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First-Time Home Buyers Month

First-Time Home Buyers

This month is First-Time Home Buyers Month, the Incentive helps people across Canada to purchase their first home. This program offers 5 per cent and 10 per cent off of the home’s purchase price, to put toward a down payment. The program will lower your mortgage carrying costs and makes homeownership more affordable.

What Is The Incentive?

The Incentive makes it easier for a first-time home buyer to purchase their home, allowing their monthly mortgage payments to be lower. It’s a shared equity mortgage, meaning that the government shares in the upside and downside of the property value. Allowing you to borrow the 5 or 10 per cent of the home price. You then have the same percentage of the value of your home when you sell or within a 25-year window.

How It Works

As a first-time home buyer, you receive you 5 per cent of the home’s purchase of $200,000, or $10,000. If your home value increases to $300,000, then your payback would be 5 per cent of the current value, or $15,000.

If you’re receiving a 10 per cent incentive of the home’s purchase price of $200,000, or $120,000 and your home value decreases to $150,000, then your repayment value would be 10 per cent of the current value or $15,000.

Are You Eligible?

There are a few criteria that is used to determine if you’re eligible for the Incentive:

  1. Your total annual qualifying income does’t exceed $120,000
  2. Your total borrowing is no more than 4 times your qualifying income
  3. You or your partner area a first-time homebuyer
  4. You are a Canadian citizen, permanent resident or non-permanent resident authorized to work in Canada
  5. You meet the minimum down payment requirements with traditional funds.

The Incentive act like a second mortgage on your home, and you first mortgage must be greater than 80 per cent of the value of the property. It’s also subject to a mortgage loan insurance program, and it also must be eligible through Canada Guaranty, CMCH, or Genworth.

What Are The Repayment Details?

It’s important to note that the the Incentive must be paid in full after 25 years or when the home is sold. There are also a few ways that the repayment can be triggered; you have separated from your partner and you want to buy them out of their half, porting your mortgage, a partial release of security, or a change in the intended use of the property.

How To Apply To The Incentive

Once you’ve been pre-approved for a mortgage, found the home you want to purchase and that you have determined that you are eligible, you can apply. All you need to do now is apply by filling out the forms, you can find these forms on the first-time homebuyers government website.

After you’ve completed forms, you now need to give them to your lender and they will submit the application. Next you’ll need to give the final signed copy to your lawyer.

Contact Lori VanDinther and Team Today

Make sure you contact Lori VanDinther and her team today if you’re looking to purchase your dream home. Lori will also be happy to answer any questions you might have about the current real estate market.

wreath on a blue door

Burlington Real Estate Market Statistics for October 2020

Burlington Real Estate Market Statistics For Fall

The Burlington Real Estate Market Statistics for October 2020 were provided by the REALTORs Association of Hamilton-Burlington (RAHB). It was reported that this fall that there were 1,615 residential properties sold within the RAHB market area. Sales were reported to be down 7.6 per cent over the previous month and up 23.7 per cent compared to fall 2019.

In October 2020, we saw that the average price for a residential property was up 0.02 per cent to $721,523, and up 19.8 per cent from the same time last year. It was also reported that the number of active listings were 39.8 per cent lower than the same time last year.

Burlington Residential Table

Burlington Residential Table October 2020
Burlington Residential Table October 2020

Let’s take a look at the above chart, Burlington Residential Table, we can review the various numbers for October 2020. There was a reported 419 new listings, which is a 19 per cent increase when we compare it to the same time last year. There was also a reported 374 sales, this was a 35 per cent increase over October 2019.

The average property price in Burlington was reported to be $891,844, that’s a 14 per cent increase over the same time last year. It’s also important to make note of the median price for residential homes in October 2020, it was up by 13 per cent to $800,250. Let’s now turn our attention to the map below and get a closer look at each neighbourhood in Burlington.

Average Residential Price by District

Average Price by District
Average Price by District

The above map, Average Price by District, illustrates each area in Burlington. The areas that we should take note of are; 31, 34 and 34. Each of these areas had the highest number of sales for October 2020.

It should also be noted that area 35, better known as Millcroft, had a total of 113 sales. This doesn’t come as a surprise as this is the most sought after neighbourhood in Burlington. The average price of a home in this neighbourhood was reported to be $793,885. The area that had the highest property price was area 38, which was $1,800,594.

RAHB Statistics for October 2020

The October Burlington Real Estate statistics saw a total of 1,615 sales of residential properties. When compared to the same time last year, there was a decrease of 7.6 per cent over the previous month and up 23.7 per cent over last month. New listings also saw an increase, there was a 19 per cent increase over October 2019, and a 39.8 per cent increase compared to the same time last year.

“The trends this Fall are not reminiscent of what we would normally see – with October activity slowing slightly compared to September – and this is due to 2020 not being a typical year. As a result of COVID-19, we experienced a delayed Spring market and a surge in record activity over the Summer months when the province began to reopen. As a result of this unstable year, active listings at the end of each month are some of the lowest we’ve seen, exacerbating low inventory levels and continuing to drive average price.” – RAHB President Kathy Della-Nebbia

Contact Lori VanDinther and Team Today

There’s a lot going on in the world and we know you might have some questions. If you’re looking for more information about market up dates related to COVID-19, Lori will be happy to help answer those questions as well. Or you might be looking to put your property on the market, please contact Lori and her team and they’ll be happy to help.

Front Porch Decorated for Autumn

Interior Design Trends for Fall

Interior Design

This fall we have seen some lovely interior design in 2020 fall trends when it comes to design. We have to remember that when it comes to design you’re allowed to give it your own twist and character. After all, this is your home and you need to make it your own. In this blog, we’ll go over some of the trends that we have seen this fall, colours, wallpaper, kitchen, and the bedroom.

Colour

Navy Blue Walls
Navy Blue Walls

When it comes to colours we are seeing lots of blues, particularly navy blue. Navy has been very popular, adding a wonderful contrast to any room. Whether that’s blue walls, accent walls, or accessories.

The Kitchen

Fall Trends Beautiful kitchen
Beautiful kitchen

The Bedroom

Canopy Bed
Canopy Bed

We’ve seen a lot of canopy beds this fall, you can see them everywhere this year. What’s great about the canopy bed, is that they are very on trend this fall because this type of bed really acts as a statement piece. It also adds dimension to the room and allows you to make your room stand out.

Floral Wallpaper

Floral Wallpaper
Floral Wallpaper

Now this is a trend we can get behind. Floral wallpaper has been so popular this fall, adding another element of contrast to the room of your choosing. The vintage look is strong when it comes to floral wallpaper, you can get in in peel and stick if you’re unsure, for a less permanent commitment and easy application.

Contact Lori VanDinther and Team Today

If you see a design you love, don’t be scared and get out there and try something new. Making your home your own by bringing in elements and designs that you love. This is your home and we should always make sure it’s a place we want to spend time in. Get creative!

We know there’s a lot going on in the world and we know you might have some questions. If you’re looking for more information about market up dates related to COVID-19, Lori will be happy to help answer those questions as well. Or you might be looking to put your property on the market, please make sure you contact Lori and her team today. You can contact her either by email or phone, the team is waiting for your call and to help you find your dream home.