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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2021 Real Estate Market In Review: Oakville

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It’s no secret that the housing market has been booming since the early days of the pandemic, but just how crazy is it? The Toronto Regional Real Estate Board (TRREB) recorded home sales at the second-highest level on record for October 2021. Inventory remains at an all-time low, with new listings down almost one-third compared to October 2020.

In the Oakville residential area, buyers spend roughly $1.3 million on a new home, up over 30 percent from last year. The average detached house is selling for $1.679 million, an increase of 33 percent over 2020 prices. With inventory continuing to decline, many residents are forced to move out of the area to acquire an affordable home, if we consider “affordable” as stretching families to their financial limit. And while the price of a home has increased significantly, there have been fewer actual sales across most of the Greater Toronto Area (GTA), except for the condominium market, which has made a strong comeback. The number of homes sold through the MLS® System of the Oakville-Milton and District Real Estate Board showed an overall decline of 15.5% compared to the same time last year.

While it may sound discouraging for the home buyer to see such inflated house prices, the strong market represents a rebounding economy, a reason to be optimistic.

“The tight market conditions across all market segments and areas of the GTA is testament to the broadening scope of economic recovery in the region and household confidence that this recovery will continue,” said TRREB Chief Market Analyst Jason Mercer.

However, with that comes a renewed need for affordable housing solutions and experts agree the government needs to step in.

“The only sustainable way to address housing affordability in the GTA is to deal with the persistent mismatch between demand and supply. Demand isn’t going away. And that’s why all three levels of government need to focus on supply. The federal government has stated that collaboration with provinces and municipalities is required. This collaboration could be spearheaded, at least in part, with housing-related incentives tied to federal infrastructure investment,” said TRREB President Kevin Crigger.

So, if demand is so high, it begs the question – why is inventory so low?

For one thing, housing development slowed considerably during the pandemic, with some builds just starting to pick back up again. And while builders may now have the green light, soaring lumber prices have made construction more costly and complex. The supply chain has been backed up for almost two years which results in even more delays. Existing plans have either been scrapped altogether or require builders to accept losses, neither a favourable option. In many cases, projects have been put on hold until corporations assess the pandemic’s overall impact on the construction sector.

Outside of Toronto, many suburbs have seen changes in zoning to protect the Green Belt. While this is a positive for protecting the environment and green space, much of the current zoning is outdated and requires a new strategy to consider the growing population while protecting vulnerable areas.

In addition, many homebuyers who at one time could list their home knowing they’d find something quickly once it sold are now afraid that low inventory means not finding a property in the area they want or at the price they can afford. Bidding wars also turn many homebuyers off. The high stress of multiple bids and a highly competitive market create a better argument for staying put and upgrading the current home instead.

Wherever you sat on the spectrum this year, it was undoubtedly an exciting market to watch.

By: Julie Achtermeier

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The Exploding Real Estate Market & Where It’s Headed

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Over the past ten years, we’ve seen a steady climb in real estate prices across Ontario. Despite some fluctuations over the years, prices have remained high while interest rates have remained relatively low. The onset of the pandemic 18 months ago caused a surprising spike in house prices, especially in the suburbs, as families moved outside city limits for more space and a new remote work lifestyle. Lack of inventory led to bidding wars becoming the norm, and it wasn’t unusual to see a home sell for $100K over asking.

Almost two years later, the market is beginning to stabilize with prices levelling out, yet the overall average sale price has not dropped.

“There is such low inventory that if a property gets nine offers, the eight whose offers aren’t accepted are still looking for a home,” explains Rina DiRisio from Royal LePage Real Estate Services Ltd.

Despite a slight increase in inventory in recent months, many potential sellers are too nervous about selling. “There’s a real reluctance to sell right now,” explains Rina. “Homeowners are afraid if they sell their home, even for top dollar, they won’t be able to find a home to move into, and this is a real concern.” It also contributes to the low inventory issue, creating a bigger problem in the market.

WHAT WILL IT TAKE TO CAUSE A MARKET CORRECTION?

“Without any real government intervention, the only way a market correction can happen is if interest rates go up, and that’s horrible news for homeowners,” says Jordan Zalter of RE/MAX Escarpment Realty in Ancaster. “At the same time, the only way supply will increase is if people are forced to leave their homes, also not a good solution.”

