Snelgrove

Crime rates: 26% lower than Brampton average
Real estate prices: 12% higher than Brampton average
School rating: 73.3/100
Overall Livability Score: 87/100

Snelgrove lies on the border of Brampton and Caledon. The neighbourhood has a variety of grocery stores and plazas that are highly accessible. There are numerous parks here such as the Conservation Drive Park and Heart Lake Conservation Park that are perfect for children to play outdoors. Snelgrove is also near Highway 410 which makes it convenient for families to travel outside the town. While the real estate prices are higher, there are mainly two-storey detached homes that are spacious and surrounded by nature.

Northgate

Crime rates: 13% higher than Brampton average
Real estate prices: 25% lower than Brampton average
School rating: 67.8/100
Overall Livability Score: 85/100

Northgate is located in east central Brampton and is considered an older neighbourhood in the city. However, it has a diverse combination of stores, services, and amenities that make it easy to run errands. The average real estate price here is cheaper than the Brampton average because it consists of housing such as detached, semi-detached, and townhouses. This allows families to choose whichever housing option they feel is the perfect fit for them in terms of size and budget. Northgate also contains 10 outdoor parks and recreation centres that are all ideal for families with children.

Westgate

Crime rates: 1% higher than Brampton average
Real estate prices: 12% lower than Brampton average
School rating: 68.3/100
Overall Livability Score: 85/100

The average price of a single detached house in Westgate is $1.06 million, 13% lower than the GTA average. Single detached homes make up most of the housing in Westgate with some townhouses as well. This neighbourhood is quiet and family-friendly with lots of nature and open spaces. There is also the Bramalea City Centre shopping mall that is under 10 minutes away by car and is one of the largest shopping malls in Canada with over 300 outlets.

Heart Lake East

Crime rates: Equal to Brampton average
Real estate prices: 11% lower than Brampton average
School rating: 65.8/100
Overall Livability Score: 85/100

Although the school rating is lower than the previous neighbourhoods, Heart Lake East consists of 7 public schools and 6 Catholic schools that give families a variety of options to choose from. The highest ranked school is St Agnes Separate School with an 87% proficiency. Heart Lake East is also near the Heart Lake Town Centre and the Trinity Common Mall. The 9 parks in this neighbourhood provide families with children an open area with lots of green space.

Brampton West

Crime rates: 100% lower than Brampton average
Real estate prices: 20% lower than Brampton average
School rating: 58/100
Overall Livability Score: 84/100

Brampton West is right next to downtown Brampton, making it accessible to many businesses and ancient buildings. There is also a nearby GO train that can take residents to Downtown Toronto in about 40 minutes. A single detached home is typically priced at $945,000, 23% lower than the average price in GTA. The diverse population makes Brampton West have a high livability score with a mix of restaurants and shops.

Madoc

Crime rates: 18% higher than Brampton average
Real estate prices: 28% lower than Brampton average
School rating: 57/100
Overall Livability Score: 84/100

Madoc is an older neighbourhood that is west of Highway 410, allowing residents to reach Downtown Toronto in 35 minutes by car. The housing contains older detached and semi-detached homes compared to other parts of Brampton, but it still has a mix with townhouses and apartments as well. Restaurants in Madoc are also known to be very diverse with ethnic cuisine. The area has 12 parks scattered throughout, including one that can accommodate ice-skating.

Fletcher’s Meadow

Crime rates: 11% higher than Brampton average
Real estate prices: 3% lower than Brampton average
School rating: 64.3/100
Overall Livability Score: 84/100

This neighbourhood is north-west of Brampton with a 40,000 population. Rose Theatre is a popular venue for shows that are scheduled throughout the year. Outside the Rose Theatre is Garden Square where there are daily shows including concerts and movie nights. Housing styles available include detached, semi-detached, and townhouses. The average school rating may not be the highest, but Ray Lawson is the highest ranked school in the neighbourhood with an 83% proficiency.

Southgate

Crime rates: 23% higher than Brampton average
Real estate prices: 33% lower than Brampton average
School rating: 66.6/100
Overall Livability Score: 83/100

Southgate is in southeast Brampton and is one of the older neighbourhoods. However, it is a convenient location due to its closeness to Bramalea GO and Bramalea City Centre. There is a large variety of housing options here that are all below the average price of homes in the GTA. Single detached homes are $965,000 and semi detached homes are $850,000. The downside to this neighbourhood is that the streets become extremely busy during rush hour with a lot of traffic.

Brampton East

Crime rates: 14% higher than Brampton average
Real estate prices: 15% lower than Brampton average
School rating: 58.6/100
Overall Livability Score: 83/100

The main advantage of Brampton East is that it is a quiet neighbourhood while also close to several amenities. It has single detached homes that are $1 million with decent sized lots. Housing styles include a mix of detached, semi-detached, townhouses, low-rise, and high-rise apartments. The West Humber River Valley is a recreation trail that is a popular destination for residents to enjoy some time in nature. Meadowland Park and Peel Village Park are also open green spaces that have sports fields and playgrounds for children.

