Prep Your Home for the Season with Our Fall Maintenance Checklist

 As the season begins to change, it's time to prep your home for falling leaves, cooler weather, and, eventually, winter storms. Tackling a few fall home maintenance tasks now can help ward off issues later in the season, so you can enjoy everything you love about autumn worry-free. Most of the tasks listed below are well within the average homeowner's ability. But even if you'd rather hire a professional to handle them, it can be well worth the expense. You'll save money in the long run by preventing costly (and potentially dangerous) damage to your home. Follow this fall maintenance checklist and learn essential tips for cleaning gutters, roofs, fireplaces, and more.

1. Clean your gutters.

Your roof's drainage system annually diverts thousands of gallons of water from your house's exterior and foundation walls, so it's vital to keep this system flowing smoothly. Clogged gutters can lead to damaged exterior surfaces and water in your basement. They are also more prone to rust and corrosion. Before the leaves fly this fall, clean your gutters, then cover them with mesh gutter guards to keep debris from returning.

2. Seal up air leaks.

A home with air leaks around windows and doors is like a coat left unbuttoned. Gaps in caulk and weatherstripping let cold air into your warm home, and sealing up a drafty house can save up to 20% on your heating bills.

Weatherstripping is easily the most cost-effective way to rein in heating and cooling costs. This humble material also reduces drafts and keeps your home more comfortable year-round. Because weatherstripping can deteriorate over time, it is important to inspect it periodically. If you suspect a problem with your weatherstripping, try closing a door or window on a strip of paper. If the paper slides easily, your weatherstripping isn't properly sealing the opening. Alternatively, close the door or window and hold a lighted candle near the frame. (Don't let the flame get near anything flammable!) If the flame flickers at any spot along the frame, you have an air leak.

In addition to inspecting weatherstripping, check for missing or damaged caulk around windows, doors, and entry points for electrical, cable, phone, and gas. Seal any gaps with a suitable caulk. If drafts around windows persist, consider getting your windows replaced. Glass with multiple panes, spacers, or filler gasses (such as argon or krypton) will likely solve these problems. A professional can swap out your problem windows with more efficient models that will increase your level of comfort while decreasing your heating bills.

3. Inspect your roof.

Few homeowner problems are more vexing than a leaky roof. Once the dripping starts, finding the source of the problem can be time-consuming. Stop problems this fall before ice and winter winds turn them from annoyances into disasters.

Start by inspecting your roof from top to bottom, using binoculars if necessary. Check ridge shingles for cracks and wind damage. Look for damage to metal flashing in valleys and around vents and chimneys. Scan the entire roof for missing, curled, or damaged shingles. Look in your gutters for large accumulations of granules, a sign that your roof is losing its coating, which can portend larger problems. Finally, make sure your gutters are flowing freely.

Tip: Roof-mounted television antennas, even if they aren't in use, may have guy wires holding them in place. Look for loose or missing guy wires. If you see some, and your antenna is no longer being used, consider having it removed altogether.

4. Protect faucets from freezing temperatures.

If you live in an area with freezing weather, take steps to ensure that outside faucets (also called sill cocks) and in-ground irrigation systems don't freeze and burst. First, close any shut-off valves serving outside faucets, then open the outside faucet to drain the line. (There may be a small cap on the faucet you can loosen to facilitate this draining.) If you don't have shut-off valves, and your faucets are not "freeze-proof " types, you might benefit from styrofoam faucet covers, which are sold at many home centers.

To freezeproof an in-ground irrigation system, follow the manufacturer's procedure for draining it and protecting it from winter damage.

5. Freshen your furnace filter.

Furnace filters trap dust that would otherwise be distributed throughout your home. Clogged filters make it harder to keep your home at a comfortable temperature, thus increasing your utility bills. Simple monthly cleaning is all it takes to keep these filters free of debris. Disposable filters can be vacuumed once before replacement. Foam filters can also be vacuumed, but they don't need to be replaced unless they are damaged. Use a soft brush on a vacuum cleaner. If the filter is metal or electrostatic, remove and wash it with a firm water spray.

