• Tag: Toronto

    3 Ways to Stand Out in the Spring Market

    Posted on by Trisha Wilson

    Spring – the flowers are blooming, the birds are chirping, and the “For Sale” signs are sprouting up on lawns all around you. This can be one of the best times to list your home, which also makes it one of the most competitive times.

    So, how can sellers stand out in a busy spring market? We asked RE/MAX affiliates across Canada to share their top tips.

    Clean up Outside

    Pressure washing your driveway, sweeping your front walkway and picking up winter debris such as twigs and branches are incredibly important steps to take to make your property look its best once the snow has cleared.

    It’s important to wash windows and frames on the outside of your house and touch up exterior doors and trim with paint if necessary. Roof gutters and siding should also be cleaned and maintained.

    Any extra cars should be parked away from the property, and spring toys and bikes shouldn’t be left outside.

    Steps can also be taken to improve landscaping. Adding flowering plants and shrubs will add colour to your home. Be sure to tidy flower beds and maintain your lawn. If you have a pet, be sure to clean up any droppings on a regular basis.

    A well-manicured curb appeal can make a difference when everything is in full swing. Don’t overdo it with the flowers and plants, as there are also people thinking about high maintenance yards when buying a home, which could end up being a turn off, even when it looks pretty.

    Freshen up Inside

    The inside of your home should be tidy with no clutter. Light fixtures, appliances and windows should be cleaned. Be sure to move large appliances and clean in and around where they usually sit.

    If you have a garage, make sure you keep the floor swept. Make sure doors and windows throughout the house aren’t squeaking.

    You might want to consider purchasing a new welcome mat at the front door, adding new bedding and purchasing candles with a nice smell that’s not overwhelming. A fresh bouquet on your kitchen table or counter is a great way to keep the space smelling and looking great.

    Once your house is clean, get professional photos taken to make each room look its best. Good photography can go a long way in helping a home stand out from the others.

    Be Sure the Price is Right

    The spring market is an incredibly popular time of year for sellers to list their homes. If you have priced your home too high, buyers will likely opt to look at similar, more reasonably priced homes. A good REALTOR® will take in many factors to help you list your home at a price that is competitive with other listings, yet a fair deal for you.

    Also, consider putting the home on the market a bit earlier than the regular spring crowd. This will limit the amount of competition and get the eyes of serious buyers on your property first.

    Courtesy of REMAX.ca

    The Benjamin Moore 2024 Color of the Year is…

    Posted on by Trisha Wilson

    The Benjamin Moore 2024 Color of the Year is…

    Every year, the design world waits with bated breath for the announcement of the Color of the Year, and 2024 did not disappoint. Stepping into the spotlight is a colour that has long captured our imaginations and emotions: the cosmic and magical Blue Nova.

    Blue Nova CC-860, shimmering with celestial undertones, captures the mystery and expansiveness of a night sky aglow with distant stars. Its deep yet luminous shade bridges the ethereal and the tangible, creating spaces that feel both boundless and grounded. When juxtaposed with muted pastels or rich, earthy tones, its true brilliance shines through, adding depth and wonder.

    From serene interiors and avant-garde fashion statements to its ripples in art and décor, Blue Nova symbolizes a cosmic blend of tradition and innovation, grounding us in the familiar while propelling us into the uncharted. As we journey through 2024, Blue Nova promises to inspire homeowners, designers, and enthusiasts to reimagine spaces with enthusiasm and flair.

    Pair Blue Nova with the 2024 Colour Trends

    The year 2024 promises a variety of hues that work in harmony to set the tone for contemporary design. From muted pastels and earthy tones to vibrant splashes and subdued gradients, here are the colours that will redefine our visual landscape this year:

    White Dove – White Dove, a classic and versatile shade, transcends fleeting design trends. It’s neither stark nor overly warm, striking a delicate balance that makes it a favourite among interior designers. Its soft, creamy undertones exude a sense of tranquillity, making spaces feel larger and more open.

    Pristine – With its crisp and unblemished hue, Pristine effortlessly breathes life into any space. Its neutral character makes it versatile, serving as a serene backdrop that can be paired with both vibrant tones and muted shades.

    Topaz – Topaz, with its warm and lustrous hue, captures the heart of golden moments just as the sun graces the horizon. This gemstone-inspired shade exudes an earthy elegance reminiscent of autumn leaves or the warm glow of a fireside evening. Its richness adds depth to interiors, offering luxury and a sense of coziness.

    Teacup Rose – Teacup Rose paints a picture of timeless elegance reminiscent of delicate porcelain patterns and sunlit afternoon tea gatherings. Its soft, blush hue embodies innocence and romance, creating intimate and inviting spaces. When paired with muted neutrals or antique furnishings, it truly comes alive, harking back to bygone eras while still feeling fresh and modern.

