Are real estate prices going to drop?

It’s been a year since the federal government launched its national housing strategy, promising to invest $40 billion over ten years to help address Canada’s housing affordability crisis. But no one can predict precisely how much it will cost people buying and selling homes in the meantime. Or when those costs will start to show up on their monthly mortgage statements. So here’s what you need to know about today’s market and what might happen as we move forward. Are real estate prices going to drop? 1. More people are worried they can’t afford their mortgages. According to Bloomberg, the first sign of trouble was when mortgage default rates rose to their highest levels since the Great Recession. In February 2019 alone, more than 200,000 Americans missed payments on $1 billion in home loans. We’re nearing a tipping point where this becomes a widespread phenomenon. Defaults will become commonplace—not just in at-risk areas like California or New York City (which have been hit hard). Experts say that rising interest rates are one primary reason homeowners have difficulty keeping up with their monthly payments. As home prices increase faster than wages, it becomes harder for potential buyers to afford homes without taking out large loans. Or even go into debt because they don’t have enough savings or income from other sources (like stocks or bonds) available during times when interest rates go up higher than expected by consumers who had planned earlier purchases before things changed (e.g., after receiving higher pay raises at work). 2. The market is constrained by a lack of inventory and new construction 3. New mortgage regulations and other steps to curb debt in Canada could affect the Canadian real estate market The Canadian government has implemented a mortgage rule requiring borrowers to meet a mortgage stress test. The new rules mean that those who want to buy or refinance homes need a minimum qualifying rate of 4 percent, which is higher than the typical 2-3 percent interest rates on fixed-rate mortgages. It could affect both buyers and sellers in the market by: It could also impact properties going up for sale soon, as potential buyers may need help getting approved for financing. 4. There’s a lot of optimism that the U.S. economy may be recovering, which could dampen Canadian real estate prices The U.S. economy is showing signs of recovery, which could impact Canadian real estate prices. The housing market in the United States has been making steady gains since mid-2013, after falling from 2006 to 2012 by about 40%. In Canada, home sales have been declining for three years as interest rates have risen, and buyers are concerned about a potential economic downturn (which would hurt their employment prospects). Many people think that this will continue until the end of 2015 at least, but there is more optimism that things will turn around by then, and over time, prices will rise again but at a slower pace than before due to increased consumer debt loads. 5. Interest rates could rise—and that might not be good for your home value either Keep an eye out for interest rate hikes. While they’re not guaranteed, it’s widely expected that the Federal Reserve will raise interest rates several times over the next two years. That could make it harder to get a mortgage. And increase your monthly payments even more than they would be otherwise. Are real estate prices going to drop? If you already have a mortgage and are considering buying another house, this is something to keep in mind. It may be harder to qualify for a new loan or pay higher payments on the one you already have if rates go up. And you’ll want to know your options before taking action on any potential new property purchases. Housing start numbers fall short of expectations. Takeaway: Your home may be worth less than you think it is You’ve probably heard about the housing market and how it’s been doing well. However, the latest numbers show that starts are down, which may mean that home prices will go down. A housing start is a new home built on a lot in your neighborhood. The number of housing starts impacts your home value because they signal whether or not there is enough demand for more houses in your area (or if they might even be undervalued). If fewer homes are being built than expected, people aren’t buying as many places as they used to. And if fewer people want them, your home isn’t worth as much as you think! To sum up, we’re not saying that a housing crash is imminent. It’s unlikely. But if you are worried about your home value and want to ensure you don’t lose money on your investment, now may be the time to consider selling before prices drop any further.

