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Clients often ask if they need a 20% down payment to buy another home, and the answer is, 'it depends'.
If they are purchasing a property for rental or investment purposes, then yes, they'll typically need a minimum 20% down payment.
However, if they are converting their current home into a rental property and buying another home for themselves to live in, they can put down a minimum again.
One program that many overlook is how to buy a second home with as little as 5% down.
Here's how it works:
The property needs to be owner-occupied, meaning they or immediate family members will use it.
It must make sense, such as a second home in a different city for work, leisure, or family to live in. Lenders will be vigilant if it seems like they are trying to use this program to buy a rental property without a 20% down payment.
The purchase price needs to be under $500,000 to qualify for 5% down or under $1 million for the minimum down payment.
Hypothetical rental income (or Airbnb income) cannot be used to qualify since the property is for owner-occupied use only. Even if family members are renting from them, the rent won't be considered. This means they have to qualify for both their first home and this new second home without rental income.
For more information contact
Jayden Backs
BRX Mortgages
403-370-9020
jayden@jaydenbacks.ca
Buying a home can be a complex financial journey. If you plan to get a mortgage, you’ll hear about the need for a down payment, but your REALTOR®will also mention a deposit.
Are these two terms the same? Let’s clarify the difference between a deposit and a down payment and their impact on your path to homeownership. Whether you’re a first-time buyer or looking to refine your strategy, grasping these concepts will help you make informed decisions and succeed in the housing market. Let’s dive in!
A down payment is the amount of money a buyer must provide independently of the mortgage loan. Sources for a down payment can include:
Savings
Investments
Gifts from family*
Borrowed funds**
Note: If using gifted funds, the lender requires a gift letter. The funds should first be deposited into the buyer's account before being used as a deposit or down payment. Inheritance funds come with different requirements that depend on the lender.
*Note: In some cases, lenders may allow borrowing against personal lines of credit or other properties.
In Canada, most lenders require a down payment of 20 per cent of the purchase price. However, insured mortgages allow for down payments as low as 5 per cent. While the minimum down payment is 5 per cent, lenders typically expect an additional 1.5 per cent saved to cover legal fees and other associated costs, including:
Appraisal fees
Home inspection fees
Title insurance
A deposit is not the same as a down payment and usually doesn’t constitute the entire down payment amount. It serves as a security measure for the seller, ensuring that if the buyer does not complete the purchase, the seller is compensated for their potential loss. In short, your deposit signals to the seller that your offer is serious.
Yes, it does. However, the lender will need to track a 90-day history of where the deposit originated in addition to the down payment. For instance, the lender will request 90-day bank statements from the account where the deposit is held. They will need to see a record of the deposit leaving your account (as part of the down payment) and a record of the selling brokerage receiving the deposit.
When your file is conveyed at the law office, the lawyer will request the deposit from the seller’s brokerage. This deposit will then be included in the total purchase funds.
Now that we've clarified the differences between down payments and deposits let’s explore some scenarios, starting with Ideal Camille.
Scenario 1: Ideal Camille
Imagine Ideal Camille, who, with the assistance of her REALTOR®, finds a home listed at $400,000. For a 20 per cent down payment, Camille has saved $80,000 for which she can provide her lender with a 90-day transaction history. She is pre-approved for a mortgage to finance the remainder of the purchase.
To strengthen her offer, Camille and her REALTOR® include a $20,000 deposit. Once the seller accepts the offer, Camille delivers the deposit to the seller’s brokerage and receives a Receipt of Funds, she then provides her lender with confirmation that the deposit has been received by the listing brokerage. This ensures the lender recognizes that $20,000 will be applied to her $80,000 down payment.
Scenario 2: Gift Cliff
Not every transaction is as straightforward as Ideal Camille’s. Take Gift Cliff, who is eager to purchase a $300,000 home. He receives a $15,000 down payment gift from his father, which is only 5 per cent of the purchase price, necessitating an insured mortgage. Excited about the home, Cliff instructs his REALTOR® to include the entire $15,000 as a deposit in his offer.
Once his offer is accepted, the $15,000 deposit is sent to the selling brokerage. Cliff must inform his lender that his down payment will come from this deposit and advise that the deposit was received by the listing brokerage. He also communicates to his lender that the deposit was a gift from his father, prompting the lender to request a gift letter and outline the necessary details for the letter.
If any portion of your deposit or down payment is a gift or borrowed, consult your mortgage broker regarding the lender's policies on these funds. Some lenders accept gifted funds from anyone, while most require them to be from a direct family member.
Lenders are becoming stricter about tracking the source of funds for down payments. Be prepared to provide at least 90 days of financial history for all funds used for your deposit and down payment.
Avoid transferring large sums in and out of the account, instead holding your down payment during the purchasing process. Any large transfers must have complete records detailing where the money came from, where it’s going, and why. Due to Canada’s strict anti-money laundering policies, it's essential to maintain clear documentation of transactions. The best practice is to keep your down payment in a separate account designated solely for your home purchase.
