The idea of unplugging is to take time away from all electronics and other technologies. The goal is to disconnect from social media, game apps and any other distractions. It is not just about turning off your phone or TV, but instead about making the conscious decision to be more mindful during screen time.
3 steps to unplug from technology and live a more mindful life.
Reduce Tech 10% of the time.
If you suddenly stop using technology, you might be shocked at how much you actually miss it. First, you should track how much time you spend on technology (social media, texting, work email, games, etc). Afterwards, try to reduce your consumption by 10%. Take notes on how you feel... maybe try to reduce by another 10%
Turn off Phone Notifications
It's hard to ignore emails and social media alerts. You may think your employer emailed you or someone has commented on your facebook status. These distractions suck your energy and focus. Find healthy activities to fill up the time you'll be freeing up without technological distractions.
Technology Free-Zones
Choose a location for you and your family to congregate or relax after a long day. In shared spaces, establish digital-free zones. For example, the dining room or kitchen should be devoid of telephones, televisions and any other technology gadgets. Maintaining accountability is, in fact, the most challenging component of the process.
Think you don’t need a home inspection when purchasing a new build? Think again! Here are four reasons you need a home inspection—even if it’s a new build.
During the final walk-through with the buyers, their REALTOR® and the builder, any last-minute details—like paint touch-ups—can be fixed before you get the keys. According to the Canadian Home Builders’ Association (CHBA), many new homes and condos built by licensed builders carry a third-party home warranty—they’re mandatory in Quebec, Ontario, Alberta, and British Columbia, but in other provinces, individual builders can decide whether to offer one or not. CHBA members are required to offer a warranty.
Generally, this warranty protects the buyer against any material or workmanship defects, but only if they’re found before the coverage expires—usually between one and five years. Often, making a warranty claim after you’ve moved in and having crews coming to your property to deal with problems can be time-consuming, inconvenient, and stressful.
Unlike during a walk-through, a professional home inspector goes through your new property from top to bottom before the final walk-through and provides a written report detailing any problems that may have been overlooked by tradespeople.
Just because a house is new doesn’t mean it’s perfect, says Pascal Cabana, a building expert and technical supervisor at Legault-Dubois in La Prairie, Quebec. The company offers home inspections and other services including air quality testing and lab analysis.
“There can be a mouldy attic, an improperly installed window, or a creaking floor,” explains Cabana. “It’s much easier to have these problems rectified by your contractor before taking possession of the building than having to resort to the warranty.”
Having a home inspection report in hand during the pre-delivery walkthrough also helps ensure all issues are dealt with, says Cabana.
“The client and the contractor write down the elements to be corrected or completed and enter due dates for the work, which shouldn’t exceed six months. Only once everything is in line with the client’s expectations do they agree to take possession of the house, and here’s where the services of a home inspector are very valuable,” he explains. That’s because when the buyer already has a list of things that need attention, the information can be clearly related to the contractor during the final walkthrough.
“The inspector’s expertise allows buyers of new homes who do not know the building to benefit from an impartial, professional opinion on the state of the work,” adds Cabana.
While most builders deliver high-quality work, mistakes can happen.
“During our inspections of new homes, the most frequent problem encountered is everything related to flashings: balconies, doors, and windows junctions. These are points prone to water infiltration,” Cabana explains.
Cabana has also seen issues with landfilling that doesn’t leave adequate clearance between the ground and the bottom of the exterior wall, indoor garages that leak, and new condos that are not airtight, which can lead to humidity and condensation problems. Provinces have different established inspection checklists for new condos or homes, notes Cabana.
“Through this list, the building inspector will inspect the foundation, the exterior cladding, the roof, the doors, and the windows to verify the quality of the installation,” he explains. “They’ll inspect the stairs, terraces and balconies, the chimney, and the exhaust ducts. Inside, they’ll focus on interior finishes, lighting, ventilation and heating systems, plumbing, and so on.”
