It’s the week before Thanksgiving. Fall season is well underway, and the nip in the air keeps getting sharper with each passing week. Before we know it, winter will be here. For homeowners, that is your cue to make sure you and your home are well prepared for the long winter months ahead.

To begin with, your home needs to be winterized well in advance. Doing so now will help you avoid costly repairs, insurance claims, and save on energy bills. Today, we will share relevant and topical information on how to best prepare your home for the impending frigid weather.

Gutter Cleaning – Fall weather is reminiscent of the burnt orange and various autumnal hues of fall leaves. Even as you take those long walks to enjoy the beauty of the Canadian fall weather, don’t forget to ensure that your home’s gutters are not clogged with dead leaves ahead of winter. This can block water and snow melt from getting drained properly, resulting in considerable water damage to your home.

Plumbing Maintenance – Freezing weather outside can significantly impact the water temperature in your home’s plumbing network, causing it to freeze, expand, and burst or damage the pipe carrying it. This is especially true for external plumbing, such as sprinklers, water fountains, hoses, and spigots in your garden or backyard. During winter, these need to be drained, switched off, and insulated. You can also hire a professional for drain cleaning with hydro jetting, and to adequately insulate any exposed pipes.

Trimming Trees and Foliage Around the House – A heavy winter storm or blizzard is enough to damage the foliage, including the trees surrounding your house. Keep these trimmed to avoid any structural damage to your home or its roof from broken tree branches or debris.

Roof Inspection – A thick layer of snow or ice melt can damage your roof if you haven’t winterized it. You can start by getting a roof inspection to check if any roof shingles need to be replaced or repaired. Re-sealing any cracks or worn-out portions of your roof is also recommended.

Check Carbon Monoxide and Fire Alarms – Home heating equipment has been known to cause many a house fire in the winter, so it is important to make sure that your home’s fire, smoke, and carbon monoxide alarms are in good working condition. You should also test these regularly, including checking the batteries, along with other home safety equipment. Heating equipment, such as your home’s boiler, fireplace, and chimney should also be inspected for safety.

HVAC Maintenance – If you want to save on your heating costs during the winter, make sure your HVAC system is regularly serviced and is in good working condition. This also helps avoid heat loss and ensures that your home remains energy efficient. Regularly check and replace air filters when needed.

Clear Your Deck – Ontario winters are not conducive to leaving your patio furniture outside. It needs to be stowed away in a garage, garden shed, or inside your home, along with other garden/outdoor equipment, such as planters, gardening tools, your barbecue or grill, etc. Also, make sure that you have unhooked your grill’s propane tank. 

Lawn and Driveway Maintenance – You might not be gardening in the winter, but it is important to prepare your lawn for the months ahead by cleaning, aerating, and fertilizing it for the spring. This is also a good time to do your spring planting. Repair your driveway to minimize any further damage during the winter.

Stock Up on Supplies – Harsh winter weather can be unpredictable and demobilizing so you should stock up on essential supplies, such as salt and de-icer for when it snows. Check to make sure that equipment, such as a snow blower and generator, are in good working condition, as are your snow shovels, roof rake, etc. Fuel used for snowblowers and generators should be stored safely and never in your basement. If you have a wood-burning fireplace, stock up on firewood early, and store it in a dry place.

Emergency Kit – Have emergency supplies ready for those really bad winter storms that have the potential to knock out the power supply. These can include a first aid kit, non-perishable food items, extra layers, snow shovels, flashlights, batteries, and more. 

Do get in touch with the RE/MAX Royal Team Sachdeva Realty for more information about any of your real estate needs.

Our team wishes you and yours a Memorable and Happy Thanksgiving in advance.

Have a great holiday weekend!

Last week, we shared information on some of the key aspects to consider when insuring your home for the first time or modifying your existing home insurance policy.

As mentioned earlier, climate change-driven extreme weather events and the costs of climate adaptation will continue to significantly impact insurance and re-insurance costs for the foreseeable future.

This week, we will highlight some of the other insurance options one can consider, such as those used by renters or business owners. 

Tenant’s Insurance 

If you rent an apartment, condominium, townhouse, or a bigger home, you should seriously consider buying a renter’s insurance policy. It protects you against any damage or loss of possessions inside the rental unit, or any accidental damage occurring inside the apartment or condominium building you rent in.

