How to Select the Right Style Flooring for Your Home

Choosing the right floor for your home is an important decision. Not only does it set the tone for the whole interior of your home, but it’s also the foundation for everything else you put in a room. Your choice should fit the look of your home and the way your family lives.

Each family is unique and will have different demands and expectations for their flooring choice. A large family with kids will have a different set of needs than a retired couple. Pet owners will have a particular requirement as well. Allergy and asthma sufferers will need to keep a clean and dust-free environment.

When making a decision about flooring, keep in mind such factors as design options, comfort, warmth, safety and maintenance. And don’t forget you can have fun with colour too!

Carpet
Carpet is the right choice for light traffic households; the warm and comfortable feel makes it ideal for bedrooms and family rooms. Carpet is an attractive addition to a room and the colour choices are virtually unlimited. It is, however, high maintenance—regular vacuuming and shampooing are mandatory, and stains are a constant worry. (Price installed: $18 - $30 per yard)

Hardwood Floors
The look of brand new hardwood floors, or even newly refinished hardwood floors, adds an unmistakable quality and value to your home. Wood flooring can add elegance to any room and works well with most kinds of décor. However, they are sensitive to climate changes and also susceptible to water damage, and need constant maintenance. Hardwood floors can also be quite cool in the wintertime.

Another alternative to hardwood flooring is the new generation of products, known as Engineered Hardwood Flooring. This type of wood has been developed to make more efficient use of wood that takes substantially less hardwood to cover the same area as solid wood. Therefore, it saves you money and allows you to enjoy the new floor knowing that you have selected a product that is environmentally friendly.

Hardwood floors are ideal for halls, living, and dining rooms, and you can easily use area rugs on top to compliments your decor. (Price installed: $7 - $12 per square foot)

Ceramic or Porcelain Tiles
Ceramic tile can give your home that “designer look”. Tiles are available in many evolving designs that can create an incredible floor and suit everyone’s tastes.
Because of their easy-to-clean water-resistance nature, ceramic tiles are the best choice for kitchens and bathrooms. However, make sure you select non-slip tiles. (Price installed: $7 - $30 per square foot)

Vinyl Floors
An inexpensive choice in flooring, the new generation of Vinyl Floors are made durable and can add a real “designer’s touch” to your home. They are available in tiles and sheets, Double-thick vinyl is ideal for damp areas like bathrooms.

Vinyl floors are vulnerable to scratches, tears, stains, and wear. (Price installed: $10 - $30 per yard)

Laminate Floors
The floating nature makes Laminate Floors quite simple to install, and the range of styles and colors is virtually endless—from simulated wood and tile to creative and decorative choices that will provide any home with an amazingly durable and beautiful floor.

Laminate flooring is easy to care for which makes it suitable for high traffic areas. (Price installed: $6 - $12 per square foot)

Many people are now choosing a combination of wood flooring, laminate, oak, and carpet in their home to enhance the beauty of the flooring and of course their home. However, style and comfort are in the eye of the beholder and you are the one that will ultimately be enjoying the flooring you choose. Choose a combination of flooring options that fits your own style and needs so you can be happy with your choice later on.

How to Visually Create more Space in Your Home

Many people think of adding square footage to create more space. But that doesn't have to be the case. You can make your home appear bigger without going through the hassle of renovating and remodeling. With just a few home modifications, it is possible to make more from less. And remember, often what the eye needs is the illusion of spaciousness not actually more space.

Here's how to create the illusion of space without adding square footage.

1. Think diagonal views. Think back to geometry and how the hypotenuse of the triangle was the longest of the three sides. Apply that to the sightlines within your small-house design. Your house will appear much bigger than it actually is if you are able to stand at one corner of the house and look to the far corner without any obstructions. Also, if you have a room that will be tiled, place the tiles on a diagonal. It makes the space seem larger visually, pushing the walls out.

2. Think like a sailor. Sailboats usually have no wasted space and that's what you should aim for. Look for opportunities for built-ins, such as building bookshelves in staircases, unique space-saving cabinets, drawers under beds, etc.

3. Use lighting to open up space and add interest. In creating the feeling of more space, it is important to give your house an airy feel. Use simple window dressings to bring in natural light and steal space from the outdoors and give it to the interior of the house.

