Found 49 blog entries tagged as homeowners.

What Are the Monthly Expenses of Carrying a Home

When prospective homebuyers are exploring the Canadian real estate market and searching for a residential property, many typically only concentrate on the sale price, monthly mortgage payments and interest rates. But this doesn’t tell the whole story. To get a more-accurate picture, and create a realistic budget, homebuyers should find out what are the monthly expenses of carrying a home.

In recent weeks, many reports have surfaced suggesting that some buyers regret their decision to buy at the height of the market, which peaked during the pandemic. While the primary concern is that housing prices have started to come down and borrowing costs have begun climbing, potentially eating away at equity, families are also worried…

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Covering everything from furnishings and finishing touches, universal design addresses the entire spectrum of needs for anyone who lives in and uses a space. One in five Canadians identify as having  at least one disability, according to Statistics Canada, and as we age the chance of developing mobility issues increases.

Designing accessible spaces that are convenient for everyone provides more housing options for individuals with mobility issues, enabling us to age in place, remain independent, and stay in our homes longer. 

“Universal design enables access and function for all people regardless of size, shape, ability, or disability,” explains occupational therapist Jason Dalton, who is also chair of the board for the Universal Design Network…

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Homeowners have felt the financial pinch of flooding and thus, have questions about floor insurance. Flooding has surpassed forest fire as Canada’s top cause of property damage. Six per cent—and up to 10 per cent—of homes across Canada are already uninsurable for flood risk.

As major floods have become more common in communities across Canada over the last decade, it has brought the issue into mainstream consciousness. However, despite growing awareness, homebuyers purchase homes in flood zones without knowing the risks and the protection they need.

With so many homeowners living in high-risk regions, we wanted to examine the importance of flood insurance and share tools that can help determine if you live in a high-risk area.

What is flood…

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Many homeowners use their garage for more than just parking vehicles. This multi-purpose area is often used as a storage solution, a workroom, a gym, an office, and even an entertainment hub. Whatever function your garage serves, one thing remains the same: you need to maintain the space to ensure its longevity. The process begins from the ground up.

It’s important to pay attention to the health of your garage floor just as much as the doors and walls. The floor takes a beating throughout the years—from car tires and engine grease, to snow shovels and DIY projects. The damage eventually shows in the form of stains, cracks, and pitting, which hurts the overall integrity of the floor. 

Whether you’re proactively trying to avoid the wear and tear,…

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Property Taxes

In Canada, everyone has an opinion about property taxes. Whether city dwellers or rural folk, each side will argue that the other is not paying enough in property taxes, making for a heated and spirited discussion about levies on the residence you worked hard to purchase.

That said, aside from discussions over what the property tax rate should be, this is an important subject since many prospective homebuyers do not consider their annual tax bill as part of their ongoing expenses, whether they own a condominium or a single-family home, which could hurt their wallets in the future.

Planning for annual property tax payments is just as important as researching the rate on your mortgage or determining what your closing costs…

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foundation problems cracked wall

The foundation of a house is crucial for supporting your home and keeping it stable, and if it’s well built, it can last a lifetime. Sometimes, foundation problems can have ramifications for the rest of the house. The sooner you know how to look for signs of trouble, the sooner you can address any problems before they escalate. Of course, if you’re on the home hunt, it is always recommended to have it carefully examined by a professional home inspector before you buy it.

Here are five warning signs of foundation problems to watch for:

  1. Cracks or warping in the exterior walls. Exterior walls are built to allow for a bit of “give.” But as the foundation settles, the walls can lose support. This can lead to cracks, warps,…

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Canadians have enjoyed low interest rates for the last decade, but even more so since the onset of the global pandemic, when the Bank of Canada responded with a trio of rate cuts, bringing us to 0.25%. But 2022 has already seen three interest rate hikes in response to soaring inflation rates, which reached a 39-year high in May, at 7.7 per cent. With a fourth increase in the Bank’s interest rate, you may be wondering: How will higher interest rates affect me?

What does an interest rate hike mean if you’re planning to buy a home, if you already have a mortgage, or are carrying any other debt? Let’s take a step back to better understand what causes movement in interest rates and how a higher rate might impact you.

What Causes Interest Rates to…

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If you’ve spent the last few years binge watching your favorite home renovation shows and looking for #DIYInspo projects all over social media, you’ve probably considered making a few tweaks around your home. 

However, when it comes to home renos, knowing when to hire a professional is essential.

A recent survey conducted by Leger examined how Canadians changed their homes during the COVID-19 pandemic. The survey found of the 17% of people who had improved their homes, only one third hired professional help—the rest opting to tackle the jobs themselves.

While it may be tempting to take on home renovation and home improvement projects that don’t appear to present any risks on the surface, there are several instances when the expertise of a…

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There’s nothing like pulling your curtains open on a bright morning and letting the sunshine flood your room with natural light.

Embracing natural light in your home can make your space feel open and inviting, all while increasing your body’s feel-good serotonin levels. Plus, with “natural light” at the top of many home buyers’ wish lists, this highly sought-after feature has many benefits beyond aesthetics.

“The amount of natural light in a home has become so important, especially with people working from home and home schooling,” says Mark Arnstein, a sales representative and REALTOR® with RE/MAX Hallmark Realty Ltd. Brokerage in Toronto, Ontario.  

Our guide will shed some light on the physical, mental, and economical benefits of natural…

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