Tag Archives: millennials

5 tips for insuring your first home

Photo: James Bombales

Before you take ownership of the property, your mortgage provider will likely want to see proof that the home is insured. This protects their interest in the building in case of damage or loss. Here are 5 tips for insuring your first home:

1. Be honest during your application

Buying insurance is not like buying a candy bar. It’s a contract with requirements from both parties. The most important thing to remember when purchasing insurance for your first home is to answer the application questions with as much openness and honesty as possible. This will help to ensure that the policy you purchase will be valid in the event you need to make a claim.

It’s worth doing some research on your home at this stage so that you’re prepared to answer any questions that may arise during a quote. For example, you may need to know about your home’s construction or the age of key systems, like the roof or furnace. Also, be clear about who’s living at the property and in what capacity. Any tenants occupying rental suites should be disclosed upfront.

Photo: James Bombales

2. Consider if you’d like to make renovations

Similarly, if you’re thinking about making changes to your home, be sure to let your insurance provider know before you start renovating. For most renovations, Square One will simply update your policy to cover the renovations, and follow up every now and then to check on your progress. There’s typically no need to buy a new policy to ensure your home remains protected. Just be sure to update the value of your home to include the renovations. That way, you won’t be forced to pay for them twice in the event of a total loss.

3. Check for lender-specific requirements

Most mortgage providers require confirmation of insurance before they’re willing to release the funds for your purchase. The terms of requirements differ with each lender, so be sure to identify what’s needed before you sign the dotted line.

For example, your mortgage providers will need to be listed as a “mortgagee” on your policy. This means you can’t simply cancel the coverage without the mortgage provider finding out. Most will also require an appraisal of the home’s value. Some mortgage providers will require a home inspection, or might have specific coverage requirements, such as Guaranteed Building Replacement coverage. This coverage guarantees that your home will be rebuilt in the event of a total loss, even if the cost to do so exceeds the limit of your coverage.

Photo: James Bombales

4. Pay attention to your home’s systems

Your home inspector should identify the type, age and condition of your home’s systems. If your home contains older or less reliable systems such knob + tube wiring or Kitec plumbing, you may want to consider upgrading to a more modern alternative. Not only will this provide some leverage for you to re-negotiate the purchase price, but upgrading to copper wire and pipes (considered the gold-standard) could help safeguard your home. Many providers, including Square One, offer a reduction in your home insurance premium if you’re willing to upgrade your home’s systems. (However, not all providers do – so if this is part of your decision-making process, check with your provider to be sure.)

5. Qualify for discounts to your premium

Homeowners with a history of continuous, claims-free coverage will often qualify for discounts on their premium– even if they’ve only previously held a policy for tenant’s insurance. Your insurance provider wants to see that you’re responsible and proactive about managing the risks associated with your home. And, because tenant insurance policies are typically cheaper than homeowner’s policies, the discount that’s applied to your future homeowner’s insurance premium may help to offset the cost of your tenant insurance today.

Source: Livabl.com – SPONSORED 

Advertisements
Tagged , , , , , ,

First-Time Home-buyer Lessons

 

My husband and I bought our first home three years ago, and I’ll admit we made some mistakes along the way.

Here are 5 hard lessons we learned as first-time homebuyers.

1. We bought a very old house. Before we bought the home, we had it inspected by a reputable home inspector. In his report, he suggested that we have the house’s foundation assessed by an engineer. But we didn’t do that. Why? We were in too much of a rush to buy the house.

Lesson? Pay attention to the inspection report. After living in the home for about a year and a half, I called an engineer who told us a foundation wall had to be replaced–and soon. It wasn’t cheap.

2. Our agent told us that upping our offer by a few thousand dollars would only mean an extra $40, $50 or $60 a month on our mortgage. It doesn’t sound like much, but if interest rates go up spending thousands more on our home will hurt.

Lesson? Once you figure out your maximum price, stick to it. This is one thing we actually did well. In the end our offer was accepted at the price we were willing to pay, but upping our bid could’ve made paying the mortgage a lot tougher.

3. When you’ve been a renter for most of your life, it’s a shock to suddenly find yourself responsible for repairs. We hired a roofer who did a really bad job, and we had to pay another roofer to do the work a second time. Then I had to go to small claims court to try getting my money back from the first one.

Lesson? Shop around before hiring a contractor. I should have paid more attention to a couple of negative online reviews. You can also look up court decisions online to see if other customers have had problems.