Things To Ask Your Estate Agent

If you’re going to list your home with an estate agent, you should be prepared. Do you know what questions to ask? Do you know what questions not to ask? That’s why we’ve put together this list of the most important things for you (and your realtor) to discuss when it comes time for that first meeting. Do you have a list of the properties available that fit my criteria? It is an excellent question to ask your agent. If they still need to get a list of properties available that fit your criteria, they should be able to tell you how long the list has been up and how many properties are on it. It would be an honest answer if they said, “I don’t know!” It is only a good sign if they have a list and can show you one when asked (they may be new at this). How long have you been in the industry, and how much experience do you have? It would help if you asked your estate agent how long they have been in the industry. Make sure that they have enough experience and training to deal with any situation that may arise during the sale process. For example, if a buyer makes an offer on your property, you must know how to respond. So make sure your estate agent is well-trained in what to do when faced with different scenarios such as this one. You should also ask about any other skills or qualifications your estate agent might have; for example, do they understand construction? Again, it will help if there are problems related to building issues after closing on your home. How are your fees structured? Your first step in the process of finding your dream home is to select an agent. It is your most important decision, as it will impact every aspect of your sale or purchase, from price to timeframe. Your estate agent is likely to charge a fee for their services, so it’s worth doing some research and asking the following questions: What steps will you take to promote my house? How will you market my house? The average estate agent spends just 20 seconds on each property. More time is needed to impress a potential buyer, so finding out how they’ll get people interested in your house is essential. They should have a clear marketing plan which includes traditional methods like advertising and direct mail as well as digital strategies such as social media ads. And online listing sites like Rightmove and Zoopla. Do you have references I can call? The best agents will be happy to provide you with references. They should be glad to give you as many as you want! If one of the most critical aspects of your decision is finding an agent who has a high level of experience. And can guide you through this process, then you must have some way of checking that out for yourself. It’s common for agents to have worked at multiple companies over time (or even currently). The more experienced ones may have even been in real estate for decades. At the same time, their current company might have been there since day one. If they had not worked in other areas like sales or management. It’s unlikely they can give the same quality advice on negotiating contracts. Or understanding market conditions as someone who has done so. It could mean higher costs when things don’t go according to plan! How do we find out who else these agents might have worked? A simple Google search can usually turn up some helpful information about previous clients’ experiences working with them. But make sure those reviews aren’t just from friends or family members looking at their own houses first! It’s also good practice to ensure no negative comments about how responsive/unresponsive this person was during negotiations. Sometimes, these kinds of comments can raise red flags about whether someone will stick around long enough throughout negotiations once things get tough.” How much experience do you have with selling houses similar to mine? Knowing their experience with your particular property and its surroundings is an excellent way to gauge how much they know about the area. For example, if you live in a very specialized neighborhood, it might be worth asking if the agent has sold houses there. If they still need to, it might not be too helpful for them to try to sell yours. Another way of asking this question is how long they have been in real estate. And what kind of things they have sold before. You want an agent who has experience selling properties similar to yours so that they can give you some realistic advice based on their experiences. Are there any properties currently on the market that are comparable to mine? “Are there any properties currently on the market that are comparable to mine?” One of the most important things to consider when selling your property is how it compares with similar properties. For example, if you’re trying to sell a two-story house by the beach, it’s a good idea to see if any other homes on the same street have sold recently and got a picture of their prices. If one recently sold for $100,000 more than yours, it isn’t worth listing yours at that price! The answer to this question can also help you understand how long it will take to sell your property. If there are no comparable listings (or very few), then buyers won’t know what price they should expect. You Should Ask Your Estate Agent These Questions It would help if you asked your estate agent these questions: With this information, you can be sure that your estate agent will have all the tools needed to sell your home. In addition, they’ll know what needs to be done and how much it will cost, so there won’t be surprises!