Buyers may assume if their property is covered under a residential construction warranty, they don’t have to worry if something goes wrong once they move in. However, it’s always easier for the buyer and the contractor to carry out corrective work while the workers are still on site, advises Cabana.
“Otherwise, the contractor must withdraw part of their team from another site to return and rectify the situation, which leads to additional expenses and delays on the contractor’s other sites,” he says. “This can cause resentment and insecurity for the owners plus friction and inconvenience for everyone.”
Expect to pay $550 or more for a condo unit inspection, and more than $800 for a new home. A home inspection can give buyers something priceless: peace of mind. Your REALTOR® can help guide you through the entire new construction process and be a valuable resource.
Renovating a home can be stressful: dust, debris and disruption can be dangerous and throw your children’s routines out of whack. However, with careful planning, you can take steps to ensure your family’s remodel goes off without a hitch. Read our blueprint below for a happier, safer reno with kids in tow.
The No. 1 priority during any home renovation is the safety of your children. Take precautions to protect your kids from dust, sharp or dangerous tools and toxic products like varnish and paint. Try hiring a family-friendly contractor who has experience working on projects with kids present and ask them to pack away dangerous tools so they're out of reach.
They can also help erect barriers around the work area, such as plastic drop cloths or zip walls, to keep dust from spreading. If possible, put up child-friendly gates around the work area or semi-permanent walls to keep the work zone separate from the living zone.
Keep in mind even the most considerate contractor isn't a babysitter and can't keep an eye on your children for you or pick up after themselves at every second. Make sure you remind your kids which areas of the house are off-limits and be extra vigilant. Lastly, introduce your kids to the renovation team so they don't feel like there are strangers in the house.
Photo by Jose Soriano on Unsplash
The bigger the renovation, the bigger the stress. Choose one room to renovate at a time and you'll save yourself a lot of grief during the process. The kitchen and bathroom are “priority” rooms, in the sense they're harder to live without and will likely make family life easier once complete.
With any home renovation, it's important to expect the unexpected. Assume it will take a lot longer than you anticipated. Laundry still needs to be done and beds still need to be made. DIY projects will inevitably drag on, as one partner may have to do more of the work on one day while the other keeps the kids engaged. The point is to be flexible, adapt and proceed as efficiently as you can.
Since renovation timelines are unpredictable, you'll want to make your living situation as sustainable as possible. That might mean creating a temporary kitchen in the living room or basement (complete with mini fridge, hot plate, kettle, microwave and dishes/utensils) or even kitting out your backyard with an outdoor shower. Adults may be able to go without bathing for a few days or eat out at restaurants for every meal but this simply isn't realistic for children. Find comfortable, interim solutions until you can get your living situation back to normal.
Construction sites aren't playgrounds for children but getting your kids involved in the renovation process is a great opportunity for family bonding. It can be an excellent learning experience, too. Older kids can help out more than younger ones, but things like wiping surfaces or windows, using the tape measure, sweeping (with a small broom) and sanding with sandpaper are a few kid-friendly tasks you can assign. Planting a garden? Let your kids get their hands dirty. They'll get to experience the satisfaction of watching their crops grow firsthand.
Ask for their advice and let them weigh in on things like choosing between paint colours, tiles and backsplashes. Have fun with it. You can even make them a badge and dub them “design expert”!
Photo by Luis Quintero on Unsplash
Construction time is the perfect time to spend a day together as a family. Cope with the destruction at home by planning outings away from the chaos. (And no, a trip to the hardware store does not count as quality time.) Pack a picnic and head off to the beach, park or playground for some well-deserved downtime. If you can get away for a weekend, even better. Your sanity will thank you.
Photo by Priscilla Du Preez on Unsplash
Downtime goes for parents, too. Taking time to decompress, eat right, exercise and see friends will contribute to a happier household—and a happier renovation project overall.
With the right planning, a home renovation with kids can be an exciting and rewarding experience. Once the chaos of the remodel is over, you'll have a wonderful space for your family to enjoy, making the weeks or months of mess and stress worth it.
