2021

7 Benefits of Downsizing your home

We teamed up with Delmanor Prince Edward to provide a free information session on the benefits of downsizing and why it is important to be proactive about the process of downsizing your home. Some of our favourite clients have been those who have been downsizing from their current home to a smaller, more manageable home or condo, a family suite in a family member’s home or to a retirement residence. We love taking the time to guide these clients through this big life transition and help them to start this new chapter in their lives.

Many of these clients have been in their homes for decades and some as long as half a century. These clients endear themselves to us with their stories about how the neighbourhoods have changed, the neighbours who have come and gone, the home renovations they have undertaken and the families they have raised within the walls of these homes. We are honoured and grateful to take this journey with them and consider it a privilege to play a part in this transition.

Downsizing can be an overwhelming and emotional process, which is why it is important to be proactive and have a solid plan in place. However, there are many upsides to downsizing and here are a few of the clear benefits.

A more manageable space

Some of these clients are in their 70’s, their children have long left home and they are finding that they either don’t want to or can’t manage the responsibilities of maintaining a house any longer. These clients require special attention because most have not moved for many years, they often have accumulated decades worth of belongings that need to be sorted and organized, and it is common for them to feel overwhelmed by the process and all the decisions that need to be made. However, once they have made the move to a smaller home, condo or retirement community, they find the space to be much more manageable and they will often experience the added benefit of a wider social network as well!

financial freedom

Not everyone considers downsizing later in life, some other motivating factors can be a need to reduce household expenses or pursue a simpler lifestyle, a divorce, an empty nest or the desire to reduce responsibilities in order to enjoy more financial freedom and travel. Downsizing can free up finances to allow for more options such as travel, gifting money to loved ones or pursuing new activities and hobbies. Regardless of the reason or motivation, the process is similar for everyone and requires compassion, sensitivity and proactive planning.

minimalism

We take a very thoughtful approach to the downsizing process and are sensitive to the many emotional components that this transition can trigger. Dealing with items belonging to family members who have passed away, engaging grown children in the downsizing process, getting rid of sentimental items that no longer fit or serve and dealing with estates or the division of assets are just a few of the unique obstacles that we need to consider and navigate. Once the process is complete however, there is a certain freedom that comes with owning less ‘stuff’ which can open up possibilities that were not previously a consideration.

choices

Being proactive about downsizing provides the time to research what the next best step is and weigh the pros and cons of each option. You are in a far better position to make the best decision for you if you start the process early, as opposed to being in a situation where you are forced to make decisions quickly and without forethought. With these considerations in mind, we often suggest beginning this process far in advance of the proposed move in order to avoid undue stress and overwhelm. We sit down with our clients and map out a detailed plan of how to get them from where they are to where they want to go, and implement a timeline and provide resources to help get them there.

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the luxury of time

With less space to manage, this not only frees up finances but something equally as valuable, time. Without lawns to mow or big homes to clean, our clients find that they have more time to spend with friends and family, travel and pursue interests that they didn’t have time for previously.

Social Life

We touched on this earlier, but it is important to consider the social aspect of downsizing, particularly if you are currently living alone. If a condo or retirement community is your best next step, there are often many organized group activities, exercise classes, movie nights and outings, which provide opportunities to socialize and make new friends.

Health & Safety

The increased social interaction alone can improve quality of life, but if your current home has safety risks such as stairs, or if you find that you need some amount of care or supervision, downsizing can certainly help not only improve the quality of your life, but extend it as well.

You can find more details about how we approach the downsizing process on our downsizing services page. If downsizing is something you are considering but don’t know where to start, we would be happy to sit down with you and chat through your options. With a good plan and an experienced team behind you, downsizing doesn’t have to be overwhelming and can open you up to a world of possibilities!

Is an Investment Property the Right Investment For You?

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Purchasing an investment property could be the right investment for you if you have maxed out your retirement fund & your children's RESP, your mortgage payments are manageable and you have some extra money that you are looking to invest wisely in order to maximize the return on your investment. Real estate is hot and interest rates are low so purchasing an investment property may seem like a no-brainer, but is it the right no-brainer for you?

I purchased an investment property in Roncesvalles with a friend of mine in 2009, and I have to say it has been a great investment and a good decision, but not without its drawbacks, so best to educate yourself and be prepared before you take the big leap….

