A Mindful Guide to Home Decisions

Your March Money Reset

As the snow begins to melt and the first hints of spring emerge, there is often a natural urge to "clean house" - not just our physical spaces, but our mental and financial ones too. March is a season of awakening, but it can also bring a sense of restlessness. You might feel the itch to make a big change or find yourself looking at real estate listings with a mix of excitement and anxiety. If you’re feeling the pressure of "spring market" headlines, take a deep breath. It’s okay to just observe the season without feeling like you have to rush into its pace.

One Money Insight: A Home First, an Investment Second

In financial psychology, we often look at assets through the lens of what they provide emotionally, not just financially. A home is more than a line item on a balance sheet. It can represent stability, belonging, and control. It can also bring pressure or worry if the costs feel heavy or the path to ownership feels out of reach.

A house is a place to live first and an investment second. When your housing decisions are guided by your values and your real life needs, rather than market noise or outside expectations, you make choices from clarity instead of urgency. Understanding why you want to move, or stay put, matters just as much as the interest rate on the paperwork.

This Month in Your Financial Life: A Conversation on Real Estate

This month, I’m trying something new by bringing in a guest expert to help us navigate the complexities of the current market. I sat down with Madison Koekkoek with Riverlife Real Estate  to ask a few questions about how to approach real estate mindfully.

Lori: What numbers should buyers understand before they ever step into a showing?

Madison: Of course, being clear on your monthly cost tolerance is paramount. Home ownership is not as clear cut or predictable as renting. While a mortgage payment is part of the equation, so are insurance, utilities and condo fees when applicable. Don’t forget to save for maintenance and repairs, too.

Through the buying process, it’s important to understand and prepare for:

Deposit - Approx 2-5% of purchase price, generally needs to be accessible within 24-48 hours of an accepted offer (divested and waiting in your savings or chequing account when you’re actively looking)

Downpayment - The minimum amount can be anywhere from 5-20% of the purchase price, depending on the price of the house. The amount that makes the most sense for you can be strategized with your mortgage broker or lender and can depend on your stage of life, risk tolerance, cash flow and more. A good mortgage broker will also advise you on the pros and cons of fixed vs variable interest rates and other pitfalls to look for when choosing a mortgage.

Closing Costs - Legal fees including land transfer fees (generally around $2,000-$4,000), inspection ($500-$1,000) and condo doc review (if applicable $300-$500), moving costs, any improvements you wish to do prior to move in, etc. 

Lori: What is one boundary every buyer should set before entering a hot market?

Madison: Hot markets don’t always mean bidding wars but for certain properties in certain neighbourhoods, multiple offers can be very likely. This can be very stressful and feel like a moving target so having boundaries will help protect you from making a decision you may later regret. As a buyer, it’s important to know your risk tolerance and stay true to it. This might include which conditions are non-negotiables for you. For most, this is a financing condition to ensure you are able to obtain financing to your satisfaction (a good rate and a payment you can handle). An inspection is another condition we highly recommend unless you have a significant cash reserve to mitigate any number of issues that may arise or are planning to completely renovate anyway. It’s always important to enter a purchase knowingly, but if being competitive to get into the property you want means being a little bit riskier, what is your threshold, your contingency plan, your safety net? 

Lori: How can buyers tell if a home truly fits their lifestyle, not just their wish list?

Madison: I get it, it’s a bit of a wild feeling to step into a home for 30 minutes and decide to make an offer. You’ve done your work to make sure the numbers are right but even with potentially a few more times in the home prior to possession (usually an inspection and a pre-possession walkthrough), picturing your everyday life there in such a short timespan can be tricky. This is where doing drive bys at different times of day, practicing your commute to and from, parking your car out front and taking the dog for a walk around the neighbourhood may all come in handy. Talking with locals at the coffee shop or diving into the community Facebook page may all be helpful, too. While these aren’t always all possible prior to offering, at minimum I recommend doing these things prior to your condition deadline. And on the money side, make sure to account for all of your monthly payments and then think through how you would handle an unexpected repair that costs a few thousand dollars. If this would be impossible to cover, it might be the best decision to rent for a while longer to keep saving up or to lower your target home price so that you have more of a rainy day fund left over. Working with a good agent who knows the city and can advise you on which neighbourhoods may best suit your lifestyle is helpful too! 

Timely Planning Reminders:

• The RRSP Deadline Catch-up: If you made a contribution for the 2025 tax year, ensure you have your receipts ready for your tax preparer. The deadline was Monday, March 2.

• Property Tax Review: March is a good time to check if your property tax is being paid through your mortgage or if you need to set aside monthly amounts for an upcoming bill.

Planning reminders are here to inform, not pressure. Timing matters, but your circumstances matter more.

When You Are Ready, I Am Here

If you are thinking about buying, selling, or staying put and want clarity on the financial impact, we can walk through the numbers and the tradeoffs together. I can help you see how a housing decision fits into your long term plan.

You can book an introduction call anytime. No products, no commissions, no pressure.

Book a Mindful Planning Introduction Here

Before You Go

Whatever your living situation looks like right now, please know that you are not behind. You are exactly where you need to be to make the next best choice for yourself. Trust the work you’ve already done, and trust your ability to navigate the path ahead at your own pace.

Steady and warm,

Lori J Curtiss