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WATERLOO REGION AND GUELPH REAL ESTATE MARKET UPDATE

Choosing the right time to buy a home is always tricky.  Although the market has softened a little in our area this year compared to last, it is still a strong market, which can make what is likely the biggest purchase you’ll make in your life a stressful one.  If you haven’t purchased a home in the past few years, here are a few things you should know about our current market.

Both variable rate and fixed rate mortgages have increased in the past year. Variable rate mortgages are primarily indexed against the Bank of Canada’s prime lending rate, which has increased twice by 25 basis points this year to 1.5%. Most or all variable mortgage rates will be higher than that, with many hovering slightly under 3.0% for a 5-year rate.

While longer (5-year) term variable mortgages offer lower rates, in the fixed rate mortgage world, shorter terms (1- or 2-year) on fixed rate mortgages tend to be lower than their long-term counterparts, at the cost of less long-term certainty.

You can often qualify for lower rates depending on your credit rating. A local mortgage broker can also help you navigate the world of mortgages and explain all the options to find the product that’s best for you. In addition, they are often able to get preferred rates from mortgage lenders.

In the first half of 2018, the Kitchener-Waterloo area sold 19.1% less homes compared to the same period in 2017, and in the early part of this year in Guelph, 15.5% less homed were listed in 2018 compared to 2017. 24.9% less units were sold in the first half of 2018 compared to 2017. But that doesn’t mean we are trending to a “buyer’s market.”  There were less homes listed for sale from January to June this year, and June 2018 had 40.1% less homes listed than 10-year June average of 1,728.  The homes that were listed and sold did sell for slightly more than last year.  Still, with the rate of selling decreasing, this year’s buyers likely will not be pressured to issue unconditional offers, which can give you the time to schedule a home inspection and get to know your new home before fully committing.

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THE DOS AND DON’TS OF ATTIC MOLD

Mold can often be apparent in many areas of your home, however, there is one place it can build up that most homeowners do not often check: the attic.  Silently growing toxic attic mold can spread through the air of your entire home and, in the worst cases, cause otherwise unexplained colds or flus.  Regular inspection for attic mold is important. 

Early formations of mold can appear as a light powdery coating or skin in small splotches or speckles in one of many colors – white, green, brown, or black – on the surface of your attic’s wood or insulation.  In whatever form it appears, mold forms in damp environments where condensation forms, and not from roof leaks. Most roof leaks drip into the living area of your home, and as such, are typically noticed and fixed immediately. Rather, attic mold growth from condensation occurs when the air in the attic is 100% saturated and cannot hold any additional water molecules.  When this happens, condensation forms on anything that is less saturated, such as the house’s roof framing.

If attic mold and condensation does not come from roof leaks, where does it come from?  Sometimes it comes from a poorly sealed ceiling when there is excessive moisture from the living space below the attic, such as steam from the kitchen, or hot showers in the bathroom.  It can also be caused by insufficient ventilation in the attic, such as improperly installed ventilation components that allow air from the home to be vented into the attic instead of outside.  In either case, the warm, moist air condenses on the cold roof sheathing, creating the perfect condition for mold growth. These air leaks also make your home less energy efficient, putting more strain on your home’s furnace or air conditioning.

Attic inspections are just one of many aspects of a home inspection with Building Insights. And, don’t forget to regularly inspect your attic after you’ve moved in to catch mold growth early, improve air quality, and keep your home energy efficient!

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LEAD SAFETY: IS YOUR DRINKING WATER SAFE?

You might be asking yourself, “How does lead get into our drinking water?” The answer is simple, but not always easy to detect. Lead enters drinking water during the corrosive process that happens to metal fixtures, particularly if the water is highly acidic, or has a low mineral content. The most common culprit is brass or chrome-plated fixtures that have lead soldering.

Lead pipes are most common in homes that were constructed before the late 1980s, at which time, safer alternatives were used in construction, and lead pipes were discontinued.

There is no safe amount of lead to ingest, as it’s an extremely toxic metal and can build in your body over time. Behavioural issues are known to occur when children, infants, and fetuses are exposed to lead, so it’s important to take the proper steps in determining whether your home has lead pipes.

