May 2021

Home buyers may look at many attributes in a home before putting in a bid. Common things they look at include upgrades in the kitchen or bathroom, number of bedrooms, presence of smart technology, useable yard space, and green features. One thing that's sometimes overlooked is commute time—but overlooking this is a big mistake.

Many new homeowners are shocked to learn how long it takes to commute because of high traffic volumes or lack of proximity to major roadways. Commute times matter. Here are four questions to consider before making a seller an offer.

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

How Long Will the Commute Take?

Perhaps the

Home prices tend to rise over time, so when you sell a home you've owned for a while, you may turn a profit. You have a capital gain. In Canada, taxes must be paid on most capital gains.

However, there's an exception available to most Canadian homeowners called the Principal Residence Exemption (PRE). It says that homeowners don't have to pay capital gains tax on a home that has been their principal residence. Most people who've lived in their homes are eligible for PRE, but there are still conditions homeowners must meet.

If the home was not the owner's principal residence the whole time, the owner might have to pay part or all of the capital gains tax. If it was a money-making property, the owner has some tax to pay. Even if a homeowner is

For a first-time home buyer, the Canadian mortgage process can be daunting. You may have heard terms such a pre-qualify, pre-approve and condition of finance. You may wonder how these apply to you and your home purchase. However, if you break the mortgage process down into its steps, it becomes more understandable and less intimidating.

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

Can I Afford a Mortgage?

The first step is to sit down and decide if you can afford a mortgage and, if so, for how much. As a rule of thumb, you can pay up to 32% of your income for housing costs and up to 40% for all your debts, including other loans. You also