Floor type can be one of the important factors to determine the value of a home. After all, the total area of the floor is generally the total living area (well...not for spider man, who can even rest "on" ceiling...). Since the floor is like the skin of a home (interior), the texture and the color do matter. Well....The walls are also like the skin of a home, as you may argue, but it's rather easy to change the color and generally people don't want to do too much other than painting.... If you want to buy a home of 1000 square feet but you want to change the floor type to hardwood floor, you will have to pay roughly 4500 CAD (just for the floor material) + labor fee in additional to the asking price, considering an average material price of 4.5 per square feet. So, it's an expense that you can't ignore. So, knowing the differences between different floor types would be important to determine what you want for your home. Therefore, I tried to make a brief summary showing respective properties based on information collected from reference websites.
Thursday, April 29, 2010
Saturday, April 24, 2010
Introduction to Canada Mortgage and Housing Corporation – a great source of housing information that you can’t miss!
I found CMHC accidently when searching Canada statistics related to demographic and socio-economic influences on housing demand. It is crucial to have the fundamental knowledge around these factors. Eventually, the household growth is the largest component of housing demand as well as the economic activities. Getting the big picture will lead you to the right direction when considering buying/investing the property in the long run.
The great thing about CMHC is that they offer a wide range of housing-related reports. They make it very easy to access, read, and it’s free!
However, you might get lost at the beginning since there is too much information available up there. I would recommend checking out the annual Canadian Housing Observer first. It is their flagship publication which provides an in-depth review of housing conditions and trends in Canada and describes the key factors that influence these developments.
Key topics include:
• Affordable Housing
• Demographic and Socio-economic Influences on Housing Demand
• Current Market Developments
• Housing Finance
• Sustainable, Healthy Communities and Water
• Recent Trends in Affordability and Core Housing Need
• Housing Research
You can also find the dedicated sections to “Homebuying Step by Step” and “The Newcomer's Guide to Canadian Housing” What a great resource!
Below just a quick abstract from Canadian Housing Observer 7th edition by CMNC
Demographic and Socio-economic Influences on Housing Demand
• Projections of household growth, spanning the period of 2007 to 2036, were developed. While not forecasts, they provide a variety of scenarios at the national level which illustrate the impacts of alternative assumptions of how different extrapolations of past trends of key factors could affect future population and household growth.
• Household growth, the largest component of the demand for housing, has played a key role in the expansion of Canada’s residential construction sector over the past three decades.
• Since the size and age composition of the population are the main factors contributing to household growth, the aging of Canada’s population over the next three decades will have important implications for home builders, mortgage lenders, government policy makers and other housing market participants.
• Immigration has been a key factor influencing population growth in Canada and will become increasingly important in the coming decades as the age-structure of the population shifts more decisively in favour of older Canadians.
The great thing about CMHC is that they offer a wide range of housing-related reports. They make it very easy to access, read, and it’s free!
However, you might get lost at the beginning since there is too much information available up there. I would recommend checking out the annual Canadian Housing Observer first. It is their flagship publication which provides an in-depth review of housing conditions and trends in Canada and describes the key factors that influence these developments.
Key topics include:
• Affordable Housing
• Demographic and Socio-economic Influences on Housing Demand
• Current Market Developments
• Housing Finance
• Sustainable, Healthy Communities and Water
• Recent Trends in Affordability and Core Housing Need
• Housing Research
You can also find the dedicated sections to “Homebuying Step by Step” and “The Newcomer's Guide to Canadian Housing” What a great resource!
Below just a quick abstract from Canadian Housing Observer 7th edition by CMNC
Demographic and Socio-economic Influences on Housing Demand
• Projections of household growth, spanning the period of 2007 to 2036, were developed. While not forecasts, they provide a variety of scenarios at the national level which illustrate the impacts of alternative assumptions of how different extrapolations of past trends of key factors could affect future population and household growth.
• Household growth, the largest component of the demand for housing, has played a key role in the expansion of Canada’s residential construction sector over the past three decades.
• Since the size and age composition of the population are the main factors contributing to household growth, the aging of Canada’s population over the next three decades will have important implications for home builders, mortgage lenders, government policy makers and other housing market participants.
• Immigration has been a key factor influencing population growth in Canada and will become increasingly important in the coming decades as the age-structure of the population shifts more decisively in favour of older Canadians.
What kind of view do you want from your window?
If I am going to live in a house, I won't care much about the view when choosing houses, since it will be highly possible that the view is simply my neighbor's house. The front side or the back side of the house would be equally unattractive to me. However, if I am going to live in a high-rise condo, the view from the window will become a much more important factor. Since living in a condo is already choking, I would like to have a wide open view from my window to balance the feeling.
For fun, I put several photos of views from the windows of my previous and the current dwelling here. Which one would you like to see from your window?
