Blog

THIS WINTER MAINTENANCE CHECKLIST WILL KEEP YOUR HOME IN GOOD ORDER!

Inspecting your home on a regular basis and following good maintenance practices is the best way to protect your investment. Whether you take care of a few tasks at a time or several all at once, it’s important to get into the habit of completing these checks annually leading up to each season.

With winter well on its way, it’s important to establish a regular schedule to help prevent the most common – and also costly – problems from occurring. Be sure to make notes and take pictures of anything you’d like to share with an expert for advice or to help monitor the situation moving forward.

This checklist will help guide you in keeping your home a safe and healthy place to live this winter and year-round.

Of course, if you don’t feel comfortable performing some of the home maintenance tasks listed below, or you don’t have the equipment on hand to properly complete each section, you may want to call in a professional handy person.

Winter Checklist

  • Check and clean or replace furnace air filters each month during the heating season. Ventilation systems, such as heat recovery ventilator filters, should be checked every two months
  • After consulting your hot water tank owner’s manual, drain off a dishpan full of water from the clean-out valve at the bottom of your hot water tank to control sediment and maintain efficiency
  • Clean your humidifier two or three times during the winter season
  • Vacuum bathroom fan grills to ensure proper ventilation
  • Vacuum fire and smoke detectors, as dust or spiderwebs can prevent them from functioning
  • Vacuum radiator grills on the back of refrigerators and freezers, and empty and clean drip trays
  • Check gauges on all fire extinguishers, and recharge or replace as necessary
  • Check fire escape routes, door and window locks and hardware, and lighting around the home’s exterior. Ensure your family has good security habits
  • Check the basement floor drain to ensure the trap contains water. Refill with water if necessary
  • Monitor your home for excessive moisture levels – for instance, since condensation on your windows can cause significant damage over time and pose serious health problems, this requires corrective action
  • Check all faucets for signs of dripping and change washers as needed. Faucets requiring frequent replacement of washers may be in need of repair or replacement
  • If you have a plumbing fixture that’s not used frequently, such as a laundry tub or spare bathroom sink, tub or shower stall, briefly run some water to keep water in the trap
  • Clean drains in the dishwasher, sinks, bathtubs and shower stalls
  • Test plumbing shut-off valves to ensure they’re working and to prevent them from seizing
  • Examine windows and doors for ice accumulation or cold air leaks. If found, make a note for repair or replacement in the spring
  • Examine attic for frost accumulation. Check roof for ice dams or icicles. If there’s excessive frost or staining of the underside of the roof, or ice dams on the roof surface, be sure to have an expert look into the issue
  • Check electrical cords, plugs and outlets for all indoor and outdoor seasonal lights to ensure fire safety. If showing signs of wear, or if plugs/cords feel warm, replace immediately

Weekly Calgary Real Estate Update For November 6/ 2023

Weekly Calgary Real Estate Update For November 6/ 2023

4004 homes for sale in metro Calgary (down 134)

2079 homes sold in the last 30 days (down 103)

1.93 months worth of inventory (up 0.03)

51.92% of the homes statistically to sell in the next 30 days (down 0.81%)

Market Conditions: Seller’s Market

Average List Price: $545,770 (down $6,587)

Average Sale Price: $544,212 (down $4,807)

Average days on market: 30 (up 1)

Average list to sale price ratio : 99.93% (down 0.01%)

*Numbers in the brackets are a comparison from last week’s stats. Ideally, we want the number of homes selling in the last 30 days to increase weekly, the months of inventory to decrease (meaning demand is matching inventory) and the % of homes to sell in the next 30 days to increase

Weekly Calgary Real Estate Update For October 30/ 2023

Weekly Calgary Real Estate Update For October 30/ 2023

4138 homes for sale in metro Calgary (down 49)

2182 homes sold in the last 30 days (down 101)

1.90 months worth of inventory (up 0.07)

52.73% of the homes statistically to sell in the next 30 days (down 1.80%)

Market Conditions: Seller’s Market

Average List Price: $552,357 (down $2,751)

