Tag Archives: homeowner

Canadians Paying More Insurance Premiums That Most Developed Nations

Canadian consumers and businesses pay more than $80 billion a year in property & casualty insurance premiums with an upward trend consistently in excess of our anemic GDP growth rate. The total cost is now more than 3 percent of GDP. … But how does Canada benchmark relative to its global peers?

• Canadians pay higher premiums for property and casualty insurance than citizens in many, if not most, other developed nations. This Commentary uses OECD data and private industry data to compare the national P&C insurance sector’s premiums as a percentage of Gross Domestic Product with its international peers and is an update of the findings of the author’s 2021 edition of this report.

• The Commentary focuses on liability, property and auto insurance to compare costs across nations. Then, it takes a deeper dive into the Canadian data to compare personal property and auto insurance among all provinces and territories.

When it comes to costs for property insurance, the study finds Canada is in the top ranks, paying 1.23 percent of GDP in premiums, almost double the 0.66 percent average of other G7 peers and even higher than the 0.52 percent OECD average. For automobile insurance (which here includes both personal and commercial), Canadians appear to be paying, on average, the highest premiums in the world, relative to GDP.

• Within Canada, inter-provincial benchmarking for personal property insurance shows the higher average premiums paid in Canada – relative to the rest of the developed world – appear to be shared equally by most provinces. However, province-by-province comparisons of personal auto insurance show that there are substantial differences among provinces, with four jurisdictions producing higher-than-average results. Two of the four (Saskatchewan and Manitoba) are government-monopoly jurisdictions – in fact, these are the two highest in terms of costs. The two other outliers (Ontario and Alberta) are served by a competitive private sector, but Alberta has chosen until very recently to maintain a costly tort environment and Ontario mandates particularly generous accident benefits and has experienced a plague of auto theft.

• In the case of automobile insurance, just a handful of provinces need to think harder about how to improve car insurance premiums. But to reduce the cost of living for homeowners, the solutions required must be national in scope and include public/private partnerships to share the rapidly increasing risk-transfer price of natural catastrophe events.

Read the full article by Alister Campbell via this PDF.

How to Remove Popcorn Ceilings? A Step-by-Step Guide for Beginners

Popcorn ceilings are a well-known finish that resembles a bubble-like textured surface. They were trendy from the late 1960s to the mid-1990s. This is why homeowners who have had difficulty removing carpet and green tiles in the kitchen now want stucco removal.

Steps to Remove Popcorn Ceilings

The most effective way to remove a textured popcorn ceiling is to use a large paint scraper. However, if you do not follow the correct procedure and do not know the nuances, you can end up with a huge mess.

Here are some practical tips that you can use to remove popcorn ceilings from your home:

  1. Determine if your popcorn ceiling contains asbestos. If you built your home before 1980, there is a chance that your popcorn ceiling contains asbestos. This is a dangerous material that can cause serious health problems. To do this, buy a special test kit or hire a professional.
  2. Gather the right tools. To remove a popcorn ceiling, you will need a scraper, an aerosol can, a ladder, and safety equipment (goggles, gloves, and a respirator).
  3. Clear the space. Make sure the room is empty before removing a textured ceiling. Cover large items that you cannot take out with a heavy-duty tarp.
  4. Disconnect ceiling lights. This will reduce the risk of accidental damage. Secure electrical wires with special wire nuts to prevent electric shock while working.
  5. Protect electrical outlets and light fixtures. Cover them with plastic wrap and masking tape. This blockage will prevent water from entering the outlet and reduce the risk of short circuits.
  6. Protect floors, doors, and windows. Cover all surfaces with a heavy tarpaulin mat and secure it with masking tape.
  7. Wet the ceiling. Fill a spray bottle with warm water and a few drops of detergent and spray the ceiling.
  8. Scrape off the popcorn texture. You can use a wide putty knife for this. Use smooth, even movements to remove the material effectively. You can add more water to make the process easier. Wait 24 hours for the ceiling to dry before moving on to the next step.
  9. Apply a sanding coat and sand. This will help you fill in any gaps and provide a smooth surface. Let the mixture dry, and then sand again to remove uneven areas.