Dealing With Problematic Tenants

You’ve seen the tenant horror stories: the late payers, the damage-causers, and the problematic tenants. You know that if you’re going to be a successful landlord, you must avoid these situations at all costs. But how? We’ve compiled a list of seven tips for managing problematic tenants (and their issues) more effectively. From screening prospective tenants to establishing clear policies and expectations. And giving your renters an easy way out when things go wrong. These are vital steps every landlord should take before renting out that first apartment or house. Screen prospective tenants carefully. When you find a tenant, you should always check their credit report before renting. It will give you an idea of whether or not they are likely to pay the rent on time. And it will also give you more insight into how responsible they are. If someone has a bad history of paying bills and debts in general. Then it is probably best not to rent your property out to them—you don’t want that drama in your life! Inspect your property before and after they move in. If you’re moving a new tenant into your property, you first want to inspect the home. And ensure everything is in working order. If there’s any damage, they are legally obligated to pay for it. So make sure they aren’t stealing anything or damaging your property. It is also an excellent time to check if they violate any laws (say, by growing marijuana). If you already have tenants living in your house or apartment building and something goes wrong with their lease agreement (like rent not being paid on time), it’s best practice to give them notice before evicting them. Require renters insurance. Require renters insurance. Renters insurance is essential because it protects you and the renter if something goes wrong in your apartment. A policy covering burglary, fire, flooding, and other major disasters can help you avoid spending thousands of dollars out of pocket to repair or replace damaged property (and save you from evicting a tenant with no place to go). You should also require earthquake coverage—many policies cover it for free! If your tenant doesn’t have renters insurance, make sure they sign an agreement stating they understand their financial responsibility in case of an accident on your property. You know what comes next if they don’t abide by this agreement! Establish clear policies and expectations. Establish clear policies and expectations. Before you even begin the search, it’s essential to have an idea of what kind of tenants you’re looking for. You can look at our list of common landlord questions to get started. If your rental needs immediate repairs, we also have handy guides on finding an excellent handyperson who can perform essential maintenance. Once you’ve figured out what type of tenant will work best in your situation (it’s always good to make sure they aren’t total slobs), it’s time to start drafting guidelines for them! Here are a few examples: Get everything in writing. Communicate early and often. The most important thing to do is to be clear about your expectations. If you want your tenants to pay on time and keep their homes clean, say so. Set up a system for communicating with tenants—email, text messages, or phone calls work well—and stick to it. Tenants need time to respond. Be patient if they don’t get back to you immediately (or at all). When you communicate with them, be polite and clear about what’s happening in an issue their actions might have caused. Be empathetic, but don’t be a pushover. Being a landlord is hard enough without having to deal with problematic tenants. But the fact of the matter is that you’ll have to deal with them eventually—and it’s essential to understand that there are certain things you can do to make this process easier for everyone involved. The first thing I’d recommend doing is being empathetic and compassionate toward your tenant’s situation. But also ensuring they know the line regarding acceptable behavior and what will happen if they cross it. (for example: “I understand that sometimes things get messy when people move out, so if there are any issues regarding cleanliness or other concerns related to damage caused by your departure from this property”). When there’s a violation of the lease, take action quickly. When problematic tenants violate the lease, you need to take action quickly. Your first step is to give them notice of the violation and allow them time to respond—following all of your state’s laws. If they don’t respond or you can’t resolve the problem through negotiation, proceed with eviction. Remember: being a landlord is not easy! Tenants can be frustratingly difficult at times. Tenants can make or break your experience as a landlord, so it’s critical to know how to keep things running smoothly and professionally. Ideally, you’ll want to choose tenants who will take excellent care of your property and pay on time every month—but that’s how things go in real life! So here are some tips for making the best of an already-difficult situation: A good tenant is like a good friend: they’re there when you need them and bring joy into your life, and when it comes time to part ways, it’s hard. But if you take the proper steps to screen potential renters, build positive relationships with your tenants, and enforce the terms of their lease—all while staying professional throughout the process—then hopefully, your tenant experience will be pleasant.

Which Is Better, Renting Or Buying?

The housing market is a hot-button topic for a good reason. Whether you’re thinking about buying or selling a home, the decision can impact your life for years to come. Plus, there are many factors to consider when weighing renting versus buying: whether it’s better for your budget and lifestyle, how long you plan on living in a particular area, whether you want the freedom of mobility or stability, etc. So what’s best? Should you rent or buy? We’ve broken down each option below so you can decide which works best for you! Buying is better than renting if, over the years, you expect to reap some of the benefits that come with owning a home. Your financial situation and future goals will help you decide which is better: renting or buying. Your financial situation and future goals will help you decide which is better: renting or buying. If you can expect to reap some of the benefits of owning a home, then buying is better than renting. These benefits include: Renting may be better than buying if you plan to stay put for a short time and can afford to pay more than your monthly rent amount for a mortgage. If you plan to stay put for a short time, renting may be better than buying. Not only will this save you money on homeowner’s insurance premiums and other maintenance costs, but it also gives you flexibility in case of a job transfer or sudden financial crisis. Additionally, renting may be better than buying if you can afford to pay more than your monthly rent amount for a mortgage. It is because the interest rate on mortgages tends to be lower than what landlords charge their tenants; however, the amount of principal paid each month varies depending on how much renters are willing (and able) to pay upfront when signing their leases. Buying is better than renting if you’re looking for stability and the ability to build equity over time. The answer to the question of whether buying or renting is better depends on your situation. If you’re looking for stability, security, and the ability to build equity over time—not just in your house but in your life—then buying is the right choice. Buying a home is often a good investment. Buying a home will allow you to build long-term wealth that can help pay for other things like college tuition or retirement savings. Renting also allows you to save money every month that you could use toward these goals as well as others, such as paying off student loans or saving up for renovations on your rental property if one day you decide to buy it outright! Renting is better than buying if you’re looking for freedom from the responsibility of maintaining a property you own. If you’re looking for freedom from the responsibility of maintaining a property you own, renting is better than buying. When you rent, you don’t have to worry about repairs—the landlord handles that. You also don’t have to worry about property taxes or maintenance costs: the landlord takes those too. You can move whenever you want and aren’t tied down by a long-term contract or mortgage payment (if there’s a lease). In other words, if all these things are important to YOU and not your bank account balance, then renting might be right for YOU! Renting is better than buying if you want to live in a neighborhood that might be beyond your budget as a homeowner. If you want to live in a particular neighborhood but it’s beyond your budget as a homeowner, renting is the better option. Due to gentrification and skyrocketing real estate prices, many urban areas have become unaffordable for middle-class families. In Seattle, for example, the average home price has increased by more than 20% in just one year—and that’s not uncommon. Renting allows you to live where you want without worrying about selling your house when prices are high or buying when they fall. Renting is also more flexible than buying. For example, if you hate living somewhere after just a few years (or even months), then it might be time to move on instead of making a massive investment by buying property there and then trying to sell it later on at a loss or break even (if you’re lucky). Buying is better than renting if you’re looking for a fixed payment or investment. Buying is the better option if you’re looking for a fixed payment. As mentioned above, renting can be costlier in some cases than the mortgage on a home. The only significant difference is that with renting, you have no say in how much your monthly payment is. You pay what they ask, and sometimes they’ll try to raise it every year or two. Buying a house gives you control over how much your monthly payment will be because it’s based on what your mortgage company thinks the value of your home will be when it comes time for them to sell it off again (which they must do eventually). If they decide to sell too early, they’ll have lost money on their investment and might not want to do another deal with that person anymore; but if they wait long enough, then chances are good that all will work out fine in the end! Another financial advantage to owning over renting is appreciation (or depreciation). Renting does not offer any increase in value over time, whereas buying does! However, when you buy something now at one price but later sell it for more than what was paid initially, then there’s been an increase overall, even though only some individual purchases show an increase from start to finish. It happens because when someone buys something from us, we usually receive more than our original purchase price plus interest paid during the ownership period.” It would help to consider many factors when weighing renting versus buying; both options have pros and cons. Before… Continue reading Which Is Better, Renting Or Buying?

