for a down payment on the right home – or keep it as an extra security blanket!
Regardless of whether you choose to continue renting or make the leap to owning your own home, the most important factor is your financial security. What works for your friend or your parents may not work for you – and that is okay! However, educating yourself and looking into all the options will ensure that, at the end of the day, you are in the best situation for yourself.
Article From: https://dominionlending.ca/real-estate/renting-vs-buying-what-you-need-to-know
First-Time Home Buyer
General Mitchell Goode 19 Jan
Being on the path to purchasing your first home is one of the most exciting and most rewarding moments in life! While people don’t always dream of the perfect mortgage, we do grow up thinking of a white picket fence and our dream home. Even if you imagined your dream home as a 6-bedroom mansion, we all have to start somewhere!
Regardless of whether you’re buying an apartment, townhouse, rancher or two-story family house, there is nothing quite like your first home. Not only is it an amazing accomplishment and a great sense of freedom and security, but buying your first home is also a great step into the real estate market and can provide you equity and a leg-up towards future expansion.
are you ready to own a home?
Before you jump on in, there are some things you should ask yourself. As amazing as it is to be a first-time home buyer, it is important to remember that this is likely the largest financial decision you will ever make. There are a few questions you can ask yourself to make sure you’re ready to take this incredible leap!
- Are you financially stable?
- Do you have the financial management skills and discipline to handle this large of a purchase?
- Are you ready to devote the time to regular home maintenance?
- Are you aware of all the costs and responsibilities that come with being a homeowner? Let’s find out!
COSTS OF HOME OWNERSHIP:
There are two major costs of home ownership – let’s make sure you’re ready to take it on!
Upfront Costs: The initial amount of money you need to buy a home, including down payment, closing costs and any applicable taxes.
Ongoing Costs: The continued cost of living in a home you own, including mortgage payments, property taxes, insurance, utility bills, condominium fees (if applicable) and routine repairs and maintenance. It is also important to keep in mind potential major repairs, such as roof replacement or foundation repair, that may be needed now or in the future. In addition, if you choose a property that is not hooked up to municipal services (such as water or sewer) there may be additional maintenance costs to consider.
buying your first home
If you’ve decided to take the plunge, you now need to start by figuring out what you can afford. Fortunately, there are all kinds of calculators and tools available. A great place to start is the free My Mortgage Toolbox app which can help you find a mortgage broker in your area. A mortgage broker is a great alternative to traditional banks and can help you find the best rate in the market, as well as save you time by doing the leg work for you!
Regardless of whether you choose a mortgage broker or traditional bank, the first step begins with your down payment.
SECURING YOUR DOWN PAYMENT
If you are ready to get your first mortgage, you will need a down payment. The minimum down payment on any mortgage in Canada is 5 percent but putting down more is beneficial whenever possible as it will lower the amount being borrowed. However, if you can only afford the minimum that is perfectly okay! Just remember, if you are putting down less than 20 per cent to purchase your home, default insurance will be mandatory to protect the investment.
Ideally, individuals looking to purchase their first home will have built up a nest egg of savings that they can apply towards a down payment. However, we know this is not possible for everyone so if you don’t have it all saved, don’t worry! Besides being a vital savings plan for retirement, RRSPs can be a great resource for first-time home buyers and can be cashed in up to $25,000 individually towards a down payment. In fact, most mortgage brokers will tell you nearly half of all first-time buyers use their RRSPs to help with the payment. Those first buyers who choose this option will have 15 years to pay it back and can defer these payments for up to two years if necessary. Always remember though, deferring a payment can increase the time to pay off the loan and you will still owe the full amount!
Another option for securing your down payment is a gift from a family member, typically a parent. All that is required for this is a signed Gift Letter from the parent (or family member providing the funds) which states that the money does not have to be repaid and a snapshot showing that the gifted funds have been transferred.
MORTGAGE PRE-QUALIFICATION
The first step to realizing the dream of owning your first home is pre-qualification. This process provides you with an estimate of how much you can afford based on your own report of your financial situation. The benefit of this is that it sets the baseline for a realistic price range and allows you to start looking for that perfect home within your means! Now this process is not a mortgage approval, or even a pre-approval but it helps to establish your budget. You must supply an overview of your financial history (income, assets, debt and credit score) but the real requirements come with the pre-approval process where you submit your actual documentation.
MORTGAGE PRE-APPROVAL
This is the meat of the pre-purchase process and determines the actual home price you can afford. The difference between this and pre-qualification is that pre-approval requires submission and verification of your financial history to ensure the most accurate budget to fit your needs.
