Niagara Statistics for 2024 YTD
/While January was a little sluggish, February is making up for it.
"Home for the Holidays: The Surprising Benefits of Selling Your Home During the Festive Season"
/Title: "Home for the Holidays: The Surprising Benefits of Selling Your Home During the Festive Season"
Introduction:
The holiday season is often associated with warmth, joy, and time spent with loved ones. While it might seem counterintuitive to sell your home during this festive time, there are actually several compelling reasons why listing your property during the holidays can be a smart and advantageous decision. In this blog post, we'll explore the unexpected benefits of selling your home during the holiday season.
1. Less Competition:
One of the key advantages of selling your home during the holidays is the reduced competition in the real estate market. Many homeowners choose to delay their selling plans until the new year, thinking that potential buyers are preoccupied with holiday festivities. This means fewer homes on the market, allowing your property to stand out and capture the attention of serious buyers.
2. Motivated Buyers:
Buyers searching for a home during the holidays often have a compelling reason to move, whether it's a job relocation, a growing family, or other life changes. These motivated buyers are more likely to make swift decisions, resulting in a potentially faster and smoother sales process. Take advantage of the sense of urgency that comes with their need to settle into a new home before the year ends.
3. Emotional Appeal:
The holiday season creates a unique atmosphere of warmth and nostalgia. Capitalize on this emotional appeal by staging your home with tasteful and festive decorations. A well-decorated home can evoke positive emotions in potential buyers, helping them envision their own holiday celebrations in the space. A cozy and inviting atmosphere can leave a lasting impression, making your home more memorable in the minds of prospective buyers.
4. Year-End Tax Advantages:
Selling your home before the end of the year can offer financial benefits for both buyers and sellers. Buyers may be looking to complete a purchase before the year ends for tax purposes, while sellers may be motivated to close the deal and start the new year fresh. By aligning your selling timeline with these financial considerations, you increase the likelihood of attracting serious and committed buyers.
5. Flexible Closing Timelines:
During the holiday season, many people have more flexible schedules and may be able to accommodate quicker closing timelines. This flexibility can result in a faster and more convenient closing process, allowing both parties to start the new year with a successful real estate transaction.
Conclusion:
Contrary to common belief, selling your home during the holidays can be a strategic and advantageous move. With less competition, motivated buyers, emotional appeal, potential tax advantages, and flexible closing timelines, the holiday season might just be the perfect time to make a successful sale. Embrace the festive spirit, showcase your home's unique charm, and position it as the perfect gift for potential buyers looking to start a new chapter in the coming year.
Niagara Real Estate Market Stats
/Have a look at the stats for June 2023 in the Niagara Region.
The Niagara Region Real Estate Market: First 6 Months of 2023
The Niagara Region real estate market has shown a slow down in sales compared to 2022 for the first half of 2023. The market saw a decrease in both residential and commercial property sales, but there has been a surge in demand for waterfront properties and vacation homes. The rising interest rates have put a bit of damper with buyers getting into the market. Despite initial concerns over the effects of the pandemic, the market has proven to be resilient and has experienced steady price appreciation but we are still seeing a lack of inventory. Sellers have benefited from favourable conditions with multiple offers and higher prices, while buyers have faced increased competition and the need for quick decision-making. As we move forward into the rest of 2023, the Niagara Region real estate market looks poised the same conditions as the first 6 months.
Why timing the Market is Impossible!
/Are you planning to buy or sell real estate, but waiting for the perfect time? You might want to reconsider. Timing the market is a popular strategy, but it rarely works in real estate. Here's why:
1. Real estate is cyclical
Real estate markets go through cycles of booms and busts. Trying to time the market means predicting when these cycles will occur, which is nearly impossible. Even the best experts can only make educated guesses.
2. Local factors matter
Real estate markets are also heavily influenced by local factors. The economy, job growth, and population changes can all impact local real estate markets. This makes it even harder to predict when the market will turn.
3. Transaction costs
Buying and selling real estate comes with significant transaction costs, including real estate agent fees, closing costs, and taxes. Trying to time the market means risking losing money on these costs if you guess wrong.
4. Long-term investment
Real estate is a long-term investment. While short-term fluctuations can occur, real estate prices tend to increase over time. Trying to time the market means potentially missing out on long-term gains.