Get Your Finances In Order

The banks have different financing requirements for a personal residence than for an investment property. A larger down payment (minimum 20%) is required and the qualifications are more stringent, so make sure to pay a visit to your bank or mortgage broker first to ensure that you qualify.

Pick The Right real estate Agent

Do some homework in this regard and make sure you choose an agent who knows the area where you want to buy, understands the principles of investment properties (cap rates, tax implications, income/expense reports…..more on this later) and has a good grasp on the the local rental market and the rules and regulations set out by the Residential Tenancies Act.

Risk comes from not knowing what you are doing

Warren Buffet

Do You Want To purchase an investment property Alone or with a partner?

I invested with a very good friend of mine and it has worked out well because we are both on the same page. We split the responsibilities and when issues arise with the house we pick up the slack for each other, depending on what is going on in our lives. If you can find someone to invest with, I think it’s great, you only have to come up with half the capital and you can split the workload. However, it doesn’t come without its pitfalls, you have to make sure that they are someone you trust implicitly and that you both have the same long term goals & vision. If you do decide to invest with a friend or family member, have frank conversations about expectations and make sure you see a lawyer to legally document your agreement.  Also, be sure to have this agreement documented in your will as well.

Location, Location, Location

How do you decide where to invest? With the rental market being what it is, it won’t be hard to find tenants pretty much anywhere in Toronto, so the best advice I can give would be to stick to what you know. In other words, buy in an area that you are familiar with or an area close to where you live. My investment property is around the corner from my house. I would like to take credit for that savvy decision, however it was really just a bit of a fluke, but I can’t tell you how convenient it is to be 2 minutes away when your tenants are calling with a problem or emergency!

What Kind of Investment Property?

Multi-unit? Single family? Condo? The type of property you decide to purchase really depends on how much you are willing to take on. The more units, the better the investment; the more tenants, the more maintenance and problems to contend with.

The Tenants

Yes, you have to deal with tenants.  This is where it can get a little tricky. Personally, I have had good luck with tenants and all our current tenants are a dream, but everyone has heard the horror stories, and the Residential Tenancies Act definitely protects the rights of the tenant over the landlord, so do your homework, follow up on your reference and credit checks and keep your fingers crossed!

....and The Maintenance

You know the old adage whatever can go wrong, will go wrong, this could not be more true than with an income property.  Nobody likes a slumlord so staying on top of maintenance and repairs is imperative.  If you are handy all the better, but if not, you will need to have a roster of reliable trades people at your disposal.

All that said, if you are up for it, an investment property can be a lucrative addition to your portfolio and when done properly can provide an additional nest egg for your retirement or future housing for yourself or your family members.

This is the first in a series of blogs on real estate investing.  The next one will tackle how to read the financials so you are able to pick out the good investments from the bad ones....so stay tuned!

If you have any specific questions about real estate investing, don't hesitate to get in touch, we would be happy to answer any questions!

West End Toronto Real Estate Market Update - March 2021

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For the third straight month of 2021, record home sales continued in March across the Greater Toronto Area (GTA) with buyers taking advantage of favourable borrowing costs and continued improvement in many sectors of the economy.

GTA REALTORS® reported 15,652 sales in March 2021 – close to double that of March 2020. While sales were strong, it is important to remember that for the second half of March we are comparing against the initial impact of COVID-19 in the second half of March 2020 when sales activity dropped off dramatically. With this in mind, it is important to consider annual sales growth for the pre-COVID period (March 1 to 14, 2020) and COVID period (March 15 to 31, 2020):

- There were 6,504 sales reported during the first 14 days of March 2021 - up 41 per cent compared to the pre- COVID period in March 2020.

- There were 9,148 sales reported between March 15th and March 31st 2021, an increase of 174 per cent compared to the COVID period of March 2020. This is a stark reminder of the initial impact COVID-19 had on the housing market and overall economy a year ago.

For March 2021 as a whole, new listings were up 57 per cent year-over-year to 22,709. While representing a strong year-over-year increase, the annual growth rate for new listings was well-below that of sales.

The MLS® Home Price Index Composite Benchmark for March 2021 was up by 16.5 per cent compared to March 2020. The average selling price, at $1,097,565 was up by 21.6 per cent over the same period. Following the recent trend, low-rise home sales in regions surrounding the City of Toronto drove price growth.


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Click here if you would like to compare these numbers to last month’s numbers.

