In early 2024, the Ontario real estate market slowed significantly, while Nova Scotia's affordability stood out with an average home price of $500,000 in Halifax. Building costs and labour have surged due to inflation, affecting both new construction and renovations. First-time homebuyers are increasingly opting for starter homes, often in need of repairs. Atlantic Canadians are particularly burdened by debt, with 70% expressing concern about repayment. Despite high interest rates, there's cautious optimism about potential rate reductions, with predictions of a 200 basis point reduction by 2025. The housing market remains a seller's market, with a need for a more diverse inventory.

How affordable is the Nova Scotian market? Real estate is more affordable in Nova Scotia compared to other markets. Clinton and Todd reflect on the challenges of buying starter homes, citing increased property values and stagnant income growth. 

So the interest rates are down, and I can finally buy a home - now where do I buy? Clinton and Todd discuss the Halifax housing market and deciding on a location in terms of housing types,  commuting and fuel costs, natural disasters, insurance, and the potential for lenders to refuse mortgages in high-risk areas. 

Clinton and Todd discuss the Bank of Canada's recent rate cut of 25 basis points, with predictions of further cuts in October and December, opening up the market for some buyers.

With 20 years in the mortgage industry, Clinton Wilkins and his team are undeniable experts, with quality relationships with lenders. Clinton, alongside his co-host Todd Veinotte, chats through why going through a mortgage broker versus a bank may be beneficial for you!

Are we building enough new homes in Nova Scotia? Clinton and Todd discuss housing starts, and the Halifax market, focusing on trends in new builds, affordability concerns, and demographic shifts. The two touch on a lack of inventory causing demand crunches and advocate for the need for more housing supply to meet growing demand.

Danielle MacLean, Clinton Wilkins, and Todd Veinotte are back to chat more on the financial aspects of real estate transactions, emphasizing the importance of proper disclosures, documentation, and transparency to ensure smooth transactions and avoid potential risks. They cover private sales, transfer taxes, joint ownership, and mortgage transfers, highlighting the need for due diligence and expert advice in navigating complex real estate deals.

Expert and Real Estate Lawyer, Danielle MacLean, from DCL Law joins Todd Veinotte, and Clinton Wilkins to share insights on navigating real estate transactions. They emphasized the importance of education, organization, and flexibility in preventing unexpected problems. They discuss the significance of having the right professionals on your team and being aware of the legal aspects involved in real estate transactions. By prioritizing these factors, individuals can successfully navigate the transaction process and avoid potential pitfalls.

Yet another Bank of Canada interest rate update means that Clinton Wilkins and Todd Veinotte are at the Mortgage 101 table to discuss what this means for Nova Scotians. They also get into the challenges of managing mortgage debt in a rising interest rate environment, and highlight the risks of negative amortization and the importance of proactively refinancing mortgages to avoid significant payment increases.

Would you bet your house you know exactly what's happening with your credit? In this episode, Clinton and Todd emphasized the importance of monitoring credit reports, correcting errors, and being cautious when sharing credit card information online.