Toronto, Canada
Montreal, Canada
Montreal, Canada
West Lafayette, USA
Taipei, Taiwan
Yilan, Taiwan
Yonghe, Taiwan
Xindian, Taiwan
For fun, I put several photos of views from the windows of my previous and the current dwelling here. Which one would you like to see from your window?
Toronto, Canada
Montreal, Canada
Montreal, Canada
West Lafayette, USA
Taipei, Taiwan
Yilan, Taiwan
Yonghe, Taiwan
Xindian, Taiwan
Thursday, April 22, 2010
Condo Fee -- a hidden cost when buying homes
Buying a detached home with its own yard may be a dream to be fulfilled for many home buyers. However, this dream is often unrealistic for most first-time home buyers since the price of detached homes are generally unaffordable to them. The dream will come true, but it does take some time to accumulate enough fortune. Therefore, first-time home buyers may consider buying a condo for its lower price, while sacrificing spaces and sharing facilities with others.
Although many people may have misconception that condos refer to those high-rise buildings only, condos are actually a type of ownership rather than a type of home. A condo can take the form of apartment-style complexes, townhouses or converted multi-family dwellings. The owner of individual unit doesn't own all the land or the whole building. Instead, all individual owners in the condo share the land and the building. Each individual owner only owns a portion of the land and the building, depending on his unit size. That's why condos are generally cheaper than a detached house.
Although many people may have misconception that condos refer to those high-rise buildings only, condos are actually a type of ownership rather than a type of home. A condo can take the form of apartment-style complexes, townhouses or converted multi-family dwellings. The owner of individual unit doesn't own all the land or the whole building. Instead, all individual owners in the condo share the land and the building. Each individual owner only owns a portion of the land and the building, depending on his unit size. That's why condos are generally cheaper than a detached house.
Wednesday, April 21, 2010
Watch HD channels for free
I don't really like the cable service provided in Toronto, or at least in my neighborhood (North York). I can only choose between Rogers and Bell Canada. Although I enjoy watching TV while having a cup of tea, most of the programs on TV actually bore me. I am willing to spend my time on only two or three favorite channels, but that's the dilemma when choosing the cable plan. Usually, I have to pick the VIP/Plus plan to cover my channels, which also means that I have to pay 60+ or 70+ CAD for 50+ channels that I don't even give a glimpse. OK! How about forgetting those 2 or 3 my favorite channels and just keeping basic channels such as news, weather broadcast, and etc? Unfortunately, I still have to pay 30+ CAD even for these channels.....
Friday, April 16, 2010
Buying a foreclosure always saves a lot of money? It depends...
In addition to normal home purchase process, some home buyers may be interested in buying their new homes from foreclosures. The general idea is that buyers can save up to 40% when buying a foreclosure, but is it always true? Let's start with the definition of foreclosures.
Foreclosure is the legal and professional proceeding in which a mortgagee, or other lien holder, usually a lender, obtains a court ordered termination of a mortgagor's equitable right of redemption. Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt. While this equitable right exists, the lender cannot be sure that it can successfully repossess the property, thus the lender seeks to foreclose the equitable right of redemption. Other lien holders can also foreclose the owner's right of redemption for other debts, such as for overdue taxes, unpaid contractors' bills or overdue homeowners' association dues or assessments. (This definition is directly excerpted from wikipedia)
Honestly, the above paragraph really kills my brain cells (that's so-called "legal terms"). In simple words, people usually need to borrow some money from banks (mortgage) when buying houses (not many people are millionaires...). Although banks can earn interests when borrowers pay back the debt, the bank asks borrowers to use their houses as a security interest to make sure that the bank can get the money back. When the borrowers stop payment for two or three months (can be shorter...just a ballpark length), the bank may start a series of legal action by obtaining a permission from the court to possess borrower's house. The bank will sell this house to get their money back. When a house is sold under this circumstance, this is call a house on foreclosure.
Foreclosure is the legal and professional proceeding in which a mortgagee, or other lien holder, usually a lender, obtains a court ordered termination of a mortgagor's equitable right of redemption. Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt. While this equitable right exists, the lender cannot be sure that it can successfully repossess the property, thus the lender seeks to foreclose the equitable right of redemption. Other lien holders can also foreclose the owner's right of redemption for other debts, such as for overdue taxes, unpaid contractors' bills or overdue homeowners' association dues or assessments. (This definition is directly excerpted from wikipedia)
Honestly, the above paragraph really kills my brain cells (that's so-called "legal terms"). In simple words, people usually need to borrow some money from banks (mortgage) when buying houses (not many people are millionaires...). Although banks can earn interests when borrowers pay back the debt, the bank asks borrowers to use their houses as a security interest to make sure that the bank can get the money back. When the borrowers stop payment for two or three months (can be shorter...just a ballpark length), the bank may start a series of legal action by obtaining a permission from the court to possess borrower's house. The bank will sell this house to get their money back. When a house is sold under this circumstance, this is call a house on foreclosure.