Check with your local municipality or utility provider to see if they offer lead testing, such as this one offered by the City of Waterloo. These programs should always meet the Ministry of the Environment’s requirements for lead sampling of drinking water systems.

If you are concerned you have lead pipes, be sure to get a test as quickly as possible, but in the meantime, you can follow the below precautions:

1. Flush the line for several minutes before consuming or cooking with the water
2. Only use water that has sat in the pipes for 6+ hours for bathing (human skin does not absorb led, so it’s safe to wash with), or for watering plants.
3. Only drink water from cold water taps.

Remember, if lead is found in your drinking water, it is the responsibility of the property owner to pay for all costs associated with the replacement of the water system.

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MOLD – CAUSES, REMEDIES AND PREVENTION

Mold, a fungus which can grow on building materials, can cause some serious problems within your home. If not dealt with, mold can grow to become a significant health hazard. These symptoms can include coughing, phlegm build-up, wheezing, shortness of breath, and more.

Causes of Mold

Once spores are present in your home, mold only needs a few things to start growing. A dark, humid environment will allow mold to grow along with a food source which can be wood, drywall, or other organic materials. It does not take long for mold to grow. Under the right conditions, most mold can begin to grow within 48 hours.

If you have a water leak, mold can begin to form if not attended to quickly. Leaks can be tricky as they may not always be in sight. Leaking pipes, for example, often go undetected as they are hidden inside a wall. This means by the time you reach it, chances are mold is already present. Other causes for mold may include condensation, poor ventilation, wet clothes and flooding.

Remedies for Mold

While it may not seem very dangerous, mold can be toxic. It is best practice to hire a professional rather than removing the mold yourself.

However, if you have mold in your home that is not toxic, it can be possible to do it yourself. This is only if the area is smaller than a 3 by 3 foot area. If you choose to do it yourself, be sure to wear protective equipment like a respirator, googles, gloves and a full body protective suit while doing so. Bleach, borax, vinegar and ammonia can all work in removing mold spores. You will also need to contain these spores in order to ensure they do not spread around your house. The best way to do this is to seal off the room you will be working in as well as use plastic sheets to cover openings like vents and doorways. Ensure they are sealed well with duct tape!

Preventing Mold

Mould needs organic compounds in order to grow, which can be easily found within a home. However the biggest factor is preventing excess water within the home including moisture, water leaks, humidity and condensation.

If you find a room in your home is feeling damp, it is a good idea to purchase a dehumidifier. This will help circulate the air so it does not stagnate while removing excess moisture.

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6 DIY RENOVATION IDEAS THAT WILL NOT BREAK THE BANK

Now that summer is here, many of us have the urge to make some changes. Whether it is the bright sunshine or the longer days, we all get the motivation to spruce up our lives. While home renovations can seem daunting, they do not have to be. Take a look at these 6 ideas to revamp your home that you and your bank account will love.

Add a Doormat
An easy way to spruce up the entrance to your home is a doormat. Whether you opt for one before you enter or just as you step foot in the door is up to you. Inside it also serves as a protector of hardwood flooring!

Upgrade Your Mailbox
Who said your mailbox had to only be for letters and flyers? Use your mailbox to add a pop of colour to your home’s façade. Opting for an ornate mailbox can add a touch of elegance to the front of your house. 

Get Creative with Your Shelving
Who says you have to use a standalone shelving unit? Try adding some wall-mount shelves instead of a bookcase. It will free up some floor space while making the room look larger. This is also a great option to help de-clutter a countertop in areas like your kitchen.

Add Some Mood Lighting
Ditch the traditional on/off light switch for a dimmer in rooms like your dining room or family room. This can add some extra mood lighting for a romantic dinner or help create a theatre experience when watching a movie with your family.

Wallpaper a Door
Do you have some wallpaper left from an older renovation? Put it to use! Cut it to size and paste it over door panels to add some extra flair to a room. 

Closet? How About a Home Office?
Time to lose the hanging rods! Fit the space with a large shelf to use as a desk. Then all you need is a chair and a table lamp. You can add some shelving above as well for more storage space. Want to divide the office from your home? An accordion style door is a great way to hide your business when you want to focus on pleasure.

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LEAD-BASED PAINT AND IS IT IN YOUR HOME?

