Category: Buyers

5 Tricks for a Smooth Move with the Kids

Posted on by teamrealty

5 Tricks for a Smooth Move with the Kids

 

Moving can seem like a daunting task. There are so many things to think about, plan and organize with many strict deadlines that need to be met. Not to mention the added stress of having to do it all with the kids in tow. But don’t despair – we’ve got you covered. In this article, we cover some tips and tricks to help make moving with children a breeze.

 

Create a timeline.

 

One of the most important things you can do when you move in general, let alone with little ones, is to create a timeline of everything that needs to be done. This will help you stay organized and on top of things, and will ensure that nothing gets forgotten. First, create a checklist of everything that needs to be taken care of from the old house to the new one. Then, add in important dates such as when the movers will be coming, when utilities need to be switched over, etc.

 

This can not only give you a comprehensive view of the process, but putting these dates on a calendar and referencing them frequently can reduce some of the confusion and chaos in the lives of little ones who may not fully grasp what’s going on.

 

Involve your kids.

 

Involving your children in the moving process can actually help to reduce stress for them. As they see you packing up their things and getting ready for the move, it can be helpful to talk to them about what’s happening when, and why. If possible, take them to see the new house many times before you move so they can start to get familiar with the new space and neighbourhood.

 

On moving day itself, let them help out however they can. This can range from simple tasks like supervision while you pack boxes, to bigger responsibilities like helping carry small items to the car. Giving them a sense of ownership and responsibility can make the whole thing a lot less scary for them as they feel they’re helping guide the process rather than being dragged behind.

 

Keep routines intact.

 

This is admittedly easier said than done, but it’s important to keep your kids’ usual routines as intact as possible throughout the moving process. This means keeping mealtimes, nap times and bedtimes as close to regular as you can. There will be some unavoidable disruptions and changes, but if you can keep much of their normal routine in place it will help them feel more comfortable during what can be a confusing time.

 

Prepare for the first few nights.

 

One of the hardest parts of moving with kids can be the first few nights. You’re likely to be both physically and emotionally exhausted from the move itself, and may not have had a chance to fully unpack and set up your new home. This can make it difficult for the little ones to settle in, so to help ease the transition, pack an overnight bag for each child with some of their favourite toys, games, books, stuffies or blankets. This will help them feel more grounded in unfamiliar surroundings, and will give you a chance to get the rest of the house in order.

 

Be open to questions.

 

Lastly, if your children have any questions about the process, make sure you’re open and honest. The more they understand the change that’s taking place in their life, the less scared they’ll be of what’s to come. 

 

We’re also open to questions! If you have any further inquiries about the moving process, don’t hesitate to reach out.

First Time Homebuyer Resources

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Your First Home is a Big Deal.

 

Buying your first home is monumental. It’s a huge financial investment and a major life milestone. Unfortunately, nowadays it’s more difficult than ever to make the purchase by yourself. Luckily, in a market as diverse and ever-evolving as ours, there are many resources available for first-time homebuyers. In this blog, we cover some of the different ways that people commonly seek financial aid. With proper use of the available systems, you’ll be able to find a great home within your budget. 

 

Government Incentives

 

There are many programs available through the government which can relieve some of the financial responsibility associated with buying your first home. We suggest looking into these options as one or many could be useful.

 

 

  • The “Home Buyers’ Amount” is a $5,000 claim to help those who qualify with legal fees, disbursements and land transfer taxes. 

 

  • The “Home Buyers’ Plan” allows you to “borrow” $35,000 from your retirement savings plan (RRSP), tax-free, to buy or build a qualifying home. These funds must be repaid to your RRSP within 15 years.

 

  • The “GST/HST New Housing Rebate” allows you to recover a portion of the GST or HST you paid upon purchase of a new construction home. 

 

  • If you’re new to Canada, there are many programs available that can help you buy your first home.

 

Third Party Assistance

 

There are other ways to lighten the financial burden that comes with buying your first home. If your situation permits, many parents are helping their children with their first downpayment, or subsequent mortgage payments. Co-ownership between parent and child is also an option, with full ownership being a future financial goal for the child. Parents should seek tax advice before proceeding. You might also research the option to renovate your basement and turn it into a legal apartment to help pay your mortgage and create potential future income. We suggest consulting experienced industry professionals such as mortgage brokers, financial advisors and REALTORS®, as they can help you find the right option within your budget.

