Real Estate

Every month WalletPop searches the MLS listings for attractive homes at a reasonable cost. We've limited our picks to homes selling for less than $400K for a survey of homes that most people can afford. The average home price was $360,396 in November across Canada, and many of the properties we highlight are even less than that. With mortgage rates at record lows, there's no better time to go house hunting and lock in at a low rate.

Have a look and see if anything surprises you this month.

CLICK ON PHOTO TO LAUNCH GALLERY

For more than 10 years I have owned two timeshare properties, paying roughly $11,000 for each of them. One of them, The Manhattan Club in New York, is under a class-action lawsuit because owners like myself are fed up with obscene maintenance fees and the inability to book when we want to stay. The second one, Silver Lake in Orlando, Fla., is a place that I've never visited, choosing instead to use the points for exchanges into other properties in the RCI timeshare network. Its maintenance fees have also increased every year since I've owned it. Many timeshare owners lament their purchases for one reason or another. If you've been invited to a timeshare presentation, here are five things to keep in mind when you're confronted with the hard sell that you will surely face.

Canadian Press is reporting that the Bank of Canada is keeping its trendsetting policy interest rate at a super-low one per cent until at least March, which it admits will foster a continued rise in household debt from already historic highs.

The central bank's decision on interest rates Tuesday was widely expected, but it did unveil a few new twists in its release, including a slightly altered profile for economic growth and an admission its policies will likely keep Canada's housing market strong and spur consumer spending.

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The number one question I get from home owners is the never ending, "fixed vs. variable" rate debate. And although it depends on a number of factors (your personal preference along with the accuracy of your crystal ball to predict where interest rates are headed), real estate expert Don Campbell, and president of the Real Estate Investment Network has a unique twist on the old argument.

Campbell touts opting for a variable rate mortgage, but being disciplined enough to make the payment that a five year fixed would offer thus paying more on your principal and paying off your mortgage sooner and less interest over time.

Here's the numbers he crunched based on a $300,000 mortgage over a 35 year amortization:

Every month WalletPop searches the MLS listings for attractive homes at a reasonable cost. We've limited our picks to homes selling for less than $400K for a survey of homes that most people can afford. The average home price was $360,396 in November across Canada, and many of the properties we highlight are even less than that (ie. a condo in Edmonton condo for $270K and a Winnipeg fixer upper for $199K).

Have a look and see if anything surprises you this month.

CLICK ON PHOTO TO LAUNCH GALLERY

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By Kerri-Lynn McAllister
Ratehub.ca

Suppose you don't have the funds or credit to obtain a mortgage – what are your options for home ownership? Well, with rent-to-own programs gaining popularity, home ownership may well be within your grasp.

While variations of rent-to-own schemes have taken place throughout the years between landlords and tenants, they are less common across whole condominium buildings. This changed recently when a builder in Toronto, Daniels, introduced a unique rent-to-own program for its NY Place development, with a promise of more such programs to follow with future developments.
Essentially, a rent-to-own agreement lets you secure the property you occupy as a renter for future purchase by allocating a portion of your rent to a down payment. You build your down payment over the term of the agreement and can purchase the property at the agreed upon price when the term expires.

You are also typically required to put in an initial deposit somewhere around 20% of the minimum down payment (5% of the sale price in Canada), although it may dependent on other factors as well. In return, the landlord cannot put the property for sale on the market.

So, on top of your rent, you are responsible for:

· The initial deposit; and
· An additional monthly fee that goes towards your purchase of the property and holds your agreement in good faith.

For example, at the beginning of a two-year agreement on a $300,000 home, say you put in a $3,000 deposit. Additionally, you pay an extra $500 per month, which over two years amounts to $12,000.

$3,000 + $12,000 = $15,000 that goes towards your minimum 5% down payment.

Rent-to-own agreements are best for home-seekers in the following situations:

Thinking of buying a new house because the old one is too small for you? Thinking of selling your old house because it's too big for you? Thinking of entering the fabulous world of real estate?

The real estate world is filled with curiously-sounding words, such as "party of the first part," whatever THAT is supposed to mean, with one proviso: it usually DOES mean something you'll have to pay for even if it's not mentioned in the original offer sheet.

The real estate world is also filled with professionals who really mean it when they say they're in it to help you.

Unfortunately, there are some people who say the same thing but mean something completely different: they're in it to help themselves and the consumer be damned.

Here's a primer.

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It's amazing but true: Canada's housing market continues to show growth despite turmoil in Europe and general uncertainty and market turmoil around the world. Once again the number of homes sold, and the average price rose too, by 5.5% year-over-year.
Ready to make a move? So where are these gems to be found? Click the photo below to launch a photo gallery of Canada's least expensive housing markets as of November 2011.





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Every month we at WalletPop scrutinize the MLS listings for attractive homes at a reasonable cost. We've dropped the asking price to less than $400K so we could widen our appeal and make a comparison of homes that most people can afford. The average home price was $352,600 in September across Canada, so our new limit better fits what the average Canadian can spend on their home. Have a look and see if anything surprises you this month.

CLICK IMAGE BELOW FOR PHOTO GALLERY

Every month we at WalletPop scrutinize the MLS listings for attractive homes at a reasonable cost. This month we dropped the asking price to less than $400K so we could widen our appeal and make a comparison of homes that most people can afford. The average home price was $352,600 in September across Canada, so our new limit better fits what the average Canadian can spend on their home. Have a look and see if anything surprises you this month.

What $400K Buys, Coast to Coast (PHOTO GALLERY)

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Related Links:
October's List of Homes Under $500K