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A third of Canadians should probably move closer to work

A third of Canadians should probably move closer to work 

Choosing a dream home often comes with compromises and that can include accepting a longer commute to work.

But it seems that the daily journey to work is a cause of stress for many Canadians; 35% have told a new survey by recruiter Robert Half that their commute is stressful.

In addition, 36% said that their journey to and from work is too long with the average return journey taking 53 minutes of their day. More than a quarter of respondents spend more than an hour on their commute.

“A professional’s commute often sets the tone for their day. Dealing with a lengthy or frustrating trip to the office can have long-term effects on employee morale, performance and retention,” said David King, senior district president for Robert Half. “As workforces become more dispersed, organizations need to proactively offer solutions to help address and alleviate commuter stress, while keeping business priorities on track.”

While living closer to work can be a solution, a move towards less expensive neighbourhoods often means a trade off between the type and size of home desired and a longer commute.

However, the rise of flexible working is helping to ease the pressure, while changing the shape of modern workplaces.

Ultimately, companies that provide support to help workers get more out of their lives, both at and outside the office, cultivate better focused, motivated and more loyal teams,” added King.

Source: MortgageBrokerNews.ca by Steve Randall 05 Nov 2019

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Homebuyers to get new mortgage incentive, Home Buyer’s Plan boost under 2019 budget

Homebuyers to get new mortgage incentive, Home Buyer’s Plan boost under 2019 budget

 

 

 

WATCH: Federal budget 2019: Incentives for first-time home buyers, skills training

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Can’t afford to buy a house? The government may take on part of the cost.

That is the gist of the boldest proposal that Budget 2019 puts forth to help more middle-income Canadians fulfill their homeownership dream.

Under the new CMHC First-Time Home Buyer Incentive, the Canada Mortgage and Housing Corporation would use up to $1.25 billion over three years to help lower mortgage costs for eligible Canadians.

 

The money would go to first-time home buyers applying for insured mortgages. Borrowers would still have to pony up a down payment of at least five per cent of the home purchase price. On top of that, though, they would receive an incentive of up to 10 per cent of the house price, which would lower the amount of their mortgage.

For example, say you’re hoping to buy a $400,000 home with the minimum required five per cent down payment, which works out to $20,000. With the new incentive, you could receive up to $40,000 through the CMHC. Now, instead of taking out a $380,000 mortgage, you’d need to borrow only $340,000. This would lower your monthly mortgage bill from over $1,970 to less than $1,750.

The incentive would be 10 per cent for buyers purchasing a newly built home and 5 per cent for existing homes. Only households with an annual income under $120,000 would be able to participate in the program.

Watch: Finance Minister Bill Morneau presented the 2019 federal budget in the House of Commons Tuesday.


Home owners would eventually have to repay the incentive, possibly at re-sale, though it’s unclear yet how that would work.

Also, mortgage applicants still have to qualify under the federal stress test, which ensures that borrowers will be able to keep up with their debt repayments even at higher interest rates.

However, the incentive would essentially lower the bar for test takers, as applicants would have to qualify for a lower mortgage.

On the other hand, the amount of the insured mortgage plus the CMHC incentive would be capped at four times the home buyers’ annual incomes, or up to $480,000.

This means the most expensive homes Canadians would be able to buy this way would be worth around $500,000 ($480,000 max in insured mortgage and incentive, plus the down payment amount).

The government is hoping to have the program up and running by September.

Home Buyer’s Plan gets a boost

As was widely anticipated, the government would also enhance the Home Buyer’s Plan (HBP), which currently allows first-time buyers to take out up to $25,000 from their registered retirement savings plan (RRSP) to finance the purchase of a home, without having to pay tax on the withdrawal. The budget proposes raising that cap to $35,000.

The new limit would apply to HBP withdrawals made after March 19, 2019.

New measures would encourage more borrowing, possibly drive up home prices

Economists said the new CMHC incentive and the enhanced HBP would encourage Canadians to take on more debt, stimulate housing demand, and possibly push up housing prices.

“It’s a different kind of borrowing,” David Macdonald, senior economist at the Canadian Centre for Policy Alternatives, said of the CMHC incentive.

And with a home-price limit of around $500,000, the program is unlikely to help middle-class millennials buy homes in Vancouver and Toronto, where average property values are far higher, said TD economist Brain De Pratto.

