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.

For many Canadians, getting their foot in the door of the real estate market is harder than ever. New stress test rules are making it harder to borrow. While recent years have seen the minimum down payment rules shift in favour of a larger lump sum. And that’s not even mentioning the current seller’s market climate with steep competition and rising real estate prices. 

However, all is not lost and the dream of homeownership is still a viable possibility for millennials and their contemporaries. 

Especially when we consider that a major part of the Liberal Party’s election platform hinged on policies targeted to help first-time buyers. 

Let’s take a look at how some of these programs could help you reach homeownership in 2022:

The Tax-Free First Home Savings Account

Currently, Canadians can draw funds tax-free from their RRSP for a house downpayment, however, the catch is that they are then beholden to pay that money back after a certain period of time. 

The Liberal Party has promised to implement a new type of savings account that will help first-time buyers save for a down payment without requiring them to repay. The account is designed for Canadians under 40 and will allow them to save up to $40,000 toward the purchase of their first home.  

Additionally, if you save $40,000 but do not use the full amount for your down payment, the leftover funds will revert back to an RRSP. 

Did you know that we host monthly webinars for first-time buyers? You can sign up for our latest webinar right here. 

The Buyer’s Bill of Rights

In today’s competitive seller’s market, buyers can feel discouraged about bidding on properties. First-time buyers especially, since they are the ones with less experience and, in most cases, less purchasing power. 

The Liberal Party’s Buyer Bill of Rights intends to soften some of these issues. Policies like a ban on blind bidding, establishing the legal right to a home inspection, and numerous clauses that improve the transparency of real estate transactions in favour of the buyer. 

Ready to buy your first home? Take a look at some of our great resources for first-time buyers:

• How Will Rising Interest Rates Affect Buyers?
• Our Top 6 Milton Condos for First-Time Buyers
• Our Top 8 First-Time Buyer FAQs

Doubling the First-Time Home Buyers Tax Credit

A lot of Canadians rely on the First-Time Home Buyers Tax Credit to help with many of the extra expenses associated with buying a home. It’s a helpful resource to pay for things like closing fees, moving expenses, and more. 

Currently, the tax credit is capped at $5,000 but the plan for 2022 is to increase it to $10,000. 

Want to learn more about getting a mortgage? We spoke with some of our amazing mortgage broker contacts to answer some of the top questions you might have. You can read the post here.

Still Available: The First-Time Home Buyer Incentive

This program has been around for a while now and has seen some improvements made over the year. The incentive is a shared equity mortgage designed to help qualified first-time homebuyers enjoy a lower monthly mortgage payment without having to pay a larger lump sum down payment. 

The incentive is shared with the Government of Canada. And the amount depends on the overall purchase price of your home. Although you are required to eventually pay back the investment, you are not required to pay interest or ongoing payments on the loan. 

Get your buying journey started by downloading our Buyer’s Guide right here. 

2021 was a landmark year for the real estate market in Canada. Not only did we see some of the busiest months on record, but we also saw housing inventory drop to the lowest level on record. Across the board, it was a record-setting year too, with prices rising and interest rates at the lowest they’ve been in years. 

For buyers, 2021 has been a tumultuous year, to say the least, and if you’ve been following the real estate market closely as we have, you’ll know that buying a home in these conditions is sometimes challenging.

So what does 2022 hold for the real estate market? Only time will tell, but we can make a few assumptions and predictions about what we will see in the new year. In this post, we’re providing our insight and advice on buying a home in 2022. 

Let’s get started…

Interest Rates are Rising

One of the biggest drivers of the current market conditions is the low-interest rates we are currently experiencing. Essentially, the Bank of Canada initially lowered interest rates in an effort to help the Canadian economy during the pandemic. As the country’s pandemic recovery continues to improve, regulators have determined that it is now safe to start increasing the rates again.

Expert economists predict that we will see interest rates go up at least three times in the next year or so, with the first jump happening sometime in the spring. 

As a buyer, this means you should do what you can to lock in a mortgage rate with your preferred lender sooner rather than later. Most mortgage interest rates can be secured for 30-90 days, so even if you are planning to purchase in February or March of 2022, you should get a head start with your mortgage approval process now to fully benefit from the current low-interest rates. 

Our team hosts monthly webinars for first-time buyers. Sign up here to learn everything you need to know about buying. 

