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General Robyn McLean 28 Oct
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General Robyn McLean 27 Oct
Purchasing a home is a major life event, but homeownership is a lot more than closing a sale and moving to a new address. It takes hard work and diligence to maintain your home, and getting on a yearly schedule is a great way to make sure you’re keeping your investment in good shape. If you do these 10 things every year, you’ll save yourself from a lot of problems down the road, and be able to prepare for coming changes.
You’re going to want to inspect your heating and cooling systems once per year before they’re used – so check the heating system after the summer ends when things are about to cool down, and the cooling system in the spring.
For the cooling system, you’ll want to give your air conditioning a good lookover. You’re trying to find any signs of leaks or corrosion, and clean any build up in your air filters. For your furnace, make sure the fuel lines are clean and connected securely. Then investigate the exhaust levels, burners, and heat exchangers for any abnormalities.
Having an energy-efficient home will make you feel more comfortable and save you money at the same time.
As soon as the temperature starts to warm up, you should do an assessment of your exterior walls and roof. Make sure nothing has cracked on the exterior that needs to be fixed, examine any wooden porches, posts, or decks for rot and structural damage, and then move onto inspecting your roof. You should do this from both the outside and inside, seeing if any tiles or shingles have fallen off from the outside, and climbing into your attic to check for leaks or water damage from the inside. Catching these problems early can save you thousands of dollars, so be sure to do this at least once a year.
We’re talking about a clean that dives into all of those pesky, hard to reach types of spots that you probably haven’t even considered checking in the last year. Look at your refrigerator coils, behind your washer and dryer, and between all the nooks and crannies that would otherwise get overlooked. Your drawers are often neglected so empty them out, and while you’re cleaning, take the opportunity to sift through their contents and give away anything you no longer need.
It’s important to check to ensure that your drains and gutters aren’t clogged after the cold of winter subsides. If you live in a wooded area or are near any trees whatsoever, they’re likely going to fill up in the autumn when the leaves start to fall. Make sure they’re clean and clear so that everything flows properly when the rain falls in the spring and summer months.
Drips and leaks are what you’re looking for here. Let your faucets run for several minutes to see if there are any leaks, and check for drips when you turn them off. You’ll also want to inspect any lines that run in or out of appliances like washing machines and fridges, as they can begin to wear over time. Replacing them isn’t a big job, and it can save you a lot of headaches in the long run.
If your toilets are old and need updating, it might be a good idea to consider investing in some new hardware. It’s an easy DIY home improvement project that anyone can do.
This is easily the most fun item on the list in our opinion. Pressure washing has almost a therapeutic effect for some people, so don’t stress the mess. It is a great way to revive your sidewalk, pavement, driveway, and even the exterior walls of your home. Mould and dirt can build up fast here, so don’t put this task off too long – doing it yearly is a great cadence. If you don’t have a power washing machine or have a friend who you can borrow one from, you can rent one from your neighbourhood home improvement store for a fair price. They likely have several models, but the base level pressure washer should do the trick.
If you have trees that drop debris on your roof, you should consider trimming them yearly (or even cutting them down if necessary). Taking the time to thin them out will save your roof plenty of wear and tear, and can extend the lifespan of your roof by years. Removing big trees can be the difference between needing a new roof every ten years and needing a new roof every twenty years.
This is a really easy fix that can make your home much more efficient. For example, if the ducts in your attic start to sag, air can escape from the loose ductwork. This means that the hot or cold air you’re paying to keep your home the proper temperature is being lost in your attic, costing you more money and leaving you hot or cold. A simple tightening of your connections is all it takes to save you money and keep you feeling good all year round.
It’s hard not to gasp when you see just what a carpet cleaner can pull out of your home. Spend one rainy day per year in the spring steam cleaning your carpets to take out all the dirt, dust, and muck that you put into them in the fall and winter months. Be sure you get everything, including any mats or rugs at entryways, and be thorough. You can rent a great carpet cleaner from your local home improvement store and have fresh smelling carpets in less than a few hours.
Finally, it’s important to have a running list of the little things that need to be fixed. If you walk through your home once a year and add everything you notice to this list, you’ll always have something to tinker with on a rainy day. Door knobs, paint touch-ups, gardening projects – basically anything cosmetic that would be a nice to have is a good thing to add to your minor repairs list. If you put these off for too long, it’s easy to feel overwhelmed. Work through your list yearly and you’ll never feel the stress of minor home repairs.
General Robyn McLean 26 Oct
Consumer confidence is up… more from our friends at First National.
Canadians’ confidence in the economy moved back to the optimistic side of the ledger in the third quarter.
The Bank of Canada’s latest Canadian Survey of Consumer Expectations suggests the outlook has turned positive compared to the second quarter, but cautiously so.
Among the key findings in the third quarter report is a return to expectations that home prices will continue to increase. During the second quarter those expectations plunged to near zero, now they are back to just slightly below pre-pandemic levels.
The survey also suggests a change in the type of housing preferred by buyers, with a shift to “less crowded and more remote environments.” In other words, bigger homes away from urban centers. Many market watchers attribute this directly to the pandemic lockdowns and the accompanying surge in working from home.
