Archives for Real Estate Information

 

What a difference a day makes!  An extra day in February saw 46 sales on that day (February 29th) as per the Ottawa Real Estate Board’s news release March 3rd.   See the full Ottawa Real Estate market snapshot for February and the full story from the Ottawa Real Estate Board below.

With spring around the corner, we’re starting to see more homes come on the market, if you’re thinking of selling now is a great time to get your home listed with a real estate professional.  While statistics are useful in establishing trends they should not be used as an indicator of an increase or decrease in value of specific properties. If you are curious about the value of your home and/or specific neighbourhood statistics we would be happy to provide you with a no cost no obligation market evaluation of your property.  Contact any one of our 23 offices or email us at info@teamrealty.ca

From the Ottawa Real Estate Board March 3rd, 2016

Extra day in leap year causes jump in sales for February

Members of the Ottawa Real Estate Board sold 911 residential properties in February through the Board’s Multiple Listing Service® system, compared with 850 in February 2015, an increase of 7.2 per cent. The five-year average for February sales is 908.

“Although the weather was very unpredictable this month, with many highs and lows and several winter storms, the Ottawa resale market only saw activity pick up,” says President of the Ottawa Real Estate Board, Shane Silva. “Residential and condo sales combined increased by 52.3 per cent since last month. However, we need to factor in the leap year, which added an extra day to the month of February, and 46 sales on that day.”

February’s sales included 199 in the condominium property class, and 712 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, townhouse, etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.

“In February, 2,312 homes were listed, up 26.6 per cent since January, and inventory on hand at the end of February rose by 10.7 per cent since January,” says Silva. “We’re starting to see more homes coming onto the market in preparation for the busy spring selling season. If you’re thinking of putting your home on the market, this is a great time to do so.”

The average sale price of a residential-class property sold in February in the Ottawa area was $384,632, an increase of 1.2 per cent over February 2015. The average sale price for a condominium-class property was $249,727, a decrease of 6.8 per cent over February 2015. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.

“The highest concentration of properties sold continues to be in the $300,000 to $400,000 price range, followed by the $200,000 to $300,000 range,” says Silva. “These price ranges continue to have the highest concentration of properties sold – residential and condo – while two-storey, bungalow, and one-level condos have the highest concentration of buyers. In addition to residential and condominium sales, OREB Members assisted clients with renting 414 properties since the beginning of the year.”

Feb 2016 Statistics Info Graphic-final

The post Real Estate Snapshot February 2016 appeared first on Team Realty.

Source: Blog

At Royal LePage Team Realty helping YOU is what we do and we couldn’t do that without a dedicated network of real estate professionals.  We would like to take this opportunity to congratulate our 2015 Award winners and thank them for their hard work and dedication.  We are so proud to work with those who consistently go above and beyond to ensure their clients are provided with excellent real estate service.

Looking forward to an awesome 2016!

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The post Congratulations to our Award Winners appeared first on Team Realty.

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Ottawa Real Estate “Market  Snapshot”  January 2016

 

 

January Stats 2016-infographic

 

Statistics  are useful in establishing trends but should not be used as an indicator of an increase or decrease in value of specific properties.  If you are curious about the value of your home and/or specific neighbourhood statistics we would be happy to provide you with information, no obligation, please contact us at info@teamrealty.ca if you have any questions.  We look forward to hearing from you! 

_________________________________________________________________________________________________________

*provided by the Ottawa Real Estate Board 

Members of the Ottawa Real Estate Board sold 601 residential properties in January through the Board’s Multiple Listing Service® system, compared with 626 in January 2015, a decrease of four per cent. The five-year average for January sales is 618.

“The market momentum gained from the warmer weather in the latter part of 2015 has eased off with the arrival of typical winter weather in January,” says President of the Ottawa Real Estate Board, Shane Silva. “We are seeing a drop in the number of residential and condo properties listed this January over the year before. However, the number of properties listed almost doubled the amount listed in December – a normal occurrence at the beginning of the year as people begin to plan for the year ahead.”

January’s sales included 129 in the condominium property class, and 472 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, townhouse, etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.

“Residential unit sales this month were down, while condominium unit sales were up, over last year,” says Silva. “Residential two-storey and bungalow homes continue to have the highest concentration of buyers, with three-storey homes increasing in sales by over 50 per cent since this time last year. Two-storey condominium properties had a similar increase, showing the same amount of unit sales as one-level properties.”

The average sale price of a residential-class property sold in January in the Ottawa area was $386,839, an increase of 4.6 per cent over January 2015. The average sale price for a condominium-class property was $247,205, a decrease of 1.3 per cent over January 2015. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.

