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With inflation and the rising cost of homeownership, including utility bills, saving money and reducing costs are top of mind for Canadians. That's why we're excited to share how you can receive up to $10,000 cash back, and up to a $40,000 interest-free loan for making your home more energy efficient.
Canadian households consumed 24.3 percent of Canada’s total energy use last year and contributed to around 19.1 percent of the country’s greenhouse gas emissions. To promote more sustainable homes, the Canadian government established the Canada Greener Homes Grant.
This is could be a great opportunity if you are already planning on updating or renovating your home. It can help to offset the costs of your renovations and help you save on your utility bills, all while being kinder to the environment.
As of January 4th, 2023, this grant is being co-delivered by Natural Resources Canada and Enbridge Gas in Ontario under the Home Efficiency Rebate Plus program.
Grant amounts range from $125 - $5,000 from Natural Resources Canada, plus up to an additional $5,000 from Enbridge Gas in Ontario. These grants are used to cover a portion of your costs for home retrofits such as new windows and doors, space and water heating, insulation, solar panels and more. This includes up to $600 for the energy assessment.
There is also a 10-year interest-free loan program for eligible homeowners. This loan could provide up to $40,000 to help you complete some of these retrofits recommended by your Registered Energy Adviser.
We personally went through the process and created a 5-minute video
Ok, so how does it all work? Well, we are going to break it down for you in 5 easy steps:
Step 1
Schedule an initial home energy assessment with a licensed Registered Energy Advisor. The cost for the assessment is approximately $650+HST. You can begin the process by visiting this website.
Here you'll find a short questionnaire that once completed, provides a list of qualifying rebates and a list of Registered Energy Advisors in your area. See the full list of available updates that qualify for rebates by clicking here.
Step 2
Once the advisor has assessed your home, they will provide a custom report with recommended upgrades.
This report includes:
• a list of recommended upgrades and energy-saving results
• a breakdown of your energy usage
• before and after charts showing heat loss by building component
your EnerGuide home rating, before and after recommended upgrades
• customized comments from your energy advisor
• tips for saving energy
It is at this point that you would have the option to apply for an interest-free loan.
You can find out what to expect and how to prepare for the assessment by visiting this website.
Step 3
Complete at least one eligible upgrade.
Step 4
Schedule a follow-up home energy assessment. This will involve submitting photos of any retrofits along with supporting documentation
Step 5
Receive your rebate cheque, including up to $600 for the cost of the assessment.
We went through the process personally last year, and feel this is a great initiative. We were already planning on upgrading a few items in our home, so receiving cash back, while making our home more energy efficient was a no-brainer. The assessment and feedback also made us more aware of how to become more energy efficient.
The focus isn’t only on reducing energy use and greenhouse gas emissions—it’s also about giving the economy a boost. The ultimate goal of the Greener Homes Grant is to work towards reducing your home’s energy use while encouraging sustainable practices.
You can find the program’s terms and conditions here.
Would you like to know more? Have questions? Contact us, we are here to help!
As the “Dog Days of Summer” wind down, what is typically slow season for real estate has been extra sluggish.
The 2022 housing market has been volatile with extreme highs and lows, now coming off 3 straight month’s of decline in prices, after record months of growth. In July the prices fell -2.6% from June and home values have declined by more than $400,000 on average (-24%) from the market peak in February (with the biggest declines in detached homes around the GTA.)
Interest rate hikes have had a cooling effect on the market as buyers have taken a step back. This is a big shift from the red-hot demand we saw at the beginning of the year. The number of sales (transactions) dropped a whopping -47.4% from the previous July.
This video from 2017 demonstrated the shifting market, similar to today
What is a Buyer’s Market?
A buyer’s market, by definition, occurs when the number of homes on the market well surpasses the number of buyers who are purchasing. As a result, these buyers are in a more advantageous situation than sellers, with choice and negotiation power. In other words, it comes about from a change in the market’s supply and demand.
You can see by this graphic where the Toronto market (as a whole) is heading. Looking at individual neighbourhoods, some are already in a perceived buyer’s markets while other more in demand neighbourhoods are entering more of a balanced market.
One thing is for sure, the seller’s market we have become accustomed to has retreated, for now.
What does this all mean?
Simply put, there are more homes for sale right now and less buyers who are purchasing. This presents a window of opportunity for buyers that hasn’t been seen in quite some time (although something to keep in mind is that the higher interest rates may affect affordability).
Is now the time to buy?
The answer to this question depends greatly on your situation. While we don’t have a crystal ball, we can guide and advise you according to your individual situation, your wants and needs. We have included our Buyer’s Guide in this email that lays out the 10 basic steps to purchasing a property, along with answers to some of the most frequently asked questions.
Click on the image to download your free Buyer's Guide
We know this guide covers the basics and there are many details and nuance that isn’t included. If you have further questions, feel free to reach out. We’re always happy to help.
Jon & Cheryl
With emerging smart home technology (including voice activated assistants) becoming more affordable and more commonplace in the market, we are seeing more homes become smarter in many ways. Not only do smart home accessories make your day to day life more convenient, smart home systems are now being factored into appraisals for home sales. A Consumer Reports article claims smart home devices can boost the value of your home by up to 5%. The big question is which piece of technology will get you the most bang for your buck, without breaking the bank?