If you would like further information about current market conditions, or if you are considering a move and would like to know how much your house is worth, feel free to get in touch, we are always available for your questions!

Home design trends for 2021

grandmillenial style by hadley court

grandmillenial style by hadley court

Without a doubt, the pandemic has affected every aspect of our lives; from working from home, navigating online school, eating at home more due to restaurant closures and lockdowns restricting our movements; the pandemic has certainly changed how we live and interact within our homes. Combine that with the fact that we have been staring at the same four walls for over a year, and a lot of us are feeling the desire to either redecorate, reconfigure our current space or move to a different space altogether. If you are considering a renovation or a move, here are a few design trends that we are seeing, many as a result of living life during a pandemic.

the home office

Working from home full-time means it is no longer feasible to just set up your laptop at the kitchen island or dining room table. Online meetings require privacy, tech capabilities and a way to separate work from home. A comfortable desk chair, ample storage, a proper tech set-up, good lighting and a pleasing zoom background are all factors to consider when designing a dedicated home office. In smaller spaces such as condos, where square footage is a premium and a separate room is out of the question, designating and designing a space within a space strictly for work is equally as important.

A screen is a great way to create a decorative partition in a smaller space.  Designed by Charu Ghandi of Elicyon. Credit: Courtesy of Elicyon

A screen is a great way to create a decorative partition in a smaller space. Designed by Charu Ghandi of Elicyon. Credit: Courtesy of Elicyon

multi-functionality

Spending so much time at home has also made us realize that we need to maximize all the space in our house and some spaces, such as formal living and dining rooms, get very little use and are taking up prime real estate in our homes. As a result, we are seeing a trend towards multi-functional space and furniture, so that we can get the most out of the space that we have. It has also forced us to re-examine our need for walls and privacy as we trend away from the open concept floor plan that has been so popular, and towards separated multi-use space.

outdoor living

Since our movements have been so restricted, we are all craving the ability to get outdoors, so there is a big trend towards blending the outdoors with the indoors and creating luxurious spaces to enjoy all-season. Creating outdoor living & dining areas allows for pandemic socializing or even just a change of scenery. Fireplaces, outdoor kitchens, swimming pools and hot tubs are popular ways to add luxury to these outdoor spaces.

Credit: Neue Focus Photography

Credit: Neue Focus Photography

go natural

We all also want to be cozy and comfortable these days so there is a trend away from the sleek, sterile modern look towards a more warm and welcoming esthetic. This can be achieved through the use of natural fabrics, wood accents, earth tones & (real) greenery. Natural materials such as rattan and cane are also seeing a resurgence, and we are seeing a move away from the design equivalent of fast fashion, with homeowners choosing to invest in more sustainable furnishings.

colour

We are seeing a real trend towards pops of dark colour, whether it be in a statement couch, accent wall or kitchen cabinetry. Dark green is particularly in vogue at the moment.

italianbank.com

italianbank.com

grandmillenial style

Goodbye midcentury modern and hello grandmillenial grandeur! This style, also referred to as ‘granny chic’, incorporates pattern and texture in order to infuse individuality and personality into a space. It is old school design trends (think toile, chintz, floral wallpaper, heavy woods, vintage prints) with a modern twist.

kitchens

Kitchens are seeing a boost of colour these days with kitchen style trending towards darker and two-tone cabinetry, wood grain accents and statement range hoods.

elledecor.com

elledecor.com

mix it up

The old rules no longer apply, you now have permission to mix it up, whether it be metals, patterns, styles or vintages, anything goes. This does take some skill, but when done right, the effect can be stunning.

If you are considering a move or a renovation and don’t know where to begin, feel free to reach out to us, we are always available for your questions!

Local Business Spotlight : Watermark Plumbing Services Inc.

You may have heard about Geoff when he took it upon himself to try and save Halloween in the fall! His candy chutes were trending big time. Halloween may have taken a year off, but Geoff managed to raise $25,000.00 for the Daily Bread Food Bank. So impressed.

Geoff really believes in community. He is proud of his business and takes great pride in both his work & in doing what is best for the customer. On top of that, he gives away free weekly advice on his blog “How to NOT call the plumber”.

Thanks for all you do Geoff! Read on to learn more about Geoff and Watermark Plumbing.

Thanks so much for sharing your story with us Geoff! It’s been a pleasure getting to know more about you and your business!

