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WRITTEN BY MIKE HOLMES

The problem with radon is that it’s an invisible, odorless gas. You might not know your home contains dangerous levels of this gas, until it is too late. Long-term exposure to invisible, deadly toxin can increase your risk of lung cancer.

Three things are certain in life: death, taxes, and come November, I’m going to talk about radon. Why? November is Radon Action Month and, for me, that’s my reminder to talk about this deadly toxic gas.

Long term exposure to radon can lead to higher instances of lung cancer. In fact, radon exposure is the leading cause of lung cancer among non-smoking Canadians. And if you are a smoker, it increases your likelihood of contracting this disease.

The problem with radon is that it’s an invisible, odorless gas. You might not know your home contains dangerous levels of this gas, until it is too late and you have a health issue. This is why it’s so important to test your home for radon – and to retest every few years. These tests are inexpensive and could save your life.

This is the best time of year to test for radon, right now. When the weather gets cold, we tend to seal up our homes tight, so any indoor air quality test you perform will have more accurate results.

According to Health Canada’s guidelines, action against radon should be taken when the levels in your home exceed 200 Bq/m3. Know your number and if your radon level is high, here are some of the ways you can mitigate it in your home.

Make Use of your HVAC
To me, this is by far the simplest solution when it comes to radon mitigation. It works in new builds and existing homes, and only requires you have a Heat Recovery Ventilator (HRV). An HRV connects to your existing heating system, and its role is to replace the stale, moist air in your home with fresh air from the outdoors. During this air exchange, most of the heat from the outgoing air is transferred to the incoming air, so you don’t experience a massive temperature shift when the air changes. So where does the radon come in?

Here we use technology to pilot air exchange units (HRVs) to control radon levels and indoor air quality. By attaching a small detection device to your HRV to track the radon levels in your home. If the gauge detects a spike in radon above 150 Bq/m3 (below Health Canada’s guidelines), it causes your HRV to kick in and trigger an air change in your home. This exhausts the old air containing radon, replacing it with fresh air from the outdoors.

Strip It Out of Your Water
It surprised me to learn that groundwater can actually be a source for radon entry. When radon-infused water enters the home, we release the gas into the air every time we wash clothes, shower, flush toilets and run a tap. Drinking the radon-infused water could also lead to higher instances of stomach and other cancers,

Generally, this will only be a concern if your home runs on well water. So even if you had your home tested for radon, was your well tested, too? If so, and it tested high for radon, what’s the solution?

Most mitigation units will treat the water after it gets into your home, but the best way to solve the problem is by tackling it right at the source: the well.

By introducing a steady source of air into the bottom of the well (through an aeration tube), you’re aerating the water as it’s drawn from the bottom of the well and returned to the top. This strips those trapped gases and other groundwater pollutants out of the water – and is completely chemical-free.

Build to Keep it Out
Ultimately, the best way to keep radon at bay is by preventing it from entering the home in the first place. This won’t work for a retrofit, but works great if you’re building from scratch.

Usually when building, you’d place a layer of gravel and then pour your concrete slab. Instead of gravel (which could also be a source of radon), your builder would lay structural sub slab insulation and ventilation panels which allow for continuous ventilation below your concrete slab. When paired with an engineered gas barrier membrane designed to block radon and other toxic gases like methane, it essentially blocks radon from penetrating through your slab. The subfloor system also helps reduce moisture and mold formation.

A continuous and efficient source of ventilation allows any moisture or gasses to harmlessly pass through, without getting into your home and causing havoc.

November is Radon Action Month, and as mentioned above, it’s an ideal time to test for radon. If you’re interested in testing your home for radon gas, please contact me via phone at (780) 718-8400 or email at don@doncholak.com to have your home professional tested with a long-term test (91 days) or to purchase a “Do-It-Yourself Kit.”
 

The value of your home fluctuates constantly and is dependent on factors such as location, local growth, your neighbors’ homes, and current market conditions. Those factors are out of your control; however, you can add value to your home yourself through the upgrades you make to your home. Here are some easy, budget-friendly ways to add value to your home.

Backsplash
You don’t have to spend a lot of money to add value to your home. Start with small upgrades like a new or refreshed backsplash. Applying a fresh coat of paint can cover up old stains and scratches. Retiling the backsplash is a task most beginner DIYers can achieve and will make your backsplash look brand new. Many home improvement stores also offer peel and stick backsplashes for an even easier application.

Hardware
Upgrading the hardware, such as your door knobs, cabinet handles, and even light fixtures in your home can give it a more modern feel and help you make a statement. If you aren’t sure what kind of hardware you’d like to use, consider looking into stainless steel. It’s easy to care for, very durable, and attractive.

Paint
A fresh coat of paint can do wonders for your walls and cabinets. Make any room feel cleaner and more welcoming. Just remember to keep the colors neutral if you’re planning to sell your home.
 

Before you sell your home, you need to understand the finances involved in the process. This will help ensure you have a smooth transaction and set you up for success with your next home purchase. Here are the three most important questions to ask yourself before you get started:

What are the current market conditions?
As a general rule of thumb, the best time to sell is when listing inventory is low. More buyers vying for fewer houses means you’ll likely get a better deal for your home. When listing inventory is high, buyers have more options and you may need to price your home more competitively to get offers.

