Thinking about getting out of the city and purchasing a waterfront property? There are a number of great communities surrounding London that have some beautiful properties. These can be either seasonal destinations, or permanent residence. There are a few things you should remember when looking at these properties.
Know your rights
Riparian Rights are the rights of landowners with waterfront properties. These are specific to the area you are purchasing and will tell you your legal rights as property owners of the water.
Property Lines
It’s important to confirm how much property into the water you actually own. If you want to install a dock or any other in water elements, this will come into play. Generally properties on the Great Lakes stop at the waterline.
Lifespan of your location
Erosion and how close the house is to the water is something to consider when purchasing either a seasonal property or your forever home. If you’d like the property to last generations, making sure it’s far enough away from the waterline is important. Also consider if breaker walls have been installed as this will help slow erosion and prevent damage in the case of a storm.
In the next few months we will be featuring a number of cities surrounding London with waterfront properties. Below is our feature on Port Stanley.
If you’re thinking about making a change give me a call!
A number of my clients have been asking questions about mortgages and what all of these announcements mean when buying property in Canada. We sat down with Mortgage Specialist Carina DeMedeiros to ask all your questions about interest increases, variable vs fixed, and more!
Interest Rate Increase
On June 7th the Bank of Canada announced an increase. Here were the key takeaways:
✨ Prime was increased by 25 basis points or 0.25%
✨ Variable mortgages will automatically increase
✨ Fixed Mortgages are not directly affected (but have seen an overall increase)
Amortization
As variable rates increase, banks have been adjusting amortization so their clients can afford the payments. If you’re on a fixed mortgage and your term is coming up, you may be able to adjust amortization to see a more manageable payment.
✨ Amortization- number of years it will take you to pay off your mortgage at the current rate
✨ Term- length of time for your current mortgage contract
Fixed or Variable
The most asked and debated question in the mortgage community- fixed or variable? The answer for this depends on your situation so its important to speak with a mortgage broker.
First time buyer perks
Yes! There are some perks for first time home buyers.
✨ First Home Savings Account (FHSA)
✨ Take up to $35,000 from your RRSP tax free
✨ Land Transfer deductions
Downpayment help from parents
A number of my first time home buyers are receiving gifts or loans from their parents in order to obtain a down payment for their house. Is this a good idea?
It can be hard to navigate this market, especially as a first time home buyer. I am always happy to find answers for my clients and chat about the details of the market. Contact me today!
The last few years in the real estate market have been unpredictable. Here are some of the most common real estate questions I’ve been asked over the past few months.
How Much Can I Afford?
Knowing how much you can afford is a vital first step in looking for a home. Before you begin your search, meet with a mortgage broker and receive a pre-approval. If you’re in the early stages, keep in mind the 28% mortgage rule. This states you should spend 28% or less of your monthly gross income on your mortgage payment. To determine how much you can afford using this rule, simply multiply your monthly gross income by 28%.
Why is London Booming?
As I’m sure you’ve noticed, London and its surrounding areas have experienced a major population boom over the last few years. This is due to immigration, increase in international students, and families moving in from other parts of Canada.
This ultimately means the housing market has become unpredictable at best. If you’re looking to retire and downsize, now might be the best time while your property is in high demand!
What is a property title search?
A Title Search will tell you everything about the property. If you’re looking at an investment home or have some questions that seem unanswered about the property, it may be a good idea to order a title search. You can have your lawyer or financial institution order a title search in Ontario.
What is a Guarantor?
Sometimes if you don’t qualify for a mortgage on your own, first time home buyers will have a guarantor to qualify. The guarantor’s role is solely to guarantee that the mortgage payments will be made. They become liable only after the lender has exhausted all other means of collection against the primary borrower.
Don ‘t see your real estate questions on this list? Give me a call! I’m happy to help. If you’re looking for other real estate tips make sure to follow my socials for all the updates.
Moving to London Ontario? Maybe you’ve grown up in London but your looking to make a change. It can be hard to narrow down neighbourhoods when moving, especially if your family situation has changed. We’ve put together a list of neighbourhoods catered for specific ‘must haves’ people are looking for.
New Build Property
London is one of the fastest growing cities in Canada. There are a number of neighbourhoods with new build properties coming up all over town. Hyde Park is expanding into Ilderton, Byron is expanding towards Kilworth and Pond Mills is expanding out towards the highway. Not to mention the smaller cities surrounding London (Dorchester, Komoka, Lucan) are exploding with new neighbourhoods. There is no shortage of new build property option sin London, Ontario.
Neighbourhoods for First Time Home Buyers
There are a number of more mature neighbourhoods that have great opportunities for first time home buyers. Old East Village, Arva, White Oaks and While Hills are all areas that have more affordable homes. The properties are a bit older and often come with a decent sized lot. Many of these neighbourhoods are on major bus routes and have a lot of parks and ammenities near by; making it perfect for growing families.
