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.

Real estate has always been expensive, and buying a home is the most significant investment most people will ever make in their lifetime. As prices have risen over the years, it has become more difficult for many younger people to get a foot into the market. And the sharp increases over the last two years have made homeownership seem virtually impossible. To buy a house today, you may need a much higher than average income or help from a relative. What if you don’t have either of those things? Should you resign yourself to renting for the rest of your life? Not necessarily. In fact, a little out-of-the-box thinking could take you from renting to investing in a very short time.

Can A Secondary Suite Be Your Ticket To Homeownership?

Secondary suites can make buying a home more affordable in more ways than you might realize. The extra rental income can cover a significant portion of the mortgage. In addition, many lenders allow you to add the projected rent to your income and give you access to more financing. 

Most people buy or build a secondary suite with the intention of living in the main unit. However, if your lifestyle allows, you could live in the smaller space and rent out the main house. If you do, you might even see a positive cash flow from your property. 

A house with a legal secondary suite offers more resale value, meaning your equity will grow faster than a single-family home. And just like that, you’re no longer stuck in the rental market. Now, you’re a bonafide real estate investor!

Are you thinking about buying your first home? You may be interested to know that we offer a webinar for first time buyers to answer all of your questions.

Types Of Secondary Suites

Basement Apartments

When you think of renting space in your house, a basement apartment probably pops into your mind. They are the most common of all secondary suites because they are the easiest to build if one doesn’t already exist. If you buy a house with a finished basement, you’ll likely have to invest time and money to bring it up to code. However, the resale value of the home alone makes it worth it. 

Unfortunately, basement apartments do have some drawbacks. Noise complaints are common. Depending on the level of soundproofing, the basement tenant can hear everything going on upstairs, right down to your footsteps. If children are yelling or romping around upstairs, the relationship can get tense very quickly. 

Soundproofing can help, but it isn’t inexpensive. However, if it ensures a peaceful coexistence between you and your tenant, it can be worth every penny.

The other problem with basement apartments is that they are notoriously dark, which is a turn-off to some potential tenants. The windows are generally smaller, and even white paint and an open concept design will not flood the apartment with natural light. 

What makes a basement apartment legal in Milton? We have a post dedicated to the topic right here.

Attic Suite

Basement apartments are everywhere, but what about building a suite above you instead? It’s a far less common option, and you’re less likely to find a home with one already installed. 

If you want an attic suite, you’ll probably have to build it, but there are many advantages to make it worthwhile.

An upper-level suite is more desirable to tenants because, unlike basement apartments, they are full of natural light, offer more fresh air and a better view. You can likely charge more for an upper unit, which can help offset the investment needed to build it. 

What about the downfalls?

You may worry less about your tenant complaining about the noise. However, you might be the one to have to get used to the stomping footsteps and clamour from above.

Your pool of potential tenants may be slightly more limited. The unit is ideal for young professionals or couples but less likely to appeal to older people with mobility issues. 

Have you been bitten by the real estate investment bug? Then you’ll love some of these other posts!

• 4 Ways To Earn Money With Real Estate
• Your Quick Guide To Milton Real Estate
• 8 Steps To Finding The Right Real Estate Agent

Ground Level Suite

If you don’t like the idea of a basement apartment or an attic suite, why not consider building an addition? This can solve the noise and lighting issues and is an excellent option if your lot is large enough for an addition to the side or back of the house. It’s still a separate suite, but it allows easier access between the units. 

As the population ages, ground-level suites will become more popular for elderly tenants or family members with mobility issues. A house with a main-level apartment will have excellent resale value as demand increases.

Garden Suites

When you walk through your neighbourhood, you may spot some houses with converted garages or fancy sheds with extra large windows. But these curious-looking buildings are probably not what you think. Chances are, they’re secondary suites that are built on the same lot as the main house. They’re called garden suites, and they have exploded in popularity since the provincial government legalized them to address the housing shortage.

Garden suites are small but highly functional, often with open concept floor plans and modern appliances. Depending on the design, they can be breathtakingly beautiful.

A garden suite offers you and your tenant complete privacy and eliminates most or all noise complaints. They’re a fantastic way to generate income from your property or keep your loved ones close by.

A garden suite will require a significant upfront investment, but will quickly grow your equity as the house rises in value.

What’s Your Next Step?

