All outlined details are accurate as of September 2nd, 2019:
- Available across Canada starting September 2nd, 2019 until March 31st, 2024 -OR- when the 1.25 billion dollars allocated for this program has been depleted.
- “The Incentive” is a Shared Equity Mortgage Loan.
- The Government of Canada will share in the upside and downside of the property value upon repayment.
- Canadian citizens, permanent residents, and non-permanent residents may apply.
- The property must be in Canada, available for full-time occupancy, with 1-4 units.
- Applicants must have a total household income less than $120,000 to qualify.
- Your total borrowing limit is up to four times the qualifying limit ($480,000)
- Your down payment + incentive is less than 20% of the property value.
- At least one applicant must be a first-time homebuyer, defined as the following:
- Never purchased a home before
- You recently experienced a breakdown of marriage or common-law
- You have not occupied your “family home” in the last four years
- “The incentive” is a second mortgage on title. There is no principal payment, no interest, and it has a maximum term of 25 years.
- It may be switched to a different financial institution without having to repay “the incentive”.
- No prepayment penalties. Repayment can be made on the sale of the property, at the end of the 25 year term, or at any time through voluntary repayment of the full incentive amount (no partial payments).
If you have additional questions, please contact your trust mortgage expert. For assistance in procuring your home, please contact Tanya LaRose at 306-380-7325 to begin the home buying process.
Buying and selling a home can be difficult for everyone without the added twist of a furry dependent. However homes with pets sell all the time and there is an observed etiquette for such situations. It is well-known that pets are like family members and there are certain things to remember during showings to be respectful.
- Close Doors Immediately - If you enter a home, be sure to close the door immediately behind you in case the cat wants to sneak out! You do not want to begin negotiations with telling the home owners that 15 year old "Whiskers" ran away.
- Do Not Touch The Pets - No tapping on fish tanks, no putting your fingers in the bird cage, and do not even think about going near any kennels.
- Down Time In The Kennel - Although you are free to leave your pet "as is" at home, there is no guaranteeing the safety of the pet or potential buyer during the showing. Kenneling is a common option as long as your pet is healthy enough to do so.
- Remove Pets During Showings - If possible, swing by your home prior to the scheduled showing time and pick up your fur baby. Or maybe they can go to a sitters for the day.
- Temporarily Relocate - If you have family or friends that are open to keeping your pet while your home is on the market, that would be ideal.
- Showing Quality - Repair any damage your pet may have caused to flooring, doors, trim, etc. and take steps to remove any odor or stains.
- Staging Is Like The Lipstick Of A Home - You can show up without it, but you’ll get more attention when you have taken the time to apply it properly. It also means no staging is better than very poor staging.
- A Home Staged To Sell Is Different Than A Home Staged To Live In - Furniture style and trends take precedent over furniture placement. Nobody will notice if the cutlery is not in order or if a coat rack is not directly next to the door. However everyone will notice if you try to stage a home with pieces of furniture from the 70’s, 80’s, and 90’s.
- Psychological Cues - Staging is meant to peak the buyers attention on both a conscious and subconscious level relying on colours, balance, and flow. If the visual makes them feel good, they will associate this feeling with the home.
- Vacant Homes - Always invest in staging for vacant homes as it is proven to bring more showings and higher offers. It also minimizes the initial appearance of the homes deficiencies.
- Staging Is Meant To Inspire - When the home is vacant, viewing only a few staged rooms is beneficial because it offers creative inspiration, and scale, while allowing potential buyers space to envision their own furniture.
- Respect The Staging - If you are in a staged home, it is customary to avoid sitting on the furniture or walking on the rugs. Think of it as art, it is meant to be admired and not touched.
- Staging Is Not Magic - No type of furniture will sell a home if it is wildly overpriced, make sure it is priced according to market value.
If you are listing your home, or a home, visit www.upstaginginteriordesigns.com for a free consultation when you mention this blog.
- Look At Your Bank Account – If the current balance is anything but zero, you’re ready to buy.
- Hire 7 Real Estate Agents To Help You Evaluate Homes – Why? Because 7 is lucky!
- Compile A List Of Interesting Homes – Be sure to include acreages, condos, fixer uppers, and new builds. No buying strategy? No problem. Looking at 50+ homes is great exercise.
- Schedule Your Showings – You want to only book your showings directly with the listings agents, never mind the agents who have been putting in several hours helping you evaluate homes.
- Put In Your Offer – You will want to put in more than one offer, at one time, through several different agents. How else do you expect to increase your odds of getting a home?
- Back Up Plan – If none of your low ball offers are accepted through an agent, that doesn’t matter. You can do it better yourself! Find a “For Sale By Owner” and get them to give you a lower price by offering to proceed without a home inspection.
- Save On A Lawyer – Did your 70 year old uncle practice law 20 years ago? Perfect! You can hire him to close the sale on your home for a fraction of the price.
- DISCLAIMER: The preceding is entirely fictional and could have disastrous repercussions, please do not follow any of these steps.
- Shovel The Driveway – Nothing screams “disinterested homeowner” like mounds of snow and no way to access the home during showings. Shovel the sidewalk, driveway, backyard paths, and any other walkways your yard may have.
- Call The Locksmith! – Does your deadbolt only unlock if you insert the key 3/4 of the way and jiggle it three times? Get the locksmith on-site ASAP. The last thing you want is a tricky lock to open while the potential buyers are standing outside in -30°C weather with increasing irritation.
- Micromanage Weather Stripping – Did you replace the weather stripping around the front door in September and it’s already worn down? Replace it again. You want the buyer to feel warmth literally, and metaphorically, as soon as they enter your home.
- Start The Fire – Does your home have a fireplace? Turn it on for every showing and/or open house. It adds an outstanding visual and an appeal of physical warmth that often gets overlooked in the warmer months.
- Set The Stage – Truthfully, staging a home is recommended any time of the year but it is absolutely pivotal which is why it still made the list. The visual stimulation of an expertly decorated home triggers a positive experience during a showing. It helps break up the agitation the buyer may be experiencing due to a rapidly rising and dropping body temperature during an afternoon of showings in the winter. Also be sure to keep a neutral, clean, or warm scent throughout the home!
Call or text Tanya LaRose, award-winning REALTOR®, at 306-380-7325 for more helpful tips on how to prepare your home to sell during showings.