As the year comes to a close, it’s a great time to review your financial goals and explore strategies that can benefit you as a homeowner or prospective buyer in Canada. Here are a few tips to help you make the most of your finances before December 31st:

Why It Matters: Registered Retirement Savings Plans (RRSPs) allow you to save for retirement while reducing your taxable income. Contributions made before the deadline (typically 60 days into the new year) can be deducted from your 2025 taxes.

Tie-In to Homeownership: First-time buyers can withdraw up to $35,000 from their RRSPs (per individual) under the Home Buyers’ Plan (HBP) to use as a down payment. This makes contributing now even more advantageous if you're planning to purchase a home soon.

If you've made renovations to improve the accessibility of your home for seniors or individuals with disabilities, you may be eligible for this credit. Be sure to keep all receipts for qualifying expenses.

If you moved this year for work or education (at least 40 km closer to your new workplace or school), you may be able to claim moving expenses on your taxes. This includes costs like moving services, storage, and temporary accommodations.

Why It Matters: Making an extra payment before year-end can reduce your mortgage principal and the amount of interest you'll pay over the loan’s lifetime. Many lenders allow a lump sum prepayment without penalty.

Tip: Check your lender’s prepayment policy to avoid exceeding annual limits.

Ensure your property taxes are up to date to avoid penalties. Some municipalities also offer discounts for early payments—check if this applies to you.

If you made eco-friendly upgrades to your home this year, such as installing solar panels or upgrading insulation, you might qualify for government rebates or tax credits like those offered through Canada’s Greener Homes Initiative.

If you own investment properties or other taxable investments, review your portfolio to decide if selling some assets before year-end could minimize capital gains taxes. Consult a financial advisor to ensure this aligns with your overall strategy.

Tax-Free First Home Savings Account (FHSA): If you’re planning to buy your first home soon, contribute to an FHSA, which combines the benefits of an RRSP and a Tax-Free Savings Account (TFSA). Contributions are tax-deductible, and withdrawals for a home purchase are tax-free.

Take the opportunity to shop around for competitive home insurance rates or ensure your coverage is still adequate, especially if you’ve made significant home improvements this year.

By proactively planning your finances before the end of the year, you can set yourself up for a successful 2025 while making the most of the tax benefits and savings tied to homeownership.

Peterborough: Increased Sales, Lower Prices

Sales Volume: A 25% increase in home sales (125 in November 2024 vs. 100 in November 2023) highlights robust buyer activity. This could indicate strong demand, possibly driven by factors like stabilizing mortgage rates or renewed confidence in the housing market.

Average Price Decline: The 7% drop in average prices, from $668,674 to $622,002, suggests increased supply, competition, or a shift in the types of homes being sold (e.g., more mid-range properties). This may also be attributed to cautious buyer spending due to economic pressures such as high interest rates or inflation.

Kawartha Lakes: Higher Sales and Prices

Sales Surge: A 77% increase in sales (from 57 to 101) suggests Kawartha Lakes is becoming increasingly desirable. This may be due to lifestyle shifts, as more people seek properties with outdoor space or proximity to natural amenities.

Price Growth: The 5.5% increase in average prices, from $678,009 to $715,199, indicates a competitive market where demand outpaces supply. Buyers may view this region as an investment opportunity or a desirable place for vacation homes or permanent relocation.

If current trends continue, prices may stabilize or even decrease slightly, as the market balances strong demand with increased inventory. However, affordability could attract more buyers, potentially offsetting price drops and leading to more balanced growth.

The region's appeal for families and professionals might spur consistent demand, particularly for entry-level and mid-tier homes.

The upward trajectory in prices and sales suggests a "hot" market with strong demand. This trend may continue if inventory remains tight and buyers prioritize lifestyle properties. However, higher prices could eventually dampen activity, leading to slower growth.

1/2 oz. agave, plus more for glass rim

Angel flake coconut

2 oz. tequila

1 oz. fresh lime juice

1 oz. unsweetened coconut cream

Place agave on a small plate. Place coconut on a second small plate. Dip the rim of a rocks glass in the agave then in the coconut.

Combine agave, tequila, lime juice, coconut cream, and ice in a cocktail shaker. Shake until very cold, about 1 minute. Pour into prepared glass. Serve immediately.

Enjoy!