Pre-Approval can help determine:
- The maximum amount you can afford to spend
- The monthly mortgage payment associated with your purchase price range
- The mortgage rate for your first term
Not only does getting pre-approved make the search easier for you, but helps your real estate agent find the best home in your price range. Temptation will always be to start looking at the very top of your budget, but it is important to remember that there will be fees, such as mandatory closing costs, which can range from 1 to 4% of the purchase price. Factoring these into your maximum budget can help you narrow down a home that is entirely affordable and ensure future financial stability and security.
While getting pre-approved doesn’t commit you to a single lender, but it does guarantee the rate offered to you will be locked in from 90 to 120 days which helps if interest rates rise while you are still shopping. If interest rates actually decrease, you would still be offered the lower rate. Another benefit to pre-approval is that, when it comes time to purchase, pre-approval lets the seller know that securing financing should not be an issue. This is extremely beneficial in competitive markets where lots of offers may be coming in.
PROTECTING YOUR PRE-APPROVAL
- Refrain from having additional credit reports pulled once you have been pre-approved
- Refrain from applying for new credit, closing off credit accounts or making large purchases until after the sale is complete
- Be prepared to show a papertrail – any unusual deposits in your bank account may require explanation. Also if your down payment comes from savings, the bank will want 90 days of statements to ensure the funds are accounted for.
FINANCING APPROVAL
You’re almost there! Financial approval is the last step to getting your mortgage and buying your first home! You will need to keep in mind that just because you are pre-approved, it doesn’t guarantee that the final mortgage application is approved. Being entirely candid with your home-buying team throughout the process will be vital as hidden debt or buying a big ticket item during your 90-120 day pre-approval can change the amount you are able to borrow. It is best to refrain from any major purchases (such as a new car) or life changes (such as changing jobs) until after closing and you have the keys to your new home!
In some cases, pre-approval may not be guaranteed for reasons outside of your control. For instance, if the home was appraised below the purchase price, is a heritage home or has safety issues like asbestos, the lender may deny financing. Find a realtor that will be your advocate while showing you homes and always utilize an appraisal and inspection from foundation to roof to ensure that you do not encounter any hidden roadblocks!
CLOSING DAY
Phew, you made it. Closing day is one of the most exciting moments where all the house hunting and paperwork really pays off! It is on this day that you will want to make use of your lawyer or a notary.
To complete the process of closing the sale, your lender gives your lawyer the mortgage money. You would then pay out the down payment (minus the deposit) and the closing costs (typically 1 to 4% of the purchase price). From there, the lawyer or notary then pays the seller, registers the home in your name and gives you the deed and the keys!
Congratulations, you are now a home owner!!
Article From: https://dominionlending.ca/mortgage-tips/first-time-home-buyer
Get Your Home Equity Working for You with a Reverse Mortgage
General Mitchell Goode 17 Jan
The notion that we should be mortgage-free is a focus many of us strive to achieve the moment we realize the dream of homeownership. But, the fact is, many outstanding expenses and debts could be powered down faster – and more economically – by tapping into your home equity with a CHIP Reverse Mortgage.
There’s no time like the present to take charge of your finances and ensure you have enough cashflow to live comfortably while also using your money how you see fit – whether that involves helping out family members, spending money on your home or making a special trip or other large purchase.
Give yourself a fresh start and plan ahead
Taking advantage of your home equity through a CHIP Reverse Mortgage and freeing up some money to pay off unsecured high-interest debt on your credit cards, line of credit and/or loan, can be a very liberating move.
You’ll find that taking equity out of your home to pay off debt will also keep more money in your bank account each month – funds that would otherwise be put towards debt payments and interest.
With access to more money, you’ll not only be better able to manage your current debt, but you can also plan ahead by taking out equity to complete some home renovations or even help your children and grandchildren with their home and/or education needs.
As a Canadian 55 years or older, you may be eligible to access up to 55% of your home equity tax-free – and without impacting your CPP or OAS income. A CHIP Reverse Mortgage is a loan secured against the value of your home and, unlike a traditional loan or mortgage, you’re not required to make regular mortgage payments. The loan is repaid only when you no longer live in your home.
By paying off your debt now and/or helping a family member when they need it most, you can put yourself and your family in a better financial position moving forward. Have questions about unlocking some of your home equity through a CHIP Reverse Mortgage? Let’s discuss how this solution can benefit you.