After this, you can prime and paint the ceiling as desired.

Finally, you can remove the mat, put the lamps and fans back, remove the socket covers, and arrange the furniture.

Removing the popcorn ceiling is quite problematic. This process requires special tools and skills. The main problem with removing popcorn texture is the colossal mess it creates. Only professionals can remove popcorn ceilings without dust and dirt. If you’re intimidated by cleaning or need more time, hiring professionals is a great way to solve the problem.

How to simplify the process of removing popcorn ceilings?

If you want to simplify removing popcorn ceiling as much as possible, use the services of professionals from Renovated-Home. Experienced craftsmen will help transform your home into the place of your dreams. Renovated-Home craftsmen use leading technologies to remove textured ceilings. The surface is removed without dust and mess.

The Renovated-Home team works in Toronto and provides the highest professional services. Сraftsmens have extensive experience leveling ceilings, so you will not have to wait long. They will perfectly level the surface and clean up everything after themselves, leaving a clean space in your home.

If you have questions about the cost, request a consultation. Managers will contact you and calculate the cost of work individually, considering the area, ceiling height, and the presence of furniture. Get a free consultation right now. For the Silo, Kristina Rigina.

World’s Largest Swapping Network Even Lets You Trade Your House

LOS ANGELES. HomeExchange – the world’s largest home exchange network with over 65,000 active listings in 150 countries – has launched HomeExchange Gold, an extension of its offering that caters to the luxury segment with a set of premium, personalized services.

“HomeExchange has always offered top-notch member support. As exchangers, we have it in our DNA,” said Jim Pickell, President of HomeExchange. “The depth of experience across our regionalized Support Team has been a signature of our commitment to the concept of sharing since we launched 24 years ago. We are excited to push the standard of service even higher, unparalleled in the industry, through HomeExchange Gold. This launch is about offering a Gold level of support to help ensure members find the right fit, not just a five-star home.”

HomeExchange Gold membership is ideal for home exchangers who have multiple homes or are looking for more personalized service through a dedicated Gold Exchange Specialist, reachable by phone, email or chat at anytime, from anywhere. The standard HomeExchange guarantee still holds of unlimited exchanges worldwide with no extra fees.

Even sailboat listings! Like this one in Greece.
Even sailboat listings! Like this one in Greece.

HomeExchange Gold premium services include the Gold Exchange Specialist’s real-time assistance in optimizing profiles and listings for maximum exposure; and on-demand, personally curated listings – the best possible options – based on travel preferences like dates and destinations, number of bedrooms required, amenities (pool, beach, wi-fi, car…) and any special needs.

HomeExchange Gold members have a choice between connecting exclusively with fellow Gold members or making their listing visible to the entire community.

“Luxury today is about personalization, on-demand service, flexibility and freedom of choice,” explained Peter Anton, Director of Global Marketing. “HomeExchange Gold aggregates these four components as a first-class facilitator ensuring a great home exchange vacation.”

how home exchange worksThe higher level of service was added in response to demand by the growing segment of owners with second homes seeking to connect with others like them. However, based on the principle of flexibility and freedom of choice, all HomeExchange members will continue to be able to choose between traditional membership or upgrade to the more personalized level of service through HomeExchange Gold.

“We are very excited to launch this inclusive offer of premium services, available to all in our current community, as well as future members. Travelers have different needs and we now have different levels of service to enhance their home exchange experience,” concluded Anton. For the Silo, Alexandra Origet du Cluzea

At the time of writing, “HomeExchangeGold” annual membership is $560 Cdn and regular “HomeExchangeRegular” annual membership is $170 Cdn.

