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Ideally, each party will pay their own closing costs associated with the purchase and the sale of a home, but they can be negotiable based on lender requirements and market conditions. The fees are usually paid at the settlement and will be itemized on the closing statement.   Buyers should be aware of them before contracting for a home.   If a mortgage is involved, the lender will want to verify that the borrower has ample funds available at closing to pay for them. Buyer's closing costs can range between two to five percent of the sales price.   The real estate agents should be able to give you an estimate of what a buyer can expect.   The most accurate estimate will come from the lender at the time the loan application is made. They may or may not include other fees that will be charged to buyers by the title or escrow company. Buyers are required to be provided a standard Closing Disclosure form at least three business days before the loan closing date. ...

What a COVID-19 Vaccine Could Mean for Canadian Real Estate Markets Nearly a year after the first reported case of COVID-19, pharmaceutical giants announced a vaccine was on the way. Pfizer and Moderna both say their research is promising and Canada has inked deals with both to secure millions of doses. In total, Canada has procured more than 358 million does from seven companies,  according to CBC . While some countries have announced plans to begin vaccinating their residents as early as December 2020, some Canadians will have to wait a bit longer. However, the news is still a bright light at the end of the long pandemic tunnel. A safe, effective and accessible vaccine would mean the end of lockdown policies and other safety restrictions. We spoke to our team of economists to see how they think this news could impact the economy and housing markets across Canada. How will the economy, in general, be impacted by a vaccine? A vaccine will allow individuals to go out and interact wi...

WHEN IT PAYS TO UPGRADE YOUR THERMOSTAT Your thermostat plays an important role in keeping your home comfortable throughout the year. After all, the thermostat is the central hub for controlling the temperature you want to keep your home at regardless of whether it is hot or cold outside. Unfortunately, the thermostat that you have now might not be doing as good of a job as you think, which could be costing you money. If you want to get the most out of your heating and cooling and save some money in the long term, it may be time to upgrade your thermostat to a model that is a little bit smarter. What Are Smart Thermostats? Smart thermostats are programmable thermostats that give you a greater amount of control over your home environment. These thermostats can automatically adjust the temperature at different times during the day, ensuring that you are not spending extra money heating or cooling your home while everyone is at work, at school, or in bed asleep. This can result in sig...

Mortgage assumptions have not been a practical matter for the last 30 years because mortgage rates have been on a steady decline.   Even if the seller had a rate lower than the current rate, the new purchaser must qualify to assume the loan.   In the case of conventional loans, the lender has the right to increase the rate to the current rate which neutralizes the reason for assuming the loan.   This change took place in the early 1980's when lenders added due on sale provisions so lower rates could not be assumed. FHA and VA loans can be assumed at the existing rate with the provision that the purchaser qualifies for the loan.   This could be an advantage if the rate on the loan to be assumed was lower than the current mortgage rate for FHA or VA and the buyer is going to owner-occupy.   Unfortunately, investors are prohibited from assuming FHA and VA loans. Besides the obvious advantage of a lower rate which would have a lower payment, the closing costs ...

U P S I Z I N G   Y O U R   H O M E Unfortunately, our homes do not always grow with us. What may have initially worked fine for a single person, a young couple’s starter home, or a family with a newborn can quickly become too small as families expand and multiple generations live under one roof. Remodeling and adding to your home is one option for creating more space, but it can be costly, and the size of your property may be prohibitive. That is when moving to a bigger home becomes the best solution. WHERE DO YOU NEED MORE SPACE? The first thought when upsizing your home is to simply consider square footage, bedrooms, and bathrooms. But it is important to take a more critical approach to how your space will be used. If you have younger children (or possibly more on the way), then focusing on bedrooms and bathrooms makes sense. But if your children are closer to heading off to college or starting their own families, it may be better to prioritize group spaces like t...

Top things homeowners forget when prepping their home for winter (BPT) - In the winter, keeping the cold out and the heat in is everything. For many busy homeowners, it can be easy to overlook a few simple preventive maintenance tasks before cold weather sets in. Doing so can reduce the risk of home damage and help maximize energy efficiency. So before frigid temperatures are here for good, you can use this list to make sure your house is shipshape. Check for exterior gaps and cracks Take a walk around the exterior of your home. Get up close and inspect the windows, the siding and the doorways to check for cracks or gaps that need fixing and caulking. Plugging the gaps and making necessary repairs can help you keep the cold out. Because the freeze-thaw cycle can exacerbate these gaps, you’ll want to get ahead of that damaging cycle and fix these today. Check your attic insulation Heat rises, and the layers of insulation are an important barrier between you and the cold. The more the ...

Vacation home sales are up 44% year-over-year according to the National Association of REALTORS® based on sales during the July to September period.   Not only are the number of units up, but they are also selling faster than in previous years. On a national basis, 72% of existing vacation homes closed in October were on the market for less than one month. The increased desirability and affordability of vacation homes, according to the National Association of Realtors, seems to be influenced by the pandemic and low mortgage rates.   The ability to work from home seems to be contributing to this increase.   Freddie Mac reports the average commitment rate for a 30-year, conventional, fixed-rate mortgage decreased to 2.83% in October compared to the aver commitment rate for all of 2019 which was 3.94%.   There may also be a safety factor involved with these decisions to purchase vacation or second homes.   Contagious diseases flourish more in highly pop...

YOUR GUIDE TO THE HOME APPRAISAL You have found your dream home and now it is time to cross all your T's and dot all your I's before it’s all your own. And one of the first items on your closing checklist the home appraisal. So, what exactly is that? The home appraisal is essentially a value assessment of the home and property. It is conducted by a certified third party and is used to determine whether the home is priced appropriately. During a home appraisal, the appraiser conducts a complete visual inspection of the interior and exterior of the home. He or she factors in a variety of things, including the home’s floor plan functionality, condition, location, school district, fixtures, lot size, and more. An upward adjustment is generally made if the home has a deck, a view, or a large yard. The appraiser will also compare the home to several similar homes that were sold within the last six months in the area. The final report must include a street map showing the prop...

A home inspector is another key professional involved in a real estate transaction.   Many times, the sales contract will have a provision that allows the purchaser to have inspections made to discover issues that are not readily apparent or have not been disclosed by the seller. It is important to have a qualified individual perform the inspection.   Regardless of whether a license is required, buyers should ask about the inspector's experience, training, years in business and if they are familiar with the area and type of property involved. Membership in professional associations can indicate an inspector's commitment to education and training.   References from both customers and agents are helpful and may be more meaningful.   You are encouraged to call the references, especially, if you are concerned about any specific areas. Errors and Omission insurance is intended to cover mistakes made during an inspection.   It would be good to find out if the in...