A Great Article by the President of the Toronto Real Estate Board, Bill Johnston in Toronto Star.
When it comes to character, you just can't beat the charm of an older home. Newly constructed homes however, come with their own unique assets, one of the most noteworthy of which is energy efficiency.
From the roof to the foundation, a number of innovative building practices often go into constructing today's greenest homes.
Roof shingles for example, are now available in recycled materials. Environmentally friendly spray foam insulation, which can help prevent dampness, keep out pollutants and contribute to structural strength, is even partially made with recycled materials.
Roofs, walls and floors can be insulated as well with special structural panels that consist of two layers of board with insulating foam in between them. The forms that are used to mould a home's poured concrete foundation can now also be found with insulating ability, and barriers that prevent dampness from rising into the foundation can be used at this stage of construction as well. Even exterior cladding is now insulated to offer greater energy efficiency.
If you prefer an older home though, there are many simple ways to make it more energy efficient and environmentally friendly.
Start with an Energy Star programmable thermostat that will save on heating and cooling costs when you're not home. You can take this approach a step further by investing in a new high efficiency furnace or air conditioner. Adding insulation to the attic of your home will offer reduced energy costs for years to come as well.
A tank-less water heater will also save on energy costs by providing only the amount of heated water that you need rather than maintaining it in a cylinder.
Even making minor changes can have an impact, like choosing energy efficient light bulbs - Compact Fluorescent Lamps (CFLs) are good and Light Emitting Diodes (LEDs) are even better.
If you're planning to make cosmetic changes to your home you can do your part for the environment by choosing wood flooring, and even carpet, made with recycled content. Look for low VOC paints and stains as well, which reduce the number of unstable, carbon-containing compounds that enter the air and react with other elements.
In the bathroom, you can keep more money in your pocket by installing low-flow faucets, showerheads and toilets.
Replacing old windows with low-E argon-filled units that have the Energy Star symbol can make a dramatic difference to your home's energy efficiency as well.
Changing your old appliances with new Energy Star machines is also a great way to reduce energy consumption while enhancing the overall appeal of your home.
Beyond enjoying the aesthetics, cost savings and fulfillment associated with helping the environment, you can also consider getting an energy audit to take full advantage of a number of government rebates for energy-saving home improvements.
Regardless of the approach you choose, remember that nothing can substitute for good-old fashioned conservation. Remember that the energy you save today may well be the energy that is needed tomorrow.
Tuesday, September 14, 2010
Wednesday, September 8, 2010
Third Time is a Charm: Bank of Canada Hikes Up Interest Rates Again
The Bank of Canada has announced today that it is raising its overnight rate by 25 basis points. That changes the overnight rate from 0.75% to 1%. This change in the overnight rate has a direct effect on the prime lending rate, which will now jump from 2.75% to 3.00%.
In recent weeks, many reports have come out projecting smaller than projected growth, although many top economists still believed that the Bank of Canada would increase the key rate. As outlined in the press release "the global economic recovery is proceeding but remains uneven, balancing strong activity in emerging market economies with weak growth in some advanced economies".
Future forecasts for growth in Canada expect growth to be solid and business investment is expected to rise. From the press release, the Bank of Canada believes that the economic recovery will be more gradual than the previous Monetary Policy Report, which was released in July 2010, mainly in part due to the weakness in the United States.
Even amidst the report of slowing economic growth, the Bank of Canada determined that allowing a 25 basis point increase would still allow for stimulation, even though there may be some financial tightening. The increase in the prime rate is one key way that the Bank of Canada tries to control the inflation rate within the country, in order for it to stay around 2%.
This rate increase of 25 basis points is the third consecutive rate increase since June 1st, 2010. Canada was the first from the Group of Seven to begin increasing interest rates, and previous publications by the Bank of Canada predicted Canada to be leading the way in terms of the global economic recovery.
However, the Bank of Canada heeded in saying "any further reduction in monetary policy stimulus would need to be carefully considered in light of the unusual uncertainty surrounding the outlook". Most economists have now tightened their forecasts for future rate increases.
Since the rate hike announcement at the policy meeting, the Canadian dollar has increased 1.09 cents, sitting at 0.9650 cents US by midday Wednesday. The Toronto Stock Exchange also felt some gains of about 0.2%.
The next scheduled date for the Bank of Canada to announce the overnight rate is scheduled for October 19, and an updated Monetary Policy Report will be released on October 20, 2010.
Current home owners with a variable mortgage are most likely wondering what this all means in terms of their existing loan. Variable rate mortgages are based on Prime lending rate minus or plus a specific amount.Contact your Accredited Mortgage Professional, Mortgage Broker today to find out more about your available mortgage solutions.
In recent weeks, many reports have come out projecting smaller than projected growth, although many top economists still believed that the Bank of Canada would increase the key rate. As outlined in the press release "the global economic recovery is proceeding but remains uneven, balancing strong activity in emerging market economies with weak growth in some advanced economies".
Future forecasts for growth in Canada expect growth to be solid and business investment is expected to rise. From the press release, the Bank of Canada believes that the economic recovery will be more gradual than the previous Monetary Policy Report, which was released in July 2010, mainly in part due to the weakness in the United States.
