How to help a child deal with moving anxiety

 Moving can be stressful for every member of the family—children included. Depending on the age of children, their fears about a move vary from child to child, but most children approach the idea of moving with some hesitation.

One out of five Canadian families move into a new home each year. Some families experience a stressful time two weeks before and two weeks after a move. For many families, the actual move is a time when everyone pitches in and works together. Reality starts to sink in about a month later. People then begin to realize how much they miss friends and places they left behind. Confusion, frustration, and anger are common emotions at this time. Even if you are upgrading to a bigger house in a nicer neighbourhood, adjusting can be very difficult.

If the move is coupled with financial problems, a death or divorce, this can make the anxiety worse, stretching children's coping skills to the limit. Short-term counseling may help children through this challenging time.  It often takes as long as two years before children begin to feel comfortable in their new home.

No matter what the reason for a move, coping is especially tough for kids. Small children thrive on predictability and their sense of security is closely tied to familiar faces, places and activities. Older children will feel the social impact of a move the most. They miss old friends and worry about making new ones. For pre-teens and teens, fitting in is of the utmost importance and having to re-establish themselves in a new and possibly very different social environment is a scary prospect.

Fortunately, there are several things you can do to make the move easier on your kids.

1. Share the news
As soon as a decision has been made to move, share it with your children. Encourage your child to discuss the future transition by asking questions such as, "What have you been thinking about the new place?" Make a list of your child's concerns and together try to find answers to the questions. When speaking about the move, be enthusiastic and upbeat so that your children will view moving as an exciting adventure.

2. Encourage your child to participate in moving decisions and preparations
Consult with your child about the décor of his or her new room. Let your child pick the paint colour, the fabric for curtains and bedspread, and choose posters for the walls. Younger children typically resist change of any kind. If this is the case with your child, it may help to replicate the décor and furniture arrangement of his or her old room as closely as possible.
 
3. Move during the right time of year
Sometimes, holding off your move can be difficult, especially when it comes to job situations.  The start of the school year is often the ideal time to schedule a move since it will offer your children the most exposure to neighbourhood kids. Chances are that there will be more than one "new kid" in school. If your child does not want any added attention, this will help him or her blend in with the rest of the student body. It is also best to avoid switching in the middle of the year, as this may affect your child's grades.

4. Allow your children ample time to say goodbye to their friends before your move
Although the days leading up to the move will certainly be a bit hectic, a going away party can really help your child cope with moving. One of the main objectives of coping with any type of situation is finding closure. Saying goodbye to friends is very important if you want to help your child better cope with moving.  Encourage children to exchange addresses and telephone numbers so that they can keep in touch after the move. Remember, your children's friends will feel a loss after the move too.

5. Make meeting new friends easier for your child
The best way to help your child cope with moving is to make meeting new friends easier. Allowing and even encouraging your child to invite friends over to the house is a great way to help your child make new friends. If you move during the summer, you may want to help your child find new friends. Whether your child meets other children from the new neighbourhood, the park, the public swimming pool or anywhere else, you will be able to feel comfort knowing that your child has made some new friends—which is a major step in coping with a move.

6. Let your child know it is natural to feel apprehensive
He or she may be fearful of not being accepted by peers. Share childhood memories of times when you were worried about a new situation. Relate the good things that happened like how you met your best friend or that your new teacher was one of your favourites. Keep the days leading up to the transition as positive as possible.

7. Encourage your child to participate in after-school activities
It is believed that children who participate in after-school activities feel as though they fit in better, mainly because they feel as though they "belong". Encouraging your child to join a group, club or organization of his or her choice is a great idea. It just may be one of the best ways for your child to find new friends or experience some sense of belonging. After-school activities may be one of the main keys for a child to cope with a move.

8. Invite your child to express his or her emotions
Even when a concern seems minor to you, be respectful and know that it can be a major crisis for your child. Try to put yourself in his or her place and understand the feelings expressed. Ask open-ended questions like, "How's it going?" or make comments like, "You seem sad". Then listen carefully and avoid giving advice unless your child asks for it.

