John Gaio's blog

First-time buyers of new construction homes in Canada will now be able to access longer mortgage amortization periods. 

As of August 1st, 2024, lenders will be allowed to offer 30-year amortizations for insured mortgages to first-time homebuyers of new construction homes, a measure modified by  the federal government. Previously, the maximum amortization for an insured mortgage — a mortgage that has a down payment less than 20% and therefore requires mortgage insurance — was 25 years. Homes priced at and over $1 million automatically require a 20% downpayment and an uninsured mortgage...

For the second time in a row, Canada’s central bank has cut its overnight lending rate. 

In its pre-scheduled July 2024 announcement, the Bank of Canada dropped the target for the overnight lending rate by 25 basis points to 4.50%. 

While inflation remains above the Bank’s 2% target, it is expected that inflation will continue to ease as the global economy expands into 2026, bolstering the Bank’s decision to continue lowering rates. 

In his opening remarks to reporters at a press conference following the announcement, Tiff Macklem, Governor of the Bank of Canada, cited that the risk that...

Don’t let a small outdoor space cramp your style – there are plenty of ways to create a usable, yet charming, oasis in even the smallest of outdoor spaces.

Apartment living has become the norm in many urban cities. This has opened up a new opportunity for retailers to capitalize on the need for practical solutions for small outdoor spaces. This is great news for anyone looking for compact patio furniture, as there are now plenty of options to choose from that go beyond the classic bistro set.

We’ve put together a list of our five favourite essential considerations to help you transform...

Despite a strong first quarter for sales, Canada’s spring housing market was muted in many regions across the country in Q2 of 2024. Although the first cut to the overnight lending rate by the Bank of Canada in June generated much buzz among Canadians, the long-awaited drop did not translate into a noticeable return of homebuyers to the market. This hesitant approach from purchasers contrasts against rising inventory levels, which has resulted in more balanced market conditions as of late. 

Royal LePage^® is forecasting that the aggregate¹ price of a home in Canada will increase 9.0% in the...

More than half of Canadian mortgages will renew before the end of 2026, and with the Bank of Canada lowering its key interest rate from 5.0% to 4.75% on June 5th, many homeowners are now wondering which mortgage type they should opt for upon renewal — a fixed or variable rate. Understanding the options available and anticipating changes is essential to successfully navigating today’s evolving mortgage landscape.

With a significant cohort of homeowners needing to renegotiate their mortgages within the next three years, those who opted for variable-rate mortgages -– or who took out a loan in...

Transitiong from renter to homeowner can seem daunting, especially in a competitive real estate market with high interest rates and rising prices. However, with careful planning and an understanding of the key steps, this dream can become a reality. 

Here’s a comprehensive guide to help you navigate the process:

1. Hire the right professionals

The best way to succeed in entering the real estate market is to be well-prepared. Surround yourself with professionals, such as a real estate broker, a mortgage specialist, and a financial advisor. These experts will be able to advise you at...

As affordability challenges and housing supply shortages persist in Canada’s real estate market, renters may be feeling that their transition from tenant to homeowner is taking longer than expected. For the one third of Canadians who rent, many are still eager to own a home in the near future, despite the hurdles of high borrowing costs, large down payments and tight competition in the market.

According to a recent Royal LePage survey, conducted by Hill & Knowlton,¹ 27% of Canadians who currently rent their home say they plan to purchase a property in the next two years. Among those aged...

Eco-conscious living is a trend that’s here to stay. The term ‘eco-conscious’ refers to having an awareness and consideration of how personal actions and lifestyle can impact the environment, with the goal of minimizing any negative effects we may create.

The eco-conscious mindset has expanded far past the individual, with large corporations and governments getting involved to make changes that will create a more sustainable future for our planet. There are even monetary incentives available from the federal government for adding eco-friendly upgrades to your home.

Here are four simple...

Opening your cottage or cabin in the spring is a task many homeowners look forward to. With summer fast approaching, it’s time to prepare for another season of relaxation and fun away from the city. To ensure that everything runs smoothly, following a detailed checklist is essential. Here’s our top 10 list of tasks to complete before you open your recreational property for the season.

1. Restore utilities: Before you even arrive at your cottage, contact your utility providers to restore electricity, gas, internet and any other services that may have been over the winter.

2. Insurance...