You may think all the time and effort you have put into your home before listing it, even what you paid for it previously, makes it worth a certain price. Even an appraiser may come in before you list and say it’s worth close to a price you like. But at the end of the day, it is only worth what a buyer is willing to pay for it. They may think your upgrades don’t match up with the asking price. It may be that the home does need renovations and the asking price is too much to justify buying it and immediately pouring more money into it. A buyer would rather purchase a home at $125k, put $25k into it, and have it be worth $180k instead of buying a home at $180k that needs the same work of the $125k home.
It’s normal to think or hope that you’ll get back every penny spent on a home renovation. Unfortunately, in most cases you really only receive back a percentage of what you spent (or sometimes no hike in value at all). Different home improvements generally offer different returns, and that amount can vary depending on the area that you live in. Other factors include quality of craftsmanship and the personal taste of buyers.
No house is ever going to be perfect, especially with a dog in the summer, but it is important to make an effort to keep your home as clean as possible during listing photos and showings. You want potential buyers to remember what they love about the home after they leave, not talking about how much of a mess your home was instead.
We all know what they say about first impressions. It’s hard for someone to change their mind after a bad first impression. Take a look at the front of your home. As a stranger, would you buy it? Just in case you’re biased, look next door. What about your neighbor’s home? Would you buy theirs? If no, imagine if they made it more presentable. Then would you buy it? Yes? Remove the kids’ toys from the front yard. Hide the trash cans and recycling bin. Mow the lawn and trim the bushes, especially before your professional pictures are taken! But continue to maintain the lawn for showings, and for the chance that someone might just drive by and notice the for sale sign in your yard. If you have shutters, make sure they’re all still attached and if needed, slap a fresh coat of paint on them. And don’t forget to pressure wash!
Just because we love our furry friends, doesn’t mean that everyone does. It’s hard to erase every piece of evidence that they exist in your home. No matter how many times you vacuum, there will be pet hair that you miss. Just make an effort. And if you can, hide their bedding and food bowls. Pet odor is extremely hard to hide, especially if you have a puppy learning how to be potty trained or a senile dog with a bladder problem. It might be worth your while to replace your flooring, or offer a flooring allowance in the deal. For now, stick a few air wicks in each room.
Get rid of those dark colors and bright purple accent walls now! That will stick out like a sore thumb in your listing photos before a potential buyer even schedules a showing of your home. The first thought going through their mind is, “How many coats of paint is it going to take to cover up that hideous color?!” Neutral is in. Neutral is always in. As for decor, minimal is best. Go ahead and pack any extra decor that is unnecessary while you’re trying to sell.
If you can’t afford to update the whole house, don’t. Trying to cover everything will result in cheap updates that the potential buyer will most likely want to have redone. If nothing else, as stated above, at least paint. A fresh coat of paint in the whole house, as long it’s a natural color, is never wasted money.
Seriously. Everything is negotiable. While the refrigerator seems to be the biggest thing that buyers want or sellers note that it can convey with an acceptable offer, many other items have been negotiated. Blinds, curtain rods, curtains, furniture, even tractors. However, it is very important to make sure negotiations are done right and documented correctly in the contract.
Because we’re in a seller’s market, it is the perfect time for you to list your home if you’ve been considering it. Homes can barely be put on the market before there is a contract put on them. This being said, time is of the essence for buyers. If you fall in love with a house, you need to put an offer in now, and a good one at that. There’s no time to waste going home and talking about it or sleeping on it. That home might not still be on the market tomorrow.
Why does location matter so much? For starters, you can’t move a home — at least not easily or inexpensively. When you buy a home in a good location, it’s usually a solid long-term investment. It’s often wise to buy the worst house — a property that could use some TLC — on the best block. Why? Because fixing up a home in a great neighborhood will give you the best return on your investment. Quite simply, it will be easier to sell later on. Conversely, you can buy a beautiful home that doesn’t need any work. But if the block is sketchy or just plain bad, you could have a hard time selling the property at a decent price.