Insurers usually consider some key factors before finalizing your insurance premium amount, such as: 

• Type of residence—its age, size, location, etc. 
• Type of policy and insurance coverage you are seeking.
• Value of your personal belongings inside the rental unit.
• Demographics, crime rates, fire stations, etc. in your neighborhood.
• Your claims history and the amount of deductible you want to pay.

Condominium Insurance

A condominium insurance policy will cover any damage or loss to the inside structure of your condo, any of your belongings therein, and your storage locker. It will also cover personal liability claims if someone is injured on your property, and additional living expenses stemming from an inability to live in your condo for some time.

Business Insurance 

Whether you run a home-based business or one out of a physical office space, you should get a business insurance policy. Coverage for home-based businesses is limited so be sure to check what all your policy’s liability limit covers if you run a business from home.  

Insurance for Seasonal Homes, Mobile Homes, Cottages, Trailers & Boats

Insurance coverage is very useful to protect your weekend getaways against any unforeseen damage. Various insurers offer seasonal home insurance policies that can provide comprehensive coverage for any of these properties.

Keeping your insurance premiums affordable

When you buy insurance, you pay a premium at regular intervals to keep the policy and its coverage active. Some things to keep in mind:

• Shop around for the best deal. 
• Maintain a good credit score. 
• Bundle your home and car insurance for a lower premium. 
• Consider paying a higher deductible to keep your premium payments low.
• Any home renovations, improvements or upgrades can earn you a discount on your insurance premium. 
• Pay your insurance premium annually instead of monthly. 
• Check with your insurer for additional discounts for lower insurance risks, such as:
  - Being a non-smoking household.
  - Having no mortgage.
  - Having a home security system or 24-hour condo security.
  - If you are a homeowner and over 50 years old.

Additional Resources

Insurance Bureau of Canada

Tenant Insurance for Renters

Climate Proof Canada

Tenant Insurance Calculator

Do get in touch with the RE/MAX Royal Team Sachdeva Realty for more information about any of your real estate needs.

Have a great weekend!

Even as adequate housing supply and affordability continue to remain top of mind for many Canadians, for those of our readers who are fortunate to be homeowners or are considering buying a home in the near future, the importance of getting your home insured cannot be stressed enough.

With extreme weather events, such as flooding, wildfires, hailstorms, and windstorms becoming extremely common across Canada and around the world, a homeowner’s insurance has to factor in coverage that protects homeowners against these growing impacts of climate change.

Today, we will share some key aspects that existing and prospective homebuyers should consider when insuring your home for the first time or modifying your home insurance taking into account the current reality of global climate change.

What does homeowners’ insurance cover?

• Interior Damage
• Exterior Damage 
• Loss to personal effects or assets 
• Any injuries caused while on or inside the property

Why is it important to get homeowners’ insurance?
As with all insurance products, homeowners’ insurance protects you against any unforeseen damage or injuries that might take place on your property. When buying a home and applying for a mortgage, a lender will usually require you to get home insurance first, which can be procured from the same lending institution or bank or another one if you get a better offer. Shop around for the best deal you can get.

The cost of getting homeowners’ insurance
Any policy you opt for will have a liability limit, usually pegged at around $100,000. Monthly payments towards the insurance policy are usually included in or clubbed with your monthly mortgage payments. Some homeowners may also choose to pay higher premiums for insuring certain portions of their home at a higher value than the rest. 

Annual payments for insurance policy premiums are usually between $1,000 and $2,000 a year but can vary depending on location, coverage limits, credit scores, the insurer, local laws and regulations, etc. The type of home you live in—condominium, townhouse, semi-detached, or detached home—its age and condition are also important determinants of your final insurance coverage. 

Factoring in climate emergency costs
The accelerated pace of climate change has made us all much more vulnerable to the vagaries of nature. Catastrophic weather events across Canada during the summer this year, which included flooding, wildfires, and hailstorms, have resulted in over $7 billion in insurance losses, a figure that is only expected to appreciate in the future given the current evidence-based forecasts for climate change.

Insurers across the country have seen an exponential increase in climate-related weather claims, which has also resulted in higher reinsurance premiums and driven up insurance costs for individuals and businesses alike. If you are an existing homeowner or are planning to become one in the future, it is important to make sure that the home insurance coverage you opt for protects you against any such contingencies in the future.