The Market Will Remain Competitive

Housing supply remains a significant issue facing today’s buyers. Simply put, there are not enough homes on the market right now to satisfy the demand of buyers who want to purchase. As a result, many homes that are listed for sale sell quickly and often over the asking price. In many cases, listings go into a multiple offer situation where there are numerous buyers vying for the home and competing to present the best offer. 

So far, we believe that the supply issue will remain present well into 2022, and therefore, we will continue to navigate a competitive seller’s market. 

The best way to find success buying in this type of market is to work with a professional real estate agent who knows sellers in your area and can help you by showing off-market listings and helping you to craft compelling offers that will motivate sellers while also preserving your investment and protecting your best interests. 

Looking for your dream home? Check out our featured listings right here.

Tradition is No Longer the Status Quo

Most real estate markets across the country have two distinct ‘busy’ seasons. Typically, the fall market and the spring market are the most active markets in real estate. In fact, many sellers will strategically list their homes at those times because they know that most buyers will be active in the busy periods. 

However, after 2021, we can say with some confidence that this decades-old tradition is not as relevant as it used to be. More sellers are choosing to list their homes at a time that works for them on a personal level. 

There are many benefits to listing a home for sale in the ‘offseason’, and as a result, buyers need to be available and ready at all times of the year, not just during the traditional fall and spring markets.

We’re passionate about helping buyers find their perfect home. Check out some of our buying resources here:

• Our Top 6 Milton Condo Buildings for First-Time Buyers
• 5 Questions You’ve Always Wanted to Ask a Mortgage Broker
• A Buyer’s Guide to Pre-Emptive Offers
• Our Top 8 First-Time Buyer FAQs

Canadians Will Become More Concerned with Affordability

Limited housing supply and increased buyer demand will continue to contribute to rising prices in the Canadian market. However, at the same time, Canadians are becoming more concerned with affordability. 

As a result, homes with investment opportunities such as duplexes and basement apartments might become more popular in the future. 

Along with this type of thinking, many Canadians are still looking for homes with more space. Working from home is becoming more prevalent in the wake of the pandemic, and although buyers won’t exit urban markets at the same pace as 2020, we do expect to see many buyers choose to move out of bigger cities like Toronto and invest in smaller communities with more space and lower prices.

The Liberal Party’s Plans

After the federal election from this past fall, we learned a lot about what the Liberal Party has in store for Canadians when it comes to the housing market. The government has promised to implement policies such as a tax-free first-time home buyer savings account, rent-to-own measures, a buyer’s bill of rights, and improvements to the first-time home buyer’s incentive program, and more. 

How to Buy a House in 2022

If buying a new home is on your list to do for 2022, the best way to go about it is to work with a professional REALTOR®. In a competitive seller’s market when market conditions are not favourable for buyers, you need someone on your side to help give yourself an advantage. 

Professional REALTORS® know the area and the market and can provide you with advice and strategies to appeal to sellers, find your dream home, and successfully buy a house this year. 

Want to learn more about buying a home in Canada this year? Download our buyer’s guide here. 

For many Canadians, homeownership is one of those life goals that you work hard to achieve. And once you’ve arrived, there’s nothing that feels better. However, today, buying your first home can present a challenge. 

One of the best strategies for first-time buyers to get their foot in the door is by purchasing a condo. Condos are a great investment and since they are typically less expensive than single-family detached homes, it’s more affordable for first-timers to save a downpayment and finance the purchase. 

Additionally, condos are typically located in accessible areas close to amenities such as dining, retail, transit, and more. Condos also minimize the maintenance for the homeowner, since much of the building upkeep is covered by condo association fees. 

When you consider the trifecta of affordability, location, and convenience, it becomes totally clear that condos are an excellent investment for those entering the market for the first time. 

If you’re looking for a great condo opportunity, you can start with our top 6 Milton condo buildings for first-time buyers here: 

1. GreenLife Downtown 

Situated at 383 Main Street East in Milton, GreenLife Downtown is a fantastic opportunity for environmentally-conscious buyers. This six-storey condo building features fantastic high-efficiency and environmentally friendly tech such as solar panels and geothermal heating. 

With its prime location in the heart of Old Milton, GreenLife Downtown offers fantastic views of the Niagara Escarpment while remaining close to urban conveniences. 