    Honeybee – Honeybee is a hue that buzzes with life, embodying the zest and energy of its namesake. Its golden-yellow tone exudes warmth and positivity, instantly illuminating spaces with a touch of nature’s brilliance. The colour shines even brighter when combined with earthy neutrals or contrasting cool shades, bringing balance and vibrancy.

    Regent Green – Regent Green transports one into the heart of an ancient forest or the quiet corridors of a historic manor. Its deep, rich hue resonates with an air of timeless sophistication and quiet authority. Regent Green provides a moody backdrop that pairs beautifully with rich woods, metallic accents, or soft, velvety textiles.

    Antique Pewter – With its muted grey-silver hue, Antique Pewter transports one to bygone eras where craftsmanship was revered, and details cherished. Its understated elegance lends sophistication and quiet confidence to any space it graces. Perfect for modern minimalist designs or classic vintage settings, this versatile colour seamlessly bridges the gap between the past and present.

    Polar Sky – Polar Sky’s subtle blend of blues and greys captures the tranquil essence of a horizon where day meets night. This shade exudes a calming, introspective quality reminiscent of serene winter mornings or the muted tones of a twilight sky. When paired with cool neutrals or shimmering metallics, it brings out a contemporary, airy feel.

    Hazy Lilac – A soft and dreamy shade, Hazy Lilac evokes memories of springtime blooms and twilight’s gentle embrace. Its muted purple undertones, tinged with the faintest hint of grey, create an atmosphere of serenity and whimsy. When paired with creamy neutrals or deep jewel tones, it becomes a harmonizing force, adding depth and emotion to any design palette.

    How to Incorporate Blue Nova in Your Living Space

    Whether you’re looking to make a dramatic statement or infuse subtle pops of vibrancy, there’s an art to using Blue Nova in ways that enhance your living space:

    Accent Walls – Use Blue Nova as a feature wall colour. Its rich hue can serve as a stunning backdrop, making your furnishings pop and creating a focal point in the room.

    Soft Furnishings – If you’re hesitant about committing to paint, incorporate Blue Nova through textiles. Think velvety throw pillows, plush blankets, or elegant curtains. These can add a touch of modernity without overwhelming the space.

    Art and Décor – Hang artwork that predominantly features Blue Nova tones. Alternatively, seek out decorative pieces in this shade, like vases or candle holders, to sprinkle throughout your living area.

    Colour Trends 2024

    As Benjamin Moore’s Color of the Year, Blue Nova exemplifies the essence of modern home design—bold, vibrant, and unapologetically alive. It’s not just about painting a wall; it’s about creating experiences and memories within our homes. In an ever-evolving world of design, colours like Blue Nova stand as a testament to our collective quest for depth, meaning, and beauty.

    Courtesy of REMAX.ca

    How to Assess the Quality of Schools When Buying a Home

    Posted on by Trisha Wilson

    How to Assess the Quality of Schools When Buying a Home

    When purchasing a new home, there are numerous factors to consider. From the location and price to the size and layout, the list can seem endless. However, one crucial aspect that often gets overlooked is the quality of schools in the area. Whether you have children or not, the quality of nearby schools can significantly impact your property value and overall satisfaction with your new home.

    One of the livability factors to consider when purchasing a home is the proximity to reputable schools. Even if you don’t have school-aged children, the quality of schools in your neighbourhood should still be a top consideration. A strong school system is an indicator of a thriving community and can positively influence property values. Homes located in areas with highly regarded schools tend to appreciate faster and hold their value better over time. For families with children, this can make or break their decision to purchase a particular property.

    Create a Checklist

    Remember, every child has unique needs and capabilities. What may be an excellent school for one child may not be the best fit for another. Always consider your child’s specific needs and interests. Does the school offer programs or resources that align with your child’s passions? Are there opportunities for extracurricular activities or specialized education? Finding a school that can cater to your child’s requirements and provide a well-rounded education is essential.

    Research School Ratings and Rankings

    When searching for quality schools in your chosen area while purchasing a home, one of the initial steps is to research school ratings and rankings. There are numerous online resources available that provide valuable information regarding schools’ academic performance, teacher qualifications, student-to-teacher ratios, and overall school reputation.

    Consult with Real Estate Agents

    Real estate agents in Canada are an invaluable source of local knowledge. They can offer valuable insights into the schools in the area where a potential homebuyer is looking to make a purchase. They are knowledgeable about the reputations of school districts, the quality of education they provide, and any recent updates or advancements within the schools. Homebuyers can seek guidance from real estate agents to better understand how schools might impact property values and ensure that their desired locations align with their educational preferences for their children.

    Evaluate Extracurricular Activities

    A quality education is not just about academics but also active involvement in extracurricular activities. When evaluating schools, it is essential to consider the variety and accessibility of extracurricular programs. Seek out schools that provide a diverse range of activities, including sports teams, music and arts clubs, debate teams, and community service opportunities.