4. We were able to put a 20% down payment on our home and had about $10,000 set aside for closing costs, taxes, home insurance and other expenses. It wasn’t enough.

Lesson? Set money aside, then set some more aside. You also need to budget for the unexpected. In the first year, we spent several hundred dollars on a new sump pump after our crawl space flooded. Last year, we spent a few hundred dollars on an exterminator for mice.

5. This past winter, while our foundation wall was being dug up and replaced, I called a real estate agent to talk about possibly putting our house up for sale. I was pretty fed up with the seemingly unending problems and stress. The good news was that our home had gone up in value and we could make a profit. Though we’ll stay put for now, at least we have an exit plan–as long as the housing market stays strong.

Lesson? Have an exit plan. Hopefully these hard-earned lessons can help you become homeowners. Or maybe decide to remain renters. Good luck!

 

Source: Tangerine.ca – by Dominique Jarry Shore Wednesday, July 3rd, 2019

Tagged , , , , , ,

10 Signs to Watch out for to Avoid Renovating a Money Pit

Tagged , , , , , ,

Latest in Mortgage News: Stress-Test Rate Drops After a Year of No Change

 

The benchmark posted 5-year fixed rate, which is used for stress-testing Canadian mortgages, fell yesterday in its first move since May 2018.

The Bank of Canada announced the mortgage qualifying rate drop to 5.19% from 5.34%. This marks the first reduction in the rate since September 2016.

The rate change came as a surprise to most observers, since it’s based on the mode average of the Big 6 banks’ posted 5-year fixed rates. And there have been no changes among the big banks’ 5-year posted rates since June 21.

As reported by RateSpy.com, the Bank of Canada explained today’s move as follows:

“There are currently two modes at equal distance from the simple 6-bank average. Therefore, the Bank would use their assets booked in CAD to determine the mode. We use the latest M4 return data released on OSFI’s website to do so. To obtain the value of assets booked in CAD, simply do the subtraction of total assets in foreign currency from total assets in total currency.”

If that sounds convoluted, RateSpy’s Rob McLister tells us this, in laymen’s terms: “What happened here was that the total Canadian assets of the three banks posting 5.34% fell much more than the total Canadian assets of the three banks posting 5.19%. The 5.19%-ers won out this week,” McLister said.

Of the Big 6 banks, Royal Rank, Scotiabank and National Bank have posted 5-year fixed rates of 3.19%, while BMO, TD and CIBC have posted 5-year fixed rates of 5.34%.

“It’s one of the most convoluted ways to qualify a mortgage borrower one could dream up, McLister added. “It’s almost incomprehensible to think random fluctuations in bank assets could have anything to do with whether a borrower can afford his or her future payments.”

In his post, McLister noted the qualifying rate change means someone making a 5% down payment could afford:

  • $2,800 (1.3%) more home if they earn $50,000 a year
  • $5,900 (1.3%) more home if they earn $100,00 per year

Teranet Home Price Index Continues to Record Weakness

Without seasonal adjustments, the monthly Teranet-National Bank National Composite House Price Index would have been negative in the month of June. Thanks to a seasonal boost, however, the index rose just 0.5% from the year before.

Vancouver marked the 11th straight month of decline (down an annualized 4.9%), while Calgary recorded its 11th monthly decline (down 3.8%) in the past 12 months.

“These readings are consistent with signals from other indicators of soft resale markets in those metropolitan areas,” the report said.

But while Western Canada continues to grapple with sagging home sales and declining prices, markets in Ontario and Quebec are already posting increases following weakness in the first half of the year.

Prices in Toronto were up 2.8% vs. June 2018, while Hamilton saw an increase of 4.9% and London was up 3.3%. The biggest gains continue to be seen in Thunder Bay (up 9.2%), Ottawa-Gatineau (up 6.3%) and Montreal (up 5.4%).

Don’t Expect Housing Market to Catch Fire Again

Don’t hold your breath for another spectacular run-up in real estate as seen in recent years, say economists from RBC.

“A stable market isn’t a bad thing,” noted senior economist Robert Hogue. “This is sure to disappoint those hoping for a snapback in activity, especially out west. But it should be viewed as part of the solution to address issues of affordability and household debt in this country…It means that signs indicating we’ve passed the cyclical bottom have been sustained last month.”

Home resales in June were up marginally (0.3%) compared to the previous year, which Hague says provides “further evidence that the market has passed its cyclical bottom.”

Meanwhile, the national benchmark home price was down 0.3% year-over-year in June, “tracking very close to year-ago levels.”