If possible, use recessed spotlights as they are both visually appealing and have a low profile that is perfect for a small space.

4. Play with the furniture. Try to move furniture away from the walls if the space allows. It will give a feeling of more openness when a sofa isn't butted against a wall. If you're buying new pieces, try to purchase items that are on legs versus feet. The higher a piece sits from the floor, the more visual space is present. Also, armless furniture pieces give an illusion of extra space so consider an armless sofa or slipper chairs.

5. Accessorize. The bigger a piece of artwork is, the bigger the feeling of a space. A wall filled with many small pictures seems cluttered and less dynamic versus a wall with a large piece of art, which makes a bold statement. Also, "lighten up" your corners by using lights and plants. It will look stunning at night, casting shadows on the ceilings and giving an illusion of more space.

6. Use mirrors to reflect light. When using mirrors in a space, make sure that whatever the mirror is reflecting it is pleasing to the eye, or at least doubles the amount of light let into the space. In addition to mirrors, use other materials that reflect light and space (stainless steel, chrome, etc.). A glass table with stainless steel legs will allow light to bounce off it.

7. Colour your world. The colour of a room’s walls has the power to create a mood and affect the room’s appearance. Use just one or two colours per room for visual simplicity that expands space. Also keep in mind that white, neutral or pale colours best reflect light, visually "pushing back" walls. Cool blue and green hues will make a space seem larger and airier. Warm reds and yellows cozy a room and can make it appear smaller.

8. Let there be height. Use at least one tall element in a room to draw the eye upward, towards the ceiling. Not only does this maximize the vertical space in the room, but it also draws the eye up to the less crowded ceiling space above.

9. Minimize the amount of furniture you have in each room. It is both wise and essential to select furniture and accessories that perform multiple tasks. The smaller your space, the more this applies, especially with furniture. Storage is an obvious second job for many pieces of furniture.

Every room has good proportions which make its space flexible enough to create any environment you wish. Compromises in decorating, colour techniques, furniture arranging, and lighting considerations can all contribute to the illusion of space. By following some of the tips above, you can create a visually larger room.

What is Home Equity? And how to increase it ...

One of the primary goals of homeownership should be the building of equity in your home. Equity is simply the difference between the current value of a property and the balance of all mortgage obligations.

For example, if you have a home that is valued at $375,000 (based on an appraisal or a Comparative Market Analysis) and a mortgage balance of $175,000, you have $200,000 ($375,000 -$175,000) equity in your home. As long as the market remains stable, this is like money in the bank. As your house value increases over time and mortgage payments you make reduce the level of your debt, your home equity increases.

Why Equity in a Home is Important?

Simply stated, the appreciation of equity in a home is one of the easiest and most successful paths to wealth that is available to you. To a large degree, it is almost painless—you make the mortgage payment that you would have to make anyhow and the balance is reduced. The value of the home, meanwhile, is rising. As a result, your nest egg should be growing. The quicker you find yourself at 100% equity—owning nothing on your home—the quicker the route to less financial stress and true wealth.

How to Build Additional Equity?

There are a number of ways to build additional equity in a home, some easier than others but all effective:

1) Higher initial down payment
The most obvious way to build additional equity is at the first opportunity—making a larger down payment at the time of purchase. This extra money is immediately "banked" in the home, making it much less tempting to spend.

2) Extra principal payments
Making extra payments of principal (or just adding money to your monthly payment designated to go to the principal) has a double effect on your equity. First, every dollar you contribute reduces your debt by the same amount. Second, reduced debt means less interest paid, which means that each month more of your payment goes to principal and less goes to interest.

NOTE: Although most loans allow it, check with your lender to see if they accept extra payments of principal with no penalty.

3) Shorter mortgage term
The lower mortgage interest rates that we have seen recently means that for many buyers, they are able to either initially secure a mortgage with a shorter term or, if they are currently in a long-term mortgage (such as 30 years) refinance and get a shorter term. Shorter mortgage terms mean that you will be paying down your principal much quicker and therefore gaining additional equity at a much faster rate.