    Get Feedback from Parents

    Gaining input from parents with children enrolled in local schools can offer valuable perspectives on the daily experiences and difficulties that students may encounter. Online community forums, social media groups, and local parent-teacher associations are excellent avenues to engage with parents and gather insights about their impressions of the schools.

    Use Your Network

    Your network can be valuable for finding a good school district. They might know a specific school district you are unaware of or have come across the school you are considering during their house-hunting endeavours. You can also utilize your social media accounts by posting on Facebook or in trusted community groups and pages to inquire if anyone has any experiences or insights to share.

    Visit the School

    Visiting the school is one of the most effective ways to assess the quality of schools. While online research and feedback from others are valuable, they cannot replace the impression gained from an on-site visit. During your visit, observe the physical condition of the school, the classroom environment, the availability of educational resources, and the overall atmosphere. Moreover, engaging with students and staff during your visit can provide deeper insights into the school’s culture and values to determine if it aligns with your expectations and aspirations for your children’s education.

    Conclusion

    When purchasing a home, assessing the quality of schools in the area is a crucial aspect that directly impacts the overall well-being and future prospects of the family. According to the Housing Affordability in Canada: 2022 RE/MAX Report, 38% of respondents emphasized that house affordability means a home that meets their basic needs, including proximity to school.

    Prioritizing the quality of schools alongside other homebuying considerations, families can lay a strong foundation for their future, fostering growth and prosperity within a supportive community.

     

     

    Courtesy of REMAX.ca

    The Pros and Cons of Buying vs. Renting in Toronto

    Posted on by Trisha Wilson

    The Pros and Cons of Buying vs. Renting in Toronto

    What’s the difference between buying vs. renting in Toronto? Rental pricing is through the roof, and tenants might not see any relief in sight, whether rising mortgage rates or the supply-demand imbalance. According to the September 2023 Rentals.com report, the average asking rent in Canada climbed nearly two per cent on a month-over-month basis and skyrocketed close to ten per cent to a record high of $2,117. 

    “Over the last three-month period between May and August, asking rents in Canada have increased by 5.1 per cent, or by an average of $103 per month,” the report states. 

    What are the two most expensive rental markets? You guessed it: Vancouver, British Columbia, and Toronto, Ontario. Researchers found that the typical one- and two-bedroom apartments in Vancouver were $2,988 and $3,878, respectively. In North America’s fourth-largest city, the average one- and two-bedroom apartments are $2,620 and $3,413, respectively.  

    What makes the data even more fascinating is that the asking rent for roommates in Toronto is $1,300. In Vancouver, it is $1,455. 

    This will undoubtedly be fodder for the age-old debate: Is Toronto more affordable than Vancouver – or vice versa? 

    Meanwhile, the three cheapest rental markets in the Canadian housing sector? Saskatoon, Saskatchewan ($1,005) and Regina, Saskatchewan ($1,121). 

    The good news coming out of all of this is that construction activity for purpose-built rentals has accelerated. The bad news? “Despite rental apartment completions in Canada over the past 12 months reaching their highest level since the 1970s, rent growth has remained exceptionally strong,” the report stated. 

    “This can be attributed to the country’s record-high population growth and sharp deterioration in homeownership affordability,” the report added. 

    The latest conditions have many families stumped as to what to do next. Buy or rent? 

    Are you trying to decide whether to buy or rent in the Toronto real estate market? Let’s break down the benefits and drawbacks of both options so you can make the right choice for your financial situation and lifestyle. 

    The Pros and Cons of Buying vs. Renting in Toronto

    Here is a breakdown of the pros and cons of buying versus renting in Toronto. 

    The Price 

    First, let’s get down to the brass tacks. Here is a breakdown of home prices in the Toronto real estate market: 

    • Detached: $1.416 million 
    • Semi-Detached: $1.067 million 
    • Townhouse: $935,800 
    • Condo Apartment: $705,572 

    Renters do not have to bear the plethora of taxes that buyers do, such as the municipal land transfer tax or the HST, or become (directly) vulnerable to rising interest rates. 

    “While higher interest rates have certainly impacted affordability, the prospect of higher taxes will also hit households’ balance sheets, especially younger buyers with limited savings,” said Toronto Regional Real Estate Board (TRREB) CEO John DiMichele in a report. 

    Cost of Ownership 

    Indeed, one of the advantages of renting compared to owning is the amount of savings you can enjoy for monthly expenses. 

    Renters do not need to worry about replacing appliances or taking care of the property (though this can vary from property to property). On the other hand, homeowners routinely have monthly expenses that can set them back by vast amounts. 

    So, by comparison, for owners of condominium suites, there is the condo fee, utilities, property tax, and property insurance. For renters, there is the rent, utilities, and renters insurance. 

