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Posted in Burlington Real Estate
New Listing in Burlington

Check out our newest listing 2057 HADFIELD Court in Burlington.

See details here

Welcome to 2057 Hadfield Court, a family-friendly gem in Burlington's desirable Millcroft neighbourhood! A beautiful “Chandler” model, this spacious 4-bedroom, 5-bathroom home offers 3,504 sq. ft. of living space, set on one of the largest lots in a quiet, safe court. Perfect for family life, the spacious backyard with its mature landscaping and treeline provides plenty of privacy to enjoy the inground pool, deck, and patio for endless outdoor fun. The large kitchen, complete with granite countertops and stainless steel appliances, flows into a bright breakfast area with a walk-out to the deck. The cozy family room, with a wood-burning fireplace, is ideal for family nights in. The finished lower level includes a recreation room with a gas fireplace and wet bar, a games/workout area, an additional playroom, and a 3-piece bath—plenty of space for everyone to enjoy. The primary suite offers a peaceful retreat, while the kids’ bedrooms are spacious and have ensuite privileges. Additional features include a separate dining and living room with a wood-burning fireplace, a convenient main-floor office and laundry, gleaming hardwood floors on the main and upper levels, California shutters, crown moulding, pot lights, and French doors. With a double-car garage, ample parking, and tons of storage, this home has everything your family needs to grow and thrive. Conveniently located near Millcroft Golf Course, schools, parks, shopping, and highway access. (id:2493)

Listed for $2,349,000 

For more information contact Linda Maguire at info@maguireteam.ca

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Posted in Burlington Real Estate
New Listing in Burlington

Check out our newest listing 2071 GHENT Avenue in Burlington.

See details here

Welcome to Urban Elegance at 3-2071 Ghent Ave in the heart of Downtown Burlington! This 3-bed, 3-bath townhome boasts 2,110 sq ft of sophisticated living. Enter through a spacious foyer leading to a lower level, ideal for your home office. Enjoy the luxury of an extra-wide garage with inside access. Upgraded light fixtures & dimmers create ambiance throughout. Entertain effortlessly in the open-concept kitchen, living & dining area with an extended kitchen space including stainless steel appliances including a gas stove, quartz counters, and a kitchen island with pendant lighting perfect for hanging out while entertaining. For outdoor space, patio doors lead to access to the backyard and double doors from living space lead to a private balcony. Additional upgrades include subway tile backsplash, a stylish brass kitchen faucet, built-ins, pot lights & wide plank hardwood floors throughout upper levels. On the 3rd floor two full bedrooms, a 4-piece bath and a laundry room offer comfort & convenience. The primary retreat features a walk-in closet, zebra blinds, & a stylish barn door leading to an ensuite oasis with a walk-in glass shower & double vanity. Relax and enjoy your early morning coffee on the bedroom balcony. Within walking distance to schools, parks, the lake & downtown shops, restaurants, & the Go train. This property offers the perfect blend of luxury & convenience for the discerning buyer! (id:2493)

Listed for $1,099,000 

For more information contact Linda Maguire at info@maguireteam.ca

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New Insured Mortgage Rules Take Effect This Month - Will They Impact You?

New insured mortgage changes are now live, and although I mentioned them in October, they warrant a closer examination.

First, What is an Insured Mortgage?

An insured mortgage applies when the borrower has less than a 20% down payment. Lenders require insurance against default, with the borrower paying a premium added to the mortgage.

So What's New?

This month, two significant changes to insured mortgages have officially come into effect. Here’s a quick breakdown:

1. Expanded Eligibility for 30-year Amortizations for First-time Homebuyers (FTHB) and All Buyers of New-Build Properties

While 30-year amortizations for first-time home buyers (FTHB) purchasing new-build properties are already in place, the latest update now extends this option to anyone purchasing a new-build property and FTHB purchasing any owner-occupied property.

  • With the new changes to insured mortgages, a FTHB earning $75,000 annually can now qualify for about 7.2% more in actual mortgage financing on a 30-year amortization, even with the 20 bps surcharge to the default insurance.

2. Higher Price Caps for ALL Insured Mortgages:

The price cap for insured mortgages has increased from $999,999 to $1,499,999—a significant change our industry has long advocated for. This adjustment is expected to benefit markets where average home prices exceed $1 million, easing the burden on first-time homebuyers who often rely on the "Bank of Mom and Dad" to meet the 20% down payment requirement. 

Previously, purchasing a $1.5M home required a $300K down payment. Now, with the recent changes, that same home can be yours with as little as $125K down—provided you meet one critical condition: having the income to support a $1.375M mortgage.

Down Payment Breakdown Remains Unchanged:

  • 5% on the portion up to $500,000

  • 10% on the portion between $500,000 and $1.5 million

Market Impacts:

These changes aim to make it easier for more people to qualify for a mortgage. Here’s how this could impact the market:

  • Impact on Buyers: A 30-year amortization increases qualifying income, helping some buyers enter the market. Even small changes can boost interest, driving demand and putting upward pressure on home prices. Buying now may offer less competition and better prices before demand pushes values higher.

  • Selling a Home: If your home is priced between $1M and $1.5M, the recent changes to the price cap have likely expanded the buyer pool. More buyers can now qualify with a smaller down payment for homes over $1 million, potentially leading to higher offers.  

If you’re considering buying or selling, now is the time to plan. Reach out to discuss how these changes may impact your goals.

Coming Late January: Insured Refinances for Secondary Suites

The next round of insured changes is on its way, focusing on refinances for secondary suites. Stay tuned—I’ll keep you updated as more details come out in our February issue!

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