If you own a car, you're probably aware that ownership costs extend beyond just loan payments and fuel. You also need to budget for maintenance and repairs, which can be more expensive for older vehicles. The same principle applies to your home. It's important to budget for expected repairs and maintenance to avoid surprises.

Experts suggest setting aside 1% of your home's value each year for maintenance. For instance, if your home is worth $500,000, you should budget $5,000 annually. This is a general guideline, and if your home is older, you might need to allocate more.

Another approach is to budget $1 per square foot. So, for a 2,500 square foot home, you should set aside $2,500. Again, this amount should be higher for older homes.

When planning your budget, consider items that might need replacing in the next three years, such as roof shingles, furnace, air conditioning unit, deck, fence, plumbing, and windows. For example, a new air conditioning unit can cost around $4,000, depending on the size, model and efficiency. Planning for such expenses can help you avoid unexpected financial stress.

Remember, budgeting for repairs and maintenance doesn’t mean you’ll spend that money every year. However, having the budget available provides peace of mind, knowing you're prepared for any necessary expenses.

If you're considering buying a home in Ontario, one of the most crucial steps you can take early in the process is obtaining a mortgage pre-approval. A pre-approval offers several benefits that can help streamline your home-buying journey and provide you with a competitive edge in the housing market.

1. Understanding Your Budget

A mortgage pre-approval gives you a clear picture of how much you can afford to borrow. By providing your lender with financial documents such as income verification, credit history, and debt information, you’ll receive a specific loan amount that you qualify for. This helps you narrow down your home search to properties within your budget, saving you time and energy.

2. Increased Bargaining Power

Having a pre-approval letter shows sellers that you are a serious and qualified buyer. In competitive markets like Ontario, this can be a significant advantage. Sellers are more likely to consider offers from pre-approved buyers because it indicates financial readiness and reduces the risk of the deal falling through due to financing issues.

3. Locking in Interest Rates

Interest rates can fluctuate, and securing a pre-approval can lock in your rate for a set period (typically 60 to 120 days). This can protect you from potential rate increases while you search for your home. Knowing your interest rate in advance also allows you to budget more accurately for your monthly mortgage payments. In some cases, if the rates go down, you will get that lower rate.

4. Speeding Up the Closing Process

Since a large part of the mortgage application process is completed during pre-approval, the time required to finalize the loan once you’ve found a home is significantly reduced. This can make the closing process faster and smoother, which is appealing to sellers looking for a quick sale.

5. Highlighting Financial Issues Early

During the pre-approval process, lenders thoroughly review your financial situation. If there are any issues with your credit score, debt levels, or income that could impact your ability to secure a mortgage, you will find out early. This allows you to address these issues before you start house hunting, improving your chances of final approval.

6. Providing Peace of Mind

Knowing that you are pre-approved for a mortgage provides peace of mind. It allows you to focus on finding the perfect home without worrying whether you’ll be able to secure the necessary financing. This assurance can make the home-buying experience less stressful and more enjoyable.

To obtain a mortgage pre-approval in Ontario, follow these steps:

1. Gather Your Financial Documents : Collect proof of income (pay stubs, tax returns), credit history, identification, and details of your assets and liabilities.
2. Choose a Lender : Research and choose a lender or mortgage broker who offers competitive rates and terms.
3. Complete the Application : Fill out the pre-approval application and submit your financial documents.
4. Await Approval ✅: The lender will review your application and documents, and if everything is in order, they will issue a pre-approval letter stating the loan amount you qualify for.

Obtaining a mortgage pre-approval is a strategic step that offers numerous benefits for home buyers in Ontario. It not only helps you understand your budget and strengthens your offer but also locks in your interest rate, speeds up the closing process, and identifies potential financial issues early on. By taking this step, you position yourself as a serious and prepared buyer, ready to navigate the competitive Ontario housing market with confidence.

For more information on mortgage pre-approvals, visit the Canada Mortgage and Housing Corporation (CMHC) or consult with your preferred lender.

If you do not have a preferred mortgage specialist, please let me know. I am happy to provide a few specialists. 

I just read a comment from a former Realtor, now a real estate mentor. In her comment, she mentions how she is driven crazy when a Realtor posts, “It is always a good time to buy or sell!”

She makes the point that it all depends on each person’s current situation, and I agree. It is not always the best time for a person to buy or sell, and as a Realtor, it is incumbent on us, when someone reaches out, to determine what their current situation is, and each situation, even if it may be similar to someone else’s, is unique. There are many factors to consider. It may not be a good time for them.

I get what some Realtors mean when they write that “It is always a good time to buy or sell!” I believe what they are trying to say is, that throughout the year, there is no bad time to buy or sell. There was a time that it was always best to sell during the spring market, which was late March to mid-June.  That was when there were many buyers out looking.

