Home Sweet Home: Your Ultimate Guide to Buying a House in Canada!

[@BaldPrairieRealEstate]

Which question about buying a house did this video answer for you?

[@BaldPrairieRealEstate]

As long as inflation doesn’t eat it all away.

[@KelownaB]

Excellent work, I studied your channel in depth and purchased my first home november 2021. Now Im sending your vids to friends that want to get in to the market. Thank you so much!!

[@BaldPrairieRealEstate]

I am so happy to hear that!

[@MylifeofTao]

You used my joke!!! Great video Mathew! You’re putting out incredible content! Keep up the great work super helpful stuff!

[@BaldPrairieRealEstate]

It was a great joke and thank you!

[@willalot]

Liked the tip about the microphones in the house, and always another great shirt.

[@BaldPrairieRealEstate]

It is the new reality of looking at houses.

[@ednap392]

Nice video. Very informative..Can you please discuss properties on Receivership? Is this the same as Forclosure?

[@BaldPrairieRealEstate]

Really good question. Receivership and foreclosure are not exactly the same thing, although closely replated, but for the context of this conversation we can call them the same. I'd love to do a video on foreclosures though. What would you like to see discussed in a video around that subejct?

[@ednap392]

@@BaldPrairieRealEstate How a property is foreclosed? What are the causes? As investors. how do we deal a foreclosed property? Do we need to go away from it? Do we just consider it as normal property? Do we need to involve a lawyer from the get go instead of involving them during closing only? Thanks.

[@BaldPrairieRealEstate]

@@ednap392 Awesome! Let me get to work on a video answering those questions and more!

[@willalot]

Here is weird question for you, I think I am finally buying a house. Its a manufactured and my broker says I do not qualify for regular mortgage rates due to it being a manufactured(we will also own the land underneath it). She says its because manufactured have a shorter lifespan. However with lots of research I found that is largely a myth. My friend has a home that is half manufactured and half stick built and he qualifies for a normal rates despit it being from the 80s. So I asked what if we put an edition on it? She still said no. Why is it that if I bought a 1950 house with asbestos and black mold I would qualify for normal rates but a 2006 manufactured home is seen as something about to collapse?

[@BaldPrairieRealEstate]

Great question! Most likely it's a lender or insurer specific rule. Every lender has their criteria for what they will lend on and what they consider more/less risky. Unfortunately, right or wrong most lenders don't like lending on RTM homes as much a stick-built houses.

[@LK-hb1hj]

Thank you so much for the explanation!! Gona bless you

[@BaldPrairieRealEstate]

Thank you for watching!

[@dray22222]

Think you may have forgotten to add the link to the video for interviewing a realtor? Would be a nice add thanks

[@BaldPrairieRealEstate]

I absolutely missed that, thank you! I have corrected it and here is the link as well: kzbin.info/www/bejne/rZPXnJWqmbF5gbM

[@Angell_Lee]

Wow, you have such a cool style! I appreciate the efforts, it really pays. Thank you and happy new year and Holidays! :D

[@BaldPrairieRealEstate]

Thank you, very much and Merry Christmas, to you as well!

[@ethimself5064]

Would love to see a detailed vid on Refinancing as it seems like a lot of options that one should know beforehand. Thinking of Variable only/Fixed

[@BaldPrairieRealEstate]

That is one that I have on my list of upcoming videos.

[@ethimself5064]

@@BaldPrairieRealEstate Don't know of u can answer this one. An old friend of mine told me 2-3 times over last few yrs that he does not actually have a mtg. What he has is a simple uninsured loan in the principal and only makes interest payments/no principal. Before interest rates went up his interest was about 1.5% Variable. Any ideas?

[@BaldPrairieRealEstate]

@@ethimself5064 I have heard of things like that before. I have never understood why someone would make interest only payments.

[@ethimself5064]

@@BaldPrairieRealEstate Lots of equity and will never love long enough to make any impact/Pensioned out

[@BaldPrairieRealEstate]

@@ethimself5064 that's fair

[@verapavkovic4853]

Hey Mathew, thank you for all the information and great videos! I have a question as someone coming to Canada soon on a work permit: do you have to be a PR to buy a house? What are the differences when a foreigner and a Canadian citizen buys a house? If you can elaborate a little bit it would be helpful. ❤️

[@BaldPrairieRealEstate]

Thank you! Yes you can buy a home as a non resident but it is a more complex process. It very much depends on the country you are coming from. If your credit score/history can be transferred here that helps alot. Down payment requirements are also much higher generally as well.

