June 2022

Buying a vacation home or an investment property is different than the traditional homebuying process. Buyers who already have a primary residence may be surprised by some of the ways that mortgages, taxes, and interest rates vary between these two types of properties. Whether you're eyeing waterfront homes or a ski cabin, a vacation homes can be great investments. Keep reading to find out what you need to know before buying.

Down Payment Differences

There are several down payment assistance programs that support first-time buyers, but the same programs rarely apply to second homes. For a vacation home, the buyer must put down at least 5 per cent down payment in order to secure a mortgage. Some lenders may require buyers to put down more.

Home inspections can be a frustrating part of the home buying process, especially when the report comes back with issues. A bad inspection may seem like a deal-breaker for buyers, but you don't have to give up that dream property. The key is to understand what a home inspection is and to know what to do if the inspection report comes back with serious issues. Keep reading to learn home inspection basics and how to handle latent issues.

Home Inspection Basics

Without a Property Condition Statement (PCS), also called a Property Condition Disclosure Statement (PCDS) and/or a Property Disclosure Statement from the seller, the homebuyer will want to insist upon a home inspection by a certified property inspector.

A pre-purchase home inspection

Some people might check their credit score and assume they're ready to buy a home. After all, there are plenty of mortgage loan options to make homeownership more accessible even with subprime credit. But credit scores aside, the amount of current debt one has can make it harder to qualify for a conventional or other type of mortgage loan.

Debt-to-income ratio is one of a many important factors a lender will review when approving an applicant for a home loan. Keep reading to learn how to optimize your debt-to-income ratio and avoid mortgage mistakes.

For informational purposes only. Always consult with a licensed mortgage professional before proceeding with any real estate transaction.

What Is Debt-to-income Ratio?

An applicant may think

During the home shopping process, many buyers struggle to choose between single-family homes and condos for sale. Both have their perks, but there are a few advantages that condos have over detached homes. If you're getting ready to buy your first home and are still trying to decide which type of real estate is right for you, here are some points to consider about what makes condos great homes.

Condos Are More Affordable

While condos vary widely in price, they're almost always more affordable than their single-family counterparts. For example, luxury condos, of course, cost more than starter homes, but they're consistently cheaper than detached luxury real estate in the same area. According to recent statistics from Living in Canada, the median

Those who plan to move into one of the new construction homes in Kelowna may wonder if Kelowna is a dog-friendly city. Those already living in nearby Kelowna condos and other residential structures will say, "You can bet your sweet paws it is!"

Kelowna is ideally situated along the southern expanses of the British Columbia province along the shoreline of Okanagan Lake. With a good number of the 134,000 residents here being dog lovers, the community is filled to the brim with dog-friendly activities, eateries, lodging and much more. Here's a list of dog-friendly places and activities in Kelowna to get pet parents started.

Dog-Friendly Activities in Kelowna

Getting out and about around town isn't just for humans in this Canadian province. Check

These days, there are many different options for homeowners who want to make their home more environmentally friendly. Between smart thermostats and solar panels and dual-pane windows, there's an option fit for just about every lifestyle. However, green updates don't have to be smart or even involve technology to help the environment. Even choosing certain types of flooring can help make a home green. Keep reading to learn about eco-friendly flooring options that make your home more energy efficient.

The Benefits of Bamboo Flooring

Hardwood floors are beautiful and can add value to any home. Unfortunately, many of the most popular types of wood contribute to deforestation and other environment-harming practices. For homeowners who want the look

Contingencies are a way for people buying a home soon to learn more about the house and its seller between the time they make an offer to the time the property is officially transferred. These conditions range from financial considerations to home inspections to inclusions of popular home improvements. The demands buyers can make depend heavily on the market, the popularity of a neighbourhood, and the seller's expectations, but there are a few standards that everyone should know. Keep reading to learn about the most common homebuying contingencies.

Understanding How Contingencies Work

An official Offer to Purchase is a promise made by the buyer to pay a certain amount for a given property. It can be made with no stipulations, or it can be made

Over the past few years, technology has advanced very far, and that change shows itself clearly when it comes to selling a home. Listings used to only have a few photos, but as time went on, photos became more and more important. Then video walkthroughs of homes became popular to show buyers the home’s layout.

Today, drone photography and videos are the hot new way to show off homes for sale. While using drones may seem like overkill to some, they come with many advantages that are impossible to have otherwise. Here are four of the best reasons to use drones while selling a home.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

Drones Give Listings a

Maintaining a safe household is essential to a high quality of life. But what's involved in maintaining a safe household? Performing proper maintenance, conducting regular inspections, and purchasing household products and fixtures enhance safety are all ways to create a more secure household. Keep reading to find the seven best tips for improving household safety.

Be Fire Safe

Fire safety is critical in any house. Smoking is the leading cause of fire-related household deaths, and cooking is the leading cause of household fires in Canada. There are many ways that homeowners in Canada can protect themselves from household fires.

Smoke Detectors

Smoke detectors are best installed in each room and in hallways. Homeowners must test batteries in

No one wants to find themselves in an emergency situation, but they're an unfortunate reality. There's no way to know when one would strike, so it's important to prepare your home as much as possible. Taking small, preventative steps on a regular basis will limit the potential for damage in the event of severe weather. Ultimately, taking small steps against home safety hazards will protect your peace of mind. Keep reading to learn how to prepare your home for emergency situations.

Clean the Gutters

Overflowing gutters are one of the major causes of water finding its way into homes. If your downspouts are leaky, in disrepair, or non-existent, heavy snow and rain will cause foundation damage. Cleaning your gutters and repairing your downspouts