Written by: Buffini & Co

August sits in that in-between space. The calendar says summer, but fall's demands are right around the corner. That relaxed, summertime feeling doesn't have to end just becuase the calendar says so. The Days are Vanishing!

• Feeling we didn't enjoy summer enough.
• Back-to-school energy is everywhere.
• Days are slowly becoming shorter.
• Not mentally ready to shift into fall responsibilities.

Shift Into a Sunnier Outlook

• Redefine summer as a mindset, not a season.
• Think of fall months as a "bonus summer."
• Schedule something fun to look forward to.
• Make a simple "still enough time" to-do list.

14 Fun Ways to Make the Summertime Last

1. Host a "Last Splash" backyard bash.
2. Try an outdoor workout like a beach walk, park workout, or yoga in the yard.
3. Have a no-oven cooking day with grilling, salads, and cold dishes.
4. Try a "new to you" hobby or sport.
5. Have a sunrise breakfast.
6. Plan a patio hop night and visit 2-3 local outdoor spots.
7. Do a summer photo day and capture a few favourite spots before the season ends.
8. Host a "white party" or summer colour theme night.
9. Plan a sunset "appetizers only" hangout.
10. Visit the places (museums, attractions, etc.) that you've been putting off.
11. Let the kids do a backwards day (e.g. dessert for breakfast, etc.)
12. Host a backyard games tournament.
13. Pick a random, local town for a day trip.
14. Give yourself permission to have a day to just do nothing!

Summer is not just about fun, sunny days. It's the time with family and friends that matters. Hold onto that feeling and you'll enjoy your "bonus summer" all the way through the fall months.

Written by: Realtor.ca Team

Many Canadian mortgage holders renew without asking any questions—often receiving a mortgage product that may not suit their current needs. After all, life may look different than it did when you first got your mortgage and your priorities may have shifted, too. Do yourself a favour, and don’t sign a renewal letter without doing your due diligence.   Along with understanding your financial situation, here’s what else you need to consider before renewing your mortgage.  

Planning your mortgage renewal in advance can pay off

If you renew your mortgage early, you’ll be able to lock in at current interest rates sooner, which can protect you against future potential rate fluctuations. Today’s economic environment is uncertain. Forecasting what comes next is challenging, given disruption in trade, sticky inflation and geopolitical tensions. This makes future interest rate movements difficult to predict, but one thing experts seem to agree on is this: Canada is not likely to see rates like those of 2020 and 2021 anytime soon. It’s worth noting, too, that even if the Bank of Canada overnight rate falls, it doesn’t mean that fixed mortgage rates will also go down. This is because fixed mortgage rates don’t always mirror Bank of Canada changes – rather, they are influenced by bond yields and lender expectations of where rates are headed in the future. With the strain of ongoing changing economic conditions, locking in your mortgage renewal early may provide some peace of mind as you’ll know what your payments will be in the future. Taking some time to talk through your mortgage renewal options with a Mortgage Advisor now can help you make informed choices, rather than feeling rushed when your term comes to an end.  

Do your research when renewing your mortgage

Leading up to your renewal date, it’s important to do your research on products, features, interest rates, and housing market trends. It’s also recommended to shop around and investigate the different lenders available to you. The Financial Consumer Agency of Canada website is a great starting point when it comes to research, offering a wealth of up-to-date resources including answers to frequently asked questions about mortgage renewals. Your REALTOR® is another excellent resource to tap into for advice on what to consider when renewing your mortgage. “Renewal is also the right moment to look at your mortgage features,” says Erica Aceti, Mortgage Specialist at RBC. “Prepayment privileges, payment flexibility, amortization length. These levers can save you thousands over the life of your mortgage. A longer amortization frees up monthly cash flow; a shorter one gets you mortgage-free faster. It’s worth knowing what you have access to, and making sure it still fits where you are today.”  

Request a lower rate when it’s time to renew your mortgage

A simple yet often overlooked consideration when renewing your mortgage is to negotiate with your current lender for a lower interest rate. Despite what’s outlined in your renewal letter—which must be sent to you at least 21 days before your renewal date—you may qualify for a discount. You won’t know if you don’t ask!

When it comes to negotiating your renewal, competing offers can help you secure a better rate. You may also be able to negotiate a better rate by consolidating more products with your

lender.

Consider this a fresh start in your homeownership journey

It’s likely a lot has changed in your life since your initial mortgage, or significant events have since occurred that have an effect on the marketplace. For example, you or your spouse may have switched careers, your children may no longer live at home, or interest rates may have changed due to outside factors. One helpful way to assess your current situation is by using a mortgage payment calculator and inputting the details that may have changed since your current mortgage.

 

Look into potential savings opportunities

Lenders are constantly introducing new mortgage products and features, which means you might have access to potential savings. Based on your home’s current value, you may want to consider enrolling in products such as RBC’s Homeline Plan, which offers a great way to access the equity in your home, when needed.