Article From: https://dominionlending.ca/sponsored/get-your-home-equity-working-for-you-with-a-reverse-mortgage
How to Save with a Variable Mortgage
General Mitchell Goode 17 Jan
When it comes to mortgages, the age-old question remains: “Should I go with a variable or fixed-rate?”. To make an informed decision, it is important to look at the type of buyer and the historical trends.
When it comes to variable versus fixed-rate, it is important to understand what these mortgages are based off of. Fixed mortgages are so named as they are based on a fixed interest rate that is set for the duration of the term with fixed payments. On the other hand, variable-rate mortgages fluctuate with the Prime Rate. This can either mean fluctuations in your payment, or if you choose to have set payments, the interest portion of the payment.
In the last 10 years, the prime lending rate has gone from 2.50% to 3.95% and now sits at 2.45% as of January 2022. Due to recent events, these rates have seen even more of a downturn providing huge benefits to new borrowers looking to pay as little as possible.
While a variable-rate mortgage is linked to the Prime Rate, which could cause fluctuations, historically the choice of a variable rate mortgage over a fixed term has allowed borrowers to save in interest costs.
However, due to the uncertainty and potential fluctuations that can occur with a variable-rate mortgage, it comes down to the borrowers comfort. Some individuals have no wiggle room in their budget for potential changes in mortgage payments, or they do not like the uncertainty. For these clients, a fixed-rate would be the best choice.
On the other hand, clients who qualify for variable-rate mortgages have a unique opportunity to take advantage of lower interest rates. If you have a variable-rate mortgage, you can either set a fixed-payment so that, if the interest rate drops, it means you are paying more on your principal loan each month. Or, if you have flexible payments, you may see your monthly payments drop in accordance to decreases in the Prime Rate. However, since every 10% increase in payment can save three years off the amortization of a five-year term, having fixed payments provide extra benefits. After all, extra pennies towards the principle can help make a difference over the life of a 25 or 30 year mortgage.
Let’s look at the following example:
Amy and Jake have a balance owing of $300,000 on their mortgage with a variable rate at Prime minus .80%, (giving us 1.65%) with current payments set at $703 bi-weekly. The mortgage matures in 24 months but they are considering locking in for a new five-year term at 3.34%. New payments would be $739. As much as they love their home, they are considering a move in the next couple years.
When reviewing this mortgage, it is more beneficial for them to keep the remaining variable-rate in place for two years. However, if they set the payments based on 3.34% or $739 bi-weekly, this allows them to pay an extra $72 on their mortgage per month. In 24 months, the savings on interest is $4,000 and their outstanding balance is $4,000 less than by staying in the fixed rate.
Another benefit to variable-rate mortgages is that, if you choose to sell before the mortgage term is up, the penalty is typically only three months interest as opposed to much heavier interest rate differential (IRD) calculations used to determine fixed-rate mortgage penalties.
With this strategy they don’t have to feel pressure to lock-in today, plus they can continue taking advantage of the lower variable rate.
If your mortgage is maturing in the next 90-180 days and you’re not quite sure what to do, it is a good idea to contact a Dominion Lending Centres Mortgage Professional. Not only can they provide tips for your existing variable-rate mortgage to help save you money, but they can help you assess whether fixed-rate is right for you or if you should make the switch.
Article From: https://dominionlending.ca/mortgage-tips/how-to-save-with-a-variable-mortgage
Refinancing Your Home
General Mitchell Goode 17 Jan
One of the best parts about life is that it is ever-changing. This is one of the reasons that mortgages are available on short-term contracts (such as the standard 5-year) so that you can adjust your mortgage over time to best suit your needs. However, in some cases you cannot wait until the term is up. In fact, roughly six out of ten homeowners with the standard five-year fixed rate mortgage break their terms within three years.
There are a variety of reasons to refinance your mortgage such as wanting to leverage large increases in property value or get equity out of the home for renovations. In some cases, you may be unable to wait until the term is up due to life events such as divorce, a new relationship, kids going off to college or needing to consolidate debt.
Before you refinance, it is important to understand that if you do this during your term you will be breaking your mortgage agreement and there are penalties that come with that. If at all possible, it is best to wait until the end of the mortgage term before refinancing.
If you cannot wait, it is important to understand how your lender is going to calculate the penalty if you break a fixed-rate mortgage. Canada’s big banks calculate mortgage penalties based on the discount you were given from the posted rate at the time that you signed your mortgage agreement. The bank firstly takes their new posted rate for whatever time you have left in your mortgage – if you break a five year contract on year three, this would be two years – and apply the same discount they first gave you. The difference between the two shows them the amount of interest they would lose for the rest of the term based on your current balance. This is what then becomes the penalty for breaking your fixed-year term and, in many cases, can be quite hefty. Other lenders such as credit unions and monolines will use the interest rate differential or a flat three-month interest penalty.