Next week, we will delve further into this topic, including the different types of home insurance and how to keep your insurance costs low.

Additional Resources

Insurance Bureau of Canada

Home insurance - Financial Consumer Agency of Canada

Climate Proof Canada

Insurance Calculator

Do get in touch with the RE/MAX Royal Team Sachdeva Realty for more information about any of your real estate needs.

Have a great weekend!

Last week, our guest author—Marilyn Monteiro, a Licensed Paralegal at Monteiro Paralegal Services, shared some insights into the key considerations Ontario landlords should keep in mind when renting out their property.

We continue with that theme this week by sharing information that is relevant and useful for prospective and current renters in Ontario. Canada’s ongoing housing crisis has also impacted its rental housing market, which is struggling with a lack of enough rental units, especially in the city of Toronto and other major urban centers across the country.

Ontario’s Residential Tenancies Act applies to most private residential rental units, including units in single and semi-detached houses, apartments, and condominiums, and secondary units, such as basement apartments. 

In Ontario, a landlord cannot discriminate against you because of your:

• Race, place of origin, or ethnic origin.
• Religion.
• Sex, sexual orientation, gender identity, and gender expression.
• Family or marital status.
• Disability or age.

Below are some broad parameters prospective renters should bear in mind before embarking on a residential tenancy.

Lease agreement: A standard lease agreement with mutually agreed upon rental terms between the landlord and renter is a must for renting a room, apartment unit, or an entire home. The lease agreement should be easy to understand and should at the least specifically mention:

• The rent amount and when it’s due.
• What is included in the rent (utilities, parking, etc.)
• Rules applicable to unit or building.
• Rules applicable to landlord’s entry into your unit.
• Responsibility for maintenance and repairs.
• Policy on guests, visitors, or pets.

Rent increases: It is important for the landlord and tenant to negotiate the rent and rental terms before a tenancy begins. In Ontario, a landlord can increase the rent only once every 12 months and the province has capped rent increases at 2.5 percent for 2024 and 2025. A 90-day written notice of the rent increase has to be given by the landlord to the tenant before it takes effect.

Evictions: An eviction order from a landlord has to be issued by the relevant authority to be legally viable. It is also applicable to only specific situations, must be provided in writing using the proper form, and should clearly state the reason for eviction. Tenants have a right to appeal the eviction order.

While it is important to be mindful of all the legal implications of, and rights bestowed by a residential tenancy agreement, it is also important for both tenants and landlords to understand that such an agreement makes it imperative for them to follow and uphold certain responsibilities as well.

For instance, a tenant has the right to: 

• A secure tenancy.
• Privacy.

At the same time, a tenant has the responsibility to: 

• Pay their rent on time.
• Keep the rental unit clean and damage-free.
• Follow the mutually agreed-upon guidelines specified by the landlord in the tenancy agreement.

Landlords in turn should ensure: 

• The rental unit is in a habitable state and follows health, safety, and maintenance standards.
• A copy of the written tenancy agreement is provided to the tenant within 21 days after the day it is signed by the tenant and given to the landlord.
• No disruption in the supply of utilities promised in the agreement, such as heat, electricity, fuel, gas, hot or cold water, etc. unless there is an urgent need to do so, such as for maintenance or repair purposes. Even then, advance notice for the same has to be provided.

Additional Resources

Landlord and Tenant Board

Renting in Ontario: Your rights

The Ontario Renter's Guide 

Information for New Tenants

Rights & Responsibilities for Landlords & Tenants

Do get in touch with the RE/MAX Royal Team Sachdeva Realty for more information about any of your real estate needs.

Have a great weekend!

Being a homeowner entails considerable responsibility, especially if you plan to rent out a property you own. As with most scenarios involving legal implications, both landlords and tenants need to have a basic understanding of the rights and responsibilities relevant to residential tenancies in Ontario.

This week, guest author Marilyn Monteiro, a Licensed Paralegal at Monteiro Paralegal Services, shares some insights into the key considerations Ontario landlords should keep in mind when renting out their property.

1. You must use a standard form of lease: In Ontario, you must use a Standard Form of Lease Agreement (known as a residential tenancy agreement). It should include the basic terms and conditions of your rental agreement. Having this in place helps both parties understand their rights and responsibilities towards each other.