Expectations for interest rate increases are virtually unchanged from Q2, but are down significantly from a year ago. This is, of course, is in keeping with the BoC’s stated policy of rock bottom rates until there is a sustained growth in the overall economy and inflation.
The consumer outlook for household income and spending have improved modestly but still indicate caution. Canadians say they are shopping less, but are doing more of it online. Compared to Q2, more people say they are cancelling or postponing major purchases. Lower spending and less recreational and social activity have led to greater savings for many consumers. Most indicated they will hold on to those savings as a safeguard.
General Robyn McLean 19 Oct
More positives to report from our friends at First National.
Another report and another round of startling numbers from Canada’s housing market.
The Canadian Real Estate Association is reporting its best September ever. Sales rose nearly 46% compared to a year ago. That is 20,000 units more than the previous September record.
The average price for a home in Canada hit an ominous, record high as well, at $604,000 – a 17% increase y-o-y. Toronto and Vancouver continue to have a heavy influence on the average price. With those two markets factored out, the national average drops to $479,000, which is a 20% increase from a year ago.
CREA’s Aggregate Composite Home Price Index – which is seen as a truer measure of home prices – showed a 10% increase y-o-y.
The increases appear to be driven by people looking for more space.
“Home has been our workplace, our kids’ schools, the gym, the park and more. Personal space is more important than ever,” says CREA chief economist Shaun Cathcart.
A number of market watchers continue to forecast a cooling period over the next few quarters, but a dwindling supply of resale homes will keep upward pressure on prices. New listings dropped more than 10% in September. The sales-to-new listings ratio now stands at 77.2%, the highest in almost 20 years and the third-highest monthly level ever – solidly a sellers’ market.
However, historically low interest rates have many buyers feeling like they can handle the higher cost. So, the desire for space, and the fear of missing out (FOMO) may be stronger than traditional market fundamentals.
General Robyn McLean 16 Oct
Your housing market update by DLC’s Chief Economist Dr. Sherry Cooper.
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General Robyn McLean 13 Oct
Some great insight from our friends at First National.
The latest employment numbers coupled with the September reports from the Toronto and Vancouver real estate boards have triggered a lot of optimism about Canada’s economic recovery and the state of the housing market.
Statistics Canada reports the economy added 378,000 jobs in September, and the unemployment rate dropped to 9%. Toronto realtors posted a record breaking 11,083 sales last month, up 42% from a year earlier. The benchmark price rose 14%, y-o-y. Vancouver had its best September ever: 3,643 sales, up more than 56% y-o-y. The benchmark price rose nearly 6%.
All of these numbers continue to defy expectations and so caution and patience need to be the guiding principles as we try to figure out what will happen next.
The employment numbers – which are a key indicator of economic health – surely got a boost with the reopening of schools. Parents who had been staying home to look after their kids became available for work again. But many are not back to full employment. The number of mothers working less than half their usual hours was 70% higher last month than before the shutdowns. For working-fathers the number is 23% higher. Overall, employment is still 25% lower than it was before the pandemic. And many of those jobs will not be coming back.
Further job growth remains in jeopardy as the two, biggest jurisdictions in the country, Ontario and Quebec, re-introduce closures and restrictions to slow the spread of COVID-19.
At the same time, signals from the housing sector are mixed. Realtors continue to forecast rising sales and prices. But the market is imbalanced. Most of the gains are coming in “ground-oriented” units – singles, semis and townhouses. Condos are seeing significantly smaller increases.
Canada Mortgage and Housing Corporation continues to forecast that price declines, in the 10% area, will start showing up sometime around the middle of next year. Moody’s Analytics predicts a national “peak-to-trough” price decline of 7%. Both reports cite employment shortfalls, reduced immigration and increasing loan delinquencies.
General Robyn McLean 21 Sep
Some good tips from our friends at REW Rentals.
Every renter has their own unique criteria for what they’re looking for in a home. However, there are a few notable features that are always in high demand. Whether you’re a renter who wants to know what options are out there in the market or a property owner who is looking to get more eyes on your listing, here are ten features that are frequently requested by renters today.
For many renters, storage can be a make or break feature – and that’s including storage both inside and outside of the rental property. Inside the unit, renters are looking for closets in the bedrooms and hallways, and preferably some sort of pantry or broom closet. Pre-installed closet organizers in these spaces can be a plus, and make things more attractive on a walkthrough. If it’s a renovated basement suite with no built-in closets, consider installing free-standing storage units and wardrobes, instead.
External storage can also be very important. While most apartments and condos will come with storage lockers, renters looking at basement suites may need to negotiate coveted garage space or bins that can be kept safely and securely outside.
Since many Canadians are spending more time at home, the appeal of outdoor space has never been greater. If you’re not lucky enough to have a private patio or balcony at your rental unit, there’s still hope. Many multi-unit buildings are adding in community gardens, where tenants get a small garden box or part of a larger, shared box, to tend to on their own. We’ve seen these on rooftops as well as on ground level. In rental homes or basement suites, many landlords are gracious enough to share their outdoor space with tenants, or at least have a dedicated space for the renters to use.
