Moving? 5 Ways to Make the Move Less Stressful

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Preparing for a move can feel daunting, but not if you plan ahead and avoid last-minute scrambling. When you sell your home and have a moving date, start thinking about what you want and need to take with you and what you can sell, donate or take to the dump. Following a few simple tips can make your next move painless and smooth.

  1. No Time To Waste: Whether you have a 30-day or 90-day closing, start decluttering immediately. You will likely need to do a few passes before narrowing down what you take with you. Go through each room in the house and remove items you don’t use, don’t care for, or that won’t fit in the new home. Pack up boxes to donate and immediately load them into your trunk so you can drop them off on your next outing. Start listing items to sell online on sites like Kijiji, Varage Sale, or Facebook Marketplace. If you’re nervous about selling to people online, exchanges can be contactless by leaving items on your front porch and requesting the buyer e-transfer the money first.
  2. Purge, Don’t Store: While there are storage facilities on every corner these days, renting one should be a last resort and only if you have an overlap between when you must move out of your old house and into the new one. Storing furniture and boxes of “stuff” with plans to deal with them later will likely lead to months and months of paying expensive storage fees. If you’re having trouble deciding what to part with, use the one-year rule: If you don’t use it for an entire year, you probably don’t need it. To deal with large items you want to discard, hire a company like GotJunk. They can even leave a bin in your driveway until you’ve cleaned out and then take it away.
  3. Be Realistic: Look at your new floor plan and be realistic about what will fit. If you’re moving from an open concept floor plan to a home with smaller rooms, that large sectional sofa may need to go. And while you may have loved your grandmother’s antique sideboard, if it won’t fit, take photos of it to keep the memory and list it online. Or ask other family members if they’d like to take it. One of the hardest parts of moving is parting with items you’ve had for a long time, even if they no longer serve a purpose. If you’re struggling with how to declutter and organize, there are professional organizations that can help.
  4. Go Digital: If you’re anything like me, you may have filing cabinets filled with old tax returns, bills, and other outdated items. If tax returns are seven years old, they’re no longer needed, and you can shred them. Most statements can now be accessed online so if you’re hanging on to old phone bills more than a year old, shred them. For sentimental items like old photographs, scan and digitize them to keep them preserved. DVDs, cassettes, and CDs can be converted to digital files, stored on a cloud or local hard drive, and then recycled. Important hardcopy documents like birth certificates and marriage licenses can then be stored in a single file, taking up much less room.
  5. Moving Day: Deciding to hire a moving company or rent a truck and do it yourself depends on your budget, house size, and how far away you’re moving. Moving companies provide staff and trucks to pack up your home, transport your items and unload, but it does come at a cost. Be sure to obtain a few quotes and ask what options are available. Depending on your budget, companies can go so far as to pack items into boxes for you, load the truck, and unload and unpack at your destination. Whether moving across the country, downsizing homes, or upgrading, preparation and planning from day one are critical steps to surviving an otherwise stressful time.
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Outdoor Living Space? We Share Our Top 5 DIY Solutions

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After another long, drawn-out Covid winter, summer has finally arrived, and we need the enjoyment of the outdoors more than ever. Your backyard may need a makeover but booking a landscape or pool company is a one- to two-year wait. So, what can you do yourself that’s easy and affordable while providing that wow factor?

Here are our top five DIY trends you can start implementing this weekend!

FURNITURE


The style grabbing all the attention this year is rattan – but not traditional rattan that has a reputation for being uncomfortable. New and improved styles feature robust backrests and stylish cushions to ensure ultimate comfort while relaxing, sipping wine, or enjoying a ball game on your outdoor TV.

Other popular designs this year are powder-coated aluminum pieces, teakwood, and natural ceramics that can handle our summer climate and give a new life to your outdoor living space. Outdoor day beds and low coffee tables project an open and spacious appeal for those relaxing moments reading or reclining.
Whatever your style, it’s all about comfort, elegance, and being entertainment-ready.