2. Choose your tenants carefully: We encourage landlords to be diligent when screening prospective tenants by verifying all the information they provide you. Some documents a landlord may request from prospective tenants include:

• Employment Letter(s) from current employers.
• Pay Stubs/Proof of Income (bank statements).
• Credit Check Reports.
• Identification (driver’s license, passport, etc.) and keep copies of these.
• References – At least 3.
• Information about current living situation.
• References of current landlord.

3. Store tenant documents in a safe and secure location: A lot of the information shared through the documents listed above is confidential and landlords should ensure that they use and retain that information securely. 

4. Verify, Verify, Verify: Verifying a prospective tenants’ documents and their social media presence (such as on Facebook, Instagram, and LinkedIn) is important in order for the landlord to avoid any future problems and expenses.

5. Ask Questions: Landlords are encouraged to ask prospective tenants some of the questions listed below that are relevant to the tenancy.

• How many people will be occupying the unit?
• Do you have pets?
• Are you a smoker or a non-smoker?
• Why are you moving?
• How is your credit?

Disclaimer: The information contained herein is only for purposes of general information. It is recommended that you should not rely on or take any action based solely upon the information contained in this presentation without the benefit of professional counsel.

If you have any further questions about this subject, please do not hesitate to contact Marilyn Monteiro at 416-737-3969 or at marilyn@monteirolegal.com for more information.

Additional Resources

Landlord and Tenant Board

You can also validate a tenant’s background at websites, such as OpenRoom.ca, CanLII.org, and SingleKey.com

Have a great weekend! 

The wide-ranging impacts of global climate change continue to manifest themselves in extreme weather events, such as wildfires, unseasonable rain and flooding, etc. causing widespread devastation, here in Canada, and elsewhere. This has considerably driven up home insurance costs in the last few years, and to some extent, fueled the current crisis in Canada’s housing market.

With the local, provincial, and federal government announcing a series of incentives to encourage homeowners to install energy retrofits—be it installing heat pumps or solar panels—it is worth considering making these changes if you are a homeowner and willing to undertake the expense.

The case for using solar panels in your home

Solar energy is a clean and renewable source of energy, which essentially means it has a zero-carbon footprint. Installing solar panels in your home or place of business can help you meet your entire energy needs, and generate a surplus, which you can either sell back to your local grid or get future credits for on your utility bills.

Using solar power-generated electricity allows you to halve your energy bills, and with no future operating costs involved, can result in thousands of dollars in savings over the longer term.

Solar power is a clean energy source that can help you reduce or entirely eliminate your reliance on the conventional electricity grid. It can also insulate you from the impacts of power outages—a phenomenon becoming increasingly common due to climate change-induced extreme weather events.

The case against using solar panels in your home

The only prohibitive reason for choosing not to go solar is the cost involved in making the switch. Based on the current estimates around the average consumption of a home in Ontario, this can range from anywhere between $15,000 and $30,000, or more. At the same time, there are a plethora of incentives offered to homeowners at the municipal, provincial, and federal levels that can easily help offset any immediate and steep expenditures. Check out the Additional Resources section for more information on the various programs encouraging solar panel installation among homeowners and businesses in Toronto, Ontario, and Canada-wide.  

Switching to solar power generation 101

• Assess your current energy needs and your roof – Before you decide to switch to solar power generation, conduct a thorough assessment of your overall energy needs, including physical infrastructure issues, such as how much light you currently receive and the condition of your roof if you are planning to install solar panels there, which is typically the case.
  