Average Sale Price: $549,019 (up $269)

Average days on market: 29 (up 1)

Average list to sale price ratio : 99.94% (down 0.07%)

*Numbers in the brackets are a comparison from last week’s stats. Ideally, we want the number of homes selling in the last 30 days to increase weekly, the months of inventory to decrease (meaning demand is matching inventory) and the % of homes to sell in the next 30 days to increase

Weekly Calgary Real Estate Update For October 23/ 2023

Weekly Calgary Real Estate Update For October 23/ 2023

4187 homes for sale in metro Calgary (down 26)

2283 homes sold in the last 30 days (down 43)

1.83 months worth of inventory (up 0.02)

54.53% of the homes statistically to sell in the next 30 days (down 0.68%)

Market Conditions: Seller’s Market

Average List Price: $555,108 (up $542)

Average Sale Price: $548,750 (down $2,532)

Average days on market: 28 (same)

Average list to sale price ratio : 100.01% (down 0.09%)

*Numbers in the brackets are a comparison from last week’s stats. Ideally, we want the number of homes selling in the last 30 days to increase weekly, the months of inventory to decrease (meaning demand is matching inventory) and the % of homes to sell in the next 30 days to increase

Weekly Calgary Real Estate Update For October 16/ 2023

Weekly Calgary Real Estate Update For October 16/ 2023

4213 homes for sale in metro Calgary (up 91)

2326 homes sold in the last 30 days (down 119)

1.81 months worth of inventory (up 0.12)

55.21% of the homes statistically to sell in the next 30 days (down 4.11%)

Market Conditions: Seller’s Market

Average List Price: $554,566 (down $4,409)

Average Sale Price: $551,282 (down $4,960)

Average days on market: 28 (up 1)

Average list to sale price ratio : 100.10% (down 0.11%)

*Numbers in the brackets are a comparison from last week’s stats. Ideally, we want the number of homes selling in the last 30 days to increase weekly, the months of inventory to decrease (meaning demand is matching inventory) and the % of homes to sell in the next 30 days to increase

Weekly Calgary Real Estate Update For October 9/ 2023

Weekly Calgary Real Estate Update For October 9/ 2023

4122 homes for sale in metro Calgary (down 88)

2445 homes sold in the last 30 days (down 14)

1.69 months worth of inventory (down 0.02)

59.32% of the homes statistically to sell in the next 30 days (up 0.91%)

Market Conditions: Seller’s Market

Average List Price: $558,975 (up $15,534)

Average Sale Price: $556,242 (up $12,909)

Average days on market: 27 (same)

Average list to sale price ratio : 100.21% (up 0.19%)

*Numbers in the brackets are a comparison from last week’s stats. Ideally, we want the number of homes selling in the last 30 days to increase weekly, the months of inventory to decrease (meaning demand is matching inventory) and the % of homes to sell in the next 30 days to increase

When can mortgage interest be tax-deductible in Canada? By Barb Eglauer one of our preferred service providers.

When can mortgage interest be tax-deductible in Canada?

Wouldn’t it be nice if your mortgage interest could be tax deductible? What if I were to tell you it is possible in Canada. Maybe not in all cases, but I’d like to share some situations where it can be. Let’s demystify this seemingly complex topic and break it down to provide you with a better understanding of how it works.

Unlike our neighbours in the United States, Canadians typically can’t deduct mortgage interest from their primary residence to decrease their overall taxes. However, there are several strategies, that may make mortgage interest tax-deductible.

The Smith Maneuver

One such example is the Smith Maneuver, named after British Columbian financial planner Fraser Smith who developed and popularized this tax strategy.

The way it works is homeowners re-borrow the principal portion of their mortgage payment after each payment is made and invest it in income-producing assets. This includes investments such as dividend-paying stocks, mutual funds, real estate and bonds. The interest on this borrowed money is tax-deductible, as it is used to generate investment income. 

Over time, this approach not only reduces the homeowner’s tax liability but also helps in building a substantial investment portfolio while paying down the mortgage. 