LIGHTING


Outdoor LED lighting has become a popular element that complements the mood of your evening while remaining an energy-efficient solution for your home. It can be as easy as a string of lights across your gazebo to twinkle lights under an awning or garden spotlighting beautiful trees and plants.

Today’s lighting options range from soft, calming colours for background elegance to bright or colourful lighting perfect for a party atmosphere.

COLOUR PALETTES


Soft, dusty accent colours like pink, blue, and neutrals are all the rage this year, adding charm and elegance. Summery colours and contemporary patterns are great for cushions and outdoor rugs. Or, go for a brighter hue in vintage furniture like a retro-inspired hoop chair or Miami mod accent piece.

FIRE PITS AND OUTDOOR COOKING


Outdoor kitchens continue to be on-trend with new additions to the usual BBQ setup. Smokers are gaining popularity as a slow-cooking method to prepare meat
while spending an afternoon at home. A trip to your local home renovation store provides a range of sizes and prices to suit your needs. Pizza ovens are very popular again this year but abide by your local bylaws when installing them in your backyard. When designing your outdoor cooking area, consider setting up a patio corner as a dedicated kitchen space. After your meal, create a warm ambiance with a modern firepit and cozy chairs. In areas where bylaws restrict the use of wood fires, look for ethanol and propane alternatives for a similar effect. Many styles also come with a cover, so fi res not in use can double as additional tabletop space.

GARDENING

In 2021, we saw the emergence of ‘hardscaping’ with prominent stonework bringing a featured look to the backyard. This year, the focus is on ’nature-scaping,’ a natural, wild garden look. Long grasses and rustic garden paths are meant to soften the hardscape with a more natural and less structured look. So, whether you’ve already done hardscaping or are planning to incorporate a feature this year, adding wildflowers and grasses can create a more natural yet unique look.
Are you looking for a change from the same old gardening style? Vertical planting, also called living walls, is a hot gardening trend to create height and drama in your yard. Whether there’s a plain wall you want to cover or just spruce up your back garden, a living wall can be as simple or intricate as you like. Hang plant pots on vertical frames for a simple, cost-effective solution or create a more sophisticated look with modular, hydroponic panels requiring electronically monitored water and nutrient delivery. The only rule to follow is to plant upwards instead of outwards!

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Six Great Bathroom Trends to Try

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Bathrooms aren’t just utilitarian spaces anymore; they’re becoming personalized, spa-like retreats. If you’re ready to hit refresh on your bathroom, these six ideas will inspire you to turn this everyday space into a calming sanctuary.

1. ACCENT WALLS
Homeowners and designers are increasingly using accent walls to amp up interest in the bathroom. These can be used to liven up a neutral palette or help draw focus to a show-stopping feature, such as a soaking tub or custom vanity. If you decide to add an accent wall to your bathroom, carefully choose which wall to showcase. Look to the features around or on the wall to help you decide. If you’re still not sure which wall is best, select the one most visible from the doorway.

 

2. FREESTANDING VANITIES
Personalization continues to be a top priority for homeowners, and freestanding vanities (with their furniture-like appeal) present a great opportunity to add a custom look. Plus, freestanding vanities generally o er the same design and storage options as built-ins, but at a less expensive price point. Updating your vanity is one of the quickest ways to change the look of your bathroom without undertaking an entire remodel. To customize your freestanding vanity even further, swap out the hardware with pulls in your favorite metallic finish, then accessorize the countertop with a pretty tray or vase.

 

3. BLACK ACCENTS
Though hardware and faucet finishes are one way to try this trend, you can also go with deep-hued vanities, black accent walls and even plumbing fixtures. Used sparingly, black accents can provide a pop of contrast in a traditional white bathroom. When applied liberally, black accents help foster a glamorous vibe.

 

4. NATURAL TONES AND TEXTURES
As homeowners seek to create a calming space, subtle natural hues are on the rise. In addition, natural materials like wood and marble blend beautifully with a wide range of colour palettes. Whether you prefer a minimalist Scandinavian look, a rustic farmhouse vibe or a traditional feel, natural tones and textures work well with a variety of design styles. To help modernize the space, incorporate a small dose of black to ground the look.