What’s The Best Place In Ottawa To Buy A Condo?

Ottawa is known for its green spaces, cultural activities and excellent quality of life. It’s one of the best places to buy a condo in Canada. Here are six great neighbourhoods to consider purchasing a home: Hillcrest If you’re looking for a great place to buy a condo, look no further than Hillcrest. This neighbourhood is located just south of downtown Ottawa and has everything you want from a great city: restaurants and shops, green space, parks and more. Plus, it’s close to Gatineau Park, so you can easily explore Canada’s most beautiful nature park without leaving your backyard! If you’ve always wanted to visit Montreal but don’t have time or money for the long trek out east, this is also an ideal spot since it borders Quebec. Marchwood Lakeshore It’s close to the Ottawa River, it’s close to the airport and train station, it’s close to downtown and the ByWard Market, and it’s right next door to the University of Ottawa. Marchwood Lakeshore is an excellent choice if you’re looking for a condo in Ottawa. Riverside South Riverside South is the place to be if you’re looking for a condo, especially if you’re new to Ottawa. It has everything you could want: it’s close to downtown, close to major highways and public transit routes, and it has excellent amenities like parks, schools and libraries. The neighbourhood is also nice because it has a good mix of people of all ages who come from different walks of life—it’s not just young professionals or retirees either! Orleans Orleans is a great place to buy a condo. There are many different neighbourhoods to choose from, and each has its distinct vibe. Some are quieter than others, but all offer easy access to parks and trails and some of the city’s best beaches. The Orleans area is also close to the airport and the train station, making it even easier to get around town if you want your home base to be in this part of Ottawa. Nepean If none of these options appeals to your tastes, there are still plenty more options scattered throughout the rest of town! Kanata Kanata is a great place to live. It’s a great place to raise a family, it’s a great place to retire, and it’s also an excellent location for investing in real estate. It makes sense that Kanata would be so popular among homebuyers. The city has everything you could want in an urban centre while providing residents easy access to nature and outdoor activities like boating on the Ottawa River or hiking along the nearby Gatineau Park trail system. Kanata was originally part of Ottawa but was designated as its city in 2001 because the area had grown so much over time that it needed its municipal government services rather than relying solely on those provided by surrounding townships (each town/city). The population has steadily risen since then—and this trend isn’t expected to stop anytime soon! Six great neighbourhoods to buy a condo in Ottawa Ottawa is a great place to live if you’re looking for a condo. But with so many neighbourhoods to choose from, it can take time to pick the right one. So we’ve put together this list of six top spots to help you determine the best neighbourhood in Ottawa to buy your first condo. Old Ottawa South has a lot going for it: As a bonus, it’s also one of the safest neighbourhoods in town! If you’re interested in finding out more about this area or any other on our list, contact us today. Ottawa is a fantastic place to live, and there’s no shortage of great neighbourhoods where you can buy a condo. With so many options in this city, you’re sure to find something that suits your needs and lifestyle.

