Thinking about making a move? We can help you determine what the best strategy is for you and your family. Reach out to us today.

Source: Re/Max Canada

Canadians put in significant effort to afford a home, but high mortgage payments pose a challenge, particularly for Millennials and Gen Z. To assist younger generations in purchasing their first homes, new mortgage regulations took effect on August 1, 2024. These rules allow for 30-year insured mortgage amortizations specifically for first-time buyers of new constructions.

Chrystia Freeland, Deputy Prime Minister and Minister of Finance unveiled a range of reforms aimed at making mortgages more affordable and promoting homeownership among Canadians:

1. Increasing the Insured Mortgage Cap: The cap for insured mortgages will rise from $1 million to $1.5 million, effective December 15, 2024. This adjustment reflects current market conditions and aims to help more Canadians qualify for a mortgage with a down payment below 20 percent. The cap has remained unchanged since 2012.
2. Expanding Eligibility for 30-Year Amortizations: Starting December 15, 2024, all first-time homebuyers and buyers of new builds will be eligible for 30-year mortgage amortizations. This will lower monthly mortgage payments and encourage the purchase of new constructions, including condos. This initiative builds on the commitment from Budget 2024, which also introduced 30-year amortizations for first-time buyers of new builds.

These initiatives are part of the enhanced Canadian Mortgage Charter, introduced in Budget 2024, which allows insured mortgage holders to switch lenders at renewal without undergoing another stress test. This change promotes competition among lenders and allows more Canadians with insured mortgages to secure better deals.

These reforms represent the most significant changes to mortgage regulations in decades and align with the federal government’s ambitious plan to create nearly 4 million new homes—Canada’s most extensive housing initiative ever—to support homeownership.

In tandem with efforts to improve mortgage affordability, the government is also taking strong measures to safeguard the rights of homebuyers and renters. As part of Budget 2024, the government has presented plans for a Renters’ Bill of Rights and a Home Buyers’ Bill of Rights. These proposals aim to protect renters from unfair practices, simplify lease agreements, enhance price transparency, and make the home-buying process more equitable. The government is collaborating with provinces and territories to implement these plans, utilizing $5 billion from the new Canada Housing Infrastructure Fund. This initiative includes calls for measures to prevent renovictions, ban blind bidding, standardize lease agreements, and ensure sales price history is accessible through title searches, all aimed at creating a fairer housing market across Canada.

Thinking about making a move? We can help you determine what the best strategy is for you and your family. Reach out to us today.

This salmon recipe is not only a simple, quick dinner (ready in 20 minutes!), but it’s a texture lover’s paradise. The salmon is roasted at a slightly lower temperature, resulting in tender, buttery fish. Quinoa is the base for our bowl, setting the stage for fresh arugula, thin slices of cucumber, and a homemade creamy dill and yogurt dressing. While a homemade dressing may seem like extra effort, trust us—it couldn’t be easier. It’s made in literal seconds in a food processor (if you have a mini food processor, even better!).

As long as you’re cooking some quinoa for this recipe, make a double (or triple!) batch, and you’ll find it’s super-handy to have on hand for easy, healthy lunches throughout the week. Tip: Our watermelon quinoa salad is unbeatable.

The heat of summer is finally upon us. While some people can’t wait for the return of the cold weather, many are ready to embrace the summer and the fun activities around the Milton and Burlington areas. 

The list of things to do is endless, from free music festivals and exciting sports events to relaxing afternoons at the beach. You don’t have to drive for hours to get to a faraway cottage to make the most of the summer holidays. 

There are many places to spend the afternoon or even a weekend right around the corner. 

Is there a change coming up in the near future for your family? Here are some other posts to help guide you:

• How Will Rising Interest Rates Affect Buyers?
• Buying First Vs Selling First in Today’s Market
• Our Top Milton Condos for First Time Buyers

Here is a shortlist of our favourite activities to enjoy as the weather heats up.

Summer Camps

Imagine never hearing the words “I’m bored” all summer. It may sound like an impossible goal if you’re working full time and trying to find ways to keep your children engaged and occupied. 

