As March arrives and Ontario’s landscapes turn green, it’s time to think about St. Patrick’s Day celebrations. While many associate this holiday with parades, shamrocks, and the wearing of green, it also offers valuable insights for homebuyers. Just as Irish coffee blends the strong flavours of coffee and whiskey with the sweetness of sugar and the richness of cream, a successful home purchase requires a blend of preparation, knowledge, and a touch of luck. Here at Cashin Mortgages, we’re dedicated to redefining how you experience home financing, ensuring your mortgage is as strong as your Irish coffee. Join us as we explore St. Patrick’s Day insights for homebuyers, offering a checklist worthy of the most discerning leprechaun.

Navigating Homebuyers With The Luck of the Irish 

In the real estate world, luck often comes in the form of preparation and knowledge. For foreign buyers looking to invest in Ontario’s vibrant property market, it’s essential to understand the ins and outs of the process. With its diverse population and booming economy, Ontario attracts investors from around the globe, but navigating the intricacies of foreign ownership regulations can be daunting.

Find Your Pot of Gold

The first step in buying a home is to assess your financial readiness. Determine how much you can afford to spend on a property, factoring in your income, existing debts, and credit score. Consider meeting with one of our mortgage professionals to get pre-approved for a mortgage, giving you a clear understanding of your budget and making you a more attractive buyer to sellers.

Follow the Rainbow to the Right Home

With your budget in hand, it’s time to start your home search. Consider your needs and wants in a property, including location, size, and amenities. Use online resources, real estate agents, and open houses to explore different neighbourhoods and properties. Remember, the right home is like finding a pot of gold at the end of a rainbow—it may take some searching, but the reward is worth it.

Beware of the Leprechaun’s Tricks

In the excitement of buying a home, it’s important to remain cautious and avoid common pitfalls. Be wary of properties with hidden issues, such as structural damage or costly repairs. Consider hiring a home inspector to thoroughly evaluate any property you’re interested in, ensuring there are no surprises down the road. 

Dance a Jig of Joy with Your Offer

Once you’ve found the perfect home, it’s time to make an offer. Work with your real estate agent to determine a fair price based on comparable properties in the area. Consider including contingencies in your offer to protect yourself, such as a home inspection or financing contingency. With a bit of luck, your offer will be accepted, and you’ll be on your way to closing.

Celebrate with a Toast of Irish Coffee

Closing on a home is a cause for celebration, much like St. Patrick’s Day itself. Raise a glass of Irish coffee to your new home, knowing that your mortgage is as strong as your drink. With careful planning, a bit of luck, and the right team by your side, you can make your home-buying dreams a reality.

Your Trusted Partner in Home Financing

At Cashin Mortgages, we’re more than just a mortgage lender—we’re your dedicated partner in home financing. Based in Ontario, our team of professionals is committed to serving the diverse needs of homeowners and aspiring buyers across the entire province. Whether you’re a first-time buyer or a seasoned homeowner, we’re here to help you navigate the complexities of home financing, ensuring your mortgage is as strong as your Irish coffee. Contact us today to learn more about our services and how we can help you achieve your home-buying goals.

Have a Happy St. Patrick’s Day!

Are you a foreign buyer considering purchasing property in Canada, particularly in the vibrant province of Ontario?  With its diverse cities, stable economy, and promising investment opportunities, it’s no wonder Canada is a hotspot for property purchases. However, navigating the intricacies of buying real estate in a foreign country can be daunting. One question that might be lingering in your mind is: Is there still a ban on foreign buyers purchasing property in Canada? In this comprehensive blog brought to you by Cashin Mortgages, we’ll dive into everything you need to know about purchasing property as a foreign buyer in Canada, offering you the ultimate checklist for a smooth and successful transaction.

Is There Still a Ban?

Canada, including Ontario, has seen fluctuations in regulations regarding foreign buyers in recent years. Several provinces, including British Columbia and Ontario, implemented foreign buyer taxes in response to concerns about affordability and speculation driving up prices. These taxes aimed to cool down the housing market and make it more accessible to local buyers.