 

5. DOUBLE VANITIES
As the average house size increases, bigger master bathrooms mean more opportunities to incorporate convenient design elements like double vanities. Although double sinks can reduce the amount of usable counter space, many manufacturers are now addressing that issue with creative storage solutions. Vanities outfitted with power outlets, full-extension drawers and custom holders for grooming tools can help minimize clutter and make the most of limited space. Side-by-side vanities are another stylish choice with numerous customization options.

 

6. LARGE SHOWERS
When space allows, homeowners are ditching the shower-bath combo and opting for a walk-in shower and equally luxurious tub. A larger shower area presents ample opportunity for introducing customization and spa-like extras. Add an element of luxury with built-in storage niches or a teak bench lined with pampering products.

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The Shifting Real Estate Market – Halton

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Who could have imagined a global pandemic would cause such a rise in housing demand and prices? But here we are over two years later, and after a brief pause in activity during the first lockdown in 2020, house prices have been rising ever since. A mass exodus from Toronto condos and homes to more rural spaces coupled with record low interest rates established a trend that has continued into 2022.

After two years of bidding wars and overinflated prices, the market finally seems to be poised for some sort of correction. But what does that mean? Is the market softening? Our real estate experts say no, there’s no need to push the panic button. The market is simply shifting and adjusting after two years of turmoil.

The Toronto Regional Real Estate Board (TRREB) explains that after explosive growth in the first quarter, the second half of 2022 should see “a more moderate pace of price growth” due to rising interest rates and a slight increase in inventory.

Alex Irish from Alex Irish & Associates in Oakville explains, “The market is adjusting and becoming more balanced. It’s been skewed for sellers and made it very difficult for buyers, but now we’re seeing a market that favours both buyers and sellers.”  Alex reminds us that spring is typically a busy selling season. The grass is green, pools are open, and homes look more attractive than in winter.

Despite new restrictions on foreign buyers and interest rates on the rise, it’s not enough to get people worried. Some buyers may be holding off, but many more are anxiously diving in now that they can compete.

“Buyers are always optimistic that prices will drop,” says Alex. “They recognize a great opportunity as listings increase, and many have been waiting a long time to break into the market.”  While homes in desirable neighbourhoods are still going into multiple bids, sellers are no longer listing low and hoping to get well over asking.

“Buyers are fatigued from the competition and many put purchasing a home on the back burner,” explains Michael Brejnik from Royal LePage Burloak Real Estate Services in Burlington. “Stabilizing prices mean fewer bidding wars and a more traditional market, so buyers are looking again.”

Michael explains that there are now fewer listings with offer dates, which means homes have to be priced more accurately, rather than the practice which had become common of underpricing and holding offers on a specific date. This scenario gives buyers more confidence and the ability to negotiate, something they haven’t been able to do in two years.

Another factor that may be impacting the market is that homeowners who bought in 2017 when interest rates were very low now have mortgages coming up for renewal, and they may find that they can’t afford the new payments. Some are looking for homes with rental apartments to create a source of income to help offset mortgage payments. Or they are forced to downsize or move out of the area.

In other cases, buyers who were pre-approved at lower interest rates a few months ago now have 60-90 days left before their paperwork expires and they need to find something quickly.

And then there are the buyers who left Toronto at the start of the pandemic and moved to the outskirts but now find they are going back to the city to socialize and work once restrictions were lifted. “People realize they’re ok sharing common areas again, so some are heading back to the city,” says Michael.

Overall, the market is in flux, and multiple factors continue to affect buying and selling decisions. It’s too soon to make solid predictions, but all indications point to a more balanced market which is good news for buyers and sellers.

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Spring Projects to Perk Up Your Patio

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With spring in full swing and gardening projects on your mind as you hunker down at home, it’s time to start thinking about enjoying the patio again. A few small projects can take that dull, blank space and turn it into a patio with panache.

