MY TORONTO

Most homeowners have insurance on their home that additionally, gives them coverage on their personal property.   That is the first level of peace of mind to know that it is available to you if there is an unfortunate need for it from a burglary, fire, or some other insured circumstance. Personal property is handled slightly different than real property.   The claims adjustor could start by asking you for a list of the things lost.   You are allowed to reconstruct it but there is a distinct possibility that you'll forget things, sometimes for months or years after the claim was settled. An interesting exercise would be for you to visualize two rooms, possibly, the kitchen and main living area.   Without being in the room, create a list of all the personal items in plain sight and those in the closets and cabinets.   When you're through with the list, go into each room to check to see what kind of things were not on your list and what the value of those items...

Some homeowners feel like they may as well throw a dart against the wall to decide whether to move or not.   Other people might invoke a process attributed to Benjamin Franklin.   Supposedly, to evaluate the options and bring clarity to the choice, this American founding father would list all the reasons for and against the decision on a sheet of paper.   After reducing it to writing, the choice would appear either by obvious majority or practicality. Buying a home is an emotional decision but selling a home can be also.   Separating the rationale from the emotion can make decisions seem obvious but they may still not be crystal clear. There is an inventory shortage that caused prices to rise and market time to shorten.   In many active markets there is less than 30-days' supply of homes for sale which is half of what was available a year ago.   This will make it easier to sell and maximize the proceeds from your current home. 69% of economists who pa...

In cooking, "mise en place" describes having all your ingredients measured, cut, peeled, sliced, grated, as well as bowls, utensils and pans ready to use before you begin cooking.   The advantage is to inventory the ingredients and recognize if you have everything you need.   You are less likely to leave out an ingredient or step because it is "set up" and ready to use. The same technique works well in the homebuying process, especially in today's highly competitive environment where multiple offers are normal and bidding wars are commonplace. Check your credit ... not only does credit determine if you will get a mortgage, but it will also determine the interest rate you'll pay.   The best rates are for the borrowers with the best credit; lower credit scores mean higher rates because of additional risk to the lender.   Free copies are available from all three major credit bureaus at www.AnnualCreditReport.com . Determine your budget ... knowing your ...

  M  O  O  R  E    P  A  R  K    R  A  V  I  N  E Moore Park, North Rosedale and Bennington Heights all share the distinction of being situated in one of Toronto's most spectacular natural phenomenon - Moore Park Ravine! This stunning and verdant slice of nature bisects a vast swath of Toronto incorporating David Balfour Park, The Beltline, Chorley Park, Evergreen Brickworks, and Riverdale Park well as points far east and northwest. Map of Moore Park Ravine and adjacent parks/ravines in Toronto. There are places in this forested wonderland that make it hard to believe one is in the very heart of a bustling City of 6-million plus people. And, it is for reasons like Moore Park Ravine that this City is as unique as it truly is. Fortunately, this parkland is open to the whole public and not just the extraordinarily wealthy who live beside it. If you have not already discovered it, it is a must-do on your li...

With mortgage rates below 4% since May 2019, you would think that most people would have already refinanced but according to a recent Lending Tree survey, 49% of homeowners say they are considering a mortgage refinance in the next year.  The report estimated that over a third of homeowners are have mortgages above 4% and 11% didn't know what their rate was. Slightly more than a third of the people surveyed regretted missing the opportunity to refinance in 2020 when rates did hit their historical low.   Homeowners should not beat themselves up on this issue because the only way to know to tell that it hit bottom is after it has started going up again.   The current rates are very favorable to borrowers and some economists believe that when inflation is factored in, the rates are close to zero effectively. While there are nine specific reasons people choose to refinance their homes, two are among the most prevalent: to lower the payment or take cash out of the equit...

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SHAWN Wishing a special day to all mothers and those who love, nurture, and make us feel safe. SHAWN VENASSE, Sales Representative The Elli Davis Team - Sothebys International Realty Canada, Brokerage 1867 Yonge Street Suite #100 Toronto, ON M4S 1Y5 (416) 670-7042 svenasse@sothebysrealty.ca https://sothebysrealty.ca/en/real-estate-agent/shawn-venasse/ BetterHomeowners.com/SHAWNVENASSE I KNOW TORONTO!     ...

With at least 40% less homes on the market currently than there were a year ago, serious buyers have probably experienced the disappointment of losing a home they wanted to buy from increased competition.   Today's buyers are looking for ways to improve their odds of being the best contract without having to use the purchase price as their only tool. Buyers should reconsider, rethink, and re-evaluate their "must have" features and amenities.   It is probably unrealistic in a normal market to think you can have the perfect home at the price you want but in today's market it is less possible.   List the things you must have and the things you would like to have and prioritize them.   Try to identify the critical from the convenient. The next step is to put together your "home" team.   You are the captain of this process, but it is essential to have a strong first officer and that is your real estate agent.   This professional will oversee the process, adv...

"How long do I have to keep this stuff?" is the usual question you ask yourself when feeling that you are running out of room for all this "paper" that may never be needed.   The paper receipt you get from your fast-food lunch may go directly into the trash.   The prudent consumer may keep it to reconcile it with their monthly statement and then, trash it.   The natural hierarchy with receipts and documents associated with purchases is that as the price or value goes up, the more important it is to keep them.   The question becomes "but for how long?" The following table will give you an indication on how long certain documents related to your home need to be kept according to best practices of tax professionals.   IRS recommends that records are kept for three years from the date the taxpayer files their original return or two years from the date the tax was paid, whichever is later.   There is no time limit in the case of fraud or failure to file a t...

There is a little-known provision in the tax code that allows homeowners to rent their principal  residence or second home for up to 14 days a year without having to recognize the income.   In this situation, the taxpayer does not deduct the rental expenses associated with the income. There is no restriction on how much you earn.   If your first or second home is in a desirable area where people are looking for short-term rentals, it could provide a windfall to the homeowner. In cities where any big sports championships are played, there could be a market for a temporary rental of a home.   Events like PGA tournaments, college basketball tournaments, Bowl games, NFL playoffs and others can create a demand for this type of rental. For instance, there are people in Augusta, Georgia who rent their homes during the Master's Golf Tournament each year.   There are not a lot of hotel rooms in the area relative to the number of people who usually attend in non-pan...