Low Maintenance Properties
If you’re a young couple, single or in the retirement phase of life, you may be thinking about a townhouse or apartment. There are many pockets throughout the city that have a number of low maintenance properties. Downtown might be the best best if you’re looking for newer buildings, minimal outdoor space and would like to live within walking distance of amenities. If greenery is more what you’re looking for there lots of new condos being built in the Sunningdale, Masonville and Byron neighbourhoods. Want to save some money? There are older condos available in the North/ West London, Pond Mills and White oaks area. Many of these are on bus routes, but a vehicle is ideal.
Investment Properties
Due to the post-secondary institutions in London, it is a great city for investment properties. Looking in areas around Western University and Fanshawe College are the ideal neighbourhoods for this. Rental properties also work in other areas of the city, but your target renters might be different. Read my Investment Properties Blog for more on this.
Neighbourhoods with ‘Fixer Uppers’
Looking to make an older property your own? Old East Village, White Hills, and Wortley Village all have great opportunities. Though there are gems throughout the city to flip, these neighbourhoods with older homes have a lot of potential as many haven’t been updated in years. Remember to factor in the costs (and then multiply x2 for delays) when thinking about your budget for these projects.
Neighbourhoods for Families
There are a number of wonderful neighbourhoods in London for young and mature families. Masonville has some of the best schools in the city, along with Oakridge, Lambeth and Wortley Village. Being the ‘Forst City’ there are lots of great parks and trails throughout that families can enjoy. Depending on which stage your family is in I can help direct you to the right area of town.
It can be hard to navigate this market, especially if your family situation is changing. With my years of expereience in the city, I can help guide you to the right areas. Contact me today and I’d be happy to have a chat about what you’re looking for!
If you’re thinking about moving, it can be hard to know when the best time to list will be. The housing market has been very unpredictable over the last few years. As we lean towards more of a buyer’s market, it’s important to think about the options you have and when the best time to sell might be.
Ultimately, ‘now’ is the best time for real estate. Having said that, take a look at the attributes of your house and when they might ‘show’ the best. The tips below could help you secure a higher price point.
Is your house ‘sell’ ready?
If it’s been a while since you painted, or have a few home renovations projects that weren’t fully complete, now is the time! A simple fresh coat of paint and finalizing home repairs can go a long way to add value to your home. A nice deep clean of the house can also help with the value of the sale.
Do you have curb appeal?
If your front yard landscaping is the envy of your neighbours, you may want to wait until the Spring to put it on the market. Beautiful gardens and a well maintained yard can really help up the price of a home. If you have a pool, selling while the pool is open can also help. Seeing how well maintained exteriors are is important to a lot of buyers.
Home efficiency
Have you recently upgraded to make your home more efficent? Added new windows and doors that seal the cold air from getting in? This could be an excellent way to sell your house in the winter months.
Remember, most homes sell in the Spring, so you can use that to your advantage. If your house has something unique about it, listing when people are looking would be ideal. If not, listing in the off season could bring more serious and committed buyers as there is less inventory.
Moving soon?
If you’re thinking about making a move over the next few months give me a call for a free home evaluation. I’m happy to chat about potential listing prices and what you may be able to get for your house. Keep an eye on on my socials for more tips and tricks!
We have never seen a year like 2022 in the real estate market. The year started off with the fastest increase jump of housing prices Ontario has ever seen, followed by a steep decline in pricing just a few months later. Interest rates were adjusted aggressively to cool the market, which quickly began to cut buying power. As housing prices level out, we are beginning to see how the market might settle. To say this year has been unpredictable would be an understatement.
Throughout it all, I had the chance to work with a number of wonderful clients on both the buyer and seller side. We launched our ‘Smartens London Living’ series where we talked about what different London neighbourhoods’ had to offer. The series proved to be a success and we will continue featuring London neighbourhoods into 2023.
We also had a number of discussions with BMO Mortgage specialist Carina DeMedeiros about the ever changing landscape of Mortgages in Canada. Though it looks like the Bank of Canada might start slowing down the increases, we will continue to keep you informed on the changes as they come.
Our social media pages also became a great place to connect and share home owner tips and tricks throughout the year. I will continue to share this information and am always happy to answer any questions you may have in all things real estate. To follow along, click on the links below.
2022 was a difficult year for many. I want to thank my wonderful clients for trusting me to find them a place to call home. 2023 is already shaping up to be a great year! Keep an eye out for listings coming to market and as always call me for any questions real estate related! I’m happy to help!
Have a wonderful holiday season and I’ll talk to you all in 2023.
