Edmonton Real Estate Blog

(NC) With Canada’s housing market hotter than ever, saving up a down payment can feel impossible. But wise spending and saving decisions can add up over time. Here, Vanessa Bowen, money expert and accountant, offers simple yet effective ways to save for the home you’ve had your eye on.

Ensure you have a good credit score
A better credit score means that you can qualify for lower interest rates and loans that you may require when investing in a future property. Working to improve your overall credit score, such as by avoiding late bill payments, will help make your savings go further as you look towards purchasing the house or condo of your dreams.

Contribute lump-sum payments to your savings
Large annual payments such as a work bonus or your tax return can be added as lump-sum contributions to your savings. Contributing larger sums helps you reach your end-goal more quickly, so remember to save these payments. It’s money you don’t count on in your day to day anyway,...

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(NC) The term “house poor” is likely one we’re familiar with as Canadians. Given the ever-changing housing market, it’s something you may even have identified with. But what does it really mean? And how can we avoid it?

“House poor” is a situation that describes a person who “over-extends” themselves and spends an unusually large proportion of his or her total income (roughly 30-40% or more) on home ownership, including mortgage payments, property taxes, maintenance and utilities. If you’re feeling like a disproportionate amount of your income goes towards your home-related expenses, then you might be in this group.

According to the 2019 RBC home ownership poll, half of Canadians claim they would avoid a situation where they become house poor as they say it’s mentally stressful and financially irresponsible.

However, one in four Canadians does identify this way and approximately one in ten is prepared to put themselves in this position....

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