How much can I reasonably expect to get for my home?
Depending on the current market, the condition of your home, and how much homes similar to yours sold for recently, I can create a comparative market analysis that will give you a good idea of how much you could expect to get for your home.

How much do I owe on my home?
If you owe more on your home than it’s worth, it may not be a great time to sell. However, if you’ve built up a good amount of equity on your home, you could be looking at receiving a large check for selling your home. Take the amount you expect to get for selling and subtract how much you still owe to get a basic idea of how much you could walk away from the closing table with.

Figuring out if it’s the right time to buy or sell a home can be tricky. If you have questions or would like help figuring out when the right time to move is for your family, let me know. I’ll be glad to help!
 

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Trying to live a greener, more environmentally sustainable life can seem overwhelming—what do you do and where do you start? Can a few little changes around the house really make a difference?

To borrow an old adage, “the journey of a thousand miles begins with a single step.” With that in mind, we have small changes you can gradually work into your home routine that aren’t just eco-friendly, they’re also budget-friendly.

Outdoors:
1. Plant a small backyard or patio garden
Reduce your grocery bill by growing herbs and vegetables in your own backyard or build a garden box or two for your windowsill or balcony. If you grab too many herbs for dinner, there are plenty of things you can do with the surplus—like making a sauce or personalized teas.

2. Line dry your clothing
Fresh air: dryer sheets try and replicate it but it’s hard to beat the real thing. Line drying your laundry is quick, fresh and can help you save on your utilities. Plus, you get a bit of fresh air yourself!

3. Use water from a dehumidifier to water plants
Put the garden hose away. If you use a floor model dehumidifier to keep your basement dry, moisture collects in a reservoir and provides several litres of water you can use for your houseplants or garden.

4. Get a rain barrel and collect rainwater
You’d be surprised how much water you can collect from a downpour or two. Make sure you cover the opening with mesh to keep the bugs out and you’ll have gallons of water at your disposal in the summer.

Indoors:
1. Unplug small appliances and electronics when not in use
It might not be easy to get behind the stove to unplug it, but before you leave for work in the morning, unplug things like small appliances, phone chargers and even your entertainment centre. Consider using power strips so you can kill the power without rearranging your furniture.

2. Open the curtains
Let the sun do its thing to light and warm your house naturally when you’re at home and the weather is cooler. In peak summer or winter, however, closing your blinds, drapes or shutters can help keep the heat either out or in.

3. Seal up your home
Plug, insulate, replace, repair, caulk or seal your doors, windows and any errant cracks to make your home as leak-proof and airtight as possible.

4. Save baths for special occasions
Keeping baths and showers to a minimum (both in frequency and time) will help make a big difference for your water consumption.

5. Conserve your flushes
Consider switching to a low-flow or high-efficiency toilet to help save water. You can even make use of the water collected from your rain barrel (tip #5)– dumping a bucket of water right into the bowl is enough to trigger a flush, then gravity takes over. Don’t waste water on flushable wipes where they can block or damage your septic or sewage system. Dispose of these items in the trash and save flushing for when you really need to (hint: if it’s yellow, let it mellow).

6. Wash laundry in cold vs. hot water and wait for a full load
Many of the brands you’re already using have cold wash soap options—and remember, you often need less soap than you think, so check the measurement lines on the lid or scoop and don’t eyeball your pour.

7. Go paperless and pay your bills online
If you use mobile banking, opt-out of receiving paper bills. Many service providers have dedicated apps so you can see your entire transaction history whenever you want.

8. Under the sink and yard composter
Many municipalities across Canada have initiated green bin programs to encourage people to compost their household waste and food scraps. Check with your local government to see what’s available or make your own.

9. Use your heat dampers
If you have central heating, you likely have floor vents to distribute warm air to each room. Those floor vents (dampers) have dials so you can keep them either opened or closed. Consider closing them in rooms that aren’t being used, like a spare bedroom) to reduce the energy spent heating the space. It’s recommended that you don’t do this in bathrooms or anywhere there is plumbing to avoid frozen pipes.

Bonus tip: Replace your furnace filter regularly so trapped dust and debris don’t restrict airflow and force your furnace to work harder.

10. Properly secure opened food packages
Stale food often ends up right in the trash (or green bin) earlier than it needs to because of improper sealing. Spare clothes pegs work great as bag clips and can help keep crackers, cereal and chips fresh longer while glass or food-safe containers can keep a variety of foods fresh or frozen.

11. Control the temperature
If no one is home during the day, why spend the money and energy to keep the house super toasty (or cooled)? Use a programmable thermostat to help regulate the temperature throughout the day or consider investing in a smart thermostat that you can control via your smartphone.

12. Handmade door draft stoppers
If there’s a draft coming under a door you haven’t had the chance to deal with, keep the cold air out by making a handmade door draft stopper with an old rolled-up bath towel or even old pillow inserts or stuffing.

Products:
1. Use natural cleaners
There are many options available for store-bought cleaners featuring all or majority natural ingredients. Or turn to Pinterest for tips on how to make your own cleaners using baking soda, vinegar and even coffee grinds.

2. Use energy efficient light bulbs
There are plenty of bulbs on the market now boasting significant energy savings, like compact fluorescent or halogen bulbs.