 

Happy hunting!

 

Now that you have a better idea of the resources available, we hope you feel more confident and capable of taking on the challenge of buying your first home. Remember, this article is only a summary as there are likely other sources of financial assistance at your disposal, so do further research and consider which may be effective for your needs. Many of our trusted Royal LePage Team Realty REALTORS® specialize in helping first time home buyers so they are well equipped to help you navigate the challenges ahead.

How Do Agents Determine Property Prices

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How Do Agents Determine Property Prices: Breaking Down the Comparative Market Analysis on Your Property

For those who have experience buying or selling real estate, the term Comparative Market Analysis (CMA) is something you may have heard about in the past. Broken down, the term refers to determining the value of a property for sale, and is an important part of the selling (and buying!) process. For sellers, determining the appropriate listing price is essential to your marketing strategy and contributes greatly to the success in selling for the best price. For buyers, this data is good to know when looking to submit your offer. If a house is priced way above the comparable properties in the area that have sold or are listed for less, you may not want to enter with an offer 50k above asking. But, how DO agents determine property prices? 

To ensure a home is fairly priced, it’s important to perform an accurate market analysis of the property. This is an extremely important process that REALTORS® receive extensive training on. We ensure our agents have exclusive access to a wealth of data and resources. This ensures that they provide the most accurate information and analysis possible.

Broken down, these are just a few of the major factors our agents consider when evaluating your home for sale. 

Complete a Thorough Property Analysis

First thing’s first, in order to do an accurate market analysis on a property, you need to collect all of the information on the subject property. Some of the details you will need for a complete analysis include: 

  • Bedrooms, Bathrooms (full and partial)
  • Additional Rooms (basement, office, den)
  • Number of Floors
  • Age of Residence
  • Special Features and Home Improvements
  • Size and Square Footage
  • Lot Size
  • Community and Neighbourhood Influences
  • Local Amenities
  • Property Tax Information

Gather Prior Existing Data

In order to get the best estimation of the current house price, you and your agent will be required to collect existing data on the subject property. This typically includes the details concerning the last sale of the home, such as when it was sold and for what price. The previous listing for the home may have some of this data, depending on when it was purchased last. If you do not know the sold price, your agent should be able to locate that data. Agents will also take into consideration the increase in home value for that specific neighbourhood when collecting this information to provide you with an accurate estimate on the current value of your home.

Consider Comparable Sold Prices

Housing prices vary for a list of variables including but not limited to the type of home, size, bedrooms, bathrooms, upgrades, and neighbourhood. This is what makes it essential to compare similar properties when completing a complete market analysis .  For instance, if you are selling a 3 bedroom 2 bathroom single family home, you should compare it with other 3 bedroom 2 bathroom homes in the area, instead of the 2 bedroom condominium down the road.

When searching for comparable previously sold properties, it’s best to look at comparable sales occurring in the last twelve months, with +/- 10% square footage of the subject property, and the age of the building, which should fall between +/- 5 years of the subject property. 

Comparable Current Listings

Just as your agent would do with comparable sold prices, they will also be taking into consideration current listing prices to complete the most accurate evaluation of your property. They will begin by looking at comparable homes, and take into consideration how many days on the market (DOM) the listing has been active. If the home has been on the market longer than others in the area, it may be safe to assume the listing price is too high, and is deterring interest in the property. When setting the price for your home, this is an important factor to keep in mind, and can help your agent work to market your home more effectively.

Figuring out how to complete a real estate market analysis is not only necessary to determine the best price point to list your home, it is essential to get an accurate pre-approval from a lender if you are looking to buy another property for your relocation, as it reflects the amount of equity you hold. The points listed above are only a starting point. This may seem like a daunting task, however, your agent will have complete access to much of the data and formulas needed to provide an accurate evaluation and get your home sold for the best price possible.

Contact one of our qualified and knowledgeable TEAM members today to schedule your FREE market evaluation. 