 

Those taking advantage of the higher HBP limit, on the other hand, would have to keep in mind that the government is not extending the program’s repayment timeline, said Doug Carroll, a tax and financial planning expert at Meridian.

Home buyers must put the money back into their RRSP over 15 years to avoid their HBP withdrawal being added to their taxable income. Now Canadians will have to repay a maximum of $35,000 – instead of $25,000 – over the same period, Carroll noted.

In general, the economists and financial experts Global News spoke to saw the budget as being focused on demand-side housing measures, rather than policies that would encourage the construction of new homes.

And while the budget does earmark $10 billion over nine years for new rental homes, it does not propose major tax breaks for homebuilders.

Tax incentives proved to be an effective way to stimulate residential construction in the past, said Don Carson, tax partner at MNP.

“They really drove supply,” he said.

Source: Global News –

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20 Common Home ‘Renovations’ That Can Accidentally Lower A House’s Overall Value

When it’s time to sell their house, a homeowner will want to do everything they can to increase its market value. Of course, they’re aiming to turn the best possible profit, so that means they’ll need to ensure their home is in pristine condition when realtors bring around potential buyers.

You’d think a home with all the latest bells and whistles would be a surefire target for buyers, but the truth is there are plenty of upgrades that actually decrease a home’s value—and therefore make it far less marketable than comparable listings. You’ll never guess some of the ways putting money into your home can actually work against you!

1. Fancy light fixtures: While you might think adding dramatic touches to your home’s decor would make a listing more appealing, it can actually turn potential buyers away. If the light fixtures don’t match the style of the home, it can be a huge turn-off.

2. Wallpaper: Wallpaper is notoriously difficult to remove, and sometimes the choices in patterns can be a little too “in your face.” Instead of fancy designs, go with neutral paint instead. This allows the buyer to envision their own decorating—and it makes for an easier sale for you!

3. Textured walls: As with wallpaper, ornate textures on walls and ceilings can be a real pain to remove. Instead, check out textured wall decor; it’s far easier to remove, not to mention it’s usually cheaper.

4. Unique tiling: Many people have a tendency to lay down tiles that fit their own personal style, but chances are a potential buyer won’t have the same taste. Go with a traditional neutral floor and customize your space with a unique (and easy to remove) rug instead.

5. Carpeting: According to a study, 54 percent of homebuyers are willing to pay more for hardwood floors, which means homes with a lot of carpeting are less desirable. Carpets show their wear earlier, and colors and styles are usually based on personal preferences.

6. Bold paint: Bold and vibrant paint colors usually turn off potential buyers since the hues here are limited to the current owner’s preference. Fortunately, repainting rooms is an easy and affordable fix—and it’s a worthy investment.

7. High-end kitchens: In 2015, the national average for a kitchen remodel was a little less than $60,000, but the resale value was only priced at $38,000. To avoid spending so much on a project that will cost you in the end, only focus on the aspects of a kitchen that truly need sprucing up.

8. Luxury bathrooms: As awesome as a whirlpool tub is, it can be difficult to clean and sometimes hard to step into for some people… and that will deter buyers. A simpler walk-in shower appeals to more people looking to buy a home.

9. Home offices: Modern technology has allowed for more and more people to work from home, and they usually convert a bedroom into a personal work space. However, that can knock as much as 10 percent off a home’s value. If you have to use a bedroom, avoid bulky desks and shelving units so the room can easily be converted back.

10. Combining bedrooms: Combining two bedrooms that are next to each other to create a bigger room is perfectly fine for couples without children, but if they don’t plan on living there forever, the removal of one bedroom will knock down a home’s value.

11. Closet removal: Some people make the decision to turn large walk-in closets into other spaces, but this can actually hurt a home’s resale value. People will always need closets; they won’t always need a larger bedroom or bathroom.

12. Sunrooms: Sunrooms are actually some of the worst renovations to make to a home when it comes to return on investment! Homeowners need to think carefully about how much they’ll actually use the space before splurging on the expensive addition.

13. Built-in aquariums: These aquatic additions might make a home feel modern, but they require a massive amount of upkeep that many potential buyers aren’t willing to put in. Opt for a standard stand-alone fish tank instead.

14. High-end electronics: As cool as in-home movie theaters and other high-end electronic equipment may be, they usually throw off potential buyers who aren’t looking for these types of luxuries. Certain built-in technologies can also quickly become outdated.

