Thursday, April 4, 2024

Record Low Home Sales Volume in March, as Inventory Begins to Climb

WATERLOO REGION, ON (April 4, 2024) —In March, a total of 596 homes were sold via the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR). This represents a decrease of 3.2% compared to the same period last year and a decline of 33.4% compared to the average number of homes sold in the previous 5 years for the same month.

Despite the challenging market conditions, the first quarter of 2024 saw an increase in home sales, marking an 8.0 per cent rise compared to the previous year. However, these figures still fall short of the first-quarter sales of the past decade.  

“While home sales in Waterloo Region hit a record low for March in over two decades, we're also witnessing a positive trend,” says Christal Moura, president of WRAR.  Over the past three months, prices and activity have started to pick up, and I expect this momentum will continue into the spring.”   

Monday, April 1, 2024

Energy-Saving Tips for Your Home


With energy costs eating up a larger portion of our income than ever before, it is very important to take all possible measures to conserve energy.  Here are some tips to help you save energy, save money, and do your part for the environment.

Heating and Cooling
About 60% of energy costs in a typical home are tied up in heating and cooling and 20% in hot water. So, these are the first places to look when it comes to saving energy.

Consider installing a programmable thermostat. In summer set the thermostat at 24°C while you are at home, and 28°C when you are away. Every degree you raise can reduce your cooling bill by about 2.5%.

In winter, set the thermostat to 21ºC during the day to 18ºC when you are sleeping, and 15ºC when you are out.

Wrap your electric water heater in an insulation wrap. This reduces 8-10% of hot water heater energy usage.

Apply caulking and weather stripping around drafty doors and windows to keep the cold air out in the winter (or hot air out in the summer). Proper weather-stripping, caulking, and insulation can save 5 to 15% of that heat loss.

Shade your outdoor central air conditioning unit with trees or shrubs making sure you do not block air flow around the unit. This can reduce 10% of your electricity use.

Clean the furnace filter monthly and replace it every three months. Check air vents regularly to ensure nothing is preventing the air from circulating freely.

It's a simple scientific fact: heat moves toward cold. In winter, heat moves toward the windows and doors, and if your home windows are not insulated properly, up to 50% of all heat inside a home could be lost. Having thermally-isolated windows and a thick window covering will help reduce heat loss considerably.

Lighting
Keep fixtures and bulbs clean. Dirt can absorb as much as 50% of the light. Always turn off the lights when leaving a room, even if it’s only for a few minutes. It’s just a myth that it takes more energy to turn a light on than to leave it on.

Try to position floor or table lamps in a corner. This allows light to reflect from the walls, making the room brighter without turning on more lights.

Replace traditional light bulbs with compact fluorescent bulbs (CFL). CFLs use up to 75% less energy than comparable standard light bulbs and can last up to 10 times longer.

Kitchen and Bathrooms
Switch non-essential chores from peak times to earlier in the day or even overnight when electricity demand and rate are less.

Install water-efficient low-flow showerheads and faucet aerators and install an ultra low-flow toilet or an early closure valve. Take showers instead of baths – they use less water.

Keep refrigerators and freezers out of direct sunlight, and allow at least 5 centimeters all around (or as recommended by the manufacturer) to allow heat to escape from the compressor and condensing coil. Allow hot foods to cool before putting them in the refrigerator.

The stove is another big energy guzzler. If you put aluminum foil on the bottom of the oven to catch drippings, make sure the foil does not block any of the oven’s circulation holes, and don’t put foil on the oven racks.

Use an electric kettle to boil water – not the stove, which is less efficient. Thaw frozen foods in the refrigerator before cooking, unless the label says otherwise.

Turn off the oven just before finishing – the oven will remain hot long enough to complete the job.

Don’t use a bigger pot than you need, and match it to the right size element.

Home Office and Living Room
Even when appliances are turned off, they continue to draw electricity. Unplug them when not in use. Turn off unnecessary lights in the house (they produce a lot of heat which works against the air conditioning.)

Using screen savers doesn't save any energy. Activate energy-saving settings on your computer or turn off your monitor when you are away from the computer.

Use area rugs on cold floors. If your feet are cold, your body will feel cold so rather than turning up the thermostat, put on a sweater.
 
Open draperies during the day on south-facing windows and let the sun heat your rooms naturally. Close your drapes and blinds during the night to reduce heat loss.

Installing ceiling fans can help to lower energy use in both the summer and winter. In summer, set your fan counter-clockwise to produce a cooling breeze. In the winter, set it clockwise to push warm air accumulated near the ceiling down back into the room.

Dishwashers and Washing Machines
If your dishwasher has the option, choose air drying rather than heat drying. If not, stop the machine before the drying cycle starts and open the door to let the dishes air dry. By doing so, you can reduce the dishwasher’s energy use by 10%.

