How To Buy A House – Location Location Location

It is the real estate agents’ mantra: Location, location, location. You’ve certainly heard the phrase enough and may wonder what inspires agents to say the word three times. In a nutshell, location, location, location means identical homes can increase or decrease in value due to location. The saying is repeated three times for emphasis, and it is the number one rule in real estate, though it is often the most overlooked.

The same goes with real estate news location, depending on which newspaper you are reading, you might read that house price is up or house price is down, the fact is these news are national news, not the local news in the area where you want to buy a house.

Read more in

business.financialpost.com/real-estate/the-haider-moranis-bulletin-the-myth-of-a-national-housing-market

How To Buy a House – The Decision To Buy

The Decision To Buy

You might not be aware of all of the costs associated with homeownership.

Homeowner Costs

Upfront costs

The initial amount of money you need to buy a home, including the down payment, the closing costs and any applicable taxes.

Property taxes

Major repairs

Large and expensive repairs and renovations your home will eventually need, such as roof replacement or foundation repair.

Ongoing costs

The continued cost of living in a home you own, including mortgage payments, property taxes, insurance, utility bills, condominium fees (if applicable) and routine repairs and maintenance.

RENT VS BUY?

“Lifestyle is a factor in buying”

If you decide to rent, you will be living in a home worth a value double than you can afford. You do not have to worry major repairs and ongoing costs.

Of course, the decision does involve a lot of financial considerations. But owning a home is generally a long-term commitment that will affect your choices, habits and career as much as your wallet. Before you even get to the math of renting vs. paying the mortgage, you may want to think about what you really want out of life.

Home ownership is more affordable than you may realize and is also a great investment alternative. For what you are paying in rent, you could own your home.

Take a look at how practical and affordable owning a home can be :

The home you are renting is worth: If your rent is between: You could buy a home worth: Your monthly mortgage payment could be: Your home property taxes in Montreal*:
$312,500$325,000 $1,250 $1,300 $163,000 $193,500 $981$1,165 $1,630 – $1,935
$375,000$450,000 $1,500$1,800 $153,000$212,000 $921$1,276 $1,530 – $2,120
$525,000 $2,100 $250,000 $1,505 $2,500

With your household gross income, downpayment you have, monthly home expenses, you can use mortgage affordability calculators to find out the total mortgage amount you can borrow. Mortgage affordability calculators at canadian banks :

“Everybody knows” that homeownership has become unaffordable in Canada, as home prices have increased much more rapidly than incomes, for a prolonged period, the Mortgage Professionals of Canada has published a report on the cost of owning vs renting to conclude that homeownership is worth the investment. For explanations see the Cost of Owning vs Renting.

Nova Scotia Residential Tenancies Act proposer changes

Changes proposed to rules governing residential rental properties

‘That is going to make everybody’s life easier,’ says community legal worker

Jean Laroche – CBC News

September 18, 2018

Service Nova Scotia Minister Geoff MacLellan introduced a series of proposed amendments to the Residential Tenancies Act on Tuesday. (Tom Ayers/CBC)

People who rent in Nova Scotia would no longer need a landlord’s permission to change a lease from year-to-year to month-to-month according to law amendments proposed on Tuesday.

Under the same proposed changes, landlords would no longer be forced to keep furniture or other belongings left behind by renters as long as they do currently.

Service Nova Scotia Minister Geoff MacLellan introduced about a dozen amendments to the Residential Tenancies Act.

Other changes include:

• better definition of family members, one-month’s notice, and how to count days when notices must be served.

• spelling out when a landlord can show a rental unit to prospective tenants.

• giving a landlord the power to give notice that a lease is being terminated because the landlord is selling the property to someone who wants to live there.

• allowing documents to be emailed rather than hand delivered or sent by registered mail.

• automatically terminating a lease the month after a tenant dies.

https://www.cbc.ca/amp/1.4828213

How To Buy a House

Buying a home is one of the biggest decisions you’ll ever make. To ensure that you make the best choice, ask yourself a few questions. What are your financial and lifestyle needs? What is your current financial situation? What do you really want in a home?

