Tag Archives: First Time Buyer

Your Real Estate Fix of the Week 11.09.17

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We’re back with your real estate fix! This week’s new listings have some seriously stunning spaces. You can view all of our listings on our website at www.eriesedge.com/for-sale. Click on the images below to view the detailed listings.


We’ve heard that “happiness is the biggest window a house can ever have.” Who ever said this clearly hasn’t seen the remarkable windows at 40 Yin Street in Waterford. This luxurious stone and stucco home will spoil you with natural light, spacious rooms and stunning features. We’re telling you, this whole home is happiness!

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Your family will love calling this spacious (like, 2232 square feet kind of spacious) brick bungalow “home”. This 3 bedroom beauty also has a 3 season sun porch and blank canvas basement ready for your ideas. We’re serious, 19 Yu Boulevard in Waterford has a ton of space for your whole family. Oh, did we mention it’s stunning?

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We can’t get over the beautiful 1.1 acre lot at 605 Charlotteville East Quarter Line Road in Vittoria. The view is incredible and the home has nothing but potential  If you’re ready to renovate or build, there’s no way you’re letting this country paradise go!

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If condo living is your style, you’ll want to give 23 Wren Court in Tillsonburg a chance! The low condo fees, spacious rooms, and convenient location are offering you that low-maintenance condo life you’ve been looking for.

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If you’d like more information on these or any of our listings please leave a comment, or give us a call 519-586-7922.  Happy house hunting!

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Your Real Estate Fix of the Week 10.26.17

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 You’re going to love the cherished details and intimate character in these featured listings! This week’s new listing is accompanied by a couple awesome new prices. You can view all of our listings on our website at www.eriesedge.com/for-sale. Click on the images below to view the detailed listings.


Feel the romance in this charming classic. You’ll feel it in the cozy cared for spaces, and through the beautiful restored details. Warm natural light passing through large windows sets the stage for gleaming hardwood floors and original wood doors and trim. 52 Washington Grand Avenue in Tillsonburg is welcoming you home.

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85 James in Tillsonburg is a certain kind of cozy. The kind with a warm living room that makes you want to wrap yourself in a blanket, sip a hot tea, and dive into a favourite novel. It’s that kind of cozy under the vaulted ceilings, beside the large gas fireplace on the hardwood floors. Looking through the big bright windows and door to the spacious back deck surrounded by beautiful mature trees. You know, that kind of cozy.

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The country roads will take you home. Find your way to this beautiful home at 453 Concession Road 1 in Port Rowan hosting 3+3 bedrooms in it’s spacious interior. Stunning landscaping, a large back deck and a classic front porch create even more living space and of course, a place to enjoy the country views.

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If you’d like more information on these or any of our listings please leave a comment, or give us a call 519-586-7922.  Happy house hunting!

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Get to Know the Home Buyers’ Plan

ANDREW BODRA

Just over a year ago, I made the huge step of purchasing my first home. (Don’t be so impressed, I was almost 30, it was time).

I’m a millennial so, I obviously browsed the internet for all the do’s and don’ts, tips and tricks of buying a home. With the weighing reminder from all the internet “experts” about “the hidden costs of home-ownership” and “the first year is the toughest”, it is no wonder that spending much of my readily available savings on a down payment conjured feelings of pure panic.

I could surely write you a hefty list of advice for purchasing your first home. Tips like, make sure you can get INTERNET at that cute home tucked into the forest of trees in the middle of nowhere (Yes, that happened).  However, I will stick to one important tip that helped to relieve some of the stress that came along with making the largest purchase of my life.

If you are considering buying or building your first home, find out if you qualify for the The Home Buyers’ Plan! If you’re like me, I had heard of the plan (HBP) but really had no idea how it could help me or how to use it.

What is the Home Buyers’ Plan?

The Home Buyers’ plan is an exception to the rules of withdrawing from RRSP’s to use toward the purchase of your home for first time buyers. Under the plan, you are eligible to withdrawal up to $25,000, tax free, from your RRSP.  Which means you don’t need to claim the amount of the withdrawal as income for that year and pay the tax as you would in a typical scenario. I look at it as if I simply loaned myself interest-free money from my RRSP.

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In my situation, when I had found my little piece of (internet-less) paradise, my mortgage agent provided me with the form to complete and submit to my RRSP provider in order to withdrawal the funds under the plan. But, the form is available on canada.ca and is simple to complete.

Good news, no repayment instalment is due until the second year AFTER the date of the withdrawal. Which helps to take some of the load off in that struggling first year of home ownership.  With annual instalments, I have 15 years to repay the borrowed amount back to my RRSP.