6. Give your furnace a checkup.

Once a year, it's a good idea to have your heating system inspected by a professional. To avoid the last-minute rush, consider scheduling this task in early fall before the heating season begins. Here are signs that you should have an inspection performed sooner:

• Noisy belts: Unusual screeches or whines could be a signal that belts connected to the blower motor are worn or damaged.
• Poor performance: A heating system that doesn't seem to work as well as it once did could be a sign of various problems. Your heating ducts might be blocked, the burners might be misadjusted, or the blower motor could be on its last legs. The first step, however, is to make sure your furnace filter is clean.
• Erratic behavior: This could be caused by a faulty thermostat or a misadjusted furnace.

7. Ready your fireplace.

Even if you use your fireplace only occasionally, you should check it annually for damage and hazards. First, inspect the flue for creosote, a flammable by-product of burning wood. Too much accumulation in a flue or chimney can result in a devastating fire. Get your chimney inspected annually for creosote buildup. If you use a fireplace or wood stove frequently, have the flue inspected after each cord of wood burned.

For most people, the best option is to have your entire chimney system inspected by a chimney sweep. Once you know what to look for, you can perform the inspection by shining a bright flashlight up the flue, looking for any deposits approaching 1/8 inch thick. These deposits should be cleaned by an experienced chimney professional.

Additionally, check your chimney for damage or flue blockages. Ensure the flue cap (the screen or baffle covering the top of the chimney) is in place. Birds often nest at the top of unprotected flues; a chimney cap can prevent this from happening. If you don't have a cap, look up the flue to ensure that there are no obstructions. Inspect brick chimneys for loose or broken joints. If access is a problem, use binoculars. Inside, exercise the damper, which is the metal plate that opens and closes the flue just above the firebox. Move it to the open and closed positions to ensure that it is working properly.

8. Keep the humidifier humming.

Dry winter air can be tough on your skin and airways, but did you know it can also make fine wood more prone to cracking? You and your home will feel more comfortable if you keep your central humidifier in tip-top shape during the months it is running. First, inspect the plates or pads and if necessary, clean them in a strong laundry detergent solution. Rinse and scrape off mineral deposits with a wire brush or steel wool.

9. Ward off gas problems.

Keeping a gas heater in good shape is both a safety and a cost issue. An improperly maintained heater can spew toxic gases into the air of your home, or it could simply be costing you more to operate. Have a professional check these devices annually. There are also some maintenance items you should address. First, shut off the heater. Then check the air-shutter openings and exhaust vents for dirt and dust. If they are dirty, vacuum the air passages to the burner and clean the burner of lint and dirt. Follow the manufacturer's advice for any other needed maintenance.

10. Keep wood fires burning brightly.

Wood-burning stoves add cozy ambiance and warmth to your home, but regular inspections are needed to ensure that these devices don't become a safety hazard. Follow these steps to check your wood-burning stove:

• Inspect stovepipes: Cracks in stovepipes attached to wood stoves can release toxic fumes into your home. Throughout the heating season, you should check for corrosion, holes, or loose joints. Clean the stovepipe, and then look for signs of deterioration or looseness. Replace stovepipe if necessary.
• Look for corrosion and cracks: Check for signs of rust or cracking in the stove's body or legs.
• Check safety features: Make sure that any required wall protection is installed according to the manufacturer's specifications and that the unit sits on an approved floor material. If you have young children, be sure to fence off the stove when it is in operation.

11. Repair walkways.

Damaged walkways, drives, and steps are a hazard year-round, but their dangers are compounded when the weather turns icy. Fixing issues in the fall is also critical to preventing little cracks from becoming expensive headaches. Look for cracks more than 1/8-inch wide, uneven sections, and loose railings on steps. Check for disintegration of asphalt or washed-out materials on loose-fill paths. Most small jobs are well within the ability of a DIYer, but save major repairs for experienced hands.