“A possible explanation for the increase in residential average sale price this month over last year is that the amount of properties sold over $1 million doubled that of last year, with six properties sold this month,” notes Silva. “Nevertheless, the hottest segments of our market in January were sales in the $300,000 to $400,000 range, followed closely by the $200,000 to $300,000 range. In addition to residential and condominium sales, OREB members assisted clients with renting 200 properties in January.”

Source: Blog

Record-breaking December, contributes to a strong 2015 – Latest News from the Ottawa Real Estate Board 

Market Update January 6 2016

Ottawa, January 6, 2016 – Members of the Ottawa Real Estate Board sold 703 residential properties in December through the Board’s Multiple Listing Service® System, compared with 638 in December 2014, an increase of 10.2 per cent. The five-year average for December sales is 653. The total number of residential and condo units sold through the Board’s MLS® System throughout all of 2015 was 14,658, compared with 13,919 in 2014, an increase of 5.3 per cent. Separately, residential and condounit sales each outperformed the 2014 numbers.

“Looking back at the 2015 market, we started the year off with extreme cold temperatures in the first quarter of the year, but that didn’t stop homebuyers,” says new President of the Ottawa Real Estate Board, Shane Silva. “We saw the busy spring selling season pick up as early as March this year, and continue well throughout the summer, with a small dip in July, followed by record-breaking sale numbers in September. Three months later, December broke the record for the highest number of residential and condo properties sold at 703 units, only comparable to 2011, when 699 properties sold.”

December’s sales included 160 in the condominium property class, and 543 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.

“The listing inventory for both residential and condos trended higher all year, showing signs of tapering off in October,” says Silva. “Increased inventory levels contributed to the market favouring Buyers for much of the year; however as the inventory levelled out in the fall, we moved into more balanced conditions. Cumulative days on market increased to 109 days in December, while the average for the year comes in at 86 days. Average residential sale prices are up slightly over last year, which is great for the Ottawa market. All combined, these indicators point to a stable real estate market.”

The average sale price of a residential-class property sold in December in the Ottawa area was $386,961, an increase of 5.5 per cent over December 2014. The average sale price for a condominium-class property was $250,393, a decrease of 7.5 per cent over December 2014. The year-to-date numbers for the average residential sale price in 2015 was $391,940, an increase of 1.9 per cent over 2014. While the average condominium sale price was $259,691, a decrease of 1.5 per cent over 2014. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.

 

“A trend all year long, the hottest segments of our market are properties sold in the $300,000 to $400,000 price range, with 31.6 per cent of the year’s sales, followed by the $200,000 to $300,000 range, with 26.2 per cent of the year’s sales” says Silva. “In addition to residential and condominium sales, OREB Members assisted clients with renting 181 properties in December, and over 3,000 properties this year.”

Source: Blog

Chain ball

 

The efforts of the Ontario Real Estate Association (OREA) and the Progressive Conservatives were recently rewarded when the provincial government decided they would NOT be expanding the municipal land transfer tax program.

 

Liberals keep election promise

 

In an unexpected announcement during the legislature’s question period, Municipal Affairs Minister Ted McMeekin ended concerns that the Liberals would break their election campaign promise and allow other cities and towns to introduce the tax. “There has been no call, at all, for a municipal land transfer tax,” he said, “nor is there any legislation before the House that would allow this.”

Toronto will remain the only Ontario city where homebuyers have to pay thousands of dollars in local land transfer taxes, in addition to the provincial levy. But, McMeekin kept the door open to a future tax by offering to look at “what possibilities exist” for other new sources of revenue to help strained municipal budgets.

 

Ontarians opposed to tax grab

 

OREA had been exerting pressure on the government with its “don’t tax my dream” campaign which allowed the voices of thousands of Ontarians opposed to the tax to be heard through email, letters and social media platforms. They were arguing the additional tax could push house prices further out of reach for many families and delay or kill their dream of home ownership.

“Ontario home buyers are already charged a provincial land transfer tax, so by adding a municipal tax, they’re essentially doubling the tax burden on Ontario families,” said Patricia Verge, president of OREA. “If the Ontario Liberals follow through with this plan, home buyers will be forced to pay $10,000 in total land transfer taxes on the average priced home in Ontario, starting as early as next year.”

 

Tax would have negative impact on local economies

 

OREA also cited a 2014 study conducted by Altus Group Economic Consulting showing that the combined negative impact of the tax in four Ontario cities—Mississauga, Hamilton, Ottawa and London—would be a loss of $1 billion in economic activity and more than 10,000 jobs.