• An endless variety of summer camps might be the perfect solution. They provide fantastic opportunities to make friends and enjoy new experiences. You’ll find events dedicated to almost every theme imaginable. 
• Stem Summer Camp engages children with technology and science while using fun themes like Star Wars, Avengers and even the Minions. 
• Want to promote physical activity and get children away from electronics? Try Pedalheads, which offers cycling programs and classes for children between 2 and 12 years old. Are you looking for a one-stop shop to keep your youngsters busy and entertained all summer long? The Way of the Woods Summer Camp offers various nature and athletic programs for children aged 4 to 15. 

Summer Festivals

Almost nothing says summertime like joining in the fun at a festival, where you can enjoy games, bouncy castles and more, all to the background of talented musical acts. 

In Burlington and Milton, our festivals are a way of life. What’s on the calendar? 

• The world-famous Sound of Music Festival kicks off on June 12 at Spencer Smith Park in Burlington. This year, the lineup includes well-known bands like the Tea Party, Bif Naked, Finger Eleven and Skid Row. Admission is free, but VIP tickets are available for front-row experiences! 
• Don’t overexert yourself, however, because more fun is on the way.
• The Downtown Milton Street SummerFest starts on June 18 and will showcase local businesses and offer a variety of fun activities for your whole family to enjoy. Live music, patios, buskers and bouncy castles will keep you entertained all weekend!
• Get ready to indulge your sweet tooth near the end of June with the 40th Annual Strawbery Festival at the Milton Fairgrounds. What could be better than cakes, slushies and a strawberry pancake breakfast as you enjoy live entertainment? You’ll also be helping a worthy cause. Proceeds from the festival go to support the Milton District Hospital.

Everyday Fun in the Sun

With so many beautiful parks, trails and other amenities available, you don’t have to wait for a specific event to enjoy this summer. 

Explore the beauty of the Niagara escarpment at Rattlesnake Point. There is something for everyone, and no need to worry about actual rattlesnakes. The park gets its name from the winding paths forged by glaciers along the escarpment. Hikers of all levels can spend hours on the trails. Feel free to take it slow and enjoy the panoramic views from the lookout points. Adventurous hikers can climb to soaring new heights over the magnificent cliffs.

A visit to the Royal Botanical Gardens is a must over the summer! You could visit every week and never see the same garden as different plants are in bloom all season long. The Rock Gardens are breathtaking any time of the year, and the Arboretum offers some of the best hiking in the city. The marsh walk is a popular destination, and you may even spot an eagle if you’re lucky!

It’s not summertime until you’ve visited the Waterfront Park, where you can walk or cycle for hours along the shore of Lake Ontario. If you need refreshments, you’ll find dozens of ice cream shops, cafes and patios to visit and recharge.  

Looking for even more fun things to do nearby? There’s too much to list in a single post! Here are some other ideas to try:

• Our Complete Milton Patio Guide
• 5 Fun Fall Ideas in Milton and Burlington
• 5 Milton Parks to Visit During the Spring

Rainy Day Fun

There’s no need for a little rain to ruin the fun. In fact, with a 16,000-square-foot indoor play area like Lil’ Monkeys, the children might start searching for dark clouds! The facility features a bungee trampoline, soccer floor, a 6-level jungle gym and a new virtual reality arcade to keep kids six and over entertained for hours. There’s even a lounge area and healthy cafe where you can sit and relax and catch up with friends as the children play.

The Burlington Art Gallery and countless museums are another way to get out and enjoy the summer on a rainy afternoon – or any day for that matter!

Milton also has no shortage of fun things to enjoy when the clouds roll in. Enjoy an arcade game or a friendly round of bowling at Champs Family Entertainment Centre. The venue also features a private billiards lounge and a Mission Impossible Escape Room where you can choose your own difficulty.

The Mattamy National Cycling Centre even offers drop-in programs where you can ride your bike indoors no matter what the weather brings.

Do you think Milton or Burlington might be your next place to call home? We can help! You can ask us anything about buying or selling real estate right here.

Rising housing prices and inflation are causing financial challenges for many Canadians. Very few people are feeling the sting more than those aspiring to buy their first house. Lately, it seems that only those who enjoy very high incomes or have help from relatives can afford a place of their own. 

In light of the many challenges first-time buyers face, the Federal government introduced a piece of legislation called the “First Home Buyer Incentive.”

This program took effect in September 2019 as the average cost of housing prices began their steady, upward climb. On paper, the incentive might look like a dream come true for those struggling to buy a house, but there are some downsides to be aware of. 

