Finding the right home involves careful consideration of your needs, preferences, and budget. Here’s a checklist to help guide your search:
1. Budget
• Determine your budget and get pre-approved for a mortgage if necessary.
• Consider down payment, closing costs, and monthly mortgage payments.
• Factor in property taxes, insurance, and utilities.
2. Location
• Proximity to work, schools, and essential services (grocery stores, hospitals, etc.).
• Neighborhood safety and access to public transportation and major highways
• Availability of parks, recreational areas, and other amenities.
3. Type of Home
• Decide between single-family homes, townhomes, condos, or apartments.
• Consider the amount of maintenance required.
• Check for availability of outdoor space, such as a yard or balcony.
4. Size and Layout
• Number of bedrooms and bathrooms needed for your family or future growth.
• Square footage and storage space (closets, garage, basement).
• Desired layout—open floor plan vs. separated rooms.
• Consider the need for home office space, guest rooms, or entertainment areas.
5. Condition of the Home
• Age of the home and any necessary repairs or updates.
• Roof, plumbing, electrical, and HVAC system condition.
• Quality of appliances, windows, and insulation.
6. Resale Value
• Research property value trends in the area.
• Consider potential for home appreciation over time.
• Check for upcoming neighborhood developments that may affect value.
7. Lifestyle Needs
• School district quality if you have or plan to have children.
• Pet-friendly features like a yard or nearby parks.
• Nearby social or community activities, such as restaurants, gyms, or cultural venues.
• Noise levels and traffic around the area.
8. Future Flexibility
• Is the home large enough for future needs (growing family, home business)?
• Potential for renovations or expansions if necessary.
By following this checklist, you can make a more informed decision and find the home that fits your lifestyle and financial goals.
Contact the Giles Team to assist you!
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How Trade Wars and Tariffs Can Hurt Real Estate – But Lower Interest Rates Can Help The Canadian real estate market is deeply intertwined with the broader economy, meaning external factors like trade wars and tariffs can significantly impact property values, construction costs, and buyer sentiment. While a trade war often leads to increased material costs and economic uncertainty, the potential silver lining is that the Bank of Canada may continue lowering interest rates to counteract these effects creating an opportunity for homebuyers. The Negative Impact of Trade Wars and Tariffs on Real Estate Rising Construction Costs Trade wars typically result in tariffs on imported goods, including key construction materials such as lumber, steel, aluminum, and electronics. These increased costs are passed down to developers and, ultimately, to buyers. More expensive materials mean higher home prices and potentially fewer new housing developments, exacerbating supply shortages. Economic Uncertainty and Reduced Investment When countries impose tariffs on each other, global supply chains are disrupted, and businesses face uncertainty regarding costs and profitability. This can lead to slowed economic growth, reduced job stability, and hesitation among investors to pour money into real estate projects if they view the economy as unstable. Inflation and Increased Costs of Living Tariffs can contribute to inflation as companies pass on higher costs to consumers. Higher prices on everyday goods can make it more difficult for individuals to save for a down payment or afford mortgage payments, ultimately decreasing homebuyer demand. How Lower Interest Rates Can Offset These Challenges In response to economic uncertainty caused by a trade war, central banks – like the Bank of Canada – often lower interest rates to stimulate the economy. This has several key benefits for homebuyers and the real estate market as a whole: More Affordable Mortgage Rates Lower interest rates mean reduced borrowing costs, making homeownership more accessible. Buyers who were previously on the fence may be incentivized to enter the market, increasing demand for housing. Increased Buying Power With lower interest rates, buyers can afford more expensive homes with the same monthly payment. This allows individuals to purchase in more desirable neighborhoods or upgrade to larger properties without significantly increasing their financial burden. Stimulated Housing Market Activity Lower interest rates not only benefit buyers but also encourage sellers to list their homes, as they anticipate stronger demand. Additionally, real estate investors may find more opportunities to purchase rental properties or buy, renovate, and resell homes due to reduced financing costs. The Takeaway: A Balancing Act While trade wars and tariffs can introduce challenges for the real estate market by driving up costs and creating economic uncertainty, lower interest rates can serve as a crucial counterbalance. For prospective homebuyers, this means staying informed about economic trends and leveraging low mortgage rates to secure favorable home prices before inflationary pressures push costs even higher. GET IN TOUCH As your trusted resource for all things real estate, we would be more than happy to provide you with additional insight on how to best prepare for buying or selling real estate. If you have any questions about the market, please reach out anytime. Want a better real estate experience? Call the Giles Team, we are always happy to help. NOT RECEIVING OUR NEWSLETTER? Send us an email so we can add your name and address to our monthly mailout. We look forward to connecting DK and Amanda