  An older roof that needs replacement at a later date could result in repeat installation costs for the solar panels. That said, many solar panel installation companies offer free on-site assessments that can help you determine the immediacy, costs, and timelines for undertaking such a project.
• Choose the right solar panels – You can make this choice based on the results of the energy assessment provided by a qualified professional. Homeowners can choose to install systems that are either grid-tied or off-grid. The former allows you to sell any surplus you might generate to your local energy provider, while the latter option requires a further investment in a battery storage system. Solar panel costs can also vary considerably so do your research before you make your final choice.
• Find an installer – A good place to start is the Canadian Renewable Energy Association and Canadian Solar Industry Association’s (CanSIA) websites.
• Get the necessary permits/approvals – Solar panel installations in homes or businesses are subject to municipal bylaws to ensure safety and procedural standards are met before a building permit is granted. The same is applicable to obtaining electrical permits as well as connecting your solar power generation system to the local grid.
• If you live in Ontario, opt for net-metering – This goes back to choosing the grid-tied option for your solar power generation system. Many electric utilities in Ontario, such as Toronto Hydro, Hydro Ottawa, and Hydro One offer customers credit for sharing the surplus generated through a popular net-metering program, which you can get approval for, based on specific eligibility criteria.
• Homeowners’ insurance – This may cover solar panels attached to your home, such as rooftop-mounted panels or under-dwelling coverage. For solar panels not attached to the home, such as ground-mounted systems, coverage is usually listed in the "other structures" section of the insurance policy. It is also important to verify whether your policy covers inclement weather-induced damage, such as from wind or hail, as not all policies do. If you lease your solar panels, some leasing companies may carry insurance, but others might require you to add coverage through your policy or theirs.
  
  Whether buying or leasing, it's essential to notify your insurer about the installation. Insuring your solar panel installation can increase the replacement value of your home resulting in a slightly higher insurance premium. However, this may not significantly alter your home’s replacement value. Depending on the installation, additional coverage or endorsements may be required, particularly for freestanding structures like solar carports or yard-mounted systems.

Additional Resources

Ontario Solar Panels Calculator

Canada Greener Homes Initiative

Solar Power Ontario

City of Toronto Home Energy Loan Program

SolarTO Map

Do get in touch with the RE/MAX Royal Team Sachdeva Realty for more information about any of your real estate needs.

Have a good weekend!

Whether it is buying or selling a house, most people begin first with a cursory search online. And the pictures they see of the listed properties are very often instrumental in determining the eventual sales or purchase. With the bulk of residential properties currently listed online for sale, taking good pictures or hiring a professional to do so has become even more important for making a great first impression and ensuring a profitable sale. 

As we head into late summer, it is highly recommended that if you plan to sell your home this year—whether it is your primary residence or secondary one—now is the time to get your home into ship shape to highlight its most appealing features. Here’s how you can go about doing that.

DIY or hire a professional?

If you are someone with reasonably good photography skills, you could consider taking the pictures yourself but would have to prepare in advance on how best to showcase your home. Make sure you are mindful of the lighting, camera angles, general set-up, and background to ensure the pictures bring out the best in your home.

However, viewers can generally tell if the home pictures have been taken professionally or shot by an amateur. This can potentially impact initial buyer interest. More often than not, most prospective buyers and sellers work with a licensed real estate professional, who can easily arrange for a professional to do the job. This can free you up to focus on other aspects of what can be a long-drawn-out sales or purchase process.

Existing sales data also favors engaging a professional photographer. Home listings with professional pictures sell faster and for a higher price than others.

Is staging your home for photography important?

If you want to showcase your home in its best light, it is important to prepare your home to spotlight its most attractive qualities. Start by cleaning and decluttering your home or better still remove all your personal belongings. Hire a professional stager who can add just about enough furnishings to help prospective buyers get a sense, and potential, of the living space and to imagine themselves living there.

Similarly, boost your home’s curb appeal by tidying your outdoor space, including the yard, fences, and your garden. Spruce it up with some seasonal planters and flowers, and patio furniture for the perfect outdoor shot.  

What is the best time of day to take pictures? 

The right lighting—both interior and exterior—is crucial for good home pictures. For inside your home, make sure that all your lighting fixtures work. Let in as much natural light as possible; ideally remove the window curtains or blinds, if possible, to ensure that the interiors are awash in natural light.

For the exteriors, just after sunrise or dusk is usually considered the best time to take pictures as the lighting is softer, allowing for more layered and vibrant shots. Homes also photograph well on cloudy days contrary to a widely held belief that a bright and sunny day might be better. On an overcast day, there is just enough light to reduce any harsh shadows cropping up in the pictures, which can be expected when shooting in bright sunlight.

Which parts of your home should you photograph?

Rather than photographing every room, nook, or cranny of your house, focus on taking pictures of the spaces that are the most inviting. That usually includes the living room, dining area(s), den, master bedroom, kitchen, and your yard or patio. If you have an outdoor pool, a covered porch or gazebo, or an attractive garden arbor, take lots of pictures of them. Make sure that all these spaces are decluttered, well-lit, and set up to maximize their appeal. 