Are you considering building instead of buying? Here’s what you need to know about how to get a construction mortgage loan to build your dream home.

You don’t have to renew your mortgage with the same lender

Once your mortgage term is up, you’re not required to remain with the original lender. If you’re offered a better rate or improved terms and conditions from a different bank or mortgage broker, you’re free to make the switch. Of course, you’ll need to reapply and supply all the paperwork required for a new application if you go this route. This means proving your income and having your credit checked, so it’s important to weigh your options carefully before making the decision to switch lenders.

It’s recommended to start exploring your options well in advance of your renewal date—if you wait until you receive the renewal letter from your lender, you may miss out on the best offer for your needs.

You can refinance your mortgage

You can save thousands of dollars at the time of your renewal if you’re considering refinancing and taking equity out of your home. When your mortgage term expires, you aren’t subject to early payment penalties, so if you’re thinking about taking advantage of investment opportunities, renovating your property, consolidating debt or paying for your child’s education, your renewal date is a good time to do so.

“A lot of clients don’t realize how much equity they’ve built up, or what they could do with it,” says Aceti. “Renewal is the ideal time to put that equity to work, whether that’s paying down other high interest debt, funding a renovation, or investing in the future. It’s important for clients to know their options.”  

Don’t get intimidated by fees

If you do choose to switch lenders when renewing your mortgage, you may be subject to additional fees such as:

• new lender set-up fees (i.e. the cost to discharge your previous mortgage and register the new one);
• a transferal or reassignment fee from your current lender; or
• if necessary, the cost of an appraisal fee to confirm your property’s current value.

Other fees to consider are mortgage loan insurance premiums and collateral charges on your initial mortgage. To avoid paying a premium twice, be sure to inform your new lender you currently hold mortgage loan insurance and provide them with your certificate number. If you want to switch lenders and your mortgage includes collateral charges, you will likely have to pay a fee before registering your mortgage with a new lender. Removing the charge completely requires full repayment or transferring all loan agreements secured by the collateral charge—such as lines of credit or car loans—to the new lender. Despite these additional fees, they are typically minimal when you compare them to how much you’ll save in interest long-term. RBC, for instance, makes switching easy and will take care of all the legwork related to switching, and cover up to $1,100 in switch fees. Don’t be afraid to ask your new lender if they’re willing to include discharge fees into the new mortgage—they may even cover part or all the fees to earn your business, but you won’t know if you don’t ask.

Are you considering breaking your fixed-term mortgage contract? Here’s everything you need to know, including associated penalties as well as the advantages. 

The key takeaway here: take control of your renewal. Remember, resting on your laurels can cost you thousands of dollars when it comes to renewing your mortgage. Don’t wait for your renewal letter and don’t let your lender automatically renew without doing your due diligence. Be proactive and take action months in advance of your renewal date.

Written by: Tamara George of Realtor.ca

You have the keys to your new home in hand, the movers have left, and you’re officially a homeowner. Welcome to the homeownership life! So what’s next? While it’s certainly exciting, it can also be stressful. “Buying a home is a big financial and emotional decision,” says Dimitri Andrianakos, REALTOR® and broker at Royal LePage du Quartier in Montreal, Quebec. “It’s normal to feel a little overwhelmed. Focus on the big picture, and remember why you decided to make the move in the first place.” According to Victoria and Dimitri, here are some of the things you can expect over the first 30, 60, 90 days and beyond.

Remember: your REALTOR® is there for you after closing

Your REALTOR® can be a great resource as you navigate your first few months of homeownership. They typically have great connections and recommendations, and are there if you have any questions, or even just to use as a sounding board for ideas. “I give all my clients a neighbourhood guide to help them get to know the area and find a good grocery store, dry cleaner, a mechanic, that sort of thing,” says Bomben. “I check in to see if they need help with anything or they have questions—and I’m always happy to connect them with trusted decorators, contractors, and painters.”  

Start paying your mortgage

“Your first mortgage payment date is set by your lender after closing,” says Andrianakos. “Depending on your payment schedule—monthly, biweekly, or weekly—it could be just a couple of weeks after you take possession or about a month later.”

If your mortgage doesn’t start exactly on a scheduled payment date, you may also have to pay interest for the period between closing and your first regular payment. Ask your lender what your first payment will be and when it’s due so there aren’t any surprises.

Make sure your mortgage payment has been factored into your monthly budget, and don’t be surprised if the first one is lower than you were expecting.  

Discover your new neighbourhood

The first 30 days in a new home is all about exploring your new neighbourhood and figuring things out—finding a good coffee shop, figuring out the best way to get to work, understanding local traffic patterns, etc. It’s always a good idea to explore a potential new neighbourhood before moving in, but you won’t truly discover what it has to offer until you’re living in it every day.  