9. Help your child explore ways to cope with concerns
Try to always be available for further discussion. Be ready to problem-solve with him or her. You may want to role-play a situation that is causing anxiety.

10. Allow your child to call or visit old friends
Allowing your child to visit, or converse with, old friends is a very important step to coping with the move. Whether it is during the weekend or during a week in the summer, if you move far away, visits with old friends may be necessary. There are going to be some instances in which your child may want someone to confide in about the move. It is also important to keep in mind that your child's new friends will never replace his or her old friends. Overall, it is definitely safe to say that allowing visits with old friends can be a very important step in coping with moving.

11. Monitor your child's progress
It is important to keep in mind that there is only so much that you can do in order to encourage your child to cope with moving. Monitoring your child's progress of coping can be very important. If you notice that your child experiences behavioural changes, does not seem to make friends after you have been settled for a while, is unwilling to participate in after-school activities and seems a bit depressed, then there just may be cause for alarm. If your child does not seem to be coping well with moving, visiting a therapist may be a good idea.

In general, younger children will adjust more quickly to a move than older children. Babies and toddlers may feel a bit out of sorts in a new environment, but they will adapt very quickly. Preschoolers have established comfortable routines and usually have a few favourite places, such as the park or the local zoo. If they express worries about missing these places, assure them that there will be plenty of fun things to do near the new house too. School-aged children often have very specific concerns about living in a new place and may have questions such as, "Where will I keep my toys?" and "Will my new teacher be nice?" Remind them about times that they have had similar worries in the past, such as when they first started school and how everything turned out just fine. Saying things like, "Remember when you were scared that you wouldn't like your teacher this year? Now you love Mrs. Brown. I'm sure that you will do just fine at your new school too."

Teenagers often have the most difficulty in adjusting, especially if the move means that they will be too far away to see their current friends. A teenager's world revolves largely around their friendships, and breaking those bonds can be traumatic. Most teens are able to make the adjustment but expect the transition to take a while—six months to a year is typical.

Moving is stressful for everyone. But it is particularly stressful for children because they don't know as many ways to cope with a new situation. Trying some of these tried-and-true methods may ease your child’s apprehension and help him/her cope better with the stress of the new move.

Colour psycology and painting

 

Knowledge of how colour affects your conscious and subconscious mind can change your life. It can inspire you to discover more about yourself and to embrace who you are. The colour scheme that you select for a room can create the mood of the individuals who enter the space. Psychologists believe that colour can inspire people to action, conjure up memories from the past, promote intellectual thought, or even calm the human spirit.

When you prepare to select paint colours for decorating, consider the effect that the colour scheme you choose will have on people in the space. Below are some examples of colour and the mood that it inspires.

Neutral colours like sand, shell, coral and pearl create a sense of peace and well-being. Natural tones have historically been known for creating a mood of serenity in human beings. These are excellent colours for walls and furniture, with other shades being used for accent pieces throughout the décor.

Gray, blue, red, burgundy and cranberry creates a mood that inspires intellectual thought. These colours also lead the individual to think of travel and education. While many may consider some shades of these colours to be too bold, the colour red, for example, is sharp and clean, leading to a mood of intellectual security and freedom. Depending on the shades of these colours, they can be used as either one of the prominent colours in the room or as accent colours that compliment neutrals.

Bubble gum pink, buttercup, wintergreen, all the berry colours and crayon colours are playful colours that can create a mood of excitement in any room. The decorator should be careful in the use of these colours because if overdone they can also lead to an exhaustive feeling after a period of time. Yet, when used in moderation these colours lead to a mood of movement, activity, playfulness and freedom. When used in a child’s room, for example, these colours should be offset by both natural and intellectual colours in order to ensure that the mood of the room does not create a mood of too much activity.

Colour psychology has become an important part of the interior design project in the last few decades. Colour psychology focuses on how colours that exist around us create moods, or induce certain emotions.

