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Lena Guirguis is an Ottawa-based real estate investor, Senior Managing Partner at Ottawa Capital Partners, and one of the founders of NV Property Management, a boutique property management firm.

In her last article, Lena Guirguis outlined a few of the hidden costs that some first time home buyers may not have planned for such as legal fees, land transfer taxes, appraisals, as well as HST on new homes and on CMHC premiums.

Bidding wars can be a dangerous territory for buyers to step into, especially if they are not educated or are unfamiliar with the intricate elements of the process.

Many first-time home buyers believe that once they have saved their minimum down payment and pre-qualified for the home of their dreams, they are ready to jump into the world of home ownership.

First-time home buyers may have increased their average budget, but a new report indicates that they are also waiting longer to make that first purchase in the wake of increased housing prices.

The Places to Grow Act has fundamentally shifted the nature of home construction from single-family detached and semi-detached homes in the outlying regions of the GTA to condominium units in in building scattered across the city.

One industry analyst is questioning how the Canadian Real Estate Association (CREA) reports its home sales data, suggesting his own analysis points to a less frenetically-paced market.

In the world of real estate, the more people who see the listings of homes for sale, the better the deal will be in the end for the home sellers – and, by extension, the Realtor. However, it is vital to ensure that those who are viewing the property are actually qualified and motivated homebuyers.

Buyers have to be ready to jump into the market when the right opportunity presents itself. Not being prepared could cost your client greatly.

Ask any Realtor or mortgage broker about home first-time homeowners, and you’re bound to hear stories about parents providing financial assistance.