Sales gains for homes priced above $600,000 offset declines at the lower end of the market, resulting in October sales that were similar to last year. The 2,174 sales in October increased over September and stood 24 per cent above long-term trends for the month.
“Housing demand has stayed relatively strong in our market as we move into the fourth quarter, with October sales rising over last month,” said Ann-Marie Lurie, Chief Economist at CREB®. “However, activity would likely have been stronger if more supply choices existed for lower-priced homes. Supply levels in our market are improving relative to the ultra-low levels experienced last year, but much of the gains have been driven by higher-priced units for each property type. This results in conditions far more balanced in the upper end of the market versus the seller's market conditions in the lower to mid-price ranges of each property type.”
The gains in new listings relative to sales over the past six months have supported inventory gains in the city. As of October, 4,966 units were available, a significant improvement over the near-record low of 3,205 units reported last October. While inventories are starting to reach levels more consistent with long-term trends, the inventory composition has changed as nearly half of all the residential inventory is now priced above $600,000.
Adjustments in supply are helping move the market away from the tight market conditions experienced in the spring. However, conditions remain relatively tight, with 2.3 months of supply and a 67 per cent sales-to-new listings ratio, and the months of supply does vary significantly by price range and property type. For example, detached homes priced below $700,000 are reporting less than two months of supply, while homes priced over $1,000,000 are reporting over three months of supply. This is likely resulting in different price pressures depending on price range and property type.
Overall, the total residential benchmark price was $592,500 in October, over four per cent higher than last October and on a year-to-date basis, averaging over eight per cent higher than last year's levels. The unadjusted benchmark prices did ease slightly over last month due to seasonal factors, as seasonally adjusted prices remained relatively stable in October compared to September.
Detached
Home sales rose to 1,071 in October, a gain over last month and nearly 10 per cent higher than last year. While new listings were higher than last year, they slowed over last month, causing the sales to new listings ratio to rise to 69 per cent and preventing any further monthly gain in inventory levels. With 2,199 units available, the months of supply remained near two months, a gain over the under two months reported last year at this time, but slightly lower than last month.
The unadjusted detached benchmark price was $753,900 in October, slightly lower than last month but still eight per cent higher than levels reported last October. Additional supply choices in the higher price ranges have taken some of the pressure off home prices. However, the recent monthly pullbacks are more related to seasonal conditions, as seasonally adjusted prices have remained relatively stable over the past three months.
Semi-Detached
Sales in October rose over last month and were over six per cent higher than levels reported last year at this time, contributing to the year-to-date growth of over three per cent. New listings for semi-detached homes have also been on the rise, supporting some steady gains in inventory levels. The shift in supply compared to demand has helped push the market toward more balanced conditions, especially for higher-priced properties. However, with only two months of supply, the overall conditions still favour the seller.
The unadjusted benchmark price was $677,000 in October, similar to last month and over eight per cent higher than last year. Year-to-date prices have averaged an over 11 per cent gain.
Row
Following a strong start to the year, sales activity has slowed since June. However, the pullback in sales is not due to a shift in demand but related to supply constraints. The declines in sales have been driven by homes priced under $400,000, the same segment of the market which reported a 35 per cent decline in new listings. Year-to-date sales have remained relatively stable compared to last year, as pullbacks in the lower range offset the gains in the upper price ranges. Over 70 per cent of the sales have occurred over $400,000, a significant shift from last year, where the upper end accounted for 47 per cent of all the sales.
Improvements in supply did cause the months of supply to push above two months in October, the first time that has happened since the end of 2021. Supply growth, especially in the upper price ranges, has helped take some pressure off prices. However, with an unadjusted benchmark price of $456,600, prices are still over eight per cent higher than last October and year-to-date, which have averaged an increase of nearly 16 per cent.
Apartment Condominium
While sales in October improved over last month, October marks the fifth consecutive month with a year-over-year decline. However, it is important to note that the 6,782 sales so far this year are only down slightly over last year's record high and nearly double the number of sales we have averaged over the previous decade. Higher lending rates, rising rents, and limited supply choices for lower-priced properties have fuelled demand for apartment condominiums. However, like other property types, sales declines were driven by pullbacks for lower-priced units due to a significant drop in supply. Inventory levels in October did rise over the previous year, with most of the gains occurring in the $300,000 - $500,000 range, supporting more balanced conditions in those price ranges. Meanwhile, conditions remained relatively tight for lower-priced condominiums.
The additional supply choices, especially in the higher ranges of the condominium market, are taking some of the pressure off prices. In October, the unadjusted benchmark price was $341,700, down over last month but still 11 per cent higher than last year's levels. While much of the monthly decline can be attributed to seasonal factors, areas with a relatively high number of newly constructed and completed projects are impacting resale activity, resulting in a slightly higher monthly decline. Nonetheless, on average, year-to-date prices are nearly 17 per cent higher than levels reported last year.
