An Ideal Lifestyle for Some People Wanting Freedom and Forced Savings for Repairs and Replacement So you want to purchase a home but don’t want to spend your weekends mowing the lawn or shoveling snow.  Then condominium living may be just what you’re looking for! With a condominium, you own your individual unit in a multi-unit property, plus you share ownership of the land and other common elements with the other condominium unit owners.  Common elements typically include the hallways, elevators, parking lot, landscaped areas, swimming pool, games room, and the like. Condominium Fee Just remember that unlike freehold properties,
Read More

  In years past, when Canadians faced an array of higher interest rates, the majority of the home owner’s monthly mortgage payment at the beginning of the mortgage went to paying down the interest, leaving the principal relatively untouched. The following chart shows just how much the interest rate can impact monthly mortgage payments, the interest costs incurred over the term of a mortgage, as well as the outstanding balance at the end of the 5-year term. Example: Based on a $200,000 5-year open variable rate mortgage, amortized over 25 years   Interest Rate Monthly Payment Interest Costs for the
Read More

For parents faced with the prospect of their children attending a post secondary school in another community, city or province, and finding suitable living accommodations for their loved one can be somewhat daunting… and trying to find that perfect home away from home can sometimes be an impossibility. An alternative, when taking into consideration the cost of living in residence or renting a room that offers no return on your investment, is buying a home or condominium that your child can share with other room mates. The cost to carry the mortgage, taxes, maintenance, heat and hydro can mostly be
Read More

The information provided below is not legal advice, and it may not apply in every situation. Before making a claim, there are a number of factors you may want to consider, and a number of pieces of information you will need to collect. 1. You Will Need the Legal Name of the Person or Business. You will need to know the legal name of the person or business and a current residential or business address. It is necessary to have the correct information about who you are suing to properly prepare and serve your claim, and to enforce a judgment
Read More

It is imperative when considering buying a home that is serviced by a septic system that the system be inspected by a professional septic engineer. Initially this inspection may seem costly, however it can save you thousands of dollars in future repairs or replacement costs. The cost to replace or upgrade a system is far greater than installing a new one on a virgin site. The cost for replacement can be as high as $20,000. to $30,000., sometimes more, depending on how much damage the old system has done to the soils in and around the system and surrounding property.
Read More

We all rely on safe drinking water in our homes, it is vital to our health and quality of life. If you are buying a home where the water supply comes from a well source there are precautions that need to taken. First and foremost and at the very least, you must have the water tested to ensure a safe bacterial count. You should be aware that the bacterial stability of water cannot always be determined from a single sample. To establish drinking water quality initially, take three samples at least one week apart and each test must show acceptable
Read More

What is real estate fraud? There are many different types of real estate fraud, but the two that consumers should be aware of are mortgage fraud and title fraud. Mortgage fraud occurs when an individual intentionally provides inaccurate, fraudulent or incomplete information to a lender in order to secure a mortgage that they might not otherwise be granted. This could include anything from an individual claiming to have a higher income than they actually have to providing falsified proof of identification or a falsified appraisal of the property. Title fraud occurs when a fraudster assumes the identity of an individual
Read More

The Electrical Safety Authority has received an increasing number of questions about the safety of knob and tube wiring. In particular, purchasers or owners of older homes are finding that many insurers will not provide or renew coverage on such properties. In some cases, the insurance companies are requiring a total replacement of this wiring prior to providing insurance coverage. Knob and tube wiring, more recently referred to as open wiring, was a wiring method used in the early 1900s to 1940s in the residential sector. Over the years wiring installation practices have changed in the residential sector and knob
Read More

All types of mould have the potential to cause health problems and many people are allergic to it. The severity of the health effects depends on the type or amount of mould and any pre-existing health problems. People with asthma or allergies are more susceptible to mould-related problems. Mould weakens its host food source and can cause structural damage to buildings. Mould can develop on organic materials if they remain wet for 24 to 48 hours. It is not the quantity of water, but the time the material has been exposed to water or moisture that determines the growth of
Read More