The Importance of Proper Duct-Cleaning

Regular dryer and duct-cleaning, by trained professionals with proper equipment and in accordance with industry standards, is critical to reducing the risk of dryer fires. The Ontario Fire Marshall suggests that, depending upon usage, the two to three-year mark is the point at which lint build-up in the dryer cabinet and exhaust system becomes significant and can pose safety risks, while also increasing energy consumption.

Source: http://www.mondaq.com/canada/x/371604/real+estate/Monthy+Tips+February+2015

Installation of Carbon Monoxide Detectors

The Fire Protection and Prevention Act, 1997 now mandates the installation of carbon monoxide detectors in all residential buildings that have (i) a fuel burning appliance; (ii) a fireplace; or (iii) a storage garage (i.e. parking garage). If a building has six (6) or more residential suites, carbon monoxide detectors must be installed by October 15, 2015. For buildings with less the six (6) residential units, the date for compliance was April 15, 2015.
The following requirements apply to the installation of carbon monoxide detectors:

1. For suites with a fuel-burning appliance or a fireplace, a carbon monoxide detector must be installed adjacent to each bedroom in the suite;
2. If a fuel-burning appliance associated with building services is installed in a building but not within a residential suite, a carbon monoxide detector must be installed adjacent to each bedroom in each suite that has a common wall or a common floor or ceiling assembly with the service room or area where the appliance is installed.
3. If the building has a garage, a carbon monoxide detector must be installed adjacent to each bedroom in each suite that has a common wall or common floor/ceiling assembly with the garage.

 Source: http://www.mondaq.com/canada/x/371604/real+estate/Monthy+Tips+February+2015

Canada Consumer Confidence Touches 3-Month High on Real Estate

The Bloomberg Nanos Canadian Confidence Index rose to 56.2, the highest since January according to the Nanos poll. The 38.5 percent of people expecting higher local home prices was the most this year.
Increasing confidence signals the economy is starting to adjust from last year’s plunge in crude oil prices, which should begin to have positive effects rather than negative in the second half, according to Bank of Canada Governor Stephen Poloz.
The survey showed 34 percent of those asked said the economy will weaken in the next six months. The share of respondents who say they’re worse off in terms of their personal finances compared with a year earlier rose to 26.2 percent, the most since September. Those who feel at least somewhat insecure about their jobs was 13.2 percent, compared with a 12-month average of 11.9 percent.

Source: http://www.bloomberg.com/news/articles/2015-04-27/canada-consumer-confidence-touches-3-month-high-on-real-estate

Bank of Canada holds the interest rates

Bank of Canada just announced that will keep holding the rate at 0.75% due to low rate of  inflation of 1% reflecting the drop in costumer energy prices.
"Real GDP growth is projected to rebound in the second quarter and subsequently strengthen to average about 2.5% on a quarterly basis until the middle of 2016. The Bank expects real GDP growth of 1.9% in 2015, 2.5% in 2016 and 2% in 2017.”

Source:  http://www.calgarysun.com/2015/04/17/bank-of-canada-holds-the-line-on-interest-rates

First-time home buyers’ most common mistakes

Buying your first home can be an exciting experience -- but it can also be complex, confusing and time-consuming. Here are some common traps first-time home buyers fall into that you should avoid:


You're Not Sure How Much You Can Really Afford

"How much can I borrow?" is not the same as "How much should I borrow?" The mortgage that you qualify for isn't necessarily the amount you can actually afford. Bear in mind that homeownership brings extra expenses such as utilities, homeowners insurance, property taxes and maintenance and repair costs. Factor those into your monthly budget to find out how much home you can comfortably afford without becoming "house poor."

Overlooking Extra Costs

Your mortgage isn't the only cost to consider when purchasing a home. You'll also have to be ready at the outset to cover closing costs -- potentially including loan origination fees, appraisal and home inspection costs -- as well as moving costs and any necessary repairs you'll need to make when you take possession of the home.

Make sure you have a budget that can cover several thousand dollars of extra expenses related to home buying.

Not Getting Pre-Approved for a Mortgage

Before you even start looking at houses, you should get pre-approved for a mortgage. This carries two benefits: First, you'll know the price range for a home you can realistically purchase, and second, many realtors won't even let you put a bid on a house until you've completed this step.

Getting Too Emotional

It's easy to fall in love with a home at first sight, but don't let that initial emotional reaction cloud your judgment. Look beyond the aspects you adore and ask yourself if the entire house is the right fit for you -- is it large enough, is the layout workable, is it in the right neighborhood, will you have to make any costly renovations?

Not Getting a Home Inspection

Without a home inspection, you could be purchasing a money trap without even knowing it. Home inspections shine a light on potentially pricey (and dangerous) issues with a home and can save you from getting in way over your head.

Source: http://realestate.aol.com/blog/2015/02/12/common-mistakes-first-time-home-buyers/?utm_content=buffer53406&utm_medium=social&utm_source=linkedin.com&utm_campaign=buffer

Occupancy Standards

The Condominium Act allows condominiums to limit the number of people who can occupy a unit in a corporation. To do this the standard must be set by by-law. It is recommended that any buildings near educational institutions should include such provisions in their by-laws as doing so provides the corporation with the ability to control the numbers of people living in a unit. The current maximum provided in these by-laws is two persons per sleeping room as set out in the Ontario Building Code.  There are two ways to deal with overcrowded units.

First, is when the overcrowding is a result of people occupying the unit who are not family related members, for example a group of students. One student signs the lease for a two bedroom unit and 5 extra students then move in.  With an occupancy standard by-law, the corporation can seek the removal of the two extra people.

Second, if the overcrowding is as a result of children or extra family members occupying the unit, then the Human Rights Code family status provision will not allow the enforcement of the occupancy by-law provision, but the corporation can levy a surcharge against the unit.

Spurce: http://www.millerthomson.com/en/publications/articles/occupancy-standards?utm_source=Mondaq&utm_medium=syndication&utm_campaign=View-Original

Canadian home sales slip lower in January

Home sales slipped lower in January for the second month in a row. The Canadian Real Estate Association says sales through its multiple listing service in January were down 2.0 per cent compared with a year ago. Compared with December, January's sales were down 3.1 per cent.
The national average price for a home sold in January was $401,143, up 3.1 per cent from a year ago.
CREA says it was the smallest year-over-year increase since April 2013.

Source: http://www.ctvnews.ca/business/average-price-for-a-home-in-canada-is-401-143-crea-1.2239839