What Are Reverse Mortgages

Financing your home is probably one of the least fun aspects of home ownership. Nevertheless, it’s essential. And when it comes to a reverse mortgage, things get a little more interesting. With a reverse mortgage, you can take advantage of the value of your home without selling it. Sounds pretty good, doesn’t it? Before you call your bank, here are all the facts about how reverse mortgages work. (more…)

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Living Coral: How To Use 2019’s Colour Of The Year

Are you excited and slightly intimidated by colour? If so, you’re not alone – and 2019 has a real doozy for all you colour-shy folks out there. Pantone’s 2019 Colour Of The Year is Living Coral – what Pantone itself describes as an “an animating and life-affirming shade of orange with a golden undertone.” Yes, it’s certainly stunning, and equally intimidating.

If you love colour, but need some advice on how to incorporate it into your home, Nicholas Rosaci, designer and speaker at this year’s GTA Home & Reno Show, has some tips for you.

Colour Me Coral

Living Coral is Pantone's 2019 Colour Of The YearPantone’s 2019 Colour Of The Year is a burst of joy and surprisingly versatile. It pairs well with many popular neutrals like beige, taupe and tan as well as the grey tones we have all come to embrace. Announced this past December, Living Coral is already making a splash in interiors, fashion runways and retail shops.

The re-emergence of coral really excites me in all it’s pretty incantations, from the boldest and brightest neon shades to its paler sorbets and desert coral tones. The colour hasn’t been seen in quite some time, but suddenly we are reminded of coral’s brilliance.

One look at the Colour Of The Year and you can’t help but think of “paradise.” Living Coral provides an oasis of beauty and calm for our interiors and literally reminds us of the importance of protecting the environment (think Coral Reef).

DID YOU KNOW??? Paining your walls is among the best and most cost-efficient ways to increase your home’s value!

READ MORE: Best Home Renovations For The Biggest ROI

Living & Loving The Colour Of The Year

The key to successfully working with coral is to look at it with a sophisticated eye and knowing that a little coral goes a long way. If painting an entire wall or room in coral is not your cup of tea, how about painting a kitchen island, which could be fab. Try bringing the colour into your home with more interchangeable items like gorgeous coral velvet cushions, drapes or even painting a piece of furniture in the shade. The trick is to layer and build continuity with the colour throughout.

This article was originally published by Toronto Home Shows.

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How much is my house worth?

One of the many benefits of owning a home is having the ability to sell it one day – hopefully for a healthy profit, which can then be leveraged to purchase a larger home, an investment or recreational property, or help finance your retirement. Once you decide that you’re ready to take the leap and list your home for sale, the next question you need to ask is, “How much is my house worth?” This is a loaded question indeed. It opens the floodgates to a slew of other factors that will each impact your decision on asking price to varying degrees.

The Price Is Right

We can’t stress the importance of setting the right asking price. An overpriced home runs the risk of sitting (and stagnating!) on the market for a prolonged period of time. This can seriously hurt your bottom line, especially if you’ve already purchased another home and you’re paying two mortgages simultaneously. Beyond that, overpricing your home could make competing listings look even more attractive. And oftentimes, fixing the issue isn’t as simple as just re-listing the home at a lower price. Buyers who are shopping the market will have already seen your listing, and they will either discount it as old news, or they may wonder what’s wrong with the property, in light of the price reduction. An overpriced home is not an ideal situation to find yourself in, in any selling scenario. On the flip-side, underpricing your home means leaving money on the table. Setting the right price from the get-go will ensure your listing attracts serious buyers, and some feasible offers too.

So, how much is my house worth? Let’s find out.

MARKET CONDITIONS
Is it a buyer’s market or a seller’s market? The real estate market is impacted by everything from the local and larger economic picture, to the weather. The type of market speaks to demand for homes, which will affect how quickly your home sells and will help answer the question, “How much is my house worth?” A buyer’s real estate market is characterized by more homes for sale than people to buy them. An influx of listings (or fewer homebuyers) means buyers face less competition in the purchasing process, and can often take their time and see more homes before making an offer. Buyers also have greater negotiating power when it comes to their offer and conditions of the sale.

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READ MORE: What’s The Difference Between a Buyer’s and Seller’s Market?

