Nisha Muire

With Toronto home prices so high, cottage and country living has become one of the most viable alternatives to buying a house in the city. Owning a cottage is a great way to truly disconnect when you arrive home. Whether you choose to live in the country or have a cottage just for the weekends and holidays, there are advantages to living outside the city that greater numbers of people are discovering – especially millennials.
 
According to a Globe and Mail article, millennials are among the most likely to rent the place they live and own a country place well outside the city limits. Not only do they see the purchase of a country place as a way to enhance their lifestyle, they are more likely to use it as a short-term rental to boost their income.
 
However, before your decide to run out and buy a country place, it is important to run the numbers and to be sure that you will be able to recoup your investment. Firstly, it is harder to get a mortgage on a cottage. Despite having lower price tags, many cottages might not meet a bank’s investment standards. Banks are also skittish about financing second-homes and investment properties unless the buyers have a record of already owning property. So, getting a bank to sign off on a mortgage might be a little more difficult than if you were to buy a regular home.
 
Don’t forget that if you choose to buy a country place that you can also use for short term rentals, you will have to factor in the cost of the management company that you will likely have to hire to take care of getting your rental ready for new renters. In some cases, although you might get a higher income from short-term rentals, having a long-term renter is more beneficial as it requires less time and financial investment on your part.
 
Cottage living is a growing trend that really reflects that kind of work-life balance that the younger generation is demanding. It is a good way to have your city pad and a place where you can relax on the weekends.

Tiny homes in Toronto are a growing trend. While most people look to tiny homes as an alternative to traditional housing in a bid to build an inexpensive and affordable home, a large number of people are opting to make their tiny home finishes high-end and luxurious. While this may increase the cost of their tiny home, it also means getting finishes they would have otherwise had to forego – but now its luxury on a scale that they can afford.
 
Given the sustainable nature of tiny homes one of the most populars trends is to finish the interior using recycled or repurposed materials. For instance, the floor from an old bowling alley was used to create the stairs in one tiny home while the old copper pipes from a defunct factory was refashioned into a modernist light fixture for another home. Such innovations aim to use existing materials in a new way and this imparts a uniqueness to tiny homes that truly reflect the personalities and sensibilities of their owners. Such unique, created elements are sustainable, but come at a cost – they are definitely more expensive than traditional finishes, but they add immensely to the final product.
 
Then there are the more commonplace types of luxuries – such as granite, quartz, hardwoods – essentially natural materials – that become affordable in small doses.
 
Probably the most luxurious element of any tiny home is the customization that can be done to it. You can truly create the home that works for you. Whether it is the kind of storage you need or the space and light you require, tiny home designers are constantly pushing the boundaries of what’s possible and what’s can be done.
 
Investing in a tiny home is now a labor of love that will serve you for years to come.

Tiny homes are quite the rage right now. It is no wonder really; with the cost of real estate reaching record levels, young people and those who want to simplify their lives have started looking for an alternate way to enjoy the kind of lifestyle they want without severely impacting their budgets. However, before rushing out to join the Toronto tiny home craze, there are several questions that you need to answer.
 
The first and most obvious question you need to ask yourself is whether you will be able to live in a greatly reduced space. Tiny homes are typically less than 500 square feet. While this may sound like a lot of space, remember that it will be fitted up with everything you need – kitchen, bathroom, living room and bedroom. You will have to be able to live contentedly in a confined area.
 
The next question to answer is whether you are ready to give up your possessions. Naturally in a small space you will not have room for your book or record collection except for those items most precious to you. Are you willing to either give away or sell your “stuff” because you will definitely not be able to take it all with you. Then again, your wish for moving to a tiny house is probably to simplify your life – in which case you probably won’t want a whole lot of material items anyway.
 
The other very serious consideration you will have to take into account is the question of entertaining. Your ability to entertain at home will be greatly reduced simply due to a lack of space for hosting more than a couple of friends. If you are a very social person who enjoys having people over every evening or on the weekends, then you will have to alter either the way you entertain or save all of your entertaining for the summer when you can host your family and friends outside.
 
Despite the questions above, many people have successfully transferred their lives to a tiny home and have never looked back. If you are willing to give up the material accoutrements we take for granted, then you will certainly thrive in a tiny house.

Successful Toronto realtors know that they always need to be one step ahead of the game in order to keep their clients happy. To this end, they will opt for all of the latest tools available for displaying their listings in the best possible light. One of those ways that is currently gaining in popularity is drone photography.
 
Drone photography in Toronto is taking off (no pun intended!) in large part because it presents a listing in a unique and unexpected way. Giving potential homebuyers an elevated view of the home they are thinking of purchasing has the following advantages:
 
Allows homebuyers to see the whole scope of the property
Shows the true state of the roof and eaves
Captures the full beauty of the structure and its surroundings as well as the neighbourhood
 
If you are contemplating drone photography for your listing, it’s important to hire professionals. Unless you have experienced drone photographers on your team, you won’t get the kind of shots and angles that truly show-off your listing to its full potential.
 