15. Swimming pools: Many people might think swimming pools increase a home’s value, but it’s actually the opposite. Sure, if a buyer has children who will use it every day, that’s one thing—but many times, people see pools as money pits!

16. Hot tubs: Just like pools, hot tubs are always a gamble. The constant maintenance can throw off a buyer, and they’re also potential hazards for small children. Portable hot tubs are a much smarter investment if you truly want one.

17. Garage conversions: Some homeowners park in their driveways so they can renovate their garages into custom spaces like home gyms. However, many buyers actually want to park in their garages, not work on their lifting form.

18. Intricate landscaping: Unless the person buying your home is a landscaper who intends to maintain an intricate garden, costly outdoor decor will deter potential buyers. Keep gardens beautiful—but easy for upkeep.

19. Messy trees: No one likes to spend their afternoons raking up massive piles of leaves, but many types of trees will ensure that happens every year. If you plan on planting vegetation, keep in mind which types will create a huge workload come autumn.

20. DIY projects: Many people come up with unique ideas while they’re living in their home, and they put the effort in to make the renovations. However, not everyone is going to want something like an attic bedroom when they’re looking to buy! Keep that in mind.

The takeaway? Don’t over-personalize your living space! Keep it neutral and appeal to as many potential buyers as possible. If you’re putting you home on the market any time soon, don’t make these mistakes!

Share these tips with your friends below!

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Your Spring Home Maintenance Checklist

When winter departs, it’s time to check for damage and prepare for hot weather ahead

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With the days lengthening and weather warming, spring is a good time to get outdoors and tackle some larger home projects. With the threat of winter storms past, you can look for damage and make any needed repairs, as well as prep your home and garden for summer. We spoke with an expert to get some tips on what to watch for this season, from proper irrigation to mosquitoes and termites (oh my!).
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What are the Best Mississauga Neighbourhoods to Invest in?

 

Source: Insauga.com – by Kim Kubath on October 29, 2017

With property values steadily escalating in Mississauga, it makes sense that investors (from all over) are interested in buying up valuable pieces of real estate. While the entire city is generally a good investment, each neighbourhood is different and some will suit different investor needs.

So, if you want to purchase an investment unit, which neighbourhoods are best and why?

Basically, Mississauga is a fantastic city to purchase an investment unit in. Amenities are growing, transit is abundant, and you can get more for your money compared to more expensive cities like Toronto.

Neighbourhoods close to transit (highways, GO Bus and Train,and MiWay) are great places to start and Meadowvale and Clarkson are examples of this. Investment units vary from mature detached houses to semis and towns. There are lots of amenities (such as shopping) in these areas and they are also family friendly, offering great schools and parks.

Churchill Meadows and Hurontario and East Credit (south of Derry in the Heartland area) also offer lots of amenities, parks and schools, with newer detached, semi, and town homes. These homes make good investment units as they tend to have more space for basement apartments (which are common in these neighbourhoods).

City Centre is another good area to invest in, especially if you are looking to purchase a condo. Whether it is one of the brand new buildings or an established one, City Centre offers a first time investor an opportunity to get into the market on a more modest budget (one bedroom or two bedroom units are significantly more affordable than a house). City Centre also attracts a greater variety of renters, including families, students and single professionals. Amenities and transit are also at the doorstep, making it an attractive location for a larger variety of renters.

Now, if you want to purchase a home or unit to live in, other considerations are important.

Mississauga is currently seeing record prices in all neighbourhoods. I often tell my clients that any neighbourhood in this city is worth purchasing in, but I think it is important to determine what must-haves suit you most.

If you are looking for great schools and parks, then Erin Mills, East Credit/Hurontario and Churchill Meadows are popular and family oriented. Streetsville and Lorne Park have also traditionally been great neighbourhoods to live in given their charm and consistently increasing market values.

If you want to invest in more expensive neighbourhoods, it’s good to look at Lorne Park, Mineola, Erindale (Mississauga Road), Port Credit and Streetsville. If you want to spend less, more affordable neighbourhoods include Malton, Cooksville, Sheridan, Meadowvale and Clarkson.

If you want to invest in a more affordable neighbourhood, you could be making a wise decision.

