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Nothing quite says summer more than the splashing and swimming in a backyard pool. Or lazily relaxing on an inflatable raft, without a care in the world. So, here’s the big question… is it worth it? Living in beautiful Ontario, we don’t get much time to enjoy such an expensive luxury each year, but can you really put a price on a backyard oasis? A place where your stress melts away? Where you can get together with friends and family and enjoy life? Yes. Yes you can. And it’s a very big number. 
Throughout my research, one main thing became apparent. People who are thinking of installing a pool need to educate themselves. Kinda like buying a car, so you don’t get sold all the “extras” that you don’t really need. Either way, even without the extras, you’re probably looking at dropping a minimum of $35,000 for a basic pool. Ouch. Am I the only one who things this is a crazy high number? (Understand, that even though I just can’t fathom parting with $35,000 of my hard earned money, or taking on $35,000 of debt – I still want a pool). At a minimum price like that, I find the constant pool installations I see going on in my neighbourhood shocking. But this blog isn’t about being smart with your money. God knows a pool doesn’t tend to increase the value of your home. It’s about that emotional investment. Because let’s face it, when we ask ourselves if something if worth it, it’s not just about monetary value. It’s about quality of life. If a pool is going to bankrupt you, then get your head out of your ass and grow up, but if the emotional value of a pool is worth dropping a crap-load of money or taking on manageable debt, then that’s a choice that is up to you to make.

So, there are a plethora of options for backyard pools. Above ground or in-ground. Vinyl, Fibreglass, or Concrete. Salt water or Chlorine. My head is already spinning.

Above Ground vs. In-ground
Common sense – above ground pools are significantly cheaper, however definitely don’t look as nice. There is also the option of a partial in-ground pool which could be a good choice if you have rocky soil because excavation costs can increase.

Type of Pool
Concrete: For a top-of-the-line custom designed pool with all the bells and whistles, you want concrete. With proper maintenance, including interior resurfacing every 20 to 25 years, a good quality concrete pool will have an unlimited lifespan.
Vinyl: Vinyl is an affordable alternative to concrete that can be partially customized to deliver a stunning upgrade to any property. Vinyl liners should be replaced every 8 to 15 years. Vinyl pools have a 25 to 30 year lifespan.
Fibreglass: Fibreglass pools cost a little more than vinyl pools and are made from a mold, which means they cannot be customized. A fibreglass pool's lifespan, and the amount of resurfacing it requires, will be highly dependent on its quality.

Now, I’m not going to go into depth here about variable maintenance issues and costs associated with each type of pool. Otherwise, this blog would drag on and on, so that’s your job. And I advise you to do it. While each type of pool will require their own special type of maintenance, regular maintenance for all pools includes clearing out the skimmer basket once every day or so, plus weekly brushing, vacuuming, chemical balancing and backwashing. Tools and toys (and snazzy pool boys!) are available to help with this burden.

Salt water vs. Chlorine
Pool owners often spring for salt water systems because they sound more natural than chlorine. But the truth is the sodium chloride molecules in the salt are split in an ionizer to release chlorine into the pool. Although chlorine is present in a saltwater pool, the levels are low enough; it won’t sting your eyes or smell the way a chlorinated pool does. Salt water pools also do require regular maintenance and you will have to balance the chemicals like you do with traditional chlorine pools. The only difference is chlorine based pools tend to have a low pH, whereas salt water pools have a high pH. Either way, these levels will need to be balanced. However, chlorine pools may require balancing more often than salt water.Once you’ve conducted a little research, touch base with a Certified Pool Professional. You want to be armed with knowledge because let’s face it… you’re not buying a pool, you’re buying a lifestyle.

Good luck and know that if you do choose to move forward with a pool, I'm extremely jealous.

Written By: Julie Parrott

Moving into a new home is an exciting time. But before you get into the fun stuff like décor, new furniture and paint schemes, there are some basics that should be covered first. 

Change the locks.
Just do this. Even if you’re promised that new locks have been installed in your home, you can never be too careful. I used to be a dog walker, and I still have keys to homes where my clients moved out and never bothered to get them back from me. I also have a Facebook page called “Keys For Sale” if anyone is interested… just kidding. 

Steam-clean the carpets.
Because the first thing you want to do when you move in is steam-clean carpets, right? Most people have all their boxes unpacked within a day and everything put away and the floors clear, right? It’s okay. Roll your eyes. I’m rolling them even as I type this. But it IS a good idea. The previous owners may have had pets, young children, or if they are anything like me, have spilled an obscene amount of white wine. You do want to take the time to steam clean the carpets so that your floors are free of stains and allergens. It’s pretty easy and affordable to rent a steam cleaner. They are usually available at your local grocery store. Or you could hire someone to do it, because you haven’t spent enough money on moving already. 