REGIONAL MARKET FACTS
Airdrie
While both sales and new listings improved over the levels reported last October, the monthly pullback in new listings was enough to cause the sales-to-new-listings ratio to rise over last month, reaching 67 per cent. While this slowed the growth in monthly inventory levels, the 365 units in inventory is a significant gain over the exceptionally low levels of 213 reported last year at this time. Following three consecutive years of low inventory levels, recent gains are helping shift the market toward more balanced conditions.
A shift away from the extreme sellers’ market has reduced the pressure on home prices. The unadjusted benchmark price was down over last month in October, but it was still five per cent higher than last October. Some of the monthly decline is related to seasonal factors, as seasonally adjusted data indicates prices remained relatively stable over the past four months.
Cochrane
Sales this month improved over last year, keeping above long-term trends for the town. At the same time, new listings also improved, reporting the highest October total on record. Recent gains in new listings relative to sales have helped support some steady gains in inventory levels. However, with 178 units available in October, inventories are still below long-term trends, keeping the months of supply relatively low at 2.3 months.
While conditions are not as tight as in the spring, the shift is slowing the pace of price growth. The unadjusted benchmark price in October was slightly lower than last month but still six per cent higher than last year's levels. Overall year-to-date average benchmark prices are over nine per cent higher than last year's levels.
Okotoks
Sales in October improved over last year's levels as recent gains in new listings provided choices for many buyers struggling with supply options. While the sales gain relative to new listings prevented further monthly gains in inventory levels, the 103 units available in October significantly improved over the near-record low of 66 units reported last October.
With less than two months of supply, conditions continue to favour the seller. The persistent seller market conditions have driven price growth in this market throughout most of the year. While unadjusted prices did ease slightly over last month in October, levels are still over six per cent higher than last October and over eight per cent higher on a year-to-date basis.
Click here to view the full City of Calgary monthly stats package.
Click here to view the full Calgary region monthly stats package.
Fall is a good time to do some home repairs and maintenance so you can keep warm and dry during the long winter months. After all, every home needs a little TLC to maintain its value and keep the homeowner comfortable.
Keeping the exterior of your home in good condition not only helps it look good, but can also save you money and the headaches that go along with a neglected exterior.
Your foundation needs special attention to prevent water from seeping in as the weather warms up and during thaws. Inspect it thoroughly, both inside and out. If you see cracks that are more than 0.3 cm wide, or any signs of efflorescence (white deposits), seepage, or humidity, ask a professional to look into the matter.
Assess the condition of your roof or have a roofing professional inspect it to ensure that it's ready for winter. Make sure the seals around the chimney, skylights, and vents are in good condition and that there are no missing or loose shingles.
Clean gutters and downspouts and replace damaged sections. It may be a good idea to install leaf guards that allow water to go through while preventing leaves and other debris from accumulating. Gutters are designed to keep rainwater away from the house so if your gutter is blocked, water can overflow onto your property and even seep into the basement. The grading around your house also helps drain run-off water from the foundation. Make sure you have a small slope that runs for at least 1.8 m from the house.
Repair cracks in sidewalks, steps, and driveways with concrete or special-purpose sealant to prevent damage during winter. Store summer equipment (lawn mowers, leaf blowers, gardening tools) and prepare winter equipment (shovels, snow blowers, etc.). Clean, repair, and store your patio furniture and barbecue for next spring.
If your home has a frost-free outdoor faucet, remove the garden hose and make sure the faucet is completely turned off. If you have a standard faucet, drain it to prevent it from bursting when temperatures dip below freezing.
Fire prevention, water damage, and energy efficiency should be your top priorities when preparing your home's interior for winter.
As there’s more precipitation than normal in the fall and winter, check the airtightness of your doors and windows to prevent water seepage. Airtight doors and windows could also help reduce your electricity bill. If necessary, add weatherstripping or caulking.
Water damage is a real nuisance for properties as it may uncover hidden issues such as mould. Make sure your pipes and everything around them is dry: the pipes under your sinks, washing machine and dishwasher inlet hoses, and the floor around toilets, the washing machine, dishwasher, and water heater. Further, water heaters have a limited lifespan, which is generally around 10 years. It’s therefore necessary to pay particular attention to it (leaks, corrosion, seepage, etc.) and plan its replacement in the short term.
If you really want to reduce the risk of water damage, there are now leak detection systems that automatically close the water intake valve when a leak is detected. No more leaks, thanks to detectors installed close to your home's major plumbing appliances!
Check the condition of your heating system and fireplace. To ensure optimal performance, have your heating systems inspected by a licensed professional, especially if you notice any signs of malfunction such as a noisy belt.