Red: The colour red inspires passion and intimacy. It is a good choice when you want to stir up excitement, particularly at night. In the living room or dining room, red draws people together and stimulates conversation. In an entryway, it creates a strong first impression. Red has been shown to raise blood pressure, speed respiration and heart rate. It is usually considered too stimulating for bedrooms, but if you’re only in the room after dark, you’ll be seeing it mostly by lamplight, when the colour will appear muted, rich, and elegant. Red, the most intense, pumps the adrenaline like no other hue.

Yellow: The colour yellow captures the joy of sunshine and communicates happiness. It is perfect for kitchens, dining rooms, and bathrooms, where happy colours are energizing and uplifting. In halls, entries, and small spaces, yellow can feel expansive and welcoming.

Blue: While some people may contend that blue is a cold colour, colour psychology focuses on blue as a tranquil and calm colour because it can be associated with water. Blue is an excellent choice for bedrooms, guest rooms and living rooms. With so many shades of blue to choose from, there are many possibilities with blue as a central colour in the décor of your home.

Green: This colour is considered a natural, peaceful inclusion in decorating. Colour psychology suggests that green can be used in any room because it is welcoming and inviting. Many people elect to use green in their kitchens, either as a central colour or as an accent colour because of the traditional use of kitchens as a gathering place for families and friends.

Orange: Most people associate orange with Halloween. Colour psychology suggests that this is because orange creates a mood of warmth and seasonal change that brings happiness in the fall season. Orange is a good colour to use in living rooms or family rooms for this reason.

Violet: An important colour in colour psychology, violet is considered the most effective colour when attempting to create calm and tranquil moods. Many modern operating rooms will paint their recovery areas in violet for this reason.

Are you ready for RSP season?

 

RRSP season is upon us! It's time to go through the couch covers and scrounge up the last of our savings to make that all-important contribution. Let’s look at some fundamental concepts of RRSPs.

What are RRSPs?

RRSP, or Registered Retirement Savings Plan, is a vehicle created by the Federal government to allow you to save and invest your hard-earned dollars in a tax-deferred account. Notice the term “tax-deferred”. It is NOT tax-free; any money entered into the plan is allowed to accumulate tax-free until the time you are required to pull it out.

 

What can I buy with an RRSP?

Practically all investable assets such as money, guaranteed investment certificates, government and corporate bonds, mutual funds, and securities are listed on a designated stock exchange. An RRSP is NOT an investment. It is simply a plan in which you BUY investments and defer your tax on them.

 

Where can I buy investments for my RRSPs?

Banks, investment companies, insurance companies, and stockbrokers are some places you can use to buy investments within your RRSP.

 

When can I contribute to the current year?

March 2, 2020, is the deadline for contributing to an RRSP for the 2019 tax year.

The RRSP contribution period usually stretches from March 2nd of the current year to March 1st of the following year (first 60 days). These dates are important, especially the first 60 days of the following year. These latter contributions can only be declared in the previous year’s tax return. Let’s see an example:

John contributes $3,000 to his RRSP on February 24, 2020. Because the contribution is made within the first 60 days of the year, John must declare the contributions on his 2019 tax return. John can choose not to use the contributions and carry them forward to the following year. However, the contributions need to be declared on the 2019 return.

Can I put as much money as I want in the plan?

Not quite. You’re limited to the lesser of 18% percent of your earned* income, or the set maximum, which is indexed every year ($26,500 for income earned in 2019). This amount is what is called your RRSP limit. You can find out your limit by looking at your previous year’s Notice of Assessment, or by going to the My Account website of the CRA. Any unused room accumulates to future years.

*Earned income to the CRA means employment income, net self-employment income, net rental income, taxable support payments, etc. This means not all income is “earned” income to the CRA, especially interest income, dividends and capital gains.

So my money grows in a tax-deferred way, is there any other advantage to contributing to an RRSP?

Now RRSPs get really interesting! Not only does your money grow without interference from the taxman until your required withdrawal, but you also get a tax deduction to boot! Any contributions you make to your RRSP during the year get deducted from your total income when determining your net income. That’s an instant return on your investment even before your money has had time to work for you!