Helping Your Adult Children Buy a Home

Posted on by teamrealty

Helping Your Adult Children Buy a Home: There is a lot of worry today about whether or not millennials will be able to afford to buy a home. While there are many factors and hurdles that contribute to this, when it is boiled down to the most basic issues, housing prices were substantially lower in the 1980s compared to today. Once you add mortgage stress tests, stricter lending guidelines, inflation, and higher debt to income ratios, many want-to-be homeowners may be looking for some assistance from the Bank of Mom and Dad to turn their real estate dreams into reality.

 

While providing your children with a monetary gift to put towards the purchase of a home is a great way to give your kids the boost they need to become homeowners, it is a significant financial decision and it is important to take everything into consideration before making any big withdrawals.

 

Can You Afford it?

Before handing over a large portion of your savings or making any big decisions, it is important to consider whether or not you can afford it. Yes – offering money towards a down payment seems like the best way to support your children when they are looking to buy a house, but the reality is that while we want to help, it needs to be within our means. Consider how this gift will affect you in your senior years when you are no longer working. You should be confident in your own financial future before handing over a large amount of money to anyone else. 


Refinancing your home

Some people may look into refinancing and tapping into their home’s equity as a way to help their children purchase their first home. Particularly in today’s market where home prices have surged, this could be a viable option. However, you should consider rising interest rates and what this could end up costing you if you decide to use this option. 

 

Downsizing

If you are thinking of downsizing yourself, making the move may free up some of your home’s equity to pass on to your children to make their home buying experience a little easier. Moving from your single-family home into a condo or bungalow may absolve you of a mortgage payment altogether, and free up some money to pass down to the next generation. 

 

Inviting Your Kids to Live at Home

If a large lump sum is out of the question, many parents are inviting their children to move back home in order for them to save money quickly to buy the home of their dreams. With the cost of living being so high and rent reaching unaffordable levels, saving is becoming more and more difficult. Clearing out their childhood bedrooms and allowing them a place to live at a much lower cost could be just the break they need to become successful in their goal of homeownership. 

 

Buying a home is an exciting time for anyone, and helping your adult children to achieve such a milestone is heartwarming, to say the least. It is important to remember, however, that there are rules around gifting money towards a down payment. Check with your mortgage lender or broker for specific guidelines that need to be adhered to. Oftentimes, a declaration form may need to be signed that confirms the money is a true gift, and that there is no expectation of repayment in the future. 

 

For help finding your next home, contact us today! We are happy to help you get started on your journey into homeownership. 

What Will Your Next House Look Like?

Posted on by teamrealty

What Will Your Next House Look Like? 10 Factors to Consider

 

Spring is such an exciting season for real estate professionals! New and current homeowners are gearing up to buy, and sellers are getting ready to cash in on their investment, and our TEAM is excited to help all clients navigate this process. However, for those who plan on making a purchase, it’s important to come in with a good idea about what you are looking for in your next house. While some buyers may be downsizing, others are looking for more space to accommodate a growing family or changing needs. Whatever the story may be, determining your wants and needs, along with obtaining your pre-approval for financing and securing a REALTOR® that works well with you are the first steps to take on this exciting journey into home ownership. 

 

Here are 10 important factors to consider when determining what your next house looks like:

  • Features You Have Always Wanted

A pool, sunroom, media room, garage, or acreage are all great features that homeowners enjoy.

  • Your Desired Neighbourhood or Community

Are you looking for something in rural areas, or do you prefer city living? Ottawa has a wealth of different communities for you to choose from.

  • Square Footage

If you have a growing family that you are cramping into 1200 square feet, you may be looking to upsize into something that can accommodate everyone comfortably.

  • Type of Home

Ottawa has a multitude of different types of home throughout each community, including single family detached, semi-detached, condominiums,  townhouses, and multi-family residences to meet the unique needs of our diverse population.

  • New Build or Resale

Do you want something that needs some work, with older bones, or are you looking for something new or custom? New builds are back on track and many outlying communities are seeing substantial growth!

  • A Layout to Love

If you have been cooped up in a small home feeling isolated in separate rooms, you may desire a home that is more open concept. Alternatively, if some of you have been working from home or doing online-learning, some more divided spaces may be the better solution.