It is advisable to take multiple shots and use different angles so that you have room to work with in case a picture needs to be touched up or modified later for better visual appeal. Taking pictures at different times of the day is also a good idea because you never know for sure what light your home looks best in. Drone shots of residential properties are also in vogue as they allow you to get a birds-eye view of the neighborhood layout and the broader community. 

If you need more information on photographing your home at its best or hiring a professional photographer, do get in touch with the RE/MAX Royal Team Sachdeva Realty for more information.

Have a good weekend!

With Fall around the corner and the typically months-long winter following shortly, now is the time to consider making your home more energy-efficient to avoid hefty heating bills in the months ahead. Making your home more energy efficient is not only the more environment-friendly option, but it can also help considerably reduce what you pay to cool or heat your home.

Making your home more energy efficient does not have to be a costly endeavor. You can make small changes that offer big rewards in the way you consume energy or inadvertently waste it. Below are some of the easiest ways to do so. 

Conduct an energy audit

It is important to assess first as to which portion of your energy consumption needs the most attention from an energy efficiency perspective. Many utility providers offer to conduct such audits so check with yours first. Alternatively, a professional energy auditor will also look closely at the overall energy consumption in your home, including your past usage. Their findings will help you identify the key areas where energy usage can be improved.

Use energy-efficient appliances

Installing energy-efficient appliances, such as a washer, dryer, dishwasher, refrigerator, etc. is a great way to reduce what you spend on electricity and water consumption. Making this investment can also significantly boost your home value in the longer term. At the same time, using these appliances during off-peak hours, such as the evenings or over the weekend is also the more energy efficient thing to do.

Use a smart thermostat

Overcooling or overheating is a common practice that not only jacks up your power bills but also makes your home less energy efficient. An indoor cooling temperature of 25 degrees Celsius for summers and 20 degrees Celsius for winters is generally recommended. Alternatively, installing a smart thermostat is a great way to save yourself the effort of adjusting the heating or cooling settings manually and can help cut these costs by about 15 percent.

Check your heating & cooling apparatus 

If you haven’t already, consider investing in a tankless water heater and an energy-efficient heat pump or furnace. If you have a water tank, wrapping it in a blanket or other insulating material can help prevent heat loss. Have your HVAC unit serviced regularly to maintain efficiency and longevity. Install ceiling/standing fans in your home for use during the not-so-hot days. They use far less energy.

Check if your home’s door/window insulation is adequate

If the doors and windows in your home are well insulated, the cooling and heating systems will work more efficiently. Installing energy-efficient windows, including double or triple glazing, e-coating, and vinyl windows, can go a long way to prevent energy wastage and add to your home’s market value.

Unplug devices when not in use

Numerous studies have demonstrated the wasteful energy consumption stemming from a failure to unplug electronic devices when not in use. Also known as phantom loads or standby power, this can stem from keeping countertop kitchen appliances plugged in, even when not in use, or electronic devices, such as computers, televisions, cable boxes, or game consoles being left on. Same goes for plugged in chargers.

Use more efficient lighting

Lighting options that use less energy, such as LED and CFL light bulbs are recommended, especially for rooms in your house that are not used frequently. If you can, consider installing skylights in your home where possible. They not only provide more natural light, cutting back on the need for artificial lighting but are also great for maintaining good ventilation. Similarly, using lighter paint colors in your home is a great option to keep your home cool and bright.

Additional Resources

Energy Efficiency for Homes

Guide to Canada's Energy Efficiency Regulations

ENERGY STAR initiative in Canada

If you need more information about how to make changes to improve energy use in your home, do get in touch with the RE/MAX Royal Team Sachdeva Realty for more information.

Have a good weekend!

Notwithstanding the overall slump in the Greater Toronto Area’s (GTA’s) real estate market, home prices—whether for a detached or semi-detached home, townhouse, or condominium apartment—have still not substantially dipped from the record highs seen during the pandemic.

Even as sales activity appreciated slightly by 3.3 percent in July, further interest rate cuts expected in the fall should significantly spur buyers and sellers alike. If you own commercial or residential property other than your primary residence, you should consider cashing in on the investment this year.

Below are some of the key considerations to keep in mind. 