12. Review safety features.

At least once a year, do a top-to-bottom review of your home's safety features. This is also a good time to get the family together for a review of your fire evacuation plan. Use these steps to complete a home safety check:

• Smoke and carbon monoxide detectors: Replace the batteries in each smoke and carbon monoxide (CO) detector, then vacuum them with a soft brush attachment. Test the detectors by pressing the test button or holding a smoke source (like a blown-out candle) near the unit. If you haven't already, install a smoke detector on every floor of your home, including the basement.
• Fire extinguishers: Every home should have at least one fire extinguisher rated for all fire types (look for an A-B-C rating on the label). At a minimum, keep one near the kitchen; having one per floor isn't a bad idea. Annually, check the indicator on the pressure gauge to make sure the extinguisher is charged. Make certain that the lock pin is intact and firmly in place, and check that the discharge nozzle is not clogged. Clean the extinguisher and check it for dents, scratches, and corrosion. Replace if the damage seems severe. Note: Fire extinguishers that are more than six years old should be replaced. Mark the date of purchase on the new unit with a permanent marker.
• Fire escape plans: Every bedroom, including basement bedrooms, should have two exit paths. Make sure windows aren't blocked by furniture or other items. Ideally, each upper-floor bedroom should have a rope ladder near the window for emergency exits. Review what to do in case of fire, and arrange a safe meeting place for everyone away from the house.
• General cleanup: Rid your home of accumulations of old newspapers and leftover hazardous household chemicals. (Check with your state or local Environmental Protection Agency about the proper way to discard dangerous chemicals.) Store flammable materials and poisons in approved, clearly labeled containers. Keep a clear space around heaters, furnaces, and other heat-producing appliances.

13. Prep your lawn for winter.

To ensure your lawn's health and beauty come spring, there are several important yard work projects to complete in the fall. Raking leaves and aerating will prevent your lawn and garden beds from suffocating. Fertilizing and winterizing grass, trees, and shrubs will allow your greenery to enter its winter slumber comfortably and properly nourished. Professional lawn care services will make quick work of these projects, freeing up your time for family, friends, and football.

14. Touch up exterior paint.

Fall offers plenty of days that are warm enough to work with exterior paint, and a touch-up can help prolong the life of your siding and trim. A fresh coat of paint or sealer on any surface that potentially will be covered with snow, such as porch stairs or wood floors, also is a wise idea. Sooner is better to contact a local painter or attempt the project yourself, as many paints aren't recommended for application on days when the temperature will dip colder than 7 to 10 °C / 45 to 50 °F.

15. Clean your carpets.

Fall is an ideal time to clean your carpets. The humid days of summer have passed, but the below-freezing days of winter have yet to arrive. It's the best time to open windows for ventilation, which should speed the drying process. If you're not comfortable operating a carpet cleaning machine, let a professional wrangle the bulky cleaning equipment. With a house full of wet carpet, you'll be best suited to get outdoors and enjoy the lingering warm days.

Source: Better Homes and Gardens

Foreign buyers' ban proposals: private lending association reacts

Proposals by the federal government to restrict foreign access to the Canadian housing market run the risk of complicating mortgage financing while not adequately addressing the affordability crisis facing buyers, the CEO of a national lending association has said.

Samantha Gale of the Canadian Association of Private Lenders (CAPL) told Canadian Mortgage Professional that the measures, which will come into effect at the beginning of 2023 and remain in place for two years, could have significant negative repercussions for lenders and borrowers alike.

“It depends on what the final regulations look like, but it may be challenging for mortgage lenders to ensure that investors do not run afoul of any of the final rules,” she said. “In addition, if borrowers breach the ownership prohibition, then the government can proceed to seek a court-ordered sale of the property.”

A consultation paper outlining what form the foreign buyers ban would take was recently published by Canada Mortgage and Housing Corporation (CMHC), the national housing agency.

Federal finance minister Chrystia Freeland has described the move as one that would prevent foreign investors from “parking their money in Canada” through real estate purchases, although there are exemptions included in the legislation for permanent and temporary residents.

Still, CAPL has criticized the formulation of the ban exemption for certain students, which requires that the student have filed a Canadian income tax return for at least five years prior to their date of purchase.

The fact that most post-secondary students are younger adults makes it “very unlikely” that they could avail of that exemption, Gale said, effectively rendering it a “meaningless” caveat.