3. Use cloth alternatives
Steer away from single-use materials like napkins, paper towels and cleaning pads by swapping them for cloth options. You can make cleaning rags by cutting up old bed sheets, towels and even t-shirts instead of throwing them out.

4. Alternatives to buying new
Before buying anything new, consider community sites, swap-and-sells or local Facebook groups. Do some digging: your city or community might put on a large annual yard sale full of great deals.

Renovations:
1. Renovating more sustainably
When you’re planning your next home project, think about ways you can get the work done more sustainably—here are five tips!

2. Getting rid of renovation waste
Think about how you’ll dispose of the building waste when you’re done. Here are a few eco-friendly tips to get rid of everything.

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Passive houses are really anything but passive—the truth is, they’re total powerhouses. They boast incredible energy efficiency, superb insulation and optimal temperature and comfort 12 months a year.

With that being said, passive homes aren’t very common in Canada yet, as our intensely varied climate presents challenges for anyone trying to keep a home comfortable year-round.

To learn more about these unique homes and their growing place in the Canadian home landscape, we spoke to two PHIUS-certified (Passive House Institute US) builders: Chris Weissflog of EcoGen Energy in Kemptville, Ontario and William Murray of Construction Rocket in the Eastern Townships in Quebec.

What’s the difference between a passive house and a passive solar house ?
As soon as you hear the words “passive house”, you’re probably thinking about solar panels—but they’re not always a necessary component.

Passive solar homes are designed to get the maximum benefits from sunshine with solar panels and other systems that use sunlight to heat the air and water in the house.

Weissflog explains that, despite popular belief, passive homes don’t need to rely on the sun and can actually perform well in the shade too. For a passive home, the ability to maintain a consistent ambient temperature, regardless of the season and without the help of mechanical systems, is more important than the use of solar panels. This is achieved by keeping the house well insulated, and appropriately sealed and ventilated.

What are the advantages of a passive house?
Comfort: Both builders agree, it’s impossible to find a house more comfortable than a passive house. Whether it’s -30 or +30, in the middle of a room or right next to a window—passive houses maintain a consistently comfortable inside temperature. Will Murray had a client who wanted to do yoga in front of her glass patio door in the middle of winter without freezing. In a passive home with effective ventilation, this is totally feasible.

Energy efficiency: Passive houses use very little energy and cost almost nothing to heat in the winter or cool in the summer. Murray reported the annual energy costs for a 1,980-square-foot PHIUS-certified passive home his company constructed were an impressive $700 (approximately $58 per month) and included—among other things—appliances, heating and cooling.

Air quality: Because passive homes are built to be extremely airtight, they require efficient and regular ventilation and air filtering. This makes them a great choice for people with allergies or breathing problems.

Predictable energy costs year after year: A passive home’s strong seals and effective insulation help keep energy from varying dramatically so you’ll likely avoid surprises like expensive heating and electricity bills through the winter months.

Durability: Passive homes are built to last. Mostly-sealed and built with high-quality materials, passive houses are generally less likely to deteriorate over time—which means lower maintenance costs, too.

Quiet: Another benefit of all that insulation and their thicker walls, triple-glazed windows and lack of forced-air systems for heating or cooling, passive houses can be incredibly quiet.

They’re ideal for apartments: For a multiplex or student residence, building a passive structure is a great option. By assuming most of the costs during construction, you’ll save money on utilities long-term and the added insulation will make it harder for tenants to disrupt each other with noise.

Before you build
– If you want your home to be certifiably passive, make sure you involve a PHIUS or Passivhaus certified expert from the get-go—even before hiring an architect. Make sure the involved professionals communicate the nuances of the process to avoid paying for plans and drawings more than once.
– Keep in mind, renovating an existing house into a passive house can be more expensive than starting from scratch.
– The up-front costs of building a passive house can be significant (a construction mortgage might help) but factor in the long-term savings on energy and maintenance when creating your budget.
– While the topics of sealing or energy-efficient insulation aren’t exactly sexy when compared with kitchen and bathroom design, they’re essential to a passive home and too ensure comfort year-round.
– Various experts will need to collaborate on your passive house through design and building to ensure your home meets the standards for certification.

Interested? Try searching for homes for sale near you with the keyword search term, “passive”.

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A cool take on the family compound, a building planned for east-end Toronto offers a way for extended family members to live under one roof, but in separate living spaces. The building, called V6, also includes a commercial/retail unit to provide income to offset expenses.

In addition to its appeal to multi-generational families, the design is perfect for “golden girls” (single women who want to live in their own spaces but within a community of other women), says real estate agent Cailey Heaps Estrin, managing director and sales representative with the Heaps Estrin Team at Royal LePage. It’s also a gem for investors.

“The V6 configuration is originally from Berlin,” says Manisha Dayaram, director of sales and marketing. “It is being sold as a wholly owned asset – a full building which is zoned to provide customizable housing solutions, in this case five residential units and a commercial unit at grade (hence its name, V6, Vertical Six). There is no condominium structure in place so there are no maintenance fees.”

Developer Old Stonehenge is offering this unique concept for the first time in Toronto, in the Leslieville neighbourhood.