So, If you’re in the market for you first home (YAY for you!) have a chat with your RRSP provider and take a look at the requirements and restrictions for the Home Buyers’ Plan. If you have any questions about buying YOUR first home, reach out to us at ray@eriesedge.com or 519-586-7922.

Why the New Mortgage “Stress Test” Will Stress Homebuyers Out

Why the New Mortgage “Stress Test” Will Stress Homebuyers Out
Huge changes to mortgage rules were announced earlier this week.
 
Yet another “stress test” will be applied to mortgages.  Currently, homebuyers who have carefully saved a downpayment of 20% or more aren’t required to purchase mortgage default insurance. Only mortgage consumers with down payments less than 20% require default insurance which costs anywhere from 2.80% to 4.00% of their mortgage amount.
 
However, new rules on mortgage lending take effect next year and result in a major decrease in affordability for responsible homebuyers.  Uninsured mortgages now require the minimum qualifying rate to be the greater of the five-year benchmark rate published by the Bank of Canada (presently 4.89%) or 2% (200 basis points) above the mortgage holder’s contracted mortgage rate.
 
So, what does this mean?  Let’s take a look at the numbers.
Bank of Canada Five-Year Benchmark Rate
The Bank of Canada’s current five-year benchmark is 4.89% which in this example is greater than the buyer’s mortgage rate plus 200 basis points.
 
A family with an annual income of $50,000, a 20% downpayment at a five-year fixed rate of 2.84% amortized over 25 years can currently purchase a home for $370,547.
 
Under new rules buyers will have to qualify at the five-year benchmark rate of 4.89% meaning that they will only be able to afford $301,095  A difference of $69,452.
2% Above Contracted Rate
 In a case where the mortgage rate, plus the 2% stress test is greater than the The Bank of Canada’s current five-year benchmark rate, here’s how the numbers add up.
 
A family with an annual income of $50,000, a 20% downpayment at a five-year fixed rate of 2.84% amortized over 25 years can currently purchase a home for $360,942.
 
Under new rules buyers will have to qualify at the five-year benchmark rate of 4.89% meaning that they will only be able to afford $295,350.  That’s a difference of $65,592.
If you’re in the market to buy a new home and would like to talk about these new mortgage rules and the current real estate market, we can be contacted at 519.586.7922 or stop by our office at 1019 Bay Street, Port Rowan.  All of our contact information is also available on our website at www.EriesEdge.com

Your Real Estate Fix of the Week 10.19.17

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This week’s new listings are full of style. From country character to modern chic these homes are set to impress!

You can view all of our listings on our website at www.eriesedge.com/for-sale. Click on the images below to view the detailed listings.


The large eat-in kitchen might just be our favourite space in this modern country styled home. Complete with patio doors out to the large deck it is hard to beat. We’re guessing 163839 Brownsville Road in Tillsonburg might just become your favourite space.

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Covered front porch, wide back deck, bright sunroom. Could you have any more places to enjoy the country views from this charming home? Well yes, if you count the over sized garage 2 sheds and 1/2 acre lot. You’ll be surrounded with country views and plenty of space at 2401 Highway 3 in Tillsonburg.

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The epic cathedral ceilings and amazing modern kitchen are turning heads! 42 McGuire Crescent in Tillsonburg is new to the market and has so much to offer (including a walk-in closet and 4 piece ensuite). This beautiful open concept home is dressed with stylish finishes and is ready to show them off.

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Experience the high life! Literally, this spacious penthouse condo unit is home on the highest level. And it comes with high life perks. You know, the luxurious kind. Like underground parking, exercise room, beautiful patio, in-house laundry, convenient location, and the list goes on. Did we forget to mention? You can live this luxury in Tillsonburg at 603-80 Bridge Street.

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If you’d like more information on these or any of our listings please leave a comment, or give us a call 519-586-7922.  Happy house hunting!

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Your Real Estate Fix of the Week 10.12.17

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This weeks listings are all about the vibes. These homes will have you feeling relaxed, comfy and luxurious. Go ahead, feel out these awesome new listings.  You can view all of our listings on our website at  www.eriesedge.com/for-sale. Click on the images below to view the detailed listings.


We are truly loving the outdoor spaces at this brick bungalow! We can overlook the green yard and landscape from the upper back deck, or sit back and relax in the sun room. We’re finding lots to love indoors too, like the gas fireplace and hardwood floors. You’re going to fall in love at 15 Carolyn Boulevard in Simcoe!

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Cozy up in this conveniently located Delhi home! Ceramic tile and oak cabinets fill the spacious eat-in kitchen. Hardwood covers the bright living room making it easy to get comfy at 62 Sovereen Street. Cozy, comfy, sounds like home, doesn’t it?

