# data[].attributes.body
This wall is an introduction to housing and introduces a vast amount of information about renting, buying, and a few crucial aspects of owning a house, along with the fundamentals of each.  If you wish to only read on one of the topics: Renting is colored in blue, Buying is colored in orange and Relevant information is colored purple.

# data[].attributes.headline
Video #1: Having a Good Idea of What You Want

# data[].attributes.subject
Video #1: Having a Good Idea of What You Want

# data[].attributes.body
Alain Savad's video was an introduction to a compact crash course for buying a house in Canada, but for this wall post, it would be helpful to highlight how his advice on entering the housing market. Even though the video was released in 2011, timing is, in fact, essential in buying a house in order to get a decent price. The video does express how much higher the prices have gotten over the past years and happen to still be rising. He spoke about the possibility of buying a house this year could rob you of the opportunity of getting it for a cheaper price the following year or the year after, so it is encouraged to move at your pace instead of rushing into a decision.
He moves on to say that real estate is a bad short-term investment as it costs to enter and leave and buy and sell. It is usually profitable after a couple of years after your mortgage is paid and equity is earned. He then touches on renting by saying that it is cheaper and more efficient for short-term investment as the maintenance of the house is very costly and you risk “putting your investment in jeopardy”. It was also recommended that if you felt you were wasting investments while renting, you could put aside money to invest in an RRSP if you’re comfortable with living and renting.
In terms of purchasing a house, he touches on affordability being key as it is not optimal to break your neck when purchasing a house. It may become suffocating after forcing to buy a house and maintaining it afterward unless it needed. One of the last points he touched on for the topic was that you need to be wary of what comes with the houses we are buying. He highlights that sellers usually have an idea of the price of their and they know all the problems that come with it, while the buyers are swarmed with different options with little knowledge about them.

This video was chosen to give insight into different scenarios that occur in the housing world. This information stands out as the crash course gives advice which is justified with an explanation on the mindset you have while looking for a place.

# data[].attributes.attachment_link.title
Crash Course: 1 of 5 - Buying a Home in Canada

# data[].attributes.body
"The Balance's" simple diagram shows the different types of real estate available to the public, being Residential, Commercial, Industrial and vacant land.  It also shares what real estate is saying, “Real Estate is defined as the property, land, buildings and air rights above land, and underground rights below the land."

This image was chosen to share a visualization of the different types of real estate options available and how they differ in size. Its very important to be aware of the options when your choosing and to have an idea of the dynamic of said option.

# data[].attributes.body
As "The Balance" thoroughly explained what real estate is and how it works, it proves to be less intimidating as it presents more basic information such as the four types of real estate. As the visual derived from the link defined real estate and listed the types, to reiterate there is residential, commercial, industrial and vacant land. The text goes into detail explaining different options as, residential real estate includes resale homes and also new construction, most commonly single-family homes, co-ops, townhouses, high-value homes, etc. Commercial Real Estate includes shopping centers, educational buildings, oftentimes apartment buildings even though they are used as residences, offices, etc. Lastly industrial real estate consists of manufacturing buildings and property and warehouses. Lastly land includes vacant lands, ranches, and farms that you can build on. Undeveloped, early development/ reuse, etc. may fall under land.

"The Balance" was chosen to highlight the various options available when browsing areas and property for real estate. I found that the descriptions of the options were very useful to allow the reader to visualize the type of real estate and its typical use.

# data[].attributes.attachment_link.readable_text
Real estate is the property, land, buildings, air rights above the land and underground rights below the land. The term real estate means real, or physical, property. "Real" comes from the Latin root res, or things. Others say it's from the Latin word rex, meaning "royal," since kings used to own all land in their kingdoms. The U.S. Constitution initially restricted voting rights to only owners of real estate.

Four Types of Real Estate

There are four types of real estate:

1. Residential real estate includes both new construction and resale homes. The most common category is single-family homes. There are also condominiums, co-ops, townhouses, duplexes, triple-deckers, quadplexes, high-value homes, multi-generational and vacation homes.

2. Commercial real estate includes shopping centers and strip malls, medical and educational buildings, hotels and offices. Apartment buildings are often considered commercial, even though they are used for residences. That's because they are owned to produce income.

3. Industrial real estate includes manufacturing buildings and property, as well as warehouses. The buildings can be used for research, production, storage, and distribution of goods. Some buildings that distribute goods are considered commercial real estate. The classification is important because the zoning, construction, and sales are handled differently.

