Home Loans Dallas TX

Welcoming Dad to the WIC Family

When enrolling moms into the USDA Supplemental Nutrition Assistance Program for Women, Infants, and Children, better known as WIC, less than 30% of state agencies in Connecticut were asking for the father’s name. We don't encourage dads to step up and then we wonder why they don't show up.

USDA Rural Development and Habitat for Humanity: Building Dreams One Homeowner at a Time

Across rural America, people are picking up hammers, screwdrivers and measuring tapes to build their own homes. USDA Rural Development (RD) and Habitat for Humanity’s strong partnership helps ensure that every family has access to well-built, energy efficient, affordable housing.

The Best Places to Buy Real Estate in Canada in 2022

The real estate market over the past two years has been staggering from coast to coast. The average home price in March 2022 was $795,952, an increase of almost 78% from January of 2020. This has led many home buyers to be willing to move to find the best value for their dollar. But where are the best cities and regions to consider moving to is the question? 

Zoocasa partnered with MoneySense to publish the 2022 edition of Where to Buy Real Estate in Canada, revealing which real estate markets offer the best price point, value growth, and overall livability. 

Read: Four Tips for Buying a Home Following Bank of Canada’s Interest Rate Increase

As the official data analysis and content provider for the feature; Zoocasa ranked neighbourhoods and municipalities across 17 regions from coast to coast using proprietary methodology that takes into account average home prices, price growth over time, as well as neighbourhood characteristics and economics. The findings reveal value and demand conditions in housing markets across the nation, with many changes from last year’s findings. 

The Best Municipalities to Buy a Home in

The priorities of homebuyers in Canada have shifted many times over the past two years. Home buyers left the city centres they previously called home and moved to surrounding suburbs, leading to high growth in regions including Fraser Valley, Hamilton-Burlington, and Kitchener-Waterloo. Prices in these regions have soared above the national average in the past two years. 

Read: 32% of Buyers Purchased Property Further Than Previously Considered: Ontario Survey

“The past two years have driven new trends in home-buying psychology, and as the pandemic recedes, we’re moving into a transition period and seeing a more balanced market,” says Lauren Haw, CEO and broker of record at Zoocasa Realty. “Some buyers are returning to city centres as they’re called back to the office, while others are still looking coast-to-coast for the most affordable markets to buy in.” 

According to the ranking, the following municipalities offer home buyers the greatest value in 2022: 

Greater Moncton: 5 Stars (average 2021 home price: $302,400, 3-year growth: 80%)

North Bay:  5 Stars (average 2021 home price: $385,100, 3-year growth: 87%)

Quinte West and Hastings County: 4.4 Stars (average 2021 home price: $547,500, 3-year growth: 96%)

The following municipalities ranked the lowest in terms of value and buying conditions: 

Vancouver: 0 Stars (average 2021 home price: $1,230,200, 3-year growth: 19%)

Toronto: 0.7 Stars (average 2021 home price: $1,023,029, 3-year growth: 34%)

Oakville-Milton: 0.9 Stars (average 2021 home price: $1,516,800, 3-year growth: 66%)

While this data takes into consideration home price appreciation over time, dollar value above/below the national average as well local economics there are many owners who couldn’t imagine leaving the area they currently call home.  As part of this feature we also determined the best neighbourhoods to live in across key cities in the GTA, Greater Vancouver Area, Halifax, Calgary, and Edmonton.  See if your neighbourhood is ranked one of the highest!

Browse Listings in Canada’s 2022 Best Places to Buy Real Estate: 

1. Greater Moncton

2. North Bay

3. Quinte West and Hastings County

The post The Best Places to Buy Real Estate in Canada in 2022 appeared first on Zoocasa Blog.

World Food Safety Day Spotlights Global Health Threat

Imagine a global sickness that spreads faster than HIV and causes nearly as many deaths as malaria.

USDA Rural Development Celebrates Homeownership Month, Highlights Life-Changing Stories and Programs

In honor of National Homeownership Month, USDA Rural Development (RD) and the Biden-Harris Administration will highlight stories of how our programs have helped people in rural, Tribal, and underserved communities buy, repair and build homes, and pay their rent. As small towns and communities face the challenges of rising housing costs, this kind of support is now more critical than ever.

Four Tips for Buying a Home Following Bank of Canada’s Interest Rate Increase

Today, the Bank of Canada announced its third rate increase of the year. Interest rates have increased again by 50 basis points to 1.5%. This is in an effort to tame inflation which is at its highest in decades.  Rising interest rates also have a significant impact on lending across the country.  So what is the best way forward for prospective home buyers as the cost to borrow climbs?

