A Happy Tail:
Pets and the Homebuying Process

It's no secret that we love our furry friends - A total of 56% of Canadian households have at least one dog or cat. What may come as a surprise is how large a role they play in the homebuying process.

Canadians spend $6.6 billion a year on their pets. And increasingly, more urban couples are opting to become pet owners. and nearly half of pet owners say they would move for better accommodations and amenities for their pets.

If you're thinking of adding a furry friend, or if you already have, connect with your trusted real estate advisor to discuss how you can find a home that meets all your pet's needs.

Once you’ve found your dream home and applied for a mortgage, there are some key things to keep in mind before you close. It’s exciting to start thinking about moving in and decorating your new place, but before you make any large purchases, move your money around, or make any major life changes, be sure to consult your lender – someone who’s qualified to explain how your financial decisions may impact your home loan.
Here’s a list of things you shouldn’t do after applying for a mortgage. They’re all important to know – or simply just good reminders – for the process.

1. Don’t Deposit Cash into Your Bank Accounts Before Speaking with Your Bank or Lender.
Lenders need to source your money, and cash isn’t easily traceable. Before you deposit any amount of cash into your accounts, discuss the proper way to document your transactions with your mortgage broker.

2. Don’t Make Any Large Purchases Like a New Car or Furniture for Your Home.
New debt comes with new monthly obligations. New obligations create new qualifications. People with new debt have higher debt-to-income ratios. Since higher ratios make for riskier loans, qualified borrowers may end up no longer qualifying for their mortgage.

3. Don’t Co-Sign Other Loans for Anyone.
When you co-sign, you’re obligated. With that obligation comes higher debt-to-income ratios as well. Even if you promise you won’t be the one making the payments, your lender will have to count the payments against you.

4. Don’t Change Bank Accounts.
Remember, lenders need to source and track your assets. That task is much easier when there’s consistency among your accounts. Before you transfer any money, speak with your mortgage broker.

5. Don’t Apply for New Credit.
It doesn’t matter whether it’s a new credit card or a new car. When you have your credit report run by organizations in multiple financial channels (mortgage, credit card, auto, etc.), your credit score will be impacted. Lower credit scores can determine your interest rate and possibly even your eligibility for approval.

6. Don’t Close Any Credit Accounts.
Many buyers believe having less available credit makes them less risky and more likely to be approved. This isn’t true. A major component of your score is your length and depth of credit history (as opposed to just your payment history) and your total usage of credit as a percentage of available credit. Closing accounts has a negative impact on both of those determinants of your score.

Bottom Line
Any blip in income, assets, or credit should be reviewed and executed in a way that ensures your home loan can still be approved. If your job or employment status has changed recently, share that with your lender as well. The best plan is to fully disclose and discuss your intentions with your mortgage broker before you do anything financial in nature.

It’s clear that owning a home makes financial sense. But lately, the emotional side of what drives homeownership is becoming increasingly important.

No matter the living space, the feeling of a home means different things to different people. Whether it’s a familiar scent or a favorite chair, the feel-good connections to our own homes can be more important to us than the financial ones.

Here are some of the reasons why.

1. Owning your home is an accomplishment worth celebrating

You’ve put in a lot of work to achieve the dream of homeownership, and whether it’s your first home or your fifth, congratulations are in order for this milestone. You’ve earned it.

2. There’s no place like home

Owning your own home offers not only safety and security but also a comfortable place where you can simply relax and unwind after a long day. Sometimes that’s just what we need to feel recharged and truly content.

3. You can find more space to meet your needs

Whether you want more room for your changing lifestyle (think: working from home, dedicated space for a hobby, or a personal gym) or you simply prefer to have a large backyard for entertaining, you can invest in a home that truly works for your evolving needs.

4. You have control over renovations, updates, and your style

Looking to try one of those decorative wall treatments you saw on Pinterest? Tired of paying an additional pet deposit for your apartment building? Maybe you want to create an entire in-home yoga studio. You can do all of these things in your own home.