However, it’s essential to note that these measures vary by province and are subject to change. As of the latest update, there isn’t a blanket ban on foreign buyers purchasing property in Canada, but certain restrictions and taxes may apply, especially in high-demand areas like Toronto and Vancouver.

The Ultimate Checklist for Foreign Buyers

Now, let’s move on to the ultimate checklist for foreign buyers purchasing property in Canada:

Research the Market

Start by researching the Canadian real estate market, particularly in the province where you intend to buy property. Look into market trends, property prices, and neighborhoods that align with your preferences and investment goals. Consider working with a local real estate agent who has expertise in catering to foreign buyers.

Understand Financing Options

As a foreign buyer, you may face different financing options and requirements compared to Canadian residents. Explore your financing options, including mortgage programs tailored for foreign buyers. Cashin Mortgages specializes in assisting foreign buyers in securing the right financing for their property purchases, so don’t hesitate to reach out for personalized guidance.

Consider Legal and Tax Implications

Buying property in a foreign country involves legal and tax considerations. Familiarize yourself with the legal framework surrounding property ownership and taxation for foreign buyers in Canada. Consult with legal and tax professionals to ensure compliance with regulations and optimize your tax strategy.

Secure Financing Pre-Approval

Before you start house hunting, secure pre-approval for your financing. This demonstrates to sellers that you are a serious buyer with the means to purchase the property. Work with Cashin Mortgages to get pre-approved for a mortgage that suits your financial situation and budget.

Conduct Due Diligence

Once you’ve found a property that meets your criteria, conduct thorough due diligence. This includes property inspections, title searches, and reviewing condominium documents (if applicable). Don’t hesitate to ask questions and seek clarification on any aspects of the property or transaction.

Factor in Additional Costs

In addition to the purchase price of the property, budget for additional costs such as closing costs, land transfer taxes, legal fees, and property taxes. These costs can vary depending on the location and type of property, so ensure you have a comprehensive understanding of the financial implications.

Plan for Residency and Immigration

If your goal is to relocate to Canada, consider the residency and immigration requirements for foreign buyers. Depending on your circumstances, you may need to explore options such as investor immigration programs or work permits. Seek guidance from immigration professionals to navigate this process smoothly.

Stay Informed

Real estate regulations and market conditions can change, so stay informed about any updates or developments that may impact your property purchase. Follow reputable news sources and consult with industry experts to ensure you’re making informed decisions.

Final Thoughts

Purchasing property as a foreign buyer in Canada offers exciting opportunities for investment and lifestyle enhancement. While there isn’t a blanket ban on foreign buyers, it’s essential to navigate the process with careful planning and guidance. By following the ultimate checklist provided by Cashin Mortgages, you can embark on your property purchase journey in Canada with confidence and peace of mind. Whether you’re investing in a rental property or buying a home for personal use, Cashin Mortgages is here to support you every step of the way. Get in touch with us today to turn your Canadian real estate dreams into reality!

As we step into the heart of 2024, it’s crucial to stay abreast of the dynamic shifts in our economy, particularly those influencing the housing and mortgage markets.

Furthermore, today’s rate update from the Bank of Canada has maintained the overnight rate at its current level of 5%. This decision comes amidst considerations of economic recovery, inflationary pressures, and global uncertainties.

Click here to view the Bank of Canada Rate Hikes timeline.

Now, let’s dive into the other key developments:

Core Inflation Cooling Sharply: The recent data released by the Bank of Canada unveils a notable drop in core inflation from 3.7% to 3.4% in January. While this may signal a moderation in price pressures, it’s imperative to remain vigilant as fluctuations in inflation could significantly impact monetary policy decisions.

Surging Rental Prices: Throughout the course of 2023, we witnessed an unprecedented tightening in the rental market, leading to record-high rents across the country. This surge underscores the challenges renters face amidst limited housing availability and robust demand.

Housing Construction Shortfall: Canada is grappling with a pressing housing shortage exacerbated by rapid population growth and a decline in housing construction. Shockingly, for every 25 people added to the population last quarter, only one new single-family home was built. This underscores the urgent need for increased housing supply to meet the burgeoning demand.