THE COMPARABLES
If you’re not sure what your home is worth, have your real estate agent pull comparable sales to help answer the million-dollar question (depending on the market, of course!) “How much is my house worth?” This will give you an idea of what homes in the same neighbourhood have sold for in recent weeks. This is a realistic reflection of what buyers have actually paid for similar homes in the same area. It’s also prudent to keep an eye on your competition. Pay attention to homes for sale in your neighbourhood, their condition and features, and the asking price – but take it with a grain of salt. Depending on the seller’s strategy, they could have listed low in an attempt to attract more potential buyers.

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READ MORE: Selling In A Buyer’s Market

THE LOCATION
A home’s location has a huge impact on its value, and rightfully so. It’s a particularly important consideration for buyers, as location is one thing you definitely can’t change about the home. Location will define the liveability of the neighbourhood, the price buyers need to pay to get into the area, and the resale value when it’s time to list it. Translation: hot neighbourhoods are always a hot commodity, oftentimes trumping market conditions.

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READ MORE: Location versus Style

THE HOME
A home’s location typically trumps style when it comes to value, but that’s not to say condition, features and upgrades don’t matter when you’re determining what your home is worth. A fixer-upper and a move-in ready home will vary in terms of price, even with identical floor plans. Items such as a new roof, a finished basement, renovated kitchen and baths can make a difference to the bottom line, and the return on investment could be well worth the money and effort. This is precisely why many home sellers choose to renovate or update their home before listing it for sale. Evaluate the cost of the renovation and consider whether you’ll get that money back in the face of real estate market conditions.

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READ MORE: Top 6 Home Renovations

There’s a lot to think about before you put up that For Sale sign. What’s happening in the real estate market? Is there buyer demand? Who’s your competition? What is my house worth? And ultimately, what can I do to make the sale? Start by working with an experienced real estate agent who has a thorough knowledge of your specific area, the market conditions and your target buyer. Discuss all of the above with your real estate professional. At the risk of sounding like a public service announcement, education really is key in the home buying and selling process, allowing you to make confident decisions concerning your property – and your financial future.

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Single home buyers hesitant to purchase, despite strong financial means and low debt

  • Twenty-six per cent of single Canadians are considering purchasing a home on their own, with Atlantic Canada leading the pack at 34 per cent
  • Fifty-two per cent of single Canadians said economic uncertainty and expensive home prices are the biggest factors impacting their decision not to purchase a home on their own

As Canadians’ household debt ratio creeps higher across the country, single Canadians who are interested in buying a home on their own (26 per cent), seem to be on a different path. According to a recent RE/MAX survey conducted by Leger, almost half of respondents (43 per cent) have less than $5,000 in debt, casting doubt on claims that debt is impacting their decision to purchase a home.

For more than half of single Canadians, the decision not to purchase is driven by economic uncertainty and high home prices (52 per cent). Meanwhile, 81 per cent of singles who want to purchase a home say that they have the ability to do so and finance a property on their own. More than one-third (37 per cent) of single home buyers will use a loan or mortgage, and 35 per cent have the savings available to make the down payment.

“It’s concerning to see qualified buyers showing hesitancy toward home ownership. Price and economic factors aside, the additional unnecessary layers of government intervention have left many feeling pushed out of the market, or uncertain of it,” says Christopher Alexander, Executive Vice President, RE/MAX of Ontario-Atlantic Canada.

However, despite these factors, it’s important to remember that buying Canadian real estate is still one of the safest and most reliable financial investments one can make.

Single Canadians who want to buy a home are in agreement, with 38 per cent saying it is a good investment, which is especially the case for those living in urban areas (51 per cent). The second most-common reason for single Canadians wanting to purchase a home is to have more flexibility in their living space (27 per cent).

“Purchasing a property alone often reaps great long-term benefits from an investment perspective,” says Elton Ash, Executive Vice President, RE/MAX of Western Canada.

There is a great opportunity for asset growth, particularly as home prices continue to increase in cities like Toronto and Vancouver, pushing the average sales price up in all surrounding regions as well.