“The V6 design and location,” Heaps Estrin says, “is an adaptation of multi-storey freehold townhouses inspired by European living and has been designed to fit within a main street setting.”

The location was chosen because it’s an easy streetcar or bike ride downtown to work and entertainment, and it’s close to amenities.

V6 is also promoting a green lifestyle. Cross-laminated timber is being imported from Austria. Wood is a renewable resource and its carbon footprint is superior to either concrete or steel structures, Dayaram says.

A radiant heating and cooling system uses carbon clean electricity. Low-flow fixtures, wastewater recycling systems, Energy Star appliances, LED lighting and triple-glazed windows on the southern exposure are other green features.

As for lifestyle highlights, each suite occupies one level and has its own private terrace, ensuite laundry and storage facilities.

The building features an elevator and a virtual concierge. An electric car charge is part of the base build and bicycle storage is built in.

The design makes the most of the 20-foot-wide lot, stylishly adding density and much-needed housing stock on a limited footprint.

V6 offers about 6,400 square feet, with suites ranging from 900 to 1,100 square feet.

Heaps Estrin says the configuration is flexible and can be customized into a single spacious townhouse, three two-storey units or a two-storey owner’s suite with four residential rentals and a commercial/retail live/work rental unit.

It was designed to accommodate configuration changes without the need to change the heating, cooling, electrical or fire safety systems.

“It’s exciting,” Heaps Estrin says. “There’s a lack of housing in Toronto and this concept will change mindsets.”

The building is priced at $5.35 million. The average Toronto condo costs about $1,000 per square foot, she says, while V6 is priced at about $810 per square foot.

The project is currently in preconstruction so Heaps Estrin decided not to put it on MLS just yet. Instead she is reaching out to agents individually, as well as using social and digital media and print advertising to spread the word. She also plans to distribute flyers in the central core and later in the immediate area around the project.

Construction is scheduled to be completed by spring/summer 2020. Another V6 building will be constructed on the lot next door.

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Today, you can Google instructions to become a DIY-pro at just about anything. But selling a home is a complex process requiring knowledge that only experience – not the internet – can provide.

Sellers who try to list their home as “For Sale By Owner” (or FSBO), can miss out on several benefits a professional agent brings to the table. According to Al Limon, Broker/Owner of RE/MAX Integrity in Camarillo, California, many previously FSBO clients eventually see working with an agent can save them time and stress.

“When they understand the value an agent brings because of their experience and negotiation skills, many see that working with an agent ultimately delivers a better end result,” says Limon.

Here are three areas of agent expertise sellers should consider when determining if working with an agent will deliver more value than going it alone.

1. Marketing strategy and tools to cast a broad net
Finding the right buyer for a home goes beyond a “for sale” sign in the yard. The more buyers are interested in a property, the more competitive their offers are likely to be. David Serle, a Broker Manager of RE/MAX Services in Boca Raton, Florida, says the marketing resources an agent brings to the table are difficult for a FSBO to match.

“My team has a system that helps us market a property more effectively than someone listing their home as a FSBO can on their own,” Serle says. “We use a variety of tools, including Facebook ads and retargeting, to help get as much exposure as possible for a listing.”

Another tool Serle taps into is the RE/MAX referral network of 125,000 agents worldwide. This is especially important in Serle’s market in South Florida, which tends to attract international buyers.

“You have to think about who the buyer is, and if there are people in other countries who might potentially purchase the property,” Serle says. “It goes back to having a proven marketing system. At RE/MAX, we have a global referral tool and access to social media advertising to help locate buyers all around the world.”

2. Navigating real estate laws and regulations
Real estate is a complex process, and laws differ from state to state. Working with an agent who is familiar with the unique rules and regulations of their area can help sellers “avoid a lot of heartburn,” according to Limon. “A seller once reached out to me and said the buyer told them they had to pay both sides of the escrow. That’s not true!”

According to Serle, a downside of selling FSBO is when sellers run into pitfalls that could have been avoided with the advice of an experienced professional. “A FSBO seller once called me and said he was getting sued for not disclosing a material defect in the property. An agent could have advised him to file a seller’s disclosure for the home.”

3. Negotiation tactics and avoiding contract issues
While there are several rules that govern a real estate transaction, there’s also a lot of gray area. This is where Limon says an agent’s negotiation skills can really benefit sellers.

“Yes, agents obtain a fee for helping clients sell their home, but they also help negotiate items clients don’t need to pay for,” Limon says.

For example, many buyers are under the impression that sellers must repair any defects found in the inspection. Not true, Limon says. “An agent can help sellers negotiate repairs. We have the knowledge of what really needs to be completed and what can be countered or declined.”

Just as critical as the inspection is the fact that agents are also skilled at negotiating the final sale price.

Limon points out the importance of understanding the nuances of different offers.

“Whether the offer is cash or a VA or FHA loan, an agent can help the seller understand the differences and what they should know before accepting an offer.”

Ultimately, Limon says the role of an agent is to help protect buyers and sellers.

“Once FSBO sellers see the knowledge and experience we bring from working in real estate every day, they begin to see, ‘I do need someone like you on my side,’” Limon says.

Serle adds, “Realtors sell thousands of homes over their career. They know the market. They know what to expect in the transaction. They know 150 things to do in order to get you to closing.”