Not only do you get the tax deferral and the reduction in taxes, but you also get the increase in certain benefits and credits, such as the GST credit, Canada Child Benefit, and medical expense credit!  Benefits such as the GST and Canada Child Benefit are based on your net income; since your RRSP contributions reduce your net income, you will be able to claim more of those amounts. Credits on your tax return, such as the medical expense credit, are also based on your net income; the lower your net income, the more credits you will be able to claim!

RRSP contributions really provide a big return on your investment. Not many other plans can claim that.

 

You keep mentioning tax deferral, when does the party end?

Unfortunately, the party starts winding down at age 71, when the CRA requires you to start withdrawing from your RRSP at set percentages which increase as you age. At that age, your RRSP converts into a Registered Retirement Income Fund (RRIF). The withdrawals are taxable income on your return. Just remember though that your money has been growing for many years without interference from the taxman, and any money not withdrawn continues to accumulate tax-free.

Choosing the Right Neighbourhood

 

Whether buying or renting, you should be choosy about the neighbourhood you move into. And if you have a family, there are even more factors to consider. So before you move, research your options; get to know the area, spend some time on its streets, in its cafes and walk along its sidewalks. Just like any relationship, feel it out before you move just to make sure it's a good fit.

You can't judge a book by its cover, nor a neighbourhood by its looks. Ultimately, you want to buy a house that will still be in a desirable place to live 10 or 15 years from now. Depending on your own particular needs and tastes, some of the following factors may be more important considerations than others:

• Style of homes
• Quality of schools
• Property values
• Crime rate
• Future construction
• Proximity to: schools, employment, hospitals, shopping, public transportation, cultural activities,  highways, beaches, parks, shopping, recreation and spiritual or community organizations (churches, temples, mosques, etc.)

If you’re a first-time buyer with limited financial resources, it’s a wise purchasing strategy to buy a home that meets your primary needs in the best neighbourhood that fits within your price range.

You can maximize your home purchase location by incorporating some of the following strategies into your neighbourhood search:

• Look for communities that are likely to become "hot neighbourhoods" in the coming years. They can often be discovered on the periphery of the most continuously desirable areas.
• Look for a home in a good neighbourhood that is a bit farther out of the city. If commuting is a concern, purchase a home that is close to public transportation.
• Look at the neighbourhood demand by asking whether multiple offers are being made, whether the gap between the list price and sale price is decreasing, and whether there is active community involvement. You can also drive around neighbourhoods and see how many "sold" signs there are in a particular area.
• Look into purchasing a condominium or co-op, rather than a house, in a desirable neighbourhood. This way you may still be able to purchase in a prime area that you otherwise could not afford.
• Consider the safety issues such as traffic and how your kids are going to get to school. Paying attention to the local school system is valuable even if you don’t have children or plan to because many potential buyers are concerned with that issue. A thriving school district can be an indication of an area that will continue to rise in property values.

Of course, being too close to the school or boxed in by traffic jams can hurt the resale value of your home. You should also check how local students score on standardized tests to help determine the quality of the education taught in the area.

There are a few more sources that can assist in learning about a neighbourhood:

• Go have dinner at one of the restaurants in the area. You can strike up conversations with some of the local patrons in that restaurant.
• Talk to local business owners. Even if they don't live in the area, they will have some insight into the neighbourhood and the people living there.
• Find out about owner-occupancy. Your agent is a good source for this kind of information. Ask about rental values - even if you plan to live in the home. Often tenants don't have the same pride of homeownership that owners do; thus properties are not always kept up.
• Check landscaping at major commercial developments. Is it kept up?
  Visit local facilities such as malls, movie theatres, etc. Frequently these will be hang-outs for school-aged children and a good place to get an idea about neighbourhood kids.
• Drive through the neighbourhood and see if there are a lot of home remodelling projects going on. If so, it likely means homeowners are planning to stick around and are willing to invest more in their homes because they like the neighbourhood.

Once you have identified your preferred neighbourhood, make several visits to it on different days and times, coming back in the evening, on weekends, and during school time hours to see how the area changes. Observing the neighbourhood and the people who live and work in the area will give you a better understanding of whether it's a fit for you and your family. The more time you spend studying the location the less likely you are to discover something you dislike about after you have bought the home.