If you have a fireplace or wood-burning appliance, it's important to have your chimney swept at least once a year to remove creosote and blockages. A buildup of creosote can result in a chimney fire, and blockages can put you at risk of carbon monoxide poisoning.
If you use a humidifier to make the air in your room less dry and comfortable during the winter, be sure to clean your unit and its filter, or replace the filter as needed, to prevent the growth of bacteria and mould buildup.
To reduce your heating costs in winter, reverse the direction of your fan blades to create an upward draft helping to better distribute warm air from the ceiling. During winter, the blades should be turned clockwise.
Make sure the smoke and carbon monoxide detectors in your home are working properly—clean them and replace the batteries once a year. Better yet, install detectors with a 10-year lifespan to avoid the yearly replacement of batteries.
Finally, give your home a thorough cleaning. Get rid of the things you no longer need such as newspapers and old household cleaning products and chemicals to keep your home clean and safe.
This year's spooky season is all about merging the macabre with the sophisticated.
Published on September 13, 2024
As the nights grow longer and the crispness of autumn fills the air, the moment has come to transform your sunny summer retreat into a spine-chilling spectacle filled with eerie delights. But this season, don't limit your Halloween decor to carved pumpkins and the classic black and orange color scheme.
"I particularly love this time of year as it allows us to showcase our creativity with deep, rich colors, chilling decorations, and carved pumpkins,” says Dayna Isom Johnson, Etsy’s trend expert. "This year, however, it seems some new trends are emerging."
Whether you're aiming for a haunted house ambiance or prefer a more refined approach, this year's Halloween decor trends embrace a balance between tradition and innovation, inviting you to create a space that’s as captivating as it is spooky.
If you're looking to make Halloween feel a little more glam, look no further than gothic glamor. This style fuses the mystery and drama of Gothic architecture with the luxury and elegance of Victorian-era opulence, enabling you to balance eerie elements with high-end sophistication. “It’s a celebration of the macabre with an elegant twist,” says Johnson, who explains that a dark jewel color palette and rich texture are central to the gothic glamor trend. Think rich purple, ruby red, velvety black, and midnight blue in sumptuous velvet and silk draped across windows or embellishing your living room and table settings.
You're halfway there if you already own Gothic or Victorian-style antique furniture. Accessorize with antique picture frames, dark glassware, gold or silver accents, and macabre motifs, such as skulls, black roses, and gothic-inspired art. Set the mood with flickering candles that cast animated shadows and a hauntingly beautiful glow.
According to Johnson, this year is all about celebrating the history and traditions of Halloween from 1920 to 1960. This trend is perfect for those looking to evoke the spirit of Halloween's past with elegance and a hint of mystery. “Think childhood nostalgia with caramel apple-scented candles, vintage decorations, and classic ghost motifs,” she says. Introduce old-school Halloween motifs around the house—witches, black cats, and jack-o’-lanterns—on die-cut decor, banners, and posters. Bring an authentic, eerie look with antiquities, such as weathered lanterns, wrought iron candelabras, aged books, and old-fashioned apothecary jars filled with creepy crawlies and witches potions. Handmade elements, such as carved wooden pumpkins and homemade garlands, echo the simplicity and craftsmanship of earlier times and expose a cozy and rustic side of Halloween.
Harvest Halloween decor from your back garden or local garden center. “Dark, moody florals paired with bare, eerie-shaped branches add a haunting beauty to planters,” says Amy Courtney, interior designer and founder of Amy Courtney Design. “Go for something like a smoke bush and big imposing planters to create a dark, dramatic feel.” Instead of lining your porch with the predictable yet iconic symbol of Halloween—the orange pumpkin—Courtney suggests decorating with gourds in shades of cream, sage, deep greens, and soft browns for an understated yet festive look.
25 White Pumpkin Ideas That Add Elegance to Fall Decor
“Witchy and celestial aesthetics are really in for 2024,” Courtney says. “I loved hanging hats last year, and now they're back, but with an elevated upgrade.” She particularly loves the woven black vine iteration by Terrain by Anthropologie, which has elevated the trend. “Hang them from your porch ceiling and pair them with a broomstick and green pumpkins, and you’ve got the perfect recipe for a magical Halloween setup.” Alternatively, drape 3-D bats across the front door to create a playful, spooky effect that sets the tone for the haunted house beyond.
Escape reality by bringing your favorite fantastical scenes and characters to life this Halloween. The fantastical style is especially appealing in 2024 as it reflects a broader cultural shift towards nostalgia and fantasy, tapping into a collective yearning for adventure, mystery, and a curiosity for the unknown. To conjure an other-worldy atmosphere, Johnson suggests drawing on elements like ancient woodlands, fairy circles, and epic quests. Think deep green foliage, climbing ivy, and earthy textures that bring the enchanted woodlands indoors. Hint at a magical world with toadstools, mushrooms, twinkling fairy dust and lights, and figurines of mythical creatures. If one thing’s for sure, reality and fantasy collide with this trend, providing an immersive experience that captures the imagination and brings a touch of magic to Halloween decor.
