Nisha Muire

Toronto real estate prices have been on a pretty steady climb for over a decade now. Even with the slight correction experienced at the end of 2019, prices are very high and it is only normal for couples to wonder how they will ever be able to pay off their mortgage quickly. Believe-it-or-not, there are strategies you can use to get pay down your home far quicker than what your amortization tells you.

1. Buy a home you can easily afford – and, this is definitely much easier said than done in Toronto’s hot property market, but if you smart about what you can afford, you will be able to comfortably meet and exceed your financial obligations on your home. Instead of just trusting that your financial institution will only give you a loan for what you can afford, do the math yourself. Instead of calculating your mortgage affordability based on your gross income, calculate it on what you get after taxes, savings, utilities, communications, food, insurances and your car costs have been deducted. What’s left over is what you can really afford. And, even from that sum you will have to factor in property taxes and maintenance costs. As long as you stick within that figure, you will be fine.

2. Make extra payments. Yes, it seems so straight forward, but making extra payments from the very beginning of your home loan will attack the capital from the start. Reducing your capital will immediately reduce the amount of interest you have to pay back and will also reduce your loan amortization. If you can, make an extra mortgage payment every quarter or round-up the amount you pay.

3. Switch to a bi-weekly payment schedule. When you pay down your debt weekly or bi-weekly, you are effectively making one full extra month’s payment towards your loan. That will eat into your capital and reduce your amortization dramatically.

4. Rent out a room for extra income. If you don’t have the extra cash to put towards your mortgage every month, it might be worth converting an extra room into a space you can rent. The extra income could go entirely towards paying down your mortgage. However, this only works if you have the extra room to spare and if you are willing to share your space with a stranger.

5. Use your tax-refunds and bonuses wisely. Another source of income that could be put to good use is any tax refund you receive or bonuses you get. Instead of taking a big vacation or buying things that depreciate, use that extra money to make a lump sum payment towards your mortgage.

As long as you don’t incur additional consumer debt and if you are focused on paying down your mortgage and follow these simple steps, you can be debt-free quicker than you ever imagined.

Welcome to 2020! We hope you enjoyed your holiday season and are refreshed and ready for another year.

As you know the buying season is gearing up and in just a few weeks this year’s market will start to hum. If you are thinking of listing your house this year, then the ideal time to do so is coming up. The spring rush is that perfect time when buyers emerge from their wintery cocoons and hit the realty market in search of their dream home. However, listing your place just ahead of the rush could actually be more advantageous depending on your goals.

There is a distinct lack of inventory in February and March meaning that buyers will appreciate any new listings that hit the market. It also means that if a good property comes up there is more likely to be a bidding war on it than if there is a large supply of homes for buyers to choose from. In fact, March tends to be the best month for home sales for the year.

Buyers who start their search for a home in Toronto in February and March also tend to be more motivated, understand the market and are keen to close a deal. They typically tend to be those who missed the fall rush of the previous year and are motivated. Naturally you will also have those who believe in starting early to scope out what’s available and then decide, however, savvy buyers will understand that to get what they want they need to move fast and come with their best offer.

Listing early is good for buyers as well since they are able to buy and move in by the summer making the move easier than doing so later in the year.

When you are ready to list – whether it is early in the year or at the height of the spring rush, just be sure to choose your Toronto realtor with care. It’s best to hire someone who specializes in your neighbourhood so that they know how to promote your listing and where to find motivated buyers.

With Toronto real estate prices for single family homes out of reach for many people looking to buy, condos have become the go-to entry-level property. While condos are still less expensive than a traditional house, the gap in pricing has been getting closer in recent years. Among the reasons for this closing of the gap is the lack of real estate in key areas, the continued upward rise in the price of single-family homes and the rethinking of condos overall. Instead of building condos as mere residential complexes, many new developments are seeing them as self-contained, mini-cities.

