Real Estate Blog - Blog Archive: June, 2021

 

Photo Credit: iStock

Every Canada Day, for the past 20 years, we have planted small Canadian flags on the front lawns of homes in our Bracebridge and Gravenhurst communities. This small gesture reflects the immense pride and appreciation of being Canadian and living in this great country.

The recent discovery of unmarked graves on former residential school sites in Kamloops, B.C., and Cowessess First Nation, Sask., has shaken our nation. It has shone further light on the widespread and systematic abuse that Indigenous people faced (and continue to face) in our country.

While every Canadian is free to celebrate Canada Day on their terms, this year will be a time of reflection and observance and less about revelry for many. With this in mind, we've decided to…

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Photo Credit: iStock

To help you navigate Muskoka's red-hot real estate market, we spoke with a couple of our realtors to provide insight on the top questions they’ve been getting from buyers and sellers lately. 

Q: Should I wait until the market cools down to buy?

The short answer: It depends on your situation. “The reality is that in the red-hot COVID market, houses have been selling for over asking and without conditions when perhaps they shouldn't be,” says Rolly Robert, a sales representative at our Royal LePage Lakes of Muskoka Realty office in Bracebridge. “The time between seeing the house and the offer date is short and leaves little time for reflection.”

So, if you're in a situation where you have the benefit of time, it's always helpful, says Daniel…

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The recent discovery of unmarked graves on former residential school sites in Kamloops, B.C., and Cowessess First Nation, Sask., has brought renewed attention to Canada’s residential school system.

While we have a lot to be proud of as Canadians, we need to be united in our support of our Indigenous communities and ensure that the residential school system's horrors are brought to light. This Canada Day, to honour the Indigenous children who died at residential schools across the country, turn your attention to the following organizations and donate:

First Nations Child & Family Caring Society

This non-profit organization supports the well-being of Indigenous youth and their families. To donate, click here.

Reconciliation Canada

As a…

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small lake cottage

While there are many advantages to living on the three big lakes—Joseph, Muskoka, and Rosseau—in Muskoka, there are plenty of reasons worth buying on one of the 1,597 smaller lakes. Fortunately, our realtors who regularly deal with lakefront properties on small lakes know the perks.

From more privacy to more of a community feel, we’ve rounded up the top benefits of owning a small lake cottage.

More privacy

“Generally speaking, smaller lakes do not have marinas, retail establishments, and regular boat traffic. So if this is important to you, then a small lake is something to think about.” —Susan Benson, broker at Royal LePage Lakes of Muskoka Realty in Bracebridge

Fewer boats

“Smaller lakes offer less boat traffic, allowing those that…

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On June 1, Canada’s federal bank regulator, the Office of the Superintendent of Financial Institutions (OSFI), raised the minimum qualifying rate for the mortgage stress test. The new rules will make it harder for borrowers applying for uninsured mortgages (those with a down payment of 20 percent or more) and insured mortgages (those with a down payment of less than 20 percent) to get a loan. Banks must now use the higher interest rate of either 5.25 percent (up from 4.79 percent) or the amount negotiated with the borrower’s lender plus two percent. 

“The qualifying rate will help support financial resilience should economic circumstances change,” said Ben Gully, assistant superintendent of OSFI’s regulation sector, in a recent press release. “Our…

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