Like previously said, it’s hard to please everyone. Even though you just spent $30,000 on an upgraded kitchen and $10,000 on a remodeled master bathroom, a buyer may be groaning because they’re not looking forward to having the carpets ripped up and hardwoods laid. Or, they just might not like the choices you made during the renovation process. One fail-safe move you can make is to allow a flooring allowance or paint allowance, therefore you’re not wasting the money while getting the home ready to sell and they can pick out the details they like.
Even if you’re in a hurry to sell and price isn’t your main concern, you still need a baseline to start marketing your home. One thing’s for certain: Pricing is one of the biggest decisions in the selling process. Set too high a price and you run the risk of turning off potential buyers. It also means your house will not compare favorably with other similarly priced homes. Even worse, buyers may not even see your listing when they search online since they will be using lower price points.
Written and posted by: DECORMAG
Because no wall in your home should be left as a blank canvas, we’re looking at trending interior paint colors for 2019 to get you inspired before the summer season is over and we go full-throttle into fall. From which paint colors will work best in which rooms throughout your home to paint color ideas for accent walls to create conversation-starting visual interest in any room, take in the 10 best paint color ideas to try for the year ahead and beyond.
And we bet you’ll be surprised at some of the latest paint colors to make Pantone’s yearly forecast and how easily you can introduce them into your home as sometimes all it takes is a fresh coat of paint to reenergize a room. To make it easier for you, we surveyed Décor Aid interior designers for their takes on the latest paint colors to give a go.
Warm and inviting creamy shades of hazelnut paint colors are sure to never go out of style nor ever clash with existing furnishings as it makes for one comforting go-to of a hue.
For hazelnut paint color ideas in your home, take a quick survey from room to room and consider which spaces need to be brightened up and catch more light as varying shades of hazelnut are great for bouncing light off to make a room appear larger than it is.
Though dove gray is one of the most classic paint colors when looking for modern alternatives to stark neutral paint color ideas, there’s something a tad moodier about 2019’s lilac undertone injected options.
For one, the addition of lilac works to make gray hues warmer, more gender neutral and cheery. And as some of our designers favorite home interior colors revolve around varying shades of gray, an option boasting lilac tones makes for a refreshing alternative that also happens to be subtle enough to not tire of it easy. We recently made a strong case for the hue on an interior design project in Brooklyn that came alive with a warm, minimal feel.
Officially called ‘night watch’ and one of Pantone’s top 2019 paint colors, the hue is basically a new take on rich hunter green that hasn’t looked so viable since its last time in the interior design spotlight in the 90’s.
From muted to moody, this deep green color trend can work to emulate the feeling of lush botanicals and the healing power of nature in your home while setting the tone with a strong foundational hue.
For hunter and bottle green paint color ideas, our interior designers suggest that this trend should be reserved for well-lit, large rooms as its intensity can overpower small spaces and make them look darker. And as always, when considering bringing in the latest paint colors in your home, think about what works with your lifestyle, taste, and design direction as no paint color trend is worth sacrificing your own personal aesthetic.
Pastel derivatives in chalky, muted tones, have a soothing appeal that brings with them an understated vibe that’s perfect for gender neutral rooms and common areas like kitchens and bathrooms as they’ll do double duty and conceal everyday scuff marks and nicks. Plus, muted pastels make for a warm backdrop for minimalist design.
We love how the kitchen featured above combines the latest paint colors and a dramatic marble backsplash in complimentary tones that are sure to make it more memorable than a standard black and white kitchen.
Go for similar muted pastel paint colors if you’re looking for the unexpected without having to commit to a bold color trend or the latest paint colors being touted as an ‘it’ hue as you’ll tire of it in the long run, and run the risk of having similar paint colors as your friends and neighbors.