PAINT THE FLOOR

Plain Jane concrete isn’t something to get excited about; but painting the concrete can perk up your porch or patio. Go to your local paint store and have them help you pick out a colour and give you all the prep materials. It’s more time-consuming than hard, but a painted patio looks neat and stylish.

PAINT YOUR FURNITURE

Over the winter or after several years outdoors, patio furniture can lose its luster. Sand and spray-paint your furniture to bring it back to life. If you have a big set, look for a local painter who can sandblast and powdercoat your furniture to make it look like new again.

CREATE A SEATING AREA

Give your patio a defined eating or seating space with an indoor/outdoor rug. Add a seating arrangement to create an outdoor living space or a table for some al fresco dining in your new outdoor room.

STRING UP SOME LIGHTS

Add some string lights across the patio for great Mediterranean bistro ambiance at night. Add a timer so the lights pop on and off automatically.

PLACE LANTERNS AROUND THE SPACE

Romantic and ethereal, candle lanterns set artfully around a seating area, next to a chair or on a dining table are uber-romantic and create a layered lighting effect.

ELECTRIFY IT

Install a sound system or electrical outlets to enjoy TV on the patio. With Wi-Fi-enabled speakers and televisions, you can turn your patio into an outdoor living room.

ADD WATER

Create a patio fountain out of a planter. Cluster a grouping of plants around an urn, pop in a fountain pump from your home centre, and you have a terrific sound that’s peaceful and can help drown out background noise.

GET UNIQUE SEATING

Make lounging outdoors more inviting with a swinging bed hung from the ceiling or a pair of swinging rattan chairs. They’re trendy and will be the seat everyone wants to sit in when you go outside.

RE-CUSHION CHAIRS AND COUCHES

Patio cushions take a beating from the elements and the sun, so replace to refresh and update your patio. Mix solid seat cushions with patterned throw pillows for a homey feeling.

ADD SHADE OR STRUCTURE

If your patio is flat and exposed, it’s time to add an arbor or string up some sunshade fabric that will give you much needed shade and help you enjoy more time outdoors comfortably.

After being cooped up in the house, a patio project is the perfect way to get some fresh air and prepare for the summer months ahead.

©2022 Kathryn Weber. Distributed By Tribune Content Agency, LLC.

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Home Reno In The Cards for 2022: Our Top Five Tips Will Help

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Home renovations have always been a great way to improve your home’s return on investment (ROI) but knowing where to invest your money these days can be a challenge. Here are the top trends for 2022.

Minor kitchen remodel

Minor kitchen enhancements can give you more value than a significant renovation if you focus on the right areas. Upgrading appliances, adding new hardware, and repainting cabinets or replacing countertops may be all you need to bring your space to life. The era of plain white or wood cabinets has passed. Adding colour is this year’s big style change. Following the lead of European kitchens, we are seeing gorgeous greens, creams, taupe and even pinkish brown. Create a DIY weekend project or hire a local painter.

Larger bathrooms

With more family members living under one roof, bathroom space is often in high demand. Consider adding a double sink, walk-in shower and more storage. Homeowners are also adding luxuries to the bathroom to create a spa-like atmosphere with heated floors, touchless faucets, and backlit mirrors. Neutral shades of white, beige and grey are still popular as they don’t date and allow you to change accent colours with the seasons for a fresh, new look every few months.

Efficiency upgrades

There’s never been a better time to consider how renovations may impact climate change. Most new appliances are now energy-efficient, and many products incorporate recycled or reused materials. Upgrading windows? Be sure to choose a company with an ENERGY STAR product to help reduce heating and cooling bills and qualify for a Government of Ontario rebate (www.nrcan.gc.ca/energy-efficiency). Switching from wood to vinyl frames means no warping or rotting and no upkeep. Be sure to order from a reputable company with a lifetime or 25-year warranty and check customer ratings online. Solar-powered lights make a great addition to outdoor living space, refurbished old furniture pieces look great indoors and out, and eco-flush toilets are a smart upgrade to bathrooms.

