Are you a first-time homebuyer?

While purchasing a home is a popular option or goal, with close to two-thirds of Canadians households owning their home1 it’s not a decision to be taken lightly. Beyond the purchase price, there are a number of costs associated with buying and owning a home. A first-time homebuyer who’s considering the downpayment and regular mortgage payments would also want to plan for the following costs of home ownership:

legal fees;
land transfer tax (where applicable);
annual property tax;
strata fees (where applicable);
home insurance;
disability and life insurance;
repair and maintenance costs;
utilities; and
mortgage default insurance (required when the downpayment is less than 20 percent of the purchase price).

Note: This list is non-exhaustive and includes a selection of additional or common costs associated with home ownership.

A home purchase with a downpayment of less than 20 percent of the purchase price is called a high-ratio mortgage. High-ratio mortgages are at an increased risk of default, which is a situation where the buyer is unable to make their mortgage payments. Mortgage default insurance covers this risk. The premium for mortgage default insurance is often added into the mortgage payment.

You can save the money you need to buy a house, but most first-time homebuyers will make a downpayment and take out a mortgage. A downpayment is a lump sum of money you put towards the purchase of a home, at the time of the purchase. A mortgage is a loan to cover the remainder of the purchase price. A mortgage is also classified as a secured loan because the property provides collateral, or security, for the loan.

At minimum, a homebuyer needs a downpayment of at least 5 percent of the purchase price, when the home is priced under $500,000. For homes priced over $500,000, the downpayment required is 5 percent of the first $500,000 and 10 percent for the portion above $500,000. When the home has a purchase price over $1,000,000, the downpayment must be at least 20 percent. There are several government programs and incentives to help first-time homebuyers achieve the goal of purchasing their own home.

For more information on your first home purchase, savings programs and planning options, contact us today.

^Reference:

^{Statistics Canada Census of Population. The Daily. “To buy or rent: The housing market continues to be reshaped by several factors as Canadians search for an affordable place to call home.” (Released September 21, 2022) https://www150.statcan.gc.ca/n1/daily-quotidien/220921/dq220921b-eng.html}

Can gardening make you wealthier?

1. Working in the garden can boost your mood.

Outdoor activities like gardening can make you a happier person. So, if you usually turn to pricey habits to help boost your mood, such as shopping or buying yourself a treat at the coffee shop, try gardening instead. And, like exercise, a regular gardening habit is a great way to maintain a general sense of well-being. In fact, speaking of exercise...

2. Gardening counts as exercise.

Cancel that gym membership, at least for the summer! Gardening also burns enough calories an hour to be equivalent to an hour of walking at a moderate pace.

3. You can sell what you produce.

You can sell extra fruits, vegetables and even flowers from your garden. If it’s appropriate and legal in your community, you can set up a roadside stand, or you can just sell directly to your neighbours. And if you can’t sell your produce, you can barter with it.

4. You can rent out your garden for events and meet new people.

If you have a well-maintained garden, you can rent it out for events like garden parties or weddings! If you want to meet more people in your area, it might feel like you must go to bars or other locations where you need to spend money. Instead, seek out a plot in a community garden. Not only is this a great way to grow food if you don’t have your own garden space, but you’ll meet a community of people.

Have a fear of Online Banking? Here’s what you need to know

We certainly understand clients may be concerned about online fraud, dealing with advanced technology, or the frustration of losing the personal touch when it comes to banking.

Bringing together in-person and the digital experience is vital for the future. At Corchis Wealth Management, we will never overlook that a personal touch is still key! Ultimately, we will provide our clients with the information they want, when and how they want it.

Wealth Management Online uses advanced encryption technology to keep all confidential information safe – which is always our top priority! RBC has strict measures in place to uphold our high level of regulations and data protection laws. To help ensure you have a safe and secure experience, we encourage you to use Wealth Management Online to safely view and store your account statements, confirmations, documents, and any other reports.

Some Key Benefits of RBC Wealth Management Online

There’s never been a better time to access RBC Wealth Management Online – recently relaunched with several valuable new features. Now, you can keep track of your progress no matter what device you use – mobile, tablet, or desktop.