Buying a home can be intimating, especially if it’s your first time. Here are some other resources that can help:

• What You Need to Know About Buying a Home in 2022
• The Best Burlington Condos For First Time Buyers
• Is it Better to Buy or Rent in Canada in 2022

Here’s everything you need to know:

The First Time Home Buyer Incentive – How it Works

If you qualify, the government puts up to 5% of the down payment on a resale house or 10% on a newly constructed project. This incentive is designed to help in two ways:

1. It makes it easier to afford the downpayment
2. With a larger down payment, your monthly mortgage payments are more affordable

Can the First Time Home Buyer Incentive help someone who couldn’t otherwise afford a home? In some cases, yes. However, it’s important to know that this isn’t free money. The program is similar to a second mortgage, except no monthly payments are due. 

What Are the Downsides to the Program?

You Will Have to Repay – and Then Some…

When you sign up for the program, the government basically becomes a co-owner of your property. Any funds received through the program must be repaid either when you sell the property or within 25 years. What does that mean when buying and selling?

Let’s imagine you bought a condo for $480,000 in 2019. It was a new build, so the government gave you 10%, or $48,0000 upfront, for your down payment. Now, in 2022, you want to sell the condo, which has risen in value to $900,000. Upon closing, it’s time to pay back the incentive. However, it’s not a standard loan where you pay back the principle plus interest. The government has a stake in your property for 10% of the resale price. In this case, because the value has risen to $900,000, you’re on the hook for $90,000!

It’s Too Little, Too Late…

In 2019, the incentive may have helped some first-time buyers. Now, housing prices have soared, and it’s almost impossible to qualify. To be considered, you must:

• Be a first-time buyer
• Have a combined household income of less than $120,000

Even if you meet these requirements, the mortgage is capped at a maximum of four times your annual household income. If you earn $100,000, your mortgage must be $400,000 or less to qualify for the program. 

 In 2022, the average house price in Burlington or Milton stands at around $1.3 million. Unless you have a massive downpayment available, a mortgage capped at $400,000 isn’t helpful for most people.

Is the First Time Buyer Incentive even worth it? Only you can decide. However, there are other programs designed to help you that don’t give the government such a significant stake in your property.

Want more help getting into the market as a first-time buyer? Our comprehensive Buyer’s Guide can help. You can download it for free here.

The Canada Home Buyer’s Plan

This program allows you to withdraw up to $35,000 from an RRSP without tax penalty as a down payment toward your first house. Here’s what you need to qualify:

• You must be a first-time buyer or buying on behalf of someone with a disability
• You must be a resident of Canada
• You must use the funds to buy property
• Within one year of buying or building the home, it must be your primary residence

First Time Home Buyer Tax Credit

As a first-time buyer, you can claim up to $5000 on your tax return, which results in a $750 reduction in taxes. It may not seem like a lot of money, but it can go a long way toward your moving costs, legal fees or utility hookups.

Land Transfer Rebate

Whenever you buy property, the land transfer tax is one of the closing costs you must factor in. It can amount to several thousands of dollars which can not be rolled into your mortgage.

However, in Ontario, you can apply for a rebate of the provincial portion, resulting in a savings of up to $4,000.

To buy your first home, you’ll need some creativity and perseverance. Knowledge of how government incentive programs work can go a long way. 

Did you know that we offer a monthly webinar dedicated to helping first-time buyers? You can sign up for free right here.

Two years ago, the Canadian government reduced interest rates to the lowest they’ve been in decades. No one could have predicted the drastic impact these ultra-low rates would have on the housing market. The country braced itself for a real estate crash, but the opposite happened. The low cost of borrowing triggered a record-breaking surge as buyers snapped up available properties, sometimes even before they were listed. 

This buying frenzy has caused housing prices to soar since there are simply not enough listings for buyers to choose from. The supply of houses for sale has dwindled so much that hopeful buyers often leave letters throughout the neighbourhood pleading with the current owners to sell.

How Interest Rates Can Affect Housing Prices

Now, the inevitable has happened. Two weeks ago, the Bank of Canada announced the first of several hikes to the target rate, and the prime rate quickly followed. While this first interest rate increase was slight, it has made it more expensive to borrow and more difficult for a potential buyer to qualify for a mortgage. In addition, this is just the first of a series of hikes we can expect over the next twelve months. What will all of this mean for current homeowners and those looking to get into the market?