If you decide that a secondary suite is right for you, there are two options:

1.) Buy a house with an existing suite.

This is by far the most straightforward option. Even though you may require some updates to bring the unit up to code, you won’t have to live in a construction zone. Plus, you can secure a tenant sooner and start generating rental income to help with your mortgage payments.

However, one thing to be aware of is that not all basement apartments are legal. If anything is missing, you may find it difficult to get insurance for the unit. You may also find yourself in a legal bind if someone decides to report you. To prevent these hassles, work with an experienced real estate agent with experience in investment properties.

2.) Build a secondary suite.

Building a secondary suite is ideal if you have the budget and time to wait before you can start generating income. You can decide whether you want a basement apartment, attic suite, ground level unit or garden suite. Once again, if you choose to build, work with an experienced professional to ensure you follow the code.

The nice thing about building a secondary suite is that you get a say in everything from start to finish. You can take your sensitivities and need for privacy into account.

Your options are only limited by your imagination!

Do you want to talk more about your options for investing in real estate? We work with buyers and investors at every level and are happy to point you in the right direction!

Another interest rate hike? The real estate market has already experienced a slowdown in Milton after the series of increases earlier in the year. Then, in mid-July, the Bank of Canada announced the news of the next rate, the biggest jump since 1998. The increase itself is not shocking. What is surprising is the size of the jump, a full percentage point that brings the rate up to 2.5%. This is the highest the interest rate has been for years. What will it mean for the Milton real estate market?

We’ve Already Seen A Shift

Back in the winter of 2022, Milton’s housing market was on fire, and it was easy to think that the soaring prices would never end. To put things in perspective, consider that a house purchased in December 2018 cost an average of $590,625. 

Three short years later, the same house would have sold in 2021 for $997,976, nearly double the value. In February, the price topped out at $1,142,001. This record-breaking price was great news if you were a seller. But the situation became increasingly difficult for buyers, especially those just entering the market. Something had to change.

In March, the Bank of Canada announced the first interest rate increase. And as interest rates went up, housing values finally started to come down. In March, the price fell slightly to $1,093,500 and has decreased every month since. 

The last stats are for June, which show that the average price for a Milton home now stands at $895,112. These prices are still high and out of reach for many first-time buyers. However, we are now in a situation that many believed we’d never see again. 

Can investments make homeownership more affordable? These other posts may provide some food for thought:

• Your Guide To Basement Apartments And Secondary Suites
• Is Now A Good Time To Sell Your Investment Property? 
• 4 Ways To Earn Money From Real Estate

We Have Arrived At A True Balanced Market

You may have noticed a few more “For Sale” signs while walking or driving around your neighbourhood. That’s because more listings are available during a balanced market, and buyers and sellers are more or less evenly matched. Housing prices stabilize, and properties stay on the market longer. The days of multiple offers and frantic bidding wars are behind us, at least for now. Buyers can now submit conditional offers to protect themselves from buying a flawed property.

Did Sellers Miss The Boat?

When you look at the extra $200,000 you might have earned by selling a few months ago, you might feel like you missed the opportunity of a lifetime. But in many ways, you’re much better off selling now, during a balanced market. It’s true that you probably won’t sell your home as quickly or for as much money as you would have earlier. But falling prices mean your new home will also cost less. Plus, you’ll have more options to choose from, and may even have a little negotiating power.

And if you bought in 2018, your house has still nearly doubled in value, remember? No other investment would earn you such a high return after only three years. 

Selling successfully in the current market will require a little more effort. You’ll want to showcase your house in the best possible light by cleaning thoroughly and making minor updates and repairs. A local real estate agent can help you decide what upgrades to make depending on what buyers are looking for in your area. 

Regardless of the market, Milton will always be a very desirable place to live. Here are just a few reasons why:

• Best Places In Milton To Cool Off In The Summer
• Fun Things To Do In Milton And Surrounding Areas This Summer
• 5 Milton Parks To Visit In The Spring

A Surprise Buyers Probably Didn’t Expect

Those who hold variable mortgages can expect some changes. Your monthly payment may increase to keep the amortization period the same. Alternatively, your installment could stay the same, but with more going to interest and less paying down the principal of the loan. 

Now here’s something that might surprise those holding fixed-rate mortgages: Your rate could actually go down even as the target rate increases. How? 

