Do Pets Present a Problem?

It is estimated that the City of Toronto is home to as many as 250,000 dogs and 160,000 cats, and across Canada, more than half of all households include a furry, feathered or scaled friend, contributing to a multi-billion dollar a year pet industry in this country. Given that studies have shown the average dog can achieve the intelligence of a two-year-old child, it’s no small wonder that canines and other pets are seen as a member of the family in so many households. Your dear little Fido’s presence isn’t endearing to everyone though, and it’s important to recognize this fact before you set out to buy or sell a home.

If you are planning to stake your claim in the Greater Toronto Area’s booming condominium market, be sure that you’re aware of a building’s rules before making any firm commitments. Many condominium communities not only restrict the number of pets you can have but also their size, often limiting them to less than 30 pounds. As with every aspect of a transaction, it’s essential that the specifics are documented, and in this case, you will find a condominium’s pet restrictions noted in the rules that regulate the owners’ living environment, which are outlined in its status certificate. Since the status certificate includes a number of other important details including utility and common-element fees, it’s advisable to make any offer conditional on review of this vital document. Even if you’re leaning toward a freehold property, it’s worth familiarizing yourself with local pet by-laws, which can vary significantly between municipalities.

When selling a property, eliminating every trace of fur and odour from your home is a must. Also consider that Fido and Fluffy’s paws travel across many different surfaces throughout the course of the day, and unlike you, they don’t have the opportunity to remove shoes and wash hands. To provide for the best return on your investment, it’s essential to keep the product that you’re taking to market spotlessly clean, and to have a plan to relocate all four-legged family members quickly when the call for a showing comes. This also applies to your exotic pets: you will need a plan for making Izzy and Snowball scarce as well. Doing so will not only make your home more saleable, it will safeguard your pets, as having strangers wander through their territory could at best make them uncomfortable and at worst, disappear. Just as you would remove your most valuable possessions from your home before a showing, relocating your animal family members is in everyone’s best interest.

For more strategies on making a seamless transition to your next home with all of your four-legged friends in tact, talk to me for updates on the market. 

By Mark McLean, TREB President

Toronto Hydro’s Homeowners Kit

Coordinating all the details of a move can be daunting. However, Toronto Hydro in collaboration with the Toronto Real Estate Board (TREB), is simplifying some of those details for you with the Hydro Homeowners kit. This convenient and cost saving resource can offer discounts and services most homeowners need. Take a look at this sample of great resources you might not be aware of.

My TorontoHydro:

This tool gives you fast and secure access to your bills, payment history and account details online, 24 hours a day, 7 days a week. You can even complete your move in just minutes. No forms to mail and no phone calls to make. Are you a landlord? Track your electricity consumption for individual units across the city. Now that’s efficiency.

Heating and Cooling Incentive:

With as much as 60% of your electricity costs going towards heating and cooling your home, investing in efficiency makes sense. When you replace your central air conditioner with a high efficiency model, you could get back either $250 or $400, depending on its level of efficiency. Replace your old furnace at the same time to qualify for a total incentive of up to $650.

Peaksaver Plus:

If you have a central air conditioner, swimming pool pump and/or electric water heater, sign up for peaksaver PLUS. On hot summer days when demand is at its highest, a signal will be sent to cycle your equipment down or off for short periods, but never on weekends or statutory holidays. This incentive comes with a free energy display that allows you to see how much electricity you are using in real time, display your electricity in dollars per hour or kWh and see how you use electricity appliance by appliance.

Power Lens:

Get detailed calculations and personalized recommendations for potential electricity savings. Use the free energy calculator for a big picture overview of how your household uses electricity and how you compare to others. 