Hague says these readings are good news for policy-makers, who he says want to see “generally soft but stable conditions in previously overheated markets.”

Source : Mortgage Broker News – STEVE HUEBL  

Tagged , , , , , , , ,

The Least Discussed Reason Wannabe Investors Don’t Take Action (& How to Overcome It!)

I’ve never fully understood the obsession with figuring out why other people fail to take action when it comes to real estate investing.

It seems like a lot of people genuinely look for justification not to start.

“If Jimmy didn’t start because he had no money, and I have no money, then I’m justified in not starting yet.”

This is entirely the wrong mentality! Why not focus your energy on figuring out why successful people DID take action?

Regardless, I’m going to tell you the real reason some who are interested in investing never take action. It’s something that isn’t discussed very often.

But first, here are some of the most stereotypical excuses.

Why Some Wannabes Never Take Action: The Typical Responses

Don’t get me wrong. All of these excuses are pretty understandable—yet unfortunate.

Let’s briefly discuss each.

Fear

Fear is a beast. And taking the plunge into real estate isn’t easy.

That being said, everybody experienced the feeling of fear when they bought their first property. It may not have been crippling, but it was there. Anyone who tells you they weren’t at least a little scared is probably not being completely honest with you.

This is why it’s important to make decisions based on numbers and bounce the analysis off experienced investors. Don’t bring your emotions into the deal at all.

Emotions are dangerous—leave them out of investing.

Nervous businessman peeking over desk

Lack of Experience

This excuse drives me nuts!

NOBODY had experience before they took action—you gain experience BY taking action!

If this is your excuse, either quit or work under somebody for free to gain the experience you so crave.

This is a silly excuse to me. Just take action!

No Money

This is an understandable excuse and probably the most common.

I have been investing since 2015. To date, I have never paid more than 6 percent down on a real estate transaction.

Leverage is wonderful. It is risky but wonderful. I house hacked my first duplex for less money than most of my cars have cost.

Theoretically, you could sell your car and buy a house.

You can overcome the “no money” issue by utilizing FHA loans, VA loans (if qualified), seller financing, purchasing subject to the existing mortgage, partnering, other people’s money, hard money lenders, etc.

My point is this: While having no money is scary, if you have knowledge and time, you can invest in real estate!

male showing empty pockets implying moneyless

Not Enough Time

YOU HAVE THE SAME AMOUNT OF TIME AS EVERYONE ELSE!

Set your priorities, and either make REI a priority or find someone with time and provide money/knowledge!

This is a cop-out excuse.

I purchased a property while spending six weeks on a remote island and only having access to the internet through my cell phone a couple of times.

Figure it out.

Why Some Wannabes Never Take Action: The Least Discussed Reason

We have ruled out the most common excuses. And yes, they are just excuses.

Now let’s talk about the least discussed reason some wannabes fail to take action (and how to avoid it).

You’re LAZY!

That’s it.

The number one reason some people fail to take action is the amount of work required.

This excuse is behind the time, fear, and experience excuses. You know it’s going to take a lot of time and energy to make this happen. You’re afraid because it takes a lot of work, and you don’t fully understand what to expect. You don’t have experience because you haven’t done it yet.

In the military, there is a common phrase we use in combat: “Complacency kills.”

Although the meaning is a little different when applied to real estate, the message is the same. It’s not the one morning you sleep in or the one day you get nothing done that hurts you. It’s not the hassle you avoided today or the excuse you used today in order to procrastinate.

However, if you ALWAYS avoid hassle, procrastinate, and sleep in, you will never succeed.

Sloth is one of the seven deadly sins. If you want to succeed as a real estate investor, or in life in general, you need to kill the urge to be complacent—before it kills you!

Related: Getting Started In Any New Real Estate Business

Start Investing NOW: Here’s How

Goals

The first step to conquering the excuse of laziness is to sit down and set goals.

You need to long-, medium-, and short-term goals. These goals should be similar to a five-year plan, yearly goals, monthly goals, and weekly goals.

Think of the cartoons you watched as a kid where a rider would tie a carrot to the end of a long pole and dangle it in front of a stubborn horse/mule in order to motivate them to move forward.

Goals are the carrot you dangle in front of yourself.

No matter how driven you are (or aren’t), there will be days when you lack the motivation to do any work. At these times, it is important to have a carrot (goals) to chase in order to stay on track!