Nothing in the real estate market happens in isolation. It’s all connected to the economy as a whole. As fears of an economic downturn have grown, the price of bond yields has dropped 30 basis points since July 22nd. 

Slower economic growth helps to lower inflation, which in turn results in lower mortgage rates. Some lenders have already reduced their five-year rates. If bond yield values drop again, fixed rates could also decrease even more.

Whether you have a fixed rate or variable, now may be an excellent time to discuss your options with a mortgage expert.

Buying In A Balanced Market

A balanced market is a relief to most buyers. More inventory available means you don’t have to settle for something less than ideal, and you don’t have to get caught up in expensive bidding wars. Housing values remain high, but deals can sometimes be found in certain neighbourhoods and situations where the homeowner is motivated to sell quickly.

Your best bet, whether buying or selling, is to work with a real estate agent who knows the area and has experience working in different types of markets.

Did you know that we offer a free 30-minute phone consultation for buyers and sellers? If you have questions about how to succeed in this changing market, reach out to us right here. 

If you saw a picture of Milton from 20 years ago, you might not recognize the town. Back then, it looked more like farmland sprinkled with a few developments here and there. However, it didn’t take long for the word to get out about the “small town” located next to beautiful landmarks like the Niagara Escarpment and Rattlesnake Point.

Today, world-class amenities and natural beauty have made Milton the fastest growing community in the GTA, with a population that now exceeds 130,000.

If you’re thinking about making Milton your next home, here are a few things you should know.

The Neighbourhoods in Milton

Milton is made up of 12 smaller neighbourhoods. Scott and Harrison are two of the newest developments, and both offer breathtaking views of the Niagara Escarpment. 

Commuters are partial to Dempsey, which has easy access to Highway 401. On a good day, you can reach Toronto in less than an hour.

Timberlea is an older neighbourhood, with larger than average lot sizes and mature trees lining the streets. It is one of the most popular areas in Milton, primarily for its central location. Timberlea provides easy access to the many amenities Milton has to offer and borders nearly every other neighbourhood in the town.

There are too many incredible facts about Milton for a single article. Find out more about this desirable area in these posts below:

• Thinking Of Moving To Milton? Find Out More In These Area FAQs
• Your Quick Guide To Milton Real Estate
• Fun Things To Do In Milton And Surrounding Areas This Summer

Keeping Busy In Milton 

Milton is a fantastic place to raise a family, and there are countless ways to keep active and enjoy the great outdoors. Here are just a few ideas to keep you busy:

Visit Springridge Farms. It’s so easy to wile the day away here. Kids will have a blast barrelling down the tube slides, hanging onto the spiderweb climber, going on wagon rides and saying “hello” to the farm animals. A cafe provides refreshments right on the porch, so no one goes hungry. Before leaving, stop by the barn market for delicious baked goods and fine foods to bring home. 

Take a walk at Rattlesnake Point. There are hiking trails for adventurers of all levels. Lookout points provide panoramic views of the escarpment. Some of the ancient cedars you’ll see are over 800 years old! The Nassagaweya Canyon Trail is a fantastic way for fitness buffs to spend an afternoon. Be sure to grab a water bottle before you go, as this hike can last from 4 to 5 hours! If you’re feeling especially adventurous, there are three designated rock climbing areas to conquer.

Enjoy a long bike ride. Milton is a fantastic place for cyclists, and not just because of all of the spectacular trails. There’s also the Mattamy Cycling Centre, a giant velodrome that offers drop-in programs throughout the week. Now the rain can’t stop you from pedalling your way to fitness!

Milton offers a lot more than outdoor adventures! You’ll also find an abundance of restaurants, pubs, cafes and entertainment options. Whenever you feel the need for retail therapy, you can head on over to the Premium Outlet Mall, where you’ll find high-end brands and incredible savings at over 80 stores.

Access To High-Quality Healthcare

Milton is served by Halton Healthcare Services. The main facility is Milton District Hospital, which provides emergency services, general medicine, intensive care, surgery and outpatient care. Whether you’re seeking a new family doctor or a physiotherapy clinic, you’ll find practitioners of all kinds. There are multiple dental clinics, massage therapy centres and medical spas in each neighbourhood. Easy access to healthcare makes Milton an attractive place for everyone, from young families to retirees looking to downsize.

Do you want to know more about what’s happening in the Milton real estate market? Check out our latest stats and insights right here.

