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.

It can be a humbling experience for first-time homebuyers in today’s Canadian real estate market. Whether putting together sizeable down payments or navigating the challenging mortgage market, first-time homebuyers have many hurdles to overcome.

That said, despite what could be a daunting endeavour for many households, it is also an exciting time because you are making a decision that will impact the rest of your life. It might sound like a trope these days, but acquiring a single-family home, condo, or townhome is the most significant purchasing decision you will ever make. As a result, making the right decisions and doing your due diligence is imperative to ensure you are confident, prepared, and knowledgeable in this journey.

So, what should you know about the Canadian housing market as a first-time homebuyer?

Understanding the Real Estate Market as a First-Time Home Buyer

Here are seven aspects of the real estate market every first-time homebuyer needs to know:

Aim for What You Can Afford

Financial preparation is a critical first step in the homebuying process. In the early days of the pandemic, many households threw caution to the wind amid a climate of historically low rates.

Today, with mortgage rates averaging six percent and inflation still affecting household budgets, it is vital to manufacture a realistic homebuying budget and stay within your means no matter how large a mortgage you might be offered. To achieve this, you will have to crunch the numbers for everything: income, savings, and debts.

As a new buyer, you do not want to decimate your budget. When purchasing a residential property, you should consider other expenses than your mortgage. These include property taxes, homeowners’ insurance, and property maintenance and repair costs.

Mortgage Pre-Approval

As a first-time buyer, getting pre-approved for a mortgage is a prudent way to know how much lenders will allow you to borrow. However, even if you qualify for more than expected, ensure you can still afford the monthly payments. Remember that most properties require a minimum down payment of at least five percent. Of course, the bigger your downpayment, the less your overall debt will be.

Knowing Various Mortgages

Industry experts purport that understanding the different types of mortgages available is crucial to understanding the terms and conditions. This can also help you decide whether to choose a fixed- or variable-rate mortgage.

Fixed-rate mortgages are those where the interest rate remains the same throughout the term of your mortgage. A variable-rate mortgage is one where the interest changes. Mortgages can also have different term lengths ranging from six months to ten years. A longer mortgage term can help you lower your monthly payments, but shorter terms can score you a better interest rate.

As a first-time buyer, it is natural for you to want the best: the property size, location, or features and amenities. But it is best to be realistic and practical. It is not always possible to get what one wants every time. You may have to be flexible and compromise on certain aspects of your first home. This is especially true for people who are working on a tight budget. Hence, don’t aim too high or too low. Just be realistic and find a property that meets your most essential criteria and aligns with your current lifestyle.

Select Your Home

What type of home do you desire? Indeed, there are various categories of residential properties:

• Single-family homes
• Semi-detached houses
• Townhomes
• Condominiums

Different property types have different benefits and challenges.

For example, condos usually have many amenities but high monthly condo fees and special assessments. Detached homes offer more privacy but may be more expensive to buy and maintain.

Therefore, determining what type of home you want based on your budget, lifestyle, and long-term goals might be much more complex than you would imagine.

Research, Research, Research

Since this is your first time buying a home, you should research the national, provincial, or local real estate market comprehensively. This would typically consist of identifying the few locations that appeal to you the most and studying the property values and market trends in those areas.

You can understand pricing in those places by learning about local market conditions.

Find a Good Real Estate Agent

A real estate agent can be a lifesaver in many ways. Let’s be honest: as a new buyer, you cannot understand the dynamics of the real estate market as efficiently as a real estate agent would. With the Barnett Real Estate Team we believe that finding your ideal home should be an enjoyable experience. That’s why we focus on taking the stress out of your purchase. With us, no detail is overlooked. Our in-depth local knowledge and perfected buying process make your purchase seamless, successful, and fun! If we work together, you can truly relax—and focus on choosing a home that suits you perfectly.

The Home Inspection

Remember when it was reported that homebuyers were skipping home inspections during the pandemic-era real estate market? Crazy times! Now that conditions have stabilized, it is imperative to follow through on an industry custom: Getting a home inspection.

Sure, many novice homebuyers may not realize the importance of this step because they have never purchased a property before. However, inspecting a property you are considering buying can help identify potential problems. It might be tempting to skip this step, but do not make this mistake. The amount you spend today to inspect the property may save you a lot more in the long run.

Over the last couple of years, various surveys have revealed the same thing: prospective homeowners are concerned that they will be unable to buy a home because they cannot afford the down payment. 

Indeed, with Canadian real estate prices way above their pre-pandemic highs, plus interest rates at their highest levels since the global financial crisis, it is getting harder for younger Canadians to dip their toes in the housing market. 