4. Land includes vacant land, working farms, and ranches. The subcategories within vacant land include undeveloped, early development or reuse, subdivision and site assembly. Here's more at Land Broker Transactions.

How the Real Estate Industry Works

Construction of new buildings is a component of gross domestic product. It includes both residential, commercial, and industrial buildings. In 2018, real estate construction contributed $1.15 trillion to the nation's economic output. That's 6.2% of U.S. gross domestic product. It's more than the $1.13 trillion in 2017 but still less than the 2006 peak of $1.19 trillion. At that time, real estate construction was a hefty 8.9% component of GDP.

New home building is a critical category. It includes the construction of single-family homes, townhouses, and condominiums. The National Association of Home Builders provides monthly data on home sales and average prices. The data on new home sales is a leading economic indicator. It signals how the housing market will do in nine months. That's how long it takes to construct new homes. The NAHB also reports new home starts, those are the number of home construction projects on which ground is broken.

Real estate agents assist homeowners, businesses and investors buy and sell all four types of properties. The industry is typically divided up into specialists that focus on one of the types.

Sellers' agents help find buyers through either the Multiple Listing Service or their professional contacts. They price your property, using comparative listings of recently sold properties known as "comps." The can help you spruce up your property so it will look its best to customers. They assist in negotiations with the buyer, helping you get the highest price possible. Here are more sellers' agent services.

Buyers' agents provide similar services for the home purchaser. They know the local market. That means they can find a property that meets your most important criteria. They also compare prices, called "doing comps." It allows them to guide you to areas that are affordable. Buyers' agents negotiate for you, pointing out reasons why the seller should accept a lower price. They help with the legalities of the process, including title search, inspection and financing.

Real estate agents who want to increase their professionalism become REALTORS®. The National Association of REALTORS® publishes provides monthly reports on the number of homes resold and their average price. It's a better indicator of the health of the overall housing industry than new home construction.

That's because new home builders can be overenthusiastic about future sales and overbuild. They can also cut prices to force sales. Individual homeowners must follow the market's supply and demand. They don't have the clout to manipulate the market. NAR provides the current housing market statistics.

Real Estate Investing

Everyone who buys or sells a home engages in real estate investing. That means you must consider several factors. Will the house rise in value while you live in it? If you get a mortgage, how will future interest rates and taxes affect you?

Many people do so well with investing in their homes they want to buy and sell homes as a business. There are many ways to do that. First, you can flip a house. That's where you buy a house to improve then sell it. Many people own several homes and rent them out. Others use Airbnb as a convenient way to rent out all or part of their homes. You can rent vacation homes using VRBO or Home Away.

You can also invest in housing without buying a home. You can buy stocks of homebuilders. Their stock prices rise and fall with the housing market. Another way is with Real Estate Investment Trusts, called REITs. These are investments in commercial real estate. Their stock prices lag behind trends in residential real estate by a few years.

What New Home Statistics Tell You About the Real Estate Market

Statistics about new home construction are important leading economic indicators. That means they will give you a heads up on the future of the housing market.

The chart below illustrates the number of new privately owned housing units started between 2000 and 2019.

Each of these indicators tells a little different story about the health of the homebuilding industry. For example, say home starts are steady, but housing starts to decline. That will take a toll on home sales. Many buyers might not want to wait longer than a year. It also means there's a shortage of lumber, concrete, or construction workers. Those shortages could drive up costs, and sales prices. That would further decrease demand for new homes.

If mortgages are declining, the homebuilder will end up with an inventory of unsold homes for sale. It also means demand is high, but homeowners can't get mortgages. Rising home starts might seem like an indicator of housing strength. But it might be a bad sign. Declining home closings mean the housing market is weak.

The new home sale is the first step in a nine to twelve-month process. If new home sales pick up, then you know closings will rise in about a year. However, all of the remaining three steps must be completed.

A new home sale is when the buyer signs the paperwork and gives the homebuilder a deposit. That's because most new homes are not constructed until there is a buyer. The exceptions are spec homes that are used as model homes. The Census Bureau releases monthly estimates of new home sales. They are given as an annual rate.

Two months after the paperwork is signed, the local housing regulators grant the permit. It is an early indicator, but not always accurate. Builders can go bankrupt and never build the permitted units. They can change the number of units built in a multi-family. In fact, 22.5% of multi-family permits aren't built, or are changed to single-family units. Finally, developers often receive permits for a large portion of a complex that could take months and month to build.

Three months later is the new home start. It occurs when the builder breaks ground. The National Association of Home Builders reports on this monthly. It's very accurate because the new home start only occurs when the builder is confident enough to break ground.