    In an environment where the cost of everything has increased significantly, renters can find considerable savings by not having to maintain their properties regularly and pay out of pocket to replace a broken refrigerator. 

    Flexibility Versus Responsibility 

    Renters enjoy something that owners do not: flexibility. Homeowners have much more responsibility for owning property, from regular upkeep to unexpected expenses. It is easy for renters to budget since the rent is a fixed monthly cost. Plus, if you wish to relocate to another building or another area of the city, renters can do this once their lease is up. 

    Who Has the Advantage? Buyers or Renters 

    A core component of the Canadian Dream has been homeownership. The idea of owning your own home while building equity to fund your retirement or children’s education is an appealing one. 

    Is this an outdated concept? Not necessarily, but accomplishing this objective will depend on where you live, household income, interest rates, public policy, and the broader Canadian real estate market. From a long-term perspective, homeownership is superior to renting because home prices generally trend higher over time, and, as a result, your equity grows over time. In the short term, it can be advantageous to rent, wait out the market, and wait for the right opportunity. 

    Ultimately, the renting versus owning debate boils down to personal circumstances and overall economic conditions.  

     

     

    Courtesy of REMAX.ca

    Land Transfer Tax Impacting Home Buying Decisions

    Posted on by Trisha Wilson

    Land Transfer Tax Impacting Home Buying Decisions

    Many prospective homebuyers often think that the only costs they will incur are the home’s asking price and interest on the mortgage. However, there are additional costs involved, especially in certain jurisdictions across the country. Mortgage origination fees, closing costs, taxes, and other charges are the norm. And when buying a home in the Toronto real estate market, the land transfer tax is a hefty levy you must budget for – and the municipal portion of the tax is due to rise as of January 1, 2024.

    Regardless of the property type, all homebuyers will be subjected to a land transfer tax on closing.

    There are five tax brackets that you need to be aware of:

    • Up to $55,000: 0.5 per cent
    • Up to $250,000: one per cent
    • Up to $400,000: 1.5 per cent
    • Up to $2 million: two per cent
    • More than $2 million: 2.5 per cent

    So, for example, if you are buying a $950,000 detached house in the downtown core, be prepared to dole out nearly $31,000. The good news is that you will receive a rebate if you are a first-time homebuyer. So, as another instance, if you are purchasing a $700,000 condo suite, the land transfer tax will be nearly $21,000, but the rebate will reduce it to below $13,000.

    Regardless of any tax brackets or rebates, new research has found that the land transfer tax is a barrier to entry for many households attempting to achieve the dream of home ownership.

    Land Transfer Tax Impacting Home-Buying Decisions

    Is the land transfer tax impacting your home-buying process?

    According to a new survey conducted by Leger on behalf of RE/MAX Canada, more than one-quarter of Canadians (28 per cent) say that the land transfer tax has affected their decision to participate in the real estate market. Young Canadians are most impacted by the levy, with 40 per cent of Generation Z and 35 per cent of millennials reporting that the land transfer tax had a role in their journey toward home ownership. The penalty had less of an impact on older generations, including Generation X (26 per cent) and baby boomers (21 per cent).

    Ultimately, this has eroded housing affordability at a time when home ownership is becoming out of reach for many younger households.

    Recent data highlight that detached home sales skyrocketed in York Region in the second quarter of 2023, rising more than 100 per cent from the first quarter. One of the reasons? Buyers in this part of the housing market do not face the municipal land transfer tax.

    Because many facets are pricing younger families out of the housing market, policymakers are exploring various mechanisms to bolster homebuying opportunities, including the land transfer tax.

    Are Changes Coming?

    The City of Toronto recently published its revenue tools report assessing different property tax approaches. Officials contend that property tax is a more stable and fair form of taxation for city hall than the land transfer tax. When North America’s fourth-largest city first introduced the first-time land transfer tax rebate, it was introduced to mirror the average price for a residential property in Toronto.

    In 2008, the average price for a home in the city was $400,000. Believe it or not, officials have not raised this threshold, meaning that very few buyers qualify for this rebate since the going price for a house is north of $1 million and about $750,000 for condominiums.

    That said, the Toronto Region Real Estate Board welcomes any proposal that advances the opportunity for more people to enter the housing market.

    “Our position has always been that the concept of a Land Transfer Tax doesn’t benefit homebuyers, due to the unfair nature of the tax which has to be paid upfront. With the City raising MLTT rates for the higher-end housing market as a revenue tool, it must also consider helping first-time home buyers who are struggling to buy a property,” said TRREB President Paul Baron in a statement. “Council’s decision to approve a graduated increase of the MLTT on properties over $3 million may impact our housing challenges and supply shortage in a negative way by deterring move-up buyers from freeing up supply.”

    Not only Toronto is looking at making changes to property tax policy.