Instead of trying to time the market, focus on factors you can control, such as finding a property that meets your needs and budget. Work with a trusted real estate professional who can provide guidance and help you make informed decisions. Remember, real estate is a long-term investment, and trying to time the market is a risky strategy.
Why Invest in Niagara Real Estate?
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If you're looking for a place to invest in real estate, look no further than Niagara, Ontario. With its stunning natural beauty, vibrant communities, and thriving economy, Niagara has become a hot spot for real estate investors looking for a profitable investment opportunity.
Here are some reasons why the Niagara Ontario real estate market is worth investing in:
Growing population: Niagara's population has been steadily increasing over the past few years, with many people moving to the area for its quality of life and affordable cost of living. As more people move to the area, the demand for housing will continue to rise, making it a great time to invest in real estate.
Tourism industry: Niagara is known for its tourism industry, with millions of visitors coming to the area each year to see the famous Niagara Falls, visit wineries, and enjoy the many attractions and events the area has to offer. This industry provides a stable source of income for local businesses and property owners, making it a great place to invest in real estate.
Affordable real estate: Compared to other major cities in Ontario, Niagara's real estate market is still relatively affordable, making it a great place for first-time homebuyers and real estate investors. With a range of properties available at various price points, there is something for everyone in the Niagara real estate market.
Strong economy: Niagara's economy is diverse and growing, with a range of industries contributing to its success. This includes manufacturing, agriculture, tourism, and healthcare, among others. As the economy continues to grow, so too will the demand for housing in the area, making it a great place to invest in real estate.
Infrastructure improvements: The Niagara region has been investing in infrastructure improvements in recent years, including the expansion of highways and the construction of new developments. These improvements have made the area more accessible and attractive to investors, making it a great place to invest in real estate.
In conclusion, the Niagara Ontario real estate market is a growing investment opportunity that should not be overlooked. With its growing population, strong tourism industry, affordable real estate, strong economy, and infrastructure improvements, Niagara is a great place to invest in real estate.
6 Tips to getting a better Mortgage Rate.
/If you are aiming to become a homeowner, it is essential to be prepared each step of the way. From keeping an eye on interest rates, to searching for the ideal home, the application for a mortgage is the most important. Even though it might seem daunting, it can be less intimidating if you take the time to organize your financial situation beforehand.
1. Analyze your credit ranking
When it comes to credit ratings in Canada, the range is between 300 and 900 across five levels - Poor, Fair, Good, Very Good and Excellent. This can differ depending on the credit bureau, however, the general procedure is not altered. It is important to monitor your credit history as it is a reflection of your financial well-being.
When considering your mortgage application, lenders will use your credit score to evaluate your capability to pay back your debts and determine your monetary reliability. It is beneficial to have a score of at least 660, but the higher the score, the more likely you will be offered the lowest mortgage rates in Canada. The credit report will contain data about your payment history, the number of accounts you have, and the duration of your credit record. Simply making payments on time and not overusing your credit will help improve your score.
A variety of online firms provide the possibility to check one's credit score without charge. Such checks will retrieve a person's credit score from either of Canada's two credit bureaus, Equifax or TransUnion. To ensure your credit score is healthy, it is advisable to review it every three months and take the necessary steps to boost it.
2. Make a larger initial payment
When buying a house, it is always necessary to provide an initial sum of money, which is referred to as a down payment. The more you can afford to pay for the down payment, the better off you are for a couple of reasons. Primarily, the larger the down payment is, the less you need to borrow, and correspondingly, the lower the interest rate will be. Additionally, the size of the down payment also affects your eligibility to get a mortgage.
If you are looking to get a mortgage approved in Canada, you should be aware that there are certain minimum down payment requirements.
Under $500,000: The lowest down payment is 5% of the cost.
From $500,000 to $999,999: A 5% payment of the initial $500,000 is required, with an additional 10% for the amount above $500,000.
Above $1 million: At least 20% of the total cost.
For home purchases in Canada with a down payment of less than 20%, the buyer is required to purchase mortgage loan insurance. This will result in an increase to the monthly mortgage payment due to the insurance premiums.
