Written by: Buffini & Co As mortgage rates lower, the real estate market typically becomes more competitive. Working with a qualified professional real estate agent helps you get into the home of your dreams. Buying a home? A buyer's agent will...

• Connect you with a lender.
• Take the time to listen and understand your priorities.
• Scout and recommend properties.
• Arrange and attend property inspections after your offer is accepted.

Selling a home? A listing agent will...

• Conduct a Comparative Market Analysis.
• Advise you how to prepare your home for listing.
• Competitively price your home to sell.
• Create a comprehensive home marketing plan.

Whether you're buying or selling, a professional real estate agent will...

• Negotiate the best deal to get the price and terms you want.
• Provide complete transaction management.
• Keep you informed every step of the way.
• Have a robust database of referrals to other service professionals.

Homework for the Holidays

The holidays can be hectic, but you may find you have pockets of time where you can talk with family and friends about buying or selling a home. Spring is anticipated to be a competitive time - you don't want to get left behind! Getting Ready to Buy?

• Check your credit scores.
• Review your finances and set a budget.
• Research the process of getting preapproved.

Getting Ready to Sell?

• Decide when you would like to sell your home (time of year, personal schedules etc.)
• Start a list of small repairs you can do yourself.
• Start decluttering.

For Both Buyers and Sellers

• Create a wishlist of "must-haves" and "nice to have" for your next home.
• Start researching areas where you might want to live.

Written by: Zak Khan of REW From mortgage assistance to forgivable loans and more, a rental suite is a good idea. Imagine if you could make your mortgage pay for itself. With a rental suite, this isn't as far-fetched as it sounds. The income generated from a secondary suite can be substantial enough to offset a large portion of your monthly mortgage payments. This makes owning a home more financially manageable, especially in high-cost areas—take all of British Columbia, for example. The Mortgage-Helper With an additional source of income streaming into your bank account each month, you may even find yourself in a position to accelerate your mortgage payments. So, you could pay off your mortgage sooner than expected, freeing yourself from the shackles of home loan debt. Plus, you'll be saving on interest over the life of your loan. Handling Your Debt When you decide to rent out a suite in your property, your debt-to-income ratio becomes more favourable. How? Lenders consider the income you receive from your tenant when calculating this ratio, effectively increasing your income. This could make you eligible for better lending rates or allow you to borrow more if you choose to invest in another property. If you're thinking this all sounds too good to be true, it's important to remember that adding an accessory dwelling unit and becoming a landlord isn't all roses and revenue. To Renovate or Not to Renovate Creating a rental suite may involve renovations and that means upfront cost. But think of it as a long-term investment. Over time, the rental income can cover not only your mortgage payments but also the cost of the renovation. And if you ever decide to sell your property, a legal secondary suite could increase the value of your home. It reaps benefits now and in the future. To sweeten the deal even further, in 2024 BC launched the Secondary Suite Incentive Program. If you meet all of the conditions, you can get a forgivable loan of up to 50% the cost of renovations or additions related to adding a secondary suite to your property, with a maximum payment of $40,000. Plus, the cost to add a suite to your property must be at least $20,000. For the full list of details, visit the BC Secondary Suite Incentive Program website and see if you qualify. But some basics to know before you apply include:

• The suite must be on the same property as your principal residence that you own in an approved area of British Columbia.
• All registered homeowners must be Canadian citizens or permanent residents.
• Your home’s assessed value must be less than $2,150,000.
• The combined gross annual income of all registered homeowners on title of the principal residence must be less than $209,420.
• You must have received a building permit on or after April 1, 2023.
• You must rent out the completed suite to full-time tenants at below market rates in your area for at least five years.

