Saira Hayat Khan's blog

A strong mortgage application is essential to increase your chances of approval and to secure favorable terms. Here are several steps to help you present a compelling mortgage application:

1. Improve Your Credit Score

• Check your credit report: Ensure there are no errors or discrepancies.
• Pay off debts: Reduce your outstanding debt, especially credit card balances, to improve your debt-to-income (DTI) ratio.
• Avoid new debt: Don’t take on new loans or credit accounts before applying for a mortgage.

2. Increase Your Savings

• Build a substantial down payment: The higher the down payment (20%...

Greater Toronto Area (GTA) home sales were down on a yearover-year basis in August 2024. New listings were up slightly over the same period. While the region’s housing market remained well-supplied in August, average home prices only edged slightly lower compared to August 2023.

“The Bank of Canada’s rate cut announced on September 4 will lead to a further improvement in affordability, especially for those using variable rate mortgages. First-time buyers are especially sensitive to changes in borrowing costs. As mortgage rates continue to trend lower this year and next, we should...

Toronto is considered one of the best places to live for several reasons, offering a unique blend of cultural diversity, economic opportunities, and quality of life. Here are some key factors that make Toronto a great place to live:

1. Cultural Diversity

• Multiculturalism: Toronto is one of the most multicultural cities in the world, with over half of its population born outside Canada. This diversity brings a rich cultural scene, with various festivals, restaurants, and neighborhoods reflecting different cultures.
• Inclusive Environment: The city's inclusive atmosphere makes it welcoming...

The Canadian real estate market has been a topic of significant discussion, particularly given the rapid rise in home prices over the past few years. Here's an overview of the factors influencing the possibility of a market crash in Canada:

1. High Home Prices:

• Recent Trends: Canadian home prices have soared, especially in major cities like Toronto and Vancouver. Some experts believe that these prices are unsustainable and could lead to a correction.
• Affordability Issues: As prices have outpaced income growth, affordability has become a significant concern, potentially leading to reduced...

Greater Toronto Area (GTA) home sales in July 2024 were up compared to July 2023. While sales were up from last year, buyers continued to benefit from more choice in the GTA marketplace, with annual growth in new listings outstripping that of sales. The better-supplied market meant that buyers also benefitted from a slight relief in selling prices on average.

“It was encouraging to see an uptick in July sales relative to last year. We may be starting to see a positive impact from the two Bank of Canada rate cuts announced in June and July. Additionally, the cost of borrowing is anticipated...

The real estate market often experiences unique trends in the fall. Here are some common patterns and factors that typically influence the market during this season:

1. Reduced Inventory

• Fewer Listings: Many sellers aim to close deals before the school year starts, leading to fewer new listings in the fall.
• Less Competition: With fewer homes on the market, sellers may face less competition, potentially leading to quicker sales.

• 2. Serious Buyers

• Motivated Purchasers: Buyers who are active in the fall are often more serious and motivated, looking to move before the holiday season or...

Deciding whether to buy a house with a high-interest rate but a low purchase price involves several considerations:

1. Interest Rates vs. Home Prices: A high-interest rate increases your monthly mortgage payments, but if the home price is significantly lower, your overall loan amount will be smaller. This can offset the impact of higher interest rates to some extent. Additionally, you might be able to refinance to a lower rate in the future if interest rates drop.

2. Monthly Payments: Calculate the total monthly payments you would make under current interest rates. Compare this with your...

Getting your property summer-ready involves a combination of cleaning, organizing, and preparing both the interior and exterior spaces. Here are some steps you can take:

Exterior Preparation:

1. Landscaping and Gardening:

   • Mow the Lawn: Keep your grass trimmed regularly.
   • Trim Shrubs and Trees: Ensure they are neat and not encroaching on walkways or structures.
   • Weeding: Remove weeds from flower beds and around paths.

2. Outdoor Areas:

   • Clean Patio and Deck: Sweep and wash surfaces, including furniture.
   • Inspect and Repair: Check for any damage to fences, gates, or outdoor structures.

3. Pools...

– May home sales continued at low levels, especially in comparison to last spring’s short-lived pick-up in market activity. Home buyers are still waiting for relief on the mortgage rate front. Existing homeowners are anticipating an uptick in demand, as evidenced by a year-over-year increase in new listings. With more choice compared to a year ago, buyers benefitted from more negotiating room on prices.

"Recent polling from Ipsos indicates that home buyers are waiting for clear signs of declining mortgage rates. As borrowing costs decrease over the next 18 months, more buyers are expected...

Congratulations on embarking on the journey of becoming a homeowner! Here's what you can expect as a first-time homebuyer:

1. Financial Preparation: Before diving in, make sure you have a clear understanding of your budget and financial capabilities. This includes saving for a down payment, closing costs, and having a good credit score.

2. Research: Spend time researching the housing market in your desired area. Look at property prices, neighborhood amenities, school districts, and future development plans.

3. Getting Pre-Approved for a Mortgage: It's crucial to get pre-approved for a...