You’ll start noticing repairs that are needed

After you’ve started unpacking and placing furniture and getting used to the space, the stuff that maybe didn’t register during viewings—a dented baseboard or the not-so-great water pressure—will probably start getting your attention. Maia Thomas bought her first home in August 2023 and said there were some things she didn’t notice in the excitement when viewing her condo, but it wasn’t anything that would have stopped her from buying the home. “One of the bathroom tiles was cracked, the paint job wasn’t great—and the kitchen floor is really cold in the winter,” she says. “Once I had lived in the space for a while, those issues became more obvious.” There may also be things like morning traffic on your road, or a delightful surprise of an abundance of sun in the afternoon that you may not have noticed during your walkthrough time. None of these elements mean you made a mistake buying your home, it just means some adjustments or minor repairs will be on the docket for the coming weeks!  

Expect the unexpected—especially when it comes to expenses

Maybe your current furniture isn’t quite right for the space, or you realize you need more of it. Or you may want to switch out builder-grade lighting in your new build for something a little nicer. This is why having more than just your down payment saved is important: as you realize what you’re missing, you’ll likely spend more than you anticipated.  

You’ll get to know your community’s ‘rules’

Whether it’s your condo board’s regulations or your local garbage pickup, the first 30 days are a learning time. Give yourself some grace: you might miss recycling day or have to ask someone how to book the condo’s party room. Starting a homeowner’s journal with important dates, information, and contacts is a great idea so you can easily reference things in the future! It’s been a couple of months, and you’re starting to feel a little more settled in, getting to know the neighbourhood, figuring out where the good parks are for the kids, what store has the best rotisserie chicken, and where you like to pick up your morning coffee.  

You’ll start paying bills

This is when your first home-related bills will start coming in, giving you a good sense of what you should be budgeting for your utilities each month. This is a good time to sit down with your budget and make sure there aren’t any surprises and adjust things as needed. It’s also a good time to look into automated payments now that you know what the amounts will be. Some utilities and service providers offer small discounts to customers who set up pre-authorized payments.  

Meeting the neighbours

You may have met the neighbours briefly as you made frantic trips to-and-from the moving truck, or maybe in the hallway as you went to grab the mail from the lobby. But a couple months in, you’ll hopefully start to feel more integrated into the community, says Bomben. “If you’ve got kids, you’ve probably connected with other parents, and are feeling more like you’re part of something,” she explains. It’s also possible you’re no longer the “new kids on the block,” depending on how much the area is growing! Consider making little welcome baskets for new neighbours, filled with gifts and information you wished you had when you moved in.  

Noticing more things around your home

Whether it’s a furnace that’s acting up or realizing you have chipmunks living in your attic, things might not be quite perfect—but that’s where your REALTOR® can help. “My REALTOR® checked in with me regularly in those first few months,” says Thomas. “I actually had an issue with the clothes dryer a couple of months in, and he was on top of it right away.” You’ll probably be feeling a bit more settled after three months, but don’t put too much pressure on yourself if there are still boxes to unpack, rooms to paint, or you haven’t found a grocery store you love just yet. Don’t worry. It takes time to explore and experiment, figure out what looks good and what doesn’t, and really get to know people and the neighbourhood. It might take a little longer than you expect. “I thought by three months, my condo would feel lived in and more like home,” says Thomas. “But that wasn’t the case. At that point, I was still taking stuff out of boxes. I hired a couple of guys to come help me with some repairs, and they said sometimes it can take up to two years to fully settle in!”  

Additional changes

While some people like to make decor updates and do repairs as soon as they take possession, it’s common to wait until you feel a bit more settled in before you start changing things up. After you’ve lived in the space for a while, you may decide the way you’ve arranged your furniture isn’t quite right, or you’ve finally picked a colour you love for the bedroom after getting used to the way light hits the walls at all times of day. “After 90 days, you’ve gotten more familiar with the home and have had time to understand what works and what doesn’t,” says Bomben. “Sometimes small things can make a really big difference. A dark faucet is a simple and relatively inexpensive way to change up the look of a bathroom, and a rain shower head can make things feel a lot more luxurious.” Other ideas: painting dated cabinets can make a kitchen feel fresh, a new area rug can change the look of a room, and swapping out your big three-seater sofa with two love seats can help a small living area feel more spacious. And if you’ve been waiting to feel settled in to start tackling bigger jobs like a new deck or taking out a wall, this is a good time to start talking to a contractor.  

Your new home’s seasonal maintenance

As the seasons change, you might figure out you need a snowblower for your driveway, realize you need to fix the air conditioning, or put down a rug on a floor that’s extra cold in the winter. Plus, you’ll need to do seasonal maintenance like cleaning gutters, raking leaves, or maintaining a garden. Buying a new home is a big step and the start of an exciting journey. From the excitement of moving in to the gradual process of settling in and discovering your home’s nuances and quirks, each stage brings its own challenges and rewards. Meeting your neighbours, painting your kitchen, buying your first snow shovel, understanding your expenses…it’s all part of making your house or condo feel like home. Take your time, celebrate small wins, and lean on your REALTOR® for guidance.