4) Home improvements
When you improve the quality or size of your home, you also increase its value and thus your equity. Be aware, though, that although virtually all home improvement projects will bring some return, some are much more advantageous than others. For example, remodeling kitchens or bathrooms traditionally have brought a greater return than adding leisure amenities such as pools or whirlpools. To get the maximum equity enhancement, make certain that the kind of improvements you want to make will increase the home’s value appreciably.

Record Home Sales Stats year over year, but slight decreases in last two months show prices might be stabilizing

 Following last month’s record-smashing number of home sales, the Kitchener-Waterloo Association of REALTORS® (KWAR) posted the second-highest number of monthly home sales in April. There were 843 residential homes sold through the Multiple Listing Service® (MLS® System) of KWAR last month, an increase of 263.4 per cent compared to April 2020, and a decrease of 15.5 per cent compared to March 2021.

 

“Even if we do not take into account April 2020, when Ontario was in the early days of its state of emergency, it was still an exceptional number of homes sold last month,” says Nicole Pohl, President of KWAR. “The previous 10-year average number of residential sales for April was 618.”

 

Total residential sales in April included 484 detached (up 233.8 per cent from April 2020), and 111 condominium units (up 382.6 per cent). Sales also included 67 semi-detached homes (up 294.1 per cent) and 181 townhouses (up 285.1 per cent).

 

In April, the average sale price for all residential properties in the Kitchener-Waterloo area was $757,906. This represents a 34.3 per cent increase over April 2020 and a 0.9 per cent decrease compared to March 2021.

 

• • • The average price of a detached home was $899,315. This represents a 36.9 per cent increase from April 2020 and an increase of 0.04 per cent compared to March 2021.

 

• • • The average sale price for an apartment-style condominium was $441,887. This represents an increase of 21.2 per cent from April 2020 and an increase of 4.2 per cent compared to March 2021.

 

• • • The average sale price for a townhouse was $612,550. This represents a 52.1 per cent increase from April 2020 and a decrease of 2.03 per cent compared to March 2021.

 

• • • The average sale price for a semi was $652,609. This represents an increase of 33.0 per cent compared to April 2020 and an increase of 0.18 per cent compared to March 2021.

 

“We are starting to see home prices calm down in March and April compared to what was happening in January and February,” says Pohl.

 

KWAR cautions that average sale price information can be useful in establishing long-term trends but should not be used as an indicator that specific properties have increased or decreased in value. The MLS® Home Price Index (HPI) provides the best way to gauge price trends because averages are strongly distorted by changes in the mix of sales activity from one month to the next.

 

The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $742,800 in April. This represents a 40.4 per cent increase over April 2020 and a 0.6 per cent increase compared to March 2021.

 

• • • The benchmark price for a detached home was $809,000. This represents a 39.9 per cent increase from April 2020 and 1.0 per cent decrease compared to March 2021.
  •  
    • The benchmark price for an apartment-style condominium was $374,100. This represents a 31.1 per cent increase from April 2020 and a 4.3 per cent increase compared to March 2021.
  •  
    • The benchmark price for a townhouse is $591,300. This represents a 47.2 per cent increase from April 2020 and a 6.6 per cent increase compared to March 2021.

 

 

There were 1,098 new listings added to the MLS® System in KW and area last month, an increase of 162.7 per cent compared to April of last year, and a 17.15 per cent increase compared to the previous ten-year average for April* (*calculated from 2019 to 2010 to adjust for the impact of the state of emergency on activity in April 2020).

 

The total number of homes available for sale in active status at the end of April was 458, a decrease of 21.8 per cent compared to April of last year, and 66.9 per cent below the previous ten-year average of 1,384 listings for April* (*calculated from 2010 to 2019 to adjust for the impact of the state of emergency on activity in April 2020).

 

The number of months of inventory was 0.7 in April, which is unchanged from March. Inventory has numbered less than 1 month since October. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.

 

The average number of days to sell in April was 9 days, compared to 19 days in April 2020 and a previous 5-year average of 21 days. 

 

Those requiring specific information on property values should contact a local REALTOR®.  Working with a Realtor is the best way to get a complete picture of the property and community you are considering.