Condo complexes offering residents fitness centres, swimming pools and party rooms is not new – these have been around for many years now. What is new is the incorporation of services into the complex – everything from grocery stores to boutiques, restaurants and yoga studios and full-service luxury spas are being included in many of the newer, high-end condo concepts. While these services are convenient and definitely appealing to many buyers, the inclusion of these mixed use spaces do drive the cost of the condos themselves up.

If you are in the market for a condo and like the idea of a complex offering a slew of services, then the best time to buy into such a project is off-plan. Many of the newer building developments are allowing buyers who purchase off-plan to unbundle services – to essentially choose what finishes they want to include, if any. Then they can upgrade later on as the building moves into the construction phase. It is the more affordable way of getting into the housing market if you aren’t already. It is a great way to build equity in a solid investment that will certainly appreciate over time.

If you like the idea of a condo with purpose – a complex where you can meet all of your basic needs, along with some of your wants, then keep an eye out for new developments that will give you the flexibility of enjoying that lifestyle at a price point that fits within your budget. When such a project presents itself, be sure to be among the first to buy while it is still off-plan.

If you are looking to renovate the ensuite in your Toronto home and would like to increase its size, open up the flow and give it a stylish look, then consider installing a doorless shower stall. These new-again showers are becoming increasingly popular and with good reason. Not only are doorless shower stalls attractive in any setting, they are also very practical. However, when it comes to installing a doorless shower stall there a certain things to keep in mind.

Unless you want a flooded bathroom, you need to be sure that the floor of your shower is properly sloped towards the drain in the floor. For this reason, installing a doorless shower is not entirely DIY-friendly. It will also require more intricate tile work. However, if you really don’t want the potential of water leaking all over your bathroom, installing a small lip around the shower is a good idea. A half wall or a glass wall are also two very good ways of mitigating water seepage from a doorless shower. Providing ample room as a splash zone is always a good thing, and lastly, choosing the right shower head can mean all the difference between a wet and dry bathroom. A rain head tends to cause less splash and will also give your shower a very spa-inspired look and feel.

Another thing to consider carefully with a doorless shower is the flooring or tile that you choose for the base. It is best to choose something that will provide grip when wet and not be entirely slippery. Also, it is best not to replace all of the bathtubs in your Toronto home with walk-in showers as it will decrease your home’s resale value given that many buyers require at least one tub in a property.

Walk-in showers can give your ensuite a sophisticated look and feel. They are also far more accessible that showers with tubs. Interestingly enough, doorless showers were normal in many parts of the world and are now coming over to North America – and are being embraced for their ease of use, lower maintenance and contemporary look.

With so many pros, a doorless shower might be the perfect solution for your next bathroom reno.

If you have a garage in Toronto, you are among those fortunate enough to have space to park your car. If you are like a large number of families out there, your garage is your dumping ground and rarely used for actually parking your car. However, you can change that with a clear mission of how to use the space you have.

One of the main reasons that people tend to ignore their garages and use them for storage is because they are rarely finished properly. Usually they have drywall up with concrete flooring. Occasionally the walls with be damaged through the years making the whole atmosphere that much more uninviting. Hence the first thing to do in your attempt to organize your garage is to properly finish it. Paint the walls to brighten the space and use an epoxy on the floor to make it easier to clean and maintain.

Next, figure out dedicated spots for everything you need to store in your garage. If you have a lot of bulky, seasonal items such as decorations, outdoor furniture or camping gear, consider getting a storage system that hangs from the ceiling. These systems can usually be accessed either through a pulley system or, with the more expensive kind, an electric system that will lower the shelving automatically. You can also invest in shelving that sits high off the floor to free up floor space. Use hooks for hanging bikes and invest in sturdy shelving to organize tools, garden implements and other items usually found in garages.

If you want a workshop, then consider installing a workbench at the back of the garage along with a worktable and use peg board or some of the more sophisticated mounting systems for hanging tools in easy to access places.

Garages are a blessing and a bane – they provide space and storage and a convenient spot for parking. However, they can also be frustrating when they get cluttered up. By organizing your garage, you will be able to turn your dumping ground into a usable and convenient space that will enhance your quality of life immensely.