Six to nine months later is the closing. The homebuyer must receive a mortgage before the home can close. If the homebuyer doesn't qualify, the house remains in inventory. If this statistic is lower than the home sale figure, it means the new home market will start to slow down. There are too many homes being built, and not enough qualified home buyers. It can also mean builders will begin lowering prices to clear their inventories. Fannie Mae releases the report on all mortgages.

There are three other important indicators to watch.

1. Inventory - This is the total of homes that are available for sale, but unsold. The NAHB reports this monthly.

2. Months of Supply This is how many months it would take to sell all the houses in inventory. It's based on the sales rate and inventory. The NAHB also reports this monthly.

3. Sales Prices - The Census Bureau reports on both the median and average new home sales price.

# data[].attributes.attachment_link.title
4 Types of Real Estate and How to Profit from Each

# data[].attributes.attachment_link.description
Real estate is the property, land, buildings, air rights above the land and underground rights below the land. The term real estate means real, or physical, property. "Real" comes from the Latin root res , or things. Others say it's from the Latin word rex, meaning "royal," since kings used to own all land in their kingdoms. The U.S.

# data[].attributes.body
FitSmallBusiness' flow chart displays a typical Real Estate Team and how it is organized to give the client access to experienced agent teams to help find a perfect fit. At the head is the Team Leader(s) who gathers information from the real estate assistant, lead buy’s agent and lead listing specialist who all receive information the transaction coordinator.

The chart was chosen to portray the dynamic of a Real Estate Team and give a quick look over how they operate. It is important to have an idea of who is in charge of who, reports to who and ensure they all work to assist you.

# data[].attributes.headline
Video #2: Real Estate Team Insights on Team Composition

# data[].attributes.subject
Video #2: Real Estate Team Insights on Team Composition

# data[].attributes.body
Tyler Smith’s video speaks about hiring his experience when hiring a real estate team. He starts out mentioning his first assistant he hired who matched his wavelength and was good at the aspects he excels in but was bad in the same areas as him. This was not efficient nor constructive, so he got another assistant that he didn’t completely get along but was strong in his weak points.  He expresses that he has a test which he gives his applicant and employee which tests highlight strengths and weaknesses to boost efficiency. He moved to buy directors and mentioned he did not want them to have the same strengths as their team members but has something else to help the teamwork more smoothly. He closed off by referring traits which he looks for when he is hiring to help the viewer.

This video was chosen to highlight things an efficient Team Leader looks for when finding a team. This information differs from the rest as it gives insight to what an efficient real estate team operates and how responsible leaders build their teams.

# data[].attributes.attachment_link.title
Look For These Traits When Hiring A Real Estate Team

# data[].attributes.headline
Website #2: The Variety of Housing Options Available

# data[].attributes.subject
Website #2: The Variety of Housing Options Available

# data[].attributes.body
Settlement Ontario sheds light on the variety of housing options that are common in the region of Ontario. These range from apartment suites to condos and duplex and shared accommodations somewhere in between. It differentiates between highrises and lowrises, and speaks on the dynamic of the apartment including the superintendent and landlord. It also mentions that condo owners may rent condos to tenants and that the owners join a corporation to manage the building and land. Finally, it gives different visualizations of the Duplex and Triplex and lists possible accommodations provided under the room option. To close off, the website links a service to assist the public in finding a home rent in your area.

This information will assist young adults by providing a variety of housing options and was chosen to highlight different types of housing options available and to give the reader an idea of how they are structured. What made this source special was that it spoke on the different types of housing offered and it gives information about the buildings to help the reader find the right fit.

# data[].attributes.attachment_link.readable_text
Skip Breadcrumb Links

Whether you rent or buy, you can choose from many different types of housing.

Here are some common examples:

Apartment (suite, flat)

Usually includes 1 bedroom or more, a kitchen, a bathroom and a living room. A bachelor or studio apartment has 1 room for sleeping and eating.

May be in a building or a house.

There are highrises (6-30 stories high with an elevator) or lowrises (fewer than 6 stories high, often with no elevator and called a "walk-up").

Generally, apartments are owned by a landlord and managed by a superintendent who lives in the building.

Condominium (condo)

A type of home ownership where you buy a unit in an apartment building or townhouse complex, but do not own the land. Owners sometimes rent condos to tenants.

Condominium owners join together in a corporation and elect a board of directors to manage the building and the land. Each owner pays his or her own mortgage, taxes, utilities and a monthly fee towards property maintenance.

