TREB’s President’s News Beat

Posted by: Toronto Real Estate Admin / Category: Toronto Realtor

TREB President’s Column as it appears every Friday in the Toronto Sun’s Resale Homes and Condos section.

June 2, 2015 — If you’re puzzling over whether now is the right time to buy a home, my advice to you is unequivocal: don’t wait. Canada’s economy seems to be on a relatively steady footing and borrowing costs remain very low. Becoming a homeowner isn’t just about buying a house, it’s an investment.

While employment and interest rates should factor chiefly into your decision to buy a home, it’s also important to consider the potential for long-term appreciation of your real estate investment. Torontonians should be proud that we have built a world class city that holds its own in numerous global rankings, measuring such characteristics as quality of life, opportunity and resiliency, to name just a few.

If you have not yet made the transition to a homeowner you may find it a daunting thought, but in fact there’s no need to be discouraged.

Provided that you can produce a down payment equivalent to five per cent of a home’s purchase price, and qualify to receive an insured mortgage through your lender, today’s low interest rates provide for very manageable carrying costs. Of course, coming up with a down payment for an average-priced home may seem difficult, but there are efficient strategies you can employ to make that mark within reach.

As a starting point, try setting aside approximately one per cent of the value of your future home into a tax-free savings account (TFSA). 

Generally permitted to hold similar investments to that of an RRSP, a TFSA allows you to make tax-free withdrawals of your funds at any time. Provided you are at least 18 years-old, a resident of Canada, and have a Social Insurance Number, you can contribute up to $5,500 per year to a TFSA, and your contribution capacity accumulates each year after the age of 18. Because you can invest your money in different ways within a TFSA, you may want to consult with a financial advisor.

If setting aside one per cent a month seems ambitious, simply reduce it to a manageable amount, recognizing that it may take a little longer to reach your goal.

Regardless of the amount you set aside, the key is to stay on track, and to help you do so, you may want to set up an automatic electronic transfer of funds into your TFSA on a regular basis.

Keep in mind as well, that the GTA has a wide range of attractive housing options, you may have to adjust your expectations a bit, but once you become a homeowner, you’ll wonder why you didn’t make the move sooner.  

To learn about the many alternatives available to you, consult a Greater Toronto REALTOR®, and for the latest updates on the market be sure to visit www.TorontoRealEstateBoard.com

 

June 2, 2015
Living in Toronto and renovating homes seem to go hand in hand. One of the major ways we build equity in our homes is by adding a new bathroom, kitchen or family room. Families grow, space must be maximized, and keeping parents close to work and children in their favourite schools often means, “Honey, It is time to renovate…again!”

Buying a fixer-upper can be a great way to get into a desirable neighbourhood at an affordable cost. It’s important to recognize though, that all renovations involve some inconvenience and a lot of elbow grease. While you’re rolling up your sleeves, it’s wise to maximize your efforts, go green, and remember that what may no longer suit your lifestyle, might be of use to someone else.

Renovating Benefits Others as Well!

A great way to renovate while supporting a charitable cause is to consider your local Habitat for Humanity ReStore. This building supply store accepts and resells quality new and used building materials. Funds support Habitat’s building programs while reducing the amount of used materials that are headed for overflowing landfills. Check ReStores online at http://www.habitat.ca/en/community/restores/location.

Regardless of the upgrades you undertake, keep in mind that you can reduce the amount of waste you generate by donating or recycling construction materials. Certainly don’t dismiss the old for the new. If there are items to be reused, refurbishing them can add greater character to your home.

If you are looking for some great tubs and sinks, you may have to go no further than your current bathrooms and kitchens. Techniques for resurfacing, and countertops made of more recent materials like Caesar Stone, recycled glass, concrete, steel, stones, and the myriad of tiles, will give you lots of options for upgrading the look without replacing the whole bathroom or kitchen.

Greening your Renovations!

Energy efficient lighting, appliances, faucets, toilets and showerheads are a few of the options for increasing the green factor in these two essential rooms and you can watch your monthly expenses drop.