The confrontation has been ongoing since 2008 when Toronto implemented its municipal land transfer tax and, as recently as October, it appeared the government was poised to grant permission for other municipalities to impose the tax.

 

 

Source: Blog

Home Transfer_Small

 

This propertyinvestment.com post from Nila Sweeney is an excellent primer for those who want to start a property portfolio. First, check your finances to see how much you can invest and get mortgage pre-approval.

 

Then, define what success means for you, as well as the level of risk you are comfortable with, and set your goals. Next, start budgeting and create a purchase plan.

 

Finally, research the market for opportunities that meet your criteria and approach them as business transactions, applying logic rather than being swayed by your emotional attachment. To read more click here.

Source: Blog

Woman-Global-Real-Estate-small

 

The Canadian real estate market continues to boom, according to this Financial Post offering.  With a year-over-year increase of 8.2%, Canada ranked 4th of the 23 countries studied in Scotiabank’s report Global Real Estate Trends, behind Ireland (13.3%), Sweden (10.5%) and Australia (8.3%).  However, the report warns the trend could change if economic uncertainty and high unemployment counterbalance the attraction of low borrowing costs.  To read more click here.

The post Canadian Home Prices Are Growing At One Of The Fastest Paces In The World appeared first on Team Realty.

Source: Blog

Mortgage Application

 

According to this realtor.com post, the number of real estate appraisers is dropping to the point where parties on both sides of real estate transactions could suffer. Since most residential mortgages need an appraisal before a sale closes, a shortage of appraisers will affect buyers, who rely on accurate valuations to structure their offer, and sellers, who can lose a deal if appraisals come in low.

 

The Appraisal Institute notes the number of appraisers has dropped 20% since 2007 and predicts a 3% annual decline for the next decade. Fewer appraisers means longer waits, which could delay a closing. That delay means that buyers (borrowers) might have to pay for longer mortgage rate locks and sellers, who need the equity from the sale to purchase their next home, might miss opportunities to bid.

 

A shortage also means appraisals will likely cost more.  Even worse, there could be quality issues as appraisers work outside areas where they are geographically competent; they could miss nuances of the unfamiliar market.  To read more click here.

The post The Number of Real Estate Appraisers Is Falling. Here’s Why You Should Care appeared first on Team Realty.

Source: Blog

Mild weather and post-election enthusiasm spurs on home buyers!

 

Statistics are useful in establishing trends but should not be used as an indicator of an increase or decrease in value of specific properties. If you are curious about the value of your home and/or specific neighbourhood statistics we would love to help. Contact us.

 

 

December 2015 Market update graphic-Team

 

 

Information below provided by the Ottawa Real Estate Board December 3rd, 2015

Members of the Ottawa Real Estate Board sold 990 residential properties in November through the Board’s Multiple Listing Service® System, compared with 891 in November 2014, an increase of 11.1 per cent. The five-year average for November sales is 944.

“Mild temperatures in November, combined with increased activity post-election, were key factors in the Ottawa resale market performing exceptionally well in November,” says David Oikle, President of the Ottawa Real Estate Board. “The positive increase in condo sales may be explained by buyers moving to Ottawa to accept positions with the new government. There may have also been some pent up demand of people who chose to sit on the sidelines until after the election was over.”

November’s sales included 199 in the condominium property class, and 791 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.

“The condo market has picked back up over the past few months – a very positive change from the first half of the year, and now year-to-date condo sales have surpassed the numbers of units sold in 2014,” says Oikle. “Inventory levels are balancing out, cumulative days on market increased to 104 days, and average residential sale prices remain steady. This is very typical of a market that’s heading into the winter season.”

The average sale price of a residential-class property sold in November in the Ottawa area was $380,761, a decrease of 0.4 per cent over November 2014. The average sale price for a condominium-class property was $275,332, an increase of 9.9 per cent over November 2014. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.

“The highest concentration of properties sold remains in the $300,000 to $400,000 price range, followed very closely – behind by only 26 properties – the $200,000 to $300,000 range,” says Oikle. “In addition to residential and condominium sales, OREB members assisted clients with renting 247 properties in November, and over 2,800 since the beginning of the year.”

Source: Blog

“Don’t wait to buy land, buy land and wait” – Will Rogers

 

 

Income Properties: Are you Ready? 

Owning a rental property may seem like a licence to print money.  Interest rates are low, the Ottawa Real Estate Market is stable …what could be easier?  Buy a property, lease it, collect cheques and plan your retirement.  But…before purchasing an income property, you should be aware of the benefits and drawbacks.