Despite some rumblings of housing correction promises during the federal election, the government has lacked any real leadership to solve the affordability issues.

The Ontario Real Estate Association (OREA) has a proposed plan to make homeownership an attainable dream once again, and it would serve the government well to listen. The focus centres around two main areas: Lowering the land transfer tax for first-time homebuyers and introducing Save the Canadian Dream Act, 2021 (to build on the current Housing Supply Action Plan). The Act would permit innovative housing solutions, stop
money laundering in the real estate market and end exclusionary single-family zoning. For more information, visit https://bringaffordabilityhome.com/our-plan

JEOPARDIZING A GENERATION?

For first-time homebuyers, the dream of homeownership continues to feel out of reach. Tighter lending rules went into effect in July 2021, making it more difficult for buyers to get approved for a mortgage, but it hasn’t corrected real estate prices yet. While the stress test now requires all borrowers to qualify for their mortgage payments at 5.25% (up from 4.79%), established homeowners motivated to buy can still use the equity in
their homes. It’s the first-time buyers who struggle the most. “We see a lot of parents helping their adult children get into the market,” says Rina.
“Without the financial help, most first-time homebuyers are effectively shut out of the market.”

And, where first-time homebuyers were once able to buy in the suburbs, they are now looking even further into rural areas or sacrificing space for more affordable condo living.

Real estate experts advise getting into the market if they can, despite the adversity first-time homebuyers face. Prices will only continue to climb, even if they climb more slowly.

“The most realistic advice I can give to first-time homebuyers is don’t wait on the sidelines for prices to drop because historically, they haven’t,” explains Jordan. “If you want into the market, you may need to adjust your expectations and location as well as ensure you don’t buy more than you can afford, but you should get out there and do it.”

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7 Questions to Ask a Potential Contractor

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When it comes to renovating your home, be it a kitchen remodel or a bathroom overhaul, you want to be sure you hire the right professional for the job. This is the person you are depending on to tear down your walls and spend your dollars wisely. Avoid a renovation nightmare by researching a few different contractors and setting up an interview with each of them. Here are seven interview questions to ask a potential contractor to ensure you hire the right pro!

1 Are you licensed, bonded and insured?

Contractors in Ontario must work through Tarion, a program created by the province, to become registered in their profession. Make sure you ask to confirm that they are registered, and that they carry insurance. If they are insured, so are their employees. This is vital when choosing a contractor, because if they are not insured and someone gets injured on your property, you will be liable and they can sue. Bonds, such as a surety bond, will ensure that if they go out of business mid-renovation or they do not finish the job for another reason, you are not liable for the additional costs to fix the job or pay their bill.

2 What is the cost breakdown?

Never settle for a general or overall price estimate. Asking for an itemized cost breakdown is a vital step in the interview process. This way, you can see what they are charging you for and decide on any changes before they start. Oftentimes, there are many hidden fees that a homeowner may never know about. With a cost breakdown, you can discuss your options, update plans and even consider more cost-effective materials for your project.

3 What is the anticipated timeline for this project?

After discussing the cost, you want to understand how much time your project will take. Of course, you will likely not be offered a set finish date, as weather and other incidents may change things. Remember that delays are common and unforeseen circumstances may end up changing the completion date. Work closely with the contractor to set an anticipated start and end date, and if you need the work finished by a specific date, be sure to mention this now rather than later.

4 How long have you worked in this area?

In order to build a good reputation in a city or community, contractors must perform at a high-quality standard. Understanding how long they have been in business and how long their employees have been working with them will give you a better idea of how the finished product will look. If they have experience working in your area before, they will have a better understanding of permit regulations and any possible issues in your area, such as piping and electrical work, that you may not be privy to.

5 Can you share references from past customers?

Previous customers are your best source of information on how well a contractor performed. In addition to doing your own research and reading online reviews, ask them to share a few past customers for you to speak with. When you do reach out, ask questions such as, “Were deadlines and expectations met?” and “What were your best and worst experiences working with this contractor?” This will help you get a better understanding of the contractor’s communication skills, as well as the quality of work you are paying them for.