Halloween villages are flying off the shelves this season, becoming the latest must-have piece of Halloween decor. The miniature-themed displays feature intricately designed haunted houses, graveyards, and spooky figurines, making the perfect feature for a mantel or window sill for passers-by to admire. “Create a glowing Halloween village scene, but make it extra spooky,” says Courtney, who suggests adding moss, backlighting, or even a smoke machine to heighten the creep factor and truly bring the scene to life.
Representations are statements a buyer or seller makes about specific facts. Warranties are contractual promises made to one another regarding the existence or accuracy of specific facts, often relating to the contract.
Representations and warranties are usually made by the seller. Here are some common examples:
1. Legal right to sell the property
The seller promises they have the legal right to sell the property.
Action: Check the title to ensure the names are correct and accurately spelled. Be aware of issues like estates, corporate sellers, or other legal encumbrances.
2. Residency status for tax purposes
The seller confirms they are not a non-resident for the purposes of the Income Tax Act (Canada).
Action: Make note if you're meeting the seller in person or they are signing the contract from out of country. This can affect the timing of fund transfers, the ability to transfer title, and have tax implications on the buyer.
3. No other legal claims to attached or unattached goods
The seller assures that no one else has a legal right to the included goods.
Action: Ask the seller about any debts, payments, or contracts related to items like alarms, furnaces, appliances, and water softeners.
4. Compliance with land use and municipal laws
The seller states that the property complies with municipal land use bylaws and any restrictive covenants.
Action: Obtain a copy of the Real Property Report to ensure all structures are accounted for and comply with regulations.
5. Proper location of buildings and improvements
The seller promises that buildings and improvements are correctly located and comply with relevant laws.
Action: Review the Real Property Report to check for any encroachments and ensure compliance with covenants and bylaws.
6. Disclosure of material latent defects
The seller discloses any known hidden defects in writing.
Action: When touring the property, look for signs of defects and ask questions about any abnormalities.
7. Disclosure of government notices and permits
The seller discloses any government notices and whether they have permits for any work done.
Action: Ask the seller about any notices and ensure they have permits for any developments on the property.
If you have any questions or concerns, please do not hesitate to contact Kahane Law Office, so they can assist you with your questions. Call Kahane Law at 403-225-8810 or email at realestate@kahanelaw.com.
By Brian McKechnie Global News
Whether you’re ready for it or not, fall has arrived. As the days get shorter and the temperature more brisk, it’s time to put away the lawn furniture and get your house prepared for what’s in store over the next six months.
Here are some tips on things you should do now to help make your home more comfortable during fall (and winter). If you’re not comfortable handling any of these tasks yourself, hire a professional to ensure you don’t get hurt or cause unnecessary damage to your home.
Anyone who watches Mike Holmes knows that water is your home’s worst enemy. As leaves begin to fall they will undoubtedly fill your eavestroughs and downspouts, blocking water from making it off your roof and away from your house. While time-consuming, cleaning them out regularly until all the trees in your area are leaf-free is a good idea to help stop water from finding a way inside.
Full gutters and downspouts are also an invitation for critters, who will nest in them before eventually attempting to get into your attic and potentially causing a lot of damage.
If you’re not comfortable cleaning them yourself, check with contractors in your area, as many offer services to do this for you. There’s also many products on the market that can be installed on your eavestroughs to keep leaves and critters out while still letting water through. Check with your local home improvement store or a local contractor for recommendations on what works best on homes in your area.
Caulking around windows and doors prevents cold air from getting in and your conditioned inside air from getting out. Even if you did this in the spring, it’s a good idea to do a perimeter check to see if you need to add more caulking in spots. Having a good seal around these openings will not only make your home more comfortable, but will also help you waste less energy and save you money.
Besides windows and doors, caulking around vents (such as your dryer and bathroom exhaust fan) and cables and pipes that run outside of your house is also a good idea.
Weather stripping loses its effectiveness with age and needs to be replaced every few years. Do a visual check of the stripping around exterior doors and windows (including your garage door) and replace if it appears worn or cracked.
You’ll be very thankful if you catch a problem with your roof now before water starts dripping on your head in the middle of a November downpour. The average lifespan of an asphalt shingled roof (the most common in North America) is between 15 and 20 years if installed properly. Factors such as critters, severe weather and whether you’re in a highly populated tree area will speed up the deterioration process.
From the outside look for signs of worn, loose or missing shingles and shingles with mold or rot on them. Check eavestroughs for granules from the shingles (a sign of heavy wear) and ensure that your eavestroughs and flashing (the metal lip between your shingles and eavestroughs) are securely attached. If you have a metal, tiled or roof with solar panels it’s best to have a professional do an inspection.