Northwest Sandalwood Parkway

Crime rates: 5% lower than Brampton average
Real estate prices: 4% lower than Brampton average
School rating: 67.2/100
Overall Livability Score: 83/100

This neighbourhood is relatively newer with higher real estate prices compared to Brampton East and is located near Snelgrove. A single detached home is priced at $1.13 million, 7% lower than the average price in the GTA. Although this is a newer community and it is still evolving, there are restaurants that feature diverse cuisines. This neighbourhood is perfect for families who prefer newer homes, but also a quiet area with well established neighbouring regions such as Snelgrove and Fletcher’s Meadow.

The post Best 10 Neighbourhoods in Brampton for Families first appeared on RankMyAgent - Trusted resource about Buying, Selling and Renting.

The riverside city blends historical and modern architecture and features a plentiful nightlife and fabulous activities that are great for the whole family. Edmonton plays host to a wide variety of festivals ranging from K-Days to Bacon Fest — yes, you read that correctly. A festival of all things bacon! Last year they hosted the Red Bull Crashed Ice event that drew major crowds and during the summer they host the Sourdough River Raft Race where families and friends build their own rafts and take advantage of the River Valley at Terwillegar Park.

According to the Realtors Association of Edmonton, detached homes in the Greater Edmonton Area (GEA) averaged $451,659 as of February 2, 2023, a 4.2% decrease from December 2022. While condos averaged $189,631, a 5.5% increase from December 2022.

The City of Champions is known as a city of hard-working, industrious and resourceful people that play just as hard as they work.

But, when night falls and it’s time to put the kids to bed, here are 12 communities you can’t pass over on your search for the perfect place to call home.

The Hamptons:

Enjoy the quiet suburban lifestyle in this family-focused modern neighbourhood that was built in the early 2000s. Right off of the Anthony Henday freeway, The Hamptons are close to everything you need. While at home, slow down, kick your feet up, or enjoy the pathway systems, parks, playgrounds, lakes and ponds that are freckled throughout the community. The family-oriented neighbourhood is close to shoppings, cafes, a medical centre and there are two schools that serve the community — Bessie Nichols Public School and Sister Annata Brockman Catholic School. Best of all, the Black Hawk Golf Club is right around the corner for you golf lovers to take advantage of throughout the summer.

Keswick on the River:

Just south of Windermere and bordering on the North Saskatchewan River, Keswick is a developing, family-oriented community in Edmonton’s southwest! Vibrant in green space, minutes away from local eateries and shopping, and close to the to-be-developed Heritage Valley Hospital in Edmonton, there is a bright future for this bustling new neighbourhood.

Considering your young ones? Keswick has great options for schooling, with a total of local 6 schools ranging from K-12. Joey Moss K-9 School and Joan Carr Catholic Elementary/Junior High School are two local Keswick schools that opened in 2022 – plus, these schools are within walking distance in the neighbourhood.

Outside of schooling, Keswick offers great greenways for adventures with the whole family, as well as bustling community life for different seasonal events. Amenities are also plentiful. Nearby shopping outlets, restaurants, and farmers markets are a great hangout spot for the kids, grandparents, family members, and friends!

We spoke with Amie Brown, team member of HACK&Co and professional at RE/MAX River City, and here’s what she had to say about Keswick, a community she’s raised her own family within.

1) What makes this neighbourhood special?

Amie: “Keswick on the River is one of the lowest density neighbourhoods in all of Edmonton. It is bordering the North Saskatchewan River, and has over 8 kms of paved walking trails taking advantage of the view. The architectural detail of the homes in the neighbourhood allow for incredible curb appeal due to variety and visual interest.”

“Just this year, brand new K-9 Catholic and Public schools opened in the community. There is a strong sense of community here, the residents even came together and built their own skating rink in the park this year!”

2) Why would you want to raise a family in this chosen neighbourhood?

Amie: “I chose this neighbourhood, due to my unique position as a new home sales person at the time I built. I could se who else was choosing Keswick and knew it would be full of young families looking to put down roots! I have been here for 9 years now, and my neighbours are genuinely family at this point! I also love that there is no commercial space in Keswick on the River, so there is no extra traffic!”

3) Tell us about some community events that happen that you want to highlight?

Amie: “The new skating rink is still up in the park and open for anyone to use. There is often ‘Yoga in the Park’ offered at the gazebo during the summer. We also have the Green Shack program at the kids park. You can also expect Edmonton Public Libraries to set up pop ups.”

“Halloween in the neighbourhood is the absolute best with so so many families participating and next level decorations! And at New Years Eve, there are normally fireworks!”

4) Price trends in the neighbourhood?

Keswick on the River is a neighbourhood is a community that has and continues to increase in value. Having built many homes, and then been a part of selling them on the resale market has shown me this over and over in this community’s short life span!

Jamieson Place:

With F.C. Jamieson Park nestled right in the middle of Jamieson Place, this West Edmonton community is the perfect place to call home. This family-oriented community near the Anthony Henday, Whitemud Drive and the airport, offers a plethora of activities for people of all ages. There are ball diamonds, soccer fields, playgrounds and green spaces to take advantage of. Jamieson Place is also close to grocery, gas, pharmacy, restaurants and more shopping. The main school that is located in this community is Michael A. Kostek School.

