Whether you want to find unique home modifications or everyday renovation tutorials, YouTube is a great place to start looking. Here are five top-notch YouTube channels that provide everything you need to start creating the home you’ve always wanted.

DIYNetwork

The popular television channel is now online and taking YouTube by storm with its surprisingly brief tutorials. Here is where all of your home improvement questions are answered in easy-to-understand language and clear visual directions. Each short video is reliable and specific to your needs. DIYNetwork even includes before and after clips of real home renovations for that inspiration you’ve been craving.

Buildipedia

Buildipedia is run by two home improvers who tackle everyday upgrades. Jeff Wilson specializes in renovations that require installation by giving clear-cut directions for even the most daunting tasks. Rachael Ranney focuses on up-cycling projects in her segment called {Re}habitat. Both Jeff and Rachael walk you step-by-step through complex renovations to update your home. Their channel is split between them to cater to your specific home improvement ideas.

FIX IT Home Improvement Channel

This YouTube channel gives concise tips on how to deal with the more daunting maintenance tasks in your home. Narrated by a long-time hardware store owner and real estate investor, each video thoroughly explains confusing home odd-jobs like heating and cooling fixes, plumbing malfunctions, and drywall repairs. He guides you through large tasks safely and easily to make sure your home and sanity remain intact.

Mikes BackyardNursery

Mike owns a plant nursery which he uses to give straightforward tips and video tutorials about everything to do with plant life. His channel is ranges from beginner landscape tips to more advanced tutorials. Mike outlines simple home improvements and design approaches while providing in-depth maintenance strategies for rejuvenating your yard. His channel is divided into clear categories so you can cultivate your garden and your green thumb in no time.

Ehowhome

Designer and lifestyle expert P. Allen Smith and his associates work together to help you polish your newly renovated home. As a style based channel, Ehowhome puts the finishing touches on your home repairs by helping you add some pop and flair. Along with interior design, videos consist of decor inspiration and affordable furnishing ideas.

So are you looking for new ways to improve your home without spending an arm and a leg? These YouTube channels will help you upgrade your home without emptying out your wallet. Utilize the technology available to you today to unleash your inner DIY-er. You’ll be amazed at the projects you can do all by yourself—not only saving you money, but allowing you to take pride in fixing up your home on your own. Information for this article was provided by Moncada Windows Doors, professionals who specialize in wood doors in Toronto.

Thinking about installing wood floors? The first decision you need to make involves the type. According to the National Wood Flooring Association, there are four types:

Unfinished

This type requires you or your installer to sand and apply a finish. If you want a specific colour or style, or you're trying to match existing flooring, this might be the best option for you.

Factory finished

As the name suggests, this is flooring that has its finish applied in the factory. Although it is more expensive, factory finished flooring can be installed faster and can be walked upon immediately.

Solid

This is flooring that is made from a solid piece of wood, top to bottom. The advantage is that it can be sanded and refinished many times over the years, or even decades.

Engineered

This is flooring that is made of thin layers of wood pressed together. It can be engineered to be very durable and expand and contract less than solid flooring.

The type you choose depends on your needs. Talk to your dealer or contractor about your specific application.

Many people only see a doctor when they're sick or have some other health concern. On the other hand, some people visit a doctor regularly for check-ups, to ask questions and get advice, and to maintain good health.

Which do you think is the better approach? Obviously, the second one!

The same thing is true when it comes to real estate. Even if you have no current plans to buy or sell a home, there are many reasons to talk to a REALTOR® regularly in order to maintain your good "real estate" health. For example, you can:

• Get an assessment of the current market value of your home, so you can make an informed decision about whether to stay or move.

• Ask about the state of the local real estate market (which may be vastly different than what you hear on the national news.)

• Find out what homes are currently selling for in the area.

• Learn what's currently available on the market, especially in neighbourhoods you would like to live in and that are within your budget.

• Ask for a contractor recommendation.

In fact, it's a good idea to have a chat with your REALTOR® once or twice a year, even if it's just to say hello.

You want to build a relationship with a good REALTOR® who understands (and cares about) you and your needs. That way, when it does come time for you to make a move, you're dealing with a REALTOR® you already know and trust.

Don't have a good REALTOR®? Call today!