CAPL also said the language in the consultation paper’s proposal to exclude recreational property from the ban was limiting and needed revision.

Under current proposals, property which is “not located within a Census Metropolitan Area or Census Agglomeration” would be excluded from the ban – with a CMA defined as having a total population of at least 100,000 (and more than 50,000 living in the core) and a CA having a core population of at least 10,000.

That’s problematic, according to CAPL, because many recreational communities such as Whistler have a population of more than 10,000, with that municipality “highly dependent on participation by American tourists who may wish to purchase property in the area.”

The consultation document also recommends that “control” of corporate entities, for instance by foreign owners, should be defined as ownership of shares or interest worth 3%, a criterion that CAPL described as “exceedingly low.”

It will be challenging to determine whether an individual meets the consultation’s definition of a “foreign person,” CAPL added, although Gale said the overall impact of the low threshold for shareholders being defined as foreign will only become clear some way down the line.

“I think it will impact some lenders, but most are not aware of the details of the proposed requirements,” she said. “Once they are introduced later this year, if the prohibition impacts lender recoveries against defaulting borrowers, lenders will have to examine the salient characteristics of their investors and shareholders to determine risks and take any necessary corrective action.”

Indeed, the precise nature of what the legislation will entail is still not entirely apparent, Gale added, especially as the consultation paper provides only discussion points and examples but no exact details of what’s in store. Still, mortgage professionals of all stripes will need to keep the new proposals top of mind, even if they won’t be tasked with enforcing them.

“The foreign property ownership ban exemptions are complicated, and whether or not a person satisfies an exemption is likely to be somewhat fluid as a person’s circumstances and relationships change over time,” she said.

“All professionals involved in the property acquisition process, which includes mortgage brokers, lenders, lawyers, and realtors, will not be saddled with a responsibility to police the new ban, but they will be charged with a duty to inform buyers, borrowers, and mortgage investors of the requirements.”

The most noteworthy negative repercussions of the proposals for Canadian lenders are still unclear, and it depends what the final regulations look like, Gale said – “but it may be challenging for mortgage lenders to ensure that investors do not run afoul of any of the final rules.”

Source: Canadian Mortgage Professional

Big banks hike short-term fixed mortgage rates

Over the past few weeks, nearly all of Canada’s Big-6 banks have increased their shorter-term fixed mortgage rates.

The rate hikes have largely been limited to 1-, 2- and 3-year fixed mortgage products, including both special offer and posted mortgage rates. The hikes were seen at TD, Scotiabank, RBC, BMO and National Bank of Canada, and range from 10 to 55 basis points.

But the big banks haven’t been the only lenders raising rates on those terms.

According to data from MortgageLogic.news, the average nationally available deep-discount rates for uninsured 1- and 2-year fixed rates have jumped by 27 bps and 22 bps, respectively, since the beginning of the month. In comparison, average uninsured 5-year fixed rates rose 5 bps over the same period.

Ryan Sims, a mortgage broker with TMG The Mortgage Group and former investment banker, said yield curve inversion is the main culprit.

“It is very true that shorter-term fixed rates have moved a lot more. Currently, we are seeing the 1- and 2-year notes yield far more than a 5-year note."

Jargon Buster: What is yield curve inversion? Yield curve inversion happens when shorter-term interest rates rise above longer-term rates in the bond market. This indicates more investor money is moving into longer-term bonds, and typically signals growing pessimism about near-term economic prospects.

So, why is this happening?

As mentioned above, there’s been growing volatility in near-term economic sentiment among investors.

“Recent economic data has been coming in consistently on the negative side,” Sims noted, pointing to declining GDP in July and August, rising unemployment since June, and net job losses in August that “rivalled monthly data not seen since the Great Financial Crisis of 2008.”

“While yield curve inversion is a topic of much debate, the length of time the curve has been inverted and the sheer amount that the curve is inverted signals to me that a recession is coming, and that it will not be routine,” he said.

“The BOC has signalled that fighting inflation is their only goal, but I think they have to be wary of the medicine being stronger than the diagnosis,” he added. “Inflation is a problem, but if we raise too far, too fast, then we risk the solution being greater than the problem we were trying to solve.”