Waterloo Region Housing Market Starts 2025 with Higher Inventory, Softer Sales

WATERLOO REGION, ON (February 5, 2025) —In January, a total of 329 homes were sold in the Waterloo Region via the Multiple Listing Service® (MLS®) System of the Cornerstone Association of REALTORS® (Cornerstone). This represents a 12.0 per cent decrease compared to the same period last year and a decline of 18.6 per cent compared to the average number of homes sold in the previous ten years for the same month.

“The Waterloo Region’s housing market shows promising dynamics as we begin 2025. With nearly 50 percent more active listings compared to last January and inventory levels well above the ten-year average, we’re seeing more choice for buyers in the market,” said Christal Moura, spokesperson for the Waterloo Region market. While sales have softened compared to last year, the increased inventory levels are creating more balanced conditions between buyers and sellers.

Total residential sales in January included 188 detached homes (down 10.5 per cent from January 2024), and 81 townhouses (down 8.0 per cent). Sales also included 39 condominium units (down 30.4 per cent) and 21 semi-detached homes (up 5.0 per cent).

In January, the average sale price for all residential properties in Waterloo Region was $755,859. This represents a 1.0 per cent decrease compared to January 2024 and a 0.6 per cent decrease compared to December 2024.

• The average price of a detached home was $882,941. This represents a 3.1 per cent decrease from January 2024 and a decrease of 1.2 per cent compared to December 2024.
• The average sale price for a townhouse was $630,116. This represents a 1.1 per cent decrease from January 2024 and an increase of 0.1 per cent compared to December 2024.
• The average sale price for an apartment-style condominium was $469,623. This represents a 4.6 per cent increase from January 2024 and a decrease of 1.2 per cent compared to December 2024.
• The average sale price for a semi was $634,762. This represents a decrease of 1.9 per cent compared to January 2024 and a decrease of 1.6 per cent compared to December 2024.

“In an expected move, the Bank of Canada lowered its policy rate by 25 basis points to 3 per cent on January 29, 2025, helping to bring down the cost of borrowing. This reduction was welcome news for potential homebuyers,” says Moura. “However, with a potential trade war with the U.S. still looming, it’s difficult to predict what will happen when the Bank makes its next interest rate announcement on March 12.”

While the current economic uncertainty might make some house hunters hesitant, Moura highlights the new mortgage reforms that took effect in December. These changes make it easier to qualify for a mortgage with a down payment of less than 20 percent. Additionally, the insured mortgage cap increased from $1 million to $1.5 million, and all first-time buyers and those purchasing new builds will be eligible for 30-year amortizations, which will help reduce monthly payments.

There were 901 new listings added to the MLS® System in Waterloo Region last month, an increase of 25.0 per cent compared to January last year and a 27.6 per cent increase compared to the previous ten-year average for January.

The total number of homes available for sale in active status at the end of January was 1,296 an increase of 49.5 per cent compared to January of last year and 71.5 per cent above the previous ten-year average of 992 listings for January.

The total inventory across the market increased by 43.8 percent, resulting in a 2.3-month supply of all property types by the end of January. Condominium apartments had the highest inventory, with 5.1 months’ supply, followed by townhouses with 3.5 months’ supply and detached homes with 1.5 months’ supply. The number of months of inventory represents the time it would take to sell off current inventories at the current sales rate.

The average time to sell a home in January was 33 days, compared to 37 days in the previous month. In January 2024, it took 32 days for a home to sell, and the five-year average was 21 days.

Cornerstone emphasizes the importance of consulting a local REALTOR® when considering buying or selling property in the Waterloo Region. Their expertise can provide valuable insights into the current market conditions, enabling individuals to make well-informed decisions aligned with their goals and preferences.

View our HPI tool here to learn more: https://www.cornerstone.inc/stats/

10 Tips for Creating an Ideal Basement Apartment

 

A basement apartment can be a good investment.  But nowadays, any old basement apartment just won’t do. If you want to have a successful lower-level living space, you need to impress potential renters right from the start.

Separate Entrance
It goes without saying, that a basement without a separate entrance is no good. This is an expensive addition If you have to do it yourself, so look for a property that already has one.