Metro Vancouver housing market characterized by modest home sale and price increases in 2013

The Greater Vancouver housing market maintained a consistent balance between demand and supply throughout 2013.

The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2013 reached 28,524, a 14 per cent increase from the 25,032 sales recorded in 2012, and an 11.9 per cent decrease from the 32,390 residential sales in 2011.

“Home sales quietly improved last year compared to 2012, although the volume of activity didn’t compare to some of the record-breaking years we experienced over the last decade,” Sandra Wyant, REBGV president said.

Last year’s home sale total ranks as the third lowest annual total for the region in the last ten years, according to the region’s Multiple Listing Service® (MLS®).

The number of residential properties listed for sale on the MLS® in Metro Vancouver declined 6.2 per cent in 2013 to 54,742 compared to the 58,379 properties listed in 2012. Looking back further, last year’s total represents an 8.1 per cent decline compared to the 59,539 residential properties listed for sale in 2011. Last year’s listing count is on par with the 10 year average.

“It was a year of stability for the Greater Vancouver housing market,” Wyant, said. “Balanced conditions allowed home prices in the region to remain steady, with just a modest increase over the last 12 months.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $603,400. This represents a 2.1 per cent increase compared to December 2012.

December summary

Residential property sales in Greater Vancouver totalled 1,953 in December 2013, an increase of 71 per cent from the 1,142 sales recorded in December 2012 and a 15.9 per cent decline compared to November 2013 when 2,321 home sales occurred.

December sales were 8.1 per cent above the 10-year December sales average of 1,807.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 1,856 in December 2013. This represents a 34.5 per cent increase compared to the 1,380 units listed in December 2012 and a 42.8 per cent decline compared to November 2013 when 3,245 properties were listed.

Sales of detached properties in December 2013 reached 762, an increase of 79.3 per cent from the 425 detached sales recorded in December 2012, and a 21 per cent increase from the 630 units sold in December 2011. The benchmark price for detached properties increased 2.5 per cent from December 2012 to $927,000.

Sales of apartment properties reached 850 in December 2013, an increase of 68.7 per cent compared to the 504 sales in December 2012, and an increase of 9.8 per cent compared to the 774 sales in December 2011.The benchmark price of an apartment property increased 1.8 per cent from December 2012 to $367,800.

Attached property sales in December 2013 totalled 341, an increase of 60.1 per cent compared to the 213 sales in December 2012, and a 34.3 per cent increase from the 254 attached properties sold in December 2011. The benchmark price of an attached unit increased 1.2 per cent between December 2012 and 2013 to $456,100. 

If you are considering looking for a new house, and are a current home-owner, then chances are you’re wondering what your strategy should be: do you wait to find the perfect new home before you put your current home on the market, or do you sell first and then look around? You have a few options. Use the following as a guide to explore what might be the best move for you.

Sell First:

There are several benefits to selling your current house before searching for your next home. First of all, once you have sold your house, you will know precisely how much money you have to work with. With a concrete price range, you’ll be able to narrow the pool of houses before you begin looking, and negotiate accordingly. This will allow you to immediately make firm offers on houses that you are serious about purchasing. You can be first in line with an unconditional offer you know you can afford, and this will grant even further negotiating leverage as Sellers tend to take unconditional offers more seriously. When they counter or turn down an offer that’s conditional on the sale of a home, they usually think the Buyer will come back with a better and more firm offer once they have sold their current home. However, if you make an unconditional offer, the Seller will usually give you more consideration, as they realize you’re probably looking at other properties and will move on if your offer is rejected. Likewise, if you have already sold you house, you probably do have a wider opportunity to look around, negotiate, and find the best deal and fit for you and your family.

The flip side of this scenario, however, is that if you don’t find the right property before the closing date of the house you’ve already sold, you may have to look for temporary housing until you do find what you’re looking for.
So, before you opt to sell first, you should determine whether you have alternate, temporary options, in case you have to move from your house before you’ve found a new one. How would you and your family deal with living in a transition home for an undetermined period of time?

Buy First:

Buying a new house without having sold your current home may occur if you are interested in a specific property and will only sell your current home if this property comes on the market. It may be a matter of timing—grabbing hold of the home before it’s too late. The same might be said of a property you haven’t had you eye on previously, but that catches your attention due to its uniqueness or unbelievable price. If buying first means you don’t miss out on the real estate opportunity of a lifetime, it may be the best move.