  • Affordability

You may be looking for a home that lowers your monthly expenses, or one that allows you to free up some home equity for future plans.

  • Amenities In The Area

For families with children, you may want to research schools within a certain area, or for those who rely on public transportation, finding a location close to transit routes, grocery stores, pharmacies and restaurants may be a feature you desire.

  • Lot Size

Are you looking for acreage, or is a patio or balcony all that you require. For those looking for more land, a rural setting may have more accommodating options available to you.

  • Home Maintenance

If you are thinking of relocating because your humble abode requires too much maintenance throughout the year, a condominium may be something that would fit your lifestyle better. Condominiums generally cover all outdoor maintenance, and are turn-key, allowing the homeowner to come and go as they please. 

 

Finding your dream home will be no easy feat, but planning ahead and knowing what you want will help you get into a home that feels right for you. Use these 10 starting points to narrow down your search, and join forces with your REALTOR® on your house hunting venture. With the resources of a full-service brokerage available to you, the adventure that awaits will be one that you will thoroughly enjoy. 

Your Guide to Buying a Secondary Property in 2022

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Buying a second property is an exciting venture, and for existing homeowners, there are different opportunities available to help make that dream become a reality. Secondary properties are purchased for many reasons, and in many cases can be a practical purchase that meets a variety of different needs. Whether you are looking to own two properties, you want to invest in real estate, or you are in search of a property or home for recreational purposes, the first step is to always do your homework.

In terms of financing this dream, be sure to come in prepared with a strong debt to income ratio and in a good financial position to make this commitment. Because of the home equity secured in your primary residence, you may qualify for a second mortgage, or have the option to refinance your existing one.

Before you speak to your financial advisor, lender, or broker, be sure to come up with a plan in place. Here are some great options for secondary properties and what they may look like for you. 

Vacation Home or Cottage
A vacation home or cottage is a dream for most people. Who wouldn’t want to have their very own lake house or ski chalet available as a personal seasonal retreat? As a bonus, a vacation home can also be a good investment as it has the capability to generate income or serve as family enjoyment over generations. However, every luxury comes at a cost. There are many considerations to be made when it comes to buying this type of secondary property. Vacation homes may require a larger down payment and specific insurance that may have its own specifications and provisions to abide by. Here are some points to address before buying this type of secondary property: 

  • What area and home will meet my lifestyle needs?
  • Is this affordable, who is financially responsible for costs?
  • Who will maintain the premises?

Investment Property
If you are looking at purchasing an investment property secondary to your home, you could be setting yourself up for a sizeable profit. Investment properties are a great first step towards finding financial freedom through real estate. There are a few different ways to manage an investment property purchase. Some choose to buy a home for less and flip it to sell for a higher return on investment. Others may be looking for a single or multi-unit home to rent out and generate monthly income. Both of these options can be successful and offer you the choice to be as involved or uninvolved as you want, as there are property management companies that you can hire to handle tenancy, maintenance, and repairs.

Recreational Property
Buying recreational land can be a great investment with endless opportunities. Whether you purchase the land for personal use, plan to build a family cottage, or are looking for land to start your own business, the purchase has the ability to be a worthwhile investment. The land itself is a valuable asset and it comes with an abundance of benefits: 

  • Inexpensive long-term investment
  • Recreational land can provide tax deductions
  • Can be a “hands-off” investment 

Before purchasing, you should take into consideration what owning a secondary property will mean for you, and what income you will require to finance this dream successfully. This means determining the type of property you are in search of, the geographical area, and your end goal while also looking into costs such as maintenance, property taxes, mortgage payments, upgrades, and utilities. 

Investing in your future with real estate can be a great and fruitful adventure when you have the right people in your corner.  For help with buying or selling your secondary property, reach out to our TEAM today.

Carriage Trade: Buying and Selling Luxury Real Estate

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With beautiful backdrops of Parliament and Gatineau hills, the Rideau River and more, Ottawa is a magnificent city that many flock to when searching for a town in which they can settle down and place roots. For those looking for homes that are as luxurious as the views they crave, Royal LePage TEAM Realty has a specialized selection for you to choose from. Our carefully selected luxury listings are designated Carriage Trade Properties and are available to buyers searching for homes of unprecedented extravagance. 