[@reefglider]

Can you do a video on buying a rental as a first time buyer, in another province? Some of us are struggling to afford to buying in the cities where we live, as they are amongst highest prices in the country. I like the idea of at least being in the game, even if I won’t have the privilege of living in a house.

[@BaldPrairieRealEstate]

That is a great topic. I'd love to do something like that. Why types of things would you want to know about?

[@nagitoyup6929]

Can you make a video about "tactics real estate agents would use that you need to watch out for ". Like hidden fees, do we owe real estate agent anything if you are not happy with them for so far even though they spent time/worked for you. Is there an agreement made for that?. Why would a buyer's agent negotiate a lower price if the commission is in percentage. And maybe why you should not trust a real estate agent. And why you should never sign anything without reading every word in the documents. Isn't two agents better than one ?.

[@BaldPrairieRealEstate]

Lots of great questions there and thank for the ideas. Unless you have signed a buyers agreement with the agent you shouldn’t owe them anything. Why would an agent negotiate for a lower price? Because it is the right thing for this clients and that is what they are expected to do. But furthermore most agents see a large portion of their business come from referrals from past clients. I don’t know many people who feel their agent didn’t have their best interests in mind and still recommended them. Hope that helps a little. But I do like the concepts you have talked about for a longer video.

[@hamedatohamedato521]

Hi Matthew, do you also have a list of mortgage brokers that like realtors you can pair us up as well? Thanks!

[@BaldPrairieRealEstate]

I sure do! If you shoot me an email, I can get you connected. [e-mail]

[@Sarah33Kaufman]

I love the doggy back there, thumbs up!

[@BaldPrairieRealEstate]

Thank you!

[@jantoth4699]

How hard is to buy a house for people from Europe (Slovakia) if there is no permanent residency?

[@BaldPrairieRealEstate]

Yes you can buy a house as a non-resident but there will be more paperwork required and usually a higher down payment.

[@tanushreeholker67]

u really humanize such detailed heavy content 👏🏻 u are a good story teller... I could imagine myself getting those keys in my hands 😂

[@BaldPrairieRealEstate]

Thank you so much.

[@mellykick213]

We have 3 pre approvals right now, all at different rates because they keep changing, good until October. I’m assuming it’s better if you can put a bigger downpayment on a house over 20% so no insurance on mortgage and as rates go up it’s better to put more money down up front? We’re trying to hold off and wait for the prices to come down

[@BaldPrairieRealEstate]

Yes usually once you get over that 20% down threshold rates go up a little more until you get all the way up to about 35% down. The right time to buy is when it makes sense for your own personal situation. Here are my three rules off buying a house. 1. You must be in the financial position to buy the house with the job security to withstand higher rates and the cost of home ownership. 2. You are planning on being in the house long term (5+ years). 3. Buying a house is going to improve your lifestyle or quality of life. Hope that helps and thanks for watching.

[@ryangjewell]

Do you charge a lower commission rate if the buyer knows exactly which house they are going to buy, but just need help with the red tape, etc.?

[@BaldPrairieRealEstate]

The buyer's agent commission is actually pre-determined by the seller at the time the seller decides to list their house for sale. You as a buyer do not pay your buyer's agent a commission as that is paid by the seller out of the proceeds of the sale.

[@ryangjewell]

@@BaldPrairieRealEstate Thanks! Do you have any tips for people who are looking at the lower end of the market? You say to view a good number of houses, but there are only two listed in the area I'm looking which are in my price range.

[@BaldPrairieRealEstate]

@@ryangjewell Yes patience is your friend. Some of the deals I am most proud of are the lower price homes that I have found for buyers. In my market while you can still find homes under 200k it's hard and sometimes takes a while for a good one to hit the market. I told those buyers that it could take some time to find the right one and we are probably going to see alot of crap. But once you have gone out and viewed the bad ones, when that good one hits the market, you will know and then go get it. Where are you looking?

[@madhuvl8328]

Hello- A quick check on cash back term for home buyers from real estate agent. How true and genuine are real estate agents when they promise to give you back 1% cashback after closing the purchase of property?

[@BaldPrairieRealEstate]

If it's not in writing, I wouldn't put much faith in it personally.

[@madhuvl8328]

@@BaldPrairieRealEstate Thanks for the response But if it's in writing the should we go ahead?

[@BaldPrairieRealEstate]

@@madhuvl8328 if it's in writing that has more weight. I wouldn't choose an agent based on getting money back. People who are good in their field are generally not discounting their value. They know they are worth what they charge. Those that are discounting that much are usually trying to buy you as a client. Just food for thought.

[@cerberus8559]

Is this still applied with the first time home buyer removed

[@BaldPrairieRealEstate]

@@cerberus8559 sorry can you clarify the question?

[@godblesschild808]

So can American buy home in Canada all in cash 💸 let me know i live in America want to buy home there in cash .

[@BaldPrairieRealEstate]

No if you are not a Canadian citizen or permanent resident you are prohibited from buying any residential property in Canada.

[@sonnerlynntv2947]

​@@BaldPrairieRealEstate Can you please make a video on this? I read an article online on the Canadian government website that a temporary foreign worker is allowed to buy a house in Canada. Can you please confirm?

[@BaldPrairieRealEstate]

@@sonnerlynntv2947 I have actually done a number of videos on this already. I will link some of them below. Yes a temporary foreign worker can buy a house in Canada under specific circumstances. kzbin.info/www/bejne/oWeVnXR7fdlkiZI kzbin.info/www/bejne/rIGniImFl9Sda9U

[@sonnerlynntv2947]

@@BaldPrairieRealEstate thanks so much, watching it now.

[@BaldPrairieRealEstate]

@@sonnerlynntv2947 you are very welcome

[@Kestrel1066]

what if you are a uk citizen looking to buying a home in canada?

[@BaldPrairieRealEstate]

Unless you are a Canadian citizen or PR you cannot buy residential real estate in Canada.

[@Kestrel1066]

@@BaldPrairieRealEstate well there goes that then. thank you for your time.

[@BaldPrairieRealEstate]

@Kestrel1066 you are very welcome. Sorry the government has implemented a foreign buyer ban. I think it's bad policy but I'm not in charge.

[@Kestrel1066]

@@BaldPrairieRealEstate well i still really appreciate you taking the time to give me this information. it might not be what i wanted to hear but it is still information i need. thank you.

[@BaldPrairieRealEstate]

@Kestrel1066 thank you for watching

[@Birthday1313]

I want to buy a home badly, I cannot stand renting anymore. I'm planning on having $20,000 saved for a down payment on a house under $100,000. My issue would be my working history. I work contracts that last a few months and don't feel comfortable with long-term employment unless it a higher role (management) or if I'm running my own business. I am worried my bank will just say no, even if I can do a 50% down payment. I'm paying nearly $1,000 in rent alone and I wish banks could look at that and see I could afford $500/m mortgage payments also pay heat, power, water, and food, plus my luxuries.

[@BaldPrairieRealEstate]

Those are all great questions. I would chat with a mortgage broker about you situation as I think they may be able to find a solution for you.

[@NaoCut]

You could do all this.. or you can leave Canada and cut the price and fees by order of magnitude

[@BaldPrairieRealEstate]

Yup lots of cheaper alternatives.

[@duttyboy03]

With these rates first time home buyers are hurting badly

[@BaldPrairieRealEstate]

Yes higher rates are not helping that is for sure. It seems though we are seeing it impact some markets, GTA and GVA a lot more than others though.

[@reefglider]

Yikes…. People are leaving hidden cameras and microphones in and outside the houses? And, I suppose, potentially using what is heard to manipulate the buyer. This is ugly behaviour in my opinion. I would have thought Canadian law would require to tell people they are being recorded!!

[@BaldPrairieRealEstate]

Ya I don't like it either. But anyone is free to make any recordings they want in their own house without anyone's permission. As a buyer you are in a private dwelling at their invitation essentially.

[@ICP4LYFE]

Definitely not buying a home right now. That would be financial suicide.

[@BaldPrairieRealEstate]

Why is it financial suicide for you to buy a house right now?

[@davidkania3720]

Stick to your gut feeling brother. This qball realistate channel is still trying to pump the market.

[@noleftturnunstoned]

@@davidkania3720 Higher rates can tame demand, but housing is not discretionary. Until we start building more homes, we will continue to have outrageous prices.

[@BaldPrairieRealEstate]

@@noleftturnunstoned absolutely but David would rather bash me instead of talking about the real issues.

[@BaldPrairieRealEstate]

@@davidkania3720keep on trolling