 

Advantages of Income Properties:

You pay less tax.

Because your secondary property is a business, you can deduct certain expenses from your income (mortgage interest, property taxes, insurance, maintenance/upgrades, property management and utility bills) and reduce your taxes.  Meet with an accountant or financial adviser to discuss your situation.

 

Rental cheques provide a steady monthly income

Other kinds of investments may pay out less often or income may be less predictable.  For a rental property, answer this question: when you subtract your mortgage and operating costs, will the property generate a steady monthly income?

 

The value of your investment can increase

Historically, property values rise and the rental income increases over time.   Don Campbell, senior analyst at the Real Estate Investment Network in Vancouver, believes “a good piece of real estate is like a blue chip stock. It won’t make you rich overnight, but it will perform well.”

 

You may be able to deduct losses for tax purposes

If expenses exceed rental income, you may be able to deduct that loss from other sources of income.  An accountant can help you figure out the tax and estate planning repercussions.

 

Income Properties: Make sure you’re ready! 

 

You accept the responsibilities and challenges of property management

Rentals need regular maintenance and repairs – sometimes on an emergency basis.  Filling vacancies can be expensive and time consuming.  Tenants can be challenging, especially if they don’t pay their rent and you need the money.  You have to decide if you want to invest “sweat equity” and manage the property or hire a landlord.

 

Real Estate Prices and Setting Realistic Expectations

The rental property market can be volatile.  “If the unemployment rate spikes or real estate prices collapse, then your income property investment might run into difficulties as well,” says Mr. Milevsky of York University’s Schulich School of Business.  The key is location, location, location.  Select an area that is expecting employment and population growth to ensure long term demand is good.  Talk to your realtor about neighbourhood demographics and average rent in the area to ensure anticipated rental income is appropriate for the location.

Home buyers can save money on their mortgage buying a multi-unit building such as a duplex or triplex, living in one unit and renting out the others. If you are considering downsizing in the coming years, buying a condo or townhouse as a rental property can be a great way to plan for the future.

 

It may be difficult to finance the purchase

In most cases you must have a down payment of at least 20% when you buy a second property.  Meet with your mortgage broker before you start hunting for an investment property, it will save you precious time and energy in the long run!

 

Questions?  Talk to one of our experienced realtors, we’re here to help.

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Source: Blog

What a great month for Ottawa Real Estate!
See below a snap shot of what’s happening in the Ottawa Real Estate Market from the Ottawa Real Estate Board  published October 5th, 2015

Interested in a specific neighbourhood?  We have access to all of the latest real estate statistics at our fingertips! Please contact us and we will send you a no-cost report on the areas you want to know about. 

 

Copy of Team - September 2015 Market update graphic (1)

From OREB news: Members of the Ottawa Real Estate Board sold 1,244 residential properties in September through the Board’s Multiple Listing Service® System, compared with 1,131 in September 2014, an increase of 10 per cent. The five-year average for September sales is 1,137.

“Ottawa Real Estate Board members continued their active summer into a busy fall,” says David Oikle, President of the Ottawa Real Estate Board. “In fact this September marks the best September on record for the number of units sold in the Ottawa resale market. There was a possibility that the federal election campaign might affect the local real estate market, but this does not appear to have been the case thus far.”

September’s sales included 221 in the condominium property class, and 1,023 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.

“Inventory levels continued to decline; by over 4 per cent since last month, bringing the Ottawa resale market into balanced territory,” says Oikle. “Cumulative days on market increased slightly to 93 days, up from 89 days in August. In addition, the average sale price remains steady.”

The average sale price of a residential-class property sold in September in the Ottawa area was $385,142, an increase of 0.5 per cent over September 2014. The average sale price for a condominium-class property was $257,303, an increase of 1.3 per cent over September 2014. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.

“The highest concentration of properties sold continues to be in the $300,000 to $400,000 price range, followed closely, again, by the $200,000 to $300,000 range,” says Oikle. “In addition to residential and condominium sales, OREB members assisted clients with renting 250 properties in September, and over 2,300 since the beginning of the year.”

 

Source: Blog

Think you need to wait until Spring to sell your home? You may want to think again if you’re ready to sell now.  