Pensive young entrepreneur looking at laptop screen and drinking coffee at table in cafe

M.I.N.S.

Some of you may have noticed I didn’t say you need daily goals. You may have even been bothered by this and decided to tune out (haha).

The reason I didn’t mention daily goals is that, while they serve a purpose, I prefer to think in terms of the “most important next step.” This is sometimes called M.I.N.S.

M.I.N.S. should be determined every night before you go to sleep. This will ensure you knock out the most important next step toward your weekly goal(s) first thing the next morning.

If you can knock out the most important next step toward your goal every morning, it will snowball into accomplishing your goals quickly!

The key is determining what this step is the night prior, and then doing it first thing the next morning!

Accountability

Most of the actions you take to achieve your goals will not be fun or easy.

It’s easy to find “busy work” to use as a distraction. This busy work is more fun and often easier than accomplishing the most important next step would be.

Since we are all human (I think), it’s safe to assume that you will have days, weeks, months, or even years when you fail to do the difficult task(s) that need to get done.

This is human nature and a hard habit to break. And this is why accountability is crucial to your success as an investor.

You need to find some people who are on the same path as you, as well as a few who are farther down that path, and get together to grow and hold each other accountable!

A common way to do this is through mastermind groups. A mastermind group is comprised of people who have lofty goals for life and are determined to achieve these goals. They meet regularly, whether in person or on conference calls, and talk through their struggles, successes, and so on in order to help each other progress.

These mastermind groups are great for helping you grow and holding you accountable to achieve more!

Mans Hand Reaching For Red Ladder Leading To A Blue Sky

Systems

Real estate investing isn’t easy at first (most things aren’t).

Imagine REI as a large flywheel, and every step you take gets it to move just a little bit faster. As the flywheel speeds up, it takes less and less effort to keep it moving.

This is the power of systems!

Every time you complete a task, remember how you did it. If you complete that task a second time, create a system for streamlining the process. The simpler you can make tasks in real estate, the easier it becomes to buy homes!

For example, one of my favorite systems to date is my Google Drive folder for lenders. Every time I have applied for a loan, I needed to provide the previous two years’ tax returns, W-2s, bank statements, photo IDs, verifiable income, etc.

I created a folder titled “Lender Documents” in Google Drive that has all of this information in it, separated by tax year.

Now, when I apply for a loan, I simply email a link to this folder to my lender and wait for them to tell me if they need any more documentation (which is minimal, if any)!

Talk about streamlining the lending process.

Don’t forget to create systems as you journey down the path of real estate investing. It will make your life so much easier!

Use Laziness to Your Advantage

Lazy people will often find the easiest way to accomplish a task. Use this mentality to succeed as a real estate investor—without losing all of your hair.

Real estate investing isn’t easy, but it is extremely rewarding.

Embrace your laziness, and use the safeguards above to continually attack your goals.

Take the time to put in a lot of work now. You will be happy that you did!

Source: BiggerPockets.com by

Tagged , , , , , , , , ,

What Size Storage Unit Do I Need? And Other Questions to Ask When Picking a Facility

If you need a storage unit, there are many questions you should ask before you pick one. For example: What size unit do you need? How much does a storage unit cost?

Choosing a storage unit may seem daunting at first, but if you’ve reached that point where you’ve run out of space in your home for all of your belongings, it’s time to dive in. Here are some questions to ask to ensure you find the right storage unit for you.

What size storage unit do I need?

Before you begin your search for the right unit, make a list of all the items you’ll be storing. This way you can save time by focusing only on storage facilities that meet your needs in terms of size.

Storage units generally range in size from 5-by-5 to 10-by-25 feet, and some may be even larger. Wondering which size is best for you? Picture these:

  • A 5-by-5 unit is the size of a small closet and could hold several small- to medium-size boxes, a dresser, or a single bed.
  • A 5-by-10 unit is comparable to a walk-in closet, which could hold larger furnishings such as a queen-size bed or couch.
  • A 10-by-10 unit could hold two bedrooms’ worth of furnishings.
  • A 10-by-20 unit is equal to a standard one-car garage, and could hold the contents of a multiple-bedroom house.

Prefer not to climb over mountains of tubs and boxes to track down something stashed at the far reaches of that space? Choose a unit that allows entry on either side.

“How many times do you put something in the back of a closet only to find that you need it? The same thing happens with a storage unit,” explains Willie Dvorak, owner of AAA Storage in Mellette, SD. “Ensuring you can access your goodies from both sides of the unit makes it that much easier to find what you need quickly and safely.”