Brintnell

This Northwest Edmonton family-friendly community boasts parks, pathways and greenspaces. Built primarily in the 2000s, Brintnell is close to great schools, including Dr. Donald Massey and Edmonton Christian Northeast School, great shopping, fantastic dining and there is quick access to the freeway making travel to downtown quick and easy.

Rosenthal:

Found in west Edmonton, Rosenthal should be on your radar of communities to move into. The community is growing rapidly today, could your family be the next residents?

Rosenthal continues to attract young families due to the peaceful identity the community has. The local greenways offer over 5k worth of walking paths, with natural attractions around such as waterfalls, brooks, and a community garden. Plan an outing with your kids to the local splash park, playgrounds, skating rinks, and keep your eyes out for the upcoming recreational centre.

Sheri Lukawesky, from The Christy Cantera Group of RE/MAX River City and a winner in RMA’s Top 100 Agents in Canada, advocates Rosenthal for families raising children. Here’s what she said:

1) What makes this neighbourhood special? 

Sheri: “The community feel. There is a Facebook group where homeowners ask questions, ask for help and you see the responses from other neighbours and it so heartwarming. In my opinion this provides an important source of social connection and a sense of belonging.”

2) Why would you want to raise a family in this chosen neighborhood? 

Sheri: “Due to the strong sense of community, this is an ideal neighborhood to raise a family in. This community is primarily with younger families, you have a more like minded and relatable neighbors.”

3) Tell us about some community events that happen that you want to highlight? 

Sheri: “Community pumpkin carving contest, splash park parties, haunted house & Halloween events.”

4) Price trends in the neighbourhood?

Sheri: “The Rosenthal neighborhood does really well overall homes typically sell within 45-60 days. Our team helps clients buy and sell within the community at least 4 transactions each month.”

Cumberland:

Tucked away in North West Edmonton, this newer community is perfect for young families looking to settle down. There is tons to enjoy in the lakeside community including parks, expansive pathways and greenspaces. And, there is an abundance of community-organized events in the area such as family movie nights under the stars orchestrated by the active Oxford/Cumberland Community League. This neighbourhood has it all, it’s close to schools like the Hilwie Hamdon School, and shopping, Cumberland is a great place to start the nest.

MacEwan:

Comprised primarily of multi-family dwellings such as apartments and duplexes, this community offers a fantastic backdrop to your children’s upbringing. Close to transportation and with quick freeway access, MacEwan is accessible and convenient. MacEwan is close to Victory Christian School, which serves Kindergarten through Grade 12, and it’s near George P. Nicholson Public School. Enjoy evening strolls through green spaces and stop at the massive playground tucked away in the heart of the community. For you golf lovers, MacEwan is close to Jagare Ridge Golf Course, so we know where you’ll be on weekends!

Terwilligar Towne:

Escape the hustle and bustle of big city Edmonton for that small town vibe in the middle of it all. With green spaces, walking paths and water features, Terwilligar was designed to make you feel like you are somewhere new altogether — somewhere tranquil. The neighbourhood emphasizes community through central meeting places and green spaces, plus there are fantastic schools nearby to serve the community such as Ester Starkman School and Lillian Osborne High School.

Want to try something new? Try out a new sport or get your workout on at the conveniently located state of the art Terwillegar Community Rec Centre. Terwilligar Towne also has convenient road access to the Anthony Henday, getting back to the real world is just as easy.

Sheri Lukawesky, previously introduced, shares her recommendation of Terwilligar Towne.

1) What makes this neighbourhood special?  

Sheri: “The neighborhood is ideal as it is close to various parks, well known and sought after schools not to mention lots of amenities at your fingertips.”

2) Why would you want to raise a family in this chosen neighborhood? 

Sheri: “The community is very close knit with various block parties and community events always happening.”

3) Any community events that happen that you want to highlight? 

Sheri: “In August, there’s a Summer carnival!”

4) Price trends in the neighbourhood?

Sheri: “The community itself is very sought after, homes come up on the market and don’t stay as an active listing for long due to the high interest.”

Wild Rose:

Nestled in Southeast Edmonton, this newer community built in the 2000s has it all. Take a stroll in the diverse and colourful Mill Creek Ravine, or stay closer to home with a brisk walk through the Wild Rose Park or Kittilitz Park. Enjoy shopping nearby, or take up a class at the recreation centre that has a pool and an arena. Close to transportation and freeways, Wild Rose is a great place for young families. There is one main school that serves this community — the Father Michael Troy Catholic Junior High School. There is never a dull moment in Wild Rose. The active community hosts a number of events that are friendly for the whole family — from Bike Festivals to huge Canada Day celebrations — you will always find something you and your family can do.

Silver Berry:

Tucked away in The Meadows in Southeast Edmonton, Silver Berry is the perfect community for young families. And it’s close to Costco. There is an abundance of arenas nearby including the Kenilworth and Mill Woods arenas. Hot summer days? Enjoy the outdoor pools, recreation centres or leisure centres in the community. The community of Silver Berry is comprised of mostly single detached homes and features a number of pathways, green spaces and playgrounds, and it is located near the Grey Nuns Hospital. This area is home to the Mary Hanley Catholic School which serves students in Kindergarten to Grade 6.