 

View our HPI tool here to learn more: https://kwar.ca/hpi-dashboard

 

Historical Sales By Property Type

 

Months Supply of Homes for Sale

 

Historical Median Sales Price – By Property Type

 

Historical Average Sales Price – By Property Type

 

Average Days on Market Chart

 

Buying Condos as an Investment

Not too many years ago, buying a condo was considered a compromise move. Condos are more affordable, particularly for first-time buyers who have a tough time breaking into the housing market. Until recently the cheap entry fee entitled you to apartment-style living, no yard to call your own, and lusterless appreciation—not an attractive package to most home buyers.

This may be changing. The latest statistics from Canadian Mortgage and Housing Corporation (CMHC) show condos make sense for investment or ownership. Rentals are increasing every year according to recent market statistics.  

New construction favouring condos
Recent statistics show that the construction of condos is actually increasing. New construction of singles and semis has fallen steadily since 2002. Young people seeking a downtown lifestyle, empty nesters downsizing, and people tired of commuting, all make condos extremely popular and support a robust market.

Hi-rise sales stable
Condo sales have had some ups and downs, but sales volume by year has been quite steady. The rental market for condos is improving as potential first-time buyers postpone home purchases in favour of renting. Renters are less inclined to leave their apartments and pursue homeownership.

Is a condo a good investment?
As with any real estate, a condo could be a good or bad investment. It all depends on the building and the market. There are some great condo investments in many areas around the country and there are also some bad investments.

The condo situation looks promising. The percentage of total sales is expected to continue rising from 25% of all sales in 2010 to 35% this year. Condos are selling well and renting well, making them a good investment whether you're planning on moving in or leasing out.

Condo buying tips:
Look for a condo that's in a development that has a high ratio of owner-occupants to renters. Some lenders won't lend on condos that have a high rate of absentee ownership. Also, owner-occupants tend to be more concerned about keeping things going well in the development.

Find out what the condo fees are and what is covered by this fee and include it in your costing. Some condos prohibit pets, and some have parking, storage, and renting restrictions. Read and understand the Covenants, Conditions, and Restrictions (CC&Rs) and any other pertinent governing documents before you complete a purchase.

It's usually best to avoid buying into a condo complex where the homeowner's association is involved in litigation. To find out if there are any other associated issues that you might want to avoid, read copies of the minutes from recent homeowner's association meetings. One of the best ways to get a straight scoop on a condo project is to talk with some of the current residents. Find out what they like and what they don't like about living there before you decide to buy.

What are the tax, legal, and financing considerations?
If you decide to invest in a condominium rental property, many of your personal expenses may be deducted from income in addition to the normal tax deductions such as a mortgage, interest, depreciation, and other condominium-related expenses. For example, you would normally be entitled to set up a small office in your current residence for managing your investments, which would include keeping your records. You could deduct a percentage of all your home-related expenses. The normal formula is to take the square footage of the office area that you are using relative to the total square footage in your home. In general terms, 10% to 15% or more is usually deducted for that portion.

In addition, you would be entitled to deduct a part of the car-related expenses involved in managing your investment portfolio, whether it is one rental property or more than one. The percentage of all your car-related expenses can vary, obviously depending on the usage of the car relating to your investment.

If you are seriously contemplating investing in a condominium, it is important to consult your real estate agent and seek the advice of a competent tax and accounting professional, and legal advice from a lawyer specializing in condominium law.

Create Your Own Garden This Year!

Gardens are a perfect place for you to refresh your mind and soul. It can bring you peace and serenity with nature’s entire beauty — flowers, plants, water, and wind. There is no doubt that gardens make a home beautiful.

Typically, when people start planting their gardens, they start with flowers. In addition, most people will pursue planting roses. The novice gardener doesn’t realize that roses usually take the most time and effort as compared to other flowers. With such an enormous array of flowers to choose from, it is best for the novice to start off with easy-care plants and flowers.

Vegetable gardens have become quite popular too. A vegetable garden can bring a sense of pride and accomplishment when you place those fresh vegetables on your dinner table. The list of vegetable plants is endless, therefore when planning your vegetable garden choose the right vegetable for your growing climate. For instance, cool weather crops would be green beans, zucchini, and cucumbers.

