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Canadian interest rates are hovering near record highs compared to the last decade, making borrowing money significantly more expensive. Prospective homebuyers looking to take on mortgage debt face a difficult choice. Should they choose a variable-rate mortgage in the hopes that rates will fall, or lock in today before interest rates climb even further?
When it comes to owning, buying or selling real estate, sometimes it seems hard to tell the myths from reality. There is so much bad advice floating around, and even the good advice doesn't always apply to every location or type of home. Even worse, since everybody has had some connection to a home or condo, it seems like everyone you meet has an opinion about real estate—whether they're qualified or not.
There are a variety of reasons that you might choose to sell your home before the mortgage term ends. The most common reason is that you are moving to a new location or that your family situation has changed, with the addition of children or adult children moving out. In all these cases, your home no longer meets your needs, and you may want to break your mortgage contract. If you are considering selling your house early, make sure that you understand the costs that are associated with breaking the mortgage contract.
You’ve got your mortgage pre-approval, and you’re shopping the market for your perfect home. If you find one that’s priced too close to your limit, you run the risk of being house poor. Let’s look at what it is, what you can do to avoid it, and what to do if you are already house poor.
Despite recent softening in the housing market, home ownership in Canada is expensive and can be intimidating if you’re a first-timer. Luckily, there’s financial help and incentives for first-time homebuyers, which can help offset the cost of purchasing a new home. You don’t need to feel as if you have to do it all alone – read below to see what incentives are available.
Deciding to place your home on the market this fall? That’s great! Getting your home ready for sale is just as important in the fall and maintaining curb appeal requires different attention then in the spring and summer. Follow these six tips for selling your home this fall, and you might just get it sold before the last leaf falls.