Heritage Lakes:

Step out of the hustle and bustle of Edmonton and find paradise in Heritage Lakes in St. Albert. This neighbourhood promotes community with its abundance of playgrounds, nature spaces and walkways to enjoy. The St. Albert community has quick access to Highway 2 and commutes into downtown Edmonton are just about a half hour — or enough time for you to finish that Tim’s coffee. Heritage Lakes is home to and active Community Association that plans a myriad of community events that are fun for the whole family. This neighbourhood includes the Wild Rose Elementary School for students ranging from Kindergarten to Grade 4. With its large amounts of nature space and close proximity to shopping malls, Heritage Lakes could be your oasis.

North Ridge:

Located in St. Albert’s Northwest side, this quiet neighbourhood offers single detached homes. Residents can escape the city life with the sweet serenity of suburbia, without missing out on convenience. Close to shops and a number of recreational facilities, North Ridge is the great escape. Plus, with quick access to the highway, commutes downtown are convenient and efficient. This area serves students of all ages with schools like J.J Nearing Catholic Elementary School, Vincent J. Maloney Catholic Junior High School and Bellerose Composite High School.

The post Best 12 Family-friendly Neighbourhoods in Edmonton You Can’t Miss first appeared on RankMyAgent - Trusted resource about Buying, Selling and Renting.

Home insurance isn’t mandated by law like car insurance. However, your home is likely the largest single purchase of your life. It’s vital to ensure you’re covered in events such as a flood or fire. Additionally, a home insurance policy is commonly mandated by mortgage lenders as a condition to your mortgage.

In this article, we explain the basics of home insurance to new homeowners. The article explains what home insurance generally covers and doesn’t cover and the types of insurance policies you can purchase.

What Can New Homeowners Expect to Home Insurance Cover?

Damage to Your Home and Others’ Homes and Property

New homeowners commonly think of home insurance in cases where there’s a flood or fire. In events where your home suffers severe damage or destruction, home insurance generally provides the cost of rebuilding your home up to the policy limit.

Further, if a fire starting from your home also causes damage to your neighbour’s house or a detached part of your home, such as a garden suite or shed, your home insurance policy may also cover these costs.

Not all forms of damage are covered, however. And it’s up to you to choose what is and isn’t part of your policy. Some events to look out for in your policy include:

• Flood: often not available for purchase in areas that commonly see flooding
• Windstorms: structural damage may be covered, but water and hail damage may not be
• Sewer backup: damage from backed-up sewers, drains, toilets, and showers
• Earthquake

Further, “predictable events” are not covered. I.e., if you don’t drain your pipes in the winter and they burst, your insurance won’t cover this. Damage that’s a result of not maintaining your house is also not covered. For example, if you don’t regularly replace your roof, and this results in water damage to your home, your insurance won’t cover repair costs.

Damage or Loss of Personal Possessions

If your home burns down, it’s not only about rebuilding your home but also replacing its contents. Home insurance policies cover damage or loss of your personal property, including incidents such as burglaries.

There’s a long list of what and when a home insurance policy won’t cover personal property. Typically, home insurance policies don’t cover:

• Loss or damage of items when they’re outside of your house or inside your vehicle
• Expensive jewelry or fine art. This commonly requires a separate insurance policy or must be added to your policy after the insurance company appraises the jewelry or fine art.
• Equipment breakdown, such as a laundry machine or HVAC system — even if it’s not unforeseen and unrelated to general wear and tear
• Equipment or stock related to a business. This requires a business insurance policy. Additionally, home insurance doesn’t generally cover any business-related damages or losses, even if you run your business from your home.

As your years of homeownership go by, you’ll accumulate more things in your home. It’s important to keep an inventory of what you own and regularly renew your insurance policy. The worst-case scenario occurs when the property inside your home is destroyed, damaged, or stolen, and you discover that your insurance doesn’t cover this loss.

Additional Living Expenses if Your Home Becomes Uninhabitable

Suppose something happens to your home. It could be a fire, weather damage, or another unpredictable event. Your house may become uninhabitable, and you and your family may need accommodations such as a hotel or short-term rental until the situation is fixed.

As a new homeowner, you can rest assured that your homeowner’s insurance covers these associated costs to the policy’s limit. Home insurance policies may also cover lost rental income if you used your property fully or partially for rental.

Damage of Injury When Someone Visits your Property

As a homeowner, you may be personally liable for injuries that happen on your property. For example, if a guest trips or slips as they reach your front door, which causes the guest an injury, they could sue you for damages. This is a common instance that home insurance is set to protect new and veteran homeowners alike.

To further draw the line between business insurance and home insurance, most home insurance policies won’t cover personal liability damages if the person visiting your home is a client. To ensure that you’re covered if your business client visits your home, you need a general liability business insurance policy.

What Types of Home Insurance Policies are Available?

