Ready but Waiting: Canadas New Buyer Trend
Ready but Waiting: Canadas New Buyer Trend
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The Hidden Cost of Breaking Your Mortgage Early
You found a better rate. Maybe you’re moving. Or consolidating debt. On the surface, breaking your mortgage might look like a smart move. But before you pull the trigger, take a closer look at the penalty. In many cases, it can eat up most of the savings or potentially worse. This guide explains how prepayment…
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buying process | financial future | first-time home buyer | home insurance | homeownership | inflation | Interest Rates | mortgage insurance | pre-construction | Real Estate | Real Estate Market | Real Estate Market Trends | Rent or Buy | resale | step-by-step guide
What Every First-Time Home Buyer Should Know
The Recipe You Need to Succeed Attend our seminar where we’ll give you real answers, home-buying strategies, and a recipe for success proven by our clients. We will provide you with a step-by-step guide with everything you need to know when it comes to buying your first home. Even if you are not a first-time buyer, all buyers are welcome! Our First-Time Home Buyer Seminar will offer you the perfect roadmap for your buying journey, where you can expect: In-depth insight into market trends A comprehensive understanding of the buying process, including where to start Clarity on what you can afford and how to prepare your finances At the end of the seminar, you will also connect one-on-one with our award-winning agents. With your dedicated guide, you can ask all your questions and receive valuable tips that reflect your unique circumstances. Whether you are looking to buy a pre-construction or a resale property, our GTA-Homes agents are prepared to walk with you while connecting you with other reliable real estate professionals you will need to have on your team. Decision to Rent or Buy Although buying a home may seem out of reach, most renters don’t realize how much money they’re actually spending each year on someone else’s mortgage and profit. Owning a home almost always comes out ahead because your monthly rental payments could have been helping you build equity in your own home instead! It also helps to factor in tax benefits, property appreciation, and other incentives when you buy. Let’s compare the numbers to give you a clear picture. If you are currently renting at $2,500 per month, plus about $130 in utilities, you’re paying $2,630 monthly or $31,560 a year. This money will only cover your cost of living and won’t do much else for you. It primarily goes toward paying off your landlord’s mortgage. Now let’s look at the monthly carrying costs of owning your own home. Let’s say you purchased a $500,000 home with a 20% down payment to avoid additional mortgage insurance fees and took on a fixed 30-year mortgage at 4% interest. Your monthly payments will need to include your mortgage payments, property taxes (1% of the property’s value annually), home insurance, and utilities.
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2025 | assignments | Buying | FHSA | First Home Savings Account | first time home buyers | First-Time Home Buyers' Tax Credit | FTHB | News | Ontario and Toronto Land Transfer Tax Rebate | Real Estate | Rent Versus Buy | renting | renting versus buying | RRSP Home Buyers' Plan | the 5% Rule
2025 is The Year for First-Time Home Buyers
If the older generation can comfortably contribute to their offspring’s home down payment, it often allows families to remain closer together, rather than new homeowners having to move far from the city in search of more affordable housing options. Intergenerational aid will likely continue, as 54% of millennials have indicated that they expect to provide the same assistance to their own children in the future. Additionally, everyone can rest assured in the long-term security that building equity offers new homeowners, so both parents and their adult children have peace of mind for the future. A Brief Window of Opportunity However, buyers should be warned that this time of opportunity won’t be around forever. With very sparse sales in the last couple of years, many development projects in the GTA have been delayed indefinitely. By 2026, we can expect that new housing inventory will stop coming in, and future buyers will only have today’s options available to them. When that time comes, we will no longer experience a buyer’s market, but the tables will be turned, and we will be in the midst of a significant seller’s market instead. It will also be much harder for first-time home buyers to enter the market in the future. The government plans to build over 200,000 rental units in the next 2 decades, which means that most developers will stop building condos and pivot toward building rental properties instead. This means that future buyers will only be able to purchase resale condos or new houses (attached or detached) if they want to become homeowners. The limited supply of resale condos and pricier new dwellings will be added challenges that many buyers will face. If you want to seize your limited opportunity today but are unsure where to start, our First-Time Home Buyers’ Seminar is perfect for you! You’ll learn everything you need to know to prepare for the financial obligations, find the perfect property, and buy with ease and security. At our in-person seminar, you will also get to ask any questions you may have with our experienced, caring, and award-winning agents. RSVP today!
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Homebuyers Q & A
Stan Direct: 604-202-1412E-mail: ssteam3000@gmail.com Referred by happy buyers and sellers since 1991
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Buying a New Home: 10 Mistakes to Avoid
WARNING: Buying a new house or a condo from the developer’s sales office is always very exciting, but if you are not very familiar with the whole process, it might cost you THOUSANDS of $$$ and many legal problems. Remember that the new development sale offices are established by the developer, and the agents working there are…
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Down Payment Optimization: How to Enhance Your Purchasing Power and Improve Your Lifestyle
When it comes to buying a home, most buyers instinctively think the bigger the down payment, the better. It seems logical—reduce your mortgage and pay less interest over time. But what if there’s a smarter way to allocate your down payment? One that enhances your purchasing power and even improves your lifestyle, without costing more…
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Understanding Insured, Insurable, and Uninsured Mortgages
When shopping for mortgages, you’re likely to come across terms like insured, insurable, and uninsured mortgages. These classifications impact the type of property you can purchase, how much you need for a down payment, and the interest rates available to you. Let’s break down what these terms mean, their requirements, and examples to clarify how…
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financing | Homebuyers | mortgage | mortgages | Real Estate | Real Estate Market | Vancouver real estate
Are you financially ready to own a home
How to calculate how much you’re spending now, what you can afford and your future expenses. Are you financially ready to own a home? Look into these 5 calculations and questions before you meet with your broker or lender. QUALIFYING FOR A MORTGAGE There are 2 affordability rules that determine how much you can spend on housing without…
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