When it comes to flooring, cork and bamboo are among the greenest options, as they are derived from renewable resources. While bamboo is also an excellent choice for cabinets, wood that is certified by the Forest Stewardship Council of Canada is another responsible option.

When purchasing windows, look for low-E argon-filled units with the Energy Star symbol to achieve the highest thermal efficiency. Note: if you wonder how old your Thermopane windows are, most are stamped with the year and month they were made on the metal piece between the panes of glass.

Replacing an aging roof may prevent a bigger problem from happening, like water damage. Fortunately, roof shingles made from a variety of recycled materials are widely available, and sometimes the life expectancy of your new roof is worth paying the extra costs. Housing is a long-term investment.

Heating systems and central air conditioning are wise investments for your home for a couple of reasons. Investing in high efficiency doesn’t just benefit the environment, but as a homeowner, you will experience savings for your household when you choose models with the Energy Star symbol.

While decorating choices may be subject to taste, you’ll find that when it’s time to move again, energy efficient, money-saving upgrades have universal appeal. Renovating can be helpful to you, others, and reduce your carbon footprint all at the same time. Enjoy!

For greening, renovating or finding the right home, talk to a Greater Toronto REALTOR®, and visit www.TorontoRealEstateBoard.com for neighbourhood profiles, open house listings, market updates and more.

 

 

June 2, 2015
Although the Greater Toronto Area REALTOR® community is as diverse as the city itself, we all share a common interest in connecting with others and fostering a decent quality of life in our city. It is no surprise then that thousands of Greater Toronto REALTORS® turned out at two recent events with these aims, which will reap benefits for our city.

On May 6 and 7, the Toronto Real Estate Board (TREB) held its annual REALTOR® QUEST conference, assembling the greatest collection of real estate speakers ever in Canada. To keep your REALTOR® up to date on the latest trends and issues in the profession, 44 different professional development sessions were held, and a range of new products and services were on offer at Canada’s largest real estate trade show, with 252 exhibitors spanning 85,000 square feet of space at the Toronto Congress Centre.

In addition to continuously exploring new ways to better serve you, Greater Toronto REALTORS® came together for an Annual Meeting at the conference where it was decided to continue with support of the Ontario REALTORS Care® Foundation. Through the Foundation, last year alone, TREB Members provided grants totaling $485,410 to 60 different shelter-related charities across the Greater Toronto Area. Organizations like Habitat for Humanity Greater Toronto Area and Ronald McDonald House Toronto received our support, as did countless other organizations that assist various groups in need, such as women in transition, new immigrants, and homeless youth, to name just a few.

Included with the conference’s entertainment quotient was a silent auction, with proceeds being donated to Camp Winston, a charitable organization that provides recreational opportunities in Muskoka to children and teens with neurological conditions such as Autism, Attention Deficit Hyperactivity and Tourette’s Disorder. In addition to giving campers an important sense of belonging with their peers, it helps them build gross motor skills through activities such as kayaking, ropes courses and theatre. It also offers year-round sessions to families and caregivers, counselling them on how to foster their children’s development.

Camp Winston was also the beneficiary of a very successful networking event held April 29 at CUBE in the Queen Street West District. Dubbed TREB FEST, the event brought together more than 300 Greater Toronto REALTORS® for a night of dancing, refreshments and specialty entertainment such as an astrologer, a handwriting analyst, and a henna artist. In total, more than $8,000 was raised to help give Camp Winston kids an unforgettable summer experience. For more information on this very worthwhile organization, visit www.CampWinston.com

These are just a few of the ways that the GTA’s more than 41,000 REALTORS® use their strength in numbers to make ours one of the world’s greatest cities. Each and every one of us cares deeply about the quality of life in our city and about helping you build a prosperous future through home ownership. It is, after all, the only investment that you can live in while it appreciates.
To learn more about the GTA housing market and how a Greater Toronto REALTOR® can help you on a path to a better life, visit www.TorontoRealEstateBoard.com

Paul Etherington is President of the Toronto Real Estate Board, a professional association that represents 40,000 REALTORS® in the Greater Toronto Area.

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Article source: http://www.torontorealestateboard.com/market_news/president_columns/pres_sun_col/index.htm

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