First, let’s talk about the types of interest rates a buyer has to choose from:

Fixed-Rate: A fixed term is locked in until the mortgage is due for refinancing. Though it’s typically higher than a variable rate, the buyer has peace of mind knowing that their monthly payment can’t increase before the term expires. 

Variable-rate: Although variable-rates are usually lower than fixed-rates, the term is not locked in. Payments will fluctuate as the Bank of Canada changes the rate. It’s a riskier option, but many buyers have gone this route to lower their cost of borrowing. 

Now that the Bank of Canada has started raising interest, they are about to see an increase in their monthly carrying costs. How much? Each hike represents an additional $12 to $13 per $100,000 remaining on their mortgage. A series of three increases mean an additional $36 to $39 per $100,000. 

Want to know more about what’s happening in the current market? Here are some updates to check out:

• How Will Rising Interest Rates Affect Buyers
• Everything You Need To Know About Buying A House In Milton
• Your Guide To Basement Apartments And Secondary Suites

Small hikes can get expensive very quickly

The news isn’t all bad. A few years ago, the government introduced the new stress test laws to ensure a potential homeowner had enough income to withstand increasing rates.

Curious about changes to the stress test? You can read our article about it here.

The question is, will owning their home still be worth it? Rising costs and inflation mean that many homeowners have a decision to make: Stay or sell? Of course, many residents will want to stay in their homes and are willing to weather the extra expense. Others may decide to sell and downsize into a smaller house or move to a less expensive area. 

Where Do Investors Stand?

Low-interest rates combined with soaring property prices have made real estate one of the safest and most profitable investment tools available. Low borrowing costs meant it was relatively easy to cover the mortgage through the rental income. Plus, your wealth and equity grow as the value of the property appreciates. In the last few years, more investors have jumped into the market than ever before. In fact, a study by the Bank of Canada estimates that one in five home purchases are by investors, not residents. 

As interest rates continue to increase, it will become harder to enter the market as an investor. And if the housing prices begin to cool, real estate may not be quite as profitable as it once was.

What Will Happen to Housing Prices?

No one can predict the future, but most analysts don’t expect a significant drop in prices, at least not yet. The market is still competitive and will likely continue to favour sellers for the foreseeable future. However, a series of interest hikes could signal the end of the record-breaking growth in prices. The increased cost of borrowing will force some hopeful buyers out of the market. Fewer qualified buyers mean less competition, and fierce bidding wars will happen far less often. 

Is the Time Right to Sell?

As an investor, only you can decide if the time is right to sell. Do you enjoy the rewards and responsibilities of being a landlord, and can you weather a few bumps in the road as the market balances? If you’re in it for the long haul, holding on to your property might be the right choice. However, if you want to cash out of your investment, the timing couldn’t be better. Right now, prices are at an all-time high. 

As early as 2019, the average house in Burlington sold for $669,611. Fast forward to February 2022, and the price has shot up to $1,137,000. After only three years, you’d have a gross profit of $467,389. 

If you were fortunate enough to land the property ten years ago, you could earn over $700,000 by selling it now.

In Milton, the average selling price of a house ten years ago was $287,875. As of February 2022, that same house now goes for an average of $1,142,001, which would give you a profit of $854,126. This means you stand to earn a very good return on your investment if you decide to cash out.

These proceeds could give a healthy boost to your retirement plans, fund your children’s education or even go towards your ultimate dream home.

If you decide to sell a property that has tenants, there are a few things you should know about. These resources will help you enjoy a smooth transaction and maximize your return on your investment: 

• Five Tips to Make Your Home Stand Out for the Spring Market
• How to Set the Right Home Price the First Time
• Selling a Tenanted Property: What You Should Know
  

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Are you getting ready to buy your first home? If so, you’re probably on a fact-finding mission to help you make the best investment possible. Your first purchase is an exciting time, but there’s so much to do and find out. What kind of home do you want to live in? What neighbourhood? For many people, Burlington has everything you could ever need or want for your first home.

Why Burlington? For starters, it’s frequently rated as one of the best cities in Canada to live in. Burlington is safe, scenic and close to the waterfront. The fabulous annual festivals, events and plethora of dining, shopping and entertainment options give Toronto a run for its money. 

