Hire Top Class Real Estate Agent Who Will Invest In Your Future
Mandeep Toor's blog
Week of March 23 – 27, 2020
The impact of the COVID-19 virus continues to have widespread implications for individuals, businesses, and industries; as many face the loss of employment and income, the ability to pay for rental or homeownership costs has become a pressing issue. Here, we’ll be sharing the latest updates for renters, homeowners, and the real estate industry, as the health crisis develops.
The Bank of Canada (BoC) has made another unscheduled rate cut, slashing its Overnight Lending Rate by 50 basis points from 0.75% to 0.25% – the lowest it has been since April 2009 – as further response to the COVID-19 pandemic and its impact on the Canadian economy. It is the third rate cut the BoC has made in March, slicing a total of a percentage point from where it stood in February.
Buying any home can be both costly and complex, and it’s always advisable to thoroughly understand your purchase agreement. However, this can be trickier when purchasing a pre-construction property, which is something naive buyers may be unaware of.
For more than a year now, the Competition Bureau has been urging homeowners to be wary of deceptive tactics used by door‑to‑door salespeople trying to get them to sign a contract for a new water heater or heating, ventilation and air conditioning (HVAC) system.
With the bloom of spring finally breaking through the doldrums of winter, it’s time for homeowners to begin thinking about exterior projects around the home. For many of us, that includes replacing drafty, inefficient windows with newer, high efficiency models.
In a housing market as geographically vast as Canada, homeownership affordability can vary widely from coast to coast; while carrying a mortgage is a major financial commitment regardless of province or city, some regions are much friendlier on buyers’ bank accounts, especially those purchasing a home on a single income.
Should you choose a fixed or variable mortgage? That is one major question currently facing potential home buyers. Admittedly, it’s always an important consideration when purchasing a home, but more so today than in previous years.
And that’s because we’re currently in a rising rate environment.