Real Estate Info

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.

Toronto’s housing market is hot. It has been rising steadily for years now with no signs of slowing down. This situation has created a shortage of affordable housing for people who want to live in the city. Whether looking to buy or rent, the city has few options with many interested parties waiting in line. It is no surprise, therefore, that city authorities have begun allowing the construction of laneway housing.

Laneway housing is a completely self-sufficient, detached housing unit built at the rear of an existing property – and they usually open up into the laneway. Whether to be used as an in-law suite, an apartment for adult children or as a rental suite that can help pay down the mortgage, these structures are already quite popular in Vancouver where the housing affordability has been under tremendous pressure.

Laneway housing in Toronto has 78 approved projects in construction as of April 2019. These projects are among the first sample of these forward-looking trend that has the potential to address many of the issues facing existing homeowners as well as to create affordable new housing for those looking to rent.

While the laneway houses will contribute to the densification of the city, many of the projects are actually being planned smartly and are energy efficient and even include features such as green roofs. Even with the innovative features laneway housing is much are valued much lower than regular housing. Current prices hover between $250 to $500 per square foot, whereas a regular build property ranges from $800 to $1200 a square foot.

Whether you are looking for your first home, want to rent something affordable or have a big mortgage with a big yard that you can use for a laneway house – be sure to keep an eye out for these interesting forms of housing.

If you are in the market for new appliances there are a few key things to keep in mind to guarantee that you make the right selections.

1. Know what you want
Although this might seem self-explanatory, it is actually one of the key sticking points when it comes to making a sound appliance decision. There are so many bells-and-whistles available now from smart-home integrated technology to fashionable colours to professional-grade appliances, knowing what you want will help you eliminate those items that might ratchet up the price with little of no use to you. If you want a fridge with an in-door water dispenser and icemaker, be ready to compromise on the available space for storing your food on the inside as many models keep the ice maker where your top shelf would go. If space is definitely something you prize in a fridge then you might be better off with a model that dispenses water indoor but has the ice maker in the freezer section. It is only by knowing what is indispensable to you and what is a nice-to-have, will you be able to quickly zero-in on the appliances that will truly meet all of your needs.

2. Determine your price and stick with it!
Once you know what features you want in your appliances, you have to decide on just how much you are willing to spend. You can get appliances that offer similar features for a range of prices. When we were looking for a refrigerator recently we saw models ranging from $900 all the way to $4000 offering very similar features. The appliance we ultimately chose offered us all of the features we wanted in a price range we were happy with and with the almost five-star reviews to back up the company’s claims of being a good appliance. However, finding the perfect fridge took a long time, which brings us to the next tip.

3. Take your time
Unless your stove stops working and you absolutely need to replace it right away, take your time when appliances shopping. Be sure to visit a number of stores and look at as many models as possible. Compare prices and don’t forget to look online. Oftentimes the virtual version of a store will offer better prices than what you will get in-store. If you do see a price online that you like, print it up and take it with you to see if the store will price match – they almost always do.

4. Don’t forget your tape measure
As silly as this sounds, appliances are constantly evolving and a “standard” size fridge from ten years ago is no longer the “standard” for today. Be sure to measure the space you have for your appliances at home before heading out to the store. When you see an appliance you like, measure it to be sure that it fits into your home before buying it – because many stores won’t take something back because it doesn’t fit.

Getting new appliances is always fun – and seeing them in your kitchen is even better!

Toronto’s housing market has been hot since the early 2000s and it doesn’t seem to really be slowing down. However, with the heated real estate scene, many home buyers are turning to alternative housing to meet their domestic needs. Since housing costs per square foot can range anywhere between $747-$839 in Toronto, many folks are seeking options that are more affordable and more eco-friendly for their permanent residence.

Tiny home
They might have started off as a novelty, but tiny homes are very popular and a growing trend. Those who prefer to live mortgage-free and downgrade their housing footprint find tiny homes the perfect fit. They are eco-friendly, far more affordable, can be customized to suit your tastes and lifestyle and are also transportable to wherever you want to live.

Eco homes
The term “eco” can be used to describe a wide variety of homes that meet certain sustainability standards. Whether they are passive homes that minimize their energy requirements, off-grid properties that rely uniquely on sustainable forms of energy or properties built using recycled and repurposed materials, the eco-home trend truly is the way of the future.