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Life is easy in Staffordville. It’s easy and it’s bright! This beautiful ranch home is basking in warm, natural light. The sleek design and open concept create a luxurious vibe that’s easy to immerse yourself in. The features and upgrades at 55016 Jackson Line make living, well.. easy!

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If you’d like more information on these or any of our listings please leave a comment, or give us a call 519-586-7922.  Happy house hunting!

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Your Real Estate Fix of the Week 10.05.17

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We couldn’t be more excited to share this week’s new listings with you. They are dressed up, decked out, and bringing the heat. We hope you’re ready for these! You can view all of our listings on our website at  www.eriesedge.com/for-sale. Click on the images below to view the detailed listings.


Is it hot in here, or is it just the fireplace? Don’t worry, you can cool down with a refreshment at the basement bar, or heat it up even more in the hot tub on the back deck! Seriously though, this 4-bedroom home at 24 Falls Crescent in Simcoe is offering the whole package with great features, finishes, and location. Meet you at the pool!

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It’s all about the details. Textures, tiles, floors, and fixtures, this traditional raised ranch home will take your breath away.  303 Dover Avenue in Port Dover is basking in natural light from the stunning main floor living space to the lower level rec room. You may not be able to turn this one down.

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Country living or lake life? This bright and spacious home is offering country style living with a sprawling covered front porch and generous eat in kitchen. Being just a short drive to the beautiful beach in Long Point, 453 Concession 1 in Port Rowan is the best of both worlds!

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If the beach is where you belong, this cottage may be your match. You’ll find a Turkey Point beach access point right across the road from this perfect family cottage.  When you’re not at the beach, your large deck at 175 Cedar Drive in Turkey Point is a great place to relax and your guests will love you backyard bunkie.

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If you’d like more information on these or any of our listings please leave a comment, or give us a call 519-586-7922.  Happy house hunting!

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Understanding Pre-Approvals… Blunt, for your own good!

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When you’re buying a house and have less than 20% down payment, your mortgage approval has 2 steps:

  1. The lender’s approval
  2. The Insurer’s approval. (CMHC, Genworth or Canada Guaranty)

Lender Approval

The broker and lender can do a PRE-APPROVAL, where they check your credit, crunch numbers and give an opinion of your chance of getting approved. They may ask for income confirmation upfront during this stage, you should provide it and have them review it.

A PRE-QUALIFICATION is when no credit check is done, the broker or lender is just looking at whether the income that you state you make, can support the amount of mortgage you would like. This is a BASIC review of your application, mostly of your income and other debt to see if you can afford a mortgage payment. It’s good for people who may be purchasing in the future. I do not recommend this if you are actively looking and planning to buy soon.

Insurer’s Approval

The Insurer (CMHC, Genworth, Canada Guaranty) does NOT do pre-approvals – this is because they are approving you AND the house you’ve bought. They can’t approve the house, unless you have an accepted offer. They reserve the right to “like the house”, and basically want to make sure you haven’t bought a shack that’s about to fall over. Make sense?

So, you may have a Pre-Approval but until you have bought the house, and the Insurer has reviewed the offer and the house, you DO NOT have an approval.

Once the insurer has reviewed your accepted offer and the house, they will issue a CONDITIONAL APPROVAL.

All approvals, every single one, is CONDITIONAL. 

This means: They will actually GIVE you the money once you meet the all the conditions outlined in the mortgage commitment (the approval on paper).

Conditions are ALWAYS:
  1. Proving that your income is what you said it was.
  2. Proving where your down payment came from.
  3. There may be other conditions such as selling your current home, paying off other debt etc.
  4. Whatever the conditions are: Know them and meet them in a timely fashion. Why? Because actually GETTING the money to pay for the house you just bought, depends on you doing this.

A few words about paperwork… once you’re approved, the lender has agreed to give you a whole wack of money $$$$$.

So… they have the right to ask you for paperwork, things like: employment letters, recent pay stubs, T4’s, tax returns, separation agreements, the list goes on and on. It’s nothing personal, it’s just the reality of getting a mortgage today. Family, friends, co-workers, neighbours, your dry cleaner and your cable guy will tell you that they didn’t have to do this when they got a mortgage. Tell them that’s because

the magical unicorn mortgage days are over. Just like the yellow pages, times have changed.

Here’s why:

  1. Our government says so and they regulate mortgages.
  2. That saying about a few bad apples spoil it for everyone applies to mortgages as well. If there is a rule, it’s a rule for a reason! You can vent to your broker, that’s ok! But in the end, working together to get things done is what’s going to get your money funded on your closing date. As I always say, hustle now and we can complain together later.