While lead-based paint may not be on the top of your mind these days, it could be present in some of Canada’s older homes. It might not seem like a big deal to some, but disturbing the paint through regular wear and tear can expose your family to some serious health risks. Children and pregnant women are most at risk as their immune systems are more susceptible to these health concerns.

Not sure if there is lead-based paint in your home or what to do about it if there is? Below are the answers to your questions. 

Does Your Home Contain Lead-Based Paint?

Was your home was built before 1960? If your answer is yes, then there is a high chance that the paint within your home contains lead. If it was built between 1960 and 1990, there is a possibility the exterior paint contains lead. After 1990, all consumer paint products produced within Canada and the USA were considered lead-free so there is no cause for concern past this year.

How Can I Find Out For Sure?

One way to do this is by sending paint chip samples from your home to a lab for a full analysis. You could also hire a contractor who has the proper equipment for detecting lead paint.

If I Have Lead Paint, What Should I Do?

In some instances, leaving the lead-based paint be is safer than removing it. This is only the case if it is not chipping or if it is not within a child’s reach. Covering this area with paneling or wallpaper can provide an extra layer of security. If the paint is chipping however, the paint should be removed as soon as possible for the safety of you and your family.

Still have questions about lead-based paint? Health Canada has a great resource that should answer all of your concerns.

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LEAKY BASEMENTS – CAUSES AND REMEDIES

When buying a home, it is hard to tell if the property you are looking at has a soggy secret. It is not until the rain starts to pour that you will find out you have a leaky basement on your hands. The dingy basement is often the most ignored room of the house, but it can also lead to costly repairs if left unattended. Here are some things to look out for to avoid water damage in your basement.

Water Collecting Around the Foundation
While a normal rainfall may not bring any signs of concern, a torrential downpour might. It is important to have a proper drainage system that directs water away from the house. This includes having the landscape of your property slope away from the structure to divert water from the foundation.

Door and/or Window Cracks
During the next rainfall, look for signs of leakage around your windows and doorways. If you find water, it could mean there are small cracks or holes around your doors and windows. The sealant around them could also have let go, causing water to sneak in. Reseal with caulking anywhere you find a flaw.

Pipes Leaking
The source may not always be from outside! Leaking pipes are a common problem and could be your cause of dampness in the basement. It is a good idea to regularly inspect your pipes for any cracks or blockages. When the weather turns cold, be sure to drain exterior faucets to prevent any freezing which could lead to a burst pipe and a basement flood.

Condensation
If you cannot find a source of water, it may just be high humidity levels within your basement. What could cause this? Poor ventilation is often the culprit or just warm summer temperatures. If it looks like your walls are sweating, chances are it is a condensation problem. Luckily it can be fixed easily by purchasing a dehumidifier to help collect that excess moisture. 

If you leave any of these things unattended, it can lead to stains on your walls and/or ceiling, warped wood, cracked flooring, or even mould and mildew. Taking the necessary precautions will help avoid any extensive damage to your home.

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HOME INSPECTOR CREDENTIALS AND WHAT TO LOOK FOR

As the housing market continues to pick up, more homes are being bought and sold. Home inspections are an important part of this process, and not having the right home inspector can have homeowners dealing with a serious headache – and possibly issues with home insurance. Here are some questions to ask before hiring your home inspector. 

What is Their Experience?

How long have they been in the industry? How many home inspections have they performed? These are all great questions to ask. Our principal inspector, Keith, has years of experience in the construction, renovation and industrial sectors. He has also conducted 5000+ residential and commercial inspections. This kind of security is earned, not given and should be something you look for in a home inspector.

What are Their Credentials?

Have they gone to a reputable school? Are they a member of a professional association? There are many provincial associations. Some of the more reputable ones are, The Canadian Association of Home and Property Inspectors (CAHPI), The Ontario Association of Home Inspectors (OAHI) and the National Home Inspector Certification Council (NHICC). Each of these associations have a code of ethics and standards of practice they follow. When looking for a home inspector, it is highly recommended to look for one that is certified by the NHICC as they are highly recommended by The Canada Mortgage and Housing Corporation.

Can You Accompany Them for the Home Inspection?