Record Low Vacancy Rate: The strong population growth experienced by Canada has propelled the apartment vacancy rate to its lowest level on record in 2023. This trend highlights the tightness of the rental market and the challenges individuals encounter in finding affordable housing options.

Divergent Market Trends: Despite a national sales-to-new listings ratio of 56% indicating a balanced market in January, significant regional disparities were evident. While the Prairies and Atlantic Canada demonstrated resilience, Ontario and BC faced buyer’s markets, reflecting divergent trends across the nation.

As your trusted mortgage brokerage, We am here to guide you through these market intricacies and provide tailored solutions to address your unique needs. 

If you have any questions or require further assistance, please don’t hesitate to reach out to us.

Are you considering refinancing your mortgage? With interest rates fluctuating and the real estate market constantly evolving, it’s crucial to assess whether now is the right time to refinance. Mortgage refinancing can offer various benefits, such as lowering your monthly payments, reducing the overall interest you pay, or even tapping into your home equity for other financial needs. However, refinancing isn’t always the best choice for everyone. 

In this blog, we’ll explore the factors to consider that will help you to decide if now is the right time to refinance your mortgage with Cashin Mortgages in Ontario, Canada.

What is Mortgage Refinancing?

Mortgage refinancing is the process of replacing your existing mortgage with a new one. This new mortgage pays off the balance of your old loan and allows you to access the equity in your home or secure a new loan with better terms. There are several reasons why homeowners choose to refinance their mortgages, including:

• Lowering monthly payments
• Securing a lower interest rate
• Shortening the loan term
• Switching from an adjustable-rate to a fixed-rate mortgage
• Consolidating debt
• Accessing home equity for renovations or other expenses

In recent years, the Ontario real estate landscape has experienced a seismic shift, with approximately 45,000 realtors exiting the industry since 2022. This mass departure has been particularly pronounced in Toronto, which boasts the highest number of realtors per capita globally. The ripple effects of this exodus extend beyond mere numbers, as Ontario and British Columbia, being more reliant on real estate than other provinces, experience a more substantial impact on their employment rates.

The reasons behind this significant departure are multifaceted. Regulatory changes, including enhanced ethics codes and the government’s ability to investigate realtors’ conduct, have raised the bar for industry standards. Moreover, the COVID-19 pandemic has accelerated existing trends, leading to a floodgate of new realtors entering the market during the pandemic boom.

However, the sheer volume of new entrants has led to concerns about the quality of service and expertise available to consumers. Experienced realtors are crucial in helping buyers navigate the complex real estate market and ensuring successful transactions. As the market heats up again, there is a palpable concern that inexperienced realtors may re-enter the market, potentially compromising the integrity and efficiency of real estate transactions.

Conclusion

The departure of 45,000 realtors from the Ontario market underscores the transformative changes occurring within the real estate industry. From market saturation to shifting consumer behavior and regulatory challenges, various factors have contributed to this significant exodus. Moving forward, real estate professionals must embrace adaptation and innovation to navigate the evolving landscape successfully. By staying attuned to market trends, leveraging technology, and delivering exceptional service, realtors can position themselves for long-term success in the dynamic Ontario real estate market.

Source: Based on industry reports, https://www.crea.ca/

Friendly Outdoor Activities for Family Day

Here is the list of Family-Friendly Outdoor Activities for Family Day. Let’s get started.

Ice Skating

Glide into the spirit of Family Day by hitting the ice rink with your family. Whether you’re a seasoned skater or a novice, ice skating is a delightful activity that everyone can enjoy. Lace up your skates, hold hands, and twirl around the rink together. Many parks and community centers offer outdoor skating rinks during the winter months, providing a picturesque setting for some frosty fun.

What is Family Day and when is it celebrated?

Family Day is a holiday celebrated in various countries around the world to emphasize the importance of spending quality time with family members.  It is typically observed on different dates depending on the region. In Canada, Family Day is celebrated on the third Monday of February for this year on Mon, Feb 19, 2024. This holiday provides an opportunity for families to bond, engage in activities together, and create lasting memories.