Plus, we’ve made the following enhancements:

View your account information any time from the convenience of any personal computer or device with secure Internet access. Do so knowing your privacy is protected by your confidential password, personal verification questions and advanced encryption technology.
Online banking also makes it easier to maintain your financial records and avoid unwanted trips to the bank.
Check your current account information, performance, and products.
Get timely market information, set up flexible data columns that let you choose what you wish to see.
Click to RBC Wealth Management Online through RBC Online Banking, and view all of your various RBC accounts. You can also transfer funds from your RBC Royal Bank accounts to your RBC Dominion Securities accounts in real-time during regular business hours.
Easier access to your e-documents, including account statements and tax slips. This may help reduce the paper clutter!
Reduce mailing confidential documents or cheques

Gone are the days of errors in banking transactions, long queues, token numbers and waiting periods. Online banking is secure, easy, and accessible 24/7 at your convenience!

Here are some step-by-step walkthroughs to help you navigate the new RBC Wealth Management Online.

Access your accounts safely and conveniently

With the new RBC Wealth Management Online, it’s even easier to view your account information safely from home, or wherever it’s convenient for you. If haven’t enrolled yet, there’s never been a better time.

If you would like to learn more about ways to protect your privacy and security – and other benefits and features of Wealth Management Online – please contact me directly!

If you have any questions outside our standard office hours you may always use our 24 hours a day Helpdesk at #1-888-820-8006.

Sincerely,

Ashleigh

My Christmas Village

For the past 15 years, my mother has given me a new building or accessory for my Christmas Village. Since we use various brands and collect pieces throughout our travels, the village has exceeded our fireplace mantel and is now overflowing onto counters and bookshelves! Sometimes, I ask myself, why do I do this? Why go through all this time and take up all this space, just for a couple of weeks? But I knew it would not feel like the Christmas holidays if I did not set it up.

After many hours of lugging boxes from the basement, getting the snow everywhere, and rearranging pieces to my heart’s content, I sit and stare at this wonderful village and am mesmerized by the warmth it brings to me. So, with that being said, I did add a new addition to my village this year. I have wanted a Griswold Home for a while now, and I finally bit the bullet and bought it.

My not-so-tiny Christmas Village is one of my favorite Christmas decorations to set out, as I love to look at all the pieces again every year and take in every tiny detail. I feel a lot of joy for the holidays comes from the preparation before Christmas. The lights, the music, baking with my friends, seeing loved ones, and everyone’s cheerfulness. It all truly makes it the most wonderful time of the year.

With me sharing a bit of my Christmas tradition with you all, I encourage you to call or email me your traditions!

May the holiday season end the present year on a cheerful note and make way for a fresh and bright new year. Here’s wishing you all Happy Holidays from your Corchis Wealth Management Team!

Team photo shoot: Ready for our close-ups!

Let me tell you, I usually dread the words “team photos.” I envision getting our updated headshots and team pictures back and realizing I hate them all. This was definitely NOT the case working with Meghan at Meg Gray Photography, however!

Team photos are beneficial to a business for many reasons. Photos of the whole team help create strong first impressions, and aid in developing trust between clients and the business.

Choosing Meg was the best choice to help us make the best first impression possible. From start to finish, Meg provided exceptional client service. The locations she chose helped set the tone of what we were looking for, and she even offered split sessions to accommodate for wardrobe/style changes or any weather delays.

Meg made our whole team feel right at home with a relaxing atmosphere and her encouraging and positive personality, helping us all feel comfortable in front of the camera. She was extremely collaborative in her approach, and offered amazing suggestions that we would never have considered.

In just a few days, we received the first version of the gallery! Right away, you could tell Meg is experienced in photography as she carefully chose the proper edits, and treated the images to make each one look magical and unique.

Meg was extremely patient with all the little requests we had regarding the photos, and was able to promptly revise the gallery and send us an update. With her advanced skills, she was able to make changes that we did not even know were possible! Like any good photographer, she learned more about us and was able to give great results.

On behalf of Corchis Wealth Management, we would highly recommend Meg Gray Photography! Go check out her website and portfolio – you will not be disappointed.

Frozen Mint Lemonade

Nothing taste better than a cold, refreshing drink on a hot summer day!

All you need is:

1/2 cup of lemon juice
3/4 cup of water
1/4 cup of fresh mint
1/4 cup of sugar
4 cups of ice

Blend all ingredients together to form a slushy like texture.

Note: If the mixture is too thick to blend, let it rest for 5 minutes, then blend again.

Pour into glasses & serve immediately!

RBC Dominion Securities Inc.* and Royal Bank of Canada are separate corporate entities which are affiliated. *Member-Canadian Investor Protection Fund. RBC Dominion Securities Inc. is a member company of RBC Wealth Management, a business segment of Royal Bank of Canada. ® / TM Trademark(s) of Royal Bank of Canada. Used under licence. © 2023 RBC Dominion Securities Inc. All rights reserved.

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Ashleigh’s Inside Scoop