    The Real Estate Board of Greater Vancouver (REBGV) is urging the province of British Columbia to abandon the property transfer tax, or PTT, on any home that costs under $755,000 for both new and resale.

    Like Toronto, it is challenging to come across any dwelling in Vancouver priced below $800,000.

    “You could look at this and say, ‘Should there even be a threshold? If we’re talking about getting first-time buyers into the market, why does it really matter?’ We’re trying to be reasonable and give the government something they can work with,” said Andrew Lis, the director of economics of the REBGV.

    The real estate association also suggests establishing a provincial rebate program for the GST mandated on new rental construction and an “ultra-low-cost” loan program for rental property developers.

    Meanwhile, there is skepticism that the B.C. government would consider abolishing the levy since it generated more than $2 billion in revenues from this tax in the current fiscal year.

     

    Courtesy of REMAX.ca

    Toronto’s Most Affordable and Undervalued Area for Detached Homes

    Posted on by Trisha Wilson

    Toronto’s Most Affordable and Undervalued Area for Detached Homes

    In the dog days of summer, the Toronto real estate market was not as hot as the previous year, driven by rising borrowing costs, economic uncertainty, and limited inventories available in the housing industry. According to the Toronto Regional Real Estate Board (TRREB), residential property sales tumbled slightly more than five percent year-over-year in August, totaling 5,294 units. Within detached homes, sales declined at an annualized pace of 11.2 per cent in August, with 451 units exchanging hands. Semi-detached properties also experienced a drop in sales, totaling nearly 13 per cent with 138 transactions.

    Townhomes and condominiums enjoyed a robust 15.6 per cent and 6.5 per cent year-over-year increase in August.

    Despite the drop in sales activity, prices remained elevated. Detached home prices advanced nearly three percent to $1.416 million, semi-detached prices swelled 6.9 per cent to $1.067 million, and townhome costs jumped close to four per cent to $935,800. Condo units slipped 0.9 per cent to $705.572, TRREB figures reveal.

    “In the short term, we will likely continue to see some volatility in terms of sales and home prices, as buyers and sellers wait for more certainty on the direction of borrowing costs and the overall economy,” said TRREB president Paul Baron in a statement.

    With the lackluster performance to finish the summer, does this mean prospective homebuyers might come across detached homes located in affordable and undervalued areas? If so, where can households potentially find these listings?

    Bathurst Manor: Affordable and Undervalued

    For many young professionals and families searching for affordability and an undervalued property in the Toronto real estate market, one area of the central core that has been a popular destination for years is Bathurst Manor and Clanton Park. Prospective homeowners will see a wide array of bungalows and two-story residential properties throughout the Bathurst Manor and Clanton Park neighbourhoods.

    The average price for detached homes sold in this part of the city is about $1.7 million, the lowest average price point in the central core. In the first half of 2023, the area enjoyed a modest increase in homebuying activity compared to the same time a year ago. Despite fewer detached home sales in 95 per cent of surveyed markets in August, Bathurst Manor and Clanton Park were two of the few places to buck this trend in the housing market, with sales climbing 1.4 per cent.

    Indeed, for those individuals who are price-conscious, Bathurst Manor and Clanton Park maintain a larger supply of detached properties situated on 50-foot lots, providing modest price relief for buyers.

    Moreover, market analysts note that Bathurst Manor and Clanton Park can potentially increase the home’s value in the future through demolition or renovation, particularly if housing stocks do not improve in the Toronto housing market anytime soon.

    Based on the latest real estate association data, this is likely to be the new normal for a while. While the latest numbers show that new residential listings were up a little more than one per cent month-over-month in August, they are down year-to-date.

    And industry leaders note that governments are not showing signs of doing what is necessary to bolster supply, leaving prices to maintain their upward trajectory, especially in the downtown core.

    “All three levels of government need to be focused on the key issue impacting affordability in the GTA: lack of supply,” said TRREB CEO John DiMichele in a statement. “Right now, there continues to be a policy mismatch between population growth through immigration and temporary migration and bringing online enough housing to accommodate this population growth. If we can’t house newcomers, they will look elsewhere, and Canada and the GTA will lose its competitive edge on the global stage.”

    Supply Continues to be the Main Issue

    This year, many headlines have spotlighted just how dire the supply situation has become in North America’s fourth-largest city and the rest of the country. In the spring, the Canada Mortgage and Housing Corporation (CMHC) warned that prices could accelerate again due to an “alarming” shortage of new construction.

    From the Toronto Star:

    “In Toronto the report forecasts between 28,500 and 33,500 housing starts for this year, 60,000 to 74,000 sales, and an average MLS price of $1.043 to $1.107 million.

    CMHC economist Dana Senagame said that in pockets of the GTA’ anecdotally at least we’ve heard reports of properties being sold within hours of being listed and bidding wars.’ Buyers who’ve been holding back may now be more comfortable making a purchase. But overall, ‘the market is still very, very unaffordable.’”