What can mortgage shoppers do?

Given the sharp and rapid rise of mortgage rates over the course of the year, many mortgage borrowers—both new borrowers and those renewing—have gravitated towards shorter-term rates, which are generally priced lower than most 5-year terms.

Data from the bank of Canada shows the volume of mortgages advanced for new and existing lending from chartered banks has shifted towards terms under five years.

Between March and July (the latest data available), funds advanced for 1- to 3-year fixed terms rose by roughly 40% (for both insured and uninsured mortgages), while volumes for insured and uninsured 5-year fixed terms were down 13% and 5%, respectively.

Sims added that another reason for the recent rate increases, aside from yield curve inversion, could be that the banks have “figured out where consumer sentiment is.”

What strategy does that leave for today’s borrowers?

Rate expert Rob McLister, editor of MortgageLogic.news, says the best value is still generally found in the shorter terms.

“Everyone’s needs are different, but the sweet spot for most well-qualified borrowers is any 1- to 3-year fixed term near/below 4.50%.” While his rate simulations are run using the OIS-implied rate path, “that doesn’t mean these are guaranteed to be the best-performing terms.”

Another hedge for borrowers can be to spread their mortgage between both a fixed and variable rate with a hybrid mortgage.

“Term selection is first about risk management,” he says. “If a 20% jump in your payment would break your family budget, mitigate risk with a hybrid or (at least) medium-term fixed mortgage. The more qualified and liquid you are, the more you can gamble on: (A) a shorter term, or (B) added variable exposure in a hybrid.”

GTA home prices show signs of stabilizing

 It is the first year-over-year decrease in Toronto real-estate prices since an aggressive campaign to hike interest rates began to weigh on the market last March.

In a news release, TRREB said that the housing market appears to be continuing “its adjustment to higher borrowing costs” with sales down 44.1 per cent from September 2021.

But there are some signs that the market could be slowing its descent as September marked the third straight month of marginal price increases. Previously, TRREB’s home price index had fallen for four consecutive months.

“Hovering just below $1.1 million, the average selling price may have found some support during the last couple months of summer,” TRREB Chief Market Analyst Jason Mercer said in the release. “With new listings down quite substantially year-over-year and well-below historic norms, some home buyers are quite possibly experiencing tighter market conditions in some GTA neighbourhoods.”

The Bank of Canada has increased its key overnight lending rate from 0.25 per cent to 3.25 per cent so far this year, significantly increasing the cost of borrowing.

That, in turn, has put pressure on the housing market, with RBC suggesting that a “historic” correction was likely to materialize.

CMHC also recently adjusted its housing forecast and is now projecting that home prices could fall by as much as 15 per cent from peak to trough.

The latest data provided by TRREB for September shows that more expensive property types have been hit the hardest, with the average price across the GTA falling by more than 10 per cent year-over-year.

Condominium apartments were the only property type in which prices rose year-over-year. They were up 3.2 per cent on average.

Meanwhile, the data points to much more favourable conditions for buyers compared to a year ago.

In September there were 13,534 active listings in the GTA, compared to 9,187 in September 2021. Properties also sat on the market for an average of 35 days last month compared to 19 days in September 2021.

Source: CTV News

Supply Remains an Issue Despite Impact of Higher Mortgage Rates

The Greater Toronto Area (GTA) housing market continued its adjustment to higher borrowing costs in September 2022. Sales for the month reached 5,038, but were down by 44.1 per cent compared to September 2021.

New listings were also down on a year-over-year basis by 16.7 per cent to 11,237. This was the lowest number of new listings reported for the month of September since 2002. This is especially troublesome given that the stock of homes in the GTA increased markedly over the last 20 years.

Recent polling by Ipsos Public Affairs for TRREB suggests that the public agrees the lack of housing supply is a key issue in the GTA. The poll found that 71 per cent of combined Toronto and ‘905’ regions residents believe that municipalities should focus their efforts on increasing the supply of homes for sale and rent rather than trying to reduce demand for housing.