Real Estate Opportunities Within Milton

Milton is quickly becoming one of the most desired locations in the GTA. As a result, housing prices have been on the rise, especially during the real estate boom we’ve experienced over the last two years. Available listings have been few and far between, and buyers often had to compete in multiple offer scenarios.

However, there has recently been a shift in the market, which is the best news for buyers that we have had in a long time.

In February, the average price for a house in Milton reached an all-time high of $1,142,001 as buyers competed during the pandemic. 

Now, the market has changed drastically from what it was a few months ago. The Bank of Canada has raised interest rates to combat inflation. As a result, the housing market has cooled. In May, the average price of a house dropped to $960,910, and more listings are available than there have been in months. As a buyer, you finally have options to choose from and more negotiating power.  

Should You Work With A Real Estate Agent?

While the market has become a little more balanced, it remains highly competitive for buyers. Browsing listings online can be tedious when trying to decide which houses to view in person. When you do find something that catches your eye, you’ll may have to contend with a seller who doesn’t realize the market has changed.

A Milton real estate agent can help you negotiate the best price and the best terms. They may even be able to help you find the right house faster by accessing homes that haven’t been listed yet or aren’t visible on the MLS®.

Are you ready to start your home search and want to know what your next step is? Our Buyer’s Guide can walk you seamlessly through the whole process. You can access it for free right here.

When is it the right time to downsize? Traditional wisdom would say when you can no longer take care of a large property and would benefit from a smaller living space or condo. However, there are many signs that the time might be right, and it isn’t always because you can’t manage your current home.

Downsizing is a lifestyle that many people are starting to choose at a younger age because it allows a host of options you wouldn’t otherwise have. What are some of the other reasons?

1. You’ve Been Bitten By the Travel Bug

The world is a fascinating place, and more people want to explore different countries and cultures than ever. Planning a trip is also easier than it has ever been. You can sit at your computer and book a trip to the other side of the world with a few clicks. If only it was that easy to take care of your house while you’re gone. You may not be around, but the grass still needs to be cut, or the snow still needs to be shovelled.

With a managed townhouse or condo, you no longer have to worry about these things. You don’t need to arrange for someone to keep an eye on things until you get back. All you need to focus on is your itinerary, what to pack, and what your next travel destination will be.

Are you ready for a more carefree life? Selling your current home is an excellent first step. Here are some posts to help you:

• How To Maximize the Sale of Your House With A Real Estate Agent
• How To Set The Right Home Price The First Time
• Should You Buy First or Sell First in 2022

2. You Want to Enjoy Your Free Time

If you spend your summer working around the home instead of enjoying the short season, then it might be time for a change. A worry-free lifestyle is quickly becoming one of the most popular reasons for selling a home. A smaller house or condo means no fallen leaves to rake or working on time-consuming renovations.

You also tend to accumulate less clutter, which means less time cleaning, scrubbing and organizing. Without a large house to maintain, you’re free to sit back and relax with friends, explore your neighbourhood or pick up and go at a moment’s notice.

3. You Want More Financial Freedom

Maintaining a large property can be labour intensive. It can also be very expensive. Whenever something breaks, you either have to fix it yourself, which can eat up a lot of time. Otherwise, you have to find a contractor you trust to make the repair for you. And the cycle can seem like it never ends.

The older your house becomes, the worse it can get. If it seems like one thing after another and that you’re always dipping into your savings, it may be time to consider a change. A smaller home or condo can mean more financial freedom to travel and live the lifestyle you want.

4. Life is Getting More Expensive

With inflation on the rise, many people are looking for an affordable lifestyle with more breathing room on their budget. The soaring cost of gas drives up the price of groceries, clothing and everything else. A smaller house doesn’t just reduce the hours and money you spend on maintenance. In many cases, your mortgage payments are smaller.

Depending on the value of your current home, you may be able to pay your loan off in full. You can also expect to pay less for insurance and property taxes. In some cases, even your monthly utility bills can be lower.

5. You’re Ready For A Change

Sometimes, the only reason you need to downsize is that you’re ready for a change. For example, you currently have to drive everywhere, but now you want to live close to transit. You may want to have more shops, restaurants and entertainment options within easy walking distance. Or perhaps your current home has many walls, and you’d like something more modern and open concept, even if it means less square footage.

If you find yourself paying particular attention to “For Sale” signs around the neighbourhood, it might be another indication that you’re ready for a move.