Built in 2012, the building features various unit sizes and floor plans running from 685-1,375 square feet. One of the main selling points of GreenLife Downtown is the affordable condo fees, ranging from $78-$160 per month, it’s a great value when you consider the building amenities such as the environmentally friendly development, party room, and fitness room. 

Want to learn more about living in Milton? Check out some of our other Milton-centric blogs right here:

• Thinking of Moving to Milton? Check Out These Area FAQs
• Your Quick Guide to Milton Real Estate
• Your Quick Guide to Living in Milton

2. GreenLife Westside

If downtown doesn’t appeal to you, consider the GreenLife Westside building. Built in 2014, this six-storey energy-efficient building is located at 33 Whitmer Street in Milton. Although public transit in this area is not as accessible as downtown, GreenLife Westside has ample parking for residents and visitors who drive. 

The building is close to urban amenities such as the local Shoppers Drug Mart, Starbucks, and Ajs The Grocery found only a 10-minute walk away. Nature lovers can also enjoy the convenience of having several fantastic parks and walking trails nearby including Centennial Park, Rattlesnake Point, and Kelso Conservation Area. 

Like its downtown partner, GreenLife Westside has a variety of floorplans and unit sizes ranging from 647 square feet to 1470 square feet. The building also includes a party room, meeting room, recreation room, security system, and barbecues permitted. 

3. Ambassador Condominiums

The Ambassador Condominiums consist of two six-storey buildings located at 1419 and 1421 Costigan Road in Milton. Build by Valery Homes in 2014, The Ambassador includes 150 units of varying sizes from 602 square feet all the way up to 1,354 square feet. 

Surrounded by green space and featuring beautiful building amenities such as a designer lobby and a sunroom lounge overlooking the yard, this condo was built to impress. The building amenities include a party room and exercise room.

Situated in a quiet residential neighbourhood, The Ambassador is close to the Milton GO Station as well as the 401 for easy commutes and transit access. The area also features abundant parks, walking trails, dining, shopping, and other conveniences. 

4. Viva and Viva2 Condominiums

Built in 2016 and 2017 respectively, Milton’s Viva and Viva2 Condominiums are situated in the residential neighbourhood of Clarke. These four-storey buildings are located at 1360 and 1370 Costigan Road. 

Close to outdoor recreation such as parks, walking and bicycle paths, and more, these condos are perfect for first-time buyers who want to capture the beauty, convenience, and comfort of living in south Milton–an area that is quickly on the rise! 

With one and two-bedroom options and floorplans ranging from 585-1,040 square feet, Viva and Viva2’s open-concept, contemporary design provides opportunities for first-time buyers, investors, and downsizers alike. 

The buildings feature a party room and proximity to transit like the 401 and Milton GO Station. 

Buying your first home can be complicated, but it doesn’t have to be! Read some of our first-time homebuyer blogs right here:

• 5 Questions You’ve Always Wanted to Ask a Mortgage Broker
• Our Top 8 First-Time Homebuyer FAQs
• Multiple Offer Scenarios: Tips for Homebuyers

5. Parkside Residences 

Located at 1379 Costigan Road, Parkside Residences is a six-storey condominium complex built in 2010. As part of the Milton neighbourhood of Clarke, this condo is situated close to many local amenities such as shopping, dining, conveniences, and recreation. 

With units ranging from 619-1,056 square feet, and being an older building, Parkside Residences is perfect for buyers entering the market for the first time. Building amenities include a party room, barbecues permitted, visitor parking, and more. 

One thing to note about Parkside Residences is a pet restriction, so if you have pets, this building might not be for you. 

You can also download our Buyer’s Guide to learn everything you need to know about buying a home with the Katherine Barnett Team. Download the guide for free here. 

6. Art on Main

As the newest condo on our list, Art on Main is an incredibly stylish, luxurious, all-encompassing condo experience. Built by Fernbrook Homes, Art on Main is located at 1050 Main Street East in Milton. 

Featuring 2-bedroom and 2-bedroom + den floorplans, Art on Main is redefining the local condo experience. With exceptional finishings and absolutely astonishing building amenities, Art on Main is sure to attract buyers looking for an elevated experience in one of Milton’s most exciting neighbourhoods. 