Avoid running small loads in your washing machine. You can save 1% on your energy costs by loading your washing machine to capacity before running the cycle.

Wash laundry in cold water whenever possible. Rinsing your clothes in hot or warm water won’t make your laundry any cleaner. Select your washing machine’s cold water rinse and save 4% in energy costs.

Energy saving is a hot topic! Talk about it with your friends and family. Discuss and share ideas and learn about how each of you can do better. Most likely you will come up with some creative ideas that are fun and can save you up to hundreds of dollars each year. Learn about how this topic fits into broader-scale environmental initiatives and the role we as energy consumers could play in saving Mother Earth.

First-Time Homebuyer's Tax Credit


The First-Time Home Buyers Tax Credit (HBTC) is one of the measures provided by the federal government in 2009 to encourage investment in Canadian housing.

For 2009 and subsequent years, the HBTC is a new non-refundable tax credit, based on an amount of $5,000, for certain home buyers that acquire a qualifying home after January 27, 2009 (i.e., generally means that the closing is after this date).

The HBTC is calculated by multiplying the lowest personal income tax rate for the year (15% in 2009) by $5,000. For 2009, the credit was $750. Each year, the credit is recalculated, so it may be higher or lower than previous years.

How do you qualify for the tax credit? 
You and anyone you purchase the home with must be considered a first-time home buyer to be eligible for the tax credit. The home must be used as your principal residence, and if you purchase with your spouse, common-law partner, or even a friend, then either one of you can claim the credit (or share it). However, the combined total cannot exceed $750.

If you are a person with a disability or are buying a house for a related person with a disability, you do not have to be a first-time home buyer. See the Government of Canada website for further details.

What is a qualifying home? 
To qualify for the First-Time Home Buyers Tax Credit, a home must be a housing unit located in Canada, including mobile homes, condominiums, and apartments. A share in a cooperative housing corporation that entitles you to possess, and gives you an equity interest in, a housing unit located in Canada also qualifies.  However, a share that only provides you with a right to tenancy in the housing unit does not qualify.

Also, you must intend to occupy the home or you must intend that the related person with a disability occupy the home as a principal place of residence no later than one year after it is acquired.

How to Claim the First-Time Home Buyers Tax Credit? 
First-time homebuyers purchasing a home may claim the HBTC on their income tax returns. Starting with the 2009 taxation year, line 369 is incorporated into the Schedule 1, Federal Tax to allow you to claim the credit in the year in which you acquired the qualifying home.

The home must be registered in your or your spouse's or common-law partner's name in accordance with the applicable land registration system.

Claimants should ensure that documentation supporting the purchase transaction is available if requested by the Canada Revenue Agency. Claimants are also responsible for making sure that all applicable eligibility conditions are met.

Keep the HBTC in mind when you consider buying a Canadian home. It’s just another great reason to take the final step of real estate home ownership.

Build a Greenhouse for Early Spring Planting

With spring just around the corner, many homeowners have gardening on their minds. The seed catalogs are well-worn from repeated flipping of pages. Seeds have been ordered, and some early bedding plants have been started. Many of us are itching to get outside and start seeding the garden, but it is too early. The days are warming but the nights remain too cold to allow seedlings to survive.


One way out of this dilemma is to build your own portable greenhouse. A simple greenhouse can consist of some wooden frames that are bolted together and assembled in the garden. The greenhouse can be easily dismantled and folded flat for storage. It can be built to any size specifications, depending on your needs. Many home-depot stores sell preassembled DIY kits that can be put together easily in one afternoon at very reasonable prices.

The floorless greenhouse allows light and heat to enter but prevents some of the heat from escaping. Thus, the temperature inside the greenhouse increases during the day. The soil over which the greenhouse is placed stores some of this heat. During the night, when the outside temperature is cold, the heat gradually escapes from the soil but the greenhouse holds enough of this heat to prevent frost from damaging the plants inside.

The system works well if the air temperature is not too cold, though additional frost protection can be achieved by using internal and external curtains.

The greenhouse can be set over the garden area in the early spring (March). For best results, the garden should be located in an area that receives full sunlight. As the air temperature builds up inside, any snow covering will melt and the ground will begin to warm. By mid to late March it is often possible to seed directly into the soil "floor" of the greenhouse. Only plants that tolerate a cool growing season, can be seeded early. Warm-season crops such as require much more warmth than this greenhouse can provide.

As the days become warmer, too much heat may build up inside the greenhouse. It is very important not to let this happen, or you might lose your crop. The simplest solution is to leave the greenhouse door partly open to provide ventilation. When the days become quite hot, remove the greenhouse. In September it can be taken out again and placed over the garden patch to extend the growing season.