Condos are a great investment for anyone, but are especially popular among retirees and investors. They’re typically low-maintenance, offer numerous amenities, and are often located in a prime location. However, in addition to the mortgage payment, insurance, and property taxes, you may have to pay for HOA dues, special assessments, and additional insurance.

HOA/Maintenance Dues
Most condos will have either a home owner’s association or a property owner’s association that is responsible for replacing broken windows, maintaining the landscaping, and replacing old roofs. However, this service comes at a cost. Condo owners will typically be charged a monthly, quarterly, or annual fee to cover these expenses along with upkeep for any amenities the community offers such as a pool or tennis courts.

Special Assessments
Special assessments are additional dues that are charged to cover expenses that aren’t considered routine maintenance or that are beyond what the standard dues can cover. These unexpected expenses are divided among the homeowners to cover unplanned expenses such as storm damage, new amenities, or projects to protect the health and safety of residents.

Additional Insurance
The condo’s HOA should cover insurance for the exterior of the building, but homeowners are responsible for insuring the interior. Depending on the location of the condo, you may need additional insurance to protect your interior from flood or storm damage.

Knowing what to expect to pay for your condo is important. So is hiring an experienced agent who has your best interests at heart. Contact me if you or someone you know is thinking about making a move!
 

Moving can be a stressful process, especially for pets who don’t understand what’s happening. Luckily, there are steps you can take to help reduce your pet’s stress and anxiety during a move.

1. Keep track of important items.
Designate a specific box for your pet’s food, medicine, grooming essentials, toys, litter, and anything else they will need before you finish relocating and get the new house unpacked.

2. Vet records.
If you’re planning to change veterinarians when you move, be sure to obtain a copy of your pet’s medical records.

3. Minimize their exposure.
Packing and moving your belongings can be very stressful for your pet. Keep them in the other room or ask a family member to take your pet for a few days while the move is in full swing.

4. Don’t rush them.
It may take your pet a while to adjust to their new home. Make the transition easier by placing their bed, blankets, toys, and food in one room. Let them become accustomed to that room before you gradually introduce them to other rooms in the house.

5. Update your contact information.
Update your pet’s tags and microchip with your new address and contact information as soon as possible. That way, should they get lost, you’ll be easy to find again.

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After nearly three decades helping people buy that next home, I have listened to many a first-time home buyer’s regret. I’ve been on the other end of a phone call where the buyer made a common mistake and needed my help getting out of it. Here are seven of the most common mistakes people make when buying a home, and what many home buyers wish they had known ahead of time but often learn too late.

1. Online house pictures are fake
What one sees online and what one sees in person are two vastly different things. It’s a bit like supermodels who, in the pages of a magazine, shimmer with perfection, but in real life, are unrecognizable in the real-world grocery store garb of hasty ponytails and make up-less faces.

House photos get a similar treatment; wide-angle lenses make rooms look more spacious than they are and the place is scrubbed within an inch of its life for staged for photos. There’s the big wide smile and the sucking in for the photo, then it returns to its normal relaxed face and gut.

The surprising amount of “presentation” can feel like a gut punch when you walk in with super-model expectations and find a sweat-pant, beer-bellied version instead. What looked like an enormous eat-in kitchen is revealed to be so small, in fact, one must side-step around the table. It can feel like deception. Knowing ahead of time won’t change that fact, but it will reduce the disappointment and frustration of the process.

2. Deciding ahead of time what we need or want in a home
House hunting is, as buyers soon discover, like the endless scroll – if you don’t know what you’re looking for, you can go on searching literally forever. The longest transaction I ever helped with lasted almost four years. Yes, years.

A common mistake most people make is not planning what they need and also what they want in that house – not just for now, but for the future. It’s strange to me that more detailed planning goes into a weekend grocery shop than into the buying of a house.

Listing aspects of a home, including lifestyle aspects like a place to work out or play guitar, that you (a) must have, and (b) want to have, will carry you farther than looking online, browsing forever, hoping to stumble upon “the one”. Trust me… seeing more pictures, more open houses and more privately shown houses doesn’t help focus your search. It actually does the opposite, making your blurry wants even more blurry.

3. Getting mortgage approval before looking at houses
Here’s a painful way to shop: look at houses blindly in “your” price range. Accidentally and unexpectedly fall in love with that perfect home, then talk to the bank and realize you need to be shopping thousands of dollars below that price. Your pre-approved amount and what is realistically within your reach is disappointing.

This is the sour shopping experience of the buyer who does not take the step of getting pre-approved for a mortgage before shopping within the price range they can reasonably afford.

How does getting pre-approved work? Hint: it’s not an app or an online calculator. It’s going to a bank. Here’s more on that.

4. Involving my parents right from the beginning
Once you’ve found that perfect-for-you home, do you plan on getting the “final yes” from your parents (or grandparents, or co-signer or whoever)? The biggest mistake people make with this is involving them only at that final moment. What inevitably happens is the parent comes in cold, doesn’t know what you’ve seen, experienced and turned down up to this point, and so they disapprove of the home you’ve decided on.

If they had been involved from the beginning, however, they would be on the same page with you about what you’d learned and seen until that point. They would know that prices aren’t what they were 20-plus years ago when they bought, and so would not be shocked. They would know what’s available in your price range, and so would not be shocked by what isn’t.