Close to incredible neighbourhood amenities and featuring ground-level retail in the building, Art on Main has everything you need. Building amenities include a state-of-the-art fitness centre, pool, party room, billiards room, rooftop terrace, barbecue stations, pet spa, and 24-hour concierge service. 

When you are considering taking your first step into the real estate market, a Milton condo is an excellent investment to start with. Whether you crave the condo lifestyle or you see owning a condo as a great way to build equity before upsizing into a detached home, Milton condos are always in demand for buyers, investors, and renters alike. 

As a real estate team, one of our most important relationships is with the mortgage brokers we work with. Aside from finding your ideal property, the most significant part of the home buying process is securing a mortgage and payment terms. 

At the Katherine Barnett Team, we work closely with several mortgage brokers. The reason we work with several is that much like choosing a real estate agent, choosing a mortgage broker is a very personal decision. It’s important to choose an individual who gels with your personality and can help you achieve your goals and meet your budgetary needs. 

In this post, we’re talking Agnes Mocko of Mortgage with Agnes and Joanna Skowron of The 6ix Mortgage Group to answer the questions you’ve always wanted to know about working with a mortgage broker. 

1. First of All, What’s the True Difference Between a Mortgage Broker and a Bank?

Joanna: When you go straight to the bank, you only have access to what that particular bank offers, and those mortgage programs may not be in alignment with what you need. However, working with a broker is a one-stop-shop! We collect the same information the bank does, but what’s different is that we have access to the whole spectrum of lenders at our fingertips, which includes the bank you were considering going to!

Agnes: Also, a bank has a certain type of box they need their applicants to fit into, which is why a lot of people get turned down. Mortgage Agents provide expert advice and work alongside their clients throughout the entire process. It’s almost as if you have a Google search engine in your back pocket throughout your entire homeownership journey.

Looking for more first-time homebuyer resources? You’ve come to the right place! Check out some of our other blogs:

• The True Cost of Buying a Home: What You Need to Know
• Our Top 8 First-Time Homebuyer FAQs
• How to Hire a Real Estate Agent as a Buyer

2. How Soon Should You Start the Mortgage Application Process when Buying a Home? 

Agnes: You should at least have a conversation with a Mortgage Agent as soon as you begin considering buying a home. The reason for this is because sometimes applications need some tweaking in order to get to the desired purchase price. A good mortgage agent can provide you with advice on how to meet your goal once that time comes. When it comes to a pre-approval, it is important to get one done prior to contacting a realtor. The reason for this is because once you have your pre-approval, you can confidently look for homes within your budget, avoiding any disappointment or wasted time on homes that may not be in your reach. 

Joanna: I would also add that the speed at which a client gets pre-qualified mainly depends on how quickly the required documents get sent over. I would recommend speaking with a mortgage agent about a week prior to house hunting to give a client adequate time to collect their paperwork and enough time for a mortgage agent to input all the information and ask for clarification if need be! 

The great thing about getting a pre-approval is that it offers a ‘rate hold’ that lenders will honour the interest rate the client has been pre-approved for or will adjust the interest rate if it drops for up to 120 days. 

3. Fixed-Rate Vs. Variable: Which Type of Mortgage is Better? 

Joanna: I wouldn’t necessarily say one is better than the other because it depends on what the client is comfortable with. If you’re the type of person who likes to know exactly how much you’re paying each month for peace of mind, I would recommend a fixed rate. If you’re the type of person who is okay with fluctuation in the payment, paying a little bit more or a little less, depending on how interest rates are looking, a variable rate could be the way to go. 

However, generally speaking, variable rates tend to be lower, and historically have shown to be less expensive in the long run.  

Agnes: It’s important to understand the penalties within the mortgage contract when making your decision. It’s quite common to see Canadian homeowners break their fixed mortgages. And fixed-rate penalties use either the greater of three months interest or a calculation known as the “Interest Rate Differential” (IRD). This is the difference between the interest rate attached to your mortgage and how it compares to a current rate that most closely matches your remaining term at that point in time. The issue is no one knows where interest rates are heading, making it impossible to predict. 

Variable mortgage penalties, on the other hand, typically only consist of up to three months of interest. 

Check out more homebuyer resources right here:

• 5 First-Time Homebuyer Mistakes to Avoid
• Download Our Buyer’s Guide

4. What’s the Number One Thing First-Time Homebuyers Should Know? 

Joanna: Get pre-approved! In a market where homes are flying off the shelves, it is extremely important to know what your budget is. Something I say all the time is house hunting without a pre-approval is like going shopping without knowing how much money you have in your wallet.

