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Revamping Your New Home: It’s All in the Details

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Are you renovating your home this summer? It’s the perfect time of year to do it because the weather is warm and there’s plenty of natural light to work with since the days are longer. Renovating is as exciting as it is challenging because there are so many things to consider.

How do you make the house look the way you want to when there are so many furniture, appliance, and decorative options to choose from? What additions will enhance you and your family’s lifestyle?

To ensure that you’re investing your time and money wisely, you’ll want the very best for your home. In addition to the essential elements required, such as flooring materials or new windows, many homeowners also add extensions when renovating. Home additions are an excellent way to transform your home into the living space you and your family have always dreamed of.

Let’s take a look at why an addition can open up your house to endless possibilities. We’ve created a list of two exciting options for your home. You’ll want to rearrange those renovation plans because you’ll need some extra room for one of these beautiful home enhancements.

Bring in the Light with a Solarium

Take your house to another level with a solarium. It will bring in natural light and a fresh, outdoor atmosphere into your home without the unwanted nuisances such as bugs and dirt. You can enjoy the beauty and tranquillity of the outdoors while maintaining the comfort of remaining inside.

Many people are installing solariums in Toronto homes because of the amount of natural light they bring in. A solarium is made entirely of glass, so it’s mostly a room of windows. More sunlight exposure during the day means that you won’t have to turn on the lights as frequently — reducing the use of electricity, which saves money on energy bills.

A solarium also gives you the option to create more space within the home. You can turn it into a TV room, a place to sunbathe, or even an indoor greenhouse. Whatever details you decide to include, the solarium is sure to become your family’s sunny and relaxing indoor oasis.

A Pool Enclosure

The nice thing about a pool enclosure is that you can enjoy a swim or a soothing session in the hot tub, regardless of the weather. It protects you from all of the dirt, bugs, and other climate concerns that are naturally found outside.

Just imagine dipping into the pool, surrounded by beautiful plants and flowers, as the rain comes down, softly hitting the enclosure’s surface. Who needs a vacation to the tropics when you can enjoy a personal holiday just by stepping into your glass-enclosed pool and spa?

Paying attention to the details in your home improvements enables you to live more comfortably than you ever thought possible. If you’re planning to upgrade your house in the near future, don’t forget to consider how an extension or addition can transform your home to an extraordinary living experience.

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Greater Toronto home sales jump in October after Bank of Canada rate cuts: board

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TORONTO – The Toronto Regional Real Estate Board says home sales in October surged as buyers continued moving off the sidelines amid lower interest rates.

The board said 6,658 homes changed hands last month in the Greater Toronto Area, up 44.4 per cent compared with 4,611 in the same month last year. Sales were up 14 per cent from September on a seasonally adjusted basis.

The average selling price was up 1.1 per cent compared with a year earlier at $1,135,215. The composite benchmark price, meant to represent the typical home, was down 3.3 per cent year-over-year.

“While we are still early in the Bank of Canada’s rate cutting cycle, it definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October,” said TRREB president Jennifer Pearce in a news release.

“The positive affordability picture brought about by lower borrowing costs and relatively flat home prices prompted this improvement in market activity.”

The Bank of Canada has slashed its key interest rate four times since June, including a half-percentage point cut on Oct. 23. The rate now stands at 3.75 per cent, down from the high of five per cent that deterred many would-be buyers from the housing market.

New listings last month totalled 15,328, up 4.3 per cent from a year earlier.

In the City of Toronto, there were 2,509 sales last month, a 37.6 per cent jump from October 2023. Throughout the rest of the GTA, home sales rose 48.9 per cent to 4,149.

The sales uptick is encouraging, said Cameron Forbes, general manager and broker for Re/Max Realtron Realty Inc., who added the figures for October were stronger than he anticipated.

“I thought they’d be up for sure, but not necessarily that much,” said Forbes.

“Obviously, the 50 basis points was certainly a great move in the right direction. I just thought it would take more to get things going.”

He said it shows confidence in the market is returning faster than expected, especially among existing homeowners looking for a new property.

“The average consumer who’s employed and may have been able to get some increases in their wages over the last little bit to make up some ground with inflation, I think they’re confident, so they’re looking in the market.

“The conditions are nice because you’ve got a little more time, you’ve got more choice, you’ve got fewer other buyers to compete against.”

All property types saw more sales in October compared with a year ago throughout the GTA.

Townhouses led the surge with 56.8 per cent more sales, followed by detached homes at 46.6 per cent and semi-detached homes at 44 per cent. There were 33.4 per cent more condos that changed hands year-over-year.

“Market conditions did tighten in October, but there is still a lot of inventory and therefore choice for homebuyers,” said TRREB chief market analyst Jason Mercer.

“This choice will keep home price growth moderate over the next few months. However, as inventory is absorbed and home construction continues to lag population growth, selling price growth will accelerate, likely as we move through the spring of 2025.”

This report by The Canadian Press was first published Nov. 6, 2024.

The Canadian Press. All rights reserved.

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Homelessness: Tiny home village to open next week in Halifax suburb

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HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.

Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.

Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.

The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.

Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.

They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.

The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.

This report by The Canadian Press was first published Oct. 24, 2024.

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Here are some facts about British Columbia’s housing market

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Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.

Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.

Average residential home price in B.C.: $938,500

Average price in greater Vancouver (2024 year to date): $1,304,438

Average price in greater Victoria (2024 year to date): $979,103

Average price in the Okanagan (2024 year to date): $748,015

Average two-bedroom purpose-built rental in Vancouver: $2,181

Average two-bedroom purpose-built rental in Victoria: $1,839

Average two-bedroom purpose-built rental in Canada: $1,359

Rental vacancy rate in Vancouver: 0.9 per cent

How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent

This report by The Canadian Press was first published Oct. 17, 2024.

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