Micro apartments
This brand-new trend in North America debuted in Asia where the need for compact living made such accommodations essential in some urban environments. Known for their extremely compact size and clever designs that maximize your storage and living space, they also require a complete rethinking of how you live.

Shipping containers
Shipping container homes are not as popular as other trends, but they are another very good alternative for those wanting to reduce the cost of their home as well as reduce their environmental impact. By reusing shipping containers and turning them into viable living spaces, some people have managed to create exceptional homes. Naturally, such an endeavor would require a good architect and a builder who is familiar with alternative forms of construction.

Regardless of what you prefer, there are a number of ways to make your home as unique and special as you want it to be.

As the warm weather days start getting fewer and the sun starts setting earlier, it is a good time to start thinking about winter proofing your Toronto home – and where better to start than at the top with your roof? Knowing the basics of preventative roof care can save you thousands in major repairs.

The first thing to know about roofs is their shape – your Toronto home either has a flat or peaked roof. Naturally a flat roof will be much easier to maintain and replace making them the less expensive option, however, they are more prone to accumulating water and don’t do well with heavy snowfall. In the long run, they will require more maintenance in snowy, wet conditions to keep them in tip-top shape.

Peaked roofs have any number of angles and slopes. They are definitely more expensive to install and repair, but they require much less maintenance because rain and snow slough off them easily. While they can still get damaged, it is less likely.

What is important to do regardless of your roof’s shape is to check twice a year for any of the following warning signs:

Swelling or deformation
Mold, moss or lichen, as they can signal an underlying decay setting in
Debris such as leaves, bird nests, rocks, etc… anything that could block drainage
Water accumulation
Sand or gravel as this could be an indication of rotting shingles
For flat roofs: check the perimeter
Clogged drains and gutters
Damage at the seams between any two sections of roof
Rust on the flashings
Missing shingles

If there are any warning signs indicating some kind of issue, you should call your roofer immediately to get it evaluated. It is best to take care of potential problems when the weather is still clement, than trying to deal with a leaky roof when the weather is freezing.

To ensure a healthy roof year-round, be sure to:
Clean your gutters and drains
Remove heavy snow if you see it accumulate
Replace damaged shingles immediately
Reseal seams if they show signs of curling up

As long as you take the time to check your roof regularly, you’ll be able to keep it healthy for as long as possible.

Patio season in Toronto tends to run from the end of May until about the beginning of September – essentially during the warm weeks of the year. However, there is no need to shorten your patio enjoyment just because the evenings are getting shorter and the weather is getting cooler. There are some very simple ways of extending your patio season well into October so that the dreary prospect of being cooped up during the winter doesn’t seem so daunting.

Firepits
Adding a firepit is a great way of keeping the cold at bay and of warming up chilly evenings. Not only will a fire pit keep you warm, it also makes a great spot for roasting marshmallows, warming up hot toddies or grilling sausages on a stick. Sitting around a cozy fire will be very attractive to family and friends who want to be outside but don’t like the dip in autumn temperatures.

Lights!
Adding patio lights or fairy lights is another good way of extending the life or your Toronto patio into fall. Even if the weather is warm, people tend to shy away from the outdoors when the light fades from the sky. Keep it illuminated with a lighting scheme that will brighten your evenings and encourage the party to move outside – regardless of what the sun says!

Patio coverings
Autumn can be cold and wet in Toronto. Instead of exposing your patio to the mercy of the elements, consider purchasing something to shield your from the elements. Whether it is a gazebo, an umbrella or some other canopy, creating a shelter will make it easier to enjoy fall days even if the elements don’t agree.

Outdoor heaters
If you don’t have space for a fire pit, then you can consider adding an outdoor heater to your patio. They are easily found at any garden supply centre or big box home hardware store and provide a great alternative to abondonning your patio too soon.

Fireplace
An alternative to a fire pit, if you have the space and the resources would be to add an outdoor fireplace. These brick or stone confections are ideal for creating just the right atmosphere for making the most of lazy autumn days.

Spending as much time outside as possible is something everyone wants to do while we can since winter traps us for so many months of the year. Getting around the chilly evenings and the failing light will help you to get more enjoyment out of your patio for longer in the year.