Imaginahome has some of the best, most experienced drone photographers in the industry. One of the first real estate marketing companies to adopt drone photography, their trained professionals know exactly how to capture a property’s essence and to show it off for maximum effect.
 
So, for your next high-end listing considering using drone photography to give your extra special property that extra special boost with homebuyers. Contact Imaginahome today to find out how they can help.

Drones have become very popular in the past few years. They have become so popular, in fact, that even children are in on the action and receive them as gifts at Christmas time! However, if you are planning on flying a drone in Canada, then you should be aware of Transport Canada’s rules.

In Canada you can fly a drone for recreational purposes without any special permission as long as it is under 35kg and follows all of the guidelines set out by Transport Canada.

However, if you are using it for commercial or research reasons, then you are required by law to get a Special Flight Operations Certificate.

Additionally, the following is taken directly from the Transport Canada website:
Fly your drone:
below 90 m above the ground
at least 30 m away from vehicles, vessels and the public (if your drone weighs over 250 g and up to 1 kg)
at least 75 m away from vehicles, vessels and the public (if your drone weighs over 1 kg and up to 35 kg)
at least 5.5 km away from aerodromes (any airport, seaplane base or area where aircraft take off and land)
at least 1.8 km away from heliports or aerodromes used by helicopters only
outside of controlled or restricted airspace
at least 9 km away from a natural hazard or disaster area
away from areas where its use could interfere with police or first responders
during the day and not in clouds
within your sight at all times
within 500 m of yourself
only if clearly marked with your name, address and telephone number
You are exempt from these rules if you are at a field or event approved by the Model Aeronautics Association of Canada.

Failure to comply with these rules can result in fines totalling a maximum of $3000.

For more information on illegal drone operation click here.

Tiny Toronto homes might be the way of the future. Already serving the needs of young couples who want to live debt-free, these innovative constructions are typically less than 500 square feet and have clever features for storage and for incorporating all of the amenities found in regular-sized houses but in a way that saves space and has some items doing double duty.
 
The tiny home movement started a few years ago and was born out of a desire to live simply and to avoid the pitfalls of tremendous debt. They are also portable and easily moved from one place to the next, making them ideal for people who wanted flexibility and the ability to just up and move when they wanted.
 
Tiny homes present a unique opportunity for people who want to rid themselves of the very high costs of purchasing and maintaining a regular sized house. Given the very high prices of the real estate market in a large North American cities, many younger people find themselves squeezed and priced out of purchasing property – but still want a place to call their own. Hence, the birth of the tiny home. They are a great way for someone to own property and to live with a very low overhead until they feel ready to move to a more conventional home – if that is ever something they want.
 
The price of a tiny house costs around $266/square foot – making them actually more expensive than a regular house, but given the overall scale of the tiny house, it ends up costing a lot less in the long run. And, the tiny house comes with finishes that are a lot superior than those in a regular house simply because the smaller square footage allows you to customize and add those high-end touches in a more cost-controlled way.
 
Tiny homes might not be suitable for everyone’s lifestyle or needs, but they are a terrific option for people who want a simpler lifestyle, less expense and little to no debt.

Buying real estate in Toronto is almost a given for many people who want to put down roots and have a place to call their own. Regardless of the high values of the current housing market, people still see the property market as a solid investment. There is another real estate available that most people don’t even think about until faced with its reality – cemetery plots. Yes, cemetery plots in Toronto are a real commodity, the price of which can come as a shock when faced with purchasing them when the need presents itself.
 
No one really wants to think about having to purchase a cemetery plot – but as the saying goes the only things sure in life are death and taxes. At some point everyone will need a cemetery plot. Planning for this eventuality is unpleasant but will make life a lot easier for those left behind to sort things out when you are gone.
 
Similar to housing values, the cost of cemetery plots rises every year. So, getting a plot when you are still young is actually a very smart investment strategy. Naturally, there are many reasons why people put off this most important purchase. When you are young, people want to concentrate on living! They want to buy a house, cars, put their kids through school and go on vacation – cemetery plots rarely fit into those plans. However, taking a moment to actually look into a cemetery plot is definitely worth your while.
 
Cemetery plots in Toronto run the gamut in pricing from about $2000 for a double plot in the GTA and suburbs to closer to $20,000 for a double plot in the city – and these prices are going up every year. Like any other property investment, the higher demand the costlier that piece of land will be. You can cut down costs by opting for cremation and a smaller plot, but if you want the full burial, then you need to plan for the purchase of this plot after you are gone. And, once you have bought a plot, those prices are guaranteed and you won’t have to worry about price increases in the future.
 
