Real Estate Blog

Homebuyers needing to finance their home are required to pass a stress test, and it's about to become harder to pass. Here's what you need to know about the stress test as it stands currently and what is about to change.

What is the Stress Test?

Introduced in 2018, the stress test for insured mortgages requires applicants to meet criteria that prove they could continue to make mortgage payments based on higher interest rates.  For a stress test, mortgage lenders calculate the Gross Debt Service and Total Debt Service ratios to decide if applicants have a high enough income and low enough debt load to make higher mortgage payments should rates increase.  

Changes to the Stress Test

"Regulators plan to ratchet up the country's dreaded

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It’s the time of year as we approach summer to expect more recreational properties to come on the market. And buying cabins and cottages is the newest fad sweeping Canada. But if you want to make that dream a reality, you’ll have to be willing to shell out some serious cash. What can be expected this season in the recreational property market?  

Cottage Prices on the Rise

In 2020 recreational properties across Canada saw prices increase by an average of 17%, and 2021 is forecasted to grow another 15%. This will depend greatly on the region, but you can expect increases in every province across Canada. Interestingly, out of 3 property categories—urban, suburban and recreational—recreational properties show the most significant increase in prices

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Deciding to sell your home is a big deal and a choice you likely did not make lightly. With countless memories and the time, money, and effort you've spent making it feel unique to you will make it hard to let go. However, if selling your home is the right decision for you and your family, you want to do it the smart way. Following this guide will help you achieve the rewarding outcome you are hoping for.

Prepare Your Home for Sale

Make a List of the Things You Love About Your Home

There's a reason, likely many reasons, why you purchased your home and will miss when you leave. Take the time to write down the things you enjoy and will miss when the sale is complete. It is very likely the potential buyers will see value in these items as well,

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Known as the Paris of the Prairies, Saskatoon is the largest city in Saskatchewan. With the South Saskatchewan River flowing through its centre, as well 6 traffic bridges and 2 train bridges, it has also been called the City of Bridges by many, too! No matter what nickname you choose to use, though, there is a lot to love about the city of Saskatoon; and more and more people are choosing it as a wonderful place to live, work and raise a family! Why? Well, here are just 10 reasons why:

Meewasin River Valley

Saskatoon lies on the banks of the South Saskatchewan River and has wide, tree-lined streets amid vast parks and green spaces. Listed by Reader’s Digest as one of the top 10 greatest hikes in Canada, the Meewasin Valley Trail extends for 60

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The Saskatoon real estate market is hot right now. Buyers are searching for homes for sale quicker than they are coming on the market, and homes in certain price ranges are seeing an increase in value. This is making it even tougher to get onto the property ladder as a first time home buyer. These programs from the Government of Canada may be helpful to you if you are ready to start your house hunt:

The First Time Home Buyer Incentive

The First-Time Home Buyer Incentive is just like it sounds—an incentive for first time home buyers to buy their first house.

If you have the minimum down payment for an insured mortgage, you can apply to finance a portion of your home through a shared equity mortgage with the Government of Canada. For a purchase

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When you buy a home with a REALTOR®, you gain peace of mind knowing they’re trained professionals who work with property purchase contracts on a daily basis. Having said that, you are still the principal on this contract and you should never sign anything that you do not fully understand. Let’s dig a bit deeper into a typical real estate purchase agreement, specifically looking at conditions and clauses.

Real Estate Agreement 101

An Agreement of Purchase and Sale is a written contract between a seller and a buyer for the purchase and sale of a property. In the agreement, the buyer agrees to purchase the property for a certain price, provided that a number of terms and conditions are satisfied. 

The process begins when the purchaser makes an

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Most homes sold in Saskatchewan have a home inspection condition in the contract of purchase because it is highly recommended that all buyers request one before they close on a property. Since there are often a lot of questions surrounding a home inspection, let’s take the time to review some of the more common ones:

What is a Home Inspection?

A home inspection is a professional consulting service that determines the present condition of the home’s major systems, based on a visual inspection of accessible features. 

A Home Inspection is: 

  • An in-field evaluation and professional opinion of the performance of the readily accessible installed systems in a home.
  • Primarily a visual inspection.
  • Intended to identify components that are
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Are you thinking of selling your home in the near future but when you look around you see so many things that may overshadow your homes shine? You know that kitchens and bathrooms sell homes, and home buyers usually want to see these items completed before they move in, unless they are buying a house for a great price expecting to need to renovate it. And the trick to deciding whether or not to renovate is to figure out which category your home will fall under.

Renovations That Always Pay When Selling a House

There are renovations that pay, those that will add some value, and those to avoid. The key lies in the difference between what buyers like and what they’ll actually pay for. Here is a list of renovations that always pay:

General

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Too often, people rush into buying a house when they’re not ready. Just because you’re sick of renting does not mean you should automatically buy a home thinking it’s the only alternative. Being sick of renting is most definitely a better alternative to buying and ending up with your finances in a mess or with a home that doesn’t fit your needs.

Owning a home is a big commitment, it’s not a guaranteed investment, and it’s a truckload of work. It can be a smart long-term move, but you want to know what you’re getting into. The following tips for buying a home are here to help you get started:

1. Know Your Credit Score. Your credit score is one of the most important factors considered in your mortgage financing. Find out your score before you even

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Lisa Mueller is an award-winning Saskatoon REALTOR® with CENTURY 21 Fusion, with 12 years of experience in the real estate industry. She has worked with the brokerage as both a real estate agent and a broker manager, offering a wide array of experience in the way she works with home buyers, sellers, and other industry professionals. Even with her busy schedule, she was happy to spare a moment to talk about her experience as a local REALTOR® and why she would be the best fit for finding you and your family the dream home you’ve been searching for!

Why did you choose to become a REALTOR®?

I chose to become a REALTOR® because, at one point, I had moved 6 times in 8 years and so my husband said to me, "You should just be learning how to sell our

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