Build that deck

While the pandemic days are still not quite behind us, many continue to find solace in outdoor living spaces. Although now isn’t the season for building decks, planning and booking that contractor ensures you can get the work done in the spring or summer. There are many types of wood to choose from, with some in higher demand than others. Do your homework to determine if wood is still a better option financially than a composite deck. Traditionally, composite has required a considerable investment because the materials tend to last longer, and there’s no upkeep. Wood requires a routine investment in staining and resealing, and not all grains are resistant to insects. Cedar and redwood are often your best bet; however, prices and demand for these types have increased significantly in the past two years.

Upgrade your entrance

One of the best investments you can make in your home is to upgrade the entry door and garage and create a stunning curb appeal. Entry doors now come pre-hung and are a great DIY project or hire a professional. A steel door is a better option than wood as it is durable and does not warp or crack with the changing seasons. Replacing the garage door is also a great way to update your look and it can quickly be done in a day. The ROI for both doors cover the cost of the product and installation and is never a waste of money, especially if you are looking to sell in the near future. You can reuse your current motorized opener and wiring and replace the door itself to save money.

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Easy Swaps To Give Your House An Instant Upgrade

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Sometimes the simplest decorating swaps can yield the biggest returns. These one-hit-wonder changes will invigorate your spaces with minimal effort on your part. But be forewarned: One swap may make you want to do another … and another. But that’s what makes decorating fun, right?

Swap standard-issue pillows for something with personality.

Ditch the pillows that came with your sofa and layer in a contrasting colour or pattern. But don’t toss the old pillows into the donation bin just yet. Oftentimes these pillows have reusable forms and will fit inside new covers. Or if y ou’re handy with a sewing machine, stitch new covers to size and you’ll save the expense of new pillow forms.

Swap a cluttered, utilitarian nightstand for something prettier.

Bring some luxury to your life by simply giving your nightstand a little love. Clear out the unnecessary clutter (we mean that pile of receipts and five random pens) and add a few pretty accessories that make your bedroom feel more like a retreat and less like a dumping ground. Designate a drawer for the basics, such as chargers.

Swap a plain lampshade for a patterned cousin.

Most lampshades are plain white, which can stick out like a sore thumb in a room where colour or muted neutrals reign. Do your whole room a favour and replace these offending lampshades with something that blends in better.

Swap a coffee table for an ottoman.

This swap is particularly effective if y our coffee table is part of a matched set with your end tables. An upholstered ottoman softens a furniture arrangement and provides another opportunity to add pattern and colour. Add a large tray to the top as a stable spot for drinks and accessories.

Swap silver for gold.

The gold trend is here to stay, so what are you waiting for? Start small and work in a few gold accessories to a specific spot. If y ou want to start riding the next trend, go with copper or rose gold.

Swap solid curtains for patterned counterparts.

Ditch plain window treatments for something a little livelier. Keep the new curtains within the same colour family as your old ones, and use the existing patterns in your room to determine the scale of the new window treatments. For example, if you have small- and large-scale patterns in your room, opt for curtains in a medium-scale pattern.

Swap bulky furniture for airy pieces.

Heavy, solid-frame accent furniture (such as end tables and ottomans) can weigh down a space. Replacing this dead weight with less-bulky pieces will make a space feel lighter and more refined.

Swap basic hardware for a custom combination.

Who says all hardware needs to be the same? Forge your own path with a mixed-and-matched set of knobs, pulls and bars.

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How To Create A Functional Family Room

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A well-designed family room can truly be the heart of the household. But too often the family room ends up feeling like either a formal parlor – stiff and uninviting – or a free-for-all kids’ playroom. Strike a balance by picking up some of these ideas for attractive, functional family rooms that look good and work hard for the families who live there.

Create family-room fusion.

Balance family-friendly with sophistication by including plenty of colour and chic patterns in your family room. Bright hues appeal to kids and adults alike, and a mix of patterns will give the space a designer vibe. Consider including outdoor fabrics, which are durable, or slipcovers, which are washable.