You should also inspect around vents for missing caulking and broken seals and do a visual check of your chimney to ensure there are no crumbling bricks or bird or squirrel nests inside.
From inside your attic check the underside of your roof for water damage and holes. Also make sure there are no nests in your attic insulation and that vents in your soffits are not blocked. (Soffits connect the overhang of your roof to the top of your exterior walls and help vent unconditioned attics. Keeping these vents clear is important in having a healthy home).
If you are not comfortable going onto your roof or into your attic you should hire a professional to inspect it. If you do find signs of an infestation call animal control or an exterminator immediately.
Removable A/C window units should be removed and properly stored according to the manufacturer’s instructions before winter in order to protect the unit and help keep cooler outside air from getting inside.
Whole home A/C units should be powered down from the breaker in your main electrical panel. If you have a safety shut-off switch located outside by the A/C unit that should be turned off as well.
There is much debate over whether you should completely cover a whole home A/C unit for the winter. A cover that goes all the way down to the bottom can trap moisture inside the unit as well as invite critters to nest. A better option is a short cover, which protects the unit from debris and leaves getting inside the top while letting the unit “breathe” (a piece of plywood cut to size on top of the unit works well, too).
The faucets you use outside in the summer to wash your car, soak your garden and hose down your kids are susceptible to freezing. If proper care is not taken to shut-off and drain these lines before winter, it can lead to pipes and faucets bursting or cracking and can create a huge, potentially expensive, disaster.
All faucets that exit your home should have a shut-off valve located inside. These shut-offs are usually located close to where the faucet exits the basement to the outside, but can also be located further back in the home closer to where the pipe for the faucet branches off from the main water source. If you don’t have shut-off valves or can’t find them, contact a licensed plumber to have them installed.
Once the water is turned off inside, open the outside faucet to let it completely drain. If the inside shut-off valve has a drain plug — a small cap on the side of the shut-off — open it while the outside faucet is still turned to the on position (make sure to have a bucket under it when you open it as water will come out). Once all the water has completely drained from the line, close the drain plug on the shut-off valve and turn the outside faucet back to the off position.
If you have access to the run of pipe that goes outside, adding pipe insulation around it is bonus protection and will also help keep condensation down in the summer months as well.
Even if it was pumping out air conditioning to keep you cool, most people neglect their furnace during the summer months. Now that you’re about to turn the heat back on and spend most of your time breathing the air it pushes around, it’s recommended you do some general maintenance to keep it running in top form.
The first thing you should do before kicking on the heat is to clean or replace your furnace filter. This not only helps the quality of your inside air, but also keeps your furnace running more efficient (and the more efficient your furnace runs the less money you waste heating your home).
If you have a permanent filter, follow the directions on how to clean it and only use the recommended cleaning solutions (you breathe the air that passes through the filter so cleaning it with harsh chemicals will only contaminate the air and could be potentially dangerous, especially if the cleaning solution is flammable).
Replaceable filters come in all different sizes and ratings. Ensure you’re getting one that is the correct size to fit your furnace and then choose the level of filter protection you want.
Filters are rated using the MERV system, or “Minimum Efficiency Reporting Value”. The higher the MERV rating the more particles the filter will remove from the air. If you have allergies or pets, a filter with a higher MERV rating will help keep your air cleaner. Of course, it’s not that simple as a higher MERV rating also means less airflow, which in turn could end up doing more harm to your furnace than good. Check with your furnace manufacturer to see what the highest level of filter you can use is before going for maximum protection. Filters should also be replaced every 90 days.
Doing a good vacuuming around your furnace and inside your floor and air intake vents also helps keeps air moving better so your furnace doesn’t have to work as hard. If you have pets (or have just moved into a newly built house) having your ducts professionally cleaned is highly recommended.
If your furnace is over 15-years-old you should have it inspected by an HVAC professional to make sure everything is still in proper working order before firing it up (HVAC stands for heating, ventilating and air conditioning). A good HVAC professional will be able to detect potential problems and will also be able to give you advice on running your furnace more efficient.
If your home is heated with baseboard or radiator heating, they should be cleaned and inspected for potential hazards as well.
Clean and inspect your fireplace
Clean and inspect your dryer vent
Change the batteries in your smoke detectors
Check that carbon monoxide detectors are working properly
Inspect fire extinguishers
Inspect and test sump pumps
Empty and store rain barrels
Winterize outdoor lawn equipment
Justin Dallaire senior editor
This is the MoneySense Special Edition Newsletter, where we cover news headlines affecting Canadians’ finances.
The federal government announced two big changes to mortgage rules today. Both are aimed at making home ownership more affordable for Canadians, particularly those entering the real estate market for the first time. The new rules take effect on Dec. 15.