Are you watching for listings that might suit your needs? You can find some of our Featured Properties For Sale Right Here.

Your Decision is Made! How Do You Start?

The more time you give yourself to start the downsizing process, the less stressful it will be. One of the best things you can do right now is to start making a list of everything you want your new home to have. 

The next step is to take an honest look at all of your belongings and decide what you want to keep. Decluttering will help you maximize the sale of your house and leave you with fewer items to pack up and move. 

Working with an experienced real estate professional who knows your area can help you sell your current house and find your new dream home to begin the next stage of your life. 

Do you have questions about selling or buying a new property? We can help point you in the right direction. You can book a free, no-obligation meeting with us right here.

Many Canadians who currently rent are dreaming of homeownership. If you fall into this camp, you may be wondering whether 2022 is the time to make your dream come true. The truth is, there are many things to consider—including which option will most benefit you financially. 

If you’re trying to decide whether to buy or rent the next place you call home, here’s what you should know…

The current market

When you’re thinking about buying, it’s important to understand local market conditions. There’s no doubt that we’ve been in a seller’s market for some time now, and (while we certainly can’t predict the future) there’s no indication that this trend is going to change anytime soon. 

While 2022 has just begun, last month’s numbers can provide us with some much-needed insight. In Halton Region, the average home price is on the rise—and for December, it reached $1.34 million. In Milton, it was nearly $1.35 million, and in Burlington, it was $1.23 million.

In other words, it’s hard to get a foot in the market right now. Given the sums of money involved, it’s critical to think your decision through. That said, if you have the time and resources to compete, there are some substantial benefits to doing so. 

From long-term appreciation to greater financial security, there are many reasons why so many buyers can’t wait to take this step—even if it means starting with a small condo when they’re looking forward to buying a house. Let’s take a closer look at the financial advantages of purchasing a piece of real estate right now.

The first step towards buying a home is making sure you’re informed. You’ll find in-depth information about what the process is like right now in our recent blog posts below.

• How New Government Policies Could Help First-Time Buyers
• Your Guide To The First Time Buyers Incentive. Is It Worth It?
• Best Burlington Condos For First-Time Buyers

The financial perspective

Studies frequently show that in most cases, owning a home is more financially beneficial than renting in the long run. To start with, as The GTA’s population grows, so too does the number of people who need a place to live. That’s putting rentals in high demand, so it’s no surprise that rents are on the rise. Unfortunately, when you pay this monthly cost, your money doesn’t work for you. It helps your landlord pay their mortgage.

If, on the other hand, you decide to buy, a significant portion of your mortgage payments will go towards your principal. In a sense, it can be considered a forced savings account (since you’re constantly building equity). When you look at it this way, you can see how monthly rent can be significantly more costly than your mortgage payments. 

When it comes to improving your financial situation, owning a home gets even better. You’ll not only benefit from equity but long-term appreciation. In the vast majority of cases, local real estate becomes more valuable over time. While the market fluctuates, it also bounces back—and an experienced agent can help you get top dollar when you’re (eventually) ready to sell.

Buying a home also gives you the opportunity to bring in passive income if and when you decide to move into another home. By renting out the living space you buy, you can grow both your bank account and your personal net worth. Having an investment property is also a great way to diversify your portfolio. 

Ready to learn more about the purchase process? Start by downloading our buyer’s guide right here.

Your long-term priorities

Let’s say you don’t have your future financial security in mind, nor are you thinking about growing your wealth by investing. The truth is, you’ll almost certainly need to think seriously about money matters in the years ahead. Owning a piece of property can give you a significant headstart.

Of course, there are other reasons to buy a home, the biggest one being your quality of life. If you’ve always envisioned yourself in a place you can truly call your own—where you can renovate to your heart’s content and take pride in ownership—that’s one of the best possible reasons to purchase if you can afford to.

All of that said, there are situations where renting is the better option. Will it put you in financial peril if you buy today? Are you unsure of where you want to be in the near future? Does the commitment of owning (and all the potential hassle and costs associated with ongoing maintenance) feel like a deterrent?

At the end of the day, the decision to buy or rent is a significant one, and it shouldn’t be taken lightly. The good news is, a real estate professional who’s passionate about what they do should be happy to answer your questions—and help you determine whether buying is right for you!

Have unanswered questions about buying a home? We would be happy to discuss them with you. Get in touch here.