1. Voice Activated Assistant/Hub
If you have a smart phone they are all equipped with a Digital Assistant, however your phone may not be able to control all of your home’s technology without some kind of hub. A smart home hub acts as a centralized spot from which you can control all of your various devices, be it lights, locks, garage door openers, thermostats, cameras and more.
If you find it unsettling that Alexa, Siri and Google are always listening, you can set up specific “wake” words or turn off the listening function altogether. If you do turn the listening capability off, your phone should be able to control all devices manually via your home hub app. However, you will be on your own for voice help from the assistants until you turn it back on!
2. Smart Thermostat
As Realtors, this is one of the easiest upgrades we recommend when preparing to sell a property. Not only does it look cool, it can help you save money on your energy bills. Our personal favourite is the Ecobee Smart Thermostat, not only because it is compatible with Apple HomeKit, Alexa, and Google Assistant, but that it’s also a proudly Canadian company.
3. Smart Locks
Most people change the locks when they buy a new home for safety and security. Why not use this opportunity to smarten up your home? There are a variety of smart locks that are compatible with Apple, Alexa and Google. With smart locks, you can check if you locked the front door, as well as remotely lock and unlock the door if you are not home. In addition to having a physical key, many will allow you to create temporary digital “keys” that can be used to let people in at certain times (think your handyman, a dog walker or cleaning company) while not allowing access outside of the specified times. You can also assign codes (or in some of the best locks, fingerprint access!) for different members of your family and you'll even be able to receive an alert when they arrive or leave home.
4. Smart Lighting
The cost of smart lighting has come down considerably in recent years. From light bulbs and panels, to switches and strip lighting, there are plenty of affordable options to choose from. The folks at CNET spent 6 years testing out smart lights for a living and here is what they said they would buy.
Apple HomeKit has a few less light options than Alexa or Google, however there are more and more options coming to market every month. A few key benefits of automating lighting in the home are that you can set up ambience and also save on your home energy bills.
5. Doorbell Camera
While full-bore security systems can be expensive and each homeowner may have specific requirements, a video doorbell will add a layer of security while providing a strong first impression. They make for a great smart home upgrade since they’re so easy to install and use. The prospect of staying connected to your home remotely without breaking the bank is a great value-add. This is a precious safety feature in its own right, while the night vision camera makes things even more secure.
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Not sure where to start or don’t have the time or know-how to install these accessories? We highly recommend using a specialist to guide you all the way through. The folks at Synapse Smart Homes are our go-to partner for anything and everything Smart Home. We trusted them to install all the technology in our home and have been incredibly happy with their exceptional knowledge and customer service.
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The Toronto Regional Real Estate Board recorded over 95,000 home sales in 2020, the third most on record. The pandemic caused a big dip in activity from mid-March to the end of May, however there was a dramatic increase in number of sales for the rest of the year.
Single family homes saw unprecedented growth with sales prices and number of sales reaching record highs. (Single family homes - think detached, semi-detached and townhouses.)
However, 2020 was a tale of two markets. The condo market ending with more of a whimper when measured by price.
For December, condo average prices were down 2% (year over year) in the GTA.
In Toronto specifically, the prices dropped by 4.7%
There was a huge increase in 2020 in the number of condo listings coming onto the market, giving buyers an abundance of choice and stifling the usually competitive market.
There are a couple of major factors for this increase in supply.
1. Investors unable to rent their condos to students, immigrants, businesspeople and others with the borders closed.
2. The short term rental market drying up led to these types of units remaining empty.
3. An exodus of younger renters from Toronto, moving back home with family to save money (the rental market crash is real).
Eventually these types of units showed up for resale, along with many end users choosing to sell their units, searching for larger spaces either in the city or further afield (creating another booming market North, East and West of the city for freehold properties).
This sudden abundance of choice led to stagnant condo prices. This has been an extraordinary opportunity these past couple of months, to pay yesterday’s prices, today. This window of opportunity may be short lived, however, with a vaccinated public and open borders on the horizon. If ever you were to time the market, now is the time, and this “dip” may be short lived and nearing it’s end as we write this.
The traditional way to measure a Seller’s or Buyer’s Market is to analyze the months of inventory which is essentially the ratio between supply and demand. As you can see from the graphic below, inventory levels are dropping and this speaks to how we may now heading out of a short lived Buyer’s Market.
Looking at Central Toronto, where you find the majority of condos in the 416 area code, inventory levels have dropped by more than half of what they were in October, at their high point!
What does this all mean to you? If you have been waiting on the sidelines, this may mean your window of opportunity is closing. If you are a first time homebuyer looking to get into the market, this represents a huge opportunity to finally realize the dream of homeownership. For those of you who already own a home, now may be the time to purchase your first investment property. The possibilities are there.
Have any questions? Need help? Don’t know where to start?
Don’t hesitate in reaching out via call/text/email. We are here to help!
~ Jon & Cheryl
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