Beyond the penalties, there are a few other points to consider before refinancing:
- You can tap into 80 per cent of the value of your home
- You cannot qualify for default insurance which can limit your lender choice
- You would have to re-qualify under the current rates and rules – including passing the “stress test” again
So what can you do? There is an option to sign a fixed rate for a shorter term, such as three years, or you can also consider a variable rate as the penalties for breaking these mortgages are much lower.
Talking to a mortgage broker about refinancing can provide you access to even greater rates and mortgage plans to best suit your needs and what you are trying to accomplish through your refinancing strategy.
BENEFITS OF REFINANCING
Regardless of why you are looking to refinance, it can come with a host of great benefits when done properly!
1. A Lower Interest Rate
Depending on where you are in your mortgage term, you could refinance to get a better rate – especially when done through a mortgage broker. On average, a mortgage broker has access to 90 lenders and is able to find you the best rate versus traditional banks which only have access to their own rate.
2. Consolidating Your Debt
When it comes to debt, there are many different types from credit cards to lines of credit to school loans to mortgages. However, many types of consumer debt have much higher interest rates than those you would pay on a mortgage. Refinancing can free up cash to help you pay out these debts. While it may increase your mortgage, your overall payments could be far lower and would be a single payment versus multiple sources. Keep in mind, you need at least 20 percent equity in your home to qualify.
3. Modifying Your Mortgage
The beauty of life is that it is ever-changing and sometimes you need to pay off your mortgage faster or change your mortgage type. Maybe you came into some extra money and want to put it towards your mortgage or maybe you are weary of the market and want to lock in at a fixed-rate for security. It is always best to do this when your mortgage term is up, but talk to a mortgage specialist about potential penalties if waiting is not possible.
4. Utilize Your Home Equity
One of the biggest reasons to buy in the first place is to build up equity in your home. Consider your home equity as the difference between your property’s market value and the balance of your mortgage. If you need funds, you can refinance your mortgage to access up to 80% of your home’s appraised value in cash!
If you are considering refinancing your home, or wondering if it is the best option for you, don’t hesitate to reach out to a Dominion Lending Centres Mortgage Professional today for expert advice!
Article From: https://dominionlending.ca/mortgage-tips/refinancing-your-home
Find Your Perfect Home Type
General Mitchell Goode 17 Jan
When it comes to finding your perfect home, there are so many more options for potential homeowners! From a single-family dwelling to a townhouse to a modular home, the choices are seemingly endless. But, before you start widening your search, let’s take a look at what makes these home types different – and which one is perfect for you!
Not surprisingly, almost half (53.6%) of Canadian households occupy the classic single-family detached house. In a distant second are condominiums with over a quarter of homeowners (27.9%) opting for this type of home (especially in metropolitan areas such as Toronto and Vancouver). Next come duplexes at 5.6%. The remaining homeowner choices are other housing options, such as semi-detached houses, mobile or modular homes and other single-attached dwellings such as urban infill homes, which come in at 12.9%.
So, which of these options is right for you!? Let’s take a look starting with the most popular option.
single-family detached
This is a single-family, stand-alone house that sits on its own lot and is the most common type of home you will find. As these are detached dwellings, they provide more privacy with less noise from neighbors. They also tend to be larger dwellings (complete with a yard!) which gives you the space and freedom to really make it your own. Due to the popularity of these homes, there is often high demand in them which can drive up selling prices. In some cases, this can lead to bidding wars and houses that sell for well over the asking price.
single-family, semi-detached
These homes are suitable for a single family and are typically attached to another house on one side. When compared to single-family detached homes, their semi-detached cousins are often more affordable to both buy and maintain. With this affordability does come somewhat less privacy and protection from noise due to the shared walls on one side. However, these homes typically have separate entrances and retain most of the privacy of a fully detached home.
duplex
These are considered structures with two single-family units on separate levels. These are great options for individuals looking to reduce home purchase and carrying costs – live in one unit, rent the second! This type of home also provides unique flexibility for older families, giving you the option to move adult children or aging parents into the second unit as needed.