Buying a home can seem like a daunting process — it just may be the most expensive and emotionally charged purchase of your life. But with careful research and determination, the keys to that dream home can be yours. We’ll help you along your path toward homeownership.

The Decision to Buy

Buy A Home To Secure Personal Rent Control

Although the real estate market fluctuates over time, there’s one thing would-be first-time homeowners often overlook. Yes, there are tax advantages. Yes, you paint the walls any color you want. Yes, you build financial equity. But you also have a built-in rent control. With a fixed-rate mortgage, you’ll know what your house payment will be for the next 30 years — not so when you’re a renter.

If you can pay a monthly rent of $1,299, you can buy a house worth $300,000.

Not only buy to live, but

Get Into The Rental Market Where It Makes Sense 

People will need shelter for the rest of their lives. With the longer life expectancy in Canada, that’s a lot of rent to be paid. Buy what you need now and do it in an area where the population is on a rising and sustainable course.

Why people give up renting to buy homes: It all comes down to demographics

Demographics explain two-thirds of everything, contends David Foot, Canada’s foremost demographer and a bestselling author.

Homeownership is no different. At a certain point in their lives, most individuals, responding to demographic triggers, give up renting for owning. Read here for the demographics triggers.

Montreal Areas Where Price Has Doubled In 10 Years

Nuns Island

Nuns Island median single-family homes sale price were $557,500 in 2008, $904,500 in August 2018, a 63% increase.

More areas in Montreal to be updated.

Immobilier: hausse des prix et des taux d’intérêt

Immobilier: hausse des prix et des taux d’intérêt

Publié le 14/09/2018 à 16:50

Ateliers Castelnau

Ateliers Castelnau Unit 110 – 553sqft

Ateliers Castelnau Unit 111 – 800sqft

Ateliers Castelnau Unit 114 – 508sqft

Ateliers Castelnau Unit 115 – 1087sqft

Beaumont NDG

Unit 01 – 2 bedrooms 1 bathroom 1091 sqft

 

How To Buy a House – Mortgage Basics

Mortgage basics

You will have many options when it comes to choosing a mortgage. Your lender or broker will help you find the mortgage that best matches your needs. Become familiar with the following terms and options to help with your decisions.

Amortization period:

The length of time you agree to take to pay off your mortgage (usually 25 years).

Payment schedule:

How often you make your mortgage payments. It can be weekly, every two weeks or once a month.

Types of interest rates:

• Fixed rate—The rate doesn’t change for the term of the mortgage.

• Variable rate—The interest rate fluctuates with market rates.

• Protected (or capped) variable rate—The rate fluctuates but will not rise over a preset maximum rate. Mortgage term: The length of time that the options and interest rate you choose are in effect. It can be anywhere from 6 months to 10 years. When the term is up, you can renegotiate your mortgage and choose the same or different options.

Open and closed mortgages:

• Open mortgage—Lets you pay off your mortgage in full or in part at any time without any penalties.

• Closed mortgage—Offers limited (or no) options to pay off your mortgage early in full or in part, but it usually has a lower interest rate.

Conventional and high-ratio mortgages:

• Conventional mortgage—A loan that is equal to or less than 80% of the lending value of a home. This requires a down payment of at least 20%.

• High-ratio mortgage—A loan that is over 80% of the lending value of a home. This means the down payment is less than 20% and will likely require mortgage loan insurance. Pre-payment options: The ability to make extra payments, increase your payments or pay off your mortgage early without incurring a penalty.

Portability:

An option that lets you transfer or switch your mortgage to another home with little or no penalty when you sell your existing home. Mortgage loan insurance can also be transferred to the new home.

Canada is home to one of the world’s top four riskiest housing markets

Canada is home to one of the world’s top four riskiest housing markets

Bloomberg News Michael Heath

September 13, 2018 8:37 AM EDT