Empty nesters.How to ease the task of downsizing
It’s a prospect that many homeowners dread. The thought of downsizing from a single-family home into a condominium or apartment can be daunting and stressful. A broker often helps clients downsize. When the process of downsizing is not rushed, our clients are more able to make decisions that serve them well. “Flexibility is the best negotiation tool you can have when you’re buying a new property. We can best serve our clients when they agree to meet with us early in the process and show their current lifestyle.” “Empty-nesters who have been in their homes for several decades tend to have a lot of stuff,”. “Sometimes, they have to make peace with the idea of downsizing because it can be overwhelming. They have so many beautiful memories tied up in their homes.” The first question downsizers should ponder, she says, is where they want to move. “Depending on their financial situation, they can buy or rent “What is more important? Location, lower condo fees, amenities? You narrow it down based on lifestyle and budget.” One misconception that owners of single-family homes may have is that moving into a smaller space will enable them to pocket the extra money from the sale of their property. However, downsizing to a costlier location—such as moving into the city from a suburb—can cancel out those monetary gains. “You may end up paying the same or more for less space if you move into a more upscale area, “It’s not such a problem when you stay in the same area.” For many, there is an emotional wrench to parting with belongings, however, the process is easier if people donate their excess possessions to others in need, such as refugees. Measuring floor space in a new home can inform homeowners of how many possessions the new space can accommodate. And they can have a sense of continuity by arranging items in a way that’s similar to the home they’re leaving, We counsel against putting excess belongings into storage units. “If you do that, you’ll end up paying twice to move the stuff. Financially, it makes more sense to get rid of stuff before you move.” Planning on downsizing? Please give us a call! We have a lot of helpful tips for you and can help you plan an easy move! 514-947 8863
28% of residential mortgage holders in Quebec will be renewing next 18 months
More than 3 million Canadians have a mortgage renewal in the next 18 months, and most of them are worried about it. The Bank of Canada announced on October 25th it would be holding its key lending rate at 5.0%, the second consecutive hold since two quarter-point increases were made over the summer. Since March of last year, the central bank has imposed an unprecedented number of rate hikes in an effort to reduce pandemic-fueled inflation, taking interest rates from historic lows to a more than two-decade high. While approximately three-quarters (74%) of Canadian mortgage holders currently have a fixed-rate agreement in place, higher interest rates have had a major impact on those with a variable-rate and hybrid mortgage. Highlights - Province of Quebec 28% of residential mortgage holders in the province will be renewing their lending agreement within the next year and a half. This means that close to 680,400 Quebecers will be renewing their mortgage loan by March 2025. Among them, 79% are concerned about their upcoming renewal 94% of mortgagees in the province obtained their mortgage from a prime lender, the highest in the country 75% of Quebec mortgagees currently have a fixed-rate mortgage (open or closed) and 21% opted for a variable-rate mortgage (open or closed) 60% of variable-rate or hybrid mortgage holders say that higher interest rates have caused their mortgage to hit its trigger rate 33% of variable-rate or hybrid mortgage holders in Quebec say that higher interest rates have put a major financial strain on their household; 42% say that increased rates have imposed minor financial strain In order to cope with higher mortgage payments, 45% of variable-rate mortgagees under financial strain have decreased their discretionary spending
Montreal to ban most natural gas heating, cooking in new buildings
Flames emerge from burners on a natural gas stove, Wednesday, June 21, 2023, in Walpole, Mass. Montreal will ban gas-powered systems in new construction starting next fall, with some notable exceptions. THE CANADIAN PRESS/AP-Steven Senne Montreal will ban gas-powered systems in new construction starting next fall, with some notable exceptions. The new regulation, adopted by the city's executive committee this morning, will apply to new, small buildings — up to three storeys and 600 square meters in the area — as of Oct. 1, 2024, and larger buildings starting six months later. Examples of soon-to-be prohibited systems include residential gas-powered stoves, indoor gas fireplaces, hot water heaters and furnaces that emit greenhouse gases and barbecues and pool or spa heaters that draw from gas lines. The city says exceptions include emergency generators, commercial stoves in restaurants, gas-powered barbecues with removable tanks, and temporary heating devices used during construction work. Industrial buildings are also exempt, as are combustion heaters in larger buildings that draw only from renewable sources of gas. Montreal says the measure will help it reach its goal of becoming carbon neutral by 2050, noting buildings account for one-fourth of greenhouse gas emissions in the city.
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