However, be careful. If you buy another property and aren’t able to sell your current home quickly enough, you could end up having to finance both homes and shoulder the extra debt until you sell. You can get a financial appraisal or market evaluation of a home prior to selling, but this doesn’t guarantee the price you’ll ultimately receive for the home after the negotiation process has run its course. Since your selling price will be an unknown, jumping into a purchase could be a gamble, particularly if your budget is tight.

Make sure you’re familiar with all aspects of the financial reality this scenario would create before you purchase another home. You may be faced with owning two homes at once. What type of financial stress would this bring to your life and how would you deal with it? Consider the fact that if your current house doesn’t sell quickly enough, you may be forced to sell it off at a reduced price in order align the closing dates of your two properties. What effect would this have on your financial situation?

Conditional Offer:

An additional option involves making your offer to purchase conditional upon the sale of your current property within a specified period. Conditional offers usually include a clause that allows for the Sellers to keep their property on the market and remain open to other offers while you try to sell your home. If the Sellers receive another attractive offer before you’ve sold your home, they may accept and ask you to either remove your condition and firm up your offer, or to back down from the offer. A conditional offer forms a kind of middle ground, an area of compromise, for those who are afraid to sell or buy first—but doesn’t hold the advantages of the other two options.

One of the drawbacks of the conditional offer is that Sellers tend to take them less seriously. They definitely give stronger consideration to firm offers. This leaves you with less negotiating power. In fact, some Sellers will simply turn down or counter a conditional offer. Other Sellers will believe the Buyer will come back with a more serious offer when their home has sold. So, you may end up having to increase your offer in order to have your conditional offer accepted and keep your foot in the door of your desired house.

Even if your conditional offer is accepted, there is no guarantee another Buyer won’t step in and overthrow your offer before you have sold your current home, which would put you back at the starting line. Also, consider the fact that you cannot withdraw your conditional offer until the end of the period specified in the contract—which means that if a better deal comes along, you will have to wait to jump at it.

Buying an investment property is a popular option for Canadians looking at different ways to invest their money. However, unlike the mortgage you took out on your principal residence, financing an investment property is a little more complex. The number of units in the building and whether or not you'll be occupying one of the units are the two major components that control what your financing will look like. Let’s take a look at how investment property mortgages work in Canada.

Investment Property Mortgages

When you start shopping around for an investment property, the first thing you need to consider is the number of units your building will have. Most buildings with 1-4 units are zoned residential, so the qualification criteria and financing options from lenders are only slightly more difficult than that of a mortgage similar to what you have on your principal residence. However, buildings with 5 or more units are zoned commercial, so a lender would require that you take out a commercial mortgage on it. With a commercial mortgage, the qualification criteria is even tougher to meet and interest rates are often much higher.

If it's a multi-unit property, the second thing to consider is if you, the owner, will be living in one of the units or not. If you will be occupying one of the units, the property would be considered owner-occupied. If all of the units will be rented out, your property would be considered non-owner occupied. The major difference between the two is how much of a down payment you need to make.

Down Payment

Steady trends continue in the Greater Vancouver housing market

Consistent home sale and listing activity has allowed balanced market conditions to prevail in the Greater Vancouver housing market for most of 2013.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,321 on the Multiple Listing Service® (MLS®) in November 2013. This represents a 37.7 per cent increase compared to the 1,686 sales recorded in November 2012, and a 12.8 per cent decline compared to the 2,661 sales in October 2013.

Last month’s sales were 1.2 per cent below the 10-year sales average for the month, while new listings were 1.5 per cent above the 10-year November average.

“We’ve seen steady and consistent trends the Greater Vancouver housing market for much of this year,” Sandra Wyant, REBGV president said. “This year’s activity has resulted in gradual and modest increases in home prices of approximately one per cent over the last 12 months in the region.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 3,245 in November. This represents a 17.7 per cent increase compared to the 2,758 new listings reported in November 2012 and a 24.8 per cent decline compared to the 4,315 new listings in October of this year.

The total number of properties currently listed for sale on the MLS® in Greater Vancouver is 13,986, a 10.9 per cent decrease compared to November 2012 and an 8.3 per cent decline compared to October 2013.

The sales-to-active-listings ratio currently sits at 16.6 per cent in Greater Vancouver.