Involve them from the beginning. Invite them to meetings with your real estate agent. Bring them to every showing and open house. My advice to clients is, if someone is going to influence your buying decision, either have them involved all the way or not at all. It will save disappointment and a load of frustration.

5. Taking my friend’s advice is a bad idea
Friends mean well, but there’s a lot they don’t know. And what they don’t know can hurt you.

One condo owner, for example, took her friend’s advice to withhold condo fees until some maintenance issues were addressed. This gave the condo legal leverage against her and she was at risk of losing her condo. Her friend didn’t know what to do then, and she was in a mighty fine pickle. That’s when she called me in a panic.

Having many years of experience, I was able to work some magic and it all worked out well, but at an unnecessary additional cost in legal fees and interest costs that she, not her well-meaning friend had to cover. She nearly became homeless over her friend’s well-intentioned but ill-informed advice.

Most of the time, friends share what worked for them or “heard” worked for someone else. The thing is, that may have been fine in their particular situation, but it’s not necessarily applicable in your situation. Take non-professional advice with a grain of salt. And, if those friends will be instrumental in your choices, make sure they participate in all the decisions and meetings and showings. Otherwise they end up impeding your buying process rather than helping it.

6. I wish I hired an arms-length property inspector
Two big mistakes for home buyers happen with property inspections. Either the buyer foregoes the inspection to save a few hundred bucks on a purchase, or they “hire” Uncle Bob to “inspect” the house.

Here’s the trouble those buyers wish they could have avoided. Those who got no inspection sometimes got nasty surprises with big price tags attached to them. An inspection would have warned them about that. (And for only a few hundred dollars. Worth it.)

Those who got Uncle Bob to look at the house because he’s a plumber (so knows things about houses) and because he’s family (and so does it for free), often find two things happen. First, Uncle Bob may know plumbing better than anyone, but he knows diddly about structural, electrical systems and heating, so he missed something. Again, the new homeowner is the one who will have to pay for his mistake, which can thousands of dollars.

Uncle Bob is not insured with Errors and Omissions Insurance or bonded, so there’s no way to file a claim against that professional, insured inspection agency. You just eat it. Hopefully you can afford to do that – after all, you saved hundreds of dollars in inspection fees.

The second thing that happens is that those family get-togethers now feel a little more awkward.

All of this is easy to avoid. Hire a professional, certified home inspector.

7. I wish I followed my brain instead of my heart
The biggest mistake when deciding on location, many buyers will tell you, is that they followed their heart and not their brain. City folk thought the idea of living in the country sounded romantic, so they went ahead and bought it without thinking through all the pesky details (like added costs of commuting, septic tank maintenance, well water testing and maintenance).

Sometimes people move to be close to where they work. (Here’s why that’s a bad idea.)

Other times people move to be close to someone they love. One client of mine purchased a home in another town to be close to a sibling. One year later, that sibling’s circumstances led them to move away, and my client was now living in a house and in a town where their only connection and reason for living there had left. That exciting move to be near family ended up being the worst and most expensive thing that could have happened.

The bottom line, when you’re looking to buy a home, is to involve a knowledgeable real estate professional. Yes, from the beginning. You are not “bothering” an agent by asking to see houses … they WANT to help you! Then involve others along the way. Home buying is a team endeavour. Assembling a team of the right people and in the right way will save you a lot of pain and time and money and hassle.

Source: https://www.remonline.com/help-your-clients-go-mortgage-shopping/

Whether [you are] a first-time buyer or a current owner who is renewing their mortgage, [your] commitment to the right (or wrong) mortgage loan can last for years and years and will have a serious impact on [your] finances – and by extension, on [your] ability to meet all of [your] other financial obligations.

Here are the key factors [you] must consider:

– The type of mortgage (closed, fully open or partially open);
– The interest rate being offered; and if it is fixed or variable;
– The term of the mortgage;
– The amortization period (which is the time it would take to pay off the mortgage based on a certain payment amount for a certain number of years); and
– Whether the mortgage can be transferred to a new property they may purchase without any penalty;
– The cost of paying off the mortgage early (before the end of the term).

TERM VERSUS AMORTIZATION
As a quick aside, it should be noted that the distinction between the mortgage’s term and its amortization period can be difficult for many people to grasp.

Simply put: the mortgage term is the period of time that you, as the borrower, are committed to a specific lender, under the particular provisions of the mortgage that you have agreed to. This document sets out the agreed interest rate and terms for that period. The term of a typical residential mortgage is somewhere between one and five years.

In contrast, the mortgage amortization period is the length of time it will take you as borrower to pay off the mortgage entirely, calculated using the entire amount you borrowed, applying a fixed interest rate, and based upon only making the minimum required payments. For example, a 25-year amortization means that if you pay the mortgage-stipulated payment amount of principal and interest, if it is governed by a 25-year fixed interest rate, and you make no extra payments, then you will have paid off your mortgage at the end of 25 years.

(Note that to be eligible for mortgage insurance, the mortgage amortization period must not exceed the current maximum of 25 years. If no mortgage insurance is required, then the amortization might be as long as 40 years).