6 Will you obtain the correct permits?

Permits are almost always required for professional remodeling jobs. Make sure that your potential contractor understands the rules and guidelines for permits in your area, and that they will help to schedule a visit from an inspector. Once a building inspector reviews the project and approves it, your contractor will be issued a permit to start the work. Remember to ask for copies of any and all permits for your records. If a contractor tells you they do not need a permit, do not hire them!

7 Can we put everything in writing?

In addition to collecting copies of the required permits, you want to ensure everything is put in writing. Every detail should be included in a contract, such as payment schedules, cost breakdown, timetables, materials purchased and other essential information. Before you decide on a contractor, be sure contracts are complete and signed before any work is started. Do not trust a contractor who refuses to put things in writing or tries to talk you out of a contract.

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Should You Buy A Student Rental Property?

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If you have children about to enter university or are considering a property investment, purchasing a home to rent in a university town can be a lucrative business. But before you hire a realtor, be sure to do some research and understand this new venture’s benefits and potential drawbacks.

Benefits of Renting to Students

Choosing a property close to the school ensures you will always be able to fill the home with student renters who are looking for affordable housing. International students present an opportunity for a steady income stream as most come to Canada alone and must rent accommodation.

Renting to students can seem a bit daunting as these are tenants without a credit history and no source of income, but in most cases their parents are paying their way and will be the ones responsible for the rent. Getting a parent or guardian to sign the rental agreement helps ensure you will be issue-free throughout the year.

As a bonus, if you have a child attending university, you have the peace of mind knowing you’re providing a safe home for them to live in while they attend school.

Drawbacks of Student Rental Properties

The main downside of renting to students is that they are young adults who are not accustomed to looking after a home and may not treat it with the same care and consideration as a mature working adult. Parties run rampant in university settings, which can lead to unruly behaviour and damage to the home. There is also the concern of uncleanliness and improperly stored food, leading to vermin, mould, or insects. Choose your tenants wisely!

Becoming a landlord in another city or town makes it more challenging to maintain the property, like cutting the grass or replacing a broken appliance. If your primary residence is more than an hour away from the rental, it would be wise to find a local plumber or home improvement company in the area to save you a long drive in the evening to unclog a toilet.

What to Consider When Purchasing a Property for Student Tenants

Ultimately, you want the rent to cover the mortgage cost and have some additional money set aside for repairs or emergencies. It makes the most sense to purchase a home with maximum rental space. A 3-bedroom home can become a 4- or 5-bedroom by adding two rooms in the basement, for example.

Today’s student is looking for affordable, yet desirable living accommodations so minor upgrades will go a long way. Choose quality products for installations like toilets and sinks. While it may cost a few extra hundred dollars upfront, they will last longer and cause you less in repairs in the long run. When choosing flooring, use laminate or vinyl-tiled options, which are cost-effective and durable.

Where to Buy

A recent report from Canadian Real Estate Magazine listed the top five cities for making a real estate investment in 2021. Ironically, all five have a large Canadian university. Windsor (University of Windsor and Odette School of Business), Guelph (University of Guelph), Hamilton (McMaster University), Kingston (Queen’s University) and Vancouver (University of British Columbia). With the exception of Vancouver, each of these cities boast an affordable housing market which makes it a win-win situation when combining affordable house prices with a high demand for rentals.

Overall, students can be great tenants, and their short-term leases allow you time for updates, renovations, or the flexibility to sell when the time is right. With the proper planning and foresight, renting to students can be a rewarding and lucrative business.

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Choosing Your Mortgage Broker

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There is a little doubt that the biggest purchase of your life will be your home. When embarking on your home ownership journey, having the right support and information will make all the difference. Fortunately, as a mortgage broker I can help!

With access to more than 230 lending institutions including big banks, credit unions and trust companies, mortgage brokers are experts in mortgages. These connections provide them with a vast array of available mortgage products, and also ensures that the advice they offer is unbiased. A mortgage broker is a third-party service provider who gets paid no matter which bank they sign you with. This means they can provide the best rate AND unbiased advice because they are focused on helping you achieve your dream.

It is estimated there are nearly 20,000 mortgage professionals in Canada. With so many choices, it is important to find a mortgage broker who works best FOR YOU.