Bottom Line

Whether you’re a first-time homebuyer or a repeat buyer who’s ready to start a new chapter in your life, now is a great time to reflect on the non-financial factors that turn a house into a happy home.

The game of chess can provide incredible lessons to apply to all aspects of life, including the home buying process. Chess requires you to plan and think about your strategy from the very beginning of the game.

The home buying process, like chess, requires strategy and planning. Here are a few things to keep in mind to ensure your plan is as strong as possible when you begin your home search.

Pre-Approval: the Best Opening Play To Make as a Homebuyer

It’s important to have a great opening play when you’re buying a home. And the best move you can make when you begin your home search is getting pre-approved by a lender. You’ve probably already heard this is an important step, but what exactly is pre-approval and what benefits does it provide you?

The pre-approval letter from your lender tells you the maximum amount you are qualified to borrow. Getting a pre-approval letter is not a loan guarantee, it simply states how much your lender is willing to lend you.

And while determining how much you can afford at the start of your search is critical, the pre-approval letter also serves another important purpose.

This pre-approval allows you to look for a home with greater confidence and demonstrates to the seller that you are a serious buyer.

In the game of chess, a strong opening move signals to your opponent that you’re a serious competitor. As a homebuyer, your pre-approval letter signals to the seller that you’re a serious, interested buyer.

Homebuying: It’s a Team Game, Not a Single-Player Experience

Every step you take to create your strategy as a buyer is important in today’s market. Why? Mortgage rates are still low, but increasing. Prices are going up. There’s a limited supply of homes for sale. These are just a few key variables in today’s market you need to be prepared for.

That means leaning on expert guidance as you plan every move is more important than ever. Have a team of professionals – like your trusted real estate agent and a mortgage broker – every step of the way to make sure you make the right moves.

Bottom Line

Getting a pre-approval letter isn’t just a good strategy, it can be game-changing. It allows you to get a full understanding of what you can afford, and it signals to sellers that you’re serious. Connect with a trusted real estate advisor today to ensure you’re playing chess and being strategic during the home buying process.

Real estate professionals are experts at navigating all aspects of the buying and selling process, including negotiating on your behalf. We can also explain today’s market and break down what it means for you.

Don’t go at it alone. Partner with an agent so you have advice and an expert to count on each step of the way.

When it comes to buying a home, there are a number of key milestones along the way.

The process includes everything from building your team and understanding your finances to going house hunting, making an offer, and more.

When you’re ready to start your journey, partner with a professional so you have trusted guidance at every milestone in the process.

NOTE that link references are from U.S. Sources; but still relevant !

Are you in the market to sell your home? Home staging is one of the top marketing tools used by Real Estate agents, and Barb Lunter of Bludog Staging and Redesign Ltd agrees that having your property professionally styled and staged will result in a faster sale and appeal to a larger market.

The media have raised the bar for how a home should appear to potential buyers. Real estate and renovation programs have educated the modern consumer and as a result a home should look as professional as the homes featured in the media. In the real estate market, when it comes time to sell your home there are two simple rules you should follow to ensure a timely sale: Price it well and make it look amazing.

Home staging prepares a property for sale by making it appealing to the highest number of potential buyers. A stager will create a strong visual impact within the home that will increase the marketability and liquidity of the property. This
doesn’t necessarily have to cost a lot.

Check out a VIDEO we shot on the power of home staging HERE !

Stagers will evaluate the inside and outside the home depending on your needs. Services include everything from simple de-cluttering to adding furniture within rooms to create an inviting and welcoming atmosphere. A professional stager has the ability to transform a relatively uninspiring home into an inviting, warm and comfortable space for prospective buyers to envision themselves.  Every Seller we work with receives a Home Stage Consultation for FREE.

The bottom line is that good staging is worth every penny. Whether it’s a small job or a large project, a good staging plan will be well worth it in the end.