And with this pre-approval, the actual submission of your mortgage application is a lot easier. Because the majority of work has been completed in advance, you won’t have to worry about scrambling for paperwork in such a fast-paced environment. 

Agnes: I would say to get into the market as soon as you can afford it. You can buy a home with as little as 5% down. Be open-minded when looking for your first home. Remember, you are making an investment.

5. What’s the Difference Between a Mortgage Renewal and Mortgage Re-Finance?

Joanna: When the term of your mortgage is close to expiring, you’ll receive a notice from your lender offering you the option of renewing that mortgage with a new rate, and term. It’s a straightforward process stating that you’d like to move forward with your current lender, under the new specifications. 

Agnes: Refinancing a mortgage means you are replacing your existing mortgage with a new mortgage to do things like fund a renovation, take out money to buy an investment, secure a better rate, consolidate debt, etc. 

In order to get the money to refinance, an appraisal needs to be conducted on the home and the current mortgage balance is subtracted from this total. A borrower can then access up to 80% of the remaining amount. However, the borrower needs to qualify for this new mortgage amount.

Interested in learning more about mortgage rules and working with a mortgage broker? We host two webinars with Joanna and Agnes each month! Register for the next webinar here and join us live! 

Basement apartments are an increasingly popular trend we’re seeing among homeowners these days. As housing prices continue to rise, and the housing supply continues to diminish, people are looking for alternative ways to navigate the market. 

If you followed the recent federal election, you’d know that housing affordability was a major part of each party’s platforms. However, policies and laws can only go so far and many Canadians want to take things into their own hands. This is where secondary suites and basement apartments come into play. 

Here’s everything you need to know about buying a home in Milton with a basement apartment…

What Defines a Basement Apartment?

Basement apartments, sometimes also called secondary suites or accessory apartments are defined as a “self-contained dwelling” created by converting a section of the main dwelling into a secondary dwelling. 

Basements make popular accessory suites because it’s often fairly easy and inexpensive to turn a basement into its own apartment. 

What are The Benefits of Basement Apartments? 

Whether you’re a first-time homeowner or an empty nester, there are many benefits to having a basement apartment as part of your house. 

Getting your foot into the real estate market as a first-time buyer can be difficult. As home prices in Canada continue to rise, it’s becoming increasingly hard for young people to afford to buy a home. For these types of buyers, a basement apartment is a great option because it means they can collect rent from a tenant to help supplement their mortgage payments, improving affordability overall. 

Empty nesters can also reap the benefits of a basement apartment. These types of homeowners are typically dealing with excess space in their homes. If they aren’t quite ready to downsize but want to maximize the use of their space and make a little extra money, a basement apartment is a great option. 

Basement apartments are essentially real estate investments and can be used to further your space in the market, give exceptional landlord experience, and help you increase your investment portfolio. 

Buying a House with an Existing Basement Apartment vs. Building New

Basement apartments can significantly increase the value of a home. So if you are in the market for a property with an existing basement apartment, expect to pay a higher price initially. 

However, building a basement apartment might take an initial lump sum investment on your part, but in turn, will increase the property value should you want to sell later. 

If you’re currently in the market for a home, and you know you want to rent out the basement, it’s certainly worth looking into buying a house that has an existing basement apartment. It would save a lot of work and time on your part. 

However, it’s also important to consider the ROI. Do some research into how much building an accessory suite would cost vs. how much rent you could charge in that neighbourhood. This might give you a better idea of whether or not buying an existing house with a basement apartment is better for your unique situation rather than renovating and building your own. 

Ready to buy a home? Get started here:

• Our Top 8 First-Time Buyer FAQs
• The True Cost of Buying a Home: What You Need to Know
• A Buyer’s Guide to Pre-Emptive Offers

Thinking About Building a Basement Apartment? Don’t Forget About the Legalities

Building a basement apartment in Milton requires some careful planning and consideration on the homeowner’s part. For example, before you start building, you need to obtain a building permit and ensure your apartment meets certain regulatory standards:

• The basement apartment must be located in a detached single-family home. 
• It must have access to municipal sewer and water with either laundry in-suite, laundry connections, or shared laundry services.
• There must be at least three legal parking spaces on the property.
• Ceiling height must be at least 6′ 11″ (2.11 m), and 6’5″ under beams
• It must not be greater than 85m² or 915sq/ft in size. 
• 45 min floor and wall fire separation (requirements are different in older buildings)
• The dwelling must have its own private entrance.
• The home must have a walkout egress or window egress with a minimum 3.8 sq/ft clear opening.
• The building must have all the appropriate permits and inspections.