Key findings from the 2019 RE/MAX Single Home Buyers Omnibus Survey

  • Canadian single buyers are more interested in purchasing single-detached homes (12 per cent), than any other type of property.
  • Men are twice as likely as women to say that they are considering purchasing a home on their own (37 per cent versus 17 per cent).
  • Single Canadians living in urban areas are more hesitant than single Canadians living in suburban areas to invest due to high home costs (48 per cent versus 43 per cent).

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Key Liveability Factors When Buying or Selling a Home

When buying or selling a home, it’s important to think big. Look beyond the home itself. What does the neighbourhood have to offer? These features factor into the “liveability” of a community and help contribute to a home’s appeal (translation: higher resale value). Unfortunately, liveability factors are often lost among a home’s marble countertops and square footage.

Liveability is key to the quality of life that a home offers. Here are five amenities to consider:

liveability factors to consider when buying or selling a homeGreen spaces & parks

According to the survey for the 2019 RE/MAX Housing Market Outlook report, 59 per cent of Canadians expressed a wish to live closer to green spaces. Green spaces and parks are not only beautiful but functional as an extension of living areas, fostering a sense of community.

 

liveability factors to consider when buying or selling a homeBike lanes & walking paths

Safe walking and bike paths are crucial to liveability and benefit not only your health but the environment as well.

 

liveability factors to consider when buying or selling a homePublic transit

Having access to a good public transit system is ideal, particularly for those living in urban city centres. Removing the need to own a car and reducing environmental footprint are valuable features that close proximity to transit can provide.

 

liveability factors to consider when buying or selling a homeRetail & restaurants

The ability to walk to a selection of shopping and restaurants is an important quality for many people, bringing efficiency and character to neighbourhoods.

 

liveability factors to consider when buying or selling a homeCultural & community centres

A sense of community fosters quality of life. Visits to local shops, cafes or community centres offer the opportunity to meet and connect with neighbours.

 

Thinking about community qualities can be an effective way to distinguish properties. Look beyond the home’s physical features add liveability to your list of must-have features when you’re buying or selling a home. Not only will you enjoy life more while you live in the home, but these factors can also boost its resale value when you’re ready to make your next move.

RELATED READING: 7 Reasons to Consider Downtown Living VS 7 Reasons to Move to the Suburbs

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Top 10 Reasons to Visit a Home Show

Planning to buy a home? Sell a home? Perhaps you’re looking for the latest and greatest products to deck your home out in true style. Maybe you need some ideas and inspiration. There are lots of great reasons to visit a Home Show. Here are 10.

We all know that keeping a home current can increase its value. Whether it’s changing the look and feel of the space, gathering design tips or learning about the latest home technology, the GTA Home & Reno Show and the National Home Show are the place to find it. Exhibitors have the tips and advice to help make a house a “home” while increasing its curb appeal and the overall market value.


Mark your calendars!

WHAT: GTA Home & Reno Show presented by RE/MAX
WHEN: February 15-18, 2019
WHERE: International Centre in Mississauga, Ont.

WHAT: BC Home and Garden Show
WHEN: February 20-24, 2019
WHERE: BC Place Stadium, in Vancouver, BC

WHAT: The National Home Show presented by RE/MAX, co-located with Canada Blooms
WHEN: March 8-17, 2019
WHERE: Enercare Centre, Exhibition Place in Toronto, Ont.

WHAT: Ottawa Home & Garden Show presented by RE/MAX
WHEN: March 21-24, 2019
WHERE: EY Centre, 4899 Uplands Dr., Ottawa, Ont.


Top 10 reasons to visit a home show

1. Learn about new products and companies. See the latest from hundreds of exhibitors.

2. See and interact with products in person. The internet is a great tool for researching upcoming home projects, but nothing beats getting hands-on and talking to a person about it, and whether it’s what you’re looking for.

3. Source inspiration for a specific project. With experts, exhibitors, and features within steps from you, you’ll be more prepared than expected for your next home project.

4. Get advice from experts and celebrities. Learn from industry home experts, this is your source for inspiration!

5. Special deals. With so many exhibitors, visitors are sure to find special promotions only available at the show.

6. Help decide which home project to pursue first! Bring your sketches and get renovation or design advice on upcoming projects.

7. Access to demonstrations and workshops. This is the opportunity to walk away from a home show with a newly acquired skill that you can use at home.