Under the federal government’s rules, Canadians are required to have a down payment that is between five and 20 per cent of the purchase price. Considering that a home’s average price is above $700,000, gathering a down payment is a hurdle that is quite challenging to overcome. 

For those who are fortunate enough, one way to gain a footing in the housing market is through a gifted down payment. But what does this entail exactly? 

Gifted Down Payments: A Primer

A gifted down payment is when a third-party source, typically a close family member, will provide the funds for the purpose of meeting the minimum down payment requirements to buy a residential property. But while this is easier said than done, it is still an advantage many Canadians dream about. 

Benefits of Gifted Down Payments

Of course, there are plenty of benefits to receiving a gifted down payment. 

The first is that these younger households can enter the Canadian real estate market much sooner than they previously expected, considering how expensive it can be for the average person. Ultimately, with gifted down payments, prospective homeowners can avoid the long saving process and start accumulating equity in their homes. 

Something else that might be lost in the discussion surrounding gifted down payments is that borrowers could receive better mortgage terms. Sizeable down payments typically result in lower loan-to-value ratios, meaning borrowers might be extended lower mortgage insurance premiums or better interest rates. In the end, recipients of gifted down payments will enjoy incredible savings over the life of the mortgage. 

Believe it or not, you can experience tax advantages with gifted down payments. They can be allocated to your Registered Retirement Savings Plan (RRSP) for three months to obtain the tax benefits. That said, you must ensure that you maintain enough contribution room in your RRSP to facilitate the gifted sum. 

A Couple of Reminders 

Now, there are a couple of aspects that you need to remember when using gifted down payments. 

First, it would be wise to disclose these funds to the mortgage lender when applying for a mortgage. Generally, banks will request a gift letter outlining a few things: 

• Amount of the gift. 
• Relationship between the giver and receiver. 
• A statement confirming that the money was a gift and not a loan. 

In addition, while a gifted down payment can reduce the strain of the home-buying process, you still need to determine if you can afford to purchase a residential property. 

Another thing that some prospective homeowners might need to realize is that the gift giver does not earn a stake in the unit. While this gift was integral to buying a detached house or condominium, it does not mean they are entitled to an ownership stake. To eliminate any possible confusion, be sure to consult with a real estate attorney to have this in writing. 

Gifted Down Payments Help

Yes, receiving a gifted down payment provides you with a distinct advantage that the rest of the country does not possess. At the same time, public opinion polling data have revealed that many first-time homebuyers nationwide have received financial assistance from parents or relatives to ensure they got into the housing market. 

With many homeowners massing astronomical amounts of capital during the pandemic-era housing boom, in addition to extra savings, this could be the new normal for the lucky few. 

Many people dream of having their own house at some point. Owning a home is an excellent way to build financial security and equity. And while renting gives you the freedom to move when you want, the urge to own often rises to the surface. But how do you know when you’re ready? Here are six signs that it’s time to buy a house.

Your Rent is Increasing… Again

Both buying and renting have their drawbacks, but one of the great grievances with renting in recent years is rising rental prices. These make it difficult to have enough for monthly costs and save for the future. Unlike paying rent, owning a house builds equity, and the monthly costs are cheaper in many areas, even with extra expenses like property taxes and maintenance factored in.

You Have Excellent Credit

Besides not having enough for a down payment, low credit scores are a common reason that renters can’t qualify for a mortgage. But if you have a healthy credit score – most lenders look for at least 650 – then it is likely that you will be approved. The better your credit score, the better rate you will get on your mortgage and the easier it will be to get approved since lenders will be less worried about you going into default on your loan.

Your Debt is Manageable

Another thing that mortgage lenders look for in the application process is the applicant’s debt-to-income ratio (DTI). This is calculated by adding up your monthly debts and dividing the sum by your gross monthly income. No lender expects you to be completely debt free, but the higher your DTI ratio, the more risk you pose to a lender and the less likely you are to get approved. Most prefer a ratio of no more than 43 percent.

You Have a Down Payment Saved

The single biggest factor in whether you are ready to buy a house is whether you have a down payment saved. In Canada, a down payment of 5 percent is required to buy a house. However, the larger your initial down payment, the more you will save over the lifetime of your mortgage loan. Putting down an extra five or ten thousand dollars could help you get a bigger house or cut down on your mortgage costs.

Remember that there are additional costs to buying a house than just the down payment, such as closing costs, maintenance, and emergency funds. You will want to have the down payment saved plus extra.

You Want to Settle Down for a While

If you know that you will be moving away in the next few years, buying a house may not make sense since you may not break even on the home sale and instead lose money. Similarly, buying a house is probably not a good idea if you are worried about losing your job since part of settling down is knowing that you have career stability. But if you want to remain in your location for the foreseeable future and have a stable income that can support a mortgage, then it might be time to buy a house in your area.

