In speaking with one of our trusted mortgage brokers, they’ve said one of the biggest worries people have when buying a home is the appraisal coming in low. Thinking about it, we agree - this is a part of the process you as a consumer have no control over. 

One note I want you to remember though... It's rare for an appraisal to come in lower on a purchase! 

As one appraiser once said to me: "The best way to tell what a property is worth is by what it just sold for in the open market". Honestly, I rarely actually see an appraisal these days on a MLS purchase (most just auto-appraise), and when I do they almost always come it at sale price.

Clients with less than 20% down:

• I almost never see an appraisal needed for these clients, unless the property is in poor shape, purchased privately, or under power of sale. 

• The main reason we rarely see appraisals needed is that there are so many comparable sales in this price range, and the mortgage insurers (CMHC, etc...) are responsible for determining the property value. Their automated Valuation model (AVM) algorithm is super generous, so this rarely happens.

• For context, I can't think of a deal I have done in the last year for an insured purchase where the purchase price was not supported... not a single one!

Clients with 20% down:

• If they're looking under a million, again we see very few appraisals needed as long as the property is urban, not a rental, in poor shape, purchases privately, or power of sale. There's usually enough comparables in the market that either the lender's AVM or the appraisal supports the purchase price.

• If they're looking over a million (or more rural) and just have the 20% down, this is where there's a bit more risk at play simply because there are less supporting comparables, and the higher the price point, the more subjective the property evaluation becomes.

• Again... I can't think of my last deal where a purchase price under a million wasn't supported by either an AVM or an appraisal (knock on wood!).

Clients with a massive down payment (think over 35%):

• These are the easy files - almost no risk unless there's something wrong with the property itself.

• If a client is buying a $900k home with $300k down and the appraisal comes in at $880,000, in the lender's eyes it's simply a $880,000 purchase with $280,000 down, and the client is kicking in the $20,000 difference. Easy!

Hopefully this can help relive some stress you have when thinking about mortgages. If you need any additional help we love working with Jim! https://jimstefflermortgages.com/

Okay real talk, spring is finally here, and it’s time to shake off those winter blues and give your house a little refresh. Whether you're living at home, renting your first place, or just helping your family tidy up, here’s a simple way to get your space feeling clean, bright, and ready for the season.

1.Clear the Clutter

You know all that stuff that’s just been sitting around since, like, November? Yeah... time to go through it. Put away the winter coats, throw out old junk you don’t need, and maybe even donate some stuff. Less clutter = less stress.

2. Give It a Good Clean

Time to blast your favourite playlist and do a solid clean. Dust off those corners, wipe down windows so the sunlight actually comes through, vacuum like you mean it, and maybe even tackle the scary spot under your bed 👀.

3. Check your Air Conditioning

If your place has AC or vents, change the filters and clean around them. You’ll thank yourself later when the weather heats up and your place isn’t a stuffy nightmare. Bonus: it helps with allergies too.

4. Tidy Up Outside

Winter can be rough on your house. If you’ve got a driveway, roof, or even just a little patio, take a walk around and see if anything’s cracked, broken, or just straight-up messy. Cleaning the outside makes the whole place feel better.

5. Double Check Safety Equipment

Quick reminder to test your smoke alarms, check batteries, and make sure your place is safe. Super easy, super important.

Thinking About Moving Soon? Spring’s actually a super popular time to buy or sell a home. So if you (or someone you may know) are thinking about moving, now’s a great time to start planning. And if you want help with that, I know a few people 😉

*Last Updated April 1st 2025

As we approach the 2025 federal election, housing affordability and supply remain key issues for Canadians. With demand outpacing supply in many markets, homebuyers, sellers, and investors are looking to political leaders for solutions. Each major party has put forward policies aimed at addressing housing challenges, and as a real estate professional, I want to break them down in a straightforward, unbiased way.

Liberal Party of Canada

Under the leadership of Prime Minister Mark Carney, the Liberals' Canada’s Housing Action Plan focuses on increasing supply and affordability by:

• Doubling home construction with 500,000 homes a year. Using the model similar to that after WWII with affordable, modular and efficient homes. 

• Cutting red tape to speed up home construction and repurposing federal lands for housing. (New Policy)

• Developing a Home Buyers’ Bill of Rights to increase transparency in the purchasing process. (New Policy)

• Removing the GST from new rental housing projects to encourage development. (Continued Policy)

• Supporting first-time homebuyers with a Tax-Free First-Home Savings Account and a doubled First-Time Home Buyers’ Tax Credit. (Continued Policy)

• Introducing a two-year ban on foreign home purchases and an anti-flipping tax on properties sold within 12 months. (Continued Policy)

• [Source: Liberal Party of Canada](https://liberal.ca)

Conservative Party of Canada

Led by Pierre Poilievre, the Conservatives emphasize increasing housing supply through:

• Incentivizing municipalities to boost homebuilding by 15% annually or risk losing federal funding.

• Selling 15% of federal buildings to be repurposed as housing.

• Eliminating the GST on new homes priced under $1 million.

• Introducing longer mortgage terms (seven to ten years) and reviewing mortgage stress tests to ease affordability.

• Maintaining a two-year foreign buyer ban.

• [Source: Conservative Party of Canada](https://conservative.ca)

New Democratic Party (NDP)

Under Jagmeet Singh, the NDP’s approach centers on affordability and renter protections, including:

• Implementing a 20% tax on home sales to non-Canadian citizens and non-permanent residents to curb speculation.

• Doubling the Home Buyers’ Tax Credit to help with closing costs.

• Reintroducing 30-year mortgage terms for CMHC-insured entry-level homes to lower monthly payments.

• Waiving the federal GST/HST on new affordable rental units.

• Building 500,000 affordable housing units over ten years, with half completed within five years.

• [Source: New Democratic Party of Canada](https://ndp.ca)

Green Party of Canada

Under co-leaders Elizabeth May and Jonathan Pedneault, the Greens propose structural changes to prioritize affordable and sustainable housing by:

• Refocusing CMHC on affordable, non-market, and cooperative housing solutions.

• Restoring tax incentives for purpose-built rental housing and encouraging community land trusts.

• Launching a Canada Co-op Housing Strategy with CMHC.

• Increasing funding for new builds and rental assistance.

• Creating a dedicated Minister of Housing to tailor national strategies to local needs.

• [Source: Green Party of Canada](https://greenparty.ca)

What This Means for Homebuyers and Sellers

Regardless of the election outcome, housing policy will continue to evolve. Buyers may see shifts in affordability programs, incentives, and mortgage regulations, while sellers should stay informed about market trends driven by new supply and demand policies. Investors should pay close attention to tax changes and foreign ownership rules.

As always, real estate is local, and national policies often play out differently across provinces and cities. If you have questions about how these potential changes could impact you, feel free to reach out!

Get out and vote!