    Be it Canada or downtown Toronto, supply is failing to keep up with demand. If the reports are accurate and homebuyers are snatching homes that have erected for-sale signs on their properties as fast as you can say the Toronto Blue Jays, prices are unlikely to come down to their pre-pandemic levels.

    Courtesy of REMAX.ca

     

    A Step-by-Step Guide to Refinance Your Mortgage in Canada

    Posted on by Trisha Wilson

    A Step-by-Step Guide to Refinance Your Mortgage in Canada

    Is it time to refinance your mortgage?

    With the average conventional five-year fixed-rate mortgage rate approaching six percent, homebuyers who might have purchased a home at rock-bottom rates recently might not want to refinance their mortgage. Others, especially those who are on a variable-rate mortgage, may need to refinance their mortgage.

    Whatever the reason may be, it is important to understand the steps involved with refinancing your mortgages.

    Let’s take a deeper dive:

    Refinancing Your Mortgage in Canada

    Here are six steps to refinancing your mortgage in Canada:

    Evaluate Your Current Mortgage

    Here are four questions to answer as you assess your current mortgage:

    • What are your current mortgage terms?
    • What is your mortgage rate?
    • What is the remaining balance?
    • What are the penalties or fees?

    Understanding why you want to refinance is critical during this process. You need to identify the purpose, whether to access equity, solidify your monthly payments or consolidate your debt. It is not something to take lightly.

    Check Your Credit Score

    Your credit score plays a crucial role in getting approved for a new mortgage with favourable terms.

    As a result, it is vital to access and obtain a copy of your credit report and score from a reputable credit bureau. By doing this, you can ensure that the data are accurate, and you can identify any areas for improvement if required.

    Research Lenders and Mortgage Rates

    When you are considering refinancing your mortgage, should you stick with your current lender or find somebody else? This depends on what your research shows. Therefore, comparing offerings from other banks, credit unions, and mortgage brokers is imperative to locate the best deal that matches your objectives.

    After this is achieved, you need to calculate the costs and savings:

    • Estimate the possible savings and costs associated with refinancing.
    • Consider factors such as closing costs, appraisal fees, legal fees, and prepayment penalties for your existing mortgage.
    • Compare these costs to the long-term savings from the new mortgage to ensure the refinancing makes financial sense.

    Pre-Approval

    Once you have selected a mortgage lender, be sure to apply for pre-approval. Doing this lets you know how much you can borrow and streamlines the borrowing process. A pre-approval application typically involves extending your personal and financial information, income verification, employment information, credit reports, and other associated documents.

    Processing

    Yes, the refinancing process is a tad difficult. The first is the underwriting endeavour, which includes the lender reviewing your application, evaluating the residential property’s value, and assessing your creditworthiness. The lender could request additional documentation for clarification purposes. The second will be an appraisal of your property that might be needed to determine the present market value, a vital step to determine the loan-to-value (LTV) ratio. The third is that you will need to hire an attorney or notary to manage the legal components of the refinancing process, as this professional will review the agreement, prepare the documents, and arrange the mortgage closing.

    The Final Steps

    The three final aspects of mortgage refinancing will be like this:

    Mortgage Closing: You will need to sign the paperwork, like the new mortgage agreement, either at a lawyer’s office or through a remote online notarization platform. Funds Disbursement: The new mortgage funds will be allocated that will be used to cover closing costs, offer funds to access equity, or pay off the current mortgage.

    Begin Repayment: You will now start to make payments on your new mortgage using the updated terms and conditions in the new mortgage agreement.

    The Growth of Mortgage Refinancing

    Considering that interest rates are at their highest levels in over two decades, it might be befuddling why anyone would want to refinance in today’s rising-rate climate. However, research has found that homeowners will do so for debt consolidation reasons. A recent Angus Reid Institute study found that the percentage of mortgage holders struggling with their payments rose to 45 per cent since 2022. At the same time, growing credit card and loan debt was the main source of financial stress for mortgage holders.

    “Many homeowners will have outstanding debt, whether it be on HELOCs, LOCs, credit cards, or loans,” said Victor Tran, a RATESDOTCA mortgage expert, in a statement. “Rising interest rates will push up the amount of interest they have to pay to service the debt, and it can be more affordable to refinance a mortgage and roll all of the debt into one payment instead of several.”

    Is it time to refinance?

     

     

     

    Courtesy of REMAX.ca

    How to Make Your Laundry Room More Efficient

    Posted on by Trisha Wilson

    As time goes by, it feels like we only get busier as a society. Small household tasks can seem overwhelming between work, family obligations, and social events. While some people may find peace in spending a day at home, cleaning and getting things in order, others are seemingly always rushing around trying to squeeze small household tasks in before jetting off to the next event. This is where creating an efficient living space can pay off in dividends. Arguably, one of the more time-consuming chores at home is laundry – and the bigger the family, the more laundry there will be, leaving you wondering how to make your laundry room more efficient.