Read: Entering a Balanced Market Spells Relief for Many Buyers: CREA

In its press release, the Bank of Canada cautioned “the risk of elevated inflation becoming entrenched has risen. The Bank will use its monetary policy tools to return inflation to target and keep inflation expectations well anchored.” This decision was widely expected by economists and many people that are currently active in the market, or planning to be this summer, have prepared for this. 

However, interest rates are expected to continue rising this year as inflation is growing faster than originally forecasted. The good news for buyers is that as interest rates have been rising steadily this year, the housing market is cooling and entering balanced market territory. We are starting to see significant declines in home prices.  Lower prices are meaningful for those trying to get onto the property ladder as they may find their qualifying borrowing capacity limited with increased mortgage rates.

Four Tips for Buying a Home While Interest Rates are Rising

1. Don’t try to time the market

The housing market is always changing, and buyers and sellers should remember the non-financial factors when making the decision to enter the market. If you need to upsize, downsize, or have secured a down payment and are ready to make the move; don’t put off the decision with hopes that you’ll get a better deal next month or next year. One will only know the market has hit bottom when the prices go up again and the opportunity to buy at that price is gone.  

2. Be willing to adjust your budget as needed

When interest rates are lower, buyers are often able to secure larger loans meaning they can afford a higher-priced home. Now that interest rates are rising, work with your real estate agent to understand what you can afford in today’s market. As we are entering a balanced market, listing prices are coming down, so you may be pleasantly surprised with what your dollar can buy you.  

If you haven’t found that dream property but you are actively looking, securing your pre-approval now is also helpful to lock in at a lower rate before the Bank of Canada makes further adjustments this year.  Most pre-approvals are good for four months which might just get you through future rate increases. 

Read: Now is the Time to Sell: Durham Cities Currently Have the Shortest Average Property Days on Market

3. Review all your loan options

A shorter term loan, such as 15 or 20 years often comes with a lower interest rate compared to 30-year rates, as well as variable rates which are often lower than fixed-rate mortgages.  “Anyone who is risk-averse should only consider a fixed-rate mortgage,” explained CEO at CanWise Financial, James Laird. “Canadians who are open to a little more risk and have financial flexibility in their household should still consider a variable rate, since they currently remain about 2 per cent lower than the fixed rates you can get today.” Discuss your options with your real estate agent and your mortgage broker so you can make the most informed decision.

4. Be open to surrounding markets and home types

There are many markets in Southwestern Ontario that can offer a great deal for buyers and sellers alike. In the April Canadian Real Estate Association report, we saw home prices decline in many key markets by 3.0% to almost 6.0% including Milton, London, and Cambridge. If you have the flexibility, make sure to look at a variety of cities and compare your options.

Alternatively, if you are set on a certain neighbourhood or city, looking at a variety of home type options might help your budget go further. Home prices declined in April 2022 across townhomes the most, down in Toronto by -2.7% month-over-month in April, and -7.6% in the GTA.  

For more tips, download our free buyer’s guide and contact a Zoocasa agent today. 

Considering Getting Into The Market This Spring?

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Nutrition Security in Action: A New Blog Series

It’s an honor to serve as USDA’s first director of nutrition security and health equity at the Food and Nutrition Service. In this role I have the privilege of working to ensure all Americans have consistent access to safe, healthy, and affordable foods essential to optimal health and well-being.

Give a Dam

This year marks the 133rd anniversary of the dam breach that took the lives of more than 2,200 people and galvanized the nation to ensure such a tragic event could not happen again. On May 31, 1889, torrential rain and subsequent flooding caused the South Fork Dam to fail near Johnstown, Pennsylvania. Changes in ownership, lack of oversight, and unsound improvements increased the probability of a dam failure rather than prevent one. When the dam gave way, over 20 million tons of water caused a catastrophic torrent downstream. A 40-foot wave traveling 40 miles per hour crashed into Johnstown demolishing the town.

How Ontario Home Prices Have Changed Under the Last Three Governments

Housing affordability has been a major talking point in the build up to the Ontario election. As home prices have sky-rocketed throughout the last two years during the pandemic, each party has outlined their promises to make housing affordable ahead of the provincial election. Rising prices, however, are not just a symptom the pandemic, but have been a noticeable trend for decades. We’ve analyzed the data to see how prices have changed under the last three Ontario governments, as far as data would allow.

Read: Where Each of the Political Parties Stand on Housing

Home prices increased steadily throughout the Liberal term. The slight dip in 2009 is reflective of the economic crisis, but the recovery was swift enough that the price decrease is not particularly noticeable.