High Ceiling
Ceiling height plays a huge role in the perception of space. The ceiling height should be no less than seven feet for more than 70% of the space, the higher the better. Using big pieces of art on the walls and Ceiling-to-floor curtains can give the impression of high ceilings. The idea is to draw the eye up and therefore give the illusion of height. 

Full Kitchen
A full kitchen that includes a dishwasher is the best way to impress and command a high price. Renters do not have to scarify functionality just because they live in a basement. Providing Proper ventilation is essential both for safety and comfort and do not compromise on kitchen storage. 

Separate Laundry
Even if space is tight, providing tenants with a washer and dryer that is exclusively their own is a huge plus, you can hide the machines in a closet or cupboard to save space. In fact, it can really make or break a rental agreement. If the laundry units can only be shared with the upper floors of the house, it’s not the end of the world. But, keep in mind, that a separate laundry will almost certainly fetch you a higher price.

Fireplace 
A gas fireplace is not a must-have, but it sure is a ‘nice-to-have’. Basements have a reputation for being cold. While you shouldn’t have any heat problems (as long as you have the right insulation and subfloor), a gas fireplace will impress renters and make the space feel cozier. 

Bath and Shower
Basement apartment bathrooms should have a toilet, sink, tub, and shower. Having either a tub or a shower isn’t ideal. A shower without a tub won’t appeal to families, and a tub without a shower is just plain inconvenient for a lot of people. In most cases, a shower/tub combo will do the trick.

Heated Floors
Like a fireplace, heated floors are an added bonus that can make a basement apartment much more appealing. Floor heating the entryway and bathroom are sufficient enough, if you don’t want to go to the trouble or expense of doing the entire space.

Updated Finishes
A basement apartment does not have to be plain! Updated hardware, light fixtures, faucets, and any other fixtures should be modern and stylish.

Open-Concept Layout
An open-concept layout that combines the kitchen, dining room, and living room in one shared space. work extremely well with a small basement apartment. It increases the view and natural light and makes the space look larger and better for entertaining. A half-high decorating partition can be used to separate the sleeping area to allow natural light and provide privacy.

Recessed Lighting
Since ceiling height is often at a premium, recessed lighting is always best. Chandeliers and pendants can look nice, but recessed lighting will get you the best bang for your buck, and it will look great. If you want to have a pendant over an island, or a decorative chandelier somewhere, go for it, but don’t do it at the expense of recessed lighting throughout. 

How to Avoid Defaulting on Your Mortgage

 

Some homeowners may stumble upon financial hardships that make it difficult for them to pay their mortgage payments. Once your mortgage loan defaults, the chance of foreclosure increases.

If you or your spouse has lost employment and no longer makes as much money, and you see meeting your mortgage payment obligations is going to be problematic, the first step is to take a deep breath. There are literally millions of people that face the same problem. You are not a bad person, so leave any feelings of guilt at the door. You do not have time for them. Instead, you need to focus on your options.

Fortunately, there are ways to avoid default and keep your home, so read on for more information on how to avoid a mortgage default.

1- Get moving on a solution
Your first option is to find a way to make up the back payments and continue fighting to make your payment on time every month. Although not an attractive option, it is an option.

Explore options to decrease expenses and increase income, such as an additional job, selling possessions, and look to community resources for help. You may have to temporarily cut back on things like dining out, internet and cable.

If you have a basement or spare room you may consider renting it out. The extra income could be up to 50% of your mortgage payment. True, there is some inconvenience, but it is a small price to pay for the extra income. If you are uncertain about taking in an extra lodger, remember, you can choose who lives with you. Make sure you meet them before they enter. If a spare room is not immediately available; be creative, and see whether there is another room you could cheaply convert.

2- Work with your lender
Contact your mortgage lender. Banks do not want to foreclosure on properties. The process is long and costly, and in the end, mortgage lenders lose money. Instead, they would rather work alongside borrowers that are slightly behind on payments, and come up with a practical solution.

Consider extending your mortgage term to reduce your monthly payments. The downside is that you will end up paying more in the long term. However, if it means you can continue meeting the minimum mortgage payments, it is worth doing.

