Real Estate, Houses, and Mortgages
The Biggest Purchase You’ll Ever Make
Raise your hand if you’ve heard the phrase, “My home is the best investment I ever made.”
Now either you managed to buy a home twenty years ago in the historically ridiculous markets of Vancouver or Toronto – or you just aren’t very good at investing.
Understanding how to buy a home and how to invest in real estate are two different sides of the same coin. While I prefer to invest in more liquid assets for the time being, there is little doubt that there is money to be made as a landlord. And just because homes shouldn’t be classified as investments, doesn’t mean that they are irrelevant to personal finance – far from it. In fact, it’s my opinion that it’s on this issue many Canadians cripple their personal finance plans before they even get started.
You know what is a really quick way to make sure you don’t pay yourself 10%? To pay the bank over 40% of your pay each month for your mortgage and then wonder how you can afford to buy a coffee pot to put on those gorgeous marble counter tops you had to have.
We’ll let you know the ins and outs of getting a mortgage in Canada, some tips and tricks for buying and selling home, as well as our dabbling in real estate investment.
Can I take my mortgage with me if I have an excellent fixed interest rate that I want to hand on to? Or is it possible to use the sweet variable interest rate I negotiated as a bargaining chip when I’m selling my house – can I pass that on to the new buyer? These...read more
The Canadian Home Buyers Plan is a way to borrow from your RRSP in order to come up with a down payment for your first home. Having bought my first home recently, I found the home buyers plan information on the Canada Revenue Agency website a bit difficult to...read more
Buying a house and getting a mortgage can be a stressful experience – especially if you’re going through it for the first time. With terms such as variable, fixed, closed, open, prime interest rates and many more, it can be easy to get intimidated. Because of all...read more
You’re lookin’ to buy a place but don’t know whether to go with a Canadian mortgage broker or with a big bank, and you want to get the best mortgage rate & best deal possible (of course, what fool wouldn’t?). Or maybe you’re already in the place of your dreams and...read more
One of my good friends bought her first condominium a few years ago when she was 26. I remember her telling us the details over dinner one night - we were so excited for her! I mean this whole adulating thing is a pretty big deal right? She said it happened really...read more
As a native Vancouverite I have seen this city change the most since 2010 when we hosted the Olympics and since the Canada Line (rapid transit) came about. The city is changing even more in the past year or two. Houses are being torn down and made into condos and...read more
We've heard of renting versus buying calculators (such as the one from the Ontario Securities Commission Get Smarter About Money) but have we thought about renting versus selling your home (e.g. condo). I have always liked the idea of being a landlord (my dad has a...read more
My Dad has never made a mortgage payment in his life, yet owned his own home by the time he was 30. He only received a very minor inheritance when he was over 60, so that didn’t factor into it. No one gifted him a down payment. He didn’t get lucky on a stock pick,...read more
Earlier this year in Vancouver and Global TV news, a 29 year old woman with a master's degree in environmental science, Eveline Xia, took to twitter when she created a social media movement #don'thave1million to describe Vancouver's "too-hot" housing market. Even for...read more
If you didn't get in on the contest for our free eBook: Getting Your Foot in the Door - Buying Your First Home in Canada, check it out now before it's too late! If you want a taste of what the free resource has to offer, take a sneak peak below at our chapter on what...read more