MY TORONTO

With the pandemic still on-going, many of us are turning to home improvement to while away the days. Here are some signs of why it may be time to turn your focus to a kitchen makeover! by Nicola Hughes For most people, the kitchen is one of the rooms in their home that they spend most of their time in. From cooking and enjoying food, to spending time as a family, the kitchen can have multiple uses and provide the perfect space for a range of activities. However, as we use our kitchens so much, they are often one of the rooms in your house that needs a refresh more frequently.  While many people consider revamping their kitchen space to be a time-consuming and expensive project, making the necessary changes doesn't have to be as stressful as you might think. So, if you have recently moved into a new property and want to put your own stamp on the place, or you have lived in your current home for some time, then here are 5 signs that it’s time to give your kitchen a much-needed makeov...

  A garbage disposal can be a great addition to your kitchen. If it is not taken care of correctly, though, the blades can dull or rust over time, and the overall effectiveness of the disposal will drop significantly. With proper care and maintenance, you can add years to the effective life of your garbage disposal. Perhaps more importantly, the care that you put into your disposal now will pay off in the long term by helping to prevent costly repairs and the premature replacement of your disposal unit. PROPER GARBAGE DISPOSAL USE One of the best things that you can do for your garbage disposal is to learn how to use it properly. This may seem like a no-brainer as most garbage disposals simply require you to put your scraps in and flip a switch; in reality, though, there is a bit more to it than that. If you are sending the wrong items down your disposal you can dull the blades, clog it, or even damage your unit, which can lead to costly repairs. Ideally, you should use your ...

SHAWN Spring Forward on March 14th This weekend, adjust your clocks forward by one hour. Most people find it convenient to change their clocks before they go to bed on Saturday night.   SHAWN VENASSE, Sales Representative The Elli Davis Team - Royal LePage Real Estate Services Ltd. (Brokerage) ...

For generations, people have begun their homeowner experience with a "starter" home.  Part of the  logic may be that by beginning with a smaller home, they can learn what it takes to run the home and discover some of the unexpected costs that come along with it.   A slightly longer view into the future could suggest a different strategy. As of March 4, 2021, the average 30-year mortgage rate according to Freddie Mac was 3.02%; up .37% from the week of January 7th this year.    At the same time, in 2020, the rate was 3.29% and in 2019, it was 4.41%.   That is a difference of 28 and 139 basis points. The principal and interest payment on a $300,000 mortgage would have been $236 higher two-years ago and $44 more one-year ago.   Today's low mortgage rates are saving buyers lots of interest especially when you factor in the median tenure for sellers is approximately ten years.   Even though prices have increased over the last two years, some people...

One of the silver linings to filing your income tax return is finding out that you are going to receive a refund that could literally open the door to owning a home.   If you happen to be one of these fortunate taxpayers, your next decision is what to do with it.   With the average tax refund near $3,000, it could be the ticket to buying a home sooner rather than later.   Regardless of the size of your refund, it can be used toward the down payment or closing costs of the home. Most people think it takes 10% or more down payment to purchase a home, but actually, it is much less because of several low down payment mortgages .   There are VA and USDA mortgages that allow for no down payment for qualified buyers.   FHA has a 3.5% down payment program and FNMA and Freddie Mac have 3% down payment mortgages for qualified creditors as well as 5% down programs. Closing costs for originating new mortgages can easily range from two to three percent of the purchase ...

  Pets play a large part in many families. While these fuzzy ( and sometimes not-so-fuzzy ) friends can bring a lot of fun and companionship, keeping pets happy and healthy can take a lot of work as well. One way to keep this under control is to improve the overall pet-friendliness of your home. Much like babyproofing before bringing home a new child helps to prevent accidents and other problems, putting in some time to make your home more pet-friendly now will save a lot of headaches and other issues down the line. Pet-Friendly Homes There are a few different concerns you should consider when trying to come up with ways to make your home more pet-friendly. Think about whether there are any areas of the home that your pet might get hurt or sick if they get into. Do you have a pet that is likely to chew on things? Stop to consider what those things it chews on are made of. Take an inventory of all the things that you do not want your pet to damage or break; how many of them cann...

  Your Monthly Maintenance Minute It is important to regularly inspect your washing machine water supply hoses for leaks. One of the top reasons for insurance claims is water damage caused by leaky washing machine supply lines. Inspect washing machine water supply lines at least annually and replace them every three years if they are plastic. If you notice that the metal ends of your water supply lines are discoloured or rusty, replace them immediately. Faulty washing machine drain hoses are as important as water supply lines when it comes to keeping water off of your floor and in your drain where it belongs. As with supply lines, regularly inspect the ends of your washing machine drain lines for discoloration or rust, and replace them immediately if you find leaking evidence. Additionally, check the drain lines' snugness by using a crescent wrench or a pair of pliers. You should not be able to tighten the line any further if the line is properly tightened. Plastic lines should be ...

  CMHC EATS CROW… OR DO THEY? Posted on  Sun 28 Feb 2021 by  SHAWN VENASSE - Sales Representative (Royal LePage Real Estate Services Ltd., Brokerage) Considering that an institution empowered and supported at arm’s length by the Government of Canada and tasked with the job of research, education, information dissemination, fiscal stimulus, and distribution of mortgage insurance vehicles to the housing industry ( among other things ) could get everything about the impact of Covid-19’s impact on the Canadian real estate market ( and the economy at large ), so completely wrong is a mystery. And it remains a mystery after the release of their newest research paper entitled: “ Housing Market Information – HOUSING MARKET INSIGHT: Canada’s Major Markets ,” which was released last week, 25th February 2021.  With only the subtlest hint at their botched research and conclusions as follows from the preview to the report: “At the time these forecasts were made, extreme uncertain...

Sometimes, as people approach the inevitable, they start trying to get their things "in order".   They may even have a will, but they decide to transfer title to real estate prior to their death which could be an unnecessary expense for the would-be heir. Generally, when property is passed through direction of a will, the heir will receive a stepped-up basis which means that the fair market value of the property at the time of death becomes the cost basis for the heir.   If the property were sold for that fair market value, there would be no gain and no capital gains tax due. However, if the property is gifted prior to death of the donor, along with the title to the property comes the cost basis of the property.   The transfer of title does not trigger the capital gains tax but when the property is sold, the gain is calculated by subtracting the basis from the sales price leaving a capital gain subject to tax.   In other words, the person receiving the gift does ...