Annual Coupons:

To continue the energy and cost savings, Toronto Hydro is providing downloadable coupons to save on energy efficient products for your home. Save instantly on a wide range of popular products to help you manage and conserve electricity. Redeem coupons at participating retailers to save on items including: power bars with timers and auto-shutoff, ENERGY STAR® qualified light bulbs and fixtures, programmable thermostats, weather-stripping and much more. Visit torontohydro.com/coupons

Whether you’re planning a move in the near future or if you’re just interested in making your household more energy efficient, take a look at TorontoHydro’s Homeowners Kit. It’s not only a convenient, cost-saving resource, but can help us all be a little more environmentally conscious as well. To take advantage of these programs visit or www.torontohydro.com.

Planning to give your cottage to the kids? That big jump in real estate value may also come with a big tax bill

 Many Canadians expect to leave vacation property in their wills but the rapid rise in real estate values could leave them or their heirs with a major tax bill, says Jamie Golombek, Managing Director, Tax and Estate Planning, Wealth Advisory Services at CIBC.

"If you plan to sell or pass down real estate to the next generation you may be subject to a host of tax and estate planning issues that could not only cost you or your heirs a lot of cash, but could even force the sale of the property," warns Mr. Golombek.

"Advance planning may help to avoid the capital gains tax altogether or defer paying it as long as possible," he says. His report, "What's up dock? Tax and estate planning for your vacation home," provides guidance on tax efficient ways for Canadians to transfer or sell vacation properties.

70 per cent of Canadians expecting to leave assets plan to pass down real estate 

A CIBC poll found that 70 per cent of those Canadians expecting to leave assets plan to pass down real estate upon their death. When it comes to having conversations about transferring wealth, the poll also found many Canadians had not discussed it with their family or a financial advisor.

"The first step to the successful transfer of real estate is to initiate an open, honest conversation with your family," says Mr. Golombek. "This is particularly important when planning for the transfer of an asset such as a home or cottage where children's plans for the future might not always align with parents' expectations."

Tips on transferring real estate

The key to deciding how best to transfer your property is to understand how the gains from the disposal are taxed: A principal residence will not trigger capital gains and home owners are free to decide which property they designate as their principal residence, Mr. Golombek advises.

"Even though you may have a property that you consider to be your principal residence, such as the family home where you live most of the year, another property, such as a cottage or even a vacation property located outside of Canada, can be your principal residence," he says.

The principal residence exemption (PRE), however, can only be applied to one property per taxation year. If the gain from the sale of a property is not reported on your tax return, it will be assumed that this was your principal residence for the years you owned it, precluding you from using the exemption for your other property for the years of overlapping ownership.

"You should make a conscious decision whether or not to claim the PRE when you dispose of a property," cautions Mr. Golombek. "Considering the past appreciation in value and the potential for future increases, it may make sense to save the PRE for the property with the most gains."

While capital gains on the disposal of a second property cannot be avoided altogether, there are strategies to reduce or defer the tax liability, including life insurance, the use of a trust or a corporation.

"Passing on the family home or cottage is not an easy decision to make, particularly since a great deal of emotion is attached to it," says Mr. Golombek. "With professional advice and advance planning, you may be able to mitigate some of the challenges that arise from owning multiple properties."

What Modern Homebuyers Want

Today’s homebuyers’ wants extend beyond shiny faucets and fixtures. Most young homebuyers have never known a world without technology. So it only makes sense that they would want to integrate technology into their homes. If you’re planning to sell your home, here are some gadgets you might want to consider incorporating. This will not only bring your home into the modern age, but it is also likely to pique the interest of modern homebuyers.

Climate Control

In the spirit of saving money, many of us lower the thermostat in the winter before we leave the house for the day. However, when you return, the house is generally an igloo, and takes time to warm up again. Solution: Climate control from your smartphone or a smart thermostat. Both of these options allow for you to program your heat and air conditioner to automatically turn up/down, just in time for you to come home. Most systems will recognize your habits, learn your preferences and then program itself.

Lights and Security

Have you ever left the house and forgot a light on? Or even worse, that you didn’t lock the door? Solution: lights you can shut off and doors you can lock right from your smartphone. There is much available in this category in terms of technology you can purchase.