Evoke the spirit of Miami with zesty hues. For those with wanderlust and an earthy spirit, soft clay paint colors are great alternatives to beiges and browns as they’ll lend any room a certain sunny zest and casual elegance. Think terra cotta, caramel, clove, and burnt orange home interior colors that have more personality than any neutral ever could.
For this interior design trend, we suggest going for the latest paint colors that boast unusual takes on clay tones to make any room a feature in your home or go for an accent wall or backsplash and see how effectively the hue can elevate a room and your mood with ease.
For the traditionalist with a casual approach to interior design, charcoal blue, ice blue, gray-blue, and a very pale powder blue are great options when looking for paint colors that are far from every day yet subtle enough to not take over a room.
With an endless amount of alternative blue paint color ideas available, there’s no limit to the number of routes you can go with this exacting tone. Just be sure that any blue home interior colors you go for remain soothing and spare to avoid a heavy-handed hue that will make a room feel smaller, darker, and stuck in an 80’s nautical time warp. In general, when going for hues known to leave a strong initial impact, tone it down with a more muted, and subtle color palette to get the longest run from your selection.
For those looking for a pop of color and an alternative to gold, deep mustard is great for instantly creating rich focal accents and make for smart paint colors for accent walls and even trim.
Do go for muted and moody mustard home interior colors to create provocative depth, and to highlight décor and art brilliantly as sometimes the best paint color ideas are applied in small doses.
A non-color of sorts, mist home interior colors may come from a blend of muted pastel blue and green with a gray and lilac undertone, but it’s far from an easter egg hue.
Instead, think of this color trend as a blank canvas for décor of all colors and styles as its a much more interesting starting point than standard beiges and whites, plus, like muted pastels, a misty hue will work to cover up blemishes with ease.
An update to the popular 70’s era mousy browns and rust paint colors, mushroom looks fresh again thanks to a newfound appreciation for everything natural yet moody.
One of our favorite fashion and paint colors for 2019, shades of mushroom are also gender neutral, timeless in appeal, and unique enough to have guests taking note for their own homes. Plus, it looks great with natural furnishings and finishes as seen in the room above.
The perfect gray-beige and a rich alternative to all white walls, pewter pain colors provide an almost blank canvas that’s anything but bland.
Though it should have been a standard before it was shortlisted as one of the best paint colors for 2019, this is one color trend not to be underestimated. In fact, our interior designers suggest taking pewter paint color ideas throughout your home rather than just one room as its one shade that works with everything, everywhere.
Images via Pinterest
Apr 06, 2018 / INFOCUS
As CREW has discovered this week, thousands of Canadians are heading down to Florida each year in search of properties to either rent or buy. Data show that over 500,000 Canadians own homes in Florida – that’s approximately 1 in every 72 people - and Canadians accounted for 37.0% of all foreign purchased real estate in Florida. In fact, Canadians purchased $7.03BN of real estate in Florida between April 2016 and March 2017, which represents an increase of 227% against $3.09BN invested in 2015-2016.
In order to improve the property purchasing process for Canadians, Global Real Estate Services launched the Orlando Agency, a specialist company to help out-of-state and foreign nationals in the buying and selling of investment properties for short-term or long-term rental.
“We were created to help the property investors navigating a foreign purchase,” says Garry Walmsley, Senior Global Real Estate Advisor at The Orlando Agency, “We think that Canadians buying in Florida need a full-service option and that they will be much more comfortable working with a company like us who understands the local market and all of its nuances.”
Operating solely in Central Florida, The Orlando Agency as an independent brokerage is able to provide an unbiased overview of the market, combined with a white-glove service and representation, all while enhancing existing strong relationships with the areas local developers and management companies.
The company has also invested a lot of time in understanding Canadians and how they like to do business. Hundreds of thousands of Canadians have bought properties in Florida and for Walmsley it’s important to understand the nuances of Canadian culture.
“We are engaged in Canadian culture, understand how Canadian investors think and also have Canadian nationals within our Orlando based team,” Walmsley says. “We are transparent in how we do business and we attempt to fully educate everyone who is contemplating a purchase.”
