Saskatchewan

In today’s housing market, if you’re looking for a home in Regina that is both comfortable and environmentally friendly, you’re in luck. It is definitely a growing trend right now for home builders to consider how they can make homes more energy efficient and eco-friendly, while still delivering affordability. And, if you own an older home, there are more and more options for you to make changes that can save you money and make less impact on the environment at the same time.

Canadian builders are waking up to the demand for green housing, and the environmental movement is gaining steam throughout the country. The government is offering incentives for energy efficiency, and homebuyers are taking notice as they are looking for features during their search for the right house. As a potential home buyer, eco-friendly builders urge you to make sure that you do your research, and see that the home uses Energy Star appliances and has been evaluated by an independent third party certification program, such as BuiltGreen. This way, you are ensuring that your home is really as eco-friendly and energy efficient as possible. Some newly built homes are advertised as “net-zero,” which means they are so energy efficient that they produce as much energy as they use (some even produce more).

For home buyers who are looking at existing homes, but also have an interest in living green, there are lots of changes that can be made to get closer to that goal. For example, if you're going to paint, repainting with no VOC (volatile organic compounds) paint makes a difference. Homeowners can also replace appliances with energy efficient models, replace toilets with those that use less water, change out a water heater with a tankless model, and replace light bulbs with compact fluorescent bulbs. While you could drop a lot of money on a complete eco-friendly overhaul, simply putting some thought into your renovation projects can positively impact the environment and your checkbook, in the long run.

As consumer demand grows, so will the availability of eco-friendly housing options. If you’re ready to start looking, give me, Clair Whittington, a call! As a real estate agent who is backed by Exit Realty Fusion, Saskatchewan’s only real estate company boasting an Ecobroker, I am well qualified to help you go green and find your dream home in the process!

Mortgage rates are at their lowest in years. Here are a few issues to consider, whether you are taking a new mortgage on a home purchase, or re-newing your mortgage term.

You want to make sure you get the best interest rate. If you go to the financial institution you are currently dealing with, you will most likely be quoted the "posted rate". This rate is generally up to 1% higher than you should have to pay. Doing some competitive market research before hand can be helpful to negotiate a better rate.

Open vs Closed Mortgages

When selecting a mortgage, you can choose to pre-pay it in part of full at any time without any penalty. This is called an "open" mortgage. You pay a slightly higher rate for an open mortgage, as the lender has no certainty if you will pay it off before the end of the term. Alternatively, you can lock a mortgage for a period of time at the same rate, e.g. for 3 or 5 years. This is called a "closed" mortgage. If you pre-pay a closed mortgage before the term is over, you will have to pay a penalty.

Fixed vs Variable Interest Rate

When you take out a mortgage, it could be at a fixed interest rate for the duration of the term, e.g. 5% for the 5 year term, or it could be at a variable rate. This is generally set at the prime bank rate or below that, and can vary weekly based on any change in the prime rate. Generally, a variable mortgage is lower than a fixed mortgage. Some people prefer rate certainty for the term so they can budget accordingly. Others prefer to monitor mortgage rates and convert to a fixed rate mortgage if the rates start going up.

Monthly Payments vs Accelerated Mortgage Payments

Many people routinely pay their mortgage payments monthly. However, if you pay more frequently than that, e.g. every 2 weeks or every week, your savings on interest over time is phenomenal.

New article on modular and manufactured homes

You are a home inspector, but do you know the difference between a manufactured home and a modular home? The two terms are often used interchangeably but they could not be any different! Modular homes, once assembled, are practically identical to traditional homes and may offer advantages to that option. Manufactured homes, by contrast, are cheap and mobile. Find out more about both in our new article on modular and manufactured homes.

We’ve been hearing a lot of chatter about how hot the resale market has been this summer, especially in July. It appears that Canada’s housing market is experiencing a bit of a boom, evidenced by existing home sales hitting a record high, despite uncertain economic conditions, which has many analysts shocked.

Throughout 2008, sales in the housing market declined steadily and hit a decade low in January of this year. The remarkable turnaround - an increase of 18.2% compared to July a year ago, is such a stark contrast from the slow, stagnant winter we just had, and has economists scratching their heads because of what they consider a relatively weak economic backdrop. Most are saying they expect activity to level out soon, although none could say just when.

According to the Canadian Real Estate Association, this current pace of sales puts the housing market on track to exceed 2007 records. They say that seasonally adjusted sales have increased for six consecutive months - up 61.2% since January. Some of the growth in sales can be attributed to held back inventory due to slow economic conditions that has been released, but much of the activity is due to low interest rates and increased affordability. The strong market conditions are evident across the entire country, with Regina standing strong, even when some other cities have not been as stable.

With the flurry of activity in the real estate market, it makes sense to jump into the game if you’ve been sitting on the sidelines. The smartest way to make a good investment in your future is to purchase a home when rates are low like they are now. You’ll need an experienced real estate professional on your side, too. Give me, Clair Whittington, a call, and I will help you find the best deal for you! I’m backed by Exit Realty Fusion, and together we’ll lend you all of our experience and knowledge that will help you make all the right decisions!

As sales continue to show a stable, recovering economy in the midst of a relatively stagnant season, now is a great time to think about purchasing a home in Regina. Interest rates are at an all time low, and, as long as inflation does not start to rise, the Bank of Canada has vowed to keep the benchmark rate low at 0.25%. Timing is good! So, which mortgage option is best for you?

Before making any decisions, it is best to take a good look at your budget. Think ahead to changes you might face in your financial future - will you be starting a family? Do you expect your earnings to increase? What can you afford to pay on a mortgage note? Working around that number gives you a good idea of how much you can afford. Once you’ve determined that, you can begin to consider interest rates and mortgage term options.

If you go with a fixed rate mortgage, you will be able to know exactly what your monthly payment will be for anywhere between one and ten years, depending upon the length of loan that you choose. Right now, you can find five year deals for under 4% interest for the life of the loan. A fixed rate loan is best for those who want to keep their mortgage the same and who want to know exactly what they’ll be paying over the entire term, up front.

However, if you are more interested in finding the lowest payment right now and can tolerate a little more risk, you might want to look into a variable rate loan. Right now, you can expect to pay prime (2.25%) plus anywhere from 0.3% to 0.6%, which is considerable savings in the short term. This rate is very low, though, and can be expected to go up, and there are no guarantees about how much it might rise before the loan term is up. While you may save more in the short term, you can most certainly expect your monthly payment to rise over time.

Another thing to be looking out for is a prepayment penalty on any mortgage that you sign. This could mean that if interest rates began to rise and you opted to refinance into a fixed rate loan (or rates go down and you opted for a lower fixed rate refinance), you could end up paying money to get out of the original mortgage.

Once you’ve decided on the right mortgage for you and become pre-qualified, call me, Clair Whittington, your Regina real estate expert. Backed by Exit Realty Fusion, I am ready to help you choose the best home for you!