Energy Efficiency

There are many ways to significantly reduce the costs in which you pay to keep your home running.

Solution: Home appliances are energy hungry, but there are options to be more efficient. Energy efficiency is very important to young homebuyers because not only are they money conscious, but also they are environmentally conscious. Energy efficient appliances such as washers, dryers, stoves, ovens and even hot water tanks help conserve natural resources and your money.

While energy efficient appliances, security systems and smart thermostats rank high on the list, there are many options to consider.

Other opportunities that can make your home more appealing to modern homebuyers include, open floor plans, easy to maintain hard surface flooring, radiant heat flooring and driveways, home offices, ample storage and state of the art media rooms.

For more information on making the transition to your next property, contact me at steven@maislin.com

Entry Doors and Curb Appeals That Grab Buyer's Attention

According to the " 2015 Cost vs Value Report, produced by Remodeling magazine in cooperation with the National Association of REALTORS® and REALTOR® Magazine" entry door replacement is number one on buyers list.

Wow, it was very surprising to find out kitchens and bathrooms have slipped from the top positions. 

Snapshot of report below. Click here to read the complete report. 

Project                                                Average Recoup On Investment

1. Entry Door Replacement                                    101.8%

2. Manufactured Stone Veneer                                92.2%

3. Garage Door Replacement                                    88.4%

4. Siding Replacement (vinyl)                                   80.7%

5. Deck Addition (wood)                                             80.5%

6. Minor Kitchen Remodel                                         79.3%

  

Based on the results from the "2015 Cost Vs Value Report" curb appeal enhancing has snatched the first four top spots. That seems to speak volume about buyers perspectives. If you're considering selling your Toronto home in the near future, having a lovely curb appeal and an inviting entry door could help buyers fall in-love with your home.

Here are a few tips to help create that fabulous curb appeal:

Add a Path Way - Why not make it easy for potential buyers by adding an inviting path to your home. This could be another inexpensive but subtle way to add curb appeal to your home.

 Update Your Address Number - If your address number is showing signs of wear and tear, replacing could be a good inexpensive idea. You could even checkout your local home improvement stores in your area.

Purchase A New Mailbox - If your mailbox is old and crooked, try purchasing an inexpensive new one at your local home improvement store. Taking care of the small details could give the buyers the impression your house is loved and worth viewing. Remember first impressions are lasting.

Paint Existing or Purchase A New Front Door - If your door is older, why not paint or purchase a new one. Depending on the style, price and your neighborhood trends, a color such as red could be inviting. While a black elegant door could make a home look stately and expensive.

Add New Hardware To Your Front Door - This may seem like a small detail, but the buyers could be standing at your front door for a bit and all the small details could determine if they enter your home or say next and run back to the car!

Dress Up Paint Points - If you have electrical panels or garbage bins at the front or side of the home that are easily visible. Why not create a more attractive home for them, like the ones below:

  

 Photos credit: https://loveoffamilyandhome.net/2012/07/camouflaging-eyesore-in-our-backyard.html

Add Mulch To Existing Garden - If your topsoil is fading, by adding new mulch could brighten up your garden.

Update your Front Porch Light - This may seem insignificant, but having an elegant and functional porch light could even help with viewings during the long dark winter months.

Paint Or Replace Garage Door - An old or broken garage door could take away from your curb appeal. It's unfortunate but having a broken garage door could even give the buyers the impression that the entire house may be in disrepair and cause them not to view your home. Even if their Realtor begs them! Remember once again, first impressions are lasting!

Add a Welcome Mat - Small.... but, yet adds a warm touch. It's kind of like saying to the buyers..... Welcome home!

Paint Trims - Trims gives homes character and elegance. Why not step up your home a notch.

Clean Your Windows - Having clean windows allows sunlight and could even make a room appear larger.