How much does a storage unit cost?

Unless you’re filthy rich (and then you probably have a big house with ample storage), you’ll want to know how much this unit will set you back each month. CostHelper.com breaks down how much you can expect to pay on average:

  • A 5-by-5 unit costs about $40 to $50 a month.
  • A 10-by-20 unit costs about $95 to $155 a month.
  • A 20-by-20 unit costs about $225 a month.

Is this storage unit easily accessible?

What good is having a storage unit if it’s hard to access, both in terms of its location and its design? Dvorak outlines what to look for when selecting a facility.

“If you can’t get your vehicle close enough to the unit, you’ll be lugging your stuff feet—even yards—in both directions,” he says. “While it may not seem like a long walk as you look at the unit, imagine carrying all of your stuff back and forth all of that way. When you’re storing stuff, every step is a nuisance. And, when you are stressed, you’re more prone to accidents. Turning that rental truck around just adds to the stress. Be sure you can pull up the unit and get your vehicle turned around without any trouble.”

What are the storage facility’s hours?

Once you’ve unloaded your belongings, you still want to know that you can reach them in a hurry should you have the desire.

“It’s hard to predict when you’ll need that hiking gear you haven’t used for years, Grandma’s scrapbook, or that special award you want to show off,” Dvorak notes. “Don’t miss out because you think of it after they’ve locked things up for the night (or weekend). Make sure you can access your stuff 24 hours a day, 7 days a week.”

What’s the payment policy?

Fred Levine, founder of Little Hard Hats, recommends reading all of the fine print of the contract to determine how long the price is guaranteed.

“They routinely get you in, then shortly thereafter, once you’ve moved all your stuff in, they sometimes raise the rates,” he cautions.

“Understanding the payment policy can also help you make decisions about a storage facility,” says Caitlin Hoff of consumersafety.org. “What is the late fee or policy? Some facilities will auction your storage unit if rent is not paid after a certain amount of time. Does your facility allow for online payments? If it doesn’t, do you have to pay in person? Knowing the full extent of the policy can narrow down a list of facilities.”

What type of security is used?

Ask how the storage unit facility is secured. Is there a guard? Video surveillance? Alarms? Is the area well-lit? Also, don’t assume the facility is going to cover damages to your possessions inside the storage unit in case of an accident. Check your homeowners policy, and purchase a rider if necessary.

Is it climate-controlled?

Depending on the items you are looking to store, you might debate whether or not you want a climate-controlled storage unit. A climate-controlled unit is better for items such as appliances or antiques that might be damaged in extreme temperatures.

How are pests handled?

No one wants to find that a family of critters has turned your family heirlooms into their home.

“If you are looking at an outdoor storage unit, you want to ask about pest control,” says Hoff. “Ask if they have had issues with any insects or critters, and find out how they handle these situations.”

Eric Hoffer, president of Hoffer Pest Solutions, suggests doing your own detective work when you preview the facility.

“Overgrown bushes, unkempt landscaping brushing up against the side of the building, and overflowing trash cans are not only a sign that maintenance may not be a priority for a storage facility, but these can be things that attract pests like rodents and roaches close to the building,” he says. “All it takes is a small crack or gap in the wall to allow pests inside.”

If you’re going to the trouble of storing your items for later use, you want to know they’ll be in the best shape possible when you want them. Finding the right facility can make all the difference.

Source: Realtor.com –  | Oct 29, 2018. Liz Alterman is a writer who’s covered a variety of subjects, from personal finance issues for CNBC.com to career advice for The Muse.
Tagged , , , , , , ,

Everything you need to know about CMHC’s First-Time Home Buyer Incentive

Article image

The federal government wants to make home ownership more affordable for young people and to do that it’s introducing the First-Time Home Buyer Incentive (FTHBI) this September. The $1.25 billion program, announced as part of the March federal budget, involves the government buying equity stakes in homes purchased by qualified home buyers, allowing for smaller mortgages that will keep monthly payments lower.

But how will the plan work? Below, we break down all the key details and take a look at who this new program is right for.

How the FTHBI works

The program will be administered by Canada’s housing agency, Canada Mortgage and Housing Corp. (CMHC), which will pay 5% of the purchase price for an existing home, and up to 10% for the value of a new home, in exchange for an equity stake. Once the homeowner sells, they’re obligated to repay the CMHC.

