By Sherry MacLeod Managing Broker of Cape Breton Realty For the first time in a year, the Bank of Canada has decided to maintain the overnight interest rate at 2.75%. This decision marks a pause in the ongoing fluctuations that have characterized the financial landscape recently and indicates a cautious approach to economic stability. As many have been closely monitoring interest rates, it’s clear that you are not alone. There was widespread anticipation of a potential rate cut this spring, but with a myriad of factors at play—including inflation rates, employment data, and the complexities of global trade—the Bank has opted to take a step back and assess the situation further. So, what does this mean for those considering buying, selling, or renewing their mortgages? In the immediate term, the impact is likely to be minimal. Variable rates will remain stable for now, while fixed rates will continue to mirror trends in the bond market. Many individuals and families are currently weighing their options carefully, and this cautious approach is entirely understandable given the current environment. The silver lining in this scenario is that a period of stability, even if temporary, provides us with a moment to breathe and strategize

By Sherry MacLeodManaging Broker at Cape Breton Realty Buying a home is one of the biggest financial decisions most people will make in their lifetime. While the excitement of finding your dream house can be a lot, it’s essential to remember that the process doesn’t end with an accepted offer. One of the critical steps in the homebuying process is securing mortgage approval, and maintaining that approval requires careful financial management until closing day. Once a lender has reviewed your finances, consistency is key. Buyers often overlook the importance of avoiding any significant changes that could jeopardize their mortgage application. A change in your finances can raise red flags for lenders, leading to potential delays or even the withdrawal of mortgage approval. Therefore, it’s crucial to remain steady in your financial habits during this period between approval and closing. One of the most common mistakes buyers make is changing bank accounts. While it may seem harmless, lenders prefer to see a stable financial history in the account you initially provided. Similarly, applying for new credit—whether it’s a credit card, personal loan, or any other form of borrowing—can negatively impact your credit score and alter the lender’s perception of your financial reliability. Another surprising tip

Investing in Cape Breton Land: A Smart Choice By Sherry MacLeod Managing Broker of Cape Breton Realty Buying land in Cape Breton has long been a sound investment. Land values in Atlantic Canada have steadily climbed, providing a stable and appreciating asset. Since the 1980s, buyers have recognized the potential of vacant land here, benefiting from consistent growth in value. Cape Breton offers some of the most affordable waterfront properties in North America. Compared to other coastal real estate markets, prices remain reasonable, making it an attractive option for buyers looking for longterm appreciation and lifestyle benefits. Foreign investors, particularly from the U.S. and Europe, are in a strong position due to favorable exchange rates. The Canadian dollar’s decline has increased purchasing power for foreign buyers. Recently, $1,000 USD converted to $1,497 CAD, a significant advantage. The Euro also remains strong against the Canadian dollar, making Cape Breton an appealing option for European investors. While Canada has restricted foreign homebuyers in some urban areas, vacant land in rural regions like Cape Breton remains open for international investment. This creates a rare opportunity for buyers looking to secure waterfront and rural properties without restrictions. Another key factor is the economic landscape.

By Sherry Macleod, Managing Broker at Cape Breton Realty As we look ahead to 2025, many potential homebuyers are beginning to consider the exciting yet daunting journey of finding their dream home. With the evolving real estate landscape, it’s crucial to prepare thoroughly for what lies ahead. Here are some essential insights to help you navigate the home-buying process with confidence. Before diving into the market, it’s important for buyers to take a moment to reflect on their motivations. Are you looking to start a family, downsize, or invest in a property? Understanding your personal goals will help shape your home-buying journey. Once you have determined your objectives, the next step is to assess your budget. A common guideline is the 28/36 rule, which suggests that you should spend no more than 28% of your gross income on housing and 36% on total debt. Different lending institutions may be more generous. Keep in mind the additional costs that come with homeownership, such as homeowners’ insurance, maintenance, and utilities. A well-planned budget will set you up for success. Financing is a key part of the home-buying process, and it’s essential to do your homework on this. There are various mortgage types

By Sherry MacLeod Managing Broker Cape Breton Realty Canadians are experiencing to significant shifts in the economic landscape. The Bank of Canada has announced a change in its interest rate, moving by 50 basis points to a new rate of 3.75%. This adjustment comes at a pivotal moment as the U.S. elections have concluded, with former President Trump proposing a 10% tax on imports. Given that the United States is Canada’s largest trading partner, this could have profound implications for our economy. Moreover, the controversial pipeline project from Alberta to the U.S., which was shelved four years ago following President Biden’s election, may re-emerge as a topic of discussion. The potential revival of this project could reshape energy exports and influence our economic relationship with our southern neighbor. These developments, whether perceived as beneficial or detrimental, will inevitably affect interest rates and the broader economic climate. Economists are cautiously optimistic, forecasting that we may see another decrease in rates come December. According to mortgage broker Brent Richardson, the ‘neutral rate’ at the Central Bank, which is considered neither stimulative nor restrictive, currently lies between 2.5% and 3%. This suggests we could see further decreases in the Central Bank rate, potentially