Many cemeteries now provide purchase plans for people similar to car loans or even mortgages where they can purchase their plot and plan their funerals down to the last details so that their relatives don’t have to worry about it after they are gone. It is probably the best gift that you could ever possibly give your relatives.

Whether you own a Toronto home or not, it is never too early or too late to plan for your future. Sometimes planning for your future means outlining how you will gather the downpayment you need for your first home; if you are passed that stage you might be planning on how to move to a bigger place; and if your kids have already flown the nest, then you might be now in need of mapping out your golden years. Planning for the future is the only way to ensure that you will have the resources you need to succeed at your goals.
 
Before you can sit down and start truly laying the groundwork for your financial future, you do have to be on the same page as your significant other. If you envisioned a condo in the heart of the city as your first home and your partner always wanted a townhouse in a suburb, then you have to figure out a compromise before you can make any kind of realistic financial plan on how to achieve your goals. Likewise, if your ideal retirement involved selling everything off and traveling the country in an RV and your partner never planned on stopping work, then you might run into difficulties down the road. It is important to know exactly what the other plans and wants so that you can build your future together.
 
Regardless of the stage of life at which you find yourself, a good plan starts with a good budget. Only when you sit down and outline what you have, how much you spend and what needs to be achieved will you be able to draw up a realistic game plan on how to get there. Naturally, the hardest hurdle will be saving up for your first Toronto home. After that, moving up the ladder is easier as property values will rise and you will be able to roll that increase in value into your next home. Downsizing when you are older is probably the easiest financial transition you will make, but it will have its own unique set of challenges – including seeing how to let go of memories and mementos built up over a lifetime. If you are unable to draw up a financial plan by yourself, it is advisable to seek the assistance of a certified financial planner. You can find planners through your bank or via independent fund companies.
 
Being financially secure at every age is possible – as long as you have a plan in place and you stick to it. Life is understandably unpredictable and the best laid plans are never fool-proof, but having one will help you weather the unexpected far better than if you have nothing on which to fall back.

Owning a home in Toronto can be a investment given the rapid rise of real estate values over the last decade and a half. However, relying on your home to fund your retirement is not a good idea. Why? Because you will always need a place to live. So, even if you sell your home and make a lot of money – you will still have to buy a smaller home or condo and, given value of the current market, there is no guarantee that you will have any money leftover to fund the kind of retirement you envision.
 
The better option for funding your retirement is saving a little at a time right from when you start working. Even if you are in your mid-forties or fifties and have yet begun setting aside retirement funds, it’s never too late to start. The best way to evaluate how much you will need for your retirement and how much you should start saving can only be assessed by sitting down and thinking about what you want for your retirement and how you plan to fund it. If you are looking for a low-key life without much travel, then you likely won’t need a whole lot set aside. However, if you would like to travel and have the ability to indulge in what you want, when you want it, then it is best to set aside a sum of money for your future years as soon as you can.
 
Unless you plan on selling your home and moving to a smaller, less expensive community or smaller condo when you retire, you should not rely on your home as your many mean of income after your end your career. Even if you think of using a reverse mortgage or HELOC to fund your retirement, you should think carefully about the consequences of such financial instruments before turning to them. In many instances those vehicles are meant to benefit the banks instead of the homeowners.
 
In short, your home should be considered your home. You should not look to it as your retirement security blanket. You will still need money to pay your taxes and utilities, buy your necessities and have some money leftover for travel and entertainment – those are things you can’t do with money from your home.

The Toronto property market has boomed over the last two decades. Anyone living in the area has seen their property value rise dramatically. However, is there still room for growth? Is investing in the Toronto market still a viable option for someone looking for a secure investment? The answers to those questions are a bit complicated.
 
Given the steep rise in Toronto home prices, first time buyers and average homeowners have become priced out of the hot and highly competitive market. Foreign buyers helped increase home values but that just made it harder for ordinary people to buy into the market. With the introduction of legislation curbing foreign property investments, property values have begun to drop and the Toronto real estate market has cooled considerably since the fall of 2017.
 
Given the cool down and drop in prices (in some areas by 22%), now is actually a good time to investment in the market. Yes, it is going through a correction at the moment, but if you are someone looking to buy a home and put down roots, regardless of whether the market corrects some more, in the long run, the property value will increase and if you can get in now with the lower prices, it is a very good thing.
 
However, there is the spectre of further drops in price given the recent political climate the threat of NAFTA falling apart – something that would definitely hurt the industry. So, if you are an investor looking to flip a property, then now might not be the best time, unless you are willing to risk further price drops from the time you purchase to the time you flip.
 
So, there are pros and cons to buying into the Toronto real estate market in 2018 – and they all depend on whether you are an investor or whether you are in it for the long-haul.