Would You Move Back In With Your Parents?

 Have you ever had a moment as an adult where you’ve seriously considered moving back in with your parents? This could have been because of a job loss, or a break-up, or because you just wanted to get serious about paying off debt or saving money. Or maybe you’ve never jumped ship to live on your own. With the increasing costs of renting or buying a home, it’s becoming more and more common for millennials to live with their parents. According to US data, 15% of 25- to 35-year-olds were living with their parents in 2016. That is an increase […]

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Home Ownership Is Not Your Right

 Owning your own home is the dream right? Even with the current bloated house prices and terrifying real estate market 86 percent of millennials still consider home ownership important. The problem? It costs a hell of a lot of money to buy a place. The average house price in Canada is sitting at $504,458 (as of June 2017), so even if you put down the smallest possible down payment, that is still going to be over $25,000. If instead, you want to avoid having to pay additional mortgage insurance to CMHC, you are going to have fork over a 20% down […]

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Interest Rates are Up, Up and Away

What you Need to Know About Rising Interest Rates

You’ve likely already heard that the Bank of Canada raised their overnight interest rates last week from 0.5% to 0.75%, but do you really know what that means and how it affects you? For the last decade, we’ve been living with historically low rates in Canada. This is the first time in 7 years that rates have gone up. If you’re a millennial like me, you’ve lived almost your entire adult life under these conditions, but that doesn’t mean it’s the norm. Take a look at the graph below; it was way back in 2008 when rates plummeted after the […]

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First-Time Home Buyer Blinders

Common mistakes that first time home-buyers make.

Buying your first home is a HUGE deal! It’s crazy exciting but also crazy nerve-wracking and more often than not you will feel like you are in way over your head. I remember all too well the whirlwind of emotions throughout the buying process, and I’m so happy that we had a trusted real estate agent in our corner. I would absolutely recommend that you hire an agent instead of attempting to go it on your own. There are lots of small steps to go through, and they will be able to guide you through each one, giving you the […]

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Why I’m a Downtown(ish) Dweller

Why I choose to live downtown instead of in the suburbs.

It might not look like it from the summery looking shot above, but winter struck Edmonton with a vengeance this week, and it doesn’t look like there is much relief in the near future. The one positive is that we got a little bit of snow, so everything is now white instead of brown, but that doesn’t nearly make up for having to suffer through -30 temperatures for the next week or so. I really hate the cold weather…I realize I’m not alone in this and that I did decide to plant roots here in Edmonton but complaining about the […]

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So, Those New Mortgage Rules?

Canadian Mortgage Rules

There’s been a whole lot of chatter going on about the new mortgage rules instituted here in Canada, and I’ve finally had a chance to put pen to paper (fingers to keyboard is more accurate I guess) and share my thoughts with you guys.  The Stress Test Ok, let’s start with the most controversial change. The stress test comes into play for anyone who is getting an insured mortgage. What exactly is an insured mortgage you ask? It is when you are putting down less than 20% down and have to get the extra CMHC insurance. If you are in […]

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Home Buying Series – Closing Costs

How much will the closing costs be on your first home?

Here we go, the last post in my Home Buying Series! If you have missed any of the previous posts, you can find links to all of them at the bottom of this page. Today we’re talking about closing costs…the worst! Those pesky administration fees that will cost you a pretty penny.    So how much money are we actually talking? On average, closing costs will end up being between 2% and 4% of the purchase price of your new home. If you buy a $400,000 house, you could end up with closing costs as much as $16,000. Now don’t […]

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Home Buying Series: House Hunting

The house hunting process: finding your dream home

We’ve spent the last few weeks talking about the process of buying your first home and today we finally get to the fun part. If you want to check out the previous four posts in the series all the links are at the bottom of this page.    You’ve made the decision to buy a house and have your down payment saved up and have pre-approval for a mortgage so now it’s time to find the house of your dreams…or maybe the more realistic house for the current moment. Remember, very few people buy their dream home right off the […]

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Home Buying Series: Mortgage Pre-Approval

Make sure you get pre-approved for a mortgage before house hunting.

If you’ve been keeping up with my Home Buying Series over the past few Mondays, you’ll already know if you’re ready to buy, how to save a healthy down payment and how to take advantage of the homebuyer’s plan (HBP). Once you have your down payment saved up and you know where exactly the money is coming from you are just about ready for the fun part (bring on the house hunting), but there’s one last step you want to take to ensure everything goes smoothing….getting pre-approved for a mortgage.  Why exactly do you need to get pre-approval?  Lock-in your […]

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Home Buying Series: Home Buyer’s Plan (HBP)

How to use the Home Buyer's Plan to help save your down payment.

Our home buying series continues and this week we are looking at the Home Buyer’s Plan; a convenient tool that helps you use your RRSP’s for buying your first home. The last couple of weeks we’ve been talking about Renting vs. Buying and Saving Your Down Payment.  With the Canadian housing market the way it is, it can feel impossible to save enough money up for a down-payment on your first home. You need to have a minimum of 5% for a down-payment to get a mortgage, and any down-payment under 20% requires insurance coverage through CMHC (Canada Mortgage and Housing Corporation) which […]

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