8. Buy specific products and services on-site. Do the research online on the Exhibitor Directory and make a list of all the exhibitors you want to visit to make the most of your limited time at the event.

9. Discover new home tech. Get familiar with some of the latest in smart home technologies.

10. Something for everyone. No matter what your age, there is something at the shows for everyone to enjoy!

RELATED READING: Top 6 Home Renovations to Tackle This Year

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Save Money with the RE/MAX MAXPERX Program

A new home comes with costs. Lots of ’em. Up-front costs, closing costs, carrying costs – you can read all about them HERE. And you haven’t even thought about all the other things you’ll need once you get the keys, in order to makes the house, a “home.” It definitely adds up. To give homebuyers a bit of a break and save money, RE/MAX is excited to present MAXPERX: a first-of-its-kind discount program that will help you get packed, moved and settled, while leaving a little more cash in the kitty to put toward those mortgage payments.


RE/MAX to buy the house, MAXPERX to make it a “home”

RE/MAX has partnered with well-known brands and companies to offer exclusive discounts* on a variety of products and services. MAXPERX partners include: 1-800-GOT-JUNKPODSFROGBOXJust EnergyTelusLowesSun GlowHydropoolJacuzzi and Swimlife Swim Spas.

As RE/MAX continues to roll out the discount program, we’ll be adding even more partners to the roster.

*Currently available only in Ontario and Atlantic Canada regions.

Do you want to save money?

Saving money is easy. Just visit mymaxperx.ca and register using a unique MAXPERX code that you received from your RE/MAX agent.

Don’t have a RE/MAX agent? No problem. All you have to do is register or log in to remax.ca and “favourite” an agent in order to gain access to the MAXPERX program. You’ll then be able to download the MAXPERX App from the App Store or Google Play.

When you shop at any of the MAXPERX affiliated partners, you can redeem the promotions.

Watch the video to learn more!

Looking for even more ways to save money. Whether you want to start saving for a down payment, your emergency fund or your retirement fund, here are 5 SIMPLE TIPS to save money is small ways that add up in the long run.

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5 Simple Ways To Save More Money in 2019

Want to know how to save money this year? A good first step to build your savings account is to lower your cost of living. Whether your savings goals include a down payment on a home, an emergency fund, you want to save for retirement, or you simply need more money each month to cover your expenses, these small but impactful saving tips can help you find money – potentially lots of money! – in the long run. Consider these tips to help you put money away and start saving!

How to save money in 5 simple steps

how to save money car icon1. Start a carpool: Those who drive to work everyday end up spending thousands of dollars on gas each year. Starting a carpool is an easy way to spend less on gas every week. Not only are you saving money, but you’ll be reducing your carbon footprint at the same time. The more people in the carpool the better!

how to save money cans icon2. Buy non-perishable foods in bulk: Buying non-perishable items in bulk is an easy way to save lots of money. Look at the cost per unit of all of the sizes and choose the best deal. You can also use coupons, or take advantage of multi-buy deals at your local grocery stores, to save more money each month.

how to save money food icon3. Consider buying no-name brands: No-name brands are strikingly similar and priced lower than most of their mainstream brand counterparts. Switching to no-name products can significantly reduce your weekly grocery bill and can save you hundreds of dollars over the course of a year.

how to save money coffee icon4. Make your own coffee at home: Buying coffee on a daily basis can really put a dent in your budget. You may not notice it right away, but over long periods of time, it really adds up. By making your own cup at home every morning, you can add a few extra dollars to your savings plan and avoid the unnecessary waste of a paper cup!

how to save money phone icon5. Remove unnecessary features from your cell phone plan: It’s likely that there are unnecessary fees, or some features you’ve forgotten about that you’re paying for. Double check to ensure you’re not paying for anything that you don’t use often.

We bet you’re not the only one who’s looking for tips on how to save money this year. Try these money saving tips with a family member or friend to keep each other motivated and ensure you both stay on track.

Sometimes it’s not just what you buy, but where you shop. Click HERE for tips on where to find fabulous furniture on a budget!

Lowering your cost of living doesn’t have to be difficult. By following these tips on how to save money, you can reach your savings goals in no time, and purchasing your next home can happen sooner than you think! Happy budgeting in 2019!

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