The fine print includes the following:

  • To qualify, you must be a first-time home buyer.
  • Buyers must have a down payment of at least 5% of the total purchase price, up to 20%.
  • The household’s income must be under $120,000, and the mortgage and incentive amount together can’t be more than four times the household income.
  • Only insured mortgages will be eligible, meaning this will be restricted to those with a down payment worth less than 20% of the purchase price.
  • Buyers will not be exempt from federal “stress test” regulations (a mandatory mortgage qualification using the five-year benchmark rate published by the Bank of Canada or the customer’s mortgage interest rate plus 2%)

Who is this for?

The program is for purchasers looking for a starter home but aren’t able to afford the monthly payments needed for a mortgage below $500,000. To qualify for mortgages in the $400,000 – $500,000 range, the household income would have to be close to six figures. Buyers would have to be willing to give up at least 5% of the value of their home to the federal government in exchange for lower monthly payments.

As an example, a couple earning up to the household income cap of $120,000 with a down payment of 5% on a new home would be entitled to an additional $48,000 provided by CMHC, as below:

Couple earning $120,000
$480,000 total purchase
-$24,000 down payment
-$48,000 matched by CMHC (10% for a new home)
= $408,000 mortgage

As both the household income and total purchase price are capped under the program, it’s worth noting that buyers with good credit and low debt might actually be able to borrow more money than the FTHBI would allow.

In this scenario, “the program forces you to buy less home than you otherwise would be able to. Whether consumers are disciplined enough to take part of that or not is the real question,” says Paul Taylor, president and CEO of Mortgage Professionals of Canada.

Buyers in the program will also want to consider the future value of their home over time. Is the neighborhood likely to increase in value? With a 5-10% equity stake in the home, CMHC will be along for the ride, both in the case of depreciation or appreciated value of the home.

“Vancouver North Shore is a great example. Now, it’s very much an outlier but if you bought the home in 1986 for $250,000 it’s probably worth $4 million now,” says Taylor.

Comparing markets

The most expensive home you can buy would be about $565,000 a government official told the CBC, which all but disqualifies purchases of detached homes or upscale condos in downtown Vancouver and Toronto. For example, the average home price in the Greater Toronto Area as of May 2019 was $838,540, according to the Toronto Real Estate Board.

CMHC acknowledged earlier this year that the average home in these markets won’t be within reach.

“It may not be a condo in Yaletown or a house in Riverdale, but there are options in both metropolitan areas to accommodate this program,” CMHC said in a press release in April. “In fact, around 23% of transactions in Toronto are for homes under $500,000 and 10% in Vancouver.”

This means that potential buyers will want to be comfortable living in the outer suburbs like Langley or Surrey in Vancouver, or Brampton and Mississauga in Toronto.

Recent residential listings for $472,000 (the average price for a home in Canada) 
*Compiled using listings found on Realtor.ca during the week of May 26th

Downtown Toronto Less than 30 listings
Downtown Vancouver Less than 100 listings
Calgary More than 600 listings
Winnipeg More than 2,000 listings

The program would seem to favour first-time buyers in smaller cities across Canada, at least when comparing options for buyers that tend to want to live in large cities downtown.

What you get for $490,000-$505,000

While this program can get you property up to $565,000 if you put the maximum down payment allowed for an insured mortgage (about 19.99%), we expect many who use this program will have the minimum 5% down payment and are looking to get into the property market sooner with help from the CMHC.

Based on that idea, we’ve compiled a look at some properties you can get in four major housing markets in Canada in the $490,000 to $505,000 price range. Take a look.

In Toronto: No houses listed but one-bedroom condos are available, typically 600-1,000 sq feet. Condos have more rooms and additional bathrooms as you get away from the city core. There is almost no supply below $300,000.

Here’s an example of what you might be able to get in the downtown core (one bedroom) in that price range.

 

 

In Vancouver: No houses listed but one-bedroom condos are available, typically 600-1,000 sq feet. More rooms and additional bathrooms as you get away from the city core.

Here’s an example of what you might be able to get (one bedroom).

In Calgary: You can find listings for two-bedroom bungalow houses downtown, along with two-bedroom condos over 900 square feet.

Here’s an example.

In Winnipeg: Limited supply at this price range. Detached houses are available however, with two-plus stories and multiple rooms. Large condos over 1,000 sq feet are available closer to a $300,00 price point.

Here’s an example.

Listing photos courtesy of Realtor.ca.

Source – LowestRates.ca –  Mike Winters on June 17, 2019

Tagged , , , , , , , ,