Set up a repayment plan. If you are unable to pay your mortgage payment for one or more months, the lender may agree to a repayment plan. The mortgage lender adds additional money to each subsequent mortgage payment until the loan is up-to-date.

Your lender may also suggest an interest-only mortgage. This will also reduce your monthly mortgage payments, often quite substantially. However, again the disadvantage is that, in the long term, you will need to find an alternative investment plan to pay off your mortgage capital—which might be a good short-term option.

3. Refinance your mortgage
This is perhaps the easiest and most effective method. If you happen to be on your bank’s existing standard rate, you will probably be able to find a much better deal.

4. Talk to a Financial Advisor
If the situation is becoming overwhelming and you are really in danger of defaulting, you may need to consider speaking to a financial consultant or accountant. This will arm you with expertise and resources with which to approach planning your financial future and make the most of your current circumstances.

5. Resell - Downsize
This option is probably the most drastic and only to be undertaken when the others have failed. If you are able to sell your house, you can temporarily rent somewhere cheaper or buy a cheaper house in a different location. The money saved can be used to pay off your mortgage. This option is not easy, due to the costs involved in moving, but it might be worth doing in the long term.

If you can see that things are going to get bad in relation to meeting your mortgage payment obligations, take a deep breath then face up to the problem. Take action now, procrastination will not help you.

Important Considerations When Buying a Condo

 

Happy New Year! If you’re looking to make 2025 the year that you finally become a homeowner, then it’s time to make a few New Year’s resolutions. Your dream can be achieved with a simple plan and the desire to see it through all the way to your new home!

1- Save for a down payment
Saving money to buy a home doesn’t mean you have to make giant cuts from your monthly budget. The smallest cuts from your day-to-day routine are often the ones that can save you money because they all add up over time. Small changes in your lifestyle like making your coffee at home instead of buying from coffee chains, and preparing your lunch instead of eating out or buying fast food can save you a few hundred dollars each month.

2- Pay off debt within reason
If you’re sitting on debt, commit to paying off enough amount each month to improve your debt-to-income ratio. Eliminating debt altogether is ideal, but it may be unrealistic if you also need to save for a down payment and closing costs. Instead, focus on bringing your debt-to-income ratio below 36% which will still qualify you for favourable mortgage programs and rates.

3- Keep track of your credit score
Your credit score impacts whether or not you’ll get approved for the home of your dreams. If you haven’t monitored your credit score in the past, resolve to keep track of where you stand this year.

Get your free credit report and use it to check for errors in your history that can affect your score like delinquencies, late payments, liens, or fraud. 

4- Decide what is your housing need
This next resolution is figuring out what you need in a home. Here’s a basic list that can help you decide. The number of bedrooms, bathrooms, neighbourhood, proximity to schools, Local traffic/Public transportation, or shopping centre. 

5- Get prequalified 
Prequalifying for a mortgage is the first thing you should do to start your home search. A prequalification letter gives you an estimate of the mortgage amount you can get approved for. You can use the estimate while searching for a home to narrow down your options. 

6- Budget like a homeowner
Once prequalified for a home, start simulating a budget that includes paying your mortgage and other costs. This is crucial for first-time home buyers since owning a home comes with more financial responsibility than renting.

Add expenses like insurance and taxes into your budget to simulate payments. You’ll know you can comfortably afford the mortgage if you can manage payments and have money left over for living expenses. If not, adjust the price of the homes you’re shopping for to make sure you can afford them.

6 New Year's Resolutions for a First-Time Homebuyer

 

Happy New Year! If you’re looking to make 2025 the year that you finally become a homeowner, then it’s time to make a few New Year’s resolutions. Your dream can be achieved with a simple plan and the desire to see it through all the way to your new home!

1- Save for a down payment
Saving money to buy a home doesn’t mean you have to make giant cuts from your monthly budget. The smallest cuts from your day-to-day routine are often the ones that can save you money because they all add up over time. Small changes in your lifestyle like making your coffee at home instead of buying from coffee chains, and preparing your lunch instead of eating out or buying fast food can save you a few hundred dollars each month.