    We will take you through some of the best ways to make your laundry room more efficient to hopefully give you some peace of mind and extra time in your life to do the things you enjoy.

    How To Make Your Laundry Room More Efficient

    Make Use of the Space Above Your Washer and Dryer

    The laundry room can be a great place to store household cleaning products, and by installing cupboards above your washer and dryer, you can make sure any dangerous solutions are kept out of reach of both children and pets.

    In addition, by installing cupboards above your washer/dryer, you’ll have a convenient place to keep laundry soap, fabric softener, and all your other laundry cleaning products. Cabinets and closed-off storage spaces can also double as chalkboards by either using chalkboard paint on their front or installing chalkboards over the cupboard front. This way, your to-do list stays within eyesight and in an area you go to frequently – ensuring no task gets forgotten.

    Invest in Decorative Storage Containers and Label Them

    Aesthetics do make or break a room. After putting time and thought into the decorative aspect of your laundry room, painting the walls, and colour coordinating everything, why would you want to keep the bottle of laundry soap on display in the original packaging? This is where investing in some decorative storage containers can be a game-changer. It will add to the room’s aesthetic, and it will also make you feel better about the cleanliness and state of the laundry room – making the whole task seem far less chaotic.

    A good idea is glass or plastic matching storage containers for all your laundry soaps, fabric softeners, and stain removers. Make sure you put a label on the front of the jar to know exactly what you’re using – the last thing you want is to use fabric softener instead of laundry detergent!

    Create a Sorting Station 

    Creating a good sorting station can remove a lot of stress from the laundry room. You can invest in cute clothing bins that are labeled, so you know what is clean and dirty, or so you can sort your unwashed laundry by washing needs like dry-cleaning, hand wash only, and machine wash. If you have small children who are beginning to learn how to complete small tasks around the house, this is also a great way to introduce them to sorting clothes and can assist you when teaching them how to do laundry.  

    Invest in Hidden Drying Racks

    One of the most space-consuming objects in a laundry room is the drying rack – and sometimes, it feels like we never have enough space for all our clothes that need to hang dry. Installing fold-down drying racks or tension rods is a great way to use the space in your laundry room better while also giving you adequate room to hang dry all your delicate clothing.

    Make Use of the Entire Room

    Who says the laundry room has just to be a laundry room? If the space is big enough, double the laundry room up as either a play space for the kids, a mudroom if it’s off an entry point to the house or a quiet area. To do this, consider installing curtains to cover up the washer and dryer when not in use.

    Laundry is the one task that seems to be never-ending; as soon as you think you’re all caught up, there is always more laundry to be done. Making your laundry room efficient and calming can change your whole outlook on the chore and make it at least a little more enjoyable.

    Courtesy of REMAX.ca

    The Best Reasons to Hire a Real Estate Agent

    Posted on by Trisha Wilson

    It’s no secret that buying or selling a home can be one of life’s most stressful endeavours. With so many unknowns and variables at play, limiting stress during this event can help make the process more enjoyable; one of the simplest ways to help reduce the stress and anxiety attached to purchasing a home is to hire a real estate agent.

    The Role of a Real Estate Agent

    A real estate agent acts as the intermediary between buyers and sellers. The agent will connect the two and handle all legal negotiations to ensure the deal takes place without a hitch. A real estate agent helps clients sell, buy or rent their property. They also may guide the client when it comes to navigating the market, take them on showings, and assist them in the buying, selling, or leasing process.

    While some people choose to buy or sell property privately, hiring a real estate agent has many benefits, which we will go more in-depth on below.

    They Help with Timing

    Timing is of the utmost importance when buying or selling a home, as the market fluctuates throughout the year. Working with a real estate agent can ensure that your property will be listed at the optimal time or that you will be buying when the market is in reach of your budget.

    When selling your home, you want it to be bought quickly as the longer it sits on the market, the less desirable it appears to potential buyers – this is where listing your home at the right time can pay off in dividends.

    When purchasing a home, you’ll want to wait until the market isn’t highly competitive – this means homes are usually priced more accurately. When the market is hyper-competitive, bidding wars occur, and houses can sell for far more than they are worth; as a buyer, this is not ideal – especially when you do not need to buy a home.

    Handle the Paperwork

    Buying or selling a home involves a lot of legal paperwork that needs to be completed correctly – this is where a real estate agent can shine. The paperwork completed by the home seller needs to be precise and accurate. If all information is not disclosed correctly, the seller could be held responsible for fraud, negligence, or breaching the contract. By having a professional do the paperwork for you, you can have faith that it will be completed correctly, and if it isn’t, you won’t be on the hook.