As 2016-2017 saw a rapid increase in home prices, particularly in Toronto which grew over 30% between March of 2016 and March 2017, the Ontario government responded with the Fair Housing Plan, which contained 16 different measures to cool the housing market. These included a 15% foreign buyer tax and expanded rent control rules. Price growth slowed, but in the years following this, the market seems to have recovered.

The pandemic has had a huge impact on housing prices. As it hit, interest rates dropped to all-time lows, meaning it was far easier for those in the market to receive a low interest home loan. Hone prices dipped after the initial lockdowns were short-lived and prices quickly shot up to record highs as inventory numbers tumbled, particularly during 2021. Towards the end of the year multiple cities were seeing all time price highs paired with all time housing stock lows, which continued to drive the price of homes up.

Throughout 2022, the Bank of Canada has increased interest rates, partly in an effort to cool the housing market. We have already seen some of the effects; housing prices have settled, even dropping in some areas last month, and with further announcements expected to continue increasing rates, it is likely those prices will continue to drop.

Polls open June 2nd. For more information or to register to vote visit Elections Ontario.

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An Assorted Bouquet of Data in Latest Floriculture Report

April showers bring May flowers and for USDA’s National Agricultural Statistics Service (NASS), this means the release of 2021 floriculture data. Look for more flora in this data bouquet; NASS expanded the floriculture program to cover all 50 states and more than 30 new crops.

USDA Continues to Expand Opportunities and Support to Small Businesses

As May comes to a close, USDA reflects on recent activities to support small businesses nationwide. The first of the month marked the start of National Small Business Week 2022. In recognition of the observance, USDA’s national and state office leadership connected with small businesses in states and territories that have limited procurement activities. The goal was to highlight federal opportunities to help build and grow their businesses.

Top Real Estate Terms You Need to Know

Buying a home can be a challenging prospect, particularly for people looking to get into the market for the first time. There is a lot to be aware of throughout the process, so we have put together a convenient list of the top real estate terms that you need to know when buying a home.

Comparative market analysis (CMA) – An in-depth analysis which is provided by a real estate agent that determines the estimated value of a home based on homes that have been sold recently that are a similar size, condition, age or have similar features and are located in the same area.

Buyers/balanced/sellers market – A buyers market occurs when the number of homes for sale outnumber buyers. A seller’s market occurs when conditions favour sellers, and there are less homes available than there are people looking to buy a home. A balanced market sits between those and is an optimal time to buy and/or sell.

Read: Entering a Balanced Market Spells Relief for Many Buyers: CREA

Housing ratio – This is one of two debt-to-income ratios that a lender analyzes to determine a borrower’s eligibility for a home loan. This ratio compares the total housing cost (principal, homeowners insurance, taxes and private mortgage insurance) to your gross income.

Debt-to-income ratio (DTI) – A ratio that compares a home buyer’s expenses to their gross income.

Adjustable-rate mortgage (ARM) –  An ARM has an introductory interest rate that lasts a set period of time and adjusts every six months thereafter for the remainder of the loan term. Once the time period has ended, your interest rate will change, as will your monthly payment.

Fixed-rate mortgage – A mortgage with principal and interest payments that remain the same throughout the duration of the loan, because the interest rate does not change.

Private mortgage insurance (PMI) – This is a fee charged to borrowers who make a down payment that is less than 20% of the home’s value. Typically 0.3% to 1.5% of the yearly loan amount., this fee can be canceled in certain circumstances when the borrower reaches 20% equity.

Pre-qualification – This is a basic assessment of your income, assets and credit score which determines what loan programs you might qualify for, if any. An agent may request this or a pre-approval letter before showing a potential buyer a home.

Pre-approval – This is a thorough assessment of a borrower’s income, assets and other data to help determine a loan amount they would be able to qualify for. An agent may request one of these or a pre-qualification letter before showing a buyer a home.

Read: Reality Check: Interest Rates are Rising, Securing a Mortgage Now is Best for Buyers

Approved for short sale – This indicates that a homeowner’s bank has received an offer from a buyer and has determined the reduced listing price on a home meets their short sale criteria, based on the seller’s circumstances and how much is owed.

Origination fee – This is a fee charged by either a broker or lender to underwrite and process a home loan application. This is not a single fee, but a set of lender-specific fees that are part of your costs when closing a mortgage loan.

Amortisation – This is the process of paying off a loan through a series of periodic payments to a lender. This includes two items – interest and principal, which is the amount of money you borrowed.