A big red flag is if the home inspector you’ve chosen doesn’t allow you to tag along as they perform their inspection. While some inspectors will feel more comfortable doing the inspection solo, they should be happy to have you in the vicinity, so any issues can be observed in person. This way you can ask any questions or address any concerns directly with the home inspector.

Is There a Checklist?

A home inspection checklist is a great way to ensure every area of the house is covered and no key elements are missed. This list should cover the grounds, the home’s structure and exterior surfaces, windows, doors, wood trim, roof, attic, the interior rooms of the house including the kitchen, bathrooms, basement, and any crawl spaces, plumbing, electrical, and finally the heating/cooling systems. Building Insights offers their clients a comprehensive online report with interactive content and photographs to supplement their findings.

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HEALTH RISKS OF ASBESTOS AND HOW TO PROTECT YOURSELF

You have probably heard the term asbestos being used when it comes to home renovations, car maintenance or even at work. Prior to 1990, asbestos was primarily used to insulate buildings and homes as well as for fireproofing. In industries such as construction, it was used in many products such as cement, plaster, building insulation, floor or ceiling tiles, drain piping, house siding, heat shielding and roof shingles to name a few. Some other common products are vehicle brake pads and motor transmission components like clutches. 

These naturally occurring fibrous crystals can be detrimental to your health if inhaled. Breathing in asbestos fibres can lead to:
•  asbestosis – lung scarring which can cause breathing difficulties
•  mesothelioma – a rare type of cancer within the lining of the chest
•  lung cancer – if you’re a smoker, your risk is greatly increased

Exposure to asbestos can occur if a building or home is undergoing renovations or being demolished. These small fibres can be released into the air during activities such as removing insulation, removing roof shingles or siding, disturbing vinyl floor tiles, breaking acoustical ceiling tiles, sanding plaster or scraping old surface treatments like spackling, paint, putty, caulking or drywall if they contain asbestos. 

However, there are no significant health risks as long as the materials which contain asbestos are sealed behind walls and floorboards, isolated within the attic or tightly bound and left undisturbed. You can reduce your risk of exposure by hiring a professional to test for asbestos before completing any renovations, remodeling, demolitions or additions to your home. In the case where asbestos is found, do not panic. You can hire an asbestos removal specialist to eliminate the hazard before starting your home project.

Asbestos can also be found within some brake and transmission parts. Before attempting any car maintenance, it is suggested that you call the auto parts supplier to see if any of the parts you will be working with contain these fibres. If you are unsure, it is best to take your car to a commercial automotive shop so they can service your brakes or clutch.

If you are ever unsure if the product or material you will be working with contains asbestos, always call a professional. It is better to be diligent and do your homework ahead of time.

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DIY RENOVATION MYTHS YOU SHOULD KNOW ABOUT

When it comes to home renovations, don’t believe everything you hear. Making your house into a home can require some work, but many blow aspects out of proportion – especially those you see in the media. While some horror stories are true and can make you nervous to tackle a home renovation project, we’ve demystified some of the tales you’ll hear.

Minor Renovations Don’t Need Permits
If you’re looking to mainly do cosmetic renovations to your home, chances are you won’t need a permit. If it’s more intense than that however, you may need one so it’s a good idea to check before starting. Better to be safe than sorry!

Buying Your Own Materials Saves You Money
This may be the case if you’re doing the home renovations yourself. If you’re hiring a contractor though, they may have already built a relationship with a supplier which could save you some money.

Environmentally-Friendly Renovations Aren’t Cheap
Despite the fact that some ‘green’ materials may cost more upfront, they can end up saving you some serious cash in the long run. There are also rebates you can take advantage of those offered by the Green Ontario Fund.

Projects Always Run Over-Budget
Not the case at all! While it’s good to have a buffer in case any unforeseen costs occur, the majority of projects end up on or under budget. Don’t believe what you see on TV, that’s just for the drama factor!

If It Isn’t Broken, Don’t Fix It
Even if there’s nothing actually broken, updating a room or space can really add value to your home. Not only that but you’re living there now, why not make it the best you can be so you can enjoy it?

Renovations Are A Hassle
Many people believe they’re noisy and messy, but this doesn’t have to be the case! Adding a protective layer of plastic around doors to the renovation area can help reduce noise. Protective doormats at entrances can also help stop dust and dirt from being tracked around your home.