Call an exterminator.
Again, I hesitate to put this on the list, but it should be mentioned. I have absolutely no idea what an exterminator would cost as I have 3 cats and therefore my own live-in exterminators but it could be worth it in the end. 

Change the toilet seat(s).
Some people might think this is extreme, but I liked the idea of installing new toilet seats when we bought our home. Unfortunately, I put it on my husband's to-do list so it still hasn't been done. But I liked the IDEA.

Clean out the kitchen
If the previous owners wanted to skip on some of their cleaning duties when they moved out, the kitchen is probably where they cut corners. Wipe down the inside of cabinets, clean out the refrigerator, clean the oven, and clean in the nooks and crannies underneath the appliances.

And finally… Meet Your Neighbours
Don’t wait for your neighbours to come over to you. On our move-in day our next door neighbours just sat out on their porch staring at us like we were a circus moving in and haven’t said more than 10 words to us in the four years since. My thought was always that the neighbours should be the ones to stop by and “welcome you to the neighbourhood” but when we had people move in across from us, I found myself not wanting to invade their space and let them settle first and before I knew it, they’d been there for 6 months and now it just seems awkward to introduce myself and welcome them to the neighbourhood. So, feel free to go over to your neighbours’ homes and introduce yourself. Ask them about the neighbourhood, the schools, all that easy-talk stuff. Before you know it, you’ll be sitting on their porch, drinking wine, watching your kids fight over toys. Ahhh neighbours.

Written By: Julie Parrott

How many other people look around their home and make that mental list of things to be done? Whether it’s a fantasy list (for me: an inground pool), or an actual “this needs to be done” list (backyard landscaping), I think we all have ‘em. But what are your reasons behind your renovation list? Is it just for your own personal needs or wants? Or is it to increase the value of your home? A little of both? My husband intends to stay in our home for many, many years (I would like to move as I think our house is too big and therefore renovations are costlier. I don’t even want to think about the fact that we’ll need a new roof in the near future) so our main reason for renovating, certainly the cosmetic renos, are just for our personal reasons. However, if you’re looking to increase the value of your home, here are a few helpful suggestions to help you get the best return on your investment (ROI). According to the Appraisal Institute of Canada (AIC) homeowners should follow these 4 general tips when renovating: 

1. Choose improvements with long life expectancy
These are the boring yet expensive jobs that you generally don’t brag about on Facebook. A new roof, a new furnace, stuff like that. These improvements can offer immediate and future savings. For instance, replacing all the windows in your home could cost $10,000+, but the AIC estimates that this reno will provide a return on investment (ROI) between 50-75%. Not too shabby. Since outdated/improperly working windows and doors can contribute significantly to a home’s energy loss, repairing/replacing will provide immediate savings as well as add value to your home. Now, that’s a smart reno. 

2. Invest in modern updates, particularly in high traffic areas
The kitchen and bathrooms are key areas that hold their value if the finishes are updated and neutral. However, an entire renovation isn’t always required. Kitchen cabinets can easily be updated by resurfacing the doors and changing the hardware. You can also modernize your kitchen by changing the countertop and replacing lighting and plumbing fixtures.However, if your kitchen or bathroom layout just doesn’t work or your cabinets are beyond the point of resurfacing, it may be time to consider a full renovation. According to the AIC, you can expect a 75% to 100% ROI on a major kitchen remodel. But you may have to sell a kidney or two to afford it.Either way, after the renovation, consider selling your old fixtures, cupboards, counters etc. on an online buy and sell group. I love varagesale.com. This way, it can help offset (even by just a little) the enormous costs that can be associated with a kitchen reno. 

3. Don’t overlook (or underestimate) the more inexpensive remodel jobs
The ROI for a fresh coat of paint is up to 165%—the best ROI of any home improvement. Other smaller remodel updates that don’t break the bank include replacing the front door, updating the home’s lighting fixtures, and adding (or rejuvenating) landscaping. Removing carpet and installing hardwood also goes a long way to increasing your home’s appeal to potential buyers.  

4. Consider energy efficiency
According to a variety of appraisal sources, energy efficient renovations are considered to have one of the highest paybacks, relative to cost. It’s the way of the future! 

Call us! 
If you’re thinking of remodeling and want the name of a contractor, painter, interior designer or just want some advice, don’t hesitate to contact us!