As expected, these units offer less privacy than a single-family detached home and can sometimes have increased noise through the floor or ceiling.
townhouse or row house
Another popular home option are townhouses or ‘row houses’ as these are a row of single-family homes, which are connected on both sides to the next home (excluding the end unit, which is only connected on one side). Townhouses typically have private yards but, in some cases, it may be freehold or condo-style with shared ownership rights and responsibilities.
Due to the nature of these homes, they are typically more affordable than detached or semi-detached homes and also easier to maintain. Similarly, to duplexes however, these home types have less privacy and may have noise from shared walls. There are also monthly maintenance or strata fees to consider for the unit.
condominium
These are low- or high-rise buildings containing multiple apartment units. These units are individually owned, with shared ownership rights and responsibilities over the building and the common area. Condos are excellent starter homes for single adults, or couples, as they are affordable and require minimal maintenance. Some buildings even have shared amenities, such as a fitness center or swimming pool or party room.
Always check for these amenities and if you would be interested in using them. If not, why pay for them? In this case, you might be better off finding a condo with less amenities and lower strata fees. Additional considerations for condos are that these are typically much smaller than detached or semi-detached homes and there is generally more noise (depending on your buildings structure and soundproofing) and less privacy due to common areas.
modular or mobile home
Growing in popularity are modular homes, which are prefabricated homes delivered to a home-site for installation. These homes are owned by the individual, while the land it sits on could be rented or owned outright. Similar to modular homes, are mobile homes such as campers and RVs.
These types of homes are highly affordable and extremely flexible; if you relocate, you can sell the mobile home with the property or keep the home and relocate it! As these are less common and somewhat newer home types, there is less resale demand than other housing types and they are much smaller than a detached or even a condominium. If renting land in a mobile home community, there are also those costs to consider.
carriage house or urban infill
A carriage house is located on the periphery of a single-family detached house. Similarly, are urban infill homes which are a modern solution to crowded cities whereby existing space in established residential or commercial areas has been repurposed to maximize density and reduce urban sprawl.
These homes are unique in that they are often located in interesting, urban environments and have their own character when compared to other homes. They are also generally less expensive than a single-family detached home and some of the other types on our list. That said, there is potential for noise pollution if you are in a busy location. Due to the size, there is also limited inventory and limited or non-existent yard space. But if you’re looking for something affordable and unique, these are perfect for you!
Finding the right home to suit your needs means considering your lifestyle and budget now, as well as where you’ll be a few years down the road. Want more information or need help deciding the best option for you? Contact a Dominion Lending Centres Mortgage Professional to learn more about your options when it comes to buying and owning a home.
Article From: https://dominionlending.ca/real-estate/find-your-perfect-home-type
Love Where You Live
General Mitchell Goode 17 Jan
Canadians genuinely celebrate livability within their neighborhood when it comes to choosing a property to buy and live in. These are the qualities that give each homeowner the true satisfaction of his/her home. They are generally determined by a delicate balance of available green spaces, arts and culture, public institutions and local small businesses, as well as housing options.
The 2020 RE/MAX Livability Report further explores these qualities to determine the most important livability factors for Canadians today.
It turns out, livability is so important to Canadians that 8 in 10 (82 percent) would sacrifice at least one desirable attribute to live in a neighborhood that most meets their livability “must-haves”. This report also revealed that 9 out of 10 Canadians (90 percent) love where they live!
Livability is all about living life at the local level. Not surprisingly, the most important criteria for respondents when it comes to these factors is affordability, at the top 61%. While this is nearly double the value of other criteria, Canadians also consider walkability (37%) and proximity to work (34%), as well as proximity to transit, access to green spaces or dog parks, and low-density neighborhoods (all at 30%) to be important livability criteria factors.
Affordability has become a major factor in recent years due to rising house prices and increased financial awareness across the country, due to situations such as COVID-19 requiring a hard look at our personal finances. This report also looked at other personal factors beyond affordability, such as city lovers, suburban families, retirees and luxury seekers to determine the top neighborhoods in the country.
top neighborhoods based on livability criteria
AFFORDABILITY:
If you are someone who has affordability as one of your top livability criteria, hot markets like Vancouver and Toronto are no longer at the top of your list. In fact, if you have been priced out of the city and are looking for an affordable compromise, some of the top neighborhoods include: Boyle Street in Edmonton, Beltline in Calgary and Dartmouth Commons in Halifax, as well as Orleans Chatelaine Village (Ottawa), Clairville (Toronto) and Austin Heights (Vancouver). Some other areas in Winnipeg, Edmonton and Ontario are also suitable for individuals wanting an affordable compromise.