The suite you add can be a laneway house, garden suite, basement unit or another type of suite, but it must contain a kitchen and full bathroom and be independently accessible. This is currently a pilot program. In the first year there’s $40 million total available, enough for 1,000 applications if all of them qualify for the maximum amount. Remember, you still need to follow all building codes and regulations for secondary suites in your area. If you already built your suite after April 1, 2023 but didn’t apply for the loan yet, you can start submitting your documents now. The Not-So-Fine Print While the financial advantages of having a rental suite are compelling, it’s vital to know that landlords have responsibilities too. From ensuring the suite is legal and meets building codes, to maintaining the property and addressing tenant concerns, the role comes with its share of commitments. Keep in mind, too, that you have tax obligations on rental income and will have to report it. Plus, while you can get tax breaks for some expenses related to improvements you make when adding a rental suite—like maintenance, repairs and other items—be careful when listing these to avoid an audit. When in doubt, ask an accountant. It's essential to understand landlord-tenant laws in BC and to treat this endeavour like the mini-business that it is. But don't let this put you off—with careful planning, becoming a landlord can be a rewarding and profitable venture. By renting out a suite in your home, you’re helping your own financial situation and contributing to the supply of rental accommodation. While property prices continue to rise, homeowners in BC can find stability in the revenue a rental suite generates. So if you've been thinking about how to soften the blow of a hefty mortgage, perhaps it's time to consider the idea of becoming a landlord. A rental suite could turn your home into a source of income and pave the way to greater financial stability. Remember, no two property journeys are alike. It's all about finding the right fit for you and perhaps your future tenant. At the end of the day, a rental suite can turn your home into a powerful financial tool. It can help offset mortgage payments, improve your debt-to-income ratio, accelerate your mortgage payments and even provide some tax relief. But more than that, a rental suite can transform your life and the lives of others.

Written by: Dr. Sherry Cooper & Associates October Inflation Rose to 2.0% as Gasoline Prices Declines Were More Muted   The Consumer Price Index (CPI) rose 2.0% year-over-year in October, up from a 1.6% increase in September. Gasoline prices fell to a lesser extent in October (-4.0%) compared with September (-10.7%). The all-items CPI, excluding gasoline, rose 2.2% in October, the same growth rate as in August and September The smaller decline is partly attributed to a base-year effect, as prices fell 6.4% month over month in October 2023, stemming from lower refining margins and weaker global oil consumption. On a monthly basis, prices for gasoline were up 0.7% in October, following a 7.1% decline in September. Slower rise in shelter prices Shelter price growth continued to ease in October, rising 4.8% year over year, compared with a 5.0% increase in September. Slower price growth in the mortgage interest cost index in October (+14.7%) compared with September (+16.7%) applied downward pressure on the shelter component. Mortgage interest costs have been decelerating year-over-year since September 2023, following a peak in August 2023 (+30.9%). Similarly, rent prices grew at a slower pace in October, increasing 7.3% on a year-over-year basis, following an 8.2% gain in September. Nova Scotia (+5.2%) and Manitoba (+6.5%) decelerated the most. Although slowing, rent prices continue to increase and remain elevated. Compared with October 2021, rent prices increased 21.6%. The central bank’s two preferred core inflation measures also quickened, averaging 2.55% yearly pace, faster than expectations and up from 2.35% a month earlier. According to Bloomberg calculations, a three-month moving average of those measures rose to an annualized pace of 2.8% from 2.1% in September. After the release, overnight swaps traders trimmed their bets for a second consecutive large rate cut to about one in three, from a little less than a coin flip previously. Bottom Line The first acceleration of headline inflation in five months may bolster a case for the Bank of Canada to reduce borrowing costs gradually. After officials stepped up the pace of easing in October with a half-point cut, the next and this year’s final rate decision is on Dec. 11. Still, Tuesday’s inflation print didn’t eliminate bets for another jumbo rate cut. That’s because the central bank had already expected a bump along the road, with consumer prices hovering around 2%, as policymakers keep cutting rates to boost economic growth. When Governor Tiff Macklem and his officials delivered their outsize rate cut last month, they said they wanted to see a pickup in growth and demand. Preliminary industry-based data point to 1% annualized GDP growth in the third quarter, below the central bank’s 1.5% estimate. Final expenditure-based gross domestic product data is due at the end of this month. The November employment report, released on December 6, is another critical data point for the central bank. The unemployment rate has been steady at 6.5% for the past two months. A meaningful rise in the jobless rate could encourage the Governing Council to go another 50 bps lower at their next meeting. That and GDP figures (released o November 29) will be watched closely to game the Bank of Canada’s next move. A 25 bps cut in the overnight policy rate is in the bag. A 50-bps cut is less likely. Either way, the overnight policy rate, now at 3.75%, will be cut to roughly 2.5% by the middle of next year. This will continue to spur housing activity and could augur for a robust spring housing season.