HOW TO GET READY FOR THE SPRING REAL ESTATE MARKET: YOUR ULTIMATE GUIDE
Spring Market - What Is It and When Given many Canadians have a strong interest in real estate, or at least a general awareness of the goings on in the real estate market, it’s surely no surprise that many have opinions on the topic. One thing that we hear often when chatting about real estate is the idea that spring is the best time to sell. “You gotta wait for spring to get the best price,” they say, followed by “right?” as if they weren’t fully sure of their assertion. We would be doing a disservice to our clients if we said it was that simple. So, what is the spring market, when is it, and is it actually the best time to sell? WHAT IS SPRING MARKET? Spring market is typically characterized by greater volumes of showings and, ultimately, sales when compared to other points in the year. There’s this idea that with improving weather, more buyers will be out shopping for houses. Consequently, when sellers believe more buyers have come out of their supposed winter hibernation, they want to bring their properties to market to coincide with what they believe to be greater demand. And, in a general sense, this is often how things play out. We have loads of market data showing the cyclical and seasonal nature of real estate sales – lots of activity in the spring, typically followed by a summer lull, before another secondary uptick in sales in the fall, and quieter winter months. But, in reality, the spring market isn’t always in spring. SO WHEN IS SPRING MARKET? Roughly speaking, the spring market is the time after the cold winter months and before everyone takes off on summer vacations. That much was probably obvious. However, it tends to be a bit more nuanced than that. For example, if we have a mild winter, the spring market may start sooner. In fact, many Realtors would likely agree that while February technically falls in the winter, it’s often when we start seeing increased demand. In this scenario, that could mean that if you wait for the snow to melt and the flowers to bloom, you’ll have potentially missed a prime opportunity to have your house in front of buyers during a period of peak demand. Conversely, we’ve seen other factors such as rising interest rates or changes to mortgage rules land mid-spring causing buyers to retreat to the sidelines. When this happens, the busiest period for sales may not be in spring at all – the so-called spring market may very well be in summer or fall. WHEN IS THE BEST TIME TO BUY OR SELL? The reality is there’s a lot more than just the weather and the associated seasons that determine opportune times to buy and/or sell. The simplest answer we can give you is that the best time to buy and/or sell is when it makes sense for you and your family. But, if answering this question by looking only at market conditions, the best time to sell is when inventory is low and demand is high – or, if you’re a buyer, your best opportunity would be when the market is soft. This would be characterized by high inventory, low sales, and houses sitting on the market for lengthy periods. Of course, most people need to balance a wide array of factors such as interest rates, changes in regulations, and politics, combined with personal needs. After all, aligning a closing date with the start of the school year could be more important to your family than market factors. Similarly, you may be experiencing a job change, a marriage or divorce, a new baby, retirement, or any number of other personal situations. So, while in an ordinary year that follows typical seasonality, spring may very well yield the best options for buyers and the highest prices for sellers, there’s so much more to consider. When we work together, you’ll be armed with data and real-time insight on how the market is performing. Whether you have flexibility in when you buy and/or sell, or if your timeline is more rigid, we can develop a strategy that meets your needs and balances market factors. Many times – and this is especially true for those upsizing – it’s more about the price differential between a purchase and a sale, so buying and selling in any market could still work very well for you. The most important thing is for us to sit down to come up with a solid game plan. GET IN TOUCH For more insight on how to best prepare for buying and/or selling real estate, or if you have any questions about the market, please reach out anytime. To ensure you’re getting the latest market information for your neighbourhood and the best advice on how to navigate the current market, we are always happy to help. NOT RECEIVING OUR NEWSLETTER? Send us an email so we can add your name and address to our monthly mailout. We look forward to connecting DK and Amanda