Home insurance policies vary depending on what you need. Some new homeowners may need a home insurance policy with more or less coverage. Some new homeowners may want protection against earthquakes or floods, which many policies don’t cover. There are generally four types of policies you can expect when you speak with an insurance agent or broker:

• Comprehensive: A policy that provides the most coverage and protects your home from all risks unless expressly excluded by your policy.
• Standard: A policy that provides less coverage than a comprehensive policy and only covers instances and risks mentioned in the policy.
• Broad: A policy that sits between Comprehensive and Standard. Generally, it provides a Comprehensive policy (covers all risks unless excluded) for your home but a Standard policy (only covers what’s mentioned) for the contents inside your home.
• No-frills: The policy that provides the least coverage. A no-frills policy may not offer enough coverage to satisfy requirements by mortgage lenders.

Regardless of your policy, it’s important to regularly revisit your policy as your home’s contents and your home itself change. You want to notify your insurance company whenever:

• Your home is damaged, vandalized, or robbed
• You make renovations to your property — especially if you’re getting a pool
• You start a business from home
• A guest is hurt while visiting your home

Homeownership comes with many risks, but the right insurance policy can help mitigate much of these issues. It’s essential to understand your policy’s coverage to avoid surprises once you need to make a claim.

The post What New Homeowners Should Know About Home Insurance first appeared on RankMyAgent - Trusted resource about Buying, Selling and Renting.

In this article, we discuss the myth behind a COVID-19 recession resulting in the 2008-level real estate prices. We also provide some reason why now continues to be a good time to invest in real estate. Lastly, this article reflects on somethings to keep in mind for purchasing your first (or second or third) investment property. 

The Myth that Any Recession can Burst the Real Estate Bubble 

It’s often conventional wisdom that housing prices will decline during a recession, but this isn’t the always case. The 2008 financial crisis originated from subprime mortgages and the U.S. property market, among other factors, caused the decline in housing prices and subsequently the greater financial disaster. 

Subprime mortgages are not the reason for the possible recession that Canada could face. Now, the cause is the COVID-19, so it’s not likely that real estate prices will be affected as much as they were in 2008. Many experts across Canada believe that real estate prices may decline 5-10% at most due to COVID-19. Even though, until now, this hasn’t affected the market: monthly numbers from real estate boards across the country have continued to show a steady average price of the homes sold. 

COVID-19 is leaving many unemployed, reducing immigration to Canada, and providing us with economic uncertainty. However, the pressure exerted on the housing market by these factors is limited. Other COVID-19-related events, such as the slowdown of new housing constructions, are exerting upward pressure on real estate prices due to reduced supply. Further, if Canada can reopen its economy successfully and safely, the recession could have a smaller impact. 

Why You Should Consider Investing in Real Estate Anyways

The stock market’s prices have been jumping up and down due to on-going news about the Coronavirus. If you’re looking for a bit more stability in these unprecedented times, then residential real estate may be a good bet. 

As an income stream, real estate is relatively secure during a recession. Tenants will generally continue paying rent as they still have a legal obligation to do it. In contrast, a company whose stock you purchased may cut their dividends or the stock may see a sharp decline in value. 

Interest rates in Canada are still low, as the Bank of Canada attempts to stimulate the economy. This may reduce your cost of borrowing to purchase a home. If you can lock in a good mortgage rate for an investment property at this time, it’ll result in a better return on investment and cash flow down the road. 

A Few Best Practices for First-Time Real Estate Investors 

Just because now is a good time to invest, doesn’t mean you should jump right into any property you can get your hands on. If you purchase an overpriced property when you aren’t doing well financially, it could hurt you more than it could help you. 

Calculate your Cash Flow

In the world of real estate investing, cash flow is king. Cash flow is what you’re spending (cost of monthly mortgage payments and repaying other debts associated with the investment property) versus what you’re taking in (usually rental income). If you have a positive cash flow, you’re on a good track. Before buying an investment property, it’s important to run the numbers…. And, then, run them again to make sure you didn’t miss anything. When calculating your cash flow, make sure to ask yourself these questions:

● How much will your monthly mortgage payments be? 

● How much will renovations cost? 

● How much can you rent out the property for? 

● What happens if you can’t find a tenant to pay the price you’re looking for? 

Assess your Financial Position

It would be best if you also looked at your financial circumstance. Just because you have a good job today, doesn’t mean you’ll have one tomorrow. Especially not in the era of COVID-19. Would this investment still make sense if you were laid off or furloughed? Similarly, if you’re a business owner, could you manage the investment property’s mortgage if we face a second lockdown? Although residential real estate tends to be a safe investment, it’s essential to judge your financial position before committing to a purchase. 

High-Quality Properties in a High-Quality City

Finding the property with the lowest per-square-foot cost is usually not the best way to go. To find an investment property that will provide consistency in economic uncertainty requires buying in a high-demand area, even if it’s more expensive. This can better guarantee renter demand. 

Further, fixer-uppers are often of great value. You can renovate the property and get an even larger return on investment, however, there are some fixer-uppers you want to avoid. Properties with water damage or structural problems are often ones to avoid, especially as a first-time real estate investor. Even some veteran real estate investors stay away from these properties. 