Duplex and Triplex

A house that is divided into 2 or 3 separate apartments, one on top of another. The owner of the house may live in one of the apartments.

May be a detached house, semi-detached house, or a townhouse.

Room (shared accommodation)

A room in an apartment, house or other type of accommodation that is rented to 1 person. The tenant usually shares the kitchen, bathroom and living room with other tenants.

Furniture is often included. Meals may be included.

Some types of housing may be more available in certain cities.

Many community agencies can help you find information about renting or buying a home. To find help, go to Services Near Me and search for "settlement services" in your area.

For More Information

# data[].attributes.attachment_link.title
What kinds of housing are common in Ontario?

# data[].attributes.attachment_link.description
Skip Breadcrumb Links Whether you rent or buy, you can choose from many different types of housing. Here are some common examples: Usually includes 1 bedroom or more, a kitchen, a bathroom and a living room. A bachelor or studio apartment has 1 room for sleeping and eating.

# data[].attributes.body
CMHC (Canada Mortgage and Housing Corporation) expresses that the Ministry of Municipal Affairs and Housing is responsible for providing affordable housing in the region of Ontario. It generously gives details on a variety of housing options to increase the supply of affordable housing and to also improve the affordability of the house.  There are a few key accessible components such as a Rental Housing Component which provides forgivable loans to Renters which fall under the category of recent immigrants, working poor, single and families. Renters may also be able to Rent Supplement Component which helps pay landlords on behalf of the households in need of rental assistance. Finally, the Housing allowance Component provides an allowance directly to help address housing. And for renters who are interested in buying a home, the Home Ownership Program provides its own payment assistance for the purchase of an affordable home.

This page was chosen to present applicable and helpful resources available to renters. The Ownership program was very important to know as it shows the homeowners and renters are not far apart and the switch is not impossible.

# data[].attributes.body
THE IBC (Insurance Bureau of Canada) provides information on the types of coverage available to homeowners and touches expands on common home insurance policies such as Basic or Named Perils, Comprehensive, Broad and “No Frills”. It starts off by describing Comprehensive as the “most inclusive” policy, which covers both building and its contents from all risks, it may also come with some listed exclusions. It goes even further to describe uninsurable perils and optional coverage for any extra help such as an earthquake. It then defines Basic or Named Perils as a condition if you wish to save money and carry the risk stated perils. It expands to cover Broad and described it as a midpoint between Basic or Named Perils and Comprehensive which is not as expensive as Comprehensive and not as narrow as Basic or Named Perils. Last on the list, it speaks on how No Frills is offered by some insurers for properties which doesn’t meet normal insurance standards. It also suggests correcting said problems to qualify for better coverage. The site closes by speaking about personal liability pertaining to bodily injury or property damage caused to others and that the policy’s liability portion provides coverage if such an event occurs on your property.

This source was chosen to display a variety of insurance policies available to homeowners and to give an understandable overview of each. It stands out from the rest as it shines light on the variety of insurance options.

# data[].attributes.attachment_link.readable_text
Comprehensive

As the most inclusive home insurance policy, comprehensive covers both the building and its contents for all risks, except for those specifically excluded. Two types of risk that are not normally included in any home insurance policy are:

The insured perils included in comprehensive and other policies include coverage for aircraft or vehicle impact, fire, lightning, theft and window breakage.

If you live in a condo/strata or mobile home, you require customized insurance for your property type.

Basic or Named Perils

If you want to save money and carry the financial risk of some losses yourself, consider a basic or named perils policy. This policy covers only those perils that are specifically stated.

Broad

If a comprehensive policy costs more than you want to pay and a basic or named perils policy isn't suitable, a mid-priced compromise is the broad insurance policy. This policy provides comprehensive coverage on the big-ticket items, such as the building, as well as named perils coverage on the contents.

No Frills

Some insurers offer basic or no frills coverage for properties that don't meet normal insurance standards. If there are physical problems with your home that keep it from meeting the standards set by insurers, you may save money in the long run by correcting these problems to qualify for better coverage.

Personal Liability

Whether you own or rent your home, you can be held liable for bodily injury or property damage unintentionally caused to others. Your home insurance's personal liability portion provides coverage if such an event occurs on your property or anywhere in the world.

For example, if a visitor slips on a snow-covered walkway on your property and is injured, you may be held legally responsible. If you're found negligent, your personal liability coverage would cover the damages resulting from the injury up to the coverage limit. Liability coverage does not apply to injuries sustained by you or members of your household.

In addition to the home coverage types described above, insurers may use trademarked product names to describe home insurance packages.