First, the government is raising the cap for insured mortgages. Currently, Canadians buying a home with a down payment of less than 20% of the purchase price must pay for mortgage default insurance, which protects lenders. Homes valued at $1 million or more must have a down payment of at least 20%, and they’re ineligible for mortgage default insurance. Under the new rules, buyers will be able to purchase homes valued at up to $1.5 million with a down payment of less than 20% and get an insured mortgage.
Second, the government is expanding access to 30-year mortgages. Currently, insured mortgages can have amortizations of no more than 25 years. (The exception is first-time buyers acquiring a new-construction home, who have been able to get a 30-year mortgage since Aug. 1, as part of changes introduced in the 2024 federal budget.) As of Dec. 15, all first-time home buyers will be able to access 30-year amortizations, regardless of the type of home, as will anyone buying a new-build home (including condos).
The government describes the changes as “the most significant mortgage reforms in decades.”
What does it mean for you?
Many Canadians view mortgage affordability through the lens of monthly payments—not the total cost of borrowing to buy a home. So, the new rules will indeed make home ownership more affordable for first-time buyers—though it may also lead buyers to pay more over the life of the loan than they would with a shorter mortgage.
Raising the cap on insured mortgages will “make it possible for buyers to purchase higher-priced homes with smaller down payments, and in some cases, give them access to more competitive mortgage rates as insured borrowers,” Penelope Graham, a mortgage expert at Ratehub, tells MoneySense exclusively for this newsletter. (Ratehub and MoneySense are both owned by Ratehub Inc.) “Spreading payments over a 30-year amortization period will also help improve monthly cash flow, which in turn helps with qualification ratios and passing the mortgage stress test.”
The Canadian real estate market has had a slow summer, in spite of three Bank of Canada interest rate cuts, in June, July and September. Surely, these cuts have lessened borrowing costs, and theoretically, should have sparked more home purchases (as ultra-low interest rates did during the pandemic).
Graham believes the mortgage rules coming into effect in December may be the push buyers need. “Combined with [more] anticipated interest rate cuts from the Bank of Canada, today’s announcement could be the incentive buyers have been waiting for to re-enter the market.”
A surge in buyer demand may ultimately drive up home prices—a side-effect the federal government should be trying to avoid, given the high prices Canadians already face. So, the question remains: Is this a good time to buy a home in Canada?
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Detached home sales fell by 14 per cent compared to last year, as gains in homes priced above $600,000 were not enough to offset declines in the lower price ranges, which continue to struggle with low supply levels. In August, there were 2,011 detached homes available in inventory, with over 85 per cent priced above $600,000.
The improving higher-end supply compared to sales helped push the months of supply up to nearly two months. While market conditions are still tight, this is a significant improvement from the under-one-month supply experienced in the spring. Shifting conditions are relieving some pressure on home prices. In August, the unadjusted detached benchmark price was $762,600, slightly lower than last month but still over nine per cent higher than last year.
With 297 new listings and 172 sales, the sales-to-new-listings ratio in August dropped to 58 per cent, which is more consistent with pre-pandemic levels. This shift supported a rise in inventory levels, and the months of supply rose to nearly two months.
While conditions remain relatively tight, the boost in new listings has helped ease some of the pressure on prices. In August, the unadjusted benchmark price was $681,200, a decline from last month but nearly 10 per cent higher than last year.
New listings row for homes priced above $400,000, contributing to year-to-date growth of nearly 16 per cent. At the same time, slower sales over the past three months have contributed to inventory gains. In August, there were 660 units available, a 75 per cent increase over the exceptionally low levels reported last year. While inventories are still low by historical standards, as with other property types, this shift is helping ease pressure on home prices.
The unadjusted benchmark price in August was $461,700, slightly lower than last month but over 12 per cent higher than last August. Monthly adjustments were not consistent across districts, with adjustments in the City Centre, North West, North, and West districts mostly driving monthly declines. Despite the monthly adjustments, year-over-year prices remain higher than last year across all districts and range from a low of 10 per cent in the City Centre to a high of 26 per cent in the East district.
New listings in August reached 1,001 units, a record high for the month. The gains in new listings were met with a pullback in sales, causing the sales-to-new-listings ratio to drop to 60 per cent and inventories to rise to 1,476 units. Unlike other property types, overall condominium inventory levels were relatively consistent with longer-term trends for the month.
Rising inventory and easing sales caused the months of supply to increase to nearly two and a half months, not as high as levels seen before the pandemic but an improvement over the extremely tight conditions seen over the past 18 months. In August, the unadjusted benchmark price was $346,500, similar to last month and nearly 16 per cent higher than last year’s prices.
New listings in Airdrie continued to rise this month compared to last year. However, with 242 new listings and 172 sales, the sales-to-new-listings ratio remained relatively high at 71 per cent. This prevented a stronger gain in inventory levels and kept the months of supply below two months. The tightest conditions in the market continue to be in the lower price ranges of each property type.