Design it to be separate, yet together.

Open living spaces can promote family togetherness: Mom and Dad can work in the kitchen while kids hang out in the living area or do homework at the dining table. Keep these distinct areas unified by using the same colours throughout, while using furniture placement to divide the activity zones.

Look for family-friendly storage.

Keep children’s items within easy reach. Use chests that can double as coffee tables for storing toys. Designate lower shelves for kids’ books and baskets for toys.

Choose wash-and-wear fabrics.

With washable slipcovers, your chairs and sofas will always look as good as new, no matter what spill or accident comes their way. Simply wash and replace, and no one will know that your 4-year-old spilled grape juice all over the cream-coloured couch.

Employ a stool (or two!).

Add stools for a chic way to keep extra seating on hand without visually weighing down a room. Plus, a set of matching stools can easily turn into an ottoman for someone on the couch, or be moved around the room to suit the sitter’s needs.

Embrace translucent silhouettes.

Use transparent furnishings and accessories to provide functionality without visual weight. Look for lamps with glass bases, which will virtually disappear, allowing the eye to focus on other aspects of the room instead. Plexiglass tables and consoles can offer the same hardworking see-through style.

Look to walkways and pathways.

Pay attention to walking areas and traffic flow when placing furniture in your family room. Give kids plenty of space to play, and make it simple to get from room to room.

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Top 10 Decorating Trends for 2022

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Home decorating has taken some interesting twists and turns since the pandemic began, with 2021 focused heavily on the need to create multifunctional spaces. As we head into 2022, designers present new trends that reflect the changing times and the moods of many Canadians.

Here are the top 10 trends we see heading into the new year:

 

  1. BIOPHILIC AND NATURE-BASED DESIGNS

Bringing the outdoors inside has become a refreshing trend to compensate for months of lockdowns. Stone, wood, and large green houseplants are finding their way into the décor to connect people with nature. Many are incorporating natural lighting and ventilation with a greener, lush environment, creating an indoor garden oasis.

 

  1. INDUSTRIAL CHIC

Industrial chic made an emergence in 2021 in the form of brick walls and exposed concrete. This year’s designs have added reclaimed wood, metallic tones, and industrial-looking metals such as black steel, brass, and polished nickel. Copper and rose gold are being replaced with brass and bronze to give living space a more luxurious appearance.

  1. VINTAGE ACCENTS

There’s a distinct difference between “vintage” and “retro” – vintage being an authentic older piece of furniture or fabric showing signs of use, such as gramma’s old water jug and basin, instead of “retro” which often means an old-style design in a new form. Pick up vintage, new-to-you treasures at thrift stores and flea markets or check out listings on Craig’s List or Facebook Marketplace. Buying used also supports the environment by contributing to less waste.

 

  1. SUSTAINABLE PIECES

Along with purchasing vintage items, pieces like reclaimed wood add to the growing sustainability movement. Sustainable elements include materials that use fewer resources (like water and energy) to scraps of wood or materials that would otherwise go to waste. Some companies are creating unique pieces out of salvaged metal and recycled glass or building wooden furniture harvested from responsibly managed forests.

 

  1. MULTIFUNCTIONAL SPACES

While we may have been scrambling to carve out office space a year ago, the bigger picture sees multifunctional statement pieces that are here to stay. This year, loft beds with workspaces are a big hit, as well as nightstand desks and lift-top coffee tables. For the DIY enthusiast, armoires can be transformed into hidden desks and under-utilized closets into mini offices.

 

  1. CURVED FURNITURE

Curvy statement pieces originally from the 1970s are a great way to bring this trend to life without spending a bundle. Try a round coffee table, barrel back chairs or a chandelier with rounded features. For a bolder statement, go all-in with a couch, desk, or dining set in soft curves. Complementing this style is a revival of orange and peach colours paired with soft neutrals.

 

  1. DARK WOODS

Darker wood options add richness to any room, whether in kitchen cupboards, bedroom furniture or flooring. Keep in mind that dark colours tend to make rooms look smaller, so add these pieces where you want a touch of luxury or to make an ample space feel cozier. Combinations of walnut, brass and black marble create a very sophisticated look.