Malton, for example, offers close proximity to Toronto. As an investor looking to get into the rental market, these areas offer opportunities to purchase homes that are still more affordable than other neighbourhoods in the city. Some investors want to buy homes that need renovations and then sell them for profit, while other investors want to rent the property for several years.

Where do you invest if you want to rent your place out indefinitely?

Areas close to transit and amenities are key for having good tenant turnover. City Centre, East Credit, Cooksville, Meadowvale and Lisgar all provide these features. City Centre is walking distance to all major conveniences and at the moment, due to Sheridan College, has many interested students looking for rental units.

Investors may also want to stay tuned to developments with the incoming LRT. At the moment, there are many residents relying on transit in Cooksville and the LRT will provide another option for these commuters. It will be a benefit to property owners and potential landlords alike.

If you want to invest in Mississauga, there really are no bad neighbourhoods—you just have to choose the one that best suits your needs.

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Should you buy in the city, suburbs or country?

Buying your first home brings major lifestyle changes – sometimes even a dramatic change in scenery. That’s because homeownership involves taking an honest look at your lifestyle, priorities and goals, and then investing hundreds of thousands of dollars in that vision. One of the first things to consider: should you buy where you rent, or house-hunt farther afield?

 

What’s right for you – the city, burbs or country?

CITY SLICKING

There’s a reason why urban real estate comes with a price premium: excellent public transit, plenty of arts and cultural attractions, lots of dining options, and easy access to everything from medical services to gyms and green space. Steady demand translates into a real estate investment that will grow as you build equity in your property.

PROS
  • Car-free living is a breeze (car share services are everywhere, so there’s no need to stress whenever you do require wheels)
  • Greater employment opportunities
  • Shorter commute to work and play
CONSIDERATIONS
  • Less home for the same price compared with suburbs and rural areas
  • Condos may be the only affordable option if you want to live right in the city core
  • Less privacy, thanks to closer quarters and higher population density

SUBURBAN DREAMS

Is it any wonder that generations of parents have flocked to the burbs to raise their families? It’s here that the much-desired single-family detached house rules, with big backyards (picket fence optional), good schools and a higher proportion of households with kids – perfect for impromptu street hockey or tag. While new communities may be low on shops and services, it only takes a few years of growth before cafés and sushi are just a short drive away!

PROS
  • Lower housing costs mean you get more home for your real estate dollar
  • Daycare costs are often lower than in the city
  • Quieter than the city, yet less remote than rural areas
CONSIDERATIONS
  • Longer commute and higher commuting costs (gas, parking, commuter trains and so on)
  • Some newer suburbs may not be as walkable compared with the city
  • Fewer entertainment, dining and grocery options nearby, aside from big-box chains

COUNTRY LIVING

Fresh, clean air, room to roam, no one to bug you about your bonfire or backyard hens – what could be better, right? Rural living has always appealed to self-reliant types, and in recent years it’s gotten a boost from millennials seeking a more affordable and lower-stress lifestyle (although overall, more people are leaving the country for the city). If you work from home, you can skip the commute and spend the extra time relaxing – or picking up a back-to-the-earth side gig to supplement your income.

PROS
  • Lower housing costs and more outdoor space for kids, pets and gardens
  • Easy access to recreational forests and lakes
  • Better air quality
CONSIDERATIONS
  • More susceptible to extreme weather: potential to be snowed in; power outages can be more frequent and last longer
  • Longer commutes to work, errands, entertainment and medical appointments
  • Harder to make friends in a small, tight-knit community (TIP: Make it easier by joining a volunteer committee!)

Source: homeownership.ca 

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Census 2016: Canada’s population surpasses 35 million

Canada’s population increased to 35,151,728 last year largely driven by growth in the West, according to 2016 census data released Wednesday by Statistics Canada.

The country’s population has grown five per cent since the last census in 2011, when it was at 33.5 million, the highest rate of growth among G7 countries. However, the growth rate declined from the 5.9 per cent increase recorded in 2011.

About two-thirds of the increase recorded in 2016 was due to net immigration into the country, while the rest was from new births.

The majority, or 66 per cent, of Canadians still live within 100 kilometres of the southern border with the U.S.

The number of private dwellings grew nationwide by 5.6 per cent to 14.1 million.

The population continued to boom in Western Canada. The quickest pace of growth was recorded in Alberta (11.6 per cent), Saskatchewan (6.3 per cent) and Manitoba (5.8 per cent). The three prairie provinces recorded the most growth in the country for the first time since Confederation, according to Statistics Canada.