LUXURY SEEKERS:
For those Canadians still focused on luxury with proximity to restaurants and bars as well as access to green spaces, Vancouver and Toronto still rank high. Top neighborhoods in Toronto include West Don Lands and City Place with the top spots in Vancouver being the West End and the Downtown area. Other considerations include Downtown Halifax, Downtown East Village in Calgary and Downtown Edmonton.
CITY LOVERS (NO KIDS):
So you love the city and you have no kids, so you are free to do what you like! If you fall into this category, the major livability factor is proximity to work, transit, restaurants and entertainment, as well as vibrancy and high-density neighborhoods. For these buyers, the top neighborhoods in Canada include: Beltline in Calgary, Downtown Edmonton and Centretown in Ottawa as well as Ryerson (Toronto), Barrington South (Halifax) and Downtown Vancouver.
CITY LOVERS (WITH KIDS):
If you have kids but aren’t quite ready to let go of the city, your top livability factors for 2020 included walkability, access to green spaces as well as proximity to good schools and public transit. The top neighborhoods for these factors included: McCauley in Edmonton, Downtown West End in Calgary and Dartmouth Commons in Halifax. Other neighborhoods for consideration are Lowertown (Ottawa), Corktown (Toronto) and Uptown New Westminster (Vancouver).
SUBURBAN FAMILIES:
For those of you who prefer a more suburban lifestyle, Winnipeg and Edmonton both rank high for low-density neighborhoods, proximity to transit, access to green spaces and affordability. The top neighborhoods included: Bellevue in Edmonton, Greenview in Calgary and Thornhill Park in Halifax. Additional neighborhoods suitable for suburban family living are Orleans Chatelaine Village (Ottawa), Clairville (Toronto) and Mayfair/Pacific Reach (Vancouver).
RETIREES:
Lastly, when it comes to retirees, Edmonton and Halifax are considered the best options due to their vibrancy, green spaces and walking paths, proximity to health care or pharmacies and quietness. Some neighborhoods among the top for retirees include: Mill Woods Park in Edmonton, Melville Cove in Halifax and Belcarra in Vancouver. Additional mentions for retirees include Bridle Path (Toronto), Parkland (Calgary) and Beaverbrook (Ontario).
top neighborhoods in canada’s major cities
This report also broke down the top neighborhoods in Canada’s major cities. The results were:
Victoria: Downtown, North Park and Burnside are among the top neighborhoods due to their abundant green spaces and dog parks, as well as shopping, locally owned restaurants and good schools.
Vancouver: Downtown, Strathcona and Fairview are all notable for their proximity to public transit, green spaces and social spots such as bars, restaurants and shopping. The added outdoor activities available in Vancouver also factors into the livability of these top neighborhoods.
Edmonton: Downtown, Cromdale and McCauley are among the top neighborhoods in Edmonton thanks to their green spaces and dog parks, walkability and proximity to bike lanes, transit, shopping and shorter work commutes.
Calgary: Beltline, Downtown East Village and the Downtown West End are among the top neighborhoods and offer good walkability and bike lanes and access to green spaces and dog parks.
Saskatoon: Central Business District, Kelsey-Woodlawn and Caswell Hill are among the top neighborhoods due to their green spaces, parks, walkability and proximity to retail.
Winnipeg: River Heights, Norwood Flats and Osborne Village are the top three neighborhoods for Winnipeg, boasting proximity to green spaces, parks, transit and retail as well as affordability.
Toronto: Corktown, Kensington Market West and Don Lands are among the top liveable neighborhoods when considering factors such as vibrancy, proximity and green spaces. When it comes to affordability, the top Toronto neighborhoods are Trinity Bellwoods, East York and The Junction.
Halifax: Dartmouth Commons, Kempt Road and Penhorn are among the top neighborhoods for livability, as well as North End Halifax, Downtown Dartmouth and Clayton Park. Each of these options have high walkability and proximity to work and retail.
Saint John (New Brunswick): Millidgeville, East Saint John and Uptown are the most livable and most affordable neighborhoods.
St. John’s (Newfoundland): Churchill Square, Airport Heights and Clovelly Trails are among the top for livability with Galway, Rivers Edge and Grand Meadows in Paradise having the best affordability. All have access to green spaces and close proximity to retail.
Charlottetown: Parkdale, Sherwood and Spring Park are among the most livable neighborhoods in Charlottetown with improvements expected in the next three to five years for accessibility to walking paths and added bike lanes.
Article From: https://dominionlending.ca/real-estate/love-where-you-live