Cool Homes: Inside Outside

Have you ever wondered what it would be like to have a house that blurs the interior-exterior divide? Well wonder no more as this house does just that. This is a one storey, almost 2700 square foot house with lots of cool features and decor. There are multiple decks that link various rooms to the outdoors, glass ceilings and floor to ceiling glass windows and doors, making it very hard to distinguish whether the home is indoor or outdoor. To add to the outdoor theme, the home is furnished with sustainable, raw materials. The limestone floors and stone walls provide a natural rustic vibe and wood accents are heavily used in the walls and furniture. What I love most about this house, it's flooded with tons of natural light. You would definitely feel at one with nature in this home. Check it out!



 What do you think?

If you have a cool space or uniquely decorated place you would like me to feature, make sure to contact me!

***Images via Home-Designing***

New Mortgage Rules FAQ's Answered

There's been a lot of talk about mortgages this week and my blog has been no different. Just in case you don't know why, I'll fill you in, the mortgage rules have changed once again and took effect at the beginning of this week. Brennan Valenzuela from RateHub is back this month to answer your FAQ's regarding the new mortgage rules. Brennan, the floor is all yours....

According to recent report from the Globe and Mail, only half of all Canadians are familiar with the new mortgage rules that took effect July 9^th, 2012. The new rules were announced by Jim Flaherty on June 21^st, which gave Canadians just over two weeks to fully absorb the new information. As a result, only 45 per cent of Canadians surveyed were aware that the maximum amortization for insured mortgages had been reduced by five years, from thirty to twenty-five. The reduction of the max amortization was only one of the four new rules introduced by Canada’s Finance Minister.

Below, we detailed answers for some common questions that average home owners have asked.

1.)    How will lowering the maximum amortization period again affect me?

Limiting the maximum amortization period will serve three major purposes:

·         Reduce the amount of interest Canadians pay on their mortgages

·         Help families build up equity in their homes faster

·         Help people pay off their mortgages sooner

2.)    What if I already have an insured mortgage beyond 25 years? How will this affect me?

Canadians who are renewing their insured mortgages will not be affected by the new changes. For example, if you acquired a mortgage three years ago with a 30-year amortization period and are looking to renew today (i.e. 27 years remaining on the mortgage), your current mortgage can be renewed with a 27-year amortization so long as no new funds are being added to the mortgage.

3.)     What if I bought a pre-construction condo that won’t be built for another three years?

The new mortgage rules would not apply if you purchased your condo and made a mortgage insurance application* on or before June 21^st. After that date, the new rules will apply if the mortgage loan is not funded by December 31, 2012.

4.)    What if I transfer my insured mortgage balance to a new home after selling my current home?

The new rules will not apply when the insured mortgage balance is transferred from one property to another provided the following: the outstanding balance of the insured mortgage loan, the LTV ratio and the remainder of the amortization period are NOT increased.

5.)    Will a purchase and sale agreement dated before July 9^th be considered binding if there are outstanding conditions yet to fulfilled prior to July 9^th?

YES, if the purchase and sale agreement and the mortgage insurance application are dated before July 9^th, the new rules will not apply, even if the conditions of the agreement have not been waived.

One major reason the Canadian government introduced the new mortgage rules was to help reduce housing risk in the Canadian economy. From the words of Jim Flaherty, “the adjustments we are making today will help [households] realize their goals, build on the previous measures we have introduced to keep the housing market strong, and help to ensure households do not become overextended.”

Regardless of the new rules, it is important to always do your homework when evaluating your affordability before purchasing a new home. Whether the housing market is red hot or ice cold, you still need to compare mortgage rates in Canada to reduce the interest payments on your mortgage loan. To calculate your mortgage costs with new rules, use Ratehub’s mortgage payment calculator.

* A mortgage insurance application is a document sent by a lender to a high-ratio mortgage insurance provider (CMHC, Genworth Financial, or Canada Guaranty Mortgage Insurance)

Did Brennan do a good job answering your questions? Do you have any other questions regarding the new mortgage rules?

Just in case you missed Brennan's post last month, no sweat, just click here, he discussed social media and mortgages.

For more information make sure to follow RateHub on Twitter @RateHub_Canada and stalk, I mean like them on Facebook.

Thanks and see you next month Brennan!

Slobproof Paint Pen

I came across this cool find on Design Sponge last week and I think everyone and their mother needs one of these. If you're one to hold on to your paint cans for any touch ups that you may need, well you can finally throw them out! With this pen, you can store your paint here instead, it's quick, convenient and easy to use. Just remove the brush top and fill it with your paint using the syringe provided. Once you're done the touch ups, just rinse the brush with water and throw it in your drawer instead of having paint cans stored in your basement. It comes in a pack of 2 for only $19.99, how awesome is that? If you would like to purchase this pen, just click here.

Want to see the Paint Pen in action? Check it out!


What do you think? Are you as excited about this as I am?