Closing costs – Costs outside a property’s sale price that need to be paid to cover the cost of the transaction. This could include discount points, insurance fees or survey fees, among others. These can vary from location to location but must be described to you when you submit your mortgage loan application.

Debt-to-income ratio (DTI) – A ratio that compares a home buyer’s expenses to their gross income.

Contingencies – These are conditions that are written into a home purchase contract that protect the buyer, should issues arise with financing, the home inspection, etc.

Equity – The percentage of a home’s value owned by the homeowner.

If you’re considering buying a home in the coming months, contact us to talk to an agent and receive a free consultation.

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Happy National Asparagus Day! Get to Know Spring’s Delicious Vegetable

USDA wishes you a happy National Asparagus Day! Americans consume over 500 million pounds of asparagus each year, and 80-90% of that is imported, mainly from Mexico and Peru. While domestic production continues to decline year-by-year, per capita consumption is growing and U.S. growers still produce 60-70 million pounds per year, mostly in Michigan, California, and Washington.

Food Safety Belongs on the Grill

There’s nothing better than gathering around the grill to prepare a good meal. Don’t forget the rules of food safety this grilling season.

Celebrate Cultural Traditions Through Food

Do you enjoy exploring food from countries around the world? Celebrating cultural traditions through food is a great way to connect with people from various communities and learn about their heritage. It is also a way to appreciate your own cultural roots! Discover simple ways to enjoy three cultural foods and see what vitamins and minerals they contain using FoodData Central from USDA’s Agricultural Research Service.

Keeping Infants Safe in Midst of Formula Shortages

There are few things that worry a parent more than their children’s health and safety. The ongoing infant formula shortage due to supply chain issues, which worsened due to a major formula recall in February, has left many caregivers feeling concerned and anxious about their options for safely feeding their infants.

Great News for Buyers – Home Prices are Dropping in the GTA: TRREB

Following the Bank of Canada’s interest rate increase, we are finally seeing the red hot Toronto market begin to cool down, making way for buyers who have been wary of entering the competitive market.  Some cities are leading the way in terms of becoming more affordable and opening up opportunities for those sitting on the fence. Below are the four most affordable cities in the GTA based on average composite home price index (HPI).  

Read: Reality Check: Interest Rates Are Rising, Securing a Mortgage Rate Now is Best for Buyers 

Home Prices are Becoming more Affordable Across Toronto and the GTA 

The April 2022 numbers from the Toronto Regional Real Estate Board (TRREB) show that the Home Price Index (HPI) Composite Benchmark was down in comparison to the March level, with the average selling price being $1,254,436 in April, compared to $1,300,082 in March. This is great news for buyers, especially those that have locked in a pre-approved mortgage rate. 

Read: 7 Houses Under $900,000 For Sale in Mississauga

The majority of homes sold were townhouses and detached, with more than 1000 townhouse sales and over 2700 detached home sales in the GTA. The average price was $997,416 and $1,526,791 respectively, a year-over-year price increase of 20% and 16.8%. Month-over-month, the average price of townhouses fell by 7.6% in April, and detached homes by 6.5%. In the City of Toronto, the majority of sales were condo apartments, with an average sale price of $820,835. 

“It is anticipated that there will be enough competition between buyers to support continued price growth relative to 2021, but the annual pace of growth will moderate in the coming months,” said TRREB Chief Market Analyst, Jason Mercer. This signals a more balanced market and the time for motivated buyers to make their move. 

The Four Most Affordable Cities in the GTA Right Now

Here are the four cities with the most affordable average price in the GTA as of April 2022. 

Brock

The leader on our list of most affordable cities in the GTA is Brock. The average price was $857,224 in April, meaning that Brock homes can be scooped up for $200,000 less than the GTA average. There were 13 home sales and 51 new listings. This led to the sales-to-new-listings ratio (SNLR), the measure of available inventory and new listings entering the market, of 69.2%. 

Essa

Second on our list is Essa. The average price was $918,126 in April, which much to the delight of buyers is $170,000 less than the average in the GTA. There were a total of 39 sales and 96 new listings, for a SNLR of 68%. 

Oshawa

The average price in Oshawa was $936,561. It was a busy month for real estate in the city, with the average home price coming in $150,000 below the GTA average, there were 296 sales and 636 new listings, for a SNLR of 75.5%. 

Orangeville

Last on our list is Orangeville. Coming in $150,000 below the GTA average, Orangeville’s average price in April was $938,711. There were 64 sales in April and 118 new listings, for a SNLR of 76.6%. 

Considering Getting Into The Market This Spring?

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