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2016 MORTRAGE RULES IN CANADA

Recently we all have heard about shocking news about Canada latest news regarding new mortgage rules. The action which comes into effect yesterday has made the whole people in Canada becoming stress on the decision since it changed fixed-rate mortgages no longer than five years. The purpose of the government making the change is to stabilize Canada’s housing markets in certain serious areas such as Toronto and Vancouver where prices have gone up very high. In On October 3, Finance Minister Bill Morneau has announced new mortgage eligibility criteria for home buyers and lender. He stated that the action will be effective on 17th October 2016 and will have significant effect on the country’s mortgage industry.

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Before we proceed further, do we really understand what the mortgage rules are about? Let us reveal one by one and discover the meaning. By having this rule, it means homebuyers now have to put at least 10 percent down payment on house purchasing which cost more than $500,000. Houses for cost lower than $500,000 still remain as 5 percent.
The big question is, will the mortgage rules in Canada could shake up the real estate industry? Who will be affected from this rule? Of course the people who live in Toronto and Vancouver will feel a big stress upon this new rule. They need to put high down payment on purchasing their first house. For those who purchases house with price of $700,000, they will need to pay for down payment which rise up to $45,000! However, for those who already own a house at this area, they won’t feel the pain so much since they have built up equity in those properties.
As what has been mentioned by Bill Morneau in Global News, the new rules will affect at least one percent of real estate market. People needs to spend a lot on down payment and it will make people less purchasing houses at this area. Let us make a picture, people who has medium range of wage requires re-planning on purchasing their new house since this rule has taken on action. What is the new plan they need to implement? Look for smaller house which range lower than $500,000 or find any other houses outside this area. This can at least affect the lifestyle and comfort ability of certain families and needs for person to travel outside this area looking for cheaper house.

Canadian flag in front of te snow capped Rocky Mountains, British Columbia, Canada.
Canadian flag in front of te snow capped Rocky Mountains, British Columbia, Canada.

What is the good side of this rule? It would at least help to reduce high debt among the people on this area by tighten the rules of house purchasing and let people who really capable to own a house buy their house at this area. It is been stated that Toronto and Vancouver has very critical issue on this matter and the finance minister won’t hold on anymore to this issue since serious action needs to be done. In the future, we could see people with stable salary lives on this particular region and which we might think it could help the government solve the problem of price increment at this area. Any decision comes with good and bad comments, but it is made for better future of the region.

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Renovations Vs. New Home Builds in 2017

 

Buying a new house is not only about having a place to live, but it is about how we want to build a creative living for ourselves and people who lives in it. What makes our house feels like home? Yes, it is about how we decorate the house and makes it look better. The main reason for the beauty of the house is not only depends on the size of the house, but it includes plenty of effort on putting great accessories which could make the house look bigger than the original size.

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There are several categories of houses which are bungalows, terraces, semi-D, apartments and condominium. Extension of house is divided into 2 parts, inside renovations and outside renovations. It is important to us to understand what type of renovations that matches with our house. For the purpose to extend the size of our house which is outside renovations, we need to ensure that the yard area has some spaces which after the renovations we could still walk around the yard. Why is it so? Yard plays important role to makes outside view looks better by planting flowers or green plants. For condominium and apartment, there will be only inside renovations since the outside area is fixed. Usually best renovation is made on the kitchen area, bedroom and living hall. It depends on how frequent we spend on certain area. If let say we spend a lot of time on kitchen, then make extra extension on that area and same goes to other areas.

We have discussed on renovations on house extension, now let us move to what type of material should be in the house. Well when I mentioned “material”, it refers to furnishings and accessories. After doing renovations, of course we need to make the house looks beautiful by selecting right furnishings and any stuff to occupy the space. Remember, when it comes to house renovation, kindly choose correct theme for the house. If the house is small, select soft color to make it looks bigger such as pastel color. We may either choose to paint the house or if we want it to be quick, just stick on wallpaper. Current wallpapers have so many design and pattern. After selecting right color, fill in furnishing which could match with the color of the wall. Any fillings in the house should take into account the size of that particular area you want to fill. If the area is small, just put in required furnishing. Example, we have small hall living area, so we could just fill in double or single seat sofa to avoid the area looks small. For kitchen area, for sure we need to fill in all the required equipment for cooking. But what makes the kitchen looks better is the way we store the items. Do not put too many stuff in one drawer because it will make us difficult to find items we need. Distinguish between items for cooking, the spoons and folks into its categories. These will make our house looks better.

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Making the Most of your bathroom renovations

When it comes to redoing your home one of the best rooms is bathroom renovations. Before you bounce into the most recent in trendy bathroom tiles and favor bathtubs there are a few rudiments to cover that will permit your renovation to be the vision you imagined. Any home modification can go up against its very own life nonetheless if you take after the checklist underneath you will remain focused and things will run easily.

The principal thing to consider is concocting a sensible budget. Get cites from different contractors and go to different home improvement stores to check out costs on the pieces that you are inclining towards. If you need marble however can just manage the cost of mourn then you should seriously mull over tending to the remodel or apportioning your assets differently. You will need to take determination when taking a gander at the costs on tile, countertops, fixtures, tubs, mirrors and bathtubs. These things can all include truly rapidly so you need to watch out for your budget.

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The bathroom is a small room yet don’t surmise that this implies the renovation will just take a couple days. Renovations can keep running into issues en route, particularly bathrooms. Bathrooms are an area that things can appear, for example, the wrong backer board was utilized initially and made a form issue. The floor is an area of worry also with regards to a bathroom. You will need to ensure the base is tough and free of defects. Shrouded issues will happen so try to budget for the additional items.

With regards to the bath area, the design and functionality is the most important factor for us as homeowners. The bathroom ought to flow in design and function. Function comes in the design of the bathroom. This is something that ought to be run over with the contractor and the room designer. They ought to know how you will utilize the space with the goal that it gives function and flow to you and your family. With regards to picking hues for paint, tile, the vanity and such this is for the most part personal preference. Nonpartisan works best if you are wanting to put the house available to be purchased as it is most satisfying to everybody.

Speaking of electrical, consider adding lighting to the bathroom space. If this was not something that you initially considered think of it as now. Bathroom lighting is so important and can truly add a great deal important to a small space. Without legitimate lighting particularly in homes of aging people the bathroom can be dangerous. Include natural lighting first if there isn’t any and from that point include bright lighting, recessed lighting adds to the brightness without requiring anything besides ceiling space. If you have a small bathroom recessed lighting can help you open up the space.

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One all the more thing to consider while doing bathroom renovations is your needs as you age. If you are redoing a bathroom space it is the ideal time to include some fundamental age in place modifications that will help you in the future as you age. Nuts and bolts can incorporate levered faucets and pull knobs alongside in place grab bars in the shower area. A taller toilet can be installed to ease getting up and can undoubtedly go unnoticed not at all like the over the toilet chairs that are often utilized. Aging is something that will happen to every one of us, get ready for it is not a terrible thing and amid the renovation process is the ideal time for this.