The common notion that spring is a better time to sell than winter is being challenged by today’s hot seller’s market conditions. A recent Royal LePage survey found that 79% of real estate professionals say they would advise their clients to sell this winter, rather than wait until spring; significantly higher than the 64% who say they would have given that advice prior to the pandemic citing that current demand is outstripping supply in another year of unusual winter market activity.  

If you are considering listing your home this winter season, be sure to review our top ten tips for preparing your home for a winter sale!

1. Include both winter and summer photographs of your home in the listing so prospective buyers can better imagine themselves in the property all year round;
2. Clear a path to the front door and pathways around the home. Make sure the walkway is free of snow and ice; 
3. Turn up the heat in your home to a comfortable temperature;
4. Seal up any drafts in windows and doors;
5. Provide shoe covers or slippers, or lay down a large mat, so visitors don’t leave your floors looking messy for the next appointment. Don’t forget to remove winter boots and coats from your hall to make the area look bigger and so that visitors have a clear space to enter;
6. Up your winter curb appeal: Upgrade your mailbox and house number; add winter floral arrangements with hearty outdoor perennial planters
7. As the days are shorter and it gets dark earlier, keep outdoor lights on during showings; 
8. Whenever possible, show your home during the daytime and let lots of natural light inside;
9. Make the front door and entrance look warm and welcoming with seasonal decor;
10. And, showcase how outdoor spaces can be enjoyed even in the colder months. Be sure to clear off outdoor furniture that can be used in winter

While we expect the Bank of Canada to maintain their commitment and do not expect any rate changes by the end of 2021, some lenders have recently increased their long-term rates.  And so, serious buyers are more motivated than ever to find a home before the end of the year.

But the sense of urgency they feel is complicated by the lack of homes for sale in today’s market. According to the latest statistics from the Real Estate Board of Greater Vancouver: From one year ago, the inventory of active homes has decreased by 47%.

What Does This Mean for Sellers Today?

With buyers eager to purchase but so few homes available, sellers who list their houses this fall & winter have a tremendous advantage – also known as leverage – when negotiating with buyers. That’s because, in today’s market, buyers want three things:

• To be the winning bid on their dream home.
• To buy before rates rise
• To buy before prices go even higher.

Your Leverage Can Help You Negotiate Your Best Terms

These three buyer needs give homeowners a leg up when selling their house. You might already realize this leverage enables you to sell at a good price, but it also means you can negotiate the best terms to suit your needs.

And since buyer demand is still high, there’s a good chance you’ll get offers from multiple buyers who are willing to compete for your house. When you do, look closely at the terms of each offer to find out which one has the best perks for you.

If you have questions about what’s best for your situation, your trusted real estate advisor can help. They have the expertise and are skilled negotiators in all stages of the sales process.

Bottom Line: 

Today’s buyers are motivated to purchase a home this year, and that’s great news if you’re thinking of selling. Connect with your real estate professional today to discuss how much leverage you have as a seller in today’s market.

Does Your House Have What Buyers Want?

The rise in remote work is changing what many Canadians want in their homes. Many companies are choosing to delay reopening or go remote full-time, and today’s buyers are looking for homes with more space to support their work needs.

As a seller, if you no longer need the extra room you have in your home, rest assured there are buyers who do.

Remote Work Is Here To Stay

Remote work remains a reality for many of us.  A recent article from CBC reveals what Canada’s business leaders think about heading back to the office:

https://www.cbc.ca/news/business/back-to-the-office-video-1.6122783

And it’s not just companies that are choosing to remain remote for the time being – workers are seeking more flexibility. According to research from PricewaterhouseCoopers, nearly one-fifth of employees want to be fully remote in the future. The study also finds that many people are leaving jobs to seek out remote work opportunities:

“Among employees looking for new jobs, almost one in ten say it’s because they moved away from the office while working remotely and don’t want to go back on-site.”