The pandemic drastically shifted the needs of renters. That Ikea is warning of a potential shortage of office furniture points to the fact that renters, now more than ever, need a dedicated space to sit down in front of a computer and remain comfortable and engaged while they work or study from home. This has caused the demand for multi-bedroom or bedroom-plus-den rental units to rise. If you’re an owner with a property on the market, consider staging a dedicated home office space to help renters envision themselves working in the space. If you’re a renter that needs a home office, while you scope out where to set up your desk be sure you also ask your prospective landlord about internet speed and capacity to ensure it meets your needs.
Renters today are paying close attention to noise insulation, and noting whether a unit is in a wood-frame building or sits underneath hardwood or laminate flooring is important if you’re noise sensitive. Renters who work or study from home: aside from just asking the landlord about the quality of noise insulation, if you can, try viewing rental space during the day so you can experience it yourself. Owners: consider small, affordable upgrades you can make to the property to make noise more manageable.
Again, as many people now work and study at home, utility bills have been on the rise. Ensuring the rental space has good heat insulation can ensure these bills are reasonable and that the renter is comfortable. This can include properly sealed doors, multi-pane windows, or a variety of other upgrades. Check out our post on energy-efficient features for more ideas on how to properly insulate a home, or what to look out for when you’re rental hunting.
On the flip side, many Canadians are no longer able to benefit from the office air conditioning during the hot summer months. So, pay attention to cooling systems such as ceiling fans and central air. If the space doesn’t have either of those, scope out where you might be able to put a window-mounted or portable air conditioning unit in the property.
Even though there are some pros to having carpeted floors in a living area, many renters prefer hardwood or laminate flooring. Along with the style and aesthetic, this type of flooring is easier to clean and more durable, which is important for renters hoping to get back their security deposit. If you’re a homeowner thinking about renovations for your rental property, laminate flooring is a relatively affordable upgrade that can increase the value of and interest in your rental.
Depending on the renter, the kitchen might be the most important room in the home. For that reason, many renters pay close attention to the amount of counter space the kitchen has. Ideally, the layout will accommodate a comfortable amount of room, but if not, both renters and homeowners could consider installing an island. You can find reasonably priced temporary and movable islands at stores like Canadian Tire and Rona.
Very few renters relish the thought of lugging laundry up and down multiple flights of stairs while paying $2.00+ per load, so having in-suite laundry is a huge perk. While this can be a bigger investment for a homeowner to put in a rental property, it does have the potential to up the value for renters who are willing to pay for convenience (and there are many out there!). Stackable machines are a great way to save on space, or deals can be found at appliance outlets stores, where it’s typical to find perfectly operating machines for a discount due to a cosmetic defect like a scratch.
Certain markets (Vancouver being one of them) are notoriously hard for pet owners. While there are many valid reasons a homeowner might not want pets in their rental property, there are also many valid reasons why they should. The BC SPCA offers a few benefits to consider.
First, pet owners are often willing to pay more monthly, in addition to putting down a pet deposit. Second, pet owners typically stay in their rentals for longer, which is one of the most important considerations of any landlord. Third, studies from FIREPAW have shown that there is no significant difference in damage between tenants with and without pets. Renters: even if the unit isn’t listed as pet friendly, don’t be afraid to ask the landlord about this and see if you can come to an agreement, as it could be in the best interest of both parties.
No matter which side of the rental agreement you’re on, there are a lot of features in a property to consider. Renters need to make sure they find a space that suits their needs, and property owners equally need to find a renter that makes them feel comfortable.
General Robyn McLean 17 Sep
What better way to prepare your kids for the future than teaching them about finances. Some great tips from our friends at Dominion Lending.
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General Robyn McLean 17 Sep
Some great advice from our friends at DLC.
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General Robyn McLean 15 Sep
How are we faring during Covid? More from our friends at First National.
One of the biggest vulnerabilities in the Canadian economy got a bit smaller in the second quarter.
Statistics Canada reports that the amount of debt-to-household-income dipped to 158.2%, from 175.4% in the first quarter. So, for the peak months of the COVID-19 shutdown, Canadian households owed $1.58 for every dollar of disposable (i.e., after tax) income. Under normal circumstances that would be good news. But the StatsCan report also shows that the actual, total amount of debt did not change very much.
Overall, credit market debt totalled $2.33 trillion at the end of Q2, with $1.55 trillion in mortgage debt and $779 billion in consumer credit and non-mortgage loans.
On the other side of the ratio, incomes did increase slightly but that was chiefly because of government supports such as CERB. The Canada Emergency Response Benefit is due to expire in early October.
Statistics Canada notes that annual trends show that lower income households tend to have a higher debt-to-disposable-income ratio.
In his latest statement, Bank of Canada Governor, Tiff Macklem, focused on evening-out the economic inequities faced by low-income earners, women, youth and others during the pandemic and recovery. Macklem warned that uneven recessions, that affect some workers or sectors more than others, tend to be longer and leave a bigger mark on the labour market.
The central bank has left its benchmark interest rate at 0.25%. The Bank has said it will stay there until inflation is sustainably at 2%. Many analysts expect that could take until late 2022 or early 2023.