29 Mar

Top 5 reasons to stay in the home you love as you age.

Mortgage Tips

Posted by: Leeah Holle

Top 5 Reasons to Stay in the Home You Love as You Age.

According to a report by Mustel Group and Sotheby’s International Realty Canada, 86% of Canadian baby boomers and older homeowners want to live in their home for as long as possible. However, given the challenges associated with aging – such as reduced mobility and memory loss – many question whether they may be better off in an assisted living or nursing facility.  There are, however, a number of unique advantages to staying in the home you love as you age, which we’ll explore below

1. Maintaining your independence

As you get older, it’s natural to become slightly less independent – you may need help doing the grocery shopping or with certain household tasks. But if you stay in your home as you age, you’ll likely be able to maintain more independence than if you move into a residential facility. At home, you’re in control of your routine, your meals, and your surroundings, while in an assisted living facility, you usually have less control over these things.

2. Staying close to your community

When you’ve lived somewhere for a long time, you’ll likely have friends and neighbours within walking distance. Having regular social interactions is especially important as we get older, it’s good for your mental health and will help stop you from feeling lonely. More importantly, having a flourishing social life as we age has been connected to a 70% reduction in cognitive decline compared to more isolated individuals. This is a huge benefit to aging in place. At home, you’ll be able to easily visit neighbours as well as having friends and family over whenever you want.

3. Keeping your home comforts

For most of us, our house is a place of familiarity, security, and peace. It’s the place we’ve spent years building into a home and where we’ve made many cherished memories. The emotional benefit of aging in place is therefore huge. On the other hand, moving to a facility can take an emotional toll on a person’s wellbeing, putting them more at risk of stress and depression. Furthermore, there’s evidence that familiar smells and surroundings can help trigger memories of those in the early stages of Alzheimer’s.

4. Staying healthier and safer

Many people chose to move into a nursing home or assisted living facility believing it to be the safer and healthier option. And while this may be true for those with severe needs, there are other factors that need to be considered. Feeling homesick can lead to stress and depression, which in turn can lead to greater cognitive and physical decline. Residential facilities also carry a greater risk of infection, which can spread much more easily when living at close quarters with others.

5. Saving money

There’s no denying that aging in place has its expenses. You may need to pay someone to help you with household chores, grocery shopping, or personal care. You may also need to adapt your home for mobility. Despite this, aging in place is typically less expensive than an assisted living facility or nursing home.

Deciding whether to age in place or move into an assisted living or nursing facility is a personal choice that should be made after careful consideration. If you decide that staying in your home is the right option for you, the CHIP Reverse Mortgage can help you with the associated costs.

The CHIP Reverse Mortgage allows you to access up to 55% of your home’s value in tax-free cash. What’s more, the loan isn’t repaid until you leave your home, meaning there are no required monthly repayments. What you do with the money is up to you. You could use it to adapt your home, purchase mobility aids, or pay for an in-home caregiver – helping you stay as independent as possible in your own home.

Written By: Agostino Tuzi

19 Mar

Canadian Economy Ended 2020 On An Extremely Upbeat Note.

General

Posted by: Leeah Holle

Strong Canadian Economic Growth in Q4 and January

This morning’s Stats Canada release showed that economic growth in the final quarter of last year was a surprisingly strong 9.6% (annualized). The surge in growth in January was even more interesting, estimated at a 0.5% (not annualized) pace. If these numbers pan out, it means that Canada did not suffer a contraction during the second wave and ensuing lockdown.

The January figure is noteworthy in that retail sales plunged as nonessential stores were closed in key parts of the country as we faced surging numbers of COVID cases. The strength came from resources, housing and government spending and the mild weather likely helped.

At its last meeting in January, the Bank of Canada (BoC) estimated that Q4 growth would come in at 4.8% (half the actual 9.6% pace) and that there would be a net contraction in Q1 of this year. The strength in Q4 emanated from very hot housing, some business investment in machinery, government outlays and a resurgence in inventory accumulation. Inventory build-up is often seen as a negative sign reflecting weak consumer spending. But maybe firms were preparing for a considerable rebound in demand.

Economists on Bay Street are upwardly revising their growth forecasts for this year, and no doubt the BoC will do so again when it meets next Wednesday. Clearly, the economy has been more resilient than expected. Will that change the Bank’s assessment of the continued need for monetary stimulus? Probably not. But it will likely temper their view that the next rate hike will not be until 2023, a sentiment the BoC has asserted regularly in the past.

Consumer spending was weak at the end of last year, not surprisingly given many stores were closed and a stay-at-home order was in place in several highly populated areas. Households have been hoarding cash. The savings rate declined to 12.7% in Q4 from as high as 27.8% earlier in the year, but that is still way above normal. Accumulated savings will provide a backstop for robust consumer spending once the economy opens up.

For all of 2020, the Canadian economy contracted by 5.4%–a substantially harder hit than in the US, which posted a 3.5% decline.