About HomeExchange

Founded by Ed Kushins, a pioneer of the “collaborative consumption” movement, HomeExchange has facilitated over one million home swaps since 1992. It was featured in 2006 in the cult movie “The Holiday” starring Cameron Diaz, Kate Winslet and Jude Law. In 2015, 65,000 HomeExchange members made 130,000 home swaps across 150 countries.  HomeExchange makes it easy to plan and enjoy a home exchange vacation and offers travelers a memorable, authentic experience. It was voted in November 2015 “Best Site for Booking Your Stay” by readers of USA TODAY and 10Best.

Should You Take Out a Second Mortgage?

With housing prices cooling off a bit but still generally soaring in cities across Canada, many homeowners are asking themselves how they can cash in on the market without actually having to sell their property. For many, a second mortgage will be the ideal way to do so.  

Second mortgages are one of the perfect mortgage solutions for homeowners who want to tap into their home equity to get lump-sum cash payments at low rates of interest. If you want to know if a second mortgage is right for you, here are three questions you should ask yourself. 

1. How Much Home Equity Do I Have? 

Before you start approaching mortgage brokers about a second mortgage, it’s a good idea to do some calculations around home equity, as the amount of money available to you through a second mortgage is determined by how much home equity you have.  

Fortunately, home equity is easy to calculate: simply subtract your existing mortgage from the current market value of your property. The difference is your home equity — the amount of your home value that you own outright.  

If you don’t know how much your home is worth, you can use a free calculator like this one to get a general estimate based on the going rate for properties in your neighbourhood. 

2. Should I Get a Home Equity Loan or Refinance? 

Generally speaking, there are two ways a homeowner can cash out a percentage of their equity: through refinancing or through a second mortgage. Both can be good ways to unlock capital, but which option you go for will depend in part on your financial situation. 

  • Refinancing: When you refinance your home, you replace an existing mortgage loan with a new mortgage loan. This new loan can be negotiated to include a cash payout based on your home equity, and while cashing out will likely extend the time it takes to pay off your mortgage, you will still only be dealing with a single mortgage loan.  
  • Second Mortgage: A second mortgage is an additional mortgage loan taken on against your home equity. Because it is an additional loan, it will usually come at a higher interest rate. 

In Canada, most mortgages are refinanced every five years, but they can also be refinanced more frequently. But if you already have a low interest rate on your existing mortgage and rates are increasing, a second mortgage may be the cheapest way to turn equity into cash. 

3. Will this Loan Save Me Money? 

A second mortgage can be a powerful financial tool, but it isn’t free money: you will still need to pay it back with interest, so you should be careful about how you use it.  

Taking out a second mortgage to consolidate debt, or to build an addition on your house, are smart investments because they put your money to work by reducing your interest payments or enhancing the value of your property. This puts you in a better financial position than you would have been if you didn’t borrow the money.  

Doing a cost/benefit analysis and working out how much money borrowing against home equity will save you is the key to making a strategic decision. 

Given how much real estate values have gone up over the past few years, figuring out how you can use your newfound wealth to improve your financial situation is essential for good money management. If you want to know more about whether a second mortgage is right for you, get in touch with a local mortgage broker to explore interest rates and options.  

Feautured image: Precondo CA Via Unsplash/ Silo Content Production

How to Use Your Home Equity to Deal with Unexpected Housing Costs

If you don’t have any available savings, your home equity can provide an immediate source of funds. 

Even the most responsible homeowners can find themselves faced with an unexpected home emergency repair or maintenance issue without the cash on hand to deal with it. If this is you, you are not alone. There are solutions available that can help you tap into your home equity to fund those projects without having to take out an expensive loan with the bank. 

Consider a Home Equity Line of Credit (HELOC) 

A Home Equity Line of Credit enables homeowners to access up to 85% of the value of their home for what they need. If you have owned your home for a number of years, then you have built up equity that can be used as collateral.  