Creating long-term relationships is at the core of how Walmsley runs his business. He’s not interested in doing one or two deals with an investor, he wants that partnership to run and run. “That means we have a customer-centric approach, everything is not about us,” he says. “We want people to fully understand what they’re getting into before they finalize a deal.”
TORONTO - When Vanessa Witkowski and her husband were tasked with selling his grandmother's home, they both knew they didn't want to do it the traditional way.
What they wanted was to have a more transparent process and to avoid wasting time “playing games” with potential buyers.
So, they decided to put the house up for auction.
“We really didn't like the traditional process. My husband and I would rather see the home sell to someone that truly loves it and values it, and not just have someone lose out on the bid because of any undisclosed information,” said 47-year-old Witkowski.
“It just seemed very stressful, and in certain situations, unfair.”
The east Toronto home will be posted next month with a reserve price of $675,000 through On The Block, a Toronto-based brokerage that specializes in online real estate auctions.
Currently, in the majority of real estate transactions, interested buyers are asked to submit a bid through a blind offer process not knowing if there are other bids, or what those bids contain.
Through this method in a hot housing market, buyers often can blindly offer more than what they initially planned on spending in hopes of beating their competitor, and sellers often come out on top.
Although Witkowski wants the home to be sold for a fair price, she wanted to ensure all those interested can make serious, informed offers, so she chose to have the house sold in an open, online auction.
In Ontario, realtors are permitted to share the price of a competing offer with another buyer, but only if all parties involved agree to the auction process. Although allowed, the practice is rare, especially in a market where demand still outstrips supply.
The Ontario Real Estate Association, the industry group which represents more than 70,000 realtors, is taking it one step further.
Earlier this month, it asked the province to revamp the Real Estate and Business Brokers Act to allow agents to not only be able to disclose offer price, but additional details such as closing dates and any other conditions to potential bidders if multiple offers are on the table.
Although it won't be mandated, this option would be available if both the buyers and seller involved agree.
OREA chief executive Tim Hudak says there is growing demand for more transparent transactions, something that is already offered in some U.S. states and in Australia, where open auction wars can often erupt in the front yards of properties.
“We believe that people should be offered a choice,” he said. “There are some consumers who want everything on the table, to be open and transparent and there are some homeowners who believe they will get the most money or the best deal through this method.”
Hudak says that, like in Australia, a more open process in a multiple-bid situation may result in “a bit of auction fever” and could drive up housing prices.
Murtaza Haider, an associate professor at the Ted Rogers School of Management at Ryerson University, said the real estate industry is long overdue for another option from the current “ignorance-based bidding” process.
“This will be a very important step to prevent price escalation and inflation at times when prices are out of step with incomes or increase beyond what one would expect them to rise given the level of demand,” said Haider, whose research includes housing markets.
He said a more open offer process can lead to more informed buyers, but can also benefit sellers in a softer market by bringing in more househunters who shy away from bidding wars.
The Witkowski's realtor, Daniel Steinfeld, CEO of On The Block, said his company has sold about half a dozen properties in the Greater Toronto Area through the open auction process since launching last year. He likened the process to the website, eBay, but for real estate.
He said most of his clients choose the auction route because they've been burned in the past as buyers shun the blind bidding process.
“Up until this point, and frankly still, most people feel that there's only one way to do it,” said Steinfeld. “That has led to some uncertainty and frustrations people have been having (about the real estate market).”
Toronto Real Estate Board president Garry Bhaura said the proposal raises some issues over privacy, but that ultimately, having more choice is beneficial to the consumer.
“Some would welcome this option, and others would opt for the status quo,” he said in an email. “Ultimately, the choice will be, and should be, the consumer's.”
The province said it is still reviewing the recommendations put forward by OREA.