Bottom Line

The stronger-than-expected economy raises the potential that there is enough stimulus in the economy. The Trudeau government appears to be determined to hike government spending meaningfully in the next federal budget (likely coming this Spring). We know it is the government’s predilection to juice the economy for another couple of years, but that could well deserve a rethink.

Written by Sherry Cooper for DLC

12 Mar

More about Dominion Lending Centres

Mortgage Tips

Posted by: Leeah Holle

alt_text
We are Canada’s largest and fastest-growing mortgage brokerage!
We have more than 2,800 Mortgage Professionals from more than 350 locations across the country!
Our Mortgage Professionals are Experts in their field and many are ranked among the best nationally.
We work for you, not the lenders, so your best interests will always be our number one priority
We have more than 100 mortgage programs, making it easy to choose the best fit for your unique situation.
We close loans in all 10 provinces and 3 territories.
We can process your mortgage in as few as 7 days.
We are the preferred mortgage lender for several of Canada’s top companies.
Dominion Lending Centres’ Mortgage Professionals are available anytime, anywhere, evenings and weekends – and we’ll even come to you!
10 Mar

Preparing for the Spring Market. Tips for buying or selling.

Mortgage Tips

Posted by: Leeah Holle

Spring is almost here! To help you get prepared for the Spring market, I have put together some details on what you need to know whether you’re buying or selling!

Selling this Spring? Here are some great tips for those of you looking to sell your home this Spring!

  1. Hire an Experienced Realtor: Before preparing your home for the Spring market, you will want to hire an experienced realtor! A good realtor will serve as your guide through the entire sales process, helping you get your home ready for listing, showing potential buyers and finalizing the eventual sale. This is even more important given the changing landscape in relation to additional safety protocols with viewings and even virtual viewing options. Now, more than ever, the expertise of a realtor will help you navigate the sales process.
  2. Prioritize Repairs and Improvements: Before listing your home, it is important to go through room-by-room and address any issues such as chipped paint, small holes in the wall, broken fixtures, old appliances, etc. Correcting these minor issues will help your home truly shine when buyers walk through.
  3. Clean and Stage Your Home: Now that you have made the necessary minor repairs, you can start staging your home! Start with the exterior of your home and ensure you tidy up the yard, remove any junk and wash your windows! When it comes to the interior of your home, you will want to declutter and do a deep clean (a professional cleaning service can come in handy for this!). Once your home is decluttered and clean, your real estate agent can help you stage it so that it appears spacious and inviting.
  4. Consider a Pre-Listing Inspection: Once you are ready to list your home, it can be a good idea to consider a pre-listing inspection. The inspector would conduct a complete visual inspection of all interior and exterior elements (including HVAC systems, wiring, ceiling, chimneys, gutters, etc.), which would help put prospective buyers at ease.
  5. Organize The Paperwork: There is a lot of paperwork when it comes to selling your home. Having all of these documents organized and together for potential buyers will help to speed up the process and allow them to address any questions before the deal is finalized. Permits, renovation or repair receipts, warranties, rental agreements and copies of your utility bills are all good records for potential buyers.
Looking to Buy This Spring? If you want to enter the real estate market this Spring, there are some things you should consider – especially if you are a first-time home buyer!

  1. Get Pre-Approved: One of the best things you can do prior to starting your home search, is to get pre-approved for a mortgage! A mortgage pre-approval is NOT an approval, and does not commit you to a single lender, but it can give you a leg up on your home ownership journey. Pre-approval helps to determine your price range and budget, as well as guaranteeing the interest rate for 90-120 days while you search for that perfect home. Having a pre-approval also lets the seller know that securing financing should not be an issue. This is extremely beneficial in competitive markets where lots of offers may be coming in!
  2. Manage Your Expectations: When it comes to house hunting, it is important to understand and manage your expectations right from the start. All potential buyers should have put together a budget, which will assist in understanding what is affordable – and you must stick with it. You also need to be realistic about what you require in a home, versus what you want in a home.
  3. Prepare Your Down Payment: If you have been thinking about purchasing a home, odds are you already have a down payment ready or have at least started saving. Once you have determined your budget, you will be more equipped to calculate the down payment amount. Keep in mind, a down payment can come from funds gifted by an immediate family member and first-time homebuyers can also utilize their RRSPs up to $35,000!
  4. Hire an Experienced Realtor: A realtor is your best tool when it comes to the housing market. They often have access to listings that are not available publicly yet, in addition to understanding the processes around purchasing a home.
  5. Don’t Forget the Inspection: Once you find a home you think you are ready to buy, make sure not to skimp on the inspection! A proper inspection is important for buyer security as they can uncover potential issues that may cost you money down the line.

Whether you are looking to buy or sell, it is important to work with a trusted real estate and mortgage professional to ensure the best outcome for you and your family! If you’re not sure where to start a mortgage professional, such as myself, has contacts in the industry and can recommend a few options for real estate agents to you – and vice versa!

Written by my DLC Marketing team