Home Miniature, Pen and Contract on TableIn this HGTV.com post, Gavin Chen challenges conventional wisdom that the best time to sell is spring and the best time to buy is fall.  Statistically, spring has the most competing sellers in the market, so you might have to stage your home to get an advantage. Chen suggests it is important to highlight the sellable features of your home in any season.  Although there are fewer buyers in the December – January period (holidays, travel), the warmth of a showpiece fireplace will make a favourable impression during winter viewings, in summer, creating inviting outdoor spaces is a great way to help your house stand out.  The article suggests avoiding early summer listings because people are relishing the seasonal change, but in recent years the  Ottawa Real Estate market in June and July have proven to be strong and stable…click here to read the full story from HGTV 

Source: Blog

Home

Following an annual maintenance schedule is an essential step in protecting the value of what will probably be the largest investment of your life – your home.  First time home owners, or those lacking experience may struggle with this task and overlook important elements.  Here are some guidelines to help you create a maintenance program that suits your needs.

Benefits of Home Maintenance

Regular preventive maintenance identifies minor repairs before they become expensive, major repairs.  It also preserves your home’s market value.  One study found that “greater than $5 return for every $1 spent on preventive maintenance is not unusual”.  Other rewards include:

  • extended life for your home’s components, equipment and operating systems;
  • improved energy efficiency and a reduced environmental footprint;
  • lush, healthy vegetation and attractive landscaping;
  • assurance that your living space is safe and comfortable;
  • improved presentation and continuing exterior appeal; and
  • avoiding home inspection shockers when you sell.

Monthly Home Maintenance Routines

Clean or change all filters; test fire extinguishers and smoke alarms; inspect switch boxes and electrical cords; vacuum heat registers/vents; check that air vents are clear; flush the water heater to remove sediment; and clean the garbage disposal.

Fall Home Maintenance Routines

Inspect roof, siding and foundation; clean the chimney; winterize/store yard furniture and tools; service the snow blower; cover your air conditioner and any vegetation that needs protection; service furnaces/stoves; get firewood and de-icers; clean gutters and downspouts; clean the dryer vent; check the water heater for leaks; “close” the pool.

Winter Home Maintenance Routines

Periodically shovel snow away from the foundation; check the basement for leaks during thaws; remove excess snow and ice dams from roofs/gutters; vacuum bathroom exhaust fan grills; vacuum refrigerator and freezer coils and empty and clean drip trays; service the lawnmower; clean drains in sinks, tubs, showers, and dishwashers; hang holiday decorations early (milder weather and replacements are in stock).

Spring Home Maintenance Routines

Inspect roof, siding, foundation and chimney; flush hot water heaters; fertilize/seed lawn; wash and check caulking and weather stripping for windows/doors/screens; clean gutters and downspouts; wash interior walls/ceilings and inspect the paint; seal holes or cracks that invite insects or pests; service the air conditioner; “open” the pool; inspect the driveway;

Summer Home Maintenance Routines

Service the garage door and operating system (chain, hinges, opener); inspect exterior paint for cracking or blisters; ensure exterior sockets and fixtures are working and bulbs light; clean dryer vent, kitchen exhaust-fan filter; defrost/clean freezers and fridges including the coils; check plumbing (sinks, showers, toilets, dishwasher) for leaks; seal tile grout; clean the garage and seal the floor; “open” the pool; prune trees and shrubs.

Bottom line: spend a little now on scheduled preventive maintenance or spend a lot later and risk catastrophic damage to yourself and/or your home.

Source: Blog

Businessman Notepad Property Value Concept

In this Financial Post article, Garry Marr discusses the impact of upcoming changes from Canada Mortgage and Housing Corp (CMHC) that will permit homeowners to count 100% of the income from their secondary units when qualifying for a loan.  Currently, homeowners with legal units can only count 50% of the income from legal rentals.  By making it easier to borrow money, Marr suggests CMHC will be bringing more people into the market, and that is expected to boost affordable housing, especially in hot markets like Vancouver where secondary units make up almost 20% of the city’s rental stock.  To read more click here. http://www.financialpost.com/m/wp/blog.html?b=business.financialpost.com//personal-finance/mortgages-real-estate/cmhc-announces-new-rules-to-make-it-easier-for-homeowners-to-rent-out-property

 Buying a property with a rental unit is a great way to own a home while someone else helps pay your mortgage! Please contact us for info & available income properties.

Source: Blog

Should you let children choose their bedroom paint colours?

Children Painting bedrooms

In this Canadian Living post, Brett Walther suggests a way to let your child participate when deciding what colour(s) to paint their room while also avoiding a choice that is unacceptable to you, or one that they will want to change next week.  The key is to guide their choice by presenting a few options that appeal to them while also meeting your own criteria.  To read more click here.

 

Source: Blog