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Buying a home is one of the biggest purchases you will make in your lifetime. While the initial purchase of a home is a big cost, it is important to keep in mind the expected – and unexpected – costs of owning a home. From maintenance fixes and utilities, to insurance and emergency costs, it is important to be aware of the hidden costs of home ownership that might not always be obvious.

Take a look at these hidden costs of owning a home that you might not be aware of.

Property Taxes

Property taxes are based on the assessed value of your property. They are due at a certain time each year and can be added to your monthly mortgage payment, meaning that your lender can pay on your behalf.

Maintenance Costs

A home requires…

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What happens at a house showing? This important question has historically been eclipsed by others like, “How much should we list for?” and “How long will it take to sell?” However, COVID-19 has home many sellers considering showings from a different perspective, with extra attention paid to safety, convenience and current best-practices (think technology). Here’s what home sellers can expect when they’re showing their home, and how they can maximize this opportunity to yield higher offers and quicker sale.

Showings versus Open Houses

Showings and open houses are different. As the name suggests, an “open house” is when the seller opens their door to anyone who wants to pop in for a closer look. This method of showing a listing was extremely…

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Our gaze naturally turns toward the outdoors and our yards as the weather begins to warm and buds burst open. Design ideas sprout up on all the great ways we can enhance our fresh-air experiences during this upcoming patio season. These five landscaping trends push the boundaries on how we see our outdoor living spaces, so prepare to be inspired.

Think Smart, Think Small

Having limited outdoor space is nothing new; especially for city dwellers. How that space is used is pushing the envelope. Multitasking is king when it comes to planning which features to add and where to plant what within limited square footage. For example, a water feature…

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As of today, it’ll be a bit tougher for new and renewing mortgage borrowers to qualify for their home loan. A higher threshold for the “stress test” has come into effect, requiring borrowers to prove they can carry their mortgage costs at an interest rate of 5.25% or their contract rate plus 2%, whichever is higher. This is a slight increase from the previous threshold of 4.79%. The stricter criteria applies to both insured mortgage borrowers (those who make a down payment smaller than 20% on their home purchase) and uninsured borrowers, who put down 20% or more.

What Does the Stress Test Do?

Simply put, in order to pass the stress test, borrowers must have healthy-enough incomes and debt servicing ratios to indicate they could pay their…

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Canadians opt for more affordability and new lifestyle, flocking to recreational property market

57 per cent of markets offer properties below $500K, according to RE/MAX brokers and agents

  • Average sale price anticipated to rise up to 30% in some recreational property markets, according to RE/MAX brokers and agents.
  • 44 per cent of recreational property buyers are budgeting $200,000-$500,000 in the next 12 months.
  • 57 per cent of Canadian recreational markets include at least one property type within the $200K-$500K price range.

Kelowna, BC and Toronto, ON, May 18, 2021 – The red-hot demand seen in Canada’s urban centres has migrated into recreational markets, as interest and activity in suburban and rural properties…

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Selling your home can be an incredibly emotional, stressful process, which is why it is so important to follow the right steps when deciding to sell your home. We’ve put together a step-by-step guide to selling your home, to help guide you in the right direction to ensure your selling experience is as easy as possible.

Click the download button below to download these steps in PDF form.

1. Decide to Sell Your Home

Make sure you are ready both financially and emotionally.

2. REALTOR® Consultation

There is no commitment required on your part for the initial meeting with an agent. It will be educational and will help you identify the right agent for you. Your RE/MAX agent will provide you with a comparative market analysis and all the…

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While the impact of COVID-19 on markets and the economy has been unprecedented, there has been one constant over the past year that has provided small comfort to Canadian consumers: an ultra-low cost of borrowing that has made it easier to qualify for mortgages and other forms of credit. 

As the dust has started to settle on the economic shakeup and vaccines roll out, though, expectations are growing that interest rates will inevitably start to climb. Well, borrowers can rest easy for now, as the Bank of Canada (BoC) announced for the 10th consecutive time that their trend-setting rate will remain at 0.25%, and hinted they’ll leave it untouched until well into 2022.

However, a rosier-than-expected economic picture is prompting the Bank to assess some of…

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Home Renovations That Buyers Want

What are the home renovations that buyers want to see on the market? It’s a great question, and one you’ve likely pored over if you’re preparing to list your home for sale in the near future, or you’re embarking on a renovation with a thought to long-term resale value. According to the 2021 RE/MAX Renovation Investment Report, more than half of Canadians underwent a home renovation for personal/non-ROI purposes, with 29% choosing to renovate for non-essential “lifestyle” reasons, such as recreation-inspired projects. Despite the trend of renovating for personal use and enjoyment, 59% of Canadians said they always consider the return on investment that a renovation will have on their home’s overall market value, so while there is a current…

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How hot is the Canadian real estate market right now? It is skyrocketing so much that the Canadian Real Estate Association (CREA) is projecting that the housing market is poised to post record highs again this year. According to the association, more than 700,000 properties will change hands in 2021, up from 551,262 last year. The national average home price will surge by an annualised rate of 16.5 per cent to $665,000 this year. All this is because demand is exceeding supply at a record-breaking pace.

But will this strength continue in 2022? CREA believes that the Canadian real estate market will be beginning to cool down next year, with 614,000 transactions and prices coming in below $680,000.

“At this point everyone…

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The kitchen is the #1 place in the home that people flock to. Maybe it’s the smells bringing back fond memories of home cooking, or just the fact that it’s where food is and we all love to eat! Whatever the reason, the kitchen is the place to be, but it can get crowded quite quickly. Here are some great ways to keep your storage smart, and your kitchen looking smarter.

1. Turn Your Walls Into Storage

This is at the top of the list as it’s probably the most accessible and impactful addition you can make to your kitchen space. Regardless of the width or height of wall space you have, there are tons of options to turn them into storage havens. Simple shelves can work in a pinch for storing essentials, or you can make it more niche by fastening a…

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