Announcements

Toronto homeowners who have opted to remain in their homes instead of upsizing or downsizing, but who still want to customize their living space will be happy to know that the Fall Home Show is returning. From September 29-October 01, 2023 at the Enercare Centre, Exhibition Place, the decor and lifestyle exhibition will open its doors to those who want to remake, remodel or maximize their living space. 

This year’s theme

Every year the Toronto Fall Home Show has a theme and this year it is the magic of October. In keeping with this theme, the exhibits all focus on creating the perfect fall atmosphere for your dwelling. Among the many exciting and interesting exhibits are live tablescapes – where style influencer and designer Nicholas Roasci creates table settings in the aisles. One of the more fun and whimsical additions to this fall’s show is the Ghostly EX-ploration where guests are led on a paranormal walk with Paranormal Investigator Glen Laycock. On the more hands-on side will be a paint-your-own pumpkin area where you can paint a pumpkin and take it home for free!  

Speaker’s corner

As well as the themed exhibits, the show will include over 250 vendors, exhibitors and speakers who are all focused on helping you create the perfect living space in your home. Among this year’s expert speaker line-up are Scott McGillivray, Christina Da Costa & Maria Perketa and Effy Terry. Whether you want renovation advice, decor tips or organization guidelines – you’ll be able to find it all at the speaker’s corner. 

DIY and Renos

If you were planning on renovating your home over the winter or want design inspirations for a new home or layout – you can find it here. You can book a session for either a free design or reno consultation – or both if you wish! DIYers will also have a lot to interest them at the DIY Centre. 

Regardless of your interest, whether you are just curious about what’s available or want inspiration for your next project, the Fall Home Show is where you will find it.

The Bank of Canada held the interest rate at 5% on September 6, 2023. Cold comfort for the homeowners who find themselves already struggling to maintain their mortgage payments. With interest rates so high a new trend in homeownership is emerging – infinity mortgages. 

What is an infinity mortgage?

Simply put: an infinity mortgage is when your monthly interest is more than your monthly payment. The result is a ballooning loan amount. 

How does a mortgage fall into the infinity category?

Given the high interest rates many variable rate homeowners have opted to fix their payments while the rates continue to fluctuate. Instead of locking in at a high rate, these homeowners are betting that the rates will come down and their payments along with them. In the meantime, if what they are paying per month is less than the interest they are accruing, they slip into what is now called an infinity mortgage – thanks to the little infinity symbols that are appearing next to the years of amortization on bank statements.   

Long amortizations

Another way that mortgages are falling into infinity is through increasing amortization. Although the longest amortization in Canada is currently 30 years, some homeowners are seeing amortizations rise dramatically due to infinity mortgages. What might have started out as a regular 25-year amortization would have crept upwards with the slow build-up of interest being added to the loan.   

Can infinity end?

If you find yourself in such a situation, don’t despair! These mortgages end with the end of your loan term. Once your loan comes up for renewal, your amortization will reset – but you will likely have to make a much higher mortgage payment every month than you do now to prevent the infinity cycle from happening again. 

Best option?

Your best option is to bite the bullet and to make the higher monthly payment right away. If you are unable to find extra money from somewhere, then you should use the time when you are in an infinity mortgage situation to look for ways to come up with extra money to meet your monthly payments or to build up a hefty down payment for when your loan does come up for renewal. If you are able to pay down some money towards the principal then you would be refinancing on a lower amount resulting in less interest and lower monthly payments.  

Foreseeable future

It is not possible to predict exactly when interest rates will start coming down again. So, it is best to plan for rates to remain high for the medium-term. If you are prepared, then you will be better positioned for when rates do come down. And, you will be better able to handle any future rate hikes as well.

Mortgage interest rates have risen dramatically over the past year. Although there has been a pause in increases, there is no guarantee that rates will not continue to rise. If your mortgage is coming up for renewal and the higher rates are a worry, there are a few ways to mitigate the pressure a higher payment can cause. 

Opt for a fixed rate mortgage

If you are still on a variable rate mortgage, try to lock in – even if it’s just for one year. Having a steady payment will help you to better manage your budget month-to-month. Although the payment will be high, you won’t have to worry about the effects of another rate hike. You can always renegotiate once rates being to edge down.

Increase your payment immediately 

If you know that your payment is going to increase when your mortgage comes up for renewal, a good rule of thumb is to roughly calculate what your new payments will be and begin paying that amount right away if you can. Doing so has two advantages:

1. The increased payments will bring your mortgage down faster so that when it is time to renew your mortgage, you are renewing on a lower mortgage amount. 
2. You are able to see how comfortable or not you are paying the higher amount and it gives you a chance to adjust what you need immediately instead of when you have no choice. 