2- Pay off debt within reason
If you’re sitting on debt, commit to paying off enough amount each month to improve your debt-to-income ratio. Eliminating debt altogether is ideal, but it may be unrealistic if you also need to save for a down payment and closing costs. Instead, focus on bringing your debt-to-income ratio below 36% which will still qualify you for favourable mortgage programs and rates.

3- Keep track of your credit score
Your credit score impacts whether or not you’ll get approved for the home of your dreams. If you haven’t monitored your credit score in the past, resolve to keep track of where you stand this year.

Get your free credit report and use it to check for errors in your history that can affect your score like delinquencies, late payments, liens, or fraud. 

4- Decide what is your housing need
This next resolution is figuring out what you need in a home. Here’s a basic list that can help you decide. The number of bedrooms, bathrooms, neighbourhood, proximity to schools, Local traffic/Public transportation, or shopping centre. 

5- Get prequalified 
Prequalifying for a mortgage is the first thing you should do to start your home search. A prequalification letter gives you an estimate of the mortgage amount you can get approved for. You can use the estimate while searching for a home to narrow down your options. 

6- Budget like a homeowner
Once prequalified for a home, start simulating a budget that includes paying your mortgage and other costs. This is crucial for first-time home buyers since owning a home comes with more financial responsibility than renting.

Add expenses like insurance and taxes into your budget to simulate payments. You’ll know you can comfortably afford the mortgage if you can manage payments and have money left over for living expenses. If not, adjust the price of the homes you’re shopping for to make sure you can afford them.

Annual Home Sales in the Waterloo Region for 2024 saw a Slight Increase – December Home Sales a More Significant Boost

WATERLOO REGION, ON (January 6, 2025) — There were 6,777 homes sold through the Multiple Listing Service® (MLS®) System of the Cornerstone Association of REALTORS® (Cornerstone) in 2024, an increase of 2.8 per cent compared to 2023, and a decline of 18.9 per cent compared to the previous 5-year average for annual sales. 

On a monthly basis, 334 homes were sold in December, an increase of 14.4 per cent compared to December 2023 and 9.9 per cent below the previous 5-year average for the month.

“Although the number of homes sold in 2024 was still well below long-term averages, the final three months of the year showed a significant increase in sales,” says Christal Moura, a spokesperson for Cornerstone in the Waterloo Region market. “This increase coincided with lower interest rates, which heightened buyer interest and activity in the market.”

For 2024, total residential sales included 4,100 detached (up 5.5 per cent), and 1,368 townhouses (up 2.6 per cent). Sales also included 821 condominium units (down 8.8 per cent) and 477 semi-detached homes (up 5.5 per cent).

In December, the average sale price for all residential properties in Waterloo Region was $763,840. This represents a 3.3 per cent increase compared to December 2023 and a 1.4 per cent increase compared to November 2024.

• The average price of a detached home was $898,204. This represents a 6.0 per cent increase from December 2023 and an increase of 4.0 per cent compared to November 2024.
• The average sale price for a townhouse was $630,676. This represents a 1.7 per cent increase from December 2023 and an increase of 2.7 per cent compared to November 2024.
• The average sale price for an apartment-style condominium was $475,006. This represents a 3.7 per cent decrease from December 2023 and an increase of 5.5 per cent compared to November 2024.
• The average sale price for a semi was $644,786. This represents an increase of 5.1 per cent compared to December 2023 and an increase of 0.2 per cent compared to November 2024.

Year-to-date, the average sale price for all residential properties in Waterloo Region decreased 0.3 per cent to $784,343 compared to 2023.

• The year-to-date average price of a detached home was $910,901. This represents a 0.8 per cent decrease compared to 2023.
• The year-to-date average sale price for a townhouse was $638,385. This represents a 2.3 per cent decrease compared to 2023.
• The year-to-date average sale price for an apartment-style condominium was $472,801. This represents a 2.0 per cent decrease compared to 2023.
• The year-to-date average sale price for a semi was $662,859. This represents a decrease of 2.1 per cent compared to 2023.