In June, 1080 homes were sold in the London and St. Thomas area according to the London and St. Thomas Association of REALTORS® (LSTAR) area were sold in June. This is less than in June 2017, which was a record-setting month with 1,264 homes sold! Sales activity remains above the 10-year average for the London and St. Thomas area, as the marketplace continues to manage the lowest inventory levels since 2009. The average home price is making a slight gain across the region. London East made the biggest gains, with the average June sales price at $295,541, this ...
London Ontario Real Estate Stats June 2018
July 12, 2018
5 Things That Affect Your Credit Score
June 26, 2018
Credit scores can be complicated at times. However, Credit scores play an important role in determining your credit worthiness and how likely you are to receive a lower rate for financial products like mortgages and loans. As there are various factors that affect your credit score, here are five things that may be affecting your credit score that you may not know about. Having More Revolving Credit than Installment Credit Let’s first go over the difference between revolving credit and installment credit. Revolving credit is automatically renewed as debts are paid off. The best example of this would be ...
4 Green Features to Consider When Buying a Home
June 25, 2018
Today home buyers are increasingly considering the environmental impact that a home will make and what environmentally friendly features homes have to offer. Some buyers looking for homes are now including a home’s environmental impact within their decision process. If you are shopping around for a new home and are looking for some help in choosing an environmentally friendly home, here are some tips: Energy Efficient Appliances When you are in the home, look for energy efficient appliances and fixtures. They can be throughout the house, from the kitchen to the dining room. All these appliances should be ...
House Hunting Tips
June 21, 2018
When you’re looking for a new house and visiting potential properties, it is easy to get caught up in the moment and start to make compromises in what you want. Sometimes there is pressure to make a fast decision, especially in hot markets. You might also get caught up in seeing something you really want and that can effectively give you tunnel vision and you may miss the shortcomings of the rest of the house. When you are looking for houses on the market, here a couple tips to keep you on track. Think about your Homeownership Plan Is ...
3 Common Mistakes New Home Buyers Make
June 21, 2018
Not Taking Advantage of Government Programs While most Canadians would like to own a home, one of the biggest hurdles is often coming up with a down payment. To help encourage home ownership, the government offers the Home Buyer’s Plan (HBP). Under the HBP, first time home owners can borrow up to $25,000 tax-free from their Registered Retirement Savings Plan (RRSP) for a down payment. If you are buying with another first-time homebuyer, that is a total of $50,000 you can borrow together for a down payment. What makes this program powerful is that you’ll get a tax refund on ...
April 2018 LSTAR Stats
May 8, 2018
The following are the London & St. Thomas Association of Realtors (LSTAR)stats for the month of April 2018. A total of 983 homes were sold during the month of April, compared to April of 2017 there was a drop of 19.6%. Even though home sales are down during the month of April, they are at par with the 10-year average. Home prices throughout the region of London and St. Thomas are rising throughout the region as there are a lower number of homes available for sale. The average April sales price in the London and St. Thomas region ...
Rising Mortgage Rates with the Big Banks and What It Means To You
May 2, 2018
Four of Canada’s Big Six banks have now raised their posted mortgage rates. TD started off this round of rate increases two weeks ago by raising its various mortgage terms, including an astounding 45-bps increase to its 5-year fixed rate, which jumped from 5.14% to 5.59%. RBC, National Bank of Canada and CIBC have since followed suit, raising rates by 10–30 bps. This rise in rates is partially related to Canadian bond yields, which rose to a seven-year high of 2.19% last week and are now hovering around 2.14%. This has driven up mortgage borrowing costs for the banks. ...
5 Things to Consider When Refinancing
April 23, 2018
Buying your first home can be an exciting and stressful time, but when it comes to refinancing their mortgage it can be a very nerve-racking time. Below are five things you need to know when it comes to refinancing your mortgage. Take Advantage of Low Interest Rates Homeowners refinance their mortgage for many reasons. But most homeowners refinance their mortgage loan to take advantage of lower interest rates and lower monthly payments. When it comes to a difference of just one percent, this can save homeowners a lot on their monthly payments. Even a monthly savings of $150.00 can ...
Using a Mortgage Calculator
April 17, 2018
Mortgage Calculators are great tools that help give you a snapshot of what you will be paying each month to finance your home. These calculations will help you see how much your mortgage payments will be so you have an idea of how much to budget each month towards your payments. If you plan on using a mortgage calculator it is best to be honest and current. Don’t bank on a property’s value to drop or increase before you buy it. The more accurate you are with your information, the better the results will be. Mortgage Calculator This ...
Is it Possible to Get a Mortgage with Bad Credit?
March 27, 2018
While many banks in Canada consider customers with poor credit to be high risk, there are lenders that are willing to extend their loans to clients, regardless of their payment history. One of the options you should consider is to contact online mortgage lenders or finance services in your area. How Do I Qualify for a Mortgage in Canada If I Don’t Have Good Credit? There are secured loans available, that are specially designed for borrowers with less than perfect credit. One of the most important factors that lenders will look at is; proof of sufficient income. Lenders want ...