“We must ensure that the temporary dip in housing demand is not allowed to mask the critical shortage of homes available for sale in the GTA. Candidates running in the upcoming Ontario municipal elections must ensure home buyers and renters have adequate housing options in the years to come. Municipal council decisions have a direct impact on housing affordability, in terms of the protracted development approval processes, high development fees and other related policies that preclude timely housing development,” said TRREB President Kevin Crigger.

“Elected councils must also reconsider existing policies that preclude homeowners from listing their homes for sale, including significant added upfront costs like the land transfer tax. Potential new policies like mandatory home energy audits could also create unnecessary interference and delays in the home selling process and dissuade some homeowners from listing their homes for sale,” said TRREB CEO John DiMichele.

“Energy audits should be voluntary, a feeling which is supported 73 per cent of Torontonians and 78 per cent of ‘905’ residents recently polled by Ipsos Public Affairs for TRREB. If councils continue to support policies that restrict new home development and existing home listings, such as exclusionary zoning, housing affordability will be severely hampered over the long term, which will also hamper our region’s future growth,” added DiMichele.

The MLS® Home Price Index (HPI) Composite benchmark was up on a year-over-year basis by 4.3 per cent. Over the same period of time, the average price dipped by 4.3 per cent to $1,086,762. The average price was up compared to August 2022.

“Hovering just below $1.1 million, the average selling price may have found some support during the last couple months of summer. With new listings down quite substantially year-over-year and well-below historic norms, some home buyers are quite possibly experiencing tighter market conditions in some GTA neighbourhoods. October generally represents the peak of the fall market, so it will be important to see where price trends head over the next month,” said TRREB Chief Market Analyst Jason Mercer.

Market Stats at a Glance

 

SUPPLY REMAINS AN ISSUE DESPITE IMPACT OF HIGHER MORTGAGE RATES

The Greater Toronto Area (GTA) housing market continued its adjustment to higher borrowing costs in September 2022. Sales for the month reached 5,038, but were down by 44.1 per cent compared to September 2021.

New listings were also down on a year-over-year basis by 16.7 per cent to 11,237. This was the lowest number of new listings reported for the month of September since 2002. This is especially troublesome given that the stock of homes in the GTA increased markedly over the last 20 years.

Recent polling by Ipsos Public Affairs for TRREB1 suggests that the public agrees the lack of housing supply is a key issue in the GTA. The poll found that 71 per cent of combined Toronto and ‘905’ regions residents believe that municipalities should focus their efforts on increasing the supply of homes for sale and rent rather than trying to reduce demand for housing.

“We must ensure that the temporary dip in housing demand is not allowed to mask the critical shortage of homes available for sale in the GTA. Candidates running in the upcoming Ontario municipal elections must ensure home buyers and renters have adequate housing options in the years to come. Municipal council decisions have a direct impact on housing affordability, in terms of the protracted development approval processes, high development fees and other related policies that preclude timely housing development,” said TRREB President Kevin Crigger.

“Elected councils must also reconsider existing policies that preclude homeowners from listing their homes for sale, including significant added upfront costs like the land transfer tax. Potential new policies like mandatory home energy audits could also create unnecessary interference and delays in the home selling process and dissuade some homeowners from listing their homes for sale,” said TRREB CEO John DiMichele.

“Energy audits should be voluntary, a feeling which is supported 73 per cent of Torontonians and 78 per cent of ‘905’ residents recently polled by Ipsos Public Affairs for TRREB. If councils continue to support policies that restrict new home development and existing home listings, such as exclusionary zoning, housing affordability will be severely hampered over the long term, which will also hamper our region’s future growth,” added DiMichele.

The MLS® Home Price Index (HPI) Composite benchmark was up on a year-over-year basis by 4.3 per cent. Over the same period of time, the average price dipped by 4.3 per cent to $1,086,762. The average price was up compared to August 2022.

“Hovering just below $1.1 million, the average selling price may have found some support during the last couple months of summer. With new listings down quite substantially year-over-year and well-below historic norms, some home buyers are quite possibly experiencing tighter market conditions in some GTA neighbourhoods. October generally represents the peak of the fall market, so it will be important to see where price trends head over the next month,” said TRREB Chief Market Analyst Jason Mercer.