Even amidst the report of slowing economic growth, the Bank of Canada determined that allowing a 25 basis point increase would still allow for stimulation, even though there may be some financial tightening. The increase in the prime rate is one key way that the Bank of Canada tries to control the inflation rate within the country, in order for it to stay around 2%.
This rate increase of 25 basis points is the third consecutive rate increase since June 1st, 2010. Canada was the first from the Group of Seven to begin increasing interest rates, and previous publications by the Bank of Canada predicted Canada to be leading the way in terms of the global economic recovery.
However, the Bank of Canada heeded in saying "any further reduction in monetary policy stimulus would need to be carefully considered in light of the unusual uncertainty surrounding the outlook". Most economists have now tightened their forecasts for future rate increases.
Since the rate hike announcement at the policy meeting, the Canadian dollar has increased 1.09 cents, sitting at 0.9650 cents US by midday Wednesday. The Toronto Stock Exchange also felt some gains of about 0.2%.
The next scheduled date for the Bank of Canada to announce the overnight rate is scheduled for October 19, and an updated Monetary Policy Report will be released on October 20, 2010.
Current home owners with a variable mortgage are most likely wondering what this all means in terms of their existing loan. Variable rate mortgages are based on Prime lending rate minus or plus a specific amount.Contact your Accredited Mortgage Professional, Mortgage Broker today to find out more about your available mortgage solutions.
Tuesday, August 31, 2010
Market Watch - Summer Cool Down Continues
The Canadian resale housing market continues to ease up. July sales dropped significantly when compared with the same month last year. This slow-down is not surprising in the face of tighter mortgage regulations and rising interest rates.
"The level of July sales remained below the expected long-term trend. The market has become more balanced following record monthly sales through most of the winter and early spring," said Toronto Real Estate Board (TREB) President Bill Johnston.
While July sales were down compared to last year, the number of new listings in the marketplace also fell. This means there was enough competition between buyers to exert upward pressure on price.
Ontario - Sales and new listings down, average price up in July
Toronto, August 5, 2010 - Greater Toronto REALTORS® reported 6,564 sales in July – a 34% dip from the record 9,967 sales reported in July 2009. New listings, at 10,825, dropped to the lowest level for the month of July since 2002.
Total sales through the first seven months of 2010 were up 12% compared to the same period in 2009.
Despite the fact that price trends vary at the neighbourhood level in GTA, the average price for July transactions was $420,482, representing a 6% increase over July 2009. Over the first seven months of 2010, the average selling price was up 12% annually to $432,253.
"Market conditions promoting growth in the average selling price have remained in place. While July sales were down compared to last year, the number of new listings in the marketplace also fell. This means there was enough competition between buyers to exert upward pressure on price," said Jason Mercer, TREB's Senior Manager of Market Analysis.
In July, the median price was $361,000, from the $339,900 recorded during July of 2009.
"The level of July sales remained below the expected long-term trend. The market has become more balanced following record monthly sales through most of the winter and early spring," said Toronto Real Estate Board (TREB) President Bill Johnston.
While July sales were down compared to last year, the number of new listings in the marketplace also fell. This means there was enough competition between buyers to exert upward pressure on price.
Ontario - Sales and new listings down, average price up in July
Toronto, August 5, 2010 - Greater Toronto REALTORS® reported 6,564 sales in July – a 34% dip from the record 9,967 sales reported in July 2009. New listings, at 10,825, dropped to the lowest level for the month of July since 2002.
Total sales through the first seven months of 2010 were up 12% compared to the same period in 2009.
Despite the fact that price trends vary at the neighbourhood level in GTA, the average price for July transactions was $420,482, representing a 6% increase over July 2009. Over the first seven months of 2010, the average selling price was up 12% annually to $432,253.
"Market conditions promoting growth in the average selling price have remained in place. While July sales were down compared to last year, the number of new listings in the marketplace also fell. This means there was enough competition between buyers to exert upward pressure on price," said Jason Mercer, TREB's Senior Manager of Market Analysis.
In July, the median price was $361,000, from the $339,900 recorded during July of 2009.
Monday, August 30, 2010
What is UFFI?
What Is UFFI?
Urea-formaldehyde foam insulation (UFFI) was developed in Europe in the 1950s as an improved means of insulating difficult-to-reach cavities in house walls. It is typically made at a construction site from a mixture of urea-formaldehyde resin, a foaming agent and compressed air. When the mixture is injected into the wall, urea and formaldehyde unite and "cure" into an insulating foam plastic.
During the 1970s, when concerns about energy efficiency led to efforts to improve home insulation in Canada, UFFI became an important insulation product for existing houses. Most installations occurred between 1977 and its ban in Canada in 1980.
Why Was UFFI Banned?
In the insulating process, a slight excess of formaldehyde was often added to ensure complete "curing" with the urea to produce the urea-formaldehyde foam. That excess was given off during the curing, almost entirely within a day or two of injection. Properly installed, UFFI might not have resulted in any problem. Unfortunately, however, UFFI was sometimes improperly installed or used in locations where it should not have been. Enough complaints were received, particularly from people living in small, well-sealed homes, that Canadian authorities became concerned about possible health implications. The further use of UFFI was banned in 1980.