No provinces currently allow for details other than price to be revealed between buyers during the bidding process, but a spokeswoman for the Quebec Federation of Real Estate Boards says it is also looking at these rules and should have a recommendation within the next few weeks.
By Linda Fennessy / 06 Sep 2018
If you’re seeking to sell your home in the near future, updating your kitchen can increase the value of your home and attract buyers. But it can seem nearly impossible to design a kitchen for someone whom you’ve never even met.
It can be difficult to know what kitchen style will appeal to the largest number of potential buyers, We have 5 design tips for you to use when remodeling your kitchen for resale.
1. Keep it simple
When designing a kitchen for someone else’s taste, keeping the overall scheme simple is the way to go. Don’t stress your budget with additional, over-the-top accessories or storage solutions. Expensive crown molding or drawer knobs can be easily customized once the home is purchased and are usually not a major selling point. The same advice goes for cabinet door styles and drawer sizes. Stick with Vintage and Plain style cabinets and standard size drawers. A simple design will not only appeal to the masses, but also leave decorating accents to the homeowner’s imagination.
2. Use a neutral palate
There’s good reason neutral beiges, browns and whites are the most popular kitchen colors—they truly stand the test of time. Antique White Cabinets with a Walnut Glaze pair well with just about any countertop color and can give even the smallest kitchens an open, inviting look. Classic colors are always a better choice over the more trendy design options, because they will appeal to buyers of all ages.
3. Think about function
While they might be attracted to your kitchen, it’s the kitchen’s function that can really sell your home. Style can be changed or updated over time, but the buyer wants to make sure that this is a space she can see herself spending time in for a long time. If you have the space, add an island or breakfast nook, and speak to your craftsman about work triangles to help make your kitchen more functional.
4. Consider Laminate or Solid Surface Countertops
Depending upon the material, countertops can be the largest expense in your kitchen update. Laminate and Solid surface countertops are much more affordable option to stone countertops and come in hundreds of colors that imitate the unique designs in stone countertops.
5. Reface with Maintenance Free Cabinets
“Because cabinets take up 80% of the visible space in your kitchen, updating your cabinets can make a huge difference”, says Jill Moskowitz, Kitchen Design Consultant at Kitchen Magic. But installing all-new custom wooden cabinetry can be a time consuming and expensive project.
Additionally, a maintenance-free cabinet door material is just as beautiful as wood, more durable and less expensive than traditional wood cabinet doors. Refacing your existing cabinets will make a dramatic transformation, and get your kitchen ready for resale in days, rather than weeks.”
By Ephraim Vecina / 05 Dec 2018
Would-be investors who remain wary of the Canadian real estate market’s price growth should take a measure of comfort in the results of a new study conducted by Chartered Professional Accountants of Canada (CPA Canada).
The research found that the market’s fundamentals have robustness as their main feature, precluding any U.S.-style meltdown in the near future.
“Beyond prices and debt levels, Canada shares far fewer similarities with the U.S. than you might think. This becomes very apparent when you look at just one measure: credit quality,” CPA Canada chief economist Francis Fong stated.
Fong emphasized that seeing the U.S. crisis as a reference point for the possibility of a Canadian collapse would be futile due to the pre-eminence of different factors in the two markets.
The sheer volume of subprime mortgages issued to borrowers with low credit quality, who cannot afford to repay debt, is frequently cited as one of the leading causes of the U.S. breakdown.
In comparison, Canada’s share of high-credit-quality clients increased from 66% in 2002 to 88% in 2017, according to the CMHC. During the same time frame, the proportion of low-credit-quality borrowers fell from 17% to just 3%.
“The situation in Canada is likely not a bubble in imminent danger of deflation; in fact, housing prices may reflect the true value of living space in Canada and in some markets increased household debt may be the new price for real estate,” Fong explained.
“Our cities frequently are listed among the best places to live and work in the world and, compared to their peer cities abroad, they are not among the most expensive. We may simply be dealing with the law of supply and demand, so affordability could continue to be a challenge for the foreseeable future,” he added.