Carriage Trade features homes that capture the essence of luxury with stunning landscapes, design, fascinating views, unique and modern features, enhanced interior design, top-level amenities, and historical significance that exceed the expectations of most homebuyers. These homes are a curated collection of the most exclusive homes being sold in Canada’s most sought out neighbourhoods, and Ottawa is home to many. 

What is a Luxury Home
Luxury homes are high priced homes, typically over $900,000, with coveted features that are unmatched by other family homes in Ottawa. Those that stand out most include:

  • Car Lifts and Washes
  • Elevators
  • Private Guest Quarters
  • Heated Driveways, Walkways, Patios
  • Rooftop Patios
  • Swimming Pools or Water Access
  • High-Level Security Systems
  • Concierge 
  • Wine Cellars
  • Spas and Gyms

Identifying Carriage Trade Properties
Other than the price of the property, there are a few ways to identify which homes in Ottawa are dignified Carriage Trade Properties. Each Carriage Trade listing will have a sleek black sign that notes the home is marketed as Carriage Trade. You can also locate all of our Carriage Trade listings on Carriage Trade Luxury Properties for a defined list of available properties in Ottawa, the surrounding areas and across Canada.

Carriage Trade Communities
Ottawa has many different luxury listings located all throughout the city. Communities can have an impact on the home being listed as Carriage Trade, however, location is not always a requirement. As more homes are being built and remodeled to reach this status, luxury homes are no longer found in just a few select communities. Today, Carriage Trade homes are listed in the Glebe, Sandy Hill, Barrhaven, Kanata Lakes, Bridlewood, Carleton Place, Manotick, and many other pockets throughout the city and outlier communities. 

Extraordinary International Marketing
Properties that have such significant features and listing prices often require extraordinary marketing techniques. If you are selling your luxury home, Carriage Trade’s marketing program is designed to enhance global exposure to your listing. In making connections between international homebuyers and Canada’s luxury real estate market, Carriage Trade is the number one destination for buying and selling Ottawa’s most exclusive homes.

For sellers looking to capitalize on their luxury home investment, in utilizing the customized marketing plans, sophisticated marketing materials and advertising media, Carriage Trade listing signs, and our experienced REALTORS® at Royal LePage Team Realty, we can provide an elevated property appeal and sell your luxury real estate listing with ease and for top dollar.

For expert advice and consultation on selling your exclusive luxury property in Ottawa or the surrounding area, take advantage of the Royal LePage Carriage Trade luxury real estate program. Our full-service TEAM is dedicated to selling your property the right way. Contact us today!

Mortgage Shopping: What Does a Mortgage Broker Do?

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In what has been an unprecedented year in buying and selling, Ottawa Real Estate is remaining hot, and mortgage rates cool. While buying a home and getting a mortgage is a big financial decision, the process of securing a loan leaves even the most experienced buyers with a laundry list of questions. Naturally, you will want a team of trusted professionals on your side to walk you through the options that best suit your unique situation. Allowing yourself some time to properly shop around and do your homework on what mortgage products and features are being offered is essential. 


Fortunately, this is where the expertise of a mortgage broker comes to your aid. Instead of spending countless hours researching and setting up multiple appointments, an experienced broker can access their tools to find you great mortgages to compare and choose from, streamlining the process to find what suits you and the needs of your family. 

 

Bank or Broker: What’s Best For You

In the past, inquiries about mortgages were primarily done at the bank. While this remains an option today, big banks can often feel intimidating and may leave you with fewer options when it comes to refinancing your mortgage, getting a new one, or accessing the equity in your home. As a result, many buyers are turning to mortgage brokers for help instead.

Lenders have become increasingly competitive in recent years, creating a surge in demand for mortgage brokers. A broker will be able to provide unbiased options with the goal of finding a lender that offers rates and conditions suitable for you. 