What Is Formaldehyde?
Formaldehyde is a pungent, colourless gas commonly used in water solution as a preservative and disinfectant. It is also a basis for major plastics, including durable adhesives. It occurs naturally in the human body and in the outdoor environment. Formaldehyde is used to bond plywood, particleboard, carpets and fabrics, and it contributes to "that new house smell." Formaldehyde is also a by product of combustion; it is found in tobacco smoke, vehicle exhaust and the fumes from furnaces, fireplaces and wood stoves.
While small amounts of formaldehyde are harmless, it is an irritating and toxic gas in significant concentrations. Symptoms of overexposure to formaldehyde include irritation to eyes, nose and throat; persistent cough and respiratory distress; skin irritation; nausea; headache; and dizziness.
Health Canada has determined that 0.1 parts per million (ppm) is a safe level of formaldehyde in the home. Sensitivity to this level may vary based on individual age and health.
Should You Be Concerned About UFFI Today?
Tests show that UFFI is not a source of over-exposure to formaldehyde after the initial curing and release of excess gas. As it was last installed in 1980, it would certainly not be causing excess indoor formaldehyde today. Houses with UFFI show no higher formaldehyde levels than those without it. However, if UFFI comes in contact with water or moisture, it could begin to break down. Wet or deteriorating UFFI should be removed by a specialist and the source of the moisture problem should be repaired.
In new or other well-sealed houses, significant indoor formaldehyde levels may still occur when new carpets or wood composite materials, such as plywood, particleboard and waferboard, are used in home construction, cabinetry and furnishings. These are the most likely sources of high formaldehyde levels in the home today.
If you are asked for a UFFI declaration
Since 1993, a UFFI declaration has not been required for mortgage insurance under the National Housing Act. However, a UFFI declaration may still be requested as part of a real estate listing or an agreement of purchase and sale. Even though UFFI should not be a cause for concern, you may, depending on where you live in Canada, be asked to declare whether or not it is in your home.
Some home inspectors will have the training or experience to identify UFFI. You can make a physical check of the home yourself. Look for a series of small patched holes, 1.2 to 2 cm (1/2 to 3/4 in.) across, at regular intervals on exterior or interior walls. Foam may be obvious where floor joists meet the exterior walls of the basement or around electrical outlets or switch plates. These indicators do not necessarily mean that UFFI is present, but they may alert you to the possibility.
Saturday, August 14, 2010
Monthly Report of Resale Housing in GTA in the Month of July,2010
TORONTO, August 5, 2010 ‐ Greater Toronto REALTORS® reported 6,564 sales in July – a 34%
dip from the record 9,967 sales reported in July 2009. New listings, at 10,825, dropped
to the lowest level for the month of July since 2002.
“The level of July sales remained below the expected long-term trend. The market has become
more balanced following record monthly sales through most of the winter and early spring,” said
Toronto Real Estate Board (TREB) President Bill Johnston.
Total sales through the first seven months of 2010 were up by 12% compared to the
same period in 2009. Notwithstanding the fact that price trends vary at the neighbourhood level in GTA, the average price for July transactions was $420,482, representing a 6% increase over July 2009.
Over the first seven months of 2010, the average selling price was up 12% annually to
$432,253.
“Market conditions promoting annual growth in the average selling price have remained in place.
While July sales were down compared to last year, the number of new listings in the
marketplace also fell. This means there was enough competition between buyers to exert
upward pressure on price,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
For Further Information Contact:
Zeenia Kola
Sales Representative with Re/Max Realty Specialists Inc., Brokerage
Email: zeenia@zeeniakola.com
Website: www.zeeniakola.com
Ph: 905-828-3434
Add: 2691 Credit Valley Road, Mississauga, L5M 7A1
dip from the record 9,967 sales reported in July 2009. New listings, at 10,825, dropped
to the lowest level for the month of July since 2002.
“The level of July sales remained below the expected long-term trend. The market has become
more balanced following record monthly sales through most of the winter and early spring,” said
Toronto Real Estate Board (TREB) President Bill Johnston.
Total sales through the first seven months of 2010 were up by 12% compared to the
same period in 2009. Notwithstanding the fact that price trends vary at the neighbourhood level in GTA, the average price for July transactions was $420,482, representing a 6% increase over July 2009.
Over the first seven months of 2010, the average selling price was up 12% annually to
$432,253.
“Market conditions promoting annual growth in the average selling price have remained in place.
While July sales were down compared to last year, the number of new listings in the
marketplace also fell. This means there was enough competition between buyers to exert
upward pressure on price,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
For Further Information Contact:
Zeenia Kola
Sales Representative with Re/Max Realty Specialists Inc., Brokerage
Email: zeenia@zeeniakola.com
Website: www.zeeniakola.com
Ph: 905-828-3434
Add: 2691 Credit Valley Road, Mississauga, L5M 7A1
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