Property Buying Harder in Canada

Today I have a guest post lined up! Alexandre Duval will be discussing why buying a property in Canada will be harder starting today. Just in case you missed what's scheduled to happen today, the mortgage rules will be changing once again, if you missed my post and 2 cents about it, no worries, just click here for the full post.

In the meantime, here's the scoop.....

According to Statistics Canada, the ratio of household debt to personal disposable income has moved from 66% in 1980 to just over 150% in 2011. Much of this overwhelming debt – about two-thirds of it – is generally due to mortgages. In an effort to slow down this scary trend, the Harper government recently announced a series of changes to the rules that oversee the Canadian housing market. These modifications, despite the good intentions underlying them, could nevertheless end up limiting access to property.

The Amortization Period Will Be Shorter

Of all the new measures that will come into effect on July 9 of this year, the reduction of the maximum amortization period – that is, the number of years over which the reimbursement of a mortgage is spread out – from 30 to 25 years is probably the one that will jeopardize access to property the most.

On the one hand, this change will certainly help households save considerable amounts of money in the long run by limiting their total interest payments by as much as $45,000 for a $350,000 mortgage, according to the Department of Finance. On the other hand, it will increase monthly payments a great deal, and that is where the shoe pinches.

For instance, a family who was planning on spreading its $300,000 property payments over a period of 30 years (at an interest rate of 4%) would have paid $1,426 per month for three decades. With the five-year reduction of the maximum amortization period, however, the same family will have to pay $1,578 per month for 25 years.

Uneven Effects May Appear Across the Country

An increase of $152 per month, as in the example above, may seem within the financial means of many. Unfortunately, the housing market is far from homogeneous in Canada, and the 25-year rule may affect citizens unevenly across the country.

Imagine you are a member of a middle-class family that is seeking to buy a property. If you are looking at Montreal condos for sale, you may find that most of them will still be affordable after the 25-year amortization period comes into effect. The monthly payment difference may not have such a huge impact on your budget. But if a given property “only” costs $300,000 in Montreal, it may well cost near the double in Ontario’s capital.

In effect, if your family is downtown Toronto, you could find that is it impossible for you to meet the expense of the monthly payment difference between a 30- and a 25-year mortgage. In this particular sense, some Canadians who are currently planning on buying a property may have a harder time than others doing it, despite the new rule’s glittering promise that they ultimately will save tens of thousands of dollars in interest payments.

About the author:

Alexandre Duval is a blogger for District Griffin. He is also currently completing his master's degree in political science at the University of Quebec in Montreal.

Will the new rules affect your mortgage or home buying decision? Would love to hear from you!

Congrats Kim + Shaun!!!!

I attended my client's wedding over the weekend and boy was it ever a great party! They had a beautiful church ceremony followed by an awesome reception with yummy food and great music at the Steam Whistle Brewery in Toronto. Now they are all set to start a new chapter in their lives, in their new, cool loft. I wish them a lifetime of happiness, success and health, congratulations Kim & Shaun. Did I mention they are high school sweethearts, how cute!

Here are some pictures:

Just Married!!!!!

First Dance

Bride & Groom's Speech

Don't they look great? How was your weekend?

Sneak Peek Fridays

Here it is again, your list of open houses happening this weekend in the Dovercourt-Wallace-Emerson-Junction neighbourhoods. Make sure to check back here every Friday for the "list".

For more information on any of these homes, shoot me an email (oleksaka@gmail.com) and I will be more then happy to send you the complete listing and answer any questions you may have.

Also if you would like neighbourhood stats emailed to you on a monthly basis for the Dovercourt-Wallace-Emerson-Junction neighbourhoods, please go to http://www.torontoweststats.com/ to get yourself on the list!

Hope everyone has a great weekend!


Saturday July 7, 2012:

40 Westmoreland $849,900
2:00pm-4:00pm
MLS# W2401760

148B Hallam St. $799,900
2:00pm-4:00pm
MLS# W2370140

716 St. Clarens Ave $599,900
1:00pm-5:00pm
MLS# W2393428

Sunday July 8, 2012:

40 Westmoreland $849,900
2:00pm-4:00pm
MLS# W2401760

148B Hallam St. $799,900
2:00pm-4:00pm
MLS# W2370140

716 St. Clarens Ave $599,900
1:00pm-5:00pm
MLS# W2393428

Happy house hunting!

Cool Homes: Making A Splash

When I came across this home, there was no doubt in my mind that it deserves the title of Cool Homes. This home located in Italy has an indoor pool, but not in the traditional sense, it`s situated in between the living room and kitchen on the main floor! There is even a rope that you can Tarzan yourself into the pool with, how cool! I know it may seem impractical, especially if you got little kids, but the idea is still pretty innovative. So without further ado, here it is.....

What do you think?

If you have a cool space or uniquely decorated place that you would like me to feature, make sure to contact me.

***Images via Home-Designing***