Opt for a longer amortization

If the new payment you are looking at is not sustainable, your best option is to ask for a longer amortization. Paying down your mortgage over a longer time will make your monthly payments more affordable. Once rates start coming down, you can then negotiate your loan and decrease your amortization. Or, if your budget increases, you can always opt to pay down more per month to decrease your amortization. 

Ask your lender for a better rate

Don’t feel shy about asking your lender to give you a better rate. Most lenders are open to negotiation as they have a vested interest in getting their money repaid as well. Having people default on their loans because the payments are too high is not good business for them either.  

Consolidate your loans

If you have a number of high interest loans or credit cards, consolidate them all so that you have only one payment to make instead of several. 

Rent out a room

If your mortgage as increased by too much and you have the room, consider renting out a room to help defray the added costs. 

Sell

The last resort is to sell your home and rent. While no one really wants to do this, if you are unable to manage your payments, it might be the best option to avoid insolvency. 

High interest rates are not easy to navigate, but by adjusting your budget and using some of the techniques above, you can weather the storm.

The summer season can be tough on a lawn. The heat can wreak havoc with newly sprouted blades and can easily ruin the hard work put in to get them growing and strong. There are ways to protect your lawn from the ravages of extreme heat and drought. With the right plan in place, you can help your grass weather the extremes that have become the norm. 

Water early and infrequently

Water can act like a magnifier and further scorch blades of grass when the sun is at its peak. To avoid this effect, it is best to water your lawn before the sun rises. You also want to avoid watering too frequently since constantly wet grass roots are more susceptible to disease. The best thing to do is to water deeply enough for the roots to get wet and to rewater only when your lawn has completely dried out. 

Don’t cut too short

Taller grass is more resilient than shorter grass. Longer grass is able to absorb more nutrients and grows stronger roots. A rule of thumb is to only take off about ⅓ of the length of the blades. This will help your lawn remain strong. And, make sure that your mower blades are sharp! Dull blades will damage your lawn, making it more susceptible to heat and damage. 

Avoid cutting during a drought

Mowing your lawn when it is overly dry can result in clumps being removed. Plus, grass is not as resilient so stressing it when there is a lack of water can damage it. Instead, either cut it just after you have water it or after it has rained. 

Use clippings 

Instead of throwing away your grass clippings, spread them out across your lawn – they can act like a shield against the heat and also as a fertilizer as they decompose. 

Lastly, to protect your lawn during extreme conditions, try to limit the amount of traffic on it. If you can’t avoid walking on it, try putting down a footpath or stepping stones that will prevent people from just walking directly on the grass. When grass is stressed it isn’t able to spring back up as quickly and can quickly die out. 

Protecting your lawn requires care, but with just a little effort, it can make it through the hottest weeks in the summer in all its green glory.

An irrigation system can certainly add value to your Toronto home. Underground sprinklers are useful additions that save you time and money in the long run, although they do have a high initial cost for parts and installation. 

Benefits of an irrigation system

A sprinkler system provides three main benefits:

• Time savings
• Water savings
• Cost savings
• Convenience

Time saving

A built-in irrigation system will save you having to stand outside with your hose watering your lawn and garden every day. If you have a large lawn and/or garden and if you have to water the front yard and the backyard, a sprinkler system can save you nearly an hour’s worth of watering every day. 

Water saving

Irrigation systems use less water in general than old-fashioned watering because they are more targeted. The most water-savings come from drip-irrigation systems that allow the earth time to soak in the water properly – leaving your ground constantly moist and properly watered. Even regular sprinkler systems save water as sensors will prevent watering if the ground already contains enough moisture. 

Cost saving

By using less water to irrigate your lawn and garden, you will see a saving on your water bill. 

Convenience

Along with the above, a sprinkler system is also convenient. It eliminates the need for you to wrestle with your hose around your yard. All you need do is turn on your water tap and the sprinklers do the rest. In fact, if you set your sprinkler up on a timer system, then you won’t have to even do that – the sprinkler will turn itself on and off every day leaving you worry-free even if you go on vacation. 

Cost of setting up a sprinkler system

The cost of setting up a sprinkler system runs between $1600 and $3500 depending on the scale of the system you need and its sophistication. Naturally, sprinklers that have built-in water sensors will cost more than more basic models, but might be worth investing in if you have a very large parcel of land. 

When to set up an irrigation system

The best time to set up an irrigation system is before you landscaped your grounds since you will need to cut into your lawn or patio stones to lay the piping. It is possible to lay down an irrigation system if your yard is already landscaped, but you will then need to plan for additional funds to replace/redo the landscaping after it is installed. 