With so much information at your fingertips on any given broker, how do you narrow down the search? Tools like the Dominion Lending Centres – TLC Mortgage Group’s exclusive My Mortgage Toolbox app make it easier. The app is available on Google Play and at the iStore.

Some features available through this application include a variety of calculators to help clients determine:

  1. What you can afford
  2. The minimum down payment required
  3. Closing cost estimates
  4. Total monthly ownership costs

While mortgage brokers spend a lot of their time neck-deep in mortgages and tend to use industry jargon, a professional broker will understand if you are a first-time homebuyer and will do his or her best to explain the terms and the process to you. Understanding is vital in your home ownership journey, so make sure to seek out a broker who is going to keep it simple for you and be honest, allowing you to understand exactly what you’re getting in your mortgage.

When choosing the mortgage product that is right for you, don’t be blinded by interest rates. It is important that your broker explains everything to you from term conditions to penalties, as well as why you qualified for the rate you have been offered. Of course, the rate matters, but the characteristics of your mortgage matter more, and could end up costing you in the long run. You want a broker who’s going to listen to you and ask you about your needs and future goals. What are your plans five or ten years from now? Why are they so important to you as an individual? When looking at any mortgage product, consider that nearly 70 percent of mortgages are broken within three years. Even if you’re sure of your future today, life happens and tomorrow could be different. Therefore, you must consider the penalties for ducking out of your mortgage earlier and you should know if it is portable.

The best mortgage brokers in the business will make sure all of your bases are covered, and you’re fully aware of what you’re signing onto. The right broker will make the process easier for you, whether it’s buying your first home, shopping for a better rate, or even jumping into investment properties. No matter what stage of life you are in, we’ve got a mortgage product – and a broker – for that!

 

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Got Kids? 5 Things to Look for in a Home

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Searching for a home on its own can be stressful enough. Throwing kids into the mix can leave you feeling frustrated and overwhelmed. To make the experience more enjoyable for all, consider this advice when house-hunting with a young family.

Location, Location, Location

It always comes back to location, and when you have kids, location is more important than ever. Depending on your children’s ages and interests, where you choose to raise your family can significantly impact how everyone settles in. Consider the type of community you want – rural, urban or suburban? A quiet life in the country sounds lovely, but if it’s a long way from schools, community centres or shopping, you could spend a considerable amount of time driving back and forth. Likewise, a city atmosphere may not be ideal if children have no place to play or the streets are busy.

Proximity to Schools

Considering the home’s proximity to schools may seem obvious, but it’s surprising how many people talk themselves into the “perfect” home only to discover it’s too far from a school or the walking route isn’t safe (think busy intersections or no sidewalks). Your employment situation and hours can also impact the ideal school location – will you be walking the kids or dropping them off on the way to work? The reputation of the school is also important and what it offers in addition to education. Does it have sports teams or an arts program? A home close to a good quality school will also keep reselling prices high, making selling easier if you choose to move again down the road.

Size and Layout of the Home

When considering the size of the home you need, take into account the sports or activities your children play. A hockey player may need a mudroom to store smelly equipment, whereas a musician may need instruments in a finished basement to keep noise levels down. Also, consider how long you plan to stay in the home. If this is a long-term move, will the space be large enough for teenagers or young adults? Students who go away to university or college usually move back home for a while as they search for employment and save for rent or a down payment. You may want to consider a basement with an apartment or a walk-out with a separate entrance.

It Takes a Village

It takes a village to raise a child – even in 2021. Finding a community where you can meet like-minded families is key to creating a happy home environment. Research the demographics for the area and determine if there are other families with children of similar ages. Check crime rates to determine if the neighbourhood will be safe for you and your family, then take a walk through the streets and get a good feel for the area. Can you see yourself there? Does it feel right? Your gut instincts can say a lot about a place, so take the time and check it out thoroughly.

Let Your Kids be Part of the Process

Depending on the age of your children, keeping them involved in house hunting as much as possible will make the prospect of moving more exciting. Ultimately, you will decide where to live, but involving them may go a long way to creating an easier transition. Consider leaving them at home for the initial visit and include them only when you have narrowed down your search. There’s a fine line between confusing them with too many options and keeping them involved, so try not to schedule more than two house visits in one outing. Kids who get bored will also become more disruptive and could cause tension during the visit.

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Market Update: Oakville

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