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Selling a home is more than just a transaction; it’s a pivotal step in life’s journey, especially for move-up buyers looking to sell their current home to purchase a larger or more luxurious one. Maximizing the selling price of your home is crucial in this process, as it directly impacts your financial ability to move up the property ladder. With the right approach, you can turn the sale of your current home into a successful stepping stone towards your dream home.

You’ve likely heard people lauding the benefits of home ownership. Canadian real estate has historically seen solid long-term gains, which bodes well for existing homeowners and those who plan to buy and keep the place for the long term. There are several other benefits of owning a home, including a roof over your head, a place to plant roots, pride of ownership, and a part of retirement planning. However, as with all investments, there is that initial cost of owning a house in Canada, and unlike other investment vehicles, a home also comes with ongoing expenses. So, down to the nitty-gritty: How much will it cost to buy a house?

Here’s How Much Will It Cost to Buy a House:

A move-up buyer is someone looking to sell their current home and purchase another one that is typically larger, more expensive, or better suited to their evolving needs. They are distinguished from first-time homebuyers because they have already bought a home and have built equity in their existing property. Some move-up buyers might be looking for more space to accommodate a growing family, while others might seek luxury features, a more prestigious location, or amenities their current home doesn’t offer. It could also be a strategic move to capitalize on accumulated home equity, taking advantage of market conditions to invest in a property with greater potential for appreciation. Here are some benefits of being a move-up buyer in today’s real estate market.

Strong Equity

This past summer, the nation’s chief bank regulator imposed new rules against home equity lines of credit, also known as HELOCs. The Office of the Superintendent of Financial Institutions (OSFI) installed a cap on borrowing available through HELOCs as part of efforts to strengthen Canada’s banking system.

When you purchase a home, a down payment is typically applied to the purchase price, and the balance is to be paid off over your term of the mortgage. The loan you receive from a lender in order to pay for the house is called a mortgage.

Simply put, a mortgage is a legal and binding agreement between a lender and a borrower for a specific amount of money that must be paid back within a predefined amount of time. The mortgage is a secured loan in that the house you are buying is collateral for the loan. This means that, should you not meet your mortgage repayment obligations, the lender has the right to take the property.

Purchasing a home and taking on a mortgage is a big commitment. In addition to the amount borrowed, the interest rate you receive is also a factor in assessing affordability. Shopping for a better interest rate could save you tens of thousands of dollars over time.

You’ve just moved in with your significant other and couldn’t be more excited; however your new home isn’t exactly boasting the ideal look and feel you were hoping for. Decorating your new home can be a lot of fun. There’s no shortage of inspiration out there, and you likely already have an idea of the overall theme/look you’re going for, what pictures to hang and where, and which accent pillows you want to use. But if you’re moving in with a partner or roommate, it’s not just your opinion that counts.

If, at first, you don’t succeed in selling your house, try and try again? For many residential property owners in today’s Canadian real estate market, it can be challenging to sell a home, whether because of the listing price or higher borrowing costs. In a more balanced housing sector, relisting can be more common to witness.

Relisting refers to putting a property back on the real estate market after it has already been listed. Indeed, relisting is typically done for a wide range of reasons:

• The initial listing period for a property has expired without a sale.
• The property was under contract, but the deal did not go through, forcing the seller to put it back on the market.
• Sellers realize the property was not priced right.
• Sellers decide to do some repairs or renovations and relist it to receive a better offer.
• The seller simply relists the detached home or condominium at a different time depending on the market trends and movement.

Sometimes, sellers have a life change (an emergency, death, divorce, job loss, or employment change) and have no choice but to delist and relist later. The primary objective of relisting is to attempt to find buyers and get a second chance at selling a property.

Purchasing a home typically begins with making an offer, also referred to as the agreement of purchase. This document outlines the necessary conditions that must be met to finalize the deal. Common conditions typically include securing mortgage financing and sometimes undergoing a home inspection.

The concept of purchasing a property “as is” indicates the seller’s intent not to make repairs before the sale, transferring the burden of any property issues and subsequent repair costs to the buyer. It’s a common myth that an “as-is” purchase locks the buyer into the deal regardless of discovered flaws. In reality, a well-crafted “subject to inspection” clause can offer a strategic exit plan, allowing buyers to bow out gracefully if the inspection reveals substantial problems.

If you’ve wondered how much it costs to build a house in Canada, you’re not alone. While housing supply has improved across the Canadian real estate markets, inventory is still far below the historical averages in many major urban centres, suburbs, and rural communities. Is it easier and more affordable to purchase a resale residential property or buy bare land and build a home from scratch? Indeed, there are many advantages to constructing a single-family home from the ground up, considering that a large swathe of homeowners are not selling their houses to endure higher interest rates. You have the opportunity to customize the space to fit your lifestyle. Room by room, you have the final say on the layout, features, and finishings. On top of all that, there is the thrill of watching the project come together.