A Home Equity Line of Credit is designed specifically to help homeowners cover these unexpected costs without worrying about their level of savings or credit score. Taking out a HELOC is a fast and convenient borrowing option because you can access the funds you need, pay it off and borrow again if needed. 

To calculate your home equity, simply follow this equation: 

The value of your property – the balance remaining on your mortgage = your home equity 

In many cases, you will pay less to borrow against your home equity than if you were to get an unsecured loan or line of credit. When you choose to work with a mortgage broker instead of the bank, you can get access to more lending options and at a lower interest rate.  

Take Out a Second Mortgage 

Many homeowners are aware of HELOCs but haven’t considered that second mortgages are also an available option. Essentially, a second mortgage functions as an additional mortgage loan. Both mortgages will need to eventually be paid off but because they normally come with much lower interest rates than unsecured loans, they can be an appealing option to borrow much needed funds. 

With the value of Ontario homes increasing due to the booming real estate market, many homeowners are using this opportunity to access the value of their home.  

You can use your second mortgage for anything as long as you continue to make your repayments. So, if you have a home maintenance or renovation project in mind, then it’s a good idea to consider a second mortgage now instead of waiting until it becomes an emergency situation. 

Work with a Trusted Mortgage Broker 

A mortgage broker acts as the intermediary between the financial institution offering the loan and the individual seeking the loan to buy real estate. The mortgage broker works with both parties to ensure the loan gets approved. The main benefit of working with an experienced mortgage broker is that he or she can work with a wide variety of lenders to find the best terms and rates. 

For those who are self-employed or don’t have stellar credit, working with a mortgage broker is advantageous because they are experienced at working with complex situations. This is especially critical for anyone who requires fast funding and has been turned down for a loan by the bank. 

A mortgage broker like Burke Financial specializes in handing challenging applications and works with people who have varying needs and circumstances.  

Regardless of whatever life problem you are facing, a mortgage broker can help you explore your options and find a solution to your problem so you can get back to other life tasks. For the Silo by our friends at Burke Financial.

Little Known Facts About Modern Sewer Repair Technologies

When dealing with damage to your house or municipal sewage system, you may have numerous concerns regarding your repair choices and preventive actions you may take to avoid future damage. Going through your repair choices and acting against sewage damage may be a lot easier with expert assistance.

Any pipe repair expert like pomplumbing.ca will tell you that there are methods available that offer long-lasting, reliable repairs without causing damage to your property or interfering with municipal traffic. We have taken the first of these repair measures for you in this article by presenting some little-known facts regarding contemporary sewage repair. 

1.) Modern Line Replacement is Extremely Effective

When we speak with homeowners about broken water lines or other severe plumbing problems that may arise under a number of conditions, we often discover that they are astonished to learn that repairs can be finished in only one day. What makes this possible?

By removing the need for significant work and physical digging, trenchless technologies enable plumbing experts to replace whole water lines in a matter of hours. Using sophisticated underground procedures, these experts can completely replace your water line pipes in a fraction of the time that conventional methods need. 

2.) Trenchless Alternatives Maintain Your Lawn

Trenchless experts may patch in or repair underground portions of broken pipe without digging the pipe out using epoxy Perma-liner solutions. The experts construct tiny, non-intrusive entrance ports and line these solutions along the walls of existing pipes using air pressure.

Specialists then cure the pipe to the interior walls using a long air bladder, resulting in a fully repaired pipe in a matter of hours. This avoids the need for costly pipe digging, or “trenching,” while still delivering high-quality water line replacements.

3.) Water Line Replacement Is Affordably Priced For Any Budget

The absence of digging, the smooth installation procedure, and the minimal overhead expenses all add up to one major advantage for homeowners: substantial savings. Trenchless line replacement makes sense not just from a practical perspective, but also from a budgetary one.