Legal vs. non-legal basement apartments is a hot topic in Milton and the GTA. Learn more about it in our blog What Makes a Basement Apartment Legal in Milton here.

How to Maximize Your Basement Apartment Income

Building a basement apartment is more than just sectioning off a part of your home and collecting rent. You are essentially becoming a landlord, which comes with significant responsibility. 

Although no two renters are alike, here are some general features that renters look for in a basement apartment:

• High-quality appliances and finishes (think, faucets, tub, shower, sink)
• Higher-than-average ceilings
• Large, bright windows
• Nice lighting 
• Open-concept floorplans
• All-inclusive utilities 
• Proximity to public transit, healthcare, grocery, and amenities

Read our quick guide to Milton Real Estate here to learn more about the best neighbourhoods for your unique needs.

It’s also important to attract the right type of tenant for your property. Consider your location and your ideal tenant and ensure that you are doing everything you can to attract that type of person to your listing. It’s also a good idea to complete credit checks and have your tenants fill out applications before agreeing to rent the apartment. 

Did you know we host first-time buyer webinars every month? Sign up to join our next webinar for FREE here.

For many people, buying a home is the single biggest purchase of their life. It’s important to go into the process of homebuying with all the information you need to feel confident in your decisions. 

Working with a professional real estate agent is an excellent first step toward making sure you have access to the most accurate information and advice for your unique situation. However, there are several common questions we get asked by almost everyone. 

Here are the top 8 first-time buyer frequently asked questions:

1) Do I need mortgage pre-approval?

Mortgage pre-approval is not an absolute requirement to start house-hunting, but it is strongly recommended. Getting pre-approved helps you determine the type of budget you should be working with. It will paint a clear picture of exactly what you can afford. Additionally, in a fast-paced market, it’s critical to move quickly on a sale. If you are not yet pre-approved, sellers might not take you seriously. It also puts more obstacles in your way and can hold up the process, resulting in missed opportunities. 

2) What amount should my deposit be?

The first thing to know is that a deposit is not the same as a down payment. A deposit is a cash transaction that is made from the buyer to the seller, held in trust by the agent pending closing. The purpose is to essentially secure the sale of the home in good faith. 

There is no “set” deposit amount, but a deposit is typically around 5% of your total offer. However, sellers often see higher deposits more favorably and may contribute to an offer being accepted. A deposit must be made in cash, in most cases, by money order or certified check. If your offer is accepted, your deposit amount will go towards your down payment. 

3) How much will working with an agent cost me?

In short, not a thing! In Ontario, buyers do not pay commissions to the agents. All of the buyer agent’s commission is paid by the seller. 

4) How much will I pay for my down payment?

In Ontario, first-time buyers can generally purchase a home with a minimum 5% down payment, depending on the home’s purchase price. If you are able to come up with a 20% down payment, your lender will not require you to purchase mortgage insurance.  

5) How much home can I afford?

This is one of the top reasons to seek mortgage pre-approval. It will show you the mortgage you can afford, allowing you to base your home buying decisions around that. However, as a general rule, many lenders recommend that your debt expenses (mortgage, credit card payments, and miscellaneous loans) do not exceed 36% of your gross monthly income. So if your family’s combined monthly income is $10,000 and you have no debt other than a mortgage, you can likely afford a mortgage payment of roughly $3,600 per month. 

6) What is the MLS®, and why does it matter?

MLS® stands for Multiple Listing Service®. It’s a computer service that encourages collaboration between real estate agents. It’s available to all REALTORS® to use to help their clients. By hosting listings in one central location, buyers can see all the available listings, not just the ones associated with their chosen agent. Think of it as a way to even the playing field and help ensure you find your dream home, no matter which agent the listing is with.

7) What happens if there are multiple offers for my dream home?