Con artists are everywhere, and the Real Estate industry is certainly not immune. Whether it’s contractors who take your money and run or rental scams on online classified sites like Kijiji, everyone needs to arm themselves with knowledge on how to steer clear of such frauds. So how can you protect yourself? Well let’s take a look at some of the different types of scam that are out there.
1. Online Classified Ad Scams
One of the most common type of scams, it basically involves the posting of a rental property (or sale property) by someone posing as the landlord or Realtor. They will usually copy the property information off legit sites like realtor.ca or MLS. The scammer will then respond to inquiries from prospective tenants and make up excuses as to why they cannot meet the prospect at the property and instead will convince the victim to meet at an off-site location to exchange keys, sign a tenancy contract and collect rental deposits. Be smart and always see the property before handing over any of your hard earned money. 

2. Home Improvement Scams
One of the biggest scams is the “rogue door-to-door contractor” scam. If you’re anything like me, then you have entertained the people who come to the door asking if you want your lawn irrigated or your driveway sealed. The legit ones won’t ask you for money upfront but instead will accept payment upon completion (because let’s face it, they know where you live). Many fraudulent contractors will use high pressure sales tactics or offer one-time deals in order to entice customers. Then they take the money and run. 

It is up to you to do your due diligence. Generally, for the hiring of any contractor, I advise to check references and ensure that the company or person is reputable. A great place to start is the Better Business Bureau. Personally, I look to friends and family for contractor references. Or even call a local Realty Brokerage and ask if they have a contractor on their preferred vendor list. We have a few that are awesome! 

3. Property Investment Seminar Scams
There are many legitimate speakers and seminars that provide useful information, but there are also those that exist primarily to take money from unsuspecting victims. 

It is advantageous for prospective investors to practice caution when it comes to seminars that offer investor education. Seminar content, as well as cost, can vary significantly. Some may be free, while others could cost thousands of dollars. And while some provide nothing more than what you would garner with a simple internet search, that doesn’t make it a scam. A rip-off, yes, but not a scam. A scam generally involves legal wrongdoing, misrepresentation or fraud. 

Some red flags to look out for are:- Guaranteed High Returns with No Risk - Sorry, but this just doesn’t exist! Don’t fall for it. Ever.- “Don’t Miss This Opportunity, Get In Now!” This tactic is used to pressure you into making a quick decision and attempt to exploit your fear of missing a great opportunity.- Tax Free Off-Shore Investment Opportunities – Legally, you can’t avoid paying taxes so if something is said to be tax free, generally it’s not legit.  

Again, it is always best to do your due diligence and be wary of any high pressure sales tactics and committing money to expensive courses or investments.

4. Title Fraud.
Extremely rare but extremely devastating, Title Fraud begins with identity theft of the property owner. Once the homeowner’s identity is compromised, the thief falsifies documents and re-mortgages the property. Once the mortgage is secured, the thief absconds with the cash and leaves the owner saddled with the new debt. 

However, in even rarer circumstances, sometimes the scammer isn’t a stranger and the fraud comes from within, as in a spouse or business partner. For example, one spouse may mortgage a property for their sole benefit by using an accomplice to impersonate their spouse.  

To protect against title fraud, among other things, a home owner can purchase title Insurance. It is also advisable to protect your personal data in order to be proactive against identity theft. 

5. Foreclosure Fraud.
Foreclosure fraud occurs when a property owner who is having difficulty making mortgage payments is approached by a con artist offering a loan to cover expenses and/or consolidate debts, in exchange for upfront fees and an agreement to transfer the title of the property. Once this is done, the con artist will keep all the payments made by the owner and neglect to pay the bills and taxes. The con artist then remortgages the property and disappears with the money, leaving the now-former property owner not only without the home, but still in debt.  


You may think “this could never happen to me” and only the gullible are prey for scammers. But you just have to look at the story of Bernie Madoff to see that con artists can appear legit and trick even the best and brightest. Be proactive, arm yourself with knowledge and if you ever don’t feel right about something, trust your gut. There is a reason why there’s a saying “If it’s too good to be true, it probably is”. 

Written By: Julie Parrott

On Oct 17th, Canada’s banking regulator (OSFI) announced a new mortgage stress test that will come into effect January 1st, 2018. This regulation will affect new mortgages that are currently not subject to mandatory mortgage insurance, meaning buyers who have 20% or more as a down payment.  

By law, borrowers with a down payment of less than 20% for a home must purchase mortgage default insurance. Borrowers pay an insurance premium, but the beneficiary is actually the lender, because the insurance protects the loan giver in the event the borrower defaults on the loan. (And the insurance premiums can easily be into the tens of thousands of dollars, on top of the cost of a home depending on the size of the down payment and the price of the property.) 

The vast majority of first-time borrowers have to purchase mortgage insurance, and they have been obligated to undergo a stress test of their finances since last year. 

