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The days of buying million dollar homes with 5% down are over! The new down payment rules are in full effect. Those purchasing homes above $500,000 will be required to put 10% down on any additional amount above $500,000. Home buyers who purchase homes below $500,000 will see no change. Homes above $1,000,000 require 20% down payment. This is a much better solution than the minimum 10% down payment to $1,000,000 that was under consideration. While this might sound like a significant change, less than 1 in 10 first time homebuyers in Canada purchase a home valued at more than $500,000 and a substantial amount of those buyers put more than 5% down. So who does it affect? It’s targeted at buyers in larger Canadian cities like Toronto and Vancouver. Our government appears to be trying to slow down the real estate market in larger cities and manage their risk regarding CMHC insured mortgages. The Canadian Real Estate Association (CREA) confirmed that real estate prices across the country have risen 18% year over year but if Vancouver and Toronto were removed, the increase is at a more sustainable rate of 5.4%. Lenders are gearing up for the spring market with competitive rates and real estate inventory is beginning to grow in most markets. Whether you are looking for your first home, your dream home or an investment, now is the time to get a mortgage pre-approval and lock in your rate.

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Can You Pass This Logical Reasoning Test?

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4 Hidden Problems That Could Be Hurting Your Home Sale The biggest fears that home sellers have is that their property will end up on the real estate market for months on end. This is a nightmare for a number of reasons. First of all, having your house listed on the market for more than a month or two can cause a huge strain on your finances, especially if you've just moved into a new home. Secondly, a house that has been on the market for a long period of time is less likely to sell, often because buyers come to assume there is something wrong with it. If your house has been on the market for more than a few months, and you're sure you've priced it right, then there may be an unseen factor that is hurting your chances at selling. Here are four such factors that could be hindering your home sale: 1. Messy neighbors You may have put a lot of time and resources into making sure your home's curb appeal is top notch. However, your home's curb appeal can be affected by your neighbor's lack thereof. If you live next to someone who has neglected their yard, buyers can easily be turned off. This is especially true if your neighbor's yard isn't just overgrown and unkempt, but has also become a mini-junkyard of sorts, the landscape littered with rusted and broken lawn equipment. This can be difficult to deal with, since you can't force your neighbor to do anything about it. Try organizing a block-wide cleanup in the hopes that the neighbor will take part as well. If this doesn't work, try talking to the neighbor -- you can even offer to help. If this still doesn't get you anywhere, there's a good chance your local health or zoning department will help if your situation is truly intolerable. 2. Poor parking Does your house require off-site parking? Does your street have weekly street cleanings that require half the road to be cleared? These are issues that can become a real nuisance to some people, especially buyers that have more than one car in their family. If there are issues with parking, then buyers are going to figure it out right away as they try to find a place to park in order to come look at your home. Consider offering to pay the first month's fee at a nearby garage or to pay for a resident parking sticker as an incentive. 3. Thin walls and ceilings Can you clearly hear when someone is walking around upstairs? If you turn the TV on in your living room, can you hear it in every other room of your house? If so, your home probably has thin walls and ceilings. Not only will buyers be discouraged by the fact that they can hear every sound disturbance from anywhere the house, but they'll be turned off by the lack of privacy that this affords them. There are a few solutions to this. Adding carpeting to your flooring can help create sound barriers, although this is a typically costly improvement. A more affordable alternative would be to have cellulose insulation blown into your walls and ceilings. Not only can this help reduce the amount of sound that travels from room to room, it can also have a positive effect on the heating costs of the home. 4. Noise pollution You may still have an issue with outdoor sounds leaking into your home even if you've taken care of your thin walls and ceilings. If your home is located near a busy road or a train line, then these sounds will most likely be heard inside of your house. You may have gotten used to these sounds years ago. The first thing you should do is look up local noise regulations to see if there are any nearby violations you can report. Other solutions include making sure to seal any gaps around your home that could be letting sound in, such as around your windows. You may need to caulk your windows to help prevent outdoor sound from penetrating your home. Blackout curtains can help a great deal as well. Sometimes, no matter what you do in terms of prepping your own home for sale, there could be unseen influences that are killing your sale. These are some of the more common hidden problems that could be driving potential buyers away.

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Most Affordable House for Sale in Toronto

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