Have you heard the latest buzz from the Bank of Canada? They've recently lowered their key policy rate by 50 basis points to 3.75 percent. While we're still on the lookout for new rates from the banks, this drop might just bring some delightful savings your way if the banks decide to follow suit. Let’s crunch some numbers to see what this could mean for you.

Say, you have a mortgage of $400,000 for example: Under the old rate of 4.44%, on a 25-year mortgage with a 5-year term, you stood to pay approximately $2,200 in principal interest. If banks adjust their rates down to 3.94%, your principal interest would potentially decrease to about $2,091. This means not only less monthly expenditure but also a decrease in your final mortgage balance, allowing…

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Are you planning to buy property in Alberta? Starting October 20, 2024, be prepared for a significant shift in land title registration costs due to the introduction of a new Land Titles Registration Levy.

What Is Changing?

The province of Alberta is introducing a new Land Titles Registration Levy, announced in Budget 2024, to replace the current Variable Fees for transferring land and registering mortgages. Under the new structure, buyers will face a flat levy of $5.00 per $5,000 of property value AND $5.00 per $5,000 of mortgage value, along with a $50 flat fee for each, affecting land transfers, mortgage registrations, and certain caveats.

How will this affect you as a buyer?

Previously, land transfers incurred a fee of $50 plus $2.00 for…

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Are you dreaming of owning your own home but struggling to navigate the challenging housing market? Well, we have some fantastic news for you! The Canadian government has recently announced some significant changes to mortgage policies that could make owning your dream home a whole lot easier. So, let's dive into what these updates are and what that means for you!

What Are the Key Updates?

Increased Price Cap for Insured Mortgages: The price cap for insured mortgages has been raised from $1 million to $1.5 million, effective December 15, 2024. This adjustment aims to reflect the current housing market realities and enable more Canadians to qualify for a mortgage with a down payment below 20 percent.

Expansion of Mortgage Amortizations: Starting…

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In a strong seller's market where competition is fierce, and sellers often receive multiple offers, home buyers can feel the pressure to make their offer shine and stand out among a sea of multiple offers. It's even become common for buyers to consider going condition-free to catch the seller's eye, but hold on—there are risks involved in this bold strategy.

Today, we're shedding light on the risks that come with writing unconditional offers. It's all about safeguarding your journey and ensuring your dream home doesn't turn into a nightmare. So, let's explore how to make informed choices that truly resonate with where you want to Liv.

Understanding Conditions:

Conditions are like safety nets woven into your offer, protecting both you and the…

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It's no secret that buying a home in a seller’s market can be extra challenging, but fear not! We’re sharing our top tips so you'll be well-equipped to conquer this exciting but challenging journey. Let's dive in!

1. Work with an Experienced Real Estate Agent

In a competitive market, having an experienced real estate agent by your side is a game-changer. They have the inside track to new listings, can quickly schedule showings, and, most importantly, help you craft a winning offer. Their expertise and negotiation skills will give you the edge in this challenging environment. So, choose an agent who's well-versed in the local market and understands your unique needs.

2. Be Prepared with Financing

In a seller’s market, time is of the essence,…

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Are you in the market for a real estate agent? Whether you're a first-time homebuyer, a seasoned investor, or simply looking to make a move, the key to a successful real estate journey lies in choosing the right real estate agent. This decision is not one to be taken lightly, as it can greatly influence your buying or selling experience. At Liv Real Estate®, we understand the importance of this decision, and we're here to guide you through the process of finding your ideal real estate partner.

Define Your Needs and Goals

Before you even start searching for an agent, take some time to define your needs and goals. Are you looking for a home in a specific neighborhood? Do you have a particular budget in mind? Are you a seller aiming for a quick sale or…

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While some may exclaim, "Now's a great time to buy!” we advise you to be cautious of those people. This isn’t to say it’s not or can’t be a good time to buy, just that a good time to buy looks different for everyone, and it's essential to evaluate your personal circumstances. The prevailing high interest rates, unyielding prices, and limited housing inventory can make the idea of homeownership daunting, but the right real estate professional can help you navigate the market and reach your real estate goals. In this blog post, we will explore the three key considerations to help determine whether or not it's a good time for you to buy a home.

1. Start with Monthly Payment:

When considering homeownership, begin by looking at what you can afford for a…

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Buying a home is an exciting time and a significant milestone for many people, but it can also be an intimidating and costly process, particularly for first-time homebuyers. Fortunately, the Canadian government has introduced a new savings account to help prospective homebuyers save for their downpayment. Below, we will share what you need to know about the new First Home Savings Account and other downpayment options for first-time buyers.

What is the First Home Savings Account?

The First Home Savings Account is designed specifically for prospective first-time homebuyers. It's a savings account that offers tax incentives to help prospective home buyers save up for a down payment.

Eligibility Requirements

You need to be a Canadian resident, at…

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Land title transfers are seriously delayed at the moment; according to the Alberta Registries Site, they are currently registering Land Title Documents received on February 16th and Survey Plans/Documents received on March 9th, which places the current processing times well above the industry standard. Below we dive into what land titles are, why they are important, the cause of these delays, the issues the delay may cause and what home buyers and sellers can do to protect themselves. 

What is a Land Title?

A land title is a document that proves ownership of a piece of land and the specific interests (such as mortgages, caveats and easements) registered on them. When a home is bought or sold, the land title is transferred to the new owner, which…

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Whether you’re remodelling to enhance your family’s treasured home for your own enjoyment or to increase resale value, it is bound to be a vast undertaking. To adequately prepare yourself for the project that lies ahead, consider the following common renovation problems and the best solutions to fix them.

Being Caught Off-Guard by Hidden Issues

Sometimes, once the renovation project is underway, problems surface that require further attention, time and money. Be aware of the following issues that could pose extra work during your remodel process:
  • Carpentry – When a floorboard is removed, other surprises often lurk, such as rotten framing or unleveled areas.
  • Glazing on windows is often thin in older homes and can break easily.
  • Asbestos…

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