Essential Key Terms for First-Time Home Buyers: Help make purchasing a home a little less overwhelming by understanding a few common terms that frequently come up during the buying process: Amortization:  The process of paying off a loan through a series of periodic payments to a lender. The payments include two items: interest, which is what it costs you to borrow the money, and principal, which is the amount of money you borrowed. Appraisal: A written estimate of the... [read more]

The biggest barrier for First Time Home Buyers is coming up with the funds for a downpayment. So how are SO many first time buyers and millennials doing it?   Let’s start with the fundamentals. The minimum downpayment for a home is 5% but this is tiered based on purchase price… so most often it will be more than 5% unless you purchase under $500,000 and qualify to put down the minimum allowable.   Up to $500,000: 5%  of purchase price $500,001 -... [read more]

With the rising cost of housing and tougher lending rules, first-time Canadian homebuyers haven’t had it easy edging into today’s market. Fortunately, there are a number of programs offered by the government to help homeowner hopefuls get a leg-up — including drawing from your retirement plan to buy your first home. The Home Buyers’ Plan (HBP) is a government program that allows eligible first-time homebuyers to withdraw up to $25,000 tax-free out of their registered... [read more]

Buying a home is a big investment – likely the largest one you will ever make. The cost to buy a home should be carefully considered to avoid the risk of financial difficulty in the future. Since this decision has a large impact on your wallet, we want to take some time to explore the many costs associated with buying a home. Doing your homework and knowing the average cost of these services in your neighbourhood will help you choose a home within a realistic price... [read more]

Many Millennials say they are interested in buying homes— but the cost is what is stopping them!   Millennials are juggling a bunch of fairly new expenses that previous generations didn’t have to take into account. Whether its student loan payments, or on-demand and subscription services like Uber, Netflix, gym memberships that have become part of everyday life.   Hardest Expenses to cut from budget in saving for a home Dining out Student Loan... [read more]