One of the strongest appeals of Burlington is its affordability. Even in this ultra-competitive real estate market, you can often find a starter condo for $500,000 or less. (Although, high-end luxury units are also available, including some beautiful properties right along the waterfront.)

Contrast these prices with Toronto’s average condo unit of $740,000, and it’s easy to see why many new homeowners get their start in Burlington.

To help you on your mission, here is the rundown on some of the top buildings for first-time buyers.

Paradigm Condos

Our very own Maggie Renaud got her start in Paradigm Condos, and she loved every minute of her time there. It is one of the newest facilities in the city, completed in 2018. The building features a beautiful indoor swimming pool, a basketball court and a fitness center. The piece de resistance, however, is the stunning rooftop sky garden and patio. Sit by the fire table, relax and enjoy the spectacular view of the city.

Although Paradigm Condos provides so many amenities that you will rarely have to leave, it is a dream location for anyone who commutes. Go Transit is located just steps away, and there is a path that leads right into the station. Plus, you’ll find many restaurants, coffee shops, and plazas nearby, including Mapleview Mall and Village Square.

Looking for more ideas to help you get into your first home? Here are some ideas to consider:

• Everything You Need To Know About Buying A House In Milton
• Your Guide To The First Time Buyers Incentive: Is It Worth It?

Maples Condominiums 

“The Maples” is a 13 storey building located right in downtown Burlington. It has spacious two-bedroom units ranging from 1420 to 1750 square feet. The larger than average size living space and spectacular rooftop patio come at a surprisingly affordable price, which puts units in this building in very high demand. It is a ten-minute walk from the waterfront, including the gorgeous Spencer Smith Park, where you can spend many hours walking the trails and attending the festivals. 

Pinedale Estates

Constructed in 1989, Pinedale Estates is located just east of Appleby Line on Pinedale Avenue. It consists of three buildings with one and two-bedroom units from 700 to 1298 square feet. The building features an indoor pool, a fitness room, a tennis court and a practice driving range, making it a dream home for anyone who loves to stay active. You’re also close to walking trails and parks, including the Burloak Waterfront Park. The Appleby Village Mall is a quick walk away and will take care of all of your shopping needs.

Balmoral Condos

Balmoral has units ranging from 764 square feet to a massive 2200 square feet of luxurious, open concept living. The building offers a party area, fitness centre and hobby room. Located in North Burlington, many of the units offer a beautiful view of the escarpment off of the balcony. Step outside, and you’ll discover many ways to get close to nature, including multiple hiking trails and parks.

It is close to many restaurants and shopping areas and is only a 15-minute drive to the waterfront.

Upper Middle Place

Built in 1978, Upper Middle Place is one of Burlington’s most affordable buildings. The condos are larger than average and range from 980 to 1247 square feet. Many units have been thoroughly upgraded and renovated and offer magnificent views of the escarpment. 

The building may be older, but it is very appealing to many young buyers, and not just because of its affordability. The party room, sauna, tennis courts, and outdoor swimming pool make it easy to stay active. There are pubs, restaurants and coffee shops just steps away, and Go Transit is only a 10-minute drive.

Pre-Construction Condos Coming Soon

If your purchase is a couple of years down the road, Burlington has many new condos in the works. Some of these have already started to sell. Here are a couple of the developments that have us really excited!

Martha James Condominiums 

Located on James Street in Burlington, units will start from $500,000. Martha James Condos will be close to the waterfront, and all the amenities you could ever need are within easy walking distance. You can visit Spencer Smith Park and many unique shops and cafes within a few blocks of each other. 

Once completed, the building will have a fitness centre, a lounge, a bbq area, a rooftop patio and a concierge available in the front lobby.

BeauSoleil Condos

Despite its enviable location right on Lakeshore Road, BeauSoleil Condos will have units starting for less than $500,000. The building will feature an outdoor pool and a beautiful rooftop lounge and dining area, with many amenities a few minutes’ walk away. Step outside, and the beautiful waterfront of Lake Ontario awaits you. 

Want to know more about what Burlington has to offer? Here are some more interesting facts to read up on:

• Your Guide to Real Estate in Burlington
• Living in Burlington: Your Guide to the City
• Burlington Parks: Five Places to Watch the Leaves Change