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October, 2018

The Purpose of this Note:
In brief, I am writing to you today to talk about accessing the equity in your property. If you are considering doing a review of your financial situation in the next 6 months then please take a moment to read on. 
 
The Issue:
New Year’s resolutions are something I frequently come in contact with in my role. The New Year swings round and people set some goals for themselves. Financially, that might include finally getting around to that home renovation, paying off some debt or perhaps even accessing some of your accumulated equity to make some investments like buying a rental property or putting some money in the stock market. Accordingly, I tend to see a lot of refinances in the first 3 months of the year in comparison to purchases. However, the timing may not always be optimal.
 
The Concerns:

1. Not everyone gets excited about doing a review of their finances and whether they simply don’t enjoy the process or perhaps are scared about what they might find they put it off

2. Over the last 18 months there has also been a lot of talk about interest rates trending higher. We have seen gradual movement to higher pricing after hitting an all time low in the Spring of 2017. People are worried that making a change now will have them paying more and so they put off looking at their options in the hope things will somehow improve

The Reality:

1. Waiting, as far as money is concerned is rarely the solution

2. Rates, while higher in 2018 are still by any reasonable measure quite low

3. Lastly, mortgages are essentially a retail product, meaning like most retail products there are times when they go on sale. Fall is one of those times

The Point:
So the crux of why I bring this up: People often wait until the New Year to consider their options but the bottom line is fall is probably a better time than the winter for pricing. There are lenders who are currently offering special terms and there is probably some money to be saved by making the inquiry now
 
The Next Step:
If you are someone who might be thinking of doing a financial review in the coming months I would invite you to touch base with me sooner than later.

Currently there are some lenders who are offering special options however most of these offers tend to go away by the end of October when the fall market starts to die down. So if we are quick there is still time to use this to our advantage and it never hurts to at least ask the question.

Regards,

Jon Sowerby

blogs we love

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“MyDubio is an online platform for the minimalist style lover. From fashion to interior design: shopping guides, inspiring interiors and minimal outfit posts. Every week there is a DIY for example that inspires you to create your own design.”

Decor8

Decor(ate) is a design blog founded by the award-winning interior expert, Holly Becker. She’s also an author, stylist and an interiors journalist. This website is a thoughtfully edited interior design and lifestyle blog that features everything from decor trends to home tours.

Dwell

“Dwell Media is an inspiration and collaborative platform for architects, designers, and enthusiasts to share and discover inspiring design. Dwell magazine is a smart, accessible publication dedicated to modern design. Each issue explores the myriad ways in which good design thinking can deliver a better life.”

 ARTICLES WE LOVE

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We always love to give our readers inspiration for their homes.

Toronto housing market posts biggest price gain in 21 months

The Toronto housing market continued to rebound in September, with prices rising the most in 21 months, bringing the cost of a typical home close to the record high set in 2017.

The benchmark price across all types of homes rose 5.2 per cent from a year earlier to $805,500, the highest annual rate of growth since December 2017. That’s about $10,000 short of the record set more than two years ago when soaring prices prompted a series of government policy changes to cool the market. Prices were driven higher by a decline in supply, with active listings down 14 per cent to 17,254.

Sales in the Toronto region jumped 22 per cent to 7,825 units from the same period last year, the Toronto Real Estate Board said Thursday. All housing segments saw double-digit gains, led by a 29 per cent sales jump for detached homes. Sales were well below the record set in September 2016 of more than 9,800, and on a seasonally-adjusted basis, sales fell 0.3 per cent from August.

The average price of a home in Toronto rose 5.8 per cent to $843,115, the highest price this year, though well below the peak of almost $921,000 set in April 2017.

Demand for homes in Canada’s biggest city continues to grow amid lower interest rates and a crunch in supply thanks to strong immigration flows. Buyers have also adjusted to stricter mortgage-lending rules put in place to cool the market. Sales in Vancouver rebounded 46 per cent last month after a policy-driven slump, though prices continue to dip.

Article from: BNN Bloomberg

Make Your Home Winter Ready

Follow these simple steps from HGTV to prep your house for the winter weather ahead.

Getting yourself ready for winter is a snap. Gloves? Check! Scarf? Right here. But readying your home for a long, cold season is another story. So, until someone invents a turtleneck sweater you can put around your house when it gets cold, there's some organizing to do. We've got the tips to help you.