It is advisable to save as much money as possible for a down payment, especially with the high cost of housing in cities like Toronto and Vancouver. An increased up-front payment can lead to a greater chance of being approved for a mortgage. Our mortgage payment calculator can help you evaluate different down payment and amortization possibilities, and compare fixed and variable mortgage rates. If you want to focus on amortization, our amortization calculator will help you experiment with different amortization periods and to see how it will affect your mortgage payments over time.
3. Secure a steady income
When applying for a mortgage, it is essential to maintain your present employment. Lenders will not grant the loan unless you can demonstrate the ability to pay off the debt. Having a full-time job is the ideal way to show this, since it provides a steady source of income. It is advantageous to have been with the same employer for a long time as well, although this is not the sole factor in the application process. When applying for a mortgage with a partner, it is beneficial for both of you to have full-time jobs.
When you are an entrepreneur, the process of obtaining a mortgage can be a bit more difficult. It is essential to demonstrate that you have the capability to remain profitable in the long run, which involves presenting your business and income records from the past few years. To increase your chances of getting approved for a mortgage, you should reach out to a licensed mortgage broker. They possess all of the necessary information to prepare a strong application.
4. Decrease current debt
When getting a mortgage, it is important to make sure you have as little debt as possible. This is because it will be easier to pay off the mortgage when you do not have other debts to worry about. Additionally, lenders will take into account the ratio of your debt to income when deciding whether or not to approve your mortgage application.
The amount of money owed on your credit cards, lines of credit, or student loans does not need to be zero. Your current debt, however, will influence the amount of money you will be able to borrow, as well as the rate of interest. Keeping debt to a minimum is also beneficial for your credit score.
When a lender looks into your financial history and gives you the go-ahead for a predetermined mortgage amount, interest rate, and length of term, this is known as a mortgage pre-approval. Time frames for these pre-approvals usually range between 90 to 120 days, depending on the lender, granting you a period of time to locate a home without having to forfeit a great mortgage deal.
When it comes to acquiring a mortgage, lenders will look at your credit rating, the amount of money you're ready to pay upfront, your income, your employment status, your debt-to-income ratio, as well as your assets and liabilities. Obtaining pre-approval will enable you to look for a home within your budget and, if you find what you're looking for, to make an offer promptly.
5. Obtain an excellent rate
The end result of a mortgage application is usually thought of as obtaining an excellent rate, however, it's a two-way street. If you examine the market or use a mortgage broker, you can usually find lenders that offer lower rates. When you get a better mortgage rate, your monthly payments will be reduced, which can make it easier for you to pay your mortgage. This can make it simpler for you to get approved for a mortgage and can allow you to borrow more.
An excellent starting point is to look into the top mortgage rates across Canada. You can typically access these via mortgage brokers, who offer their services free of charge. Such a consultation can be beneficial since they can also provide tailored advice.
6. Fully understand what you can and cannot manage financially
When figuring out what amount of mortgage you can manage, various variables need to be taken into consideration such as the amount of mortgage payments, living expenses, debt payments and other financial responsibilities. Mortgage lenders will evaluate all these, but it is important that you are honest with yourself regarding what you can afford.
You are the one who is aware of your financial and lifestyle necessities. With the mortgage application process, some expenses like childcare, grocery or supporting your parents may go undetected. Additionally, your future objectives can modify your financial circumstances. You do not need to divulge to your bank if you intend to leave your job or conceive a child, however, these events could significantly affect your capability to manage your mortgage. Moreover, you should consider other buying costs, similar to home examinations and closing costs (usually about 3-4% of the purchase price). Keep in mind that you will also have to pay for utilities, maintenance, property taxes and repairs.
Evaluate your financial situation both presently and for the future, and then stay within those limits. In the event that your finances are in a good state, you may get a larger mortgage than expected. Avoid the urge to use all the funds you are approved for and take into account what you truly can pay for.
The Final Summary
Securing a mortgage is contingent on having your financial situation in check. Enhancing your credit score, reducing debt, and saving money are all beneficial activities, not just for those applying for a mortgage, but for everyone. Even if you're not intending to purchase a home at this time, being mindful of your finances presently will put you in a better financial posture for the future, whatever you decide.
Time to Begin Saving!
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Putting together the funds for a down payment often takes time and a solid strategy that goes beyond tucking a few dollars away each month. Luckily, Canadians have access to a number of investment savings accounts that can optimise their savings towards homeownership.