While conditions continue to favour the seller, they are not as tight as during the spring months, taking some pressure off home prices. In August, the unadjusted benchmark price was $553,300, similar to last month and nearly eight per cent higher than last year.
August reported 81 sales and 109 new listings, keeping the sales-to-new-listings ratio elevated at 74 per cent, enough to prevent any gain in inventory levels. With 144 units available, inventory levels are nearly 42 per cent below long-term trends for the month.
Persistently tight conditions continue to drive further price growth in the town. In August, the unadjusted benchmark price was $578,600, slightly higher than last month and over eight per cent higher than last year’s levels. Prices have risen across all property types, with the largest gains occurring for apartment-style properties.
A boost in detached sales supported the rise in August sales compared to last year. The 67 sales in August were met with 84 new listings, pushing the sales-to-new-listings ratio near 80 per cent. This prevented any significant shift in inventory levels, which remain nearly 47 per cent lower than long-term trends.
With just over one month of supply, conditions remain relatively tight. The unadjusted benchmark price in August was $622,700, similar to last month and over seven per cent higher than last August.
By CREB®
Landlords play a crucial role in the rental market, balancing property management responsibilities with tenants' rights. Evictions, while often seen from a tenant’s perspective, also significantly impact landlords.
Understanding the reasons and processes behind evictions is vital for landlords to manage their properties effectively. This article explores some key principles behind what constitutes grounds for eviction and how to handle the process in the best way possible.
There are several reasons why a landlord may want to evict a tenant from their property. Overall, the most common and heard reason for eviction is non-payment of rent. However, there are a few other grounds for which a landlord may evict a tenant:
Breaking of rental agreement terms or conditions
Damage to the rental premises
Disturbing or endangering others in the rental premises
Not maintaining clean rental premises
Not vacating when a tenancy ends
Interference with the landlord or landlord’s employees
Assaults or threatens to assault the landlord or other tenant
All notices for eviction must be in writing. The notices must include the address, reasons for eviction, and end date of the tenancy and must be signed by the landlord. If the notice is delivered via email, ensure that you are using read receipts so there is confirmation that the tenant has received it, although the tenant can refuse the request to send a read receipt.
A physical copy is strongly recommended to be delivered via registered mail or physically to the property. If the notice was posted to the property's front door, ensure that a photo is taken of the notice posted and record the date and time that the notice was posted.
Be sure to collect and save all documents relating to the eviction, as they may be used as evidence if the matter is brought before the courts or the Residential Tenancy Dispute Resolution Service (RTDRS). Documents can include photographs, emails, text messages, recordings, etc.
24-hour notice to vacate – This is used when a tenant has caused significant damages to the rental premises or physically assaulted or threatened to assault either the landlord or another tenant physically.
48-hour notice to vacate – This is used if an unauthorized occupant is living at the rental premises.
14-day notice to vacate – This type of notice would be used if there was a substantial breach by the tenant in the rental property (grounds noted above).
Important note: For notices about non-payment of rent, the landlord must include a statement that the tenancy will not be terminated if the tenant pays the due rent and any overdue rental payments on or before the termination date specified in the notice.
If a landlord has provided the eviction notice to the tenant, they may object to the reasoning behind it. The landlord can then apply to either the courts or the RTDRS for a court order to terminate the tenancy. Until the courts or the RTDRS issues the order, the tenant will remain at the property until the case has been heard.
This stage will be covered in a future article, discussing the differences between the RTDRS versus the courts and how landlords can effectively navigate this process.
By CREB®
With the busy spring market behind us, we are starting to see some shifts in supply levels. With 2,380 sales and 3,604 new listings, the sales-to-new listings ratio fell to 66 per cent, supporting a gain in inventory.
Inventories rose to 4,158 units, still 33 per cent below what we typically see in July, but the first time they have pushed above 4,000 units in nearly two years. Although the majority of supply growth occurred for homes priced above $600,000, the rise has helped shift the market away from the extreme sellers' market conditions experienced throughout the spring.
"While we are still dealing with supply challenges, especially for lower-priced homes, more options in both the new home and resale market have helped take some of the upward pressure off home prices this month," said Ann-Marie Lurie, Chief Economist at CREB®. "This is in line with our expectations for the second half of the year, and should inventories continue to rise, we should start to see more balanced conditions and stability in home prices."
July sales eased by 10 per cent over last year's record high but were still higher than long-term trends for the month. Like last month, the pullback in sales has been driven by homes priced below $600,000. Nonetheless, the gain in inventory combined with slower sales caused the months of supply to rise to 1.8 months, still low enough to favour the seller but a significant improvement from the under one month reported earlier this year.
Improved supply helped slow the pace of monthly price growth for each property type. In July, the total residential benchmark price was $606,700, similar to last month and nearly eight per cent higher than last year's levels.
To read the full stats release on July's housing market for Calgary and surrounding areas, click here.
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