This is a common scenario in a busy market. When there are multiple offers on a property. As a buyer, there are a few things you can do to help your offer get accepted. For example, submitting an offer over the asking price, close to the seller’s desired closing date, with a high deposit, and fewer conditions might be enough to encourage the seller to accept your offer in a competitive market.

8) How much are closing costs?

Closing costs encompass basically everything that needs to be paid at closing, not including the mortgage. This includes real estate lawyer fees, land transfer tax, moving expenses, and more.

This number can vary depending on several factors, but closing costs add up to about 1.5-4% of the purchase price in most cases. This means, for example, if you are purchasing a home for $700,000, you should have at least $10,500 – $28,000 set aside for closing costs. 

Every year, home buyers who swore they’d never leave Toronto are moving to greener pastures. Without a doubt, Burlington is one of their top choices. From its beautiful lakefront views to the all-around high quality of life it provides, this thriving city has never been more popular. That said, many enthusiastic buyers aren’t quite sure where to begin. Sound familiar?

If this city is relatively new territory for you, start by getting the lowdown on local neighbourhoods, homes, and prices. You can find out more here in our Burlington real estate guide…

Your Price Range

Home buyers have been flocking to Burlington in recent years, and for good reason. The fantastic quality of life in this little corner of Ontario is no longer a secret. In fact, the city has earned the impressive titles of “Best Community in Canada” and “Best Place to Raise a Family” by Maclean’s Magazine.

Home prices have grown with Burlington’s popularity, but there’s still a fairly wide range available. You can find starter condos for as little as $500k, or spacious waterfront houses that sit near the $6 million mark. It all depends on what you’re looking for—and whatever it is, you’ll probably find it here.

Neighbourhoods To Meet Your Needs

In Burlington, you’ll find a wide variety of homes to meet nearly every set of buying needs and preferences. Here are just a few fantastic local options.

Ideal For Families

The Orchard

Situated in Northeast Burlington, the Orchard is a relatively new neighbourhood (think 1990s). The area is known for its beautiful suburban houses and reputable local schools. Proximity to the majestic Bronte Creek Provincial Park—along with plenty of outdoor trails and playgrounds—make the area ideal for parents with little ones. with Appleby Plaza nearby, you’ll also find no shortage of retail and dining options.

Tyandaga

With its attractive trails and scenic waterfront views, Tyandaga is a favourite among families. This community to the northwest features public tennis and golf clubs, which means there’s never any shortage of fun things to do. You’ll also find some beautiful homes, including many in the Georgian, Colonial, and Tudor styles. Some of these houses are on the slightly more affordable side—at least by Burlington standards.

Plains

If you’re looking for a well-established neighbourhood near the city’s core, consider Plains. The area is more affordable than many, with a mix of well-maintained older and newer homes. Thanks to nearby GO transit and the Fairview Mall, it provides a low-hassle lifestyle for families. Plains is also close to the Royal Botanical Gardens—a lovely spot for weekend picnics with the kids!

Historical Gems

Downtown

If you’re looking for a bonafide heritage home (we’re talking about century-old houses with pretty period details), look no further than the downtown core. Along with these historic jewels, the area contains charming townhouses, luxury condos, and everything in between. Of course, the local homes aren’t the only thing to love about living in the city centre. From beautiful Spencer Smith Park and the urban waterfront to a plethora of retail and dining hotspots, Downtown Burlington has it all.

Roseland

Whether Roseland residences count as “historic” depends on your definition. Sure, the older homes here fall shy of the 100-year mark—and there are plenty of newer, custom-built affairs. That said, you’ll find an abundance of half-century-old houses here that are nothing short of stunning. Mature trees and lakefront views only add to the splendour—while proximity to the QEW and Burlington Mall make day-to-day life ultra convenient. Needless to say, home prices tend to be on the steep side.

Shoreacres

In the south end, you’ll find a prestigious neighbourhood with an abundance of charm. Like Roseland, Shoreacres is made up of majestic streets lined with beautiful homes that are around 50 years old. There are also plenty of green spaces (including Paletta Lakefront, Henderson, and Strathcona Parks). Nearby Appleby Mall puts all the conveniences residents need at their fingertips, while the presence of John T. Tuck Public School (which gets top-notch marks from the Fraser Institute) makes the area an ideal one for families.