The Home Buying process can be stressful, not going to lie. The more educated and prepared you are, the better! Work with an experienced broker who will be blunt and protect you.

And most of all, keep a sense of humour! Life is too short, make boring stuff fun!

 – Carr

Thank you to our Guest Blogger

Your Real Estate Fix of the Week 09.21.17

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We know you had to wait an extra week, but your real estate fix is here! This week’s new listings are offering vacant land, investment property and uniquely designed spaces. You can view all of our listings on our website at www.eriesedge.com/for-sale. Click on the images below to view the detailed listings.


We’ll be blunt about 112 Simcoe Street in Tillsonburg. This two-unit investment property with recent updates sits in a convenient location with a ton of space for parking. So bluntly put, investing in this property will be a great opportunity!

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We’re so smitten with this home at 47 Lisgar Ave in Tillsonburg.  Swooning over it’s unique design and features and completely falling for the spectacular stone fireplace. You have to see this one but please, try to control yourself!

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Large front window, country views, and an amazing shop.  This charming home at 45 Colonel Talbot Rd in Tillsonburg isn’t huge, but it sure has some features that make a huge impression!

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You can build your dream home in the quaint hamlet of Lynedoch. The vacant lot at 171 Lynedoch Rd is a rare find, backing onto big creek in a quiet community. It’s time to make dreams come true!

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If you’d like more information on these or any of our listings please leave a comment, or give us a call 519-586-7922.  Happy house hunting!

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Picking the Right Mover

Picking the right moverIt’s moving day! Are you excited? Or, are you stressed? Moving can be an emotional time and we’d like to offer a few tips to help you manage your move when it comes to hiring the right mover.

We touched base with transportation expert Kristen Hopley for some guidance. First and foremost, Kristen advises that you should decide what level of effort you want to put into your move.  Are you willing to and have time to over see the move?  If not you need to find a reputable mover. Here’s Kristen advice for finding that trust-worthy mover for your moving day!

Ask friends and family for a recommended mover

Ask others whom you trust who they had move them and if they would recommend that mover. This is a great way to start narrowing down your list of potential moving companies.

Get 3 quotes

Contact 3 movers and request that they have a representative come into your house to do an estimate of what needs to be moved.

Make sure that the Representative comes to your home to see what they will be moving

When meeting with the representatives make sure they take the time to answer all of your questions.  They can only provide a proper quote if they know exactly what services you want.  Are you looking for a full pack or just the move?  They should explain what steps they take to protect your belongings. Do they blanket wrap your furniture, pad your bannisters, put floor runners down to protect your carpet, and if you have marble floors what type of material will they lay down (should be plywood or Masonite) to protect your floors?  The best representatives will ask to walk through the house asking you what will be moving and what is staying.  They should want to open closets and look in the basement garage and sheds. These representatives are gathering as much information as they can to provide you with an accurate quote for service.

Visit the moving facility

Request to visit their moving facility.  This is a great way to evaluate the companies level professionalism and judge their quality of service. Are the facilities clean? Is the staff friendly? Do they behave like experts in their field and are they willing to answer any further questions you have? 

Ask lots of questions as well as their advice about the services they offer

During this visit, make sure to ask questions so you can manage your expectations around preparing for the move and for the day of the move.  For example, if you are packing your own belongings into boxes ask the mover if they loan packing materials?  If not, how much do they charge for the paper and the packing boxes? 

Carefully review each quote

Once you receive all three estimates look through them carefully.  It’s important to pay attention to the details. If the movers are quoting by the hour how many men and trucks are each quoting?  Make sure they are the same.  If you are going a distance, anything over 100kms they should probably be quoting by weight and mile.  Check the weights of each quote.  What is each mover charging per pound.  When looking at your quotes make sure that everyone has included the services you are requesting.

Will they guarantee their estimate not to exceed by more than 10%?

Lastly, ask your mover of choice will they guarantee your quote within 10%.  If they say no, ask them why.  Each representative should be qualified enough to know how to create an estimate that would fall within 10%.  The reason estimates are not an exact science is, you may chose to bring goods you thought you would not and the weight of your furniture is hard to determine.

Once you’ve picked the right mover for you, the packing can begin! 

There are many ways to help manage your move to ensure you have a seamless moving day. If you have any questions about your upcoming move, ask us! Leave a comment below or give us a call at 519-586-7922.

Bonus: Packing Tips
  • Be prepared for your move!
  • Always use moving boxes.  This will make your move easier and reduce the time.
  • Have all your boxes packed before the move day.
  • Label each box with your name and the room it will go into. 
  • Use your luggage for last minute articles. 
  • Pack a box of cleaning supplies, toilet paper, facial tissue and drinks and glasses and put this in your car (provided you are driving to the new house).