The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is currently $603,000. This represents a 1 per cent increase compared to November 2012.

Sales of detached properties reached 926 in November 2013, an increase of 47.2 per cent from the 629 detached sales recorded in November 2012, and a 1.1 per cent increase from the 916 units sold in November 2011. The benchmark price for detached properties increased 1.1 per cent from November 2012 to $924,800.

Sales of apartment properties reached 969 in November 2013, an increase of 29.2 per cent compared to the 750 sales in November 2012, and a decline of 3.1 per cent compared to the 1,000 sales in November 2011. The benchmark price of an apartment property increased 0.8 per cent from November 2012 to $367,800. 

Attached property sales in November 2013 totalled 426, an increase of 38.8 per cent compared to the 307 sales in November 2012, and a 4.1 per cent decline compared to the 444 attached properties sold in November 2011. The benchmark price of an attached unit is currently $458,000, which is a 0.8 per cent increase from November 2012.

Remember the last time you visited an upscale furniture showroom? The  furniture and fixtures on display probably looked great. The colours and textures jumped out at you. It was a feast for the eyes!

There is a good reason for this: lighting.

Of course, the quality of the products has a lot to do with how appealing they look when on display. But smart retailers know that proper lighting is  key to making those products look their best. In fact, some retailers even
hire lighting consultants!

What does this have to do with selling your home quickly, and for the best price?

Obviously, when showing your property to potential buyers, you want your home to look its very best. Proper lighting can be a big help.

When preparing your home for sale, review the lighting in each room and make sure the space is sufficiently well lit. You want the lighting to be strong enough to prevent dark or shadowy areas, yet not so strong that it's
uncomfortable for the eyes.

As a rule of thumb, the total wattage of lights in a room should equal the room's square footage times 1.5. So, if a room is 120 square feet and has three light sources (ceiling light and two lamps) then the bulbs in each
should be 60 watts.

Pay particular attention to traditionally dark areas, such as the garage, basement, and closets. Make sure those areas are well lit.

If you have a viewing scheduled during the day, take advantage of natural light through windows. Open the curtains!

Finally, one of the most important areas is the foyer. Always make sure the entrance has sufficient lighting. You don't want buyers to think they've entered the home of classic TV's The Adam's Family! 

Want more ideas for preparing your home for sale? Call today.

A glossary of crucial terms for first-time buyers and homeowners in Canada.

What’s a mortgage broker?

A mortgage broker is a licensed mortgage specialist who can tell you what’s available in the marketplace from banks and lenders across Canada and can guide you through the mortgage process. Mortgage brokers are also able to pass volume discounts directly on to you because of the high quantities of mortgage products they acquire. 

Tom Hogg, a mortgage agent at The Mortgage Centre, in Mississauga, Ont., describes his job as educating the consumer on exactly what they’re signing. “My role is to create a buffet of products and help them choose,” says Mr. Hogg. “We do a needs assessment and make sure the clients clearly understand the flexibility and features of the mortgage that will enable them to get rid of this albatross as soon as possible.”

Mortgage brokers are an origination service. That means that the  mortgage broker originates your mortgage financing for you, but a bank or financial institution provides the money and services your mortgage after the closing.    

What’s the difference between a mortgage broker and a mortgage agent? 

Mortgage brokers can have agents working underneath them. Each agent has to work under the license of a mortgage broker. The brokerage is accountable for the agents’ work. 
 
How are mortgage brokers paid?

Their commission is paid by the bank or lender providing the mortgage product based on how much money the consumer borrows. Mortgage brokers aren’t compensated on the interest the bank makes, so they don’t receive a higher commission if the client chooses a higher rate. It varies a bit, but the commission generally works out to an average of $80 per $10,000 of the consumer’s loan.  

What’s a fixed mortgage rate?

‘Fixed’ means your interest rate and regular payments will be the same for the duration of your mortgage term, whether rates rise or fall. It offers you stability and the least financial anxiety. But if interest rates drop significantly, you may be stuck paying a higher rate for the duration of your term, depending on the flexibility and features of your mortgage. 

What’s a variable mortgage rate? 

Your mortgage payments will go up or down with the fluctuations in the ‘prime rate’, which is the market interest rate. The danger here is that a significant increase in the ‘prime rate’ increases your interest payable as well. But if it decreases, you’ll pay less.
 
