Home Trends from Ed Wang & Chris Wannamaker

Connect Realty, Brokerage

Edward Wang

Christopher Wannamaker

Direct: 416.807.1977 edward@wgrouprealestate.ca

Direct: 647.285.6964 christopher@wgrouprealestate.ca

Office: 416.588.8248 | www.wgrouprealestate.ca

THE W GROUP REAL ESTATE

Royal LePage Connect Realty

More often than not, the rooms in our home have multiple functions. For instance, a home office can double as a guest bedroom or even playroom during non-work hours or a master bedroom can moonlight as a hobby room and home gym during the day. A key component to making rooms work for multiple purposes is having functional and convertible furniture. We're probably all familiar with Murphy Beds and chairs or sofas that extend into beds, but many furniture manufacturers are creating more innovative products. For instance, coffee tables that store pieces within to transform it into a small table with chairs or desk for work or studying, desks that fold into themselves and end up taking up the space of a dresser or even wall shelves that fold down into small tables are just a few of the new innovative products hitting the market. As we spend more time in our homes and think of new ways to utilize our spaces, convertible furniture is going to become more prominent and necessary so take a look at what's available on the market the next time you're looking to update a room in your home. CONVERTIBLE FURNITURE

Office: 416.588.8248 | www.wgrouprealestate.ca

THE W GROUP REAL ESTATE

Royal LePage Connect Realty

CALL BEFORE YOU DIG

Below every home, apartment building or commercial space is a network of underground utilities that make everything above ground run smoothly. Before you proceed to disturb the ground in or around your home, you need to contact your local utility authority to locate any underground wires you need to be aware of. The names of the companies vary across Canada, but if you do an internet search of “call before you dig” and your province, you will find the hotline or website you need. The service should be free and take a few days to be completed, but that timeframe will obviously vary based on the number of requests submitted. Some projects you need to call before you dig include: installing posts for fences, building desks, patios, etc., planting

The underground lines will be marked with a variety of coloured flags or spray paint to show where it is and is not safe to dig. The colours represent the following: • White – proposed excavation • Pink – temporary survey markings • Red – electrical, lighting cables • Yellow – gas, oil, steam • Orange – telephone, cable, TB, signals, alarms • Blue – potable water • Green – sanitary and storm severs, culverts • Purple – reclaimed water, irrigation, slurry lines

a tree or digging a garden or even installing playground equipment.

Office: 416.588.8248 | www.wgrouprealestate.ca

THE W GROUP REAL ESTATE

Royal LePage Connect Realty

BASIC FLOOD FIXES One of the downsides of spring is the possibility of having water leak into your basement, main floor, shed, garage, outbuildings, etc. If you happen to find water where it doesn’t belong this spring here's what you need to do. 1. Turn off the power (or call an electrician if it's unsafe to do so yourself.) You don't want the water to get into an electrical outlet or into an appliance that is plugged in. 2. Remove the water. Use buckets, towels, mops, a shop vacuum, etc. to remove as much of the standing water as possible. If there is less than two feet of standing water, you may be able to clean it up yourself, but it is recommended that you contact a professional to remove the water if there's more than two feet of water. 3. Remove as much from the floor as possible. All the water-logged furniture, boxes, toys, carpets, flooring, etc. should be removed to be dried (if possible). This will prevent mildew from forming. 4. Dry the flooded area with industrial fans and dehumidifiers. Again, this will prevent mildew and mould from growing which can lead to health issues. You may also want to contact your insurance company to see if any damaged items can be replaced or even the cost of the clean up covered. Once the area is dry, you can fix whatever caused the water to flood in the first place so you don't have to go through the process again the following spring.

Office: 416.588.8248 | www.wgrouprealestate.ca

THE W GROUP REAL ESTATE

Royal LePage Connect Realty

THE BANK OF MOM AND DAD With house prices and interest rates as high as they are across the country, many home buyers are looking to their family (parents, aunts, grandparents, siblings, etc.) for help in obtaining a downpayment for a home. This gift is not a loan and will often be accompanied with an agreement stating the money is in fact a gift and is not expected to be repaid. The money (typically being about a 20% downpayment) goes toward the purchase of the home and helps many younger home buyers get into the market. Parents (or gift givers) can use borrowed funds as the gift - such as a line of credit - but it's not common practice. Furthermore, there shouldn't be any tax ramifications for either the lending party or the receiving party, but one should check with a tax professional prior to arranging such a gift just to confirm. There are a few rules around the funds regarding how long they need to be in the buyer's bank prior to closing and whether or not they are subject to Canada's anti-money laundering laws, but your real estate agent, mortgage broker and lending bank should be aware of those rules and help you navigate them.

Office: 416.588.8248 | www.wgrouprealestate.ca

THE W GROUP REAL ESTATE

Royal LePage Connect Realty

GTA REALTORS® Release FEBRUARY Stats

AVG. SALE PRICE Single Family Dwelling $1,443,612

AVG. SALE PRICE Condo/Townhouse $814,412

ACTIVE LISTINGS 11,102

DAYS ON MARKET 25

GTA REALTORS® March 5, 2024 – Greater Toronto Home (GTA) sales and new listings were up on an annual and monthly basis in February 2024. “We have recently seen a resurgence in sales activity compared to last year. The market assumption is that the Bank of Canada has finished hiking rates. Consumers are now anticipating rate cuts in the near future. A growing number of homebuyers have also come to terms with elevated mortgage rates over the past two years. To minimize higher monthly payments, some buyers have likely saved up a larger down payment, chosen to purchase a less-expensive home type and/or looked to a different location in the GTA,” said TRREB President Jennifer Pearce. REALTORS® reported 5,607 GTA home sales through TRREB’s MLS® System in February 2024 – an increase of 17.9 per cent compared to February 2023. New listings were up by an even greater annual rate than sales in February, pointing to increased choice for buyers. The MLS® Home Price Index Composite benchmark edged up by 0.4 per cent. The average selling price of $1,108,720 increased by a modest 1.1 per cent. “As we move through 2024, an increasing number of buyers will re-enter the market with adjusted housing preferences to account for higher borrowing costs. In the second half of the year, lower interest rates will further boost demand for ownership housing. First-time buying activity will also be a contributing factor, as many renters look to trade high monthly rents for a long-term investment in which they can live and build equity,” said TRREB Chief Market Analyst Jason Mercer. Source: Toronto Regional Real Estate Board | Market values stated are of the average of Toronto and surrounding region. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home.

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Office: 416.588.8248 | www.wgrouprealestate.ca