We’re unsure if COVID-19 will bring a full-blown recession that’s as devastating as the one in 2008. However, it’s highly unlikely we’ll see the same kind of decline in home prices. Nevertheless, it may still be a good time to invest in residential property. Investment properties can provide a consistent income in times of uncertainty. But if you are a first-time investor, make sure you figure out your cash flow, assess your financial situation, and choose a high-quality property before making such a financial commitment.  

The post Tips to First-Time Real Estate Investors Navigating an Economic Recession first appeared on RankMyAgent - Trusted resource about Buying, Selling and Renting.

In this article, we explain these tools and look at how they can help you buy a home. The tools include the Home Buyers’ Plan, the new First-Time Homebuyers’ Incentive, and the various tax rebates and credits available to first-time homebuyers.

Home Buyers’ Plan: Borrowing from your RRSP

The Home Buyers’ Plan lets any first-time homebuyer buying or building a home to borrow up to $35,000 from their Registered Retirement Savings Plan (RRSP). This amount used to be $25,000 until March 19, 2019, when it was raised to $35,000. If you’re purchasing your home with someone else, like a significant other, each person can use the Home Buyers’ Plan for a total of $70,000.

Although it mentions “first-time” homebuyers, if you’ve previously participated in the plan, you may be able to do it again if your borrowing balance is 0 as of January 1st of the year. Just remember that every year that the money isn’t in your RRSP is another year that it’s not growing. Without the help of this appreciation, it could impact what you have ready for retirement.

Although withdrawing this money is tax-free, it has to be repaid within 15 years to remain so. The repayment period starts the second year after the year that the money is withdrawn. So funds withdrawn in 2019 have 2021 as the first year of repayment. The tax consequences of not paying back the loan within the allotted time could result in a hefty income tax.

Unlike mortgages and other loans, there are no consequences for paying back the money early.

First-Time Homebuyer Incentive: Sharing Equity with the Government

The First-Time Homebuyer Incentive (FTHBI) started on September 2nd, 2019 as part of the government’s national housing strategy. It’s expected to help Canadians fitting into a specific criterion reduce monthly mortgage payments by $286.

The government does this through a shared-equity mortgage program, where they provide a first-time homebuyer with 10% of the purchase price of a new home, or 5% of a resale home. This capital comes interest-free because it is not a loan. The government is actually purchasing part of the equity.

When the property is sold or after 25 years, the homebuyer must pay back either 10% or 5% of the home’s current market value. Thus, if the home declined in value, the homeowner pays back less than what they got. If the home’s value appreciated, they must pay back more.

For example, a homebuyer purchases a $100,000 new home and receives $10,000 (10%) from the FTHBI. If the home appreciates to $400,000 after 25 years or when they sell, they’ll have to pay back $40,000—10% of the market value after 25 years or at the time of the sale. One big benefit is that this amount can be paid back at any time, meaning you could pay it back when the property market is weaker to maximize the benefit.

As great as it sounds, there are severe limitations to this tool. To qualify for FTHBI, homebuyers must have a combined household income of $120,000 or less. The price of the mortgage plus the incentive amount also cannot exceed more than four times the buyers’ household income. This effectively limits the maximum purchase price of a qualified home to around $500,000. This likely rules out Vancouver or Toronto purchases, as even most condos in these cities have surpassed this maximum purchase price.

Another drawback of the program is that homebuyers using the plan with less than a 20% downpayment still need mortgage default insurance. If you have 10% of the purchase price ready and hope to get another 10% from FTHBI, this won’t help you wiggle your way out of default insurance. The FTHBI is almost like a second mortgage on your home—not part of your down payment.

Tax Rebates and Credits

In addition to tools that can help you get the money you need for a down payment or to reduce monthly mortgage payments, multiple tax rebates and credits can help avoid some of the costs of purchasing your first home.

First-Time Home Buyers’ Tax Credit

The First-Time Home Buyers’ Tax Credit came into effect in 2009. It provides a $5,000 non-refundable tax credit if you and the home you’re buying fit a certain criterion. The credit works out to a maximum of $750 back in your pocket.

To qualify, you and your spouse/common-law partner need to buy a qualifying home and must also have not lived in another home owned by you or your partner in the past four years. You and your partner also get a combined total of $5,000 tax credits. This means that regardless of whether it’s a solo or joint purchase, the maximum tax credit is $5,000.

HST/GST Rebate

The HST/GST housing rebate allows a homeowner to recover the GST or federal portion of HST from the purchase of their home or from any renovations that they made to it. To qualify, this home must be your primary place of residence, among other conditions. Depending on your province, the PST or provincial portion of the HST may also be recoverable.

Land Transfer Tax Rebate

If you’re a first-time homebuyer purchasing a home in British Columbia, Ontario, or Prince Edward Island, you could also recover some or all of the land transfer tax paid on your purchase. The recoverable amount depends on the specific province. The City of Toronto also provides a rebate on the city’s land transfer tax, in addition to the provincial one. The qualifications for each rebate differ depending on the province and whether you’re purchasing in the City of Toronto.

As a first-time homebuyer, many tools can help you purchase your first home. You can borrow from your RRSP through the Home Buyers’ Plan, split the equity of your home with the government via First-Time Homebuyer Incentive, or recover some money through various tax credits and rebates. Make sure to speak to an accountant and your realtor to make the best use of these tools.