Strategy for Saving

Organizing your home for winter can seem like an annoying and perhaps unnecessary chore. But the financial benefits will outweigh any feelings of being "put out." Winter heating costs can skyrocket if your windows are poorly insulated, your plumbing breaks, or if the heating system is out-of-date. Ensuring your home is prepped properly can save you a nice chunk of change while protecting your property for years to come. 

Break It Down

Looking at a giant to-do list is overwhelming. To save frustration, break it down into two or three jobs you can tackle over the next three to four weekends. First up, windows. Check each one in the house for drafts and insulation needs. The following week, inspect pipes to avoid an unfortunate burst in January. You can make things even easier by dividing the job among the family. Assign each person a room to inspect and report back on whether it's ready for winter.

Three Steps to a Safe Season

#1: Prep the Plumbing

Drain the water from your outdoor faucets and garden hoses and arrange to have any in-ground sprinkler pipes blown out. Roll up the garden hoses and store them inside. Identify any "problem" pipes that are prone to freezing in the house and consider using heat tape to keep them warm during extremely cold weather. If the worst happens, ensure everyone in the family knows how to turn off the water at the source. This will minimize leaking when and if a pipe bursts.

#2: Heat Things Up

Everyone enjoys cozy evenings by a crackling fire?  Ensure your fireplace is ready to provide warm nights all winter. Be sure to have the chimney inspected and cleaned by a professional before the first frost. Also, have a professional perform a routine check of the heating systems before cold weather arrives. This should include vacuuming the vents and other heating components. If your furnace has a filter, check to see if it needs replacing. For more energy savings, consider installing a setback thermostat that keeps the home cooler when you are asleep or away.

#3: Seal the Leaks

Keep drafts to a minimum this winter. If you have them, install storm windows and doors -- and don't overlook the basement. Add or replace worn weather stripping around the doors and windows and caulk any gaps. If doorstops are worn, replace them. If any pipes or ducts travel through an exterior wall, be sure to use caulking and weather-stripping around all entry points. These steps will block any potential entry points for cold air. That's an idea you can warm up to.

Written By: Sarah Welch and Alicia Rockmore Via: HGTV

Design-savvy bidders vie for sleek Victorian on popular Riverside street

61 McGee St., Toronto

Asking price: $1,195,000

Selling price: $1,476,000

Previous selling price: $646,000 (2011); $418,777 (2005); $248,000 (2002)

Taxes: $3,736 (2018)

Days on the market: six

Listing agent: Suzanne Lewis, Keller Williams Advantage Realty

The action

In the last two years, this three-bedroom home had an extensive makeover.

KELLER WILLIAMS ADVANTAGE REALTY

To showcase Mazen Studio’s restoration of this semi-detached, 1885 Victorian, high-end photos and a promotional video were shot featuring the principal designer. Agent Suzanne Lewis says the full-on marketing effort paid off in June, luring multiple bidders despite competing listings nearby.

“McGee is not a big street, but it is a pretty, sought-after street, so the fact there were two other homes available at the same time was surprising, said Ms. Lewis, who had such a busy open house that she limited 15 visitors inside at a time.

“It ended up being so crazy, there was a lineup down the street.”

What they got

The kitchen was modernized with custom cabinetry and marble counters.

KELLER WILLIAMS ADVANTAGE REALTY

In the last two years, this three-bedroom home had an extensive makeover with most of the work invested in modernizing the galley kitchen with custom cabinetry, marble counters, herringbone patterned and heated limestone floors, Gaggenau and Miele appliances and banquette seating. There are large doors from the kitchen to the deck and patio.

The Victorian flavour includes a red brick façade and a steeply pitched roofline. There are hardwood floors throughout the house and ten-foot ceilings in the living and dining rooms.

The property also has an unfinished basement and laneway parking.

The agent’s take

“The kitchen was pretty spectacular, and they had a lot of original details restored,” said Ms. Lewis.

“It had some original ceiling medallions, stained glass and a bunch of transoms over the doors in the bedroom, which are beautiful, so it had that Victorian charm we don’t usually see … in the east end.”

For the original article please click here: The Globe and Mail