Keeping your home in top shape requires year-round care. While each season brings different tasks and challenges for homeowners, spring is an especially important time – it’s when to assess winter wear and prepare for summer.
Many big home repairs start out small but, left unattended, become more costly problems. By taking care of little issues now, you can save yourself a lot of money and stress in the long run. Keeping a list of what needs to be done, and when, can help you to avoid and prevent the most common household problems.
Many of the necessary tasks are probably easy enough for you to take care of yourself. However, if you don’t feel comfortable or don’t have the proper equipment, consider hiring a qualified contractor to help you.
Inspect your roof. Shingles that curl (turn up) and claw (turn down) can make your roof inefficient and susceptible to leaking. Check around vents, skylights and chimneys for leaks and repair as necessary.
Don’t forget to check your roof from the inside too. Look in the attic for any signs of moisture or surface discolouration on the underside of the roof that may point to leakage from above or air leaks coming from your house.
Get a chimney check-up. Have a professional chimney sweeper clean/inspect your active or decorative chimney. Professionals should also check the chimney flue and cap for cracks or leaking.
Clean gutters and drain pipes so leaves won't clog them and be sure they drain away from the house. Drain outside faucets.
Clean siding with a pressure washer to keep mold from growing. Check all wood surfaces for weathering and paint failure. If wood is showing through, sand the immediate area and apply a primer coat before painting. If paint is peeling, scrape loose paint and sand smooth before painting. Replace rotted siding or trim.
Check foundation walls, floors, concrete and masonry for cracking, heaving, or deterioration. If you see large cracks or a significant number of bricks losing their mortar, call a professional.
Spring is also a great time to clean your windows, screens and hardware and replace storm windows with screens. Check your screens for holes or tears first and repair or replace them if needed. Examine putty/caulk lines around exterior windows and doors and ensure weather stripping creates a good seal.
Check all decks, patios, porches, stairs and railings for loose members and deterioration. Open decks and wood fences need to be treated every four to six years, depending on how much exposure they get to sun and rain. If the stain doesn't look like it should, or water has turned some of the wood a dark gray, hire a professional to treat your deck and fence.
Prune landscaping and create good drainage. Shrubs and landscaping help against soil erosion, but should be planted to form a negative grade, which means water will flow away from the house. You don't want growth up against the foundation of the home itself.
Inside the house:
When it’s warm enough outside, turn off your gas fireplace pilot lights where possible.
Carry out the manufacturer’s recommended maintenance for your air conditioning system and ventilation equipment. Be sure to consult your owner’s manual for cleaning instructions or hire a qualified contractor.
Check your smoke, carbon monoxide and security alarms and replace the batteries.
Reopen any valves for outside hose bibs that were shut off last fall.
Thursday, May 27, 2010
Toronto & Canada Real Estate Market Watch – May 2010
Canadian Housing Market Continues at a Healthy and Balanced Pace
The Canadian housing market continues at a healthy and balanced pace. Many areas have registered record sales in April as buyers continued to take advantage of affordable home ownership opportunities.
“This spring market is one of the best we’ve had,” said REALTORS® Association of Hamilton-Burlington’s (RAHB) President Joe Ferrante. "The number of residential sales is the highest in any April on record, and we broke last month’s new record for the number of listings taken in a month, ever.”
Demand levels continue to be strong with the number of sales occurring being above long-term historical levels. A rise in the number of new listings coming on to the MLS® System in March and April has added to supply, especially in cities, adding further balance to the market and generally keeping any significant upward pressure on prices in check.
This strong market is expected to last through the spring, but it will probably be at the expense of the second half of the year, when the HST kicks in for Ontario and British Columbia and mortgage rates go up again.
Ontario - A Record First Quarter Sales
Toronto, May 5, 2010 – Greater Toronto REALTORS® reported 10,898 sales through the Multiple Listing Service® (MLS®) in April, representing a 34% increase compared to April 2009. There were also 20,683 new listings in April – a 59% annual increase. Both the sales and new listings results amounted to new records for the month of April under the current Toronto Real Estate Board (TREB) boundaries.
“The GTA resale market is functioning properly. Sales were high as buyers continued to take advantage of affordable home ownership opportunities. Listings grew as home owners reacted to strong sales and price growth,” said Toronto Real Estate Board President Tom Lebour. “More balanced market conditions will result in sustainable rates of annual price growth in the second half of 2010.”
The average price for April transactions was $437,600 – up 13% compared to the average of $385,641 recorded in April 2009.
“Home sales continue to be driven by many different segments of the market, with sales growth for all major home types in both the City of Toronto and surrounding 905 regions,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “Home sales will remain strong in the second half of 2010, but will slip from the current record pace as borrowing costs rise.”
Hamilton, May 5, 2010 – The Greater Hamilton-Burlington area resale market reported a total of 1,537 units sold in April, an increase of 38.2% over April of last year, according to the Multiple Listing Services® (MLS®) statistics released by the REALTORS® Association of Hamilton-Burlington (RAHB).When compared to March of this year, total unit sales were 7.3% higher in April, 2010.
Residential properties sold during April totaled 1,490, which included 1,228 freehold properties and 262 condominiums. Commercial sales for April, including industrial, farm, vacant land and business, totaled 47 units.
The average price of freehold residential properties sold in the month of April was $336,625, an increase of 11.35% over the same month last year and an increase of under 1% over last month. In the condominium market, the average price of condominiums in April was $230,186, an increase of over 7% over April 2009 and an increase of 4% from last month.
April’s total average residential sale price increased 11.1% over the same month in 2009. The total number of units listed for sale during April was 2,517, which is almost 35% higher than were listed in the same month in 2009.
Ottawa, May 5, 2010 – Members of the Ottawa Real Estate Board sold 1,841 residential properties in April through the Board’s Multiple Listing Service® system compared with 1,591 in April 2009, an increase of 15.7%. Of those sales, 425 were in the condominium property class, while 1,416 were in the residential property class.
“Last month’s sales blew away the record for April, which is always one of the busiest months of the year for our market,” said Ottawa Real Estate Board President Pierre de Varennes. “The increased sales activity may be partially due to buyers trying to avoid the impending HST and the mortgage changes that came into effect on April 19th, but also demonstrates that consumers feel confident about our local economy,” he added.
The average sale price of residential properties, including condominiums, sold in April in the Ottawa area was $332,979, an increase of 11.6% over April 2009. The average sale price for a condominium-class property was $254,220, an increase of 17.4% over April 2009. The average sale price of a residential-class property was $356,617, an increase of 11.7% over April 2009.
British Columbia – Home Buyer and Seller Activity Increases in Busy Spring Market
Vancouver, May 5, 2010 - The Greater Vancouver housing market experienced increased activity in April thanks to a steady balance of home buyers and sellers entering the marketplace.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totaled 3,512 in April 2010, the fifth highest-selling April on record. The figure represents an increase of 18.5% compared to the 2,963 sales in April 2009; 9.1% more than April 2008’s 3,218 sales; and 3.7% more than April 2007’s 3,387 sales. April 2010 sales also represent a 12% increase compared to last month.
“We’re in the midst of another strong spring season thanks to high levels of activity on both the buyer and seller side of our market,” said REBGV’s president, Jake Moldowan,. “The number of homes coming on the market has increased significantly in recent months, which is providing a healthy level of choice for those looking to buy during this busy period.”
New listings for detached, attached and apartment properties in Greater Vancouver totaled 7,648 in April 2010, a 64.5% increase compared to April 2009 when 4,649 new units were listed, and a 9.2% increase compared to March 2010 when 7,004 properties were added to the inventory. At 15,901, the total number of property listings on the MLS® increased 17% in April compared to last month, and is up 11% compared to this time last year.
Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 18.9% to $593,419 from $499,021 in April 2009.
“It was at this time last year when home prices in our region began their recovery from the declines that occurred during the recession period,” Moldowan said.
Sales of detached properties in April 2010 reached 1,370, an increase of 15.1% from the 1,190 detached sales recorded in April 2009 and a 6% increase from the 1,293 units sold in April 2008. The benchmark price for detached properties increased 21.2% from April 2009 to $818,403.
Sales of apartment properties reached 1,526 in April 2010, an increase of 29.4% compared to the 1,179 sales in April 2009 and an increase of 15.9% compared to the 1,317 sales in April 2008.The benchmark price of an apartment property increased 16.9% from April 2009 to $397,779.
Attached property sales in April 2010 totaled 616, an increase of 3.7% compared to the 594 sales in April 2009 and a 1.3% increase from the 608 attached properties sold in April 2008. The benchmark price of an attached unit increased 16.4% between April 2009 and 2010 to $502,399.
Alberta – Housing Market Continues at a Healthy and Balanced Pace
Calgary, May 3, 2010 – Calgary’s housing market continues at a healthy and balanced pace, according to figures released today by the Calgary Real Estate Board (CREB®). The number of single family homes sold in April 2010 in the city of Calgary was up 5% from the same time a year ago, while condominium sales saw an increase of 10% from the same time a year ago. April 2010 saw 1,352 single family homes sold in the city of Calgary. This is a decrease of 3% from 1,396 sales in March 2010. In April 2009, single family home sales totaled 1,290. The number of condominium sales for the month of April 2010 was 639. This was an increase of 5% from the 609 condominium transactions recorded in March 2010.
“Continued economic optimism, improved choice and price stability are all contributing to a healthy and balanced housing market in Calgary,” says Diane Scott, president of CREB®. “Calgary’s housing market is set to simmer, not sizzle in 2010. We can be grateful that we are not facing any real danger of a housing bubble here in our market.” “There has been some talk about a bubble in some parts of Canada but the rapid price increases seen in Vancouver, Victoria and southern Ontario have not been seen in Calgary,” Scott acknowledges.
“Single family house prices are coming back nicely compared to 2009,” says Scott. The average price of a single family home in the city of Calgary in April 2010 was $460,378, showing an decrease of 2% from March 2010, when the average price was $471,269, and showing an increase of 8% from April 2009, when the average price was $426,311.
The average price of a condominium in the city of Calgary was $289,588, showing a 2% decrease from March 2010, when the average price was $296,660 and a 4% increase over last year, when the average price was $277,953. Average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods, or account for price differentials between geographical areas.
“Calgary didn’t see the impacts of the very low interest rates the way other areas of Canada did,” says Scott. “Calgarians are also not rushing out to beat the rate increases as they are seeing less risk of rising prices squeezing them out of the market. In fact financially, Calgarians are in a very healthy position. Just over 37% of our median pretax household income was needed to service the mortgage on a typical detached bungalow in Calgary that’s below the national average,” says Scott.
Nova Scotia -Strength in Resale Market Expected to Increase Listings
Nova Scotia, April 26, 2010 – For the sixth month in a row, the real estate market in Nova Scotia continued its trend of increases in sales and small decreases in listings, though the number of listings are expected to increase as we move further into spring. The Nova Scotia Association of REALTORS® (NSAR) reported that the number of residential units sold across the province through the Multiple Listing Service® (MLS®) System from January to March was up 23.2% compared to the same three months last year. Listings were down only 0.1%. The average price in the province was up 12.3%, with larger increases in Yarmouth and the South Shore.
NSAR President Karen Edwards who began her term in March 2010 says that the strength of the resale market will likely drive up the number of listings, resulting in a more balanced resale housing market.
“As we move into spring, those waiting for warmer weather and an increase in buyers to sell are now listing their properties. The number of listings has increased over the last couple of months and that’s a good thing – there certainly seems to be plenty of buyers in most areas of Nova Scotia,” says Edwards.
As more homes come on to the market, sellers must ensure they have an effective marketing and pricing strategy in place. A REALTOR® has access to information and tools that can assist the seller in getting noticed in a more competitive market.
Saskatchewan - April Sales Jump
Regina, May 6, 2010 – Residential property sales in April have once again exceeded 2009 levels. 387 sales were reported in April, an increase of 17% from 330 in 2009. Inside the city of Regina there were 332 sales, up 10% from 303 sales in 2009.
The monthly average sales price of $256,871 set a new high and was up 3% over the previous high of $248,234 recorded in 2009. The average price inside the city was $263,973, up 4% from 2009’s $252,826. For the year-to-date there have been 1,185 homes sold, up 18% from 2009’s 1,007 sales.
Homes sold in April were on the market for an average of 36 days before selling compared to 31 in March of 2010. Homes sold at an average of 97.2% of asking price. There were 1,336 active listings on the market at month end, including 783 in the city. There were 648 new listings placed on the MLS® System during the month, a decrease of 7% from 2009’s 696.
“In many ways the residential real estate market is a close barometer of what’s happening in the local economy. Sales in April have again demonstrated the continued strength of the local market and economy,” said Gord Archibald, Executive Officer of the Association of Regina REALTORS® Inc.
Today's Most Desirable Home Features
Housing trends and styles are changing constantly. Today, more than ever, buyers have a strong sense of what they want in a home.
Today’s desirable home features depend greatly on the type of buyer. Buyers can be divided into two main groups. The first group are first-time buyers which is pretty self-explanatory. The second group are the move up buyers, which are looking to move into a home that addresses the shortcomings of their existing home. They aren't necessarily second-time buyers but they are often people that have out grown their current home. Buyer age is also a main factor in deciding the desired home features.
This article focuses on what is hot in the housing market today. Whether you are planning on renovating, selling, or you are looking for a new home, this information will help you make choices that will contribute to both your real estate enjoyment and investment.
Home Exterior
Today, stone and stucco are very popular choices. Brick is the standard material used with mass builders, but the more customized and trendy home builders are using stone and stucco on a more frequent basis.
Floor Layout
Bungalows are hot nowadays. Excessive floor level changes are no longer popular as people desire to live on one or two levels.
Room Sizes
Room sizes have been gradually increasing for a number of years. Buyers tend to place the most importance on three key rooms: the kitchen, family room and master bedroom. You can expect to see these three rooms continue to increase in size over the next 10 years while rooms such as the living and dining room are likely to get smaller or disappear altogether. Many new homes scrap the living room and instead incorporate that space into the family room or the 'Great' room.
Buyers still, ideally, desire four bedrooms in their home and would like, if possible, two living areas. One of the living areas can be the recreation room in the lower level (basement).
A master bedroom on the main floor is ranked very important for buyers 65 and older. A two-car garage with ample storage area and a main floor laundry area is desirable for move-up buyers.
Kitchen and Bathrooms
The kitchen is becoming the hub of the house. The most desired features for the kitchen include: an abundance of counter space, a butler’s pantry, deep drawers and two sinks. Stainless steel appliances are also very popular today, and in the upper end market, appliances concealed as cabinetry are very chic.
Large kitchens with an island and counter tops made of granite or marble are very desirable for move up buyers. However, this must be matched with stylish kitchen cabinets.
Luxurious bathrooms with a separate tub and multiple shower heads; pedestal sinks and large mirrors; an overall spa like feeling; attached dressing rooms and a place to sit are all desirable features. Master suite soaker tubs and whirlpools are still desirable for many home buyers, but not as important as other features.
Energy Efficiency
With the green movement becoming more popular, energy efficient appliances, high-efficiency insulation, eco-friendly treatments, and environmentally smart building plans are among the "green" features touted in homes.
Tech-readiness
Satellite and internet wired along with multiple phone jacks are what people want in today’s technology world. With today’s busy lifestyles relaying heavily on technology, even a day or two without high speed internet could be a major inconvenience.
Home Office
Today, many people would much rather have home office space than a formal dining room. Many employers are seeing the business advantages of allowing employees to work from home. As well, many people are using work from home opportunities to help supplement income because of work shortage or as an opportunity to make money online.
Outdoor Living Space
The popularity of outdoor spaces continues to grow. Patios, deck, exterior lights, fenced yard and fire pit extend the outdoor living space at home and make a great extra feature.
Other Notables
Some other notable features that home buyers consider very important when buying a home include central air conditioning, recessed lighting, hardwood flooring, energy efficiency and the potential to turn a profit should they decide to sell their home in the near future.
Today’s buyers are looking for a little luxury and features and treatments that are the highest quality their price range will permit.
Tuesday, May 25, 2010
Set budget for moving expenses
May, 2010 -- In the last five years an average of more than 80,000 homes per year have changed hands in the Greater Toronto Area. While our reasons for changing the scenery are as diverse as the city itself, there’s no doubt that a different space or lifestyle can offer new inspiration and more importantly, an opportunity for a fresh start financially.
The key to ensuring that you begin your next chapter with a solid financial footing is careful budgeting of all costs associated with the transaction.
While many homebuyers plan for the most apparent expenses such as the deposit and down payment, mortgage insurance costs, appraisal and inspection fees, land transfer taxes and legal costs; there are a number of less obvious expenses that should also be taken into account.
Transporting your belongings is one such expense. Professional moving costs can range from hundreds to thousands of dollars so it’s best to be sure you’re comfortable with the company you’ve chosen by seeking referrals from family and friends. Even if you only plan to rent a truck, be sure that you fully understand the agreement and account for extra gas and mileage costs. Include packing supplies like tape and bubble wrap in your budget as well.
When it comes to moving, it’s wise to expect the unexpected. Since delays can happen at either end, budgeting funds for accommodations, storage facilities and additional rental fees is a must. Given that settling in doesn’t happen overnight, you should also expect the additional costs of eating take-out food for a few days. Anticipate a higher than normal grocery bill at the outset as well, as you restock staples that may have been discarded prior to your move and replenish much-needed cleaning supplies.
To make your new house a home you’ll want to set aside some funds for furniture, window treatments, light fixtures and area rugs. Even minor assorted hardware items can add up. Utility, phone, television and Internet service providers typically charge to establish a connection. As well, to provide for better security, plan to have your locks re-keyed or replace the entire lockset yourself.
As a condition of your mortgage you will need to obtain home insurance. Since premiums can vary widely, be sure to get a number of quotes. Remember as well, that if the seller has prepaid utility bills and taxes beyond closing, you will be required to reimburse them. If you’re moving into a larger space, higher ongoing utility costs should also be considered. Account for the fact that property taxes could also increase significantly if you’re a move-up buyer.
While the preparation might seem a little daunting, the benefits of your new investment far outweigh the inconveniences of moving. A home after all, is not only the sole type of investment in which you can live while it appreciates; it’s also a place to build memories that last a lifetime.
To ensure you’re well prepared for your next move talk to a Greater Toronto REALTOR® and visit www.TorontoRealEstateBoard.com where you’ll find available properties, neighbourhood profiles and the latest market statistics.
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Tom Lebour is President of the Toronto Real Estate Board, a professional association that represents 29,000 REALTORS® in the Greater Toronto Area.
Cottage inheritance: What could go wrong?
Globe and Mail Update
Published on Monday, May. 24, 2010 6:00AM EDT
Last updated on Monday, May. 24, 2010 3:00PM EDT
.As Allison Marshall prepared on Friday for the drive to her parents’ cottage, succession planning was on her mind.
Ms. Marshall, a Toronto-based financial advisory consultant with RBC Wealth Management Services, was concerned that her parents had not yet made official plans for their retreat on Little Rideau Lake, north of Kingston, and planned to raise the issue with them.
Informally, the family has talked about Ms. Marshall and her sister inheriting the cottage through a co-ownership agreement. But formally, nothing is in place. “My sister and I have a good relationship, so I’m sure my parents are assuming that we’ll work it out amongst ourselves.”
Even for close-knit families, a lack of planning can lead to problems. Once parents have passed away and have stopped making the important decisions, “quite frequently, siblings don’t see eye to eye,” Ms. Marshall says. She has seen clients in disputes over the most trivial issues, including whether or not to install a dishwasher. “It can cause some very big family rifts.”
Ms. Marshall is determined not to let that happen to her and her sister. “Deciding who’s going to use it and pay for the upkeep is going to be important to lay out in the beginning so that it doesn’t affect our relationship going forward.”
Here are Ms. Marshall’s tips for avoiding family squabbles over the cottage:
Have a family meeting
Communication is key to avoiding conflicts before they arise. Having the family sit down together to engage in a frank discussion about how they see themselves involved in the property today and in the future is very important. For example, don’t assume it will be fine for everyone just to drop in whenever they please. Also, decide whether family members are allowed to bring guests to the cottage, and whether they are allowed to rent it out. If conflicts arise or are expected to arise, consider hiring a mediator to attend the meeting. The expense could be well worth it if the alternative is to sell the cottage outright.
Buy out other family members
If your family does not share the same passion for the cottage, or if they live too far away or don’t have the financial means to afford the cottage expenses, consider buying out the other person’s interest. One option may be taking out a mortgage on the property to finance the purchase. However, be careful not to overstretch your finances. A financial adviser can help to determine whether a buyout makes sense for you.
Tuesday, May 18, 2010
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