Unlike a standard savings account, an investment account offers specific tax and interest benefits a regular account won’t have, making an investment savings account more advantageous when building for a down payment.
Registered Retirement Savings Plan (RRSP)
When you contribute to an RRSP, those funds are exempt from tax, capital gains, and dividends, so long as the funds remain in the plan. You usually have to pay tax when you cash in, make withdrawals, or receive payments from your RRSP.
The amount you invest into an RRSP reduces your net income, but lowers the income tax you pay, therefore offering a tax break. However, RRSPs have an annual contribution limit, meaning you can only invest so much income into them per year.
Tax-Free Savings Account (TFSA)
A TFSA is a tax-sheltered account that allows users to hold a variety of investments.
Unlike an RRSP, a TFSA won’t offer you any up-front tax breaks, but any savings you put into the account can grow tax-free. Whenever you want to withdraw money from your TFSA, those funds are also exempt from taxes. Similar to an RRSP, however, a TFSA will only allow you to contribute a specific amount of funds each year. In 2022, the TFSA contribution limit is $6,000.
First Home Savings Account (FHSA)
One of the newest types of investment savings accounts on the market, the tax-free FHSA was unveiled in April as part of the federal government’s 2022 budget, and will be made available in 2023.
Marrying together some of the features of a TFSA and RRSP, Macmillan says the main goal of the FHSA is to help more Canadians purchase their first home and make ownership more accessible.
Do you think you should be Pre Approved for a Mortgage?
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Buying a home is an exciting experience. While the process can be stressful at times, you can limit y, and one of the easiest is getting pre-approved for a mortgage before you begin your house-hunting journey.
As the borrower, it’s good to compare options for mortgages and different lenders. Throughout this process, you will learn the maximum amount of mortgage you qualify for and the estimated mortgage payments on the amount borrowed, while locking in an interest rate for up to 130 days from the date of the pre-approval.
On the lender side of the process, they will look at your financial circumstances including your income-to-debt ratio, credit score and financial history. The lender uses all these factors to assess your borrowing risk and determine the amount of mortgage, interest rate and terms you’ll qualify for. It is important to note that the mortgage pre-approval process does not guarantee you will be approved for a mortgage.
5 Reasons to Get Pre-Approved for a Mortgage Before You Start looking at homes
1. You’ll Have an Idea of How Much Money You Have to Work With
2. Your Scope of Search Will be Narrowed
3. You Become a More Competitive Buyer
4. You Become a More Desirable Buyer
5. It May Shorten Your Closing Period
Is my home ready to sell?
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Your home may be ready to sell a lot sooner than you think!
When listing your home; the #1 concern is usually how much time your going to have to put in to the home to make sure it is ready to list.
In 2022; over half of homes being listed took less then a month to list and some only 2 weeks.
By following the current home trends, you will be able to list your home a lot sooner.
Instead of spending your time in time consuming tasks, try using paint and touch ups to freshen up the inside and outside of your home.
Selling a home with a Pet?
/Selling your home with Pets? Use these tips to help it feel less daunting!
Foodies of Niagara!
/Calling all Fooides!
Below is a few of the top Food Blogs for the Niagara Region talking about what restaurants and spots are a must to stop by at, and where the best places are to get locally grown food!
Charities in Niagara!
/Check out some of the local Charities in Niagara that you can support!
Swimming Pools in Niaagara!
/Keep you and your family cool on the warm days this summer!
Spring Gardens
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As we come into the May 2-4 and spring time; let's talk about ways to make your garden look nice.
Gardens are not just about the flowers; but they appeal to your favourite senses, variety of textures, and which birds and insects are attracted to your plants.
Try going for a drive around the neighborhood and look at other gardens to see what catches your interest.
But your going to want :
Flowers and potted plants. Try adding a variety of colours to break It up. You can also add herbs and vegetables which have flowers on them.
Control the weeds. Remove any weeds before they start seeding throughout your garden.
Add some garden art. This is where you can really get creative because you can add any piece of ornament, treasure, or anything that reflects your personality.
Use colorful pots and feature containers to offset the colour of your plants and add more diversity to it.
Choose a feature as the start of your canvas; whether it's a potted plant or a statue or even a piece of outdoor furniture. Allow the eye to draw to those piece and build off of it from there.
If you want to add some colour to your patio or front steps then used coloured pots to draw attention to the door.