An irrigation system will not only save you time, money and water, but it will also add value to your home and is an overall good investment.

Gutters are not something most Toronto homeowners think about – except for the twice yearly cleaning. However, they are the kind of architectural element that is vitally important to the health of your home. 

Purpose of gutters

Gutters are meant to catch all water run-off and channel it away from your home. Water can cause significant damage to homes if left unchecked. It can ruin foundations, destroy paint jobs and cause mold to thrive. Water is one of the most destructive elements and it is necessary to protect your home from the damage it can cause. 

Spotting gutter problems 

It is usually quite easy to sport issues with your gutters. There are a few telltale signs that yours are in need of either repair or replacement. Firstly, most gutters have a 20 year lifespan. Copper gutters can last up to 50 years. If yours are nearing the end of their life, it is best to be on the lookout for these signs:

• Cracks or fractures
• Gaps
• Sags
• Rust

Cracks or fractures can be very tiny or large enough to see easily. Gaps are usually caused by sections that have rotted away or fallen due to seams coming loose. Sags are weak points where water and debris collect and are a precursor to breaks. Rust is obviously not good as it will lead to holes and gaps in your gutters. 

Other telltale signs 

Aside from the above, there are other less obvious signs that your gutters are an issue. 

• Paint peeling on the side of your house
• Mold in your basement
• Foundation problems
• Soil erosion 
• Water damage marks

Peeling paint is usually due to moisture build-up. While modern paints are designed to withstand moisture, if there is too much of it, the paint will peel. Mold is another common result of problematic gutters – especially in basements. And, if water is allowed to build up around your foundation long enough to cause mold, it will usually impact your foundation as well. If you find spots where the soil around your home seems to be uneven and depressed, it likely means that there is a leak from your gutter that is causing the soil to erode. Lastly, if your home shows any signs of water damage, such as wet spots or discoloration, you should have your gutters checked for issues. 

Cost of changing your gutters

If you do need to change your gutters, the cost can vary greatly based on the type of gutter you want and the material it is made from. However, you can expect to pay anywhere from $15-$35 per linear foot. 

Gutters might not be the most showiest home reno you could do, but it is one of the more important ones. And, once done, it will protect your home for years to come.

With the sun lingering longer in the skies each day and the warming temperatures, springtime in Toronto is clearly just around the corner. What better way to greet the change of season than by freshening up your home? 

Spring clean

The first way to brighten any residence is to do a thorough cleaning. Getting rid of the clutter that invariably accumulates through the winter, dusting way the gloom of the cold weather and freshening up the air by opening windows will set the stage for the next coming season. 

Little changes, big impact

There’s no need to spend a lot of money to make a big difference in your living space. All it needs is a bit of creativity and some good accessories. By adding splashes of colour and changing up small items in your décor, you can give your home a vibrant, new outlook. 

Pillows

Throw pillows are a great way to change the look of your living space. By simply replacing your existing pillows with colourful florals, bright patterns or bold colours, you can make your sofa or bed look completely different. 

Candles

You read that right – scented candles can make a home ripe with a winter’s worth of living smell like sunshine. The right fragrances can turn your home into a fresh garden, a pine-forest or even a breezy seaside – the right scent will be what works best for you. 

Throw blankets

These handy accessories are beautiful and functional! Not only can a well-chosen throw blanket add depth and texture to a room, it also serves to keep you cosy if you get a chill. 

Fresh blooms

Lastly, one of the best ways to bring spring into your home is through fresh cut blossoms. A lively bouquet of spring flowers is a great way of incorporating the best of the season into your dwelling and adding cheer to any setting. 

With your home ready for the spring, you can head into the warmer months with a lighter heart and a residence reflecting the cheerfulness of the season.

Toronto home buyers have a challenging decision ahead of them in 2023 – to buy now or wait until the market settles? There are several questions that will help determine your best course of action. Let’s take a look at the three key factors to consider before venturing into the current housing market. 

How much of a down payment have you saved?

Given the high interest rates, having as big of a down payment as you can is the best way to mitigate large mortgage payments. If you had planned on using only part of the money you had saved up on a down payment and wanted to reserve the rest for renovations to your new place, the wiser option right now is to put down as much as possible up front and to save up again for renovations. Why pay interest on more money than necessary?

Will you be living in your home long-term?

If the answer to this question is “yes” then anytime is the right time to buy a house. If your plan is to buy and stay, then any market considerations are nominal. Long-term home buyers will always come out ahead in the long run, so long as they are able to meet the immediate demands of high interest rates. 

Do you have good credit?