 

As opposed to traveling from bank to bank and undergoing hard credit checks, creating an unwanted dent in your credit score, brokers will only run your check once or twice when shopping for your different mortgage products, having a less detrimental impact. Additionally, the mortgage broker is paid by the lenders themselves and not the clients, which makes this a great option for buyers to find the best rates and products available at any time.

 

Ask The Right Questions

To make the most of comparison shopping, you need to know what options are most important to you. Come prepared and make sure to know what you can afford and how much of a down payment you have. You should also have a list of questions to ask the broker.

 

  • What type of mortgage is best for my needs?
    • a fixed, variable, or adjustable-rate mortgage
    • an open, closed, or convertible mortgage
  • What mortgage features and options are best for my needs? 
    • a short or long mortgage term/ amortization period
    • frequency of mortgage payments
    • regular or accelerated payments
    • the ability to make prepayments or lump sum payments 
    • the option to transfer my mortgage to another home if I sell my home
  • What are my options if I cannot make a payment?
  • What penalty charges may apply if I want to break my mortgage
    contract or renegotiate a new one?
  • Will I have to pay an additional fee if a payment is late?
  • How can I change the size of my mortgage payments?
  • What fees are involved in setting up, discharging, or renewing my mortgage?
  • How can I save on interest charges?



With so many different brokers available today, be sure to check that your potential broker is licensed with Ontario’s Financial Services Commission, or ask your family, friends, and your Royal LePage Team Realty agent for their referrals. At the end of the day, no two mortgages are the same. Make sure you have considered all options, including potential cashback, payments, and penalties, and choose the one that feels most right for you in your journey forward in Ottawa Real Estate.

House Hunting in Ottawa

Posted on by teamrealty

Welcoming Back In-Person Open Houses

While live-stream open houses have been the new way in which home buyers have been viewing homes of interest over the past year and a half, in-person open houses are beginning to make their long-awaited comeback and we could not be more excited! Despite the unpredictability that the last 18 months held, Real Estate in Ottawa not only remained essential, it thrived. It took a hot minute to adapt to the circumstances, but our TEAM at Royal LePage Team Realty managed the new world order with exemplary proficiency.

As we feel things begin to level out again, we are so excited to be able to see our buyers attend Sunday afternoon open houses this fall. Open houses are an excellent marketing tool that allows potential buyers to view homes they have interest in purchasing. As we know that not everyone is ready to return to in-person showings, and as a measure to ensure that everyone has accessible options available to view houses, virtual open houses and 3D tours will remain. Here is an updated list of ways in which you can safely view houses for sale in Ottawa once again. 

Re-introducing: IN PERSON OPEN HOUSES

Getting back to in-person open houses is an exciting time for us all, but it will come with its own set of guidelines to follow. Attendees will be required to wear a mask, perform regular hand hygiene, enter one at a time, sign in, and remain socially distanced. Contact the agent to ensure you book your time-slot appropriately, and be respectful of the agent and other prospective buyers looking to view the property. While there will definitely be some muscle memory that our team will be working off of, adapting to the changes can be difficult at times. 

Virtual Open Houses – Live

As a response to the provincial restrictions, Royal LePage Team Realty introduced Virtual Open Houses in the spring of 2020. As the health and safety of our clients, communities, families and friends is of concern, we wanted to ensure the safest possible ways to buy and sell houses was available to meet the unprecedented demand on the Ottawa Real Estate market. Our REALTORS®, photographers, and stagers continue to collaborate to showcase homes virtually with the innovative game-changing technologies available to them. 

By live-streaming your open house, viewers have the option to ask questions during the viewing, or request to take a different angle to view certain areas of the home. Just as with in-person open houses, a time is agreed upon by the selling agent and their client. The REALTOR ® will enter the home to engage with prospective buyers and their representatives, all online, giving out any and all information needed to move forward. 

Virtual Open House – Pre-Recorded

Working alongside professional photographers and videographers, we pre-record a high-quality video tour to showcase your home. With this method, we are sure to highlight the exceptional features of your home, giving potential buyers a captivating view of what the home has to offer. The home would be staged similarly to how we would a traditional open house, ensuring the lighting is optimal and possessions are tucked and stored away. The pre-recorded open house allows buyers to view your home multiple times and at their own convenience. 