Capital Gains Tax

Individuals, corporations, or business entities in Canada are taxed for capital gains, which includes gains stemming from the sale of an investment property. This year’s federal budget also saw the government announce changes in the capital gains taxation code that are aimed at making it fairer.

As per these changes, effective June 25, the capital gains inclusion rate has been raised from 50 percent to 66.67 percent for capital gains of over $250,000 per year for Canadians, and on all capital gains for corporations and most types of trusts. For annual capital gains of $250,000 or less, you will be taxed on 50 percent of the total amount. If you are considering selling an investment property, you do need to take into account the subsequent capital gains tax that will be levied on the proceeds of the sale.

Selling a Rental Property

If you have rented out your investment property, and are thinking on selling the same, you need to consider the various provisions and directions outlined under the Ontario Landlord and Tenant Act and the Residential Tenancies Act. Whether you wish to retain the tenants (based on your understanding with the prospective buyer) or ask them to vacate following the requisite notice period, it is important to be aware of all the implications of choosing to sell a rental property so as to avoid any potential roadblocks during the sales process.

Readying your Investment Property for Sale

Regardless of whether you have rented out your investment property or not, it is important to make the effort to showcase the same to prospective buyers or investors in a way that helps you earn top dollar for your investment. This could involve getting a home inspection and a home evaluation done to determine a fair market price for your property and what repairs or renovations are needed urgently.

Hiring a licensed real estate professional to market your home is advisable, including a professional stager who can showcase the property at its best. This can exponentially increase the chances of you getting more sales offers and the property selling quickly. 

If you are considering such a sale in the near-term or the foreseeable future, do not hesitate to get in touch with the RE/MAX Royal Team Sachdeva Realty for more information. In addition to our real estate services, our team also provides an array of services to help you complete any real estate transactions safely and smoothly.

Have a good weekend!

The continuing slump in the Greater Toronto Area’s (GTA’s) condominium market has various market analysts forecasting a recession or marked slowdown in this real estate segment in the months ahead. 

However, the drop is sales has also resulted in a significant swell in condo inventory across the GTA. For seniors, who plan to downsize at some point from their existing properties, ostensibly from independent homes to a smaller space, such as a condominium, this offers a significant opportunity.

While condo living might not be everyone’s preferred residential option, post-retirement, it does offer some noteworthy advantages that allow for a more stress-free and relaxed lifestyle, compared with the considerable responsibilities that come with owning and maintaining a large independent home.

Whether you are considering downsizing in the near or distant future, here are some key advantages condo living offers:

• Easier and less expensive to maintain vis-à-vis an independent home.
• World-class amenities are steps or just an elevator ride away.
• Community engagement with a diverse set of building residents.
• Safer option for seniors with mobility issues. 
• Enhanced security, including a 24-hour concierge in most new condo developments.
• Freedom to pursue a more active lifestyle, including travelling, hobbies, etc.
• Convenient access to public transit, food, entertainment, and creative hubs in the downtown core or city centre.
• The opportunity to declutter and simplify your lifestyle.
• Invest to build more real estate equity or shore up existing investments.

For seniors looking to buy or invest in a condominium in the GTA, various new or relatively new condominium developments in the Markham, Etobicoke, North York, Scarborough, and further west in Mississauga are worth considering.  

Before you call up your realtor to find out more, here are some things to consider:

• Assess your current residential needs, based on your family size, finances, and health requirements. 
• Do you want to sell your current residence or rent it out?
• Do you want to buy a new condo or simply rent one?
• What is the current status of your housing mortgage, if you own one?
• What are the key reasons to downsize—moving closer to your children, better access to healthcare facilities, nicer weather/amenities etc.
• Make a quick inventory of your physical possessions, and the items that can be readily disposed off.
• The moving costs of downsizing, including selling existing property and buying a new one.
• Do you need to repair or renovate your existing residence before moving out? Get a home evaluation done. 
• Do you want to live in a quiet and tranquil neighborhood or close to the hustle and bustle of the city centre? 
• Are you physically and emotionally ready to make the transition?

Additional Resources

Ontario - A guide to programs and services for seniors

If you are considering downsizing in the near-term or the foreseeable future, do not hesitate to get in touch with the RE/MAX Royal Team Sachdeva Realty for more information. In addition to our real estate services, our team also provides an array of services to help you relocate safely and smoothly.

Have a good weekend!