How Long Will Your House Should Last?

Brick & Stone Exteriors Brick and stone exteriors should last 50-100 years. But there are a few things that you can do to help keep your house looking great for as long as possible. First, get it from a reputable supplier if you’re building with brick or stone. Many companies sell cheap bricks with low-quality mortar mix, which will only last a while. Don’t stick with crumbling bricks in 20 years! Second, use durable materials inside of your home as well. For example: if it’s worth buying expensive furniture because it’ll last longer than the cheaper stuff. Why not buy quality windows and doors? The same goes for any other part of the house. Invest in quality products that will last longer than their less expensive counterparts. Concrete Concrete is a popular choice for foundations, driveways, patios and sidewalks. It can also be used to make garage floors. You’ll need to research independently to do concrete work for any other part of your home. Wood Framing You’re probably familiar with wood frame houses. They have a frame made of 2x4s or 2x6s, and the walls are typically filled with drywall or plywood. It is the most common method of framing in the US and is also one of the oldest. It was used as far back as Roman times—although they didn’t use plywood or drywall back then! Instead, they used stone and mortar for their walls. Wood framing has been around for so long because it’s cheap to build with. And easy to repair if something goes wrong. In addition, it can last 50-60 years if properly maintained (much longer than if you live in California like me). Vinyl Windows Vinyl windows are a good choice for longevity. Their lifespan is estimated to be between 20 and 25 years, which is okay. While you might think that vinyl windows need replacing every few years, this is only sometimes the case. If properly maintained, they can last much longer than their initial estimate. If your vinyl windows show signs of wear or look dated – it’s time to replace them! Replacing vinyl windows is easy enough. However, you should consider various factors before hiring a window replacement company like ours here at [company name]. Plumbing Systems Plumbing systems are the source of many emergency calls to repairers. While plumbing systems may be expensive to replace, it can be more costly to allow a problem to persist for too long. Plumbing problems can range from leaks in your pipes that create mould and mildew, clogs that cause flooding, or even severe structural damage caused by rusting pipes. While some plumbing problems are simple fixes (like replacing a faucet), others require the expertise and experience of a plumber who understands how all the pieces fit together. In addition, many plumbing issues take specialized equipment or knowledge to fix correctly; this is why it’s essential to hire an expert who knows what they’re doing instead of trying to tackle these problems on your own! Plumbing issues also need regular maintenance so that they stay manageable over time. For example, if your toilet seat is loose or leaking any water under it when flushing, there could be more significant problems below, so call professionals immediately! Heating, Ventilation and Air Conditioning (HVAC) Systems Heating, ventilation, and air conditioning (HVAC) systems are an essential part of any home, but they’re also one of the most expensive to repair. If you have an older system, it may not be worth fixing it anymore. Furnaces last about 15-20 years on average; if yours is older than that and you haven’t had any problems with it or significant repairs have been done recently, then it’s likely time to replace it before something breaks down completely. When checking your HVAC system’s age, look at the serial number (on most models, this can be found on a sticker somewhere on the unit). Most manufacturers will stamp these numbers into their products so that customers know when they were built. And thus how long they might last before needing replacement parts or other maintenance work performed on them later down the road. Is there no obvious way for someone selling used homes in Texas to tell whether there are issues with their heating systems by looking inside? So how does someone who wants to buy old houses get around this problem? Here’s how various long parts of your house should last. Your roof should last a long, long time. The American Society of Home Inspectors recommends that roofs have at least 30 years before they need to be replaced. However, if you’re getting into the upper end of that range (say 40 or 50 years). And your roof still looks good, you only need to replace it if you want to update the style or colour. The roof is part to check how the house should last. On average, brick and stone exteriors should last about 50–100 years before needing work done on them. But this can vary depending on where you live and how well-maintained your home is overall. Concrete siding tends to hold up well for about the same time as brick and stone exteriors. Though again: location matters here too! For example, suppose your home is in an area with a lot of extreme weather, like hurricanes or tornadoes. In that case, concrete may not be suitable since these types of natural disasters can cause significant damage to these types of structures over time when exposed directly over long periods without any protection (like metal flashing). Wood framing materials tend to last between 50–100 years. Depending on how much exposure they have received throughout their lifespan thus far. The bottom line? Your home is a significant investment, so it’s worth knowing how various long parts of your house should last. To ensure that your house will last for many years in good shape. It’s essential to invest in high-quality materials when building or remodelling.