Your Lifestyle Can Support It

It is a lot harder to sell a house than it is to break a lease, so you want to make sure that you are in a good place in life to pay a mortgage long-term. This means not only job stability but relationship stability, especially if you are buying a house together with your partner.

Sometimes certain aspects of your lifestyle are not very conducive to renting, such as if you have a large dog or are a musician. In these cases, owning a house can be a more comfortable way of living, giving you control over how you live and more privacy to do things the way you want.

Once you know you are ready to move into a house, determine what you need and what is important to you, such as location, amenities, and the type of house. There are many options out there, and each has its benefits and things to consider. If you are ready to take the leap into owning your own house, a mortgage lender can help you get pre-approved so that you know what you can afford.

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!

Have you thought about buying a new home but are feeling discouraged by the fierce competition and out-of-control prices? If so, you’re not alone. Property values have soared all over the country, and the average cost is higher than ever. 

The Bank of Canada introduced a record low interest rate at the beginning of the pandemic to try to stimulate the economy. This added fuel to an already hot seller’s market. 

However, over the last month, there have been some changes. 

The great news is that it is a better time to buy now than it has been for at least two years. Are you thinking of taking the plunge? If so, these resources can help:

• The Best Burlington Condos for First Time Buyers
• First Time Home Buyer Grants in Ontario
• What You Need to Know Before You Buy Real Estate

The low interest rates were only a temporary solution. In 2022, we have already seen two increases. What will happen to the real estate market as the interest rates rise? No one knows for certain, but here’s what we have noticed so far:

More Listings Are Available

If you tried to buy a house three months ago, you would have faced fierce competition. There are far more people out there looking to buy than homeowners who are willing to sell. Even those who wanted to sell hesitated to put their house on the market for fear of not being able to find a new place. 

This competition resulted in many multiple offer scenarios and even triggered bidding wars. Buyers tried everything to find a suitable home, from dropping off letters around the neighbourhood to submitting bully offers on the few listings they could find.

Now, we’ve just entered the Spring market, and for the first time in years, more listings are available. The scales haven’t tipped completely. The market still favours sellers, but it is slightly less competitive. Not every house receives multiple offers, and the percentage of “sold over asking” has decreased. In rare cases, some homes don’t sell at all and are pulled off the market.

Will this trend continue? It’s impossible to say, but the market may become more balanced if there is another interest rate hike this June.

Why Do Interest Rates Affect the Market?

When interest rates are low, the cost of borrowing decreases. Low rates make it easier for some people to purchase houses that would otherwise be out of their budget. When you’re talking about a mortgage loan of hundreds of thousands of dollars, any change to the rate can affect your payments. 

As rates go up, the higher cost of borrowing will make it more difficult for some buyers to qualify for financing. Others might drop out of the market to ensure they don’t get in over their head financially. The current inflation rate and high cost of living may also make some potential buyers more reluctant.

Good And Bad News For Buyers

The good news is that with fewer people searching for properties, there is less competition for those still intending to buy. The bad news, at least for now, is that there doesn’t seem to be any sign of significant price drops. Many analysts predict that the out-of-control price increases will slow down, and buyers won’t have to bid as far above asking. 

However, the market will continue to favour sellers for the foreseeable future. You have a better chance of finding your ideal home now than you did even a few months ago, but you are likely to pay a premium price for it. 

Financing Options to Protect You From Rising Interest Rates

The Bank of Canada is expected to make another announcement about interest rates in early June, which is causing a bit of alarm in the market. However, there really is no cause for concern. The rates are still much lower today than they have been in decades. 

If you bought a house in the lower or middle of your budget, you have very little to worry about. You may need to readjust your budget to allow for a slight increase in your monthly payments. 

What if, like many people, you had to buy a home at the high end of your budget? You should talk to your financial advisor or accountant, but options are still available to keep your payments affordable. 

1. You may be able to keep your monthly payments the same. The bank will adjust the ratio of interest to the principal. It will take longer to pay off your loan, but you don’t have to worry about fluctuating monthly payments.
2. Leave room in your budget to allow for rising interest rates but pay off your mortgage faster.
3. If you are up for refinancing, choose a fixed rate to protect you from any future changes.

In addition to flexible payment options, the stress test is designed to ensure that you will not encounter financial difficulty even as interest rates rise. 

Find out more about the new rules for the stress test here. 

Homeownership is becoming more attainable thanks to more stringent regulations and the abundance of financing options, and the default rate for mortgages in Canada is extremely low. 

Are you a first-time buyer hoping to purchase a new home soon? Our “First-Time Home Buyer” webinar will guide you and answer your questions. Sign up for free here.

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

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.