While it is true that more homes do sell during the spring market, the spring market is now starting before spring officially starts and depending on weather, it can be very busy! The spring market does also tend to drift into the summer, which unlike many years ago, is still a pretty solid market. There are still times when there are competing offers.

Each season brings some challenges. If you are selling your home, and decide to list in the spring, you have the challenge that many homeowners are doing the same, so you face heightened competition (this hasn't been the case in recent years due to a lack of available homes). Summers are a slower time to sell, folks are on vacation and less people are out buying.

The market does tend to pick up in the fall, and then taper off into December and into February. That was the time, as it was, and may still be with buying antiques, that with less buyer competition, you may be able to negotiate a better price. In recent years, the market is still fairly robust in December and January.

All that said, there are other factors involved with the market. Here in Ottawa, even before Covid, we have had a lack of available homes on the market, pushing home buyers into competitive, multiple offer situations, driving up prices. It does not help that every level of government has gotten way behind in new home construction.

I have had people tell me recently, that they are waiting for the fall to buy, when the Bank of Canada cuts the key lending rate again. There is no guarantee this will happen.  Here is the thing, interest rates are a factor for sure when buying a home. People still buy homes when interest rates are higher. When I bought my first home, I paid 12.25%, during the recession of the 1980’s.

What is more of a factor here in Ottawa is the lack of available homes. So, let’s just say that the Bank of Canada does in fact lower the key interest rate another .25 % or even .50%. If the number of available homes remains the same as today, and the majority of buyers also wait for the rate drop, you now have more buyers competing for those homes, which will result in more competitive, multiple offer situations, driving up the prices, so whatever gain was made with the lower interest rate, is countered by the increase you will have to pay for that home, which potentially, you may have been able to purchase for less had you bought now.

Another consideration is, if you are pre-approved now, the lender will hold the interest rate for you for up to 120 days, depending on the lender. That means that while you are looking during that period, and interest rates go up, you will not be affected, you will have the rate that was given at the time of the pre-approval. However, if the rate goes down, you will get the lower rate.

You would have to verify with your lender to see, if they offer this: Let’s say you buy your home now in July, and the possession date, the day you take ownership, is in late September. Your lender still may give you the rate at the time of possession, if it is lower than the rate at the time the offer was accepted, and the sale became firm. If it is within the rate holding period. This would help you avoid potentially higher competition for the home, and still benefit from the better interest rate!

So, all this to say, there are many factors to consider when exploring the idea of potentially selling or buying your home. That begins and ends with your unique personal situation.

Find a Realtor who asks questions, listens attentively, answers your questions, then presents you with options based on your responses, and lets you decide if you wish to proceed.  Someone who will respect your decision and does not try to persuade you to sell or buy. If you would be more comfortable, have a family member or close friend with you. If you do not want to buy or sell, no one should be attempting to persuade you to change your mind! You should never feel pressured or rushed, even if you already wanted to, or do decide to sell, you should not be rushed into having your home on the market. Take the time you need.

Note: If someone knocks on your door, and asks if you are thinking of selling your home and you say no. They should simply thank you for your time and be on their merry way. They should not attempt to persuade you that you should sell! I was told of this happening recently to a woman in her late 70’s and it was definitely not in her best interest. You should be the one initiating the conversation, not the other way around.

1. Get Pre-Approved for a Mortgage:

   • Before starting your home search, get pre-approved for a mortgage. This helps you understand your budget and makes you a more attractive buyer to sellers.

2. Research the Neighborhood:

   • Spend time researching neighborhoods to ensure they meet your needs in terms of schools, amenities, commute times, and safety.

3. Hire a Qualified Real Estate Agent:

   • A knowledgeable real estate agent can guide you through the buying process, negotiate on your behalf, and help you find the best deals.

4. Don’t Skip the Home Inspection:

   • Always invest in a thorough home inspection to uncover any potential issues with the property before finalizing the purchase.

5. Be Ready to Act Quickly:

   • In a competitive market, desirable homes sell fast. If you find a home you love, be prepared to make an offer quickly.

1. Price Your Home Correctly:

   • Work with your real estate agent to price your home competitively. Overpricing can lead to your home sitting on the market too long, while underpricing may leave money on the table.

2. Stage Your Home:

   • Invest in professional staging to make your home more appealing to buyers. A well-staged home can lead to higher offers and a quicker sale.

3. Improve Curb Appeal:

   • First impressions matter. Enhance your home's exterior with fresh landscaping, a clean driveway, and a welcoming front door to attract buyers.