Add A Doorbell or Door Knocker - Another small touch. But as they say, the devil is in the details.

Add Moulding To Your Front Door - This is one of my favorites by far. Adding moulding to a front door could be seeing as icing on a cake to your curb appeal.

Photo credit: http://jkhomestead.blogspot.ca/2010/11/doors-galore.html

Add Light To Your Walkways - This is a nice touch, especially for buyers that will be viewing in the night.

Build A Big Beautiful Berm - Why not create a special little treat and surprise potential buyers.

October Update

October 2015

Dear Friend,

The 8,200 home sales reported for September 2015 by the members of the Toronto Real Estate Board was a new record for September’s sales! This brings the number of sales for the first nine months of 2015 to 80,331, (another record), a 9.5 per cent increase compared to the same time period in 2014. At this rate, total sales for 2015 are expected to be at or near the 100,000 mark.

I wish I could say that these numbers are a surprise to me, but the truth of the matter is that real estate has been going strong for the last 20 years and other than the media occasionally trying to stir up fear in the marketplace by predicting that there is a bubble or the bubble will burst, it is it has been and will continue to be very very strong market. I know that this sounds like a self-serving statement, however these results are a testament to the importance that people give to home ownership, both as the enjoyment of home ownership, as well as a long-term investment. When these factors are combined with massive immigration and investment from outside of the country by individuals who see Canada as a safe investment vehicle as well as a great place to live, these results are not surprising at all.

Two factors are fueling the demand for ownership and investment opportunity. One is the low interest rates which makes homeownership affordable to more people than ever before and second the low Canadian dollar (70 cents US) puts Canada “on sale” to overseas investors at a third off.

Despite the increased prices, real estate still remains a viable investment and I’m still strongly recommending to my customers that they buy more and invest more property in Toronto. Without a doubt our population will continue to increase and as a population increases the demand for housing continues and……prices increase!

If you’re thinking of buying or selling or know of someone who is, please give me a call. I’ll be happy to chat.

Have a great October,

Your Friend in Real Estate. 

As REALTORS®, we play critical roles in facilitating homeownership

By Toronto Real Estate Board

With a federal election campaign underway, the Toronto Real Estate Board (TREB) recently helped to shine the spotlight on housing issues by bringing together federal political party representatives for a housing forum.

The capacity event was attended by over 100 REALTORS®, who had the opportunity to hear from Wes Regan, Urban Affairs and Housing Critic for the Green Party of Canada; Adam Vaughan, Urban Affairs and Housing Critic for the Liberal Party of Canada; and Mike Sullivan, Deputy Housing Critic for the New Democratic Party of Canada. All major federal political parties were invited to participate.

“As REALTORS®, we play critical roles in facilitating homeownership, creating jobs, and advocating for affordable housing. These issues are of immense importance to REALTORS®, particularly as we move closer to the federal election. Our federal housing forum was an excellent opportunity for dialogue with federal housing representatives and to become informed,” said Mark McLean, TREB President.

The forum explored multiple issues including: affordable housing, homeownership, and the importance of the housing sector in creating jobs and economic activity. The party representatives discussed how the federal government can help support Canadian home ownership, especially for first time buyers. They also discussed options for creating affordable housing and for investing in Canada’s aging housing stock. Video highlights from the event are available on TREB’s YouTube channel –  http://bit.ly/1PT425K.

TREB’s housing forum is just one of a number of things that Realtors are doing to make sure housing and home owner issues are considered during the current federal election campaign. In this regard, one of TREB’s other key initiatives is the launch of www.YourHomeYourVote.ca, where you can learn more where the federal parties and individual candidates stand on key housing issues, learn about upcoming election events, get information on voting, and read an informative blog.

TREB has also sponsored numerous debates and all-candidates meetings of federal election candidates, in partnership with local GTA Chambers of Commerce. These events have been excellent opportunities to continue raising housing issues with the candidates.