Snowshoeing

For a serene and scenic adventure, try snowshoeing as a family. Explore snow-covered trails and immerse yourselves in the beauty of nature. Snowshoeing is a fantastic way to stay active while enjoying the tranquility of the winter landscape.  Don’t forget to pack some hot cocoa and snacks to enjoy along the way. It’s a great opportunity to bond with your loved ones while getting some fresh air and exercise.

Building Snow Forts and Snowmen

Let your creativity shine by building snow forts and snowmen with your family. Channel your inner architect as you design and construct intricate forts, complete with towers, tunnels, and secret passages.  Or, sculpt a jolly snowman with the classic carrot nose and button eyes. Building snow structures encourages teamwork and problem-solving skills while providing hours of entertainment for all ages.

Tobogganing

Feel the rush of adrenaline as you zoom down snow-covered hills on a toboggan. Tobogganing is a thrilling activity that promises laughter and excitement for the whole family. Find a safe and designated toboggan hill in your area and take turns racing down the slope. Don’t forget to bundle up and wear helmets for added safety. With each exhilarating ride, you’ll create cherished memories that will last a lifetime.

Nature Photography

Do you take a lot of pictures of nature? Bring a camera, and while out for a lovely stroll or trek, capture the splendor of nature. Ontario offers a plethora of outdoor locations ideal for wildlife photography. One of the most often photographed locations in Ontario is Niagara Falls. With its breathtaking gardens and waterfalls, it’s a fantastic location for taking some incredible pictures.

Winter Hiking

Embark on a winter hike with your family and discover the beauty of snowy landscapes. Choose a scenic trail suitable for all skill levels and set off on a memorable adventure together.  Marvel at frost-kissed trees, frozen streams, and wildlife tracks in the snow. Make sure to dress warmly and wear appropriate footwear for traction.  A winter hike provides an excellent opportunity to connect with nature and appreciate the serene beauty of the season.

For more family friendly activities in Canada, Ontario check out our 16 Amazing Family Activities in Ontario

Ice Fishing

If you’re near a frozen lake or pond, why not try your hand at ice fishing? Bundle up in warm layers, drill a hole in the ice, and drop your line in hopes of catching a big fish. Ice fishing is a relaxing and rewarding activity that allows you to bond with your family while enjoying the tranquility of the winter landscape. Bring along some snacks and hot beverages to stay cozy as you wait for the fish to bite.

Snowball Fights

Engage in a friendly snowball fight with your family for some lighthearted fun. Divide into teams or go solo as you dodge and duck behind snowbanks, aiming to hit your opponents with perfectly packed snowballs. Let your competitive spirit soar as you strategize and outmaneuver your family members. Just remember to play safely and avoid throwing snowballs at faces or heads. A snowball fight is a fantastic way to release pent-up energy and enjoy some outdoor exercise together.

What other outdoor activities are there besides the ones mentioned in the blog?

Other outdoor winter family activities include cross-country skiing, snow tubing, winter camping, CN Tower and inner harbour under the stars. Get your family together and create unforgettable memories in the winter wonderland.

Final Thoughts

This Family Day, embrace the magic of winter and spend quality time with your loved ones through outdoor adventures. From ice skating to building snow forts, there are countless ways to create cherished memories together. Cashin Mortgages encourages you to bundle up, step outside, and explore the snowy landscape with your family. Whether you’re seeking thrills on the toboggan hill or tranquility on a winter hike, there’s something for everyone to enjoy. So grab your mittens, gather your family, and make this Family Day one to remember!

Cashin Mortgages is here to rescue your romantic evening with some last-minute Valentine’s Day date ideas that are sure to ignite sparks of love and create unforgettable memories, even if you’re in Toronto.

Let’s get started.

DIY Spa Night at Home

Pamper your partner with a DIY spa night in the comfort of your own home. Transform your living space into a serene oasis with scented candles, soft music, and luxurious bath oils. Treat your loved one to a relaxing massage. 

We recommends setting up a DIY face mask station with natural ingredients like honey, avocado, and yogurt for a rejuvenating skin care experience.

Afterward, snuggle up together and enjoy a romantic movie marathon.