The post The Tools Available to Canadians Purchasing Their First Home first appeared on RankMyAgent - Trusted resource about Buying, Selling and Renting.

Get That Pre-Approval

 Most of us would probably agree that the fun part of buying a home is the search, not the financing. While it can be tempting to focus on the excitement of the house hunt, establishing a relationship with a lender in advance is essential. Qualifying for a mortgage involves several different factors, including your income, savings and credit score. Based on that information, a lender will give you a pre-approval amount that can help to guide your search. Proceed with caution, though: the Canadian Real Estate Association warns that pre-approvals sometimes overestimate real purchasing budgets, and it emphasizes that pre-approvals do not guarantee financing. Nevertheless, you would be wise to start the financing process before you set your heart on a property.

 Do Your Research

Location, location, location. The old adage remains true, but your definition of a prime location will depend on your particular requirements. Sure, the inner-city hipster-havens are full of entertainment and culture, but does urban living suit your style? New communities can offer room to stretch your legs, but do the amenities meet your needs? The City of Calgary has many resources to assist you in finding information about your prospective community and its future development. Check out the Planning & Development and Community Services departments online for more information about Calgary’s many and diverse communities.

 Freehold or Condominium?

 Often, your budget will determine what property type you purchase. Condos and townhouses can offer the features and finishes you want at a lower purchase price. However, monthly maintenance fees can add up. Also, major improvements to common areas could bring special assessments that might run into the thousands. The Centre for Public Legal Education Alberta recommends that buyers have a professional document review completed to ensure that a condominium corporation is in good standing. With a freehold property, you don’t have to worry about monthly fees, special assessments or reserve funds, but the tradeoff is that you are responsible for all maintenance of and repairs to your property. Weigh the advantages and disadvantages, and consider how each type of ownership fits your lifestyle before deciding on a property.

 Be Realistic About What You Can Afford

 No one wants to be house poor. The Canada Mortgage and Housing Corporation (CMHC) recommends that home buyers spend no more than 32% of their gross income on all mortgage-related expenses—that means the mortgage principal and interest, as well as property taxes and utilities. You might also need to budget for monthly condominium fees, as well as mortgage and homeowners’ insurance. If you aren’t careful, your once-manageable purchase price could balloon into a burden. Sit down with pen in hand and write out your monthly budget, taking into consideration all applicable costs. If you aren’t comfortable living on what’s left over, think about lowering your price point.

Take Off Those HGTV-Coloured Glasses

Admit it: you want hand-scraped hardwood floors, waterfall quartz countertops, massive closets, and a tastefully finished basement. Unfortunately, it isn’t likely that you’ll get everything on your wish list in your first home. Instead of expecting perfection, make a realistic shortlist of must-haves. Maybe you can live with the old countertops for now if the transit links are good and the yard is big enough for Fido.

 Don’t Rush!

Your home might be the most significant purchase you ever make, and you don’t want to be hit with (home)buyer’s remorse three months in. Take your time. Talk it out with your partner, family members and friends. Test drive your would-be commute and visit local restaurants, shops and services. Walk around the neighbourhood and chat with your potential neighbours—after all, who knows the community better than those who live in it?

 … But Don’t Wait Too Long

Your top choice could be hot property. There is nothing worse than falling in love with a home and mentally moving in, only to have your hopes snatched away by another, faster-moving buyer. Depending on the market, you might have to act fast. Make sure your financing and shortlist of must-haves are in order so you can move quickly when the time comes.

Get That Home Inspection

We’ve all heard the horror stories: someone forgoes an inspection on their dream home, only to move in and find out there are major issues an inspector would have caught. To avoid unforeseen expenses, CMHC recommends that all home buyers have a home inspection completed to make them aware of any required repairs or replacements. Knowing about issues in advance will allow you to make an educated decision about what might be your largest single purchase, ever. To find an inspector, ask a friend or family member for a recommendation, or contact the Alberta Professional Home Inspectors Society.

Plan For Fees

We’ve all heard of “closing costs,” but do we actually know what these fees entail? Although the seller pays the real estate agents’ fees, buyers have their own set of costs to settle before taking possession. According to ATB Financial, you can expect to pay around 2% of the purchase price of your new home on costs associated with closing. These might include a property appraisal, home inspection or condominium document review, in addition to lawyers’ fees. You might also need to budget for adjustments for utilities and taxes the seller has already paid, as well as your own moving costs. Do this math ahead of time and avoid feeling strapped for cash on possession day.

 Take Advantage of Programs and Credits

 Short on your down payment but have a healthy registered retirement savings plan (RRSP)? The Government of Canada’s Home Buyers’ Plan allows buyers to withdraw from an RRSP up to $25,000 in a calendar year to buy or build a home.

If you’re looking at a fixer-upper, consider talking to your broker or lender about a Purchase Plus Improvements mortgage. This CMHC program allows buyers to borrow up to 10% of the as-improved value of their home, and to roll that into their mortgage. Think of it as borrowing in advance on equity you create through your renovations.

