Thiru Nirahulan's blog

Canadian mortgage rates have been in a state of flux for the last year. The pandemic prompted a trio of interest rate drops, bringing the benchmark rate down to 0.25 per cent. This, in turn, resulted in a housing boom that saw many homebuyers stretch their financing to the limit in order to be able to buy a home. Now that the boom has passed and interest rates have bounced to their highest level in 22 years, the focus has shifted to the cost of holding a mortgage, and conversations on whether a variable- or fixed-rate loan is the way to go.

Over the last year, the Bank of Canada...

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...

The Canadian real estate market is going through an adjustment period right now. After a couple of years of meteoric growth across the entire housing sector, conditions seem to be settling, the frenzy has come to an end, and Canadian housing markets from coast to coast are regaining equilibrium.

According to the 2024 RE/MAX Canadian Housing Market Outlook, the national average residential price is expected to rise only slightly this year, by 0.5 per cent. Meanwhile, 61 per cent of markets surveyed in the report are expected to see unit sales increase year over year. This is a...

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...

Canada’s real estate market is currently seeing impressive growth, making it an excellent time to think about investing. If you’re eyeing a second property, maybe a rental space or a holiday home, using the equity in your current home is one option worth exploring. But understanding the terms, risks, and benefits is key to ensuring that this move aligns with your long-term financial goals and doesn’t overextend your financial commitments. Let’s look at what a home equity loan is and how it can be leveraged to your advantage.

What is Home Equity?

Home equity is the value of the...

Homeownership comes with various responsibilities beyond the obvious tasks of mortgage payments and basic maintenance. Here are 10 homeownership responsibilities that you may not be fully aware of:

1. Property Taxes:

• Responsibility: Paying property taxes.
• Importance: Property taxes fund local services like schools, roads, and emergency services.

2. Homeowners Association (HOA) Dues:

• Responsibility: Paying HOA fees (if applicable).
• Importance: HOAs manage and maintain common areas, enforce community rules, and may provide services.

3. Insurance...