Home Equity: what it is, how to build it, and how do I use it

Home equity is like a hidden treasure chest within your home, representing the portion of your property that you truly own. It’s the difference between your home’s market value and the outstanding balance on your mortgage. Essentially, if your home is worth more than what you owe, the difference is your equity. This resource not only signifies financial stability but can also serve as a powerful tool for future investments.

Building home equity is a gradual process that can be accomplished in several ways. One of the most straightforward strategies is to pay down your mortgage. Each monthly payment reduces your loan balance, thereby increasing your equity. Additionally, making extra payments, especially on the principal, can significantly accelerate...

Read

How To Determine Property Value In The Current Market

You may have some idea of what your property is worth to you, but how do you go about gauging a realistic price when measured against the current property market and economic climate? This post outlines a few ways that can help guide sellers towards finding a fair market value when compared to similar properties.

Use some Online Tools

Use an online market value tool or calculator like this RBC one to create an estimate of your property’s fair market value. Think about upgrades you've done, as well as additions to your property; this can raise your estimate substantially. And remember to be honest with your answers to get the optimal results.

Book a Home Appraisal

Professional home appraisers conduct a full review of your property and then...

Read
The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are member’s of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.