When you file your income taxes for the year of your home purchase, don’t forget to claim the non-refundable $5,000 First-Time Home Buyers’ Tax Credit, which could put up to $750 in tax savings back into your pocket.

Choose the Right Real Estate Agent
There is one person who can help you navigate all the ins and outs of your first-time home purchase (and every home purchase thereafter): your real estate agent. Not all agents are the same, and you require someone who meets your needs and expectations. Ask friends, family members and colleagues for their recommendations, and then read verified reviews about their recommended agents at RankMyAgent.com.

Purchasing your first home is a major life milestone, and with good planning, it doesn’t have to be stressful. By choosing an agent who is a good fit for you and following these tips and suggestions, you can rest assured that your first-time home-buying experience is memorable for all the right reasons.

The post First-Time Buyers Beware: How to Avoid 11 Common Mistakes first appeared on RankMyAgent - Trusted resource about Buying, Selling and Renting.

Colder weather means more than back to school. It also means that leaves fall from trees and clutter your front and backyard. While the plethora of colours is beautiful, unraked leaves make your lawn look unmaintained and detract potential buyers. These leaves also reduce the sunlight that your grass gets and suffocate them. Therefore, make sure your lawn is leaf-free

And just because summer is over, doesn’t mean that summer lawn care is over too. Although your grass may not grow as fast, it’s ideal to still cut it. Get rid of weeds to also maintain that perfectly green lawn.

Lastly, the colder weather can leave your summer flowers shrivelled and lifeless—waiting for the next summer sun. Trimming dead flowers tidies your flowerbeds and allows you to add fall-season flowers, such as chrysanthemums or potted mums, for a splash of colour among the evergreen bushes and trees. Pumpkins are also a great decoration as homes prepare for or retire from trick-or-treaters.

While the outside of your home is important, it’s the inside that many buyers care to see. And adding some seasonal colours, decorations, and scents can make the inside of your home that much more appealing. This doesn’t mean painting every interior wall orange but is as simple as warmly coloured pillows and blankets for the couch and autumn-themed centrepieces for the tables. Also, when you’re buying pumpkins for the outside of your home, a few mini pumpkins for the inside won’t hurt.

We buy with more than just our eyes, so adding some autumn scents can emphasize a cosy fall atmosphere. The scent of freshly baked cookies, apple pies, cinnamon, and, again, pumpkin, can resuscitate a person’s favourite autumn memories and put them in a buying mood. As an added bonus, the potential buyer can walk away from your showing with some delicious treats—or you can ignite these scents using an autumn-themed candle.

Colder weather demands a warmer home—you don’t want potential buyers walking in to realize that they’ll need to wear their jacket. Although there’s no snow just yet, the weather may require you to start running your furnace. Additionally, check your windows for damages that can lead to drafts. A damaged window leaks the warmth of your home to the outside and turns off potential buyers who want a place that can retain comfortable indoor temperatures during the winter. As well, installing weather stripping prevents leaks and secures comfortable indoor temperatures.

The autumn season also means shorter days and less sunlight. Buyers often come to see houses after work, and by October and November, the sun may have set by that time. This is why plenty of indoor lighting is crucial, as sunlight is no longer available to show buyers the beauty of the property. Fluorescent lights, as opposed to incandescent light bulbs, also make your home seem more modern. If you want to go above and beyond, Philip Hue light bulbs can completely change the dynamic of your rooms with different colours. And don’t forget the fireplace, which provides heat, light, and an autumn vibe.

Exterior lights are as important as the interior ones. Just because it’s dark outside, doesn’t mean that buyers no longer have an interest in your home’s exterior decor. Lighting the outside of your home gives a rough impression of what the property looks like in the daytime. Though, if they really have an interest, they’ll come back during the day.

A homeowner needs to maintain their home, and each season has its own maintenance checklist. Because winter is coming and heating soon becomes a necessity, replacing your furnace’s filter and ensuring it’s at its optimal performance is crucial. It also shows people that your home is ready for cold nights. A clean Heating, Ventilation, Air Conditioning (HVAC) system is part of your furnace’s optimal performance, so getting it cleaned should also be part of the to-do list. Both the heater check and HVAC cleaning requires a professional to come into your home, but before inviting them in, make sure that they have the proper certifications and credentials to perform the tasks that they offer. A clean HVAC system can also rid your home of fall allergens, helping those viewing the property breathe more easily.

Going back to falling leaves, it’s important to clear dead leaves from not only your lawn but also your gutters and water pipes. There are dozens of options for this, whether it’s fancy tools, professional help, or getting your hands dirty. Neglected gutters can lead to wood rot or pest infestations. Also make sure that water is not coming behind your gutter, as this leads to the formation of puddles on your walkways and driveways which ultimately damages them.

Finally, if you’re someone who uses their fireplace (or wants to impress people coming in for an open house by lighting the fireplace), make sure that it and the chimney are clean. Frequent fireplace use can lead to the build-up and accumulation of unburned tar vapours. And this leads to chimney and house fires.

The post The Ultimate Guide to Getting Your Home Ready to Sell in the Fall first appeared on RankMyAgent - Trusted resource about Buying, Selling and Renting.