West End Toronto Real Estate Market Update - February 2021

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Record home sales in the Greater Toronto Area (GTA) continued in February as buyers remained confident in their employment situations and took advantage of ultra-low borrowing costs. With multiple buyers continuing to compete for many available listings, double-digit annual price growth was the norm throughout the GTA, with stronger rates of growth in the suburbs surrounding the City of Toronto.

GTA REALTORS® reported 10,970 sales through TRREB’s MLS® System in February 2021 – a 52.5 per cent increase compared to 7,193 sales reported in February 2020. Looking at all areas of the GTA combined, the condominium apartment segment led the way with a 64 per cent sales increase compared to last year, with similar rates of increase in the ‘416’ and ‘905’ area codes.

“It’s clear that the historic demand for housing experienced in the second half of last year has carried forward into the first quarter of this year with some similar themes, including the continued popularity of suburban low-rise properties. It’s also evident that the supply of listings is not keeping up with demand, which could present an even larger problem once population growth picks up following widespread vaccinations later this year and into 2022,” said TRREB President Lisa Patel.

The MLS® Home Price Index Composite Benchmark was up by 14.8 per cent year-over-year in February 2021. Over the same period, the average selling price was up by 14.9 per cent to $1,045,488. While market conditions were tight throughout the GTA region in February, the detached, semi-detached and townhouse market segments in suburban areas were the drivers of average price growth, with annual rates of increase above 20 per cent in all three cases.

“In the absence of a marked uptick in inventory, the current relationship between demand and supply supports continued double-digit average home price growth this year. In addition, if we continue to see growth in condo sales outstrip growth in new condo listings in Toronto, renewed price growth in this market segment is a distinct possibility in the second half of the year,” said TRREB Chief Market Analyst Jason Mercer.

We have broken down the west end Toronto real estate numbers so that you can see exactly how your neighbourhood is doing!


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Click here if you would like to compare these numbers to last month’s numbers.

If you would like further information about current market conditions, or if you are considering a move and would like to know how much your house is worth, feel free to get in touch, we are always available for your questions!

At this time last year...

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Most conversations we’ve had this week have included the statement, “at this time last year”.

Talking to my parents, it was a year ago they quickly packed up to drive home from their southern vacation and didn’t stop along the way.

Talking to my sister, it was a year ago I last saw her as I traveled out west to see her for a quick weekend getaway.

Talking to friends, do you remember that great dinner we had together? Can you believe that concert was a year ago?

Talking to our kids, I can’t believe it was a year ago you were sent home for March Break and didn’t go back.

Talking to our clients, remember how uncertain we were about how the pandemic was going to affect the real estate market?

It’s a lot to process, and I think even with many unknowns still lying ahead of us, we should take a minute to recognize the significance of this anniversary. Lives have changed in ways we could not have imagined 365 days ago.

This year has taught us many things, so we thought it was time to go through some of our highs and lows.

HIghs

Watching local businesses become even more creative as they found ways to continue to serve their customers and clients safely. Shout outs to Simply Beautiful, Wildhood, Dirty Food, The Commoner, and all the green grocers along Roncy.

Seeing our kids adapt to being thrown in to online learning, in-class learning, online learning and back to in-class.

Feeling the love…as communities joined together to help neighbours, volunteer time & money, and found ways to stay connected to each other.

Finding amazing shops on Etsy to replace being able to go to the flea market. Like this local pillow shop, this Ancaster collector and this vintage print shop.

Being grateful for the arts. Savouring entertainment through cooking, books, music and television. Lots and lots of television.

Celebrating Wendy’s oldest getting into the university and program of her choice! Way to go C!

Receiving & sending care packages back and forth with my sister to brighen each other’s days.

Joining the crowd and having a pandemic puppy join our family.

Hearing that our physicians and loved ones are starting to get their vaccines.

Lows

Missing family & traditions.

Missing travel.

Missing long and lazy dinners in a restaurant with friends.

Missing sleeping through the night because of said pandemic puppy.

Missing in person business meetings.

Missing ‘before’.

There is no doubt that this pandemic has changed us and the world in ways we may not even recognize yet. Life won’t go back to ‘before’. Many of us will continue to work from home, families have changed for better or worse, we’ve seen gaps in all levels of our government and society we may not have seen before, and even if we don’t see it yet, we are different than we were 365 days ago.

The good news is, that with all of this happening around us and to us, the highs far outweigh the lows.