IBC's Home Insurance - Personal Property Inventory

# data[].attributes.attachment_link.description
As the most inclusive home insurance policy, comprehensive covers both the building and its contents for all risks, except for those specifically excluded. Two types of risk that are not normally included in any home insurance policy are: The insured perils included in comprehensive and other policies include coverage for aircraft or vehicle impact, fire, lightning, theft and window breakage.

# data[].attributes.body
Ratehub.ca brought the basics of mortgage to the table and starts by defining mortgage as a loan from a financial institution that allows an individual to purchase a house with a down payment. It then elaborates by providing an example which sums up to individuals taking a loan from a bank to cover the difference from the rest of the mortgage they can’t pay. It speaks about equity being built as mortgage payments are paid regularly and lenders lose stake in the house. It then goes to introduce the different rates, fixed and variable, which are dependent on your budget and risk tolerance. Fixed rates specify to a static interest rate and a scheduled monthly payment allowing you to budget accordingly without risks.
Then it speaks about the variable rate which is set the Bank of Canada and it tends to fluctuate as time passes. The video elaborates and talks about minus prime percentage (optimum percentage) being constant and your overall interest rate prime lending rate (additional percentage) which goes together to provide the total. The interest rate will change as prime fluctuates, they may tend to be lower than fixed rates but always have the potential to increase.
When it comes to time, amortization and term controls the amount of money spent after payments have been made. Amortization is the time taken to pay off a mortgage. The longer the period, the cheaper the monthly payments but the longer time taken is the more interest accumulated. A term is shorter than an amortization period and is the amount of time the home buyer commits to the rules, conditions and interest rate they agreed to with their lender which is an average of 5 years in Canada.
It then goes to speak on acquiring a mortgage from a bank or mortgage brokers. Often times brokers source loans from banks as they have access to special rates and supply the client with rates similar to theirs. They are also free as they receive commission from the lender. They can access better rates depending on the size of their business.
Finally, it speaks on the applications process, whether you are looking to buy a house you can apply for a mortgage and if you are starting to look for one you can get a preapproval. In order to determine whether you are qualified for the loan, lenders will consider your credit rating to ensure you pay on time, down payment which is a minimum of 5% and the annual income of the members of the household.
They close off by referring their website which offers access to an affordability calculator and you can get started on your mortgage by listing various available mortgage providers.

This source was chosen to introduce various concepts of a mortgage and briefly exploring the contents. This information stands out as it explores mortgage and the loans you can take to pay for it.

# data[].attributes.headline
Video #4: How to Know a House is Right for You

# data[].attributes.subject
Video #4: How to Know a House is Right for You

# data[].attributes.body
In Andrew Finney Team’s video, he talks about finding the right house. First off, he gives tips to start out with which are: Ethical Real Estate Advisors will not pressure you into buying a house, trust your instinct and refrain from sleeping on your decision. He then dives into the list of ways you know you found the right house starting with your eagerness to go inside, the level of relaxation you feel as you enter and the comfortable and not awkward feeling in the bathroom. After you become relaxed in the space you become possessive of the house and may start planning furniture arrangements making to suit your taste. the house fits your basic needs. Then you decide to stop looking at other homes, but he warns keep an open mind as other people may get the house, and your eagerness to tell your loved ones the news and finally every thought. Finally, the nail in the coffin would be your feelings urging you to buy the house.

This video was chosen to provide some insight into knowing when you found home and tendencies to look out for when you are buying a house. This information is unique as it gives the reader a clear idea of tendencies house shoppers have and their behaviors when they found the house for them. It's also important to know the house that fits you so end up in feeling uncomfortable in your new house or you missed out on your perfect fit.

# data[].attributes.attachment_link.title
10 Ways to Know You Found the Right House!

# data[].attributes.body
Though this was a vast topic and I tried my best to pick out essential information relevant to anyone who is starting to look for a home. The most shocking piece of information to me is that brokers get lower rates by banks and they offer you similar rates and don't charge you a commission. I had always assumed that they would capitalize on this and try to make even more money by charging a fee. This topic is relevant and helped me realize that I would rater end up renting until I can comfortably afford real estate since I enjoy the pride in ownership. As I was occasionally on the fence and thought I would just save up for house until I could afford one. Finally, if I was passing on this information, I would emphasize the importance of knowing how long you wish to reside in an area/ house as renting is better for the short term and buy is more ideal for the long term as it helps build equity. And even though you may feel the need to rush, everything happens in its own time and at its own pace so there will always be time.