By Sherry MacLeod Managing Broker Cape Breton Realty The recent interest rate cut by the Bank of Canada, which saw the overnight lending rate drop from 4.25% to 3.75%, marks a significant moment for potential homebuyers and sellers in Cape Breton. With home sales in Canada rising 6% since May—now the highest levels seen since July 2023—there’s a palpable shift in the market. This trend, fueled by falling interest rates, allows more Canadians to qualify for mortgages and fuels a growing demand for homes in our beautiful region. As a REALTOR® in Cape Breton, I understand that entering a dynamic real estate market can feel overwhelming, especially with the uncertainty surrounding interest rates. However, having the right REALTOR® by your side can make all the difference. Here’s how we can help you navigate the current landscape effectively. **1. Local Market Insights** Cape Breton is experiencing a resurgence in interest, and with that comes the likelihood of multiple offers and competitive pricing. Your REALTOR® has access to vital data about local housing trends and can provide insights into what’s happening in your neighborhood. Whether you’re a buyer or a seller, understanding the market is crucial to making informed decisions. **2. Expert

By Sherry MacLeod Managing Broker of Cape Breton Realty Building a home is one of the biggest investments you’ll make in your lifetime, and choosing the right contractor is key to ensuring a successful project. For those in Cape Breton and other rural areas, selecting a contractor presents unique challenges, from limited choices to the specifi c needs of building in remote locations. In this article, we’ll explore the skills and qualities to look for in a contractor, how to assess their past work, and why a detailed contract is crucial to protecting your investment. Recently, several of our clients faced stressful and costly issues due to poor contractor choices. While technical expertise is essential when hiring a contractor, other important qualities can make or break your home-building experience. When selecting a contractor, look for someone with extensive experience in building homes, particularly in rural settings. Contractors familiar with remote areas like Cape Breton are better equipped to handle logistical challenges, such as limited access to utilities or transportation diffi culties. They should also have a thorough understanding of local building codes, zoning laws, and the permits required for your project. Ensure that the contractor is licensed and carries adequate

By Sherry MacLeod Managing Broker Cape Breton Realty As a Realtor with over 30 years of experience, I’ve come to appreciate the unique rhythms of the Cape Breton real estate market. While many assume spring and summer are the best times to sell, the truth is, the fall season is often the most opportune period to list a home. This year, several factors are aligning to create a particularly robust market, making now an ideal time to buy or sell – especially from September to late November. One major event that draws attention to the island each fall is the Celtic Colours International Festival. Every year, the festival attracts thousands of visitors, many of whom are mature buyers looking to retire in Cape Breton. These potential buyers often come from larger cities and are in a financially stable position. They aren’t waiting to sell their homes or secure mortgages; they’re ready to make decisions and invest in a property. Many are eager to buy before winter sets in, further driving demand. In addition to the influx of buyers from Celtic Colours, mature tourists travelling the Cabot Trail to enjoy the colors, the Bank of Canada’s recent interest rate cut has

By Sherry MacLeod Managing Broker Cape Breton Realty As a real estate professional who began my career in the early 90s, I have witnessed a remarkable transformation in the industry over the past three decades. The changes in practices, technology, and regulations have reshaped how we buy and sell homes. What once felt like a straightforward process has evolved into a complex maze of paperwork and digital interactions. In the early 90s, a typical listing contract was a concise one-page document. Fast forward to 2024, and the same contract now spans no less than 14 pages. This increase is not merely a product of bureaucracy; it reflects the growing complexity of the real estate landscape. Today, a listing agreement includes detailed brokerage agreements, agency disclosures, and vital information about leased equipment. Additionally, we must complete the Fintrac paperwork, which adds another four pages to the mix. In total, a seller may find themselves navigating at least 18 pages of documentation just to list their property for sale. When it came to making an offer, the simplicity of a one-page agreement has been replaced with a multi-step process that involves various forms. Buyers must be educated about agency relationships, their identities

In recent years, technology has revolutionized nearly every aspect of our lives, and the real estate industry is no exception. As a Realtor in Cape Breton, I have witnessed firsthand how advancements in technology have transformed the way properties are bought and sold. From virtual tours to social media marketing, technology has streamlined processes and enhanced the overall experience for buyers and sellers alike. One of the most significant advancements is the ability to conduct virtual tours and 3D walkthroughs of properties. These immersive experiences allow potential buyers to explore homes from the comfort of their own living rooms, making it easier to narrow down their options before scheduling in-person visits. For sellers, this means their property can reach a wider audience, attracting out-of-town buyers who may not have the ability to visit in person. In Cape Breton, where stunning landscapes and unique properties abound, virtual tours can showcase the beauty of a home and its surroundings, increasing the likelihood of a sale. Gone are the days when buyers relied solely on newspaper ads or word-of-mouth to find available properties. Today, online listings have become the primary source of information for homebuyers. Websites like Realtor.ca and local real estate platforms

By Sherry MacLeod Managing Broker Cape Breton Realty In a more balanced real estate market in Cape Breton and North Eastern Nova Scotia, where time on the market is longer and inventory is increasing, sellers are seeking ways to gain an advantage. As prices continue to rise, it becomes essential for sellers to make their properties stand out from the rest. The key lies in thorough preparation for the market. One crucial aspect that sellers should focus on is getting their property ready for photos and videos. In today’s digital age, where first impressions are often made online, the visual presentation of a home can significantly impact its appeal to potential buyers. Professional photography plays a vital role in showcasing the property in the best light, drawing in viewers and enticing them to explore further. Equally important is staging the home for photos and videos. By highlighting the property’s best features and creating an inviting atmosphere, sellers can capture the attention of prospective buyers. From decluttering and arranging furniture to enhancing curb appeal, staging sets the stage for a visually appealing presentation that resonates with viewers. Virtual tours and video walkthroughs have also become increasingly popular in real estate marketing.