Newer Homes

Alton Village

If only a brand new home will do, you may want to consider Alton Village. Situated in North Burlington, this lovely suburban community is home to some truly beautiful houses (including many from heavy-hitter developers like Mattamy and Fernbrook Homes). It’s also the site of Norton Community Park (with its play structure, fields, and off-leash park, among other features). Lastly, the area is a commuter’s paradise, providing easy access to the 407, QEW, and the nearby Appleby GO Station.

What to Know About Burlington Real Estate…

Trying to decide whether Burlington is right for you? There are a few major benefits that may tip the scales in the city’s favour. For one, your home-buying dollars will go further here than they would in a place like Toronto. While it’s true that prices have risen in recent years, the value for money in Burlington is well worth considering. In other words: if you’re looking for more space to spread out, this a great place to find it.

In particular, many of the city’s neighbourhoods feature an abundance of bungalows. These layouts have been making a major comeback, thanks to their practicality—and how flexible they are. Whether you’re looking for a place that could accommodate a home office, an extra bedroom, or whatever future renovations you desire, a bungalow with good bones could be ideal.

The truth is, Burlington has a lot more to offer—in terms of communities and housing stock. By speaking with an agent who knows the city intimately, you can find a place that fits your budget and checks off all your boxes!

Are you starting the search for your perfect home and have questions about the Burlington real estate market? Reach out today!

Are you looking for the ideal place to settle down? If so, you might want to consider living in Burlington. Just 40 minutes from Toronto, this charming city on the lake is much more than a bedroom community. In fact, it’s been called the best place to live in the country by Maclean’s magazine.

Find out what makes living in Burlington so special here in our guide to the city…

Burlington at a Glance

With its quiet residential neighbourhoods and pretty parks, Burlington is the epitome of family-friendly. Here you’ll also find a wide variety of places to give your kids a high-quality education. John T. Tuck and Charles R. Beaudoin Public Schools are just two local institutions that receive impressive rankings from the Fraser Institute.

Burlington also hosts a wide variety of annual events that add to its sense of fun and community. Canada’s Largest Ribfest, the Christmas Festival of Lights, and the Children’s Festival are just a few examples.

City Amenities

It’s true that Burlington isn’t one of Canada’s biggest cities. But if you choose to live here, you’ll enjoy plenty of unique dining and shopping options in your own backyard.

To start with, the city’s food scene is very much alive and well. Among the local favourites is the Martini House. This fine-dining hotspot serves up inventive, European and Asian-inspired fare. Think pitch-perfect clam fettuccini and fresh sesame-crusted tuna. Paradiso, which is known for its incredible seafood dishes, is another must-visit.

Local shoppers favour Mapleview Centre and Burlington Mall, both of which are home to some of the most popular retailers out there. To soak up the local charm while you shop, head downtown. Here you’ll find a mix of fashionable boutiques, antique stores, giftware shops, and more.

Outdoor Spaces

One of the best things about living in Burlington is the city’s gorgeous outdoor spaces. Take Canada’s largest botanical gardens. Spread out over 1,100 hectares, the RBG contains 300 acres of cultivated gardens and 27 kilometres of nature trails.

Spencer Smith Park is another one of Burlington’s biggest draws. Situated on the waterfront in the city’s downtown, it boasts a kids’ playground, a Japanese garden, the scenic Brant Street Pier, Rotary Centennial Pond (which becomes a popular skating rink in the winter), and much more.

There’s a wide variety of other green spaces throughout the city, including Leighland, Lowville, and LaSalle Parks.

Getting Around

Commuting out of Burlington is easy, thanks to local access to highways 403, 407, and the Queen Elizabeth Way (QEW). For those who don’t drive, the city’s bus service is a convenient way to get around. Don’t forget about commuter trains! The Appleby, Burlington, and Aldershot GO Stations make areas like Halton Region, Hamilton, and the GTA easy to get to.

Burlington Real Estate

Burlington has an ideal neighbourhood—and a perfect home—for every buyer. From brand-new builds to mid-century bungalows to beautiful historic houses, the city’s options are seemingly endless.

One of the main reasons families make the move to this little corner of the world is for more square footage. Of course, all that space can come at a cost. It’s not unusual to see single-family properties listed at around $1 million. While home prices in the city are catching up to those in Toronto, it’s important to remember that you’ll get more for your money in Burlington!

Explore Burlington Neighbourhoods