In most cases, it is cheaper to buy a house in Canada than it is to rent for a long period of time. If you have the resources to buy, home ownership is more than likely a smart investment. Every time you make a mortgage payment, you are essentially paying down the principal and taking a step towards owning a piece of property that will appreciate over time. Think of your mortgage payment as an investment or a savings strategy: if you sell your house down the road, you’ll not only get back the money you’ve paid out but also likely turn a profit. If you stay put long enough, this can grow into a very healthy nest egg.

Of course, there are no guarantees and even buying a house comes with risks. In the past, CMHC has warned about overvaluation in certain areas of Canada’s housing market, but for the most part, buying a house in Canada is a safe bet. Just make sure to buy within your budget and plan to hold onto the place for more than five years.

The money saved over a mortgage's lifespan can result in tens of thousands of dollars, if not hundreds of thousands. That's more money in your pocket today. With a heated housing marketing, rental prices are soaring, and statistics are constantly showing that home ownership can be equivalent to your rental rate each month, if not less. Why get stuck in a small 2 bedroom apartment if you can move into a 3 bedroom house with a great backyard and pay a monthly rate that is the same?

There is also the fear that a home can keep you "stuck" or "rooted" to one place, without an easy transition out if you decide to move. Although the future of the housing market isn't easily predictable from location to location, you can always discuss with your agent about buying a home in an area that has a strong turn-over rate when a home hits the market. The equity build up when it comes time to sell is going to be far more beneficial than if you put money into a rental and decided to move. The money from selling the property can be used to purchase a new home. With renting, there would be no additional funds to transition into a new place. 

Now imagine if you were renting a home for $2000/month. If your landlord is renting to make a profit, think how much less you'd be paying on a monthly basis towards your mortgage, if the home was yours. Then you wouldn't be paying a landlord to profit off of you, you'd be paying a reasonable rate, and get to call the property your own. Discuss with your agent and lender the steps you need to take towards home ownership, and you just might be happily surprised about the type of home you can afford to move into. 

If 2020 is the year for you to buy a home, consider making these 5 New Year’s resolutions to help you be as prepared as possible to become a homeowner.

1. Cut down on monthly subscriptions.

With each month, there is a new subscription service out there. What starts as convenience turns into an endless list of subscriptions that we often don’t use enough to justify the costs. Sit down and go through your monthly/yearly subscriptions and cancel whatever you don’t use. Set aside that extra money with the rest of your savings so your down payment can continue to grow.

2. Build a better credit history.

Paying bills on time and paying off debts will help create a solid credit history. Make sure you have some utilities or rent in your name so that you can pay them on time and continue to build a solid credit history. 

3. Avoid changing careers.

Alongside income, your employment history will be a major factor during your mortgage application evaluation. While a new job could be a good career move, most evaluators are looking for a steady job history with little to no gaps in your employment over the last few years. 

4. Check your credit.

If you don’t know where your credit is at currently, now is the best time to check. Most credit sites will tell you what is impacting your credit, and you can use those tips to change your choices heading into the new year. If large debts are negatively impacting your credit, get started on a pay off plan so your score can improve in the new year.

5. Avoid large purchases.

Your debt-to-credit ratio makes a major impact on your mortgage approval. If you buy a brand new car or fund a large vacation, that ratio could sway in the wrong direction. If you want your lender to be willing to give you the maximum amount possible, make sure you aren’t making any large purchases heading into the new year.

Winter has arrived and along with it, much colder temperatures. Maybe the heating system in your home has been in place since you moved in and you’re not sure if it is the best option for you, or you’ve recognized that heating your home is putting a hole in your pocket. Here are the different heating system options to help you find out if your current system is best for you, or if it is time for an upgrade so there will be no shivering indoors this season.

Boilers

Boilers heat the floor, walls, and air by circling heated water through a piping system loop. Electricity, propane, and natural gas can all power a boiler system and can distribute heat in a variety of ways. There are old-school steam radiators, hot water radiators, and hydronic radiant floor heating. Boiler systems are usually more expensive and costly to install, but are typically more quiet than forced air and can be more efficient than forced air systems.

Furnaces

Furnaces, commonly referred to as forced air, are the most common system because while inexpensive, they are quite reliable.  Two-thirds of all Canadian homes are heated with forced-air furnaces; of those, two-thirds are fired by natural gas, and the remainder by oil or propane or heated electrically. These systems are popular for a number of reasons, primarily their ability to heat a house quickly: turn up the temperature on your thermostat, and seconds later warm air comes blowing out of the registers.  You may have an older furnace that needs replaced, and based on the current efficiency rating, it may be worth your time and money to invest in a new maximum efficiency furnace.  A key factor in saving money with a furnace is making sure it is the right size for your home so it doesn’t overwork itself, costing you more in the end.

Give me a call for trusted recommendations on local heating experts if you need quotes for upgrading, or advice on your current heating set up!

Technology advances are constantly happening all around us and it can be hard to keep up. While you may be eyeing that new iPhone set to release, keep in mind that there is plenty of tech out there that can help make your day-to-day life so much easier. When it comes to kitchen tech, it seems like something new is being announced everywhere you turn. Here are some great new tech items that can make life in the kitchen just a little bit easier.

The Range Thermometer

Always checking temperatures when trying to make a big meal can become overwhelming. Avoid the headache and pick up a Range Thermometer. You can insert the thermometer portion into the deepest part of whatever you’re cooking, and from an app, you can set up an alert for whenever your meal reaches that temperature. Remove the guessing and find comfort in being able to leave the oven and actually enjoy the time while you have guests in the house.

Smarter Kettle

Are you an avid tea drinker? If you feel like you’re wasting time waiting for your water to boil, the Smarter Kettle would be a great addition to your kitchen. With wi-fi capabilities, you can pick a temperature and turn your kettle on right from your phone, so you’ve got boiling water for tea whenever you need it!

Quirky Egg Minder

If eggs are a big part of your daily meals, this may be a great tool for you. This egg minder sends you notifications when you need to buy eggs, and it has LED lights to alert you when your eggs are going bag.

Taylor Digital Measuring Cup

Is baking one of your favorite activities? If so, precision is probably a big deal to you. This measuring cup will weigh your items while also indicating the volume and it can convert from ounces to grams for you!

DaysAgo

Tend to forget how long it has been since you opened that jar in the fridge or pantry? DaysAgo is suction cup digital tracker that will allow you to keep track of how long it has been since you opened a container, so you can avoid eating something that has gone bad.

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Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

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You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.

We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.