Anyone who puts down more than 20% of the value of a home isn’t required to pay for the default insurance, and is known as an "uninsured" borrower — these are the people that will be affected by the new rules come January 1st, 2018. 

The stress test itself consists of ensuring the borrower would be able to pay the loan if interest rates become higher than they are today. How much higher? 2% or the posted 5 year mortgage rate (which is currently 4.89%) whichever is higher. So basically, if you qualified at a rate of 3.5%, as of January 1st, you will have to qualify at a rate of 5.5%, even though you would still only be paying the 3.5%. For the overall economy, it’s not such a bad thing. It’s proactively protecting our real estate market from crashing and in essence protecting the home buyer from not being able to afford their home should there be a significant mortgage rate increase. However, for the average home buyer, you won’t qualify for as high a mortgage as you would today and in some cases, may not qualify at all. 

It should be noted that the new stress test rules won't apply to mortgage renewals as long as they are with the borrower's existing lender.

SCENARIOS
Home affordability will undoubtedly change as a result of the changes, according to calculations from RateHub.ca. The rate-comparison website looked at the maximum price a buyer could afford, under two scenarios, and compared current rules with incoming ones. The buyer is a family with an annual income of $100,000, enough cash saved for a 20% down payment, and a five-year fixed mortgage amortized over 25 years.
 For Scenario No. 1, the family's mortgage rate is 2.83%. Under incoming rules, the mortgage application faces a stress test using the Bank of Canada's current five-year benchmark rate of 4.89%. That's because the central bank's posted rate is higher than the family's negotiated rate plus 200 basis points (4.83 %).
 For Scenario No. 2, the family's mortgage rate is 3.09%. Under incoming rules, the family would be stress tested at 5.09%. That's because the negotiated rate plus 200 basis points (5.09%) is higher than the Bank of Canada's posted rate (4.89%). Either way you cut it, the family's purchasing power will decrease when the new rules come into effect on Jan. 1, 2018 so, if you're considering a move, considering buying a new home or want information about re-financing your current home, ACT NOW!! Call TODAY to discuss your options (905-706-2932).

By Jason Kay
President and Broker, My Mortgage Master

1. Interest rates are going up and down. Fixed rates initially went down but then increased due to the lack of liquidity in the market and perceived risk. Variable rates went down(1.50%) with the Bank of Canada announcements.  Lenders then decreased the normal discount(for example, Prime-.60% is now Prime +.20%) for anyone getting a variable rate today. Variable rates are currently lower than fixed and when combined with the fact they come with the lowest potential penalty available(3 months interest), they are once again KING of the market.

2. Mortgages can be deferred for up to 6 months. You can apply online with your lender/bank in under 5 minutes.  Banks are quickly approving 6 months of deferral payments with little to no resistance.  Non bank lenders are quickly approving 1-2 months using their skip-a-payment feature and on a case by case, approving up to 6 months of deferral payments.

3. Access to mortgage funds is tighter. Lenders/Banks are tightening up due to the unknown right now.  More due diligence is being done. More eyes are on each application. They are asking more questions.  Ie. what sort of liquid funds are available if the client can’t make their mortgage payments.

4. Appraisals are being done digitally.  Appraisers aren’t entering properties and instead using digital photos.  Lenders are accepting these but the values seem to be coming in a bit lower.

5. More equity for purchases/refinances is required.  Some lenders/banks are asking for a higher down payment for purchases or only allowing so much equity to be taken out for a refinance.  The lenders are insulating themselves in case property values go down.

6. What industry you work in matters.  Lenders/banks are treating non-essential service industries differently.  They are requiring very recent pay stubs, calling all employers to validate you’re still employed.  If you’re self-employed, they want a lot more detail about your business, # of employees, current revenue stream, etc. 

7. Tougher to buy a rental property.  Some lenders/banks are not allowing you to use equity from other properties as a down payment, they require you to use savings instead.  They are also requiring more proof of rental income above and beyond just a lease. 

8. Lawyers are being picked for you.  For refinances, some lenders are only allowing you to use a third party legal service (FNF or FCT) to close the transaction. 

9. Stress test put on hold. On April 6th the Minister of Finance was going to lower the qualifying rate used in the current stress test.  This would have increased the amount of funds you could borrow. That has now been put on hold and the current qualifying interest rate used remains at 5.04%.  

10. This too shall pass.  These changes might seem like a lot but I assure you they are temporary.  There is so much uncertainty right now, things are changing day by day and we are all adapting on the fly.  Things will be back to normal eventually. I’m here to help in any way possible.

If you would like to speak further with Jason, please let us know and we will connect you!