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Mortgage Bytes

  • How important is Canada’s resale real estate industry?  In the last three years it created 158,000 new jobs.  Moreover, each home resale generates an average of $32,200 in related spending (on furniture, appliances, renovations, moving, etc.).
  • The Credit Counseling Society advises new home buyers to put aside enough money for six months of property taxes, utilities, and insurance.  If you can’t do that they suggest you can’t afford a new home.
  • Waterfront-Property B.C. is home to Canada’s priciest recreational properties.  The typical B.C. waterfront, land-access, cottage or cabin averages $1 million a pop. In Newfoundland, which has the cheapest recreational real estate, the average is $86,500.  Nationwide, waterfront vacation properties soared 12% last year to an mean of $427,589.  Globe & Mail Story
  • If you can’t easily carry two mortgages Gordon Pape says “never buy a new house before the old one is sold”