More Remote Work Means a Greater Need for Home Offices

That’s leading today’s buyers to prioritize finding homes with more space so they can comfortably work from home. The 2021 Home Design Trends Survey from the American Institute of Architects finds that 69% of surveyed individuals still want at least one office at home. However, it also shows that more people are looking for multiple spaces in their home for remote work and virtual meetings.

What Does This Mean for You?

If your house has extra space that you no longer need, buyers are interested, and now may be the perfect time to sell.

Your trusted real estate advisor can help you highlight many of the most sought-after features in your listing, including home offices. On the other hand, if you have extra room without a purpose, consider staging it as an area where remote work can happen. Your agent can help you with this as well by evaluating and preparing your space for potential buyers. They’ll make recommendations for how to stage the room, where to draw the eye, and what other sellers are doing to make their houses stand out.

Bottom Line

With the continued rise in remote work, more buyers are looking for homes that can support multiple home offices. If you have extra room you’re no longer using, consider selling. Connect with a trusted real estate advisor to discuss the unique features in your house and how you can capitalize on any extra space to appeal to today’s buyers.

For generations, Canadians have been asking themselves this important question: ‘Is it better to buy a home or rent?’ On the one hand, owning comes with more responsibility and higher monthly expenses, but offers more stability and a long-term investment. On the other hand, the money spent on renting will never be recuperated, however, it can offer some flexibility if you’re not sure how long you will live in one place.

According to a recent Royal LePage-sponsored study by economist Will Dunning, it is more financially beneficial to purchase a home than to rent in Canada, more than nine times out of ten. The study uses price data for 278 scenarios (broken out by city and housing type) across the country and assumes the owner is able to provide a 20% down payment. In 91% of scenarios, the monthly cost of owning a home is less than renting an equivalent dwelling, when considering the net ownership costs (total cost of ownership minus the portion of mortgage payment that goes toward principal). This is called the ‘ownership advantage’. 

To read more click here

A lot has changed over the past year. For many people, the rise in remote work influenced what they’re looking for in a home and created a greater appetite for a dedicated home office. Some professionals took advantage of the situation and purchased a bigger home. Other people thought working from home would be temporary, so they chose to get creative and make the space they already had work for them. But recent headlines indicate working from home isn’t a passing fad.

If you’re still longing for a dedicated home office, now may be the time to find the home that addresses your evolving needs. More and more companies are delaying their plans to return to the office – others are deciding to remain fully remote permanently. According to economists from Goldman Sachs in a recent article from CNN:

“Job ads increasingly offer remote work and surveys indicate that both workers and employers expect work from home to remain much more common than before the pandemic.”

Other experts agree. A survey conducted by Upwork of 1,000 hiring managers found that due to the pandemic, companies were planning more remote work now and in the years to come. Upwork elaborates (numbers from the USA):

“The number of remote workers in the next five years is expected to be nearly double what it was before COVID-19: By 2025, 36.2 million Americans will be remote, an increase of 16.8 million people from pre-pandemic rates.”

How Does This Impact Homeowners?

If you own your home, it’s important to realize that continued remote work may give you opportunities you didn’t realize you had. Since you don’t need to be tied to a specific area for your job, you have more flexibility when it comes to where you can live.

If you’re one of the nearly 23% of workers who will remain 100% remote:
You have the option to move to a lower cost-of-living area or to the location of your dreams. If you search for a home in a more affordable area, you’ll be able to get more home for your money, freeing up more options for your dedicated office space and additional breathing room.

You could also move to a location where you’ve always wanted to live – somewhere near the beach, the mountains, or simply a market that features the kind of weather and community amenities you’re looking for. Without your job tying you to a specific location, you’re bound to find your ideal spot.

If you’re one of the almost 15% of individuals who will have a partially remote or hybrid schedule:
Relocating within your local area to a home that’s further away from your office could be a great choice. Since you won’t be going in to work every day, a slightly longer commute from a more suburban or rural neighborhood may be a worthy trade-off for a home with more features, space, or comforts.

Bottom Line
If ongoing remote work is changing what you need in a home, work with a local real estate professional to find one that delivers on your new wish list.