4. Market Your Home Effectively:

   • Utilize professional photography, virtual tours, and social media to showcase your home to a broader audience. The more exposure, the better.

5. Be Flexible with Showings:

   • Accommodate potential buyers by being flexible with showing times. The more people that see your home, the better your chances of a quick sale.

1. Regular Maintenance:

   • Keep up with regular home maintenance to prevent small issues from becoming costly problems. This includes things like HVAC servicing, roof inspections, and plumbing checks.

2. Budget for Repairs and Upgrades:

   • Set aside a budget for home repairs and upgrades. Regularly updating your home can increase its value and keep it in top condition.

3. Improve Energy Efficiency:

   • Invest in energy-efficient appliances, insulation, and windows. This not only reduces your utility bills but also makes your home more attractive if you decide to sell.

4. Know Your Home’s Value:

   • Periodically check your home's market value. This helps you understand your equity and decide if it's a good time to refinance or sell.

5. Consider Home Security:

   • Invest in a home security system to protect your property. Modern systems offer features like smart locks, cameras, and monitoring, which provide peace of mind and can deter potential break-ins.

Buying a home is an exciting journey, but it can also feel overwhelming, especially if you're a first-time buyer. With so many steps involved, it's easy to get lost along the way. This guide will walk you through the entire home buying process, from your initial search to closing the deal, ensuring you're well-prepared at every stage.

1. Determine Your Budget

Before you start browsing homes, it’s crucial to understand what you can afford. Calculate your budget by considering your savings, monthly income, current debts, and future financial goals. Remember to account for the down payment, closing costs, and ongoing expenses like property taxes, insurance, and maintenance.

Tip: Most experts recommend that your monthly mortgage payment should not exceed 28% - 32% of your gross monthly income.

2. Get Pre-Approved for a Mortgage

Once you have a budget in mind, the next step is to get pre-approved for a mortgage. A pre-approval letter from a lender shows sellers that you’re a serious buyer with the financial backing to purchase a home. It also gives you a clear idea of how much you can borrow, so you can focus your search on homes within your budget.

Tip: Shop around for mortgage rates and terms  from different lenders to ensure you get the best deal. It isn't all about the rate!

3. Find a Realtor

Now that you’re pre-approved, it’s time to find a Realtor who can guide you through the home buying process. A knowledgeable and experienced Realtor will help you navigate the market, provide valuable insights, negotiate on your behalf, and handle the paperwork. Look for someone who understands your needs, has a strong track record, and is familiar with the local area.

Tip: Ask for recommendations from friends and family, and interview a few Realtors to find one who is a good fit for you.

4. Start House Hunting

With your pre-approval and Realtor by your side, it’s time for the fun part—house hunting! Begin by identifying your needs and wants in a home, such as the number of bedrooms, location, and proximity to schools or work. Your Realtor will set up your personal search using this criteria.so that you only receive homes that meet your criteria, and not he ones that don't!

Tip: Keep an open mind and consider both your immediate needs and future plans. A bit of flexibility can help you find a home that fits your lifestyle.

5. Make an Offer

Once you’ve found the perfect home, it’s time to make an offer. Your Realtor will help you craft a competitive offer based on the market conditions, the property’s condition, and recent sales of similar homes in the area. Be prepared for negotiations; the seller might counter your offer, and you may need to go back and forth a few times before reaching an agreement.

Tip: Your Realtor will include conditions in the offer,  such as financing and inspection conditions, to protect yourself in case something goes wrong.

6. Get a Home Inspection

After your offer is accepted, You will be required to submit a deposit (it counts towards the down payment), and your Realtor will schedule a home inspection. This is a crucial step that can reveal potential issues with the property, such as structural damage or outdated systems. If the inspection uncovers significant problems, you may need to renegotiate the price or ask the seller to make repairs before closing.. Alternatively, you could withdraw the offer and receive your deposit back in full.

Tip: It is important to attend the inspection with your Realtor, so you can ask questions and gain a better understanding of the property’s condition.. Inspectors do take the time to explain and point out anything they find.

7. Secure Your Financing

Your lender will be working to finalize your mortgage approval during the conditions phase.. This is to ensure that the home meets with their approval. This process involves providing additional documentation, the accepted offer and proof of deposit. Potentially the lender will arrange a home appraisal. The lender will also conduct a final review of your financial situation to ensure nothing has changed since your pre-approval.

Tip: Avoid making major financial changes during this period, such as switching jobs or taking on new debt, as this could jeopardy!

Deciding to sell your home can be one of the most emotional and stressful decisions you’ll ever make. Whether you’re moving to a new city, downsizing, or just looking for a change, the idea of preparing, listing, and selling your home can feel overwhelming. If you’re feeling anxious about the process, you’re not alone — and it’s completely understandable.