The effectiveness of trenchless replacement leads to significant savings in labor expenses, just as minimum grass digging reduces the need for costly landscaping. Trenchless restorations make sense in both the short and long term since the new pipe sections will last at least 50 years. 

Burst Pipes Causing Flood and Water Damage: The Facts – ServiceMaster of  Lethbridge

4.) A burst pipe may cause an existing water line to expand.

Pipe bursting, a water line replacement method, may potentially enhance the flow and efficiency of your current water lines. A replacement pipe is attached to a pointed bursting head and fed through badly damaged pipe sections in this manner. The bursting head actually bursts through the existing pipe, clearing the material away with its expanding, conical form.

This method clears the way for the larger (and more efficient) replacement pipe. It is a “two birds with one stone” line replacement method that addresses a broken pipe emergency while also improving general performance for decades to come.

5.) Trenchless Replacement is more secure than the alternative

Because trenchless water line replacements remove the need for significant digging, workers are less likely to uncover dangerous subterranean gasses, guaranteeing the safety of both the workers and your family.

Subterranean mold and asbestos are always a significant worry when it comes to trenching replacement techniques. Fortunately, with trenchless treatments, the worry of inadvertently coming across a hazardous mold concentration is a thing of the past. 

6.) Unrivaled Lifespan of Trenchless Water Lines

One of the most important things homeowners should know about trenchless water line replacement, as we said briefly earlier in this article, is how long the improvements can be anticipated to endure. While you may believe that Perma-liner, PVC replacement options are less dependable than other materials, this is a clear misunderstanding.

Homeowners should anticipate their new pipes to endure at least 50 years, if not much longer. Not only are these new pipes simple to install, but they also provide the peace of mind that homeowners want in their plumbing. 

How to Deal With Burst Water Pipes

7.) These Solutions Are Capable of Repairing Any Type of Damage

Before replacing your water line, trenchless plumbing experts will inspect it using snaking video technology to determine the amount and kind of damage. However, this is not the expert deciding whether or not they can repair your pipe; rather, it is for assessment reasons.

In fact, trenchless methods may repair damage from any cause or kind of damage. Trenchless replacements may address your line repair requirements whether they are caused by corrosion, root incursion, shifting soil, or fracture. 

8.) Trenchless technologies shield you against larger, more costly repairs.

Many people underestimate the usefulness of trenchless repair techniques as preventive measures when dealing with water line problems. The sooner you act, like with any other kind of house damage and repair job, the better.

Responding promptly to water line damage and finding creative trenchless repairs early on may save you from far more costly and extensive upgrades later on. When homeowners take action and treat their water line issues seriously, they will be able to obtain the repairs they need at much more suitable and inexpensive times. For the Silo, John Brooks.

What Single People Need to Do Before Buying A Home

The usual route to home ownership tends to start with meeting a special someone. When you’re a couple and you want to begin a life together, it makes more sense to get a new home for yourself. You may plan to get a roomier home for the two of you, and especially if kids are part of your plan in the foreseeable future.

What if you’re single? That doesn’t mean that you can’t get a house in Montreal, or a condo in NDG (Notre-Dame-de-Grâce) or anywhere else in Canada. Here are some tips that can help if you’re single and determined to buy your own home:

  1. Get your finances in order. This is the first and most important rule, as money will always be an issue for you especially since you don’t have a partner to share the expenses. It can be problematic to get a mortgage when you’re single since you’re less likely to repay a loan than two people together who both work for a living. So, pay off your credit card debts, raise your credit score, finish paying for your car, and have enough money to put down 20% of the house price as down payment.
  2. Have lots of money in the bank. What if you lose your job right after moving into your own home? You’ll need money for all your expenses while you search for a new job. You need some money in your bank account that’s equal to three to six times your monthly wages. Keep in mind that as a homeowner you have to pay for your home’s upkeep along with home insurance and property taxes. 
  3. Make sure to account for all your possible expenses. First-time owners are often unpleasantly surprised when they encounter expenses that they don’t normally deal with when they were apartment tenants. Home ownership can be very costly, especially when you have to remodel your home. It’s also difficult to estimate what you’d have to spend, especially when you have a backyard to maintain.
  4. See if a condo makes more sense for you. In general, a condo unit makes a lot more sense than an actual house if you’re still single. A condo will probably be located closer to where you work. It’ll also be located right in the middle of the city you’re in, so entertainment establishments are conveniently nearer. A condo building can have amenities that you’ll appreciate when they’re nearby, such as a gym or a salon. It also provides you with more social opportunities to meet new people so that you’re no longer single (if that’s what you want, of course).
  5. Be conscious about security. Security is another reason why condos work best for singles as they usually have guards in the lobby to keep out strangers. If you’re living in your own house, you may want to put in a strong lock on your doors and perhaps on your gate. You should make friends with your neighbours, who can call the police when they see strangers in your home when you’re not there. A security camera tied into your smartphone can help as well, though a dog can also be useful.
  6. Look for houses with a friend. Couples have the advantage of having someone to discuss their home options so that they’re more certain of their choices. If you’re looking for possible homes to buy, make sure you call a friend to come along. They can help you think logically so your emotions don’t get the best of you.

Of course, one “side effect” of having your own home when you’re single is that you generally become more attractive to potential partners. Just make sure you buy the right home when you can actually afford it, so you can actually enjoy your new status as a homeowner. For the Silo, Dimitry Karloff. 

10 Ways You Can Make Money from Your Condo

Many people are currently looking at Montreal condos for sale, as the present boom in the property market makes it an ideal investment. As these developments continue, Montreal is also becoming more and more attractive to employees, tourists, homeowners, and investors alike.

Planning to buy a condo and make money from it? Check out these tips:

  1. Assess your surroundings.

First, check your location and what that means for your rental property. Are you near offices? Are you in a family-friendly suburb? Are there other rental properties nearby? How much are they renting it out for? Check out the city government website for said information which can help you better estimate the possible return.

  1. Pick a target market.

Who are you renting out your condo to? This will dictate where you’ll advertise it and how much you’ll rent it out for. Try to pick a target market that’s not particularly saturated, especially considering the area where your condo is located.

  1. Force appreciation of your condo’s value.

Before you rent it out, you can actually force appreciation on its value by negotiating lower maintenance rates. If you can increase the efficiency of utilities like water and electricity, this will lower operating costs and increase value – making it more desirable to possible tenants.

  1. Prepare your condo for renting out.

You have to remember that you’ll also have competition, as you’re not the only rental property available. Depending on who you’re targeting, you should make it appealing and furnish it appropriately. By doing so, you’re making it the preferred choice of consumers.

  1. Put it out in the market.

Even if your condo is ready for renting out, that doesn’t mean you’ll automatically have tenants. You’ll need to advertise that the property available, and using the right channels is also key.

  1. Make all agreements clear.

Be very clear about your rental agreements. Is it a month-to-month contract or are you looking at something more long-term, like an annual lease? Who pays for the utilities? Who pays for the condo fees? Make sure the agreement between you and tenants is very clear to avoid future conflict.

  1. Rent out unused garage space.

Most condos come with a garage space, and you don’t necessarily have to include this in your rental package especially if your condo is in the city and your tenants don’t have a car anyway. You can always rent out the garage space as a lot of people are simply looking for a dependable parking space where they can park when going to work. .

  1. Rent out unused street parking space.

If your condo comes with street parking space, you can also rent this out separately to other tenants in the building.

  1. Consider other schemes.

Open your mind to other schemes for rental, like a weekday-only rental or short-term contracts. This is more likely to happen if your condo is located in a dense area like downtown Montreal, where you have office workers and tourists as well.

  1. Rent it out as office space.

If your condo is the studio type, you don’t have to make it residential. You can also rent it out as office space for professionals.