PRE-PAYMENT PENALTIES
One of the other factors to consider when [you are] mortgage shopping relates to penalties. As the borrower, you will very likely be subjected to a penalty for paying off the mortgage earlier than at the end of the original term (unless the mortgage is fully open). This means that you will need to ask yourself the simple question: “How much will it cost me to pay off the mortgage before the maturity date?”

The standard penalty is usually based on the greater of:

– A sum equivalent to three months’ interest on the balance being paid out before maturity, or
– The interest rate differential.

The interest rate differential is calculated on the difference between the interest rate that you are paying for your existing mortgage versus the then-current rate being charged by your mortgage lender for this type of mortgage product at the time you wish to make either a partial pre-payment or else discharge the mortgage completely.

Ideally, your mortgage will include a provision allowing for some pre-payment that does not incur a penalty; this type of mortgage clause allows you to pre-pay a certain percentage of the original principal owed of the mortgage annually. This pre-payment provision is always non-cumulative; in other words, “use it or lose it”. The mortgage may also be assumable or portable, which gives the most flexibility.

[It is not recommended] that you allow your mortgage to be assumed by a purchaser of your home. Generally, most mortgage lenders will not release you from your obligations under the mortgage; in other words, you remain liable if your purchaser defaults in making any payments or other obligations contained in your mortgage.

RENEWAL OR RENEGOTIATION
Another key consideration relates to the nature of the terms and conditions that you may be offered by the lender when you renew your mortgage, or when you re-negotiate it during its current term (for example, if after some period of living in the home you need to increase the principal amount borrowed).

As the borrower, you should re-evaluate your needs and financial capacities before talking to your mortgage lender, including:

– The ease or difficulty with which you have been making the existing mortgage payments, in the context of your overall household budget and other financial obligations;
– Whether you have other, higher-interest debts to ideally consolidate into the mortgage at a lower rate than you are paying on other debts/loans;
– Whether you would prefer to change the payment amount or frequency on any new/renewed mortgage; and
– Whether you would like the flexibility of increasing the number of pre-payments that can be made each year, and the amount of each payment.

Upon renewal or renegotiation, you should also ask the lender whether, as an existing client, you might qualify for any special or discounted rates.

And remember: Mortgage renewal is only an option; you are never obliged to stick with the same lender after the initial mortgage term ends. You can always shop around for a better rate or better terms and other options with a different lender.

Mortgage shopping has its complexities. Needless to say, it’s important that [you get] the proper information – ideally from an independent professional advisor – because the decision to commit to a mortgage is financially profound and long-lasting.
 

Source: https://mailchi.mp/be920a240802/the-owl-albertas-resale-housing-market?e=6f1f3fb3a5

There is good news and bad news when it comes to Alberta’s resale housing market.

The good news is that prices have not collapsed and the backlog of houses on the market has started to ease.

According to statistics provided by the Alberta Real Estate Association, the average resale price homes in Alberta was 0.5 per cent higher in August ($385,848) than it was a year earlier ($383,786). The average price for the first eight months of the year, however, was down 2.4 per cent compared to the same period last year, falling from $390,408 to $380,933.

The number of houses for sale was down 22.0 per cent in August compared to the previous August and by 4.6 per cent over the first eight months of the year compared to the same period in 2018.

The bad news is that demand remains relatively weak and, although prices have not collapsed, they are not trending upward either.

The total value of sales was down $869 million (-5.8 per cent) over the first eight months of the year. The total number of sales was off by 3.4 per cent, falling from 38,643 sales from January to August 2018 to 37,324 over the same period this year.

The year-to-date average price has fallen from $401,643 in 2017 to 380,933 in 2019 (-5.2 per cent).

The actual price sellers receive for their home depends on a wide range of factors from size and location to condition and local economic conditions but, overall, Alberta remains a “buyer’s market” for now.
 

Source: https://www.remonline.com/protect-your-house-as-it-protects-you/

According to Statistics Canada, more than one-third of Canadian households own a home. As housing affordability continues to be a hot topic, it goes without saying that those of us who are fortunate enough to do so are proud of our investment. For the majority of us, our home is our largest financial asset.

Due to the soaring cost over the past decade, more than one-quarter of households spend more than 30 per cent of their total combined income on shelter alone.

As I write this, there’s an extreme cold warning with wind chill values between -35 and -30 expected overnight. Last night, there was a power outage in my neighbourhood from 10 p.m. to 1:30 a.m. and the wind chill value was measured at -36. That’s extremely cold. I was thankful that my family were all snug and cosy inside.

Our home protects us in so many ways. From the blazing heat of the summer, to the torrential downpour of the rainy spring season to the freezing cold conditions of the winter months, it keeps our loved ones safe and allows us to entertain friends and family with pride.

Given these statistics and the privilege of home ownership, it saddens me to see the severe neglect some homes have faced. Just like our bodies, our homes need regular maintenance and care to keep them well. Everything ages and deteriorates over time, and our homes are no different.

I have seen homes that feel unsafe to enter because the roof is caving in and the floors bounce. Evidence of moisture build-up can be seen on the walls and floors. As a professional home stager and organizer, I have seen homes in vastly different condition, and those that are neglected really leave me scratching my head. Why do people let their most important asset, the place that shelters them, fall into such disrepair?

