November 28, 2017 -- In May 2017, the City of Toronto was given the authority to impose a tax on vacant homes, through the Ontario Fair Housing Plan. Subsequently, the City's Executive Committee instructed City staff to conduct consultations and to bring forward recommendations on how to implement this tax. TREB has been working diligently on this issue to stress that policies targeted at the housing market should be evidence based, and to point out numerous concerns with this proposal. TREB's efforts included meetings with senior staff in the Mayor's Office and key staff in the City's Finance Department. City staff had been planning to bring forward recommendations at the end of November
Update: TREB has been informed by City staff that they will not be bringing forward any recommendations until at least March 2018. TREB is encouraged that City staff appear to be taking an approach consistent with what TREB has been calling for, specifically to proceed cautiously on an evidence-based course. TREB Position: TREB continues to feel strongly that policy measures targeted at the housing market must be evidence based. In this regard, we have raised various issues with proposals for a tax on vacant homes in Toronto. We applaud the City for conducting public consultations on this issue, and we understand that City staff are continuing to conduct research on this issue and are not planning to report back to the City's Executive Committee until March 2018. We are happy to see that the City is taking a thoughtful and careful approach on this issue. (NC) Planning a DIY renovation project? Here are some questions to ask yourself first.
Do you have the skills? Many of today's home improvement products make it easy for do-it-yourselfers, but other projects require specialized skills. Seeing something done on a television renovation show isn't the same as having practical experience. Getting in over your head can end up costing more money, and frustration than hiring a professional in the first place. Do you have the time? Renovation projects can take a lot of time to complete. If the work disrupts your day-to-day routine – such as with kitchen or bathroom renovations – or exposes your home to weather – like in roofing projects or exterior refinishing – delays can be a real problem. Be realistic about how much time the work will take and if you're able to meet this schedule. Are you trying to save money? If your primary reason for doing-it-yourself is to save money, talk to a contractor before you make a final decision. They may be able to suggest ways of reducing the cost of your project while still using professional services. For more information at www.getitinwriting.ca. www.newscanada.com (NC) The key to a more comfortable, affordable home could be your attic. That's because homes built more than a few years ago may not have enough attic insulation. Not only have building codes changed, but insulation in this space tends to compress and become less effective over the years.
“If your heating bill seems high, check your attic,” advises Jamal Hamad, director of pro tool rental and installation services at The Home Depot Canada. “Topping up your insulation in this space could be just what you need. Plus, it's one of the most accessible areas of your home for adding insulation.” Insulation is measured by R-value. If you find the R-value of your attic insulation is too low, you can choose to add more yourself or hire a professional to do it for you. “This is a DIY-friendly project for anyone who doesn't mind rolling up their sleeves,” says Jamal. “You can add blown-in or loose-fill insulation on top of what's already there.” Handy homeowners will need to rent a blowing machine to complete the project. At The Home Depot, the machine rental is complimentary when purchasing insulation. Professional help is also available. You can bring in your own trusted pro to complete the work, or ask about installation services when you purchase your insulation. No matter how you approach the project, having the right amount of insulation will create a more comfortable, consistent indoor climate and significantly improve your home's energy efficiency. www.newscanada.com (NC) If you're like millions of Canadians, you're busy paying down your mortgage. It could take 25 years or so, but it can be a great way to accumulate personal wealth, especially if house prices rise. However, with changes to mortgages in recent years, it's important to understand just how they are different if you want to fully benefit from your home's potential to build your personal wealth over the long term, rather than your debt.
Today, to finance your house most banks will offer you a readvanceable mortgage if you have a down payment of 20 per cent or more. It combines a traditional mortgage with a home equity line of credit (HELOC). There's a big difference between these two forms of debt. First, your mortgage debt only goes one way — down — because you must make regular payments against both the interest and the principal borrowed. This increases the equity you have in your home, meaning the difference between what you still owe and the value of your home. But as you pay down your mortgage, a HELOC lets you borrow against your growing equity as part of your mortgage. Unlike your mortgage, you only have to make regular payments against the interest. You can ignore the principal until you sell the house. This short-term credit advantage can mean a long-term debt problem. With flexible repayment terms, low interest rates and a credit limit that rises with your equity, a HELOC can be used to pay off other, higher-interest debt or home renovations. But would a HELOC tempt you to use your home like an ATM? Mounting HELOC debt could put you at increased risk if you lose your job, get sick or injured, interest rates go up or your home decreases in value. If it consumes too much of your equity, you might end up owing more than your home is worth, lose your home or have to sell it to pay down your debt. To use this borrowing tool wisely, stick to a plan to pay it off fully and avoid continually borrowing against your home equity. Learn more online at canada.ca/it-pays-to-know. www.newscanada.com (NC) Prep your home for a flurry of activity with these simple steps.
1. Incorporate magical seasonal scents. Fill your space with holiday-scented aromas from candles, or simmer your own potpourri with ingredients like vanilla, cinnamon, pine or bitter orange. 2. Build a fire to create a warm and comfortable atmosphere. Keep fuzzy blankets and pillows on hand for both decoration and functionality and bring out a board game for a little entertainment. If you need extra warmth, cozy up in a Denver Hayes fleece robe from Mark's and make some hot chocolate. 3. Be the best host and stock up on supplies that guests will use if they stop by. Essentials include towels, sheets, pillows and shower supplies. Make sure you keep these items accessible close to where guests are staying. 4. Make a grand entrance. Welcome your guests at the door with a fresh wreath and add holiday touches such as an entrance table with lighted tinsel trees, candles and ornaments. These details make a great first impression. 5. Don't forget to make space in your home. Clear out your closet to make room for the influx of coats and winter boots and make space in your fridge and freezer for leftover food and beverages. Adding extra storage space will help keep you organized. www.newscanada.com |
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