Gerry’s Blog
The Ottawa housing industry is projected to remain in balanced territory while prices rise at a modest pace and sales activity slows, according to the 2024 RE/MAX Housing Market Outlook (HMO) report. This year, the Ottawa real estate market is forecast to see the average sales price rise two percent to $737,968, the report stated….
At a time when mortgage rates are hovering between five and six per cent and home prices remain above their pre-pandemic levels, discussions surrounding the mortgage stress test have been prevalent across the Canadian real estate market. The mortgage stress test is a federal government mandate requiring that borrowers prove they can afford higher payments…
A mortgage calculator is a versatile and powerful tool that empowers prospective and current homeowners to better understand their mortgage obligations. It offers insights into various aspects of a mortgage, such as monthly payments, amortization schedules, and the impact of lump sum payments. Understanding how a mortgage calculator works and what it can reveal is…
The Edmonton real estate market will favour sellers in 2024 as prices rise and sales activity slumps, according to a new RE/MAX report that looks at the 2024 Canadian housing market. Over the next year, the average sales price of a home in Edmonton will climb four percent to $416,860, while sales are projected to…
The talk of the town as of late has been interest rates. How long will the Bank of Canada (BoC) keep its policy rate at five per cent? Will the central bank cut rates this year? Will mortgage rates slide to four per cent by the year’s end? Indeed, there are many questions that buyers,…
Selling a home is more than just a transaction; it’s a pivotal step in life’s journey, especially for move-up buyers looking to sell their current home to purchase a larger or more luxurious one. Maximizing the selling price of your home is crucial in this process, as it directly impacts your financial ability to move…
A move-up buyer is someone looking to sell their current home and purchase another one that is typically larger, more expensive, or better suited to their evolving needs. They are distinguished from first-time homebuyers because they have already bought a home and have built equity in their existing property. Some move-up buyers might be looking…
You’ve likely heard people lauding the benefits of home ownership. Canadian real estate has historically seen solid long-term gains, which bodes well for existing homeowners and those who plan to buy and keep the place for the long term. There are several other benefits of owning a home, including a roof over your head, a…
In recent years, affordability has been one of the chief topics in the Victoria real estate market, whether housing prices or higher mortgage rates. According to the Victoria Real Estate Board (VREB), the Home Price Index benchmark price for a single-family home in November was nearly $1.3 million, up three per cent from the same…
An affordable real estate market in the Ontario housing sector? This might be hard to believe at first, but there is a place in the province where prices are certainly in the realm of affordability, something that prospective homebuyers have been desiring for years. The Sault Ste. Marie real estate market is the cheapest city…
Owning a home is a keystone of wealth… both financial affluence and emotional security.