Wednesday, April 14, 2010
How to pick home heating system
We all know how tough winter can be in Canada. So, picking a right home heating system is of great importance. There are a variety of choices on the market, but how do we know which one we should pick if we know nothing about these heaters. Therefore, I just want to make a brief summary of some common types of home heating systems. The information is gathered from the reference websites. Please check these websites if more details are needed.
There are two systems to keep our homes heated: central heating systems and unitary systems. Simply speaking, central heating systems heat the entire home at the same time, while unitary systems are designed to heat individual rooms or serve as supplementary heating. There is no quick formula to determine the proper size of the heating systems since every home is different and heat is lost via different ways for different homes. The best way is still to consult contractors and obtain bids from several contractors. Generally, the capacity of the selected heating system needs to be from 10 to 30 percents higher than the design heat load. It is important to remember that heating systems are only replaced about every 20 years, so you will have to live with your decision for some time.
There are two systems to keep our homes heated: central heating systems and unitary systems. Simply speaking, central heating systems heat the entire home at the same time, while unitary systems are designed to heat individual rooms or serve as supplementary heating. There is no quick formula to determine the proper size of the heating systems since every home is different and heat is lost via different ways for different homes. The best way is still to consult contractors and obtain bids from several contractors. Generally, the capacity of the selected heating system needs to be from 10 to 30 percents higher than the design heat load. It is important to remember that heating systems are only replaced about every 20 years, so you will have to live with your decision for some time.
Saturday, April 10, 2010
You probably don't know -- location not only affects home prices but also your car insurance rate!
We just moved from Montreal to Toronto. Everything so far is fine. The life style and culture may not be as different as we would imagine although people do speak different languages and dress a little bit differently (I would say Montrealers are generally more à la mode..). The only thing freaking us out is the car insurance.
I don't know why, but the car insurance rate here is way way way more expensive than that in Quebec. For same coverage, same car, I have to pay around four times more than I used to pay in Quebec. I really had a hard time to accept the offer...Since it was so expensive, I tried to consult my insurance agent to see if there is any way to reduce the rate. One possible way is, surprisingly, to choose a right place to live.
He showed me how living locations could change the premium by keying different postal codes into their system. For example, I can get a much cheaper rate if I use a postal code for Waterloo instead of Toronto. It's reasonable since there are not as many cars in Waterloo as in Toronto. Fewer cars means lower possibility of accidents and, therefore, lower insurance rates. However, the variation of insurance rate can still be noticeable even for locations within Toronto. I am in North York. I could save more than 10% if I live in the downtown Toronto. He pointed out that people could generally pay less if they live on Yonge street (up to Yonge and Finch). If I am willing to move 5 km west to Yonge Street, I could still save 5~8 %. 8% may not sound like a big discount, but it is not a negligible discount for me since my annual insurance premium is more than 3000 CAD. If I move north to Markham, I could save some money, but not much. But if I move to Scarborough or Jane and Finch region, my rates will go up.
He didn't explain why, but I think it's all about the location. For people with access to public transit (downtown, or along Yonge Street up to Finch), they generally rely more on public transit rather than on driving. So, insurance is cheaper. Since insurance company needs to consider all factors that may damage your car, they charge you more if you live in a relatively unsafe area. Maybe it's not always true, but it does look like that the location does matter! If you are a home owner, you probably can not do anything about it. If you are about to buy your new home or you are renters, maybe you could consider this when choosing your next dwelling.
I don't know why, but the car insurance rate here is way way way more expensive than that in Quebec. For same coverage, same car, I have to pay around four times more than I used to pay in Quebec. I really had a hard time to accept the offer...Since it was so expensive, I tried to consult my insurance agent to see if there is any way to reduce the rate. One possible way is, surprisingly, to choose a right place to live.
He showed me how living locations could change the premium by keying different postal codes into their system. For example, I can get a much cheaper rate if I use a postal code for Waterloo instead of Toronto. It's reasonable since there are not as many cars in Waterloo as in Toronto. Fewer cars means lower possibility of accidents and, therefore, lower insurance rates. However, the variation of insurance rate can still be noticeable even for locations within Toronto. I am in North York. I could save more than 10% if I live in the downtown Toronto. He pointed out that people could generally pay less if they live on Yonge street (up to Yonge and Finch). If I am willing to move 5 km west to Yonge Street, I could still save 5~8 %. 8% may not sound like a big discount, but it is not a negligible discount for me since my annual insurance premium is more than 3000 CAD. If I move north to Markham, I could save some money, but not much. But if I move to Scarborough or Jane and Finch region, my rates will go up.
He didn't explain why, but I think it's all about the location. For people with access to public transit (downtown, or along Yonge Street up to Finch), they generally rely more on public transit rather than on driving. So, insurance is cheaper. Since insurance company needs to consider all factors that may damage your car, they charge you more if you live in a relatively unsafe area. Maybe it's not always true, but it does look like that the location does matter! If you are a home owner, you probably can not do anything about it. If you are about to buy your new home or you are renters, maybe you could consider this when choosing your next dwelling.
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