Rentals and home-based businesses

For those with investment properties or working from home, the process of deducting mortgage interest can be more straightforward. 

If you own a secondary property that generates rental income, the mortgage interest may be considered part of your operating cost. This allows you to claim back the mortgage interest, along with other deductible expenses such as property taxes, utilities, maintenance, repairs and more. 

For property owners who rent out a portion of their primary residence, deductions are proportional. The percentage of the property used for rental purposes determines the amount of mortgage interest and other expenses that may be deducted. For example, if 25% of the property is rented out, then 25% of the mortgage interest and other related expenses may be claimed as deductions.

Another way owners may deduct a portion of the mortgage interest is if they regularly work from home and have designated a specific area of the home exclusively for business purposes. In this case, the deduction would correspond to the percentage of the house being used for work purposes.

That said, It’s crucial to consider potential pitfalls when making deductions on your principal residence to reduce taxable income, such as affecting the principal residence taxable gain exemption–a benefit no one wants to lose. That’s why I work closely with your accountant or financial planner to help you avoid such issues. And if you need a trusted professional, I can make that introduction.

Contact me for more information

Navigating tax-deductible mortgages in Canada may seem daunting, but with the right knowledge and strategies, and being aware of any downsides, it does have the potential to provide significant financial benefits. Whether you’re considering the Smith Maneuver, renting out your property or running a home-based business, understanding the potential tax deductions, legal framework and pitfalls is key to maximizing your investment.

Don’t hesitate to contact me if you would like to know more about these strategies and how they may apply to your personal situation.  

Weekly Calgary Real Estate Update For October 2/ 2023

Weekly Calgary Real Estate Update For October 2/ 2023

4210 homes for sale in metro Calgary (down 21)

2459 homes sold in the last 30 days (down 26)

1.71 months worth of inventory (up 0.01)

58.41% of the homes statistically to sell in the next 30 days (down 0.32%)

Market Conditions: Seller’s Market

Average List Price: $543,441 (up $6,234)

Average Sale Price: $543,333 (up $6,264)

Average days on market: 27 (same)

Average list to sale price ratio : 100.02% (up 0.05%)

*Numbers in the brackets are a comparison from last week’s stats. Ideally, we want the number of homes selling in the last 30 days to increase weekly, the months of inventory to decrease (meaning demand is matching inventory) and the % of homes to sell in the next 30 days to increase

Weekly Calgary Real Estate Update For September 25/ 2023

Weekly Calgary Real Estate Update For September 25/ 2023

4210 homes for sale in metro Calgary (down 21)

2459 homes sold in the last 30 days (down 26)

1.71 months worth of inventory (up 0.01)

58.41% of the homes statistically to sell in the next 30 days (down 0.32%)

Market Conditions: Seller’s Market

Average List Price: $543,441 (up $6,234)

Average Sale Price: $543,333 (up $6,264)

Average days on market: 27 (same)

Average list to sale price ratio : 100.02% (up 0.05%)

*Numbers in the brackets are a comparison from last week’s stats. Ideally, we want the number of homes selling in the last 30 days to increase weekly, the months of inventory to decrease (meaning demand is matching inventory) and the % of homes to sell in the next 30 days to increase

Weekly Calgary Real Estate Update For September 18/ 2023

Weekly Calgary Real Estate Update For September 18/ 2023

4231 homes for sale in metro Calgary (up 122)

2485 homes sold in the last 30 days (down 52)

1.70 months worth of inventory (up 0.08)

58.73% of the homes statistically to sell in the next 30 days (down 3.01%)

Market Conditions: Seller’s Market

Average List Price: $537,207 (up $11,758)

Average Sale Price: $537,069 (up $11,997)

Average days on market: 27 (same)

Average list to sale price ratio : 99.97% (up 0.04%)

*Numbers in the brackets are a comparison from last week’s stats. Ideally, we want the number of homes selling in the last 30 days to increase weekly, the months of inventory to decrease (meaning demand is matching inventory) and the % of homes to sell in the next 30 days to increase