Let’s take a deep breath together and talk through the emotions and challenges many homeowners face when considering selling their home. Here are a few key steps you can take to reduce the stress and start feeling more in control.

1. It’s Normal to Feel Overwhelmed

First and foremost, let’s acknowledge that selling your home is a big deal. For many people, it’s not just about the house itself, but the memories and emotions tied to it. You might be thinking about everything from decluttering years’ worth of belongings to worrying about finding the right buyer. These feelings are entirely valid.

Take some time to sit with these emotions. It’s okay to feel attached to your home — you’ve built your life in it! If you’re feeling anxious about parting with your home, try to focus on the positive aspects of moving forward, whether that’s a fresh start, new opportunities, or a better-suited space for your family.

Many of my clients have told me that one of the hardest parts about selling is letting go of the emotional attachment they have to their home. One family, in particular, was hesitant to sell because their children had grown up in the house, and every room was filled with memories. We worked together at their pace, and they eventually felt ready to move on — they even found comfort in the idea that another family would soon be making their own memories there.

2. Break the Process Down into Small, Manageable Steps

When you’re staring at a long list of things to do — clean the house, repair that leaky faucet, stage the rooms, find a realtor — it can feel like the task is impossible. The key to handling this stress is to break it down into smaller steps and take it one day at a time.

Start by focusing on just one thing. Maybe that’s decluttering one room or meeting with a real estate agent for an initial consultation. Don’t worry about tackling everything at once. Taking small steps can help you feel more in control of the process.

I worked with a couple who were overwhelmed at the thought of preparing their home for sale. The husband admitted he had no idea where to begin, and his wife felt like she was drowning in tasks. Together, we created a plan that broke down each part of the selling process into weekly tasks. This small shift helped them feel much more in control — and they ended up selling their home within a month.

3. You Don’t Have to Do This Alone

Selling your home doesn’t mean you have to shoulder all the stress by yourself. Reach out for help — whether it’s from family members, friends, or professionals. Real estate agents, home stagers, and movers are there to make the process easier for you. Don’t hesitate to ask for help when you need it.

A trusted real estate agent can handle a lot of the logistics, from marketing your home to negotiating offers, which can take a significant amount of weight off your shoulders. They’ll also offer advice on pricing and timing, helping you navigate what can feel like a daunting market.

A single mother I worked with was terrified about selling her home because she didn’t have time to handle all the details while working and raising her kids. We worked out a plan where I took care of the scheduling, showings, and even connected her with a staging company. Together, we made it work, and she felt supported every step of the way.

4. It’s Okay to Take Your Time

There’s often an unspoken pressure, sometimes spoken, to move quickly once you decide to sell. However, it’s perfectly fine to take your time and make decisions at your own pace. If you need extra time to mentally and emotionally prepare, that’s okay. The market will always be there when you’re ready.

Give yourself permission to pause if things feel too overwhelming. You don’t have to rush into anything before you’re ready.

One person I helped was initially eager to sell their home, but after we started the process, they became overwhelmed. Instead of pushing forward, we paused everything for a few months until they felt comfortable moving forward. When the time was right for her, she contacted me, and she sold her home without regrets.

5. Focus on the Future — and the Positives Ahead

Selling your home is the first step in a new chapter. While it’s natural to feel anxious, it can help to focus on the positives that lie ahead. Whether it’s moving into a home that better suits your needs, relocating to a dream city, or simply rightsizing to simplify life, there’s something exciting waiting for you.

Try visualizing yourself in your new space. Picture the life you’ll create there, the new routines, and the memories to come. Shifting your mindset from focusing on what you’re leaving behind to what’s ahead can ease some of the stress.

A client of mine decided it was time for her and her husband to move to a residence. She worked with a down sizer to pack and get ready to sell, Throughout the sorting process, she would have times when she was overcome with emotions. We worked her through them, explaining that she could take as many breaks as she needed, that there was no need to push herself.  It took an extra 5 weeks, which was perfectly fine. 

Takeaway: You’ve Got This

If the thought of selling your home has you feeling stressed, know that you don’t have to go through it alone, and you’re not expected to have all the answers. Lean on the people around you, break the process down into manageable steps, and remember that it’s okay to take your time. You’re taking a big step toward something new and exciting, and that’s worth celebrating.

If you ever feel like you need a little guidance or just someone to talk to about your concerns, I’m here to help. You’re not just selling a house — you’re transitioning into a new chapter, and I’m here to support you every step of the way.

Want More Guidance?
Let’s have a chat about your selling journey, whether you’re just thinking about it or ready to start. Reach out anytime — I’m here to help!