3D Walk Through Tour

Having your agent set up an interactive 3D walk-through tour will allow buyers an immersive experience as they move through the home at their own pace, taking measurements and visually inspecting the home. With a detailed floor plan, buyers can view the home as if they are inside. This feature compliments in-person, live streamed, and pre-recorded open houses as a take-home visual to refer back to at any given time.

 

While we are so excited to get back into conducting in-person open houses, the virtual options have opened the market up to buyers all over the world and won’t be going away any time soon. Buying a home is easier than it has ever been with all the tools and technology streamlining the process. For a list of open houses on Ottawa MLS, use the search function and explore as many homes as you want in an afternoon. For any questions or further information on listings that stand out to you, reach out to your Royal LePage Team Realty agent today. 

 

What Does Buying a Home in Canada Look Like?

Posted on by teamrealty

Welcome to Your New Home

Moving to a new country is a very exciting time for many, igniting feelings of new beginnings and hope for the future. However, despite the many positive attributes that coincide with relocating, finding a home in a new country can feel overwhelming at times. Choosing the right REALTOR®, the right city, the right neighbourhood, and the right house is a tall order, especially so when you are new to the country.

Fortunately, new Canadians have not shied away from home ownership, they actually account for every 1 in 5 homes sold. There are many factors that make this so achievable, including the wide range of homes available “For Sale” from coast to coast. These homes range from condo apartments, townhouses, duplexes, and single-family homes, including some designed for multigenerational families. With a little saving and a lot of planning, homeownership in Canada is achievable for anyone,

 

Gather Information to Support Your Decisions

There are several factors to consider when planning to purchase a home in Canada; these include:

  • Learning about the Real Estate market in the area you will be living in; Royal LePage will be invaluable in providing this information
  • Ask any friends, family, or work colleagues who live in the area for input
  • Use social media, including the Royal LePage website, to learn about potential neighbourhoods, including schools, shopping, transportation, and religious or cultural centres 
  • Learn about the cost of heating, cooling, property taxes, and any potential home repairs 
  • Use Google Earth to “fly” around potential neighbourhoods 
  • Develop a budget for the new home. Make sure to always keep a reserve fund
  • When you have found a potential home, work with your agent to place an offer to purchase
  • Find a lawyer to provide legal advice and complete the transfer of the ownership

 

How Will I Pay For Our New Home?

Most Canadians do not have enough money to pay the entire purchase price of the home at the time of purchase. Buyers typically require a mortgage, which is simply a loan secured from a bank or other financial institution that is used to purchase the home. With the variety of different mortgage rates and products offered, it’s imperative to shop around before committing to any one lender. Using a mortgage broker can be a useful tool to help you compare a variety of mortgages to find something that best suits your unique situation. 

With any mortgage, there are different interest rates and time frames to pay it back. These rates can be either fixed or variable. The amount of your mortgage will be the price of the home minus the amount of your down payment, and you will pay it back through regular payments over the chosen time frame. As with any bank loan, interest will be charged to borrow this money, which is why a sizable down payment and shorter term can lessen the time and overall amount to pay off the mortgage.


What Do I Need For a Downpayment? 

First-Time Home Buyers in Canada can secure home ownership with just a 5% down payment, as opposed to the 20% minimum required if you already own a home. It is important to note that if the down payment is less than 20% of the price of your new home, mortgage loan insurance will be required. This insurance protects the lender if you fail to pay back the mortgage. 

Good credit history is also very important when you are trying to get a mortgage. As a newcomer to Canada, you may not have a credit history that Canadian lenders recognize. If you want to buy a home, you should start building up a strong credit history as soon as possible.

Buy Your Dream Home in Canada

If you gather all the necessary information with a team of professionals you trust, the process of purchasing a home in Canada can be simple and straightforward.

Luckily, Real Estate in Ottawa is filled with vim and vigor and with the right Royal LePage TEAM Realty agent, finding the perfect home for your family is guaranteed. Our diverse team of agents have neighbourhood expertise, well rounded knowledge and much experience helping buyers who are new to Canada find the home of their dreams in this beautiful city. 

Home ownership is just a phone call away. We look forward to hearing from you!