Good credit means better interest rates on your mortgage. If you have good credit then you will be in a good position to negotiate with your lender. People with good credit are always attractive to lenders as they are a safer bet than people with low credit scores.  

If you have answered these three questions and find that you have enough money saved up, you will be living in the home long-term and you have good credit – then buying a house now makes sense. 

Some advantages to buying now include:

You will start building equity in your home right away. 

You can take advantage of the lower home prices – in some neighbourhoods thirty percent lower year-over-year!

You are in the driver’s seat when it comes to negotiating on the sale with sellers.

Regardless of what you decide, having an experienced and knowledgeable real estate agent is key – especially now. A good agent will be able to walk you through your options, find you the best houses in your chosen neighborhood and help you make informed decisions.

Whether you already own a chalet in the beautiful Ontario, north-country or whether you are looking to get into the market, having a country-place to which you can escape every weekend is a great way to have the best of city living and country solitude. However, if the thought of financially maintaining two households seems overwhelming, don’t despair! There are realistic ways of helping your bottom line by renting your chalet out when it isn’t being used. 

Determining usage

First, figure out whether you want to use your chalet every weekend or only sporadically through the year. Create a calendar where you block off the times you will be using it. The rest of the days can be made available for short term rental. Naturally, to maximize the amount of revenue you can make from the property, the prime vacation times should be left open for rentals – such as over the winter holidays and at the summer peak. In many instances, just those two peak periods of the year would bring in enough revenue to cover the costs of maintaining your chalet year-round. 

Make it attractive

To make your chalet rental more attractive to potential renters, it is important to offer them incentives that others don’t. If there are lots of place to enjoy outdoor activities, make sure that you have the gear they would need to partake in those activities without having to rent them. You can include items such as:

• Snowshoes
• Toboggans
• Canoes/paddles/lifejackets
• Fishing rods
• Bikes and helmets

Make it easy

Having the gear is one thing, but leaving information on the local attractions is also a very good idea. If you have access to trails – have those maps handy. If there are bike paths nearby – have those maps ready as well. If there is a great Farmer’s Market every Saturday in the summer, make sure that your guests are aware of it and know how to get there! Your guests will thank you for it and remember their visit fondly. 

Make it convenient

At some point most people have been on vacation and realized that they have forgotten something essential – toothpaste, deodorant, soap, etc… While hotels will have these supplies available to purchase, in a cabin rental situation those amenities are usually harder to come by. Why not make a little kit that includes a small tube of toothpaste, skin/body care products and an extra toothbrush, so that guests have access to them if needed? It is a nice gesture that doesn’t cost very much and if a guest does need it, they will remember you fondly because of it. 

Renting out your Ontario cabin is a great way to have your cake and eat it too. If the idea of maintaining two houses scares you, renting one out to help defray the cost of the other is a safe and effective way of achieving your cottage goal

Welcome back! For our first post of the year, we wanted to cover the merits of buying a house in January. 

Buying a home in Toronto has been a competitive sport over the past two decades. With the rise of interest rates in 2022 the market finally started to cool and the pendulum started to swing back in favor of buyers over sellers. If you have been wanting to buy a house but are hesitant about the best time to do so, then despite the current high interest rates, January is probably the month to finally make a purchase. 

January slump

Toronto home sales in January are always very low. There are several reasons for this:

• Buyers don’t want to face the cold when shopping for a house.
• January tends to be the month buyers need to recover from the Holiday expenses and are not looking to spend more money right away. 
• Homes are not seen at their best – landscaping is often covered by snow and house showings to require more effort to keep clean.  

As a result, listings tend to sit for longer and prices are often much lower than during other times of the year. Depending on how long a listing has been sitting on the market sellers are also more inclined to accept a lower offer. 

Housing cycle

Toronto housing sales start picking up again in February. Prices begin increasing through the spring and usually hit their peak during the summer months. They then taper off again starting in the fall until things really slow down for the end of the year. 

With analysts expecting interest rates to remain high through 2023, it is not worth waiting for rates to fall again if you require a home this year. In fact, January is probably when you can maximize the value for your investment. 

If you decide that, yes, now is the right time, then just be sure to get pre-approved for a mortgage before beginning your search. Determine the area(s) you want to target and hire a realtor who is familiar with those neighbourhoods. Next, set a price range so you don’t waste time looking at properties you can’t afford. And, make a list of the must-haves and the nice-to-haves. By narrowing your search to what you truly want/need, you will be able to find the right home for you, at the right price and in the perfect location. 

In the end, instead of trying to time the housing market, make decisions based on your personal circumstances. If you are expecting to live in the home long-term, then interest rates don’t really matter as long as you are locked into an amount you can afford. And, once rates start going down you can always renegotiate for a better rate.