What‘s better? Fixed or variable?

While over 60 percent of Canadians opted for a fixed mortgage rate in 2011, variable rates tend to be cheaper over time. Conversely, you may sleep better knowing you’re not subject to interest rate fluctuations. Making the right choice depends largely on the current rates at the time you’re taking out your mortgage. When interest rates are low and aren’t expected to drop further, locking into a fixed rate may be your best option. However, if experts are projecting that interest rates may fall, you’re probably better off with a variable rate, especially if there’s a significant difference between the fixed and variable rates.  

What’s a closed mortgage rate? 

A closed mortgage can be fixed or variable. Closed mortgage rates are popular because they’re lower than open mortgages rates but unlike an open mortgage, you’re restricted on how much principal you can pay down annually and there will be a penalty to pay a closed mortgage out early. Terms range from six months to 10 years. Despite their low rates and relative stability, there are disadvantages so read the fine print before signing.

“Some banks have introduced fully closed mortgages where during the term, other than an arms-length sale [meaning the sale can’t be to a friend or relative] of the home, you can’t get out of the contract,” warns Tom Hogg, a mortgage agent at The Mortgage Centre in Mississauga, Ont. “Even if you win the lottery and want to pay them out, you can’t. A product like that is mortgage jail.”

What’s an open mortgage rate?

An open mortgage can also be fixed or variable. The interest rate will be higher than for a closed mortgage but it’s more flexible. Generally, you can pay an open mortgage off anytime or make additional payments without penalties. Terms range from six months to five years so you can’t lock in for as long as a closed mortgage. If you want to get rid of your mortgage quickly, or think you may be selling or moving in the near future, this is a good option. 

Why are mortgage rates so different? 

Rates vary according to institutions. All of the banks have completely different products which is why their pricing is different, explains Tom Hogg, a mortgage agent at The Mortgage Centre in Mississauga, Ont. 

“The price you pay depends on what features you want on that mortgage,” says Mr. Hogg. “Prepayment features are huge. The ability to give additional lump sums of money as often as you can is important because it all goes to the principal. You can get a 2.99 five-year fixed but it’s only available on a 25 year max amortization, has limited prepayment privileges, it’s closed to term so there are issues with it. The highest is going to have all the bells and whistles but you may not need all those features. Once you understand each rate and each product, you’ll choose what’s best for you – probably somewhere in the middle.”

What is CMHC?

Canada Mortgage and Housing Corporation (CMHC) is a Crown corporation that mainly provides mortgage loan insurance to residential home buyers. It was originally set up in 1946 to arrange post-war housing for veterans. Today it helps Canadians who can’t easily afford buying a house through their mortgage default insurance program. 

What is mortgage default insurance? 

It’s a type of mortgage insurance that’s mandatory in Canada if your down payment for a residential property is less than 20 per cent. The major provider of this insurance is the Canada Mortgage and Housing Corporation. 

The insurance costs you between 1.75 per cent to  2.95 per cent of your mortgage amount and you have to buy and pay for this insurance on top of your mortgage. It protects the banks and the money lenders if a home owner defaults on their mortgage but doesn’t protect the homeowner. However, lenders do offer lower mortgage rates because their risk is decreased.

When the time is right for you to buy a home, make sure you are financially fit and eligible for the best possible mortgage rates. Here are our top five tips to boost your “financial fitness”:

1. Whip it

Whip your credit rating into shape: pay your bills on time… every time. Keep your oldest credit card for its history, and make sure it’s always paid on time. Try not to apply for any new credit. 

2. Follow the 33% rule

Never run up a credit card or line of credit past 33% of its available limit. If you’ve got a $3,000 limit, then $1,000 is your absolute ceiling. 

3. Cash is king

Gather up the maximum downpayment possible. The more money you put down on a home, the better.

4. Be prepared

Put together a file folder with the following: pay stubs, or proof of self-employment income, list of debts and assets, and current bank statements. We can advise what you’ll need. 

5. Start a dialogue

Talk to a mortgage broker & Realtor about your plans. Find out if you can pre-qualify, and ask about how you might qualify for the best possible rate.

The process of qualifying for a mortgage begins long before you decide to buy a home! But if you make a plan to improve your financial fitness… you’ll have no shortage of lenders willing to compete for your business.