Alberta had been the fastest-growing province in the 2006 and 2011 censuses as well.

The rate of growth was higher than in 2011 in both Alberta and Manitoba, the only two provinces that registered an increased rate of growth from the last census.

It is important to note that the census was collected in May 2016, so does not fully take into account the recent economic slump in Alberta.

“The census compares 2011 to 2016, and we’ve seen 15 strong years of growth in Alberta,” says Karen Mihorean, director general of the education, labour and income statistics branch of Statistics Canada.

Mihorean said Alberta is unique among Canadian provinces for having strong numbers in all three factors that contribute to population growth: immigration, interprovincial migration and new births.

British Columbia also grew faster than the national average, by 5.6 per cent. Just under 32 per cent of Canadians now live in the four western provinces, compared to 38.3 per cent in Ontario, 23.2 per cent in Quebec and 6.6 per cent in Atlantic Canada.

Low growth in Atlantic Canada

The four Atlantic provinces recorded the lowest growth in the country: 1.9 per cent in Prince Edward Island, one per cent in Newfoundland and Labrador (where more deaths than births occurred in some years) and 0.2 per cent in Nova Scotia. New Brunswick’s population decreased by 0.5 per cent, the only province with a decline since 2011.

“From East to West, population growth gets stronger and that’s a trend we’ve seen for the last few censuses,” says Mihorean. “In Atlantic Canada, it’s a case of seeing people leaving these provinces for other parts of the country.”

– 2011: Canada census shows people moving west

Ontario remained Canada’s most populous province at 13.4 million, an increase of 4.6 per cent from 2011. But Ontario’s growth rate was lower than the national average for the second consecutive census period, the first time that has happened in more than half a century.

Quebec’s population grew 3.3 per cent to 8.2 million, followed by British Columbia at 4.6 million, Alberta at 4.1 million, Manitoba at 1.3 million and Saskatchewan at 1.1 million. The population in Atlantic Canada was 2.3 million, with just under 924,000 residing in Nova Scotia.

The North was home to nearly 114,000, led by the Northwest Territories. The population of Nunavut, which at 12.7 per cent had the highest growth rate of any province or territory due to its high fertility rate, moved ahead of Yukon.

Western cities record greatest growth

While the rate of growth slowed in Canada’s three largest metropolitan areas, 35.5 per cent of Canadians now call Toronto, Montreal and Vancouver home.

Toronto remains the country’s largest metropolitan area at 5.9 million, increasing by 6.2 per cent since 2011. Montreal’s population has surged past the four million mark to 4.1 million, while Vancouver’s population now stands at 2.5 million, up 6.5 per cent.

With growth of 14.6 per cent, the highest of any metropolitan area in the country, Calgary is now Canada’s fourth largest city at 1.4 million, moving ahead of Ottawa-Gatineau (1.3 million). Also at 1.3 million, Edmonton is the only other Canadian city with more than a million residents.

The six fastest metropolitan areas were all in Western Canada: Calgary, Edmonton, Saskatoon, Regina, Lethbridge, Alta., and Kelowna, B.C., with all but the last posting growth of more than 10 per cent.

At the other end of the country, however, all of Atlantic Canada’s metropolitan areas recorded a slower rate of growth than in 2011, while the population of Saint John fell by 2.2 per cent — largely due to residents moving to other parts of Canada.

Sylvan Lake, Alta., was the fastest-growing census agglomeration, growing by 19.6 per cent since 2011, while Campbellton (mostly in New Brunswick but partly in Quebec) had the greatest decrease at 9.3 per cent.

Among municipalities with at least 5,000 residents, Warman, Sask., had the highest rate of growth since 2011 at 55.1 per cent, followed by the Alberta communities of Blackfalds (48.1 per cent) and Cochrane (47.1 per cent). Bonnyville, Alta., had the fastest rate of decrease at 12.9 per cent.

The population and dwelling counts mark the first set of data from the mandatory short-form 2016 census to be released by Statistics Canada. Further releases, including those related to gender, language, immigration and labour, will follow throughout 2017.

The data will assist decision-making across all levels of government and provide sociologists, demographers, urban planners and businesses with a wealth of information.

Source: CBC.ca – Éric Grenier

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