    An Agent has Access to a Large Network of Listings

    Many prospective buyers take to the Internet and begin hunting when looking for a home. However, homes aren’t always listed on the Internet immediately after being put up for sale. By working with a real estate agent, you can be sure to have access to listings as soon as they become available and have first dibs on any highly sought-after property.

    Help Negotiate Prices

    Real estate agents are well-trained in negotiation skills, and a good one will have a proven track record in this area. By working with an agent while buying a home, you could save thousands of dollars.

    As a homebuyer, the process quickly becomes emotional. A real estate agent can help you keep the situation in perspective, preventing you from making emotional decisions that may not be in your best interest.

    By leveraging a real estate agent to be the middleman in negotiations, you can be sure that the communication will be professional yet direct to get you the home of your dreams while staying within your price range.

    Whether you are buying or selling a home, engaging the services of a real estate agent to assist you from start to finish is a complete game-changer. They will help reduce the stress by completing all necessary paperwork, negotiating with the buyer or seller, and keeping you up-to-date on the market conditions, all to ensure you get the most out of your experience in the real estate market.

      

    Sources:

    Courtesy of REMAX.ca

    Property Taxes: What to Expect

    Posted on by Trisha Wilson

    In Canada, everyone has an opinion about property taxes. Whether city dwellers or rural folk, each side will argue that the other is not paying enough in property taxes, making for a heated and spirited discussion about levies on the residence you worked hard to purchase.

    That said, aside from discussions over what the property tax rate should be, this is an important subject since many prospective homebuyers do not consider their annual tax bill as part of their ongoing expenses, whether they own a condominium or a single-family home, which could hurt their wallets in the future.

    Planning for annual property tax payments is just as important as researching the rate on your mortgage or determining what your closing costs will be at the end of the home-buying process.

    So, what do you need to know? We have compiled a guide for what you need to know about property taxes in Canada.

    Property Taxes: What to Expect

    Here are five things you should expect about property taxes in your housing market:

    #1 Check the Rate in Your Area

    One of the best ways to determine the property tax in your area is to visit the municipality’s website. Typically, the web portal will include a calculator and a list of rates. This will provide you with how much you can expect to pay using the Current Value Assessment of your property that the Municipal Property Assessment Corporation figures out.

    #2 How to Pay Your Property Taxes

    These days, there are many different routes you can take to complete your property tax payments. In addition, it has become a lot simpler these days, with municipalities finally catching up with the times.

    Here are your payment options:

    • Online banking
    • Telephone banking
    • Automatic teller
    • In-person

    In some places, you can also pay by check.

    Often, your mortgage lender will collect your property taxes from you with every mortgage payment and submit them to your municipality on your behalf.

    #3 What Do Your Property Taxes Cover Anyway?

    Every province or municipality uses revenues from property taxes to cover different needs. So, for example, in the province of Ontario, homeowners will pay property taxes each year to cover the costs of public education, infrastructure, garbage collection, snow removal, and public services (police, firefighters, ambulances, and more).

    #4 Consequences of Not Paying

    You are required to pay property taxes. There is no other way around it. While your residential property could be seized by the government and sell it to get back the tax revenues, this process is rarely utilized since it can take several years to complete.

    But it does not mean the government will give up. Instead, you are generally charged 1.25 percent each month. If you do not pay this fee and the overall tax bill, the collection process begins. You may also have a lien placed against your home.

    Some jurisdictions might register a Tax Arrears Certificate if you have refused to pay your obligations after a few years.

    #5 Can You Afford Property Taxes?

    When searching for a home, you will generally consider the sale price, the mortgage rate, interest payments, fees and charges associated with the mortgage, utilities, etc. But what about the property taxes? The total amount can be challenging to crunch in advance but knowing the percentage in your town or city can make the estimation easier to put together.

    For example, the property tax rate is about 0.61 per cent in Toronto. So, if you own a $1 million home, you will be forking over a little more than $6,000 each year. Everyone’s situation is different, and life can come at you pretty fast. In other words, you should calculate this in your budget when you are in the market to acquire a new residential property.

    And don’t forget, in Toronto, you will have to pay the municipal land transfer tax, which can climb all the way to four per cent for home purchases worth between $400,000 and $2 million. This is in addition to the Ontario provincial land transfer tax.

    Get Ready for Property Tax Hikes?

    In the aftermath of the coronavirus pandemic, provincial and municipal governments need to develop different revenue tools to refill the coffers, reduce deficits, and trim their debt totals. Nova Scotia introduced new property taxes for non-residents, Toronto has been pressured to raise its property taxes, and city councils are assessing various property tax schemes and hikes.

    When inflation is high and Canadian real estate market prices continue to soar to the moon; public policymakers are generally hesitant to increase property taxes. But they might not have any other choice in the future if fiscal pressures become prevalent during the budget creation process each year.

     

    Courtesy of REMAX.ca

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