Spring Thaw: Preventing Water Damage

Your home shielded you from the blustery winds, sleet and snow of the winter months. As temperatures rise, the spring thaw will test how well it stands up to the additional moisture. In most Canadian provinces, water is the top cause of damage to homes. Water damage is notoriously expensive and sometimes difficult to eradicate.

While your home insurance policy does cover certain types of water damage, such as plumbing system ruptures; other types, such as flooding, may not be covered. Spotting trouble areas and proactively preventing water damage will help you avoid costly repairs and health hazards further down the line.

Roof
Winter can be rough on your roof. As the weather warms up and the snow melts, it is important to check how well your roof weathered the storms. A common contributor of water damage to your roof is ice damming. An ice dam occurs when snow on the upper portion of your roof melts and freezes on the lower half, creating a wall like formation around the gutter. Water becomes trapped behind the ice dam and can leak into your home.


A key indicator of ice damming is the presence of icicles on your roof edge.
Once your roof’s water-proof seal is compromised, excess moisture can lead to structural deterioration and damage to the ceilings, walls and insulation within.

The main cause of ice damming is heat transfer from the living area to the roof due to inadequate insulation or poor ventilