Your Canadian housing guide to go from renting to buying

LIVING
Your Canadian housing guide to go from renting to buying

Finding your dream home is an exciting milestone, but as a newcomer to Canada, the path to homeownership requires careful planning.

Recent trends suggest it might be the right time to make the leap. According to CTV News, housing rates are decreasing.

📍 A snapshot of housing affordability

In high-demand cities like:

• Vancouver: Approx. income required = $214,460

• Toronto: Approx. income required = $195,420

In more affordable markets like:

• St. John’s: Approx. income required = $77,120

• Fredericton: Approx. income required = $70,750

Here is some basic advice from CTV’s personal finance contributor Christopher Liew to help you start planning your transition from renting to owning:

📊 Understand your budget
Analyze your finances, factoring in mortgage payments, property taxes, and maintenance. Consult a mortgage broker to evaluate your readiness and explore lending options.

💰 Save for a down payment
Maximize savings with these tools:

• First Home Savings Account (FHSA): Tax-free savings up to $40,000.

• Home Buyers’ Plan (HBP): Tax-free RRSP withdrawals up to $60,000 with a 15-year repayment window.
  Combined, these programs offer up to $100,000 for your down payment.

📈 Boost your credit

• Pay bills on time and manage credit responsibly.

• Strengthen your application with income stability (permanent employment or 2 years of tax returns if self-employed).

CANADA EH?
Things to Do Around You

Ottawa’s Parade of Lights brings festive cheer with dazzling floats. Don’t miss Santa’s grand arrival and Village Square Park lighting festivities. Enjoy hot chocolate, cookies, and live music on December 7, 2024, starting at 6:00 PM along Stittsville Main Street.

Claude Caron’s Nutcracker is in Montreal this December, offering a magical holiday experience with stunning digital imagery and live performances. A special family performance, designed for younger audiences, will take place on December 8, 2024, at 10 AM. The show runs December 7–8, 2024, at Salle Pierre-Mercure at the Pierre-Péladeau Center.

Vancouver is hosting several Taylor Swift-themed events this weekend for Swifties in celebration of her Eras Tour. Don’t miss the Taylor Swift Karaoke Trolley Tour, where you can sing your favourite hits while exploring the city. Or for a festive twist, visit Capilano Suspension Bridge Park for Canyon Lights: Taylor’s Version. December 5–9.

Once Upon a Christmas invites you to step into a winter wonderland. At Calgary’s favourite holiday event, enjoy festive activities like cozy wagon rides, visits with Santa, a Christmas market, and more. At Heritage Park on Saturdays and Sundays, Dec. 7 – 22, 2024, 10 a.m. – 4 p.m.

Celebrate the magic of the holidays in Toronto at the Yonge + St. Clair Gingerbread Festival. The neighbourhood will be transformed into a gingerbread wonderland from December 3 to 10, 2024. Enjoy Gingerbread Lane with 16 gingerbread houses, live music, and a holiday block party.

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TRAVEL
Unique winter experiences near Vancouver

If this is your first Canadian winter, you’re in luck — it’s going to be particularly snowy season. Canada Explores just compiled some bucket-list experiences near Vancouver so you can take full advantage.

1. Winter zip-lining
📍Ziptrek, Whistler

2. Snowshoe for 360-degree views
📍Pump Peak, West Vancouver

3. Chase a Waterfall
📍Brandywine Falls, Whistler

4. Sunset hike
📍Bowen Lookout Trail, West Vancouver

FOOD FOR THOUGHT
Try these classic Canadian holiday recipes this year

Feeling at home in a new country often starts in the kitchen! Exploring classic Canadian holiday dishes is a warm and delicious way to connect with local culture. Chatelaine has gathered 17 delicious recipes and here are three to get you started!

🥧 French Tourtière
A beloved Quebecois holiday tradition, this savoury meat pie is often enjoyed on Christmas Eve or New Year’s Day.

• What’s Inside? Flaky pie crust filled with seasoned ground pork, with warm spices like cinnamon and cloves.

• Pro Tip: Serve it with tangy pickled vegetables.

🦃 Classic Turkey Dinner

• How to Make It Special: Rub the turkey with a mix of herbs and butter before roasting to golden perfection.

• On the Side: Pair with cranberry sauce, herby stuffing, and creamy scalloped potatoes for the ultimate festive feast.

🍯 Sticky Toffee Pudding
Rich, indulgent, and steeped in British influence, this dessert is a holiday favourite.

• What’s the Secret? A moist date cake soaked in buttery toffee sauce.

• Serving Idea: Add vanilla custard for a luxurious finish that’s perfect for sharing.

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