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End of year wrap-up

Another year is nearly at an end for the Toronto housing market. How will this year stack up? Probably, not as well when compared to previous years. However, despite the slow down in the market, prices did manage to eke up by 0.3% this year according to the Toronto Housing Market report. 

Although Toronto realty has been sluggish in 2023 and rising interest rates have impacted demand and affordability, many news outlets are now predicting that interest rates will be cut starting mid-2024, which will positively affect the housing market. Although lower interest rates should help bring demand back up, with housing prices expected to rise with the pent-up demand. 

While it might be a challenging time for those hoping to jump into the market or to simply move – either up or down – there is one piece of advice that will ring true every year – purchasing a home over the Holiday period and into January is when you will likely get the best deals. Most homebuyers are too busy with the festive season to bother with house hunting and buying. Then, typically January is also a very slow month due to weather and recovery from the holidays. So, if you are in a position to bid on a place and were just waiting for the right time, now might just be it.

If a house has been on the market for more than a few weeks, then chances are they will be willing to negotiate. And, remember, it isn’t always price that can be negotiated. Many other factors involved in a home sale can be discussed during the transaction including:

• Contingencies
• Closing costs
• Repairs
• Closing dates
• Deep cleaning
• A home warranty
• Appliances
• Furniture/fixtures
• Inspections

A good realtor will be able to strike the right balance so that all parties walk away feeling satisfied.  

Whatever the new year brings, we here at Imaginahome, hope that it brings all of you happiness, love and the house of your dreams!

Toronto winters are not as harsh as those experienced across the country. However, temperatures do routinely drop below the freezing point, which means  if you have a home with a sump pump it is vital to winterize it. 

Why to winterize sump pump

Winterizing your sump pump doesn’t require a lot of work, but if it isn’t done and the drainage line freezes it will block the water from draining and the sump pit will get backed up. If not caught on time the water backup can spill over into your basement and cause a lot of damage.  

Steps to follow:

1- Remove hose

The first step is self explanatory – it is vital to remove the hose attached to your sump pump or risk it freezing with water remaining inside. 

2 – Clean pump and pipes

Even if you’ve removed the hose, if there is any standing water remaining in your pump or any pipes, this can damage the system – likewise with any mud or debris that could have found its way in. 

3 – Install a sump pump ice guard (optional)

If you are really worried about freezing water, you can always install an ice guard. These handy devices are designed to make sure any overflow water is diverted out of the sump basin. 

4 – Make sure exit pipe far enough away from house

All sump pumps have an exit pipe that carries ways away from your house – make sure that this pipe is far enough away so that no water can return towards your house. 

5 – Don’t unplug your sump pump!

That’s right. Even if you don’t expect that it will be necessary over the winter, there is always the chance of an unexpected thaw or vacillating temperatures that could require the pump to help get rid of water. If it is unplugged – that can’t happen. So be sure that your pump remains plugged in.  

6 – Winterize crawl spaces 

Next, make sure that any crawl spaces are well defended against the cold. If too much cold air is allowed into the space, it can eventually freeze your sump pump pipes and basin. 

If you are diligent about doing the steps we’ve outlined, then you can rest easy when the cold weather hits knowing your home and sump pump are ready.