Many gardeners will consider planting fruits as well. In Canada, this could be a tricky option due to harsh weather. However many homeowners have proven that it is possible. Consult with the experts from your local gardening nursery to select plants that are most suited to your area.

Herbs are another favourite for the home garden. If you have limited space, you can grow your herbs indoors in a sunny window. The most often used herbs for cooking are basil, thyme, oregano, parsley, and cilantro. These herbs are easy to grow too.

Landscaping your yard is another form of gardening. There are different types of grasses and shrubbery to decorate your yard. Decorative rocks, ponds, and statues are also included as a form of landscape gardening. Landscaping your yard is not limited to plant life. As with a garden, your lawn and shrubbery need upkeep.

As mentioned earlier, gardening can be fun and educational for the whole family. In addition, what a delight to see the flowers bloom and harvest the vegetables. However, as with anything else, to be a successful home gardener takes work. Plants need to be weeded and watered. Do not get discouraged if the flowers are not as brilliant as expected or the beans did not do so well. Research the plant in question and then try again next planting season, eventually, you will have a wonderful garden.

Spring Cleaning Checklist

Spring cleaning is a tradition that allows us to freshen up our homes and get a head start on the hectic seasons of spring and summer.

As the signs of spring make their first appearances in nature, it is time to pay tribute to the joy and jubilance of the season. It’s also time to wake up your home with a new, modern and fresh look.

Here are a few tips to help cheer up your home this spring:

1. Organize, clean and de-clutter
Spring decorating begins with cleaning and de-cluttering. Extra clutter and crowding in your home décor can drain your energy. Remove any forgotten autumn, winter, Christmas and Valentine decorations and pack them away. Clean and polish surfaces including shelves, tabletops, end tables and countertops. The goal is to lighten and brighten up the appearance of the areas you want to redecorate. Clean your windows and open them up to air out the staleness left by seasons of hibernation and closure. You want to bring the outside in.

2. Rearrange furniture
Start to change the feel of your home, or a specific room or two, by bringing in some very simple key elements to modify your surroundings. Your aim is to change from cold and closed in colder seasons, to warm, fresh air and brighter for the spring season. It is both a change of season and a change of mood.

Most of your furniture has probably been in the same position for years. Simply switching the placement of a couch, or repositioning the TV can make you feel like you have a whole new room. If you don't have much room for movement, change and update the smaller things, like pillows, throws, and lamps. Remember, even a small change will do you good and help brighten up your home.

Informal table settings are on the menu for spring's more relaxed approach to entertaining. Lose heavy tablecloths for casual placemats, and experiment with colour by mixing and matching dishware in pretty patterns. Simple things like changing throw pillows on chairs and couches, to brighten the furniture and room, can put new spots of colour throughout the room.

3. Give your home a new feel
Nothing brings the feel of spring in like the colours and textures of the season. Keep a spring garden in mind and pick the colours and flowers you like the most from the spring garden colour palette. Choose the ones that look best with your overall colour schemes that are already in place.

And, nothing says spring more than fresh flowers. Make sure to be consistent with creating arrangements. Choose a colour scheme, like all white, instead of mixing bouquets. Use the same type of flower in one glass container with a beautiful white satin or grosgrain ribbon wrapped around it.

Make your home sing by introducing some pretty, spring colours and textures and get happy. The infusion of brighter colours and fresh flowers and plants reinforce your seasonal changes and give your home a new relaxing look and feel.

4. Brighten up your rooms
New, updated window treatments can make one of the most profound changes to the look and feel of a room. With spring in the air, you want to maximize the natural light that flows into your rooms. Choose something light and airy, like a soft drapery or a sheer window shading. If you are worried about privacy, you can place room-darkening blinds that you can adjust for a look and feel that is tailored to your unique needs. In addition, sunscreen window shades are especially popular options that will prepare your home for the glare of the sun and the heat of the upcoming summer.

5. Think outside the home
After winter has left its cold and dingy mark, the outside of your home will also need some touching up. Be sure to wash the doors and windows, and touch up the paint if necessary. Hang a wreath of silk spring flowers, or place real potted plants on your porch!

Hopefully, these tips will help inspire you to refresh your home for spring without spending too much money.