 

  1. MODERN RUSTIC

A rustic-modern mix means bringing modern pieces into country, northern décor or adding rustic styles to contemporary architecture. Think wooden or stone beams if you want a bold approach or keep it simple with furniture pieces made with rattan, linen, cotton, leather or faux fur. This trend is limited only by one’s imagination.

 

  1. JAPANDI

This year, one of the more prevalent designs is Japandi, a Scandinavian-Japanese mix for interior design. It is a very minimalist approach, bringing natural features into a simple space with soft palettes and clean, simple lines and adding natural greenery, light furniture and furnishing with only the bare essentials.

 

  1. COLOUR SCHEMES

Regardless of which decorating trend you’re drawn to, one thing is consistent this year – colour palettes are warm, soft and light. Yellows and greys pair beautifully, and various shades of greige continue to dominate. Whatever your colour preference, hues follow a ratio of 90 percent white, 10 percent colour.

By: Julie Achtermeier

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What’s Next For Your Home After A Separation?

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Growing up, most people dream about living that fairy tale life with a wonderful partner and a life of bliss. Unfortunately, real life is not always a fairy tale and not every relationship lasts forever. In fact, latest statistics show that 38 percent of all marriages in Canada end in divorce.

Separating, whether through divorce or ending a common law relationship, is never an easy step. Losing someone close to you (whether for the better or not) is hard – but it doesn’t have to mean losing your home too. Most individuals who are going through a separation expect that they will be forced to sell their home and split the equity, but there is another way.

Spousal buy-outs

Spousal buy-outs are one of the mortgage industries best kept secrets and we want to blow the lid on this great alternative! While not everyone will want to remain in their home, many individuals may opt to remain rooted – especially for those with children who are already enrolled in school and happy in their neighborhood. This is where the Spousal Buy-Out Program comes in.

Backed by all three of Canada’s mortgage insurance providers (Canada Mortgage and Housing Corporation, Sagen™ and Canada Guaranty), this program is designed to allow one party to refinance the shared home up to 95 percent of its appraised value. In order to qualify, both you and your ex-partner must currently be on the deed to the property. As a one-time opportunity, the Spousal Buy-Out Program can also be used to pay off other debts outside the separation agreement, further assisting with the transition.

Now you may be thinking “I wish I could, but I can’t afford it”. Well, don’t sell yourself short just yet! We understand the cost of purchasing a home, whether outright or from your partner, can be high. Fortunately, The Spousal Buy-Out Program was designed to help YOU and mitigates these costs by allowing individuals to bring on a co-signer, such as an existing family member or even a new partner, to assist.

If you are separating from your spouse or partner and would really like to hold onto your shared home, there are a few things you will need including:

  1. AN APPRAISAL

An appraisal report will likely have been obtained to determine Equalization of Assets. However, in some cases the appraisal may not be acceptable to a lender unless it was originally ordered by a third party. The appraisal must also have been produced within 90 days (less with some lenders) to ensure accuracy. If the original report was done more than 90 days previously, a new one must be obtained.

  1. A SIGNED SEPARATION AGREEMENT

To qualify the lender must be provided a signed copy of the separation agreement. The details of asset allocation must be clearly outlined.

  1. AN AGREEMENT OF PURCHASE AND SALE

A standard agreement of sale will be required indicating the new ownership.

  1. AN EMPLOYMENT LETTER OR RECENT PAY STUB

This is required so the lender can verify your ability to manage your mortgage payments.

  1. DEBT PAYOUT LIST

This is an optional one-time opportunity for paying off additional debts outside of the separation agreement. The proceeds can only be used to buy out the other owner’s share of equity and/or to pay off joint debt as explicitly noted in the signed separation agreement.

Moving on in life can often be difficult, but this program allows you to maintain some of your routine and security by ensuring you – and your children – can remain in the home you love.  

 

By: Jason Woods 

 

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