People should treat home maintenance the way they treat their personal health. If you are sick, you go to the doctor to try and resolve the problem. Your home can get sick sometimes too and it needs regular check-ups too. Here are a few recommendations to keep it at optimal health and to help it retain its value:

– If something is broken, fix it right away. The longer you delay it, the worse it will get and the costlier the repair will become.
– Make the time to give your home a thorough check-up at least twice a year, particularly before the first frost and after the winter thaw to avoid any major issues such as water line breakages and leaky roofs.
– If you have an older house and some things are no longer up to code, plan to address those concerns, even if you can only tackle them one at a time. This isn’t just about your house – it ensures the health and safety of your loved ones.
– For more costly maintenance projects such as roofs, windows and driveways, affordability is an issue. Start up a savings plan. It can be as simple as $5 a week. Instead of asking for another trinket or toy for birthdays and holidays, opt for cash that you can put toward home maintenance.
– Just like a new outfit or accessory can make you feel great, think of how a new coat of paint will enhance your home. Paint is an inexpensive update but gives your home renewed freshness.
– Keeping your home clean and orderly allows you to see any problems and ensure that everything is alright.

Your home protects you, so you should protect it too and help it continue to grow in value.
 

Source: https://blog.remax.ca/2019-remax-housing-market-outlook/#1481171191537-f67101ac-d5e8

Slowing economic conditions in Alberta have contributed to a decrease in average residential sale prices in Edmonton, from $393,003 in 2017 to $379,539 in 2018. While economic recovery is expected to take some time, the luxury market is thriving, with prospective investors in cannabis and migrant speculators driving this new segment. Meanwhile in Calgary, the market is expected to stay relatively flat in 2019 due to its reliance on the oil and gas industry, and further real estate hindrances like the mortgage stress test.

Conversely, Winnipeg has shown a moderate increase of average residential sale price, rising from $315,720 in 2017 to $323,001 in 2018. Looking ahead to 2019, prices are expected to continue on this upward trajectory, with an expected increase of four per cent. Although the senior population is downsizing, immigration to Winnipeg from urban centres such as Toronto and Vancouver (15,000 people move to Manitoba every year) is expected to drive sales going into 2019. In Saskatchewan, both Regina and Saskatoon have experienced a buyers’ market which is set to prevail into 2019.
 

Source: https://mailchi.mp/7d6af5d9be0c/the-owl-albertas-housing-resale-market-slowed-in-2018?e=6f1f3fb3a5

The value of homes sold in Alberta fell 9.6 per cent in 2018, according to year-end statistics provided by the Alberta Real Estate Association. Total sales through the MLS® systems of real estate boards fell from $22.8 billion in 2017 to $20.6 billion in 2018.

The number of homes sold was also down. There were 53,190 homes sold in 2018 compared to 57,325 in 2017. Another indication of last year’s more lethargic resale market is the ratio of sales per new listing. It fell from 0.49 in 2017 to 0.45 in 2018.

In terms of price, the average fell close to 2.6 per cent, going from $397,871 per home sold in 2017 to $387,460 in 2018.

Several factors help explain the slowdown, including ongoing anxiety about the provincial economy, higher mortgage rates (the Bank of Canada raised interest rates three times in 2018) and stricter federal rules regarding mortgage financing.

All of this results in 2018 being characterized as a “buyer’s market.” Going forward, this should appeal to people considering a move to Alberta and help counter the dampening effects of higher interest rates and other more onerous stress tests.
 

Source: https://albertare.configio.com/post/new-condo-regs-july-1-2019

Service Alberta has announced new condominium property regulations taking effect July 1, 2019. Here are the highlights:

Fee caps on the prices condo corporations can charge owners, buyers, and mortgage companies for obtaining the condo documents needed to complete a purchase or sale.

– $100 max. for an estoppel certificate.
– $10 max. for each document in section 20.57(1) of the Regulations – which includes the documents needed in AREA’s condo listing and purchase contracts.
– If a document is attached to or forms part of another document, a fee can only be charged for 1 document.
– If a 3-day (rush order) is requested, the corporation may charge up to $30 per document, provided that the document is provided within 3 days (excluding holidays).
– Owners may make copies of their documents and provide copies to others.

Clarifying what documents must be provided to owners, and when, for free.

– The minutes from all board meetings held since the last AGM (before or when the AGM notice is sent).
– The approved minutes, or draft minutes, of the AGM (within 30 days of AGM).
– A copy of the notice filed at land titles reflecting the current composition of the board (within 30 days of AGM).
– The results of a vote (within 30 days after the date on which votes must be received).
– A copy of the annual budget (at least 30 days before the start of the fiscal year).
– If revisions are made, a copy of the revised budget (as soon as possible).

Additional changes – most taking effect July 1, 2019 and the remainder on January 1, 2020:

– New rules around meetings, such as requiring more notice to attend general meetings and getting topics on the agenda.
– Better voting rules so owners can participate more effectively in meetings.
– Fairer processes for issuing bylaw fines.
– Increased protections for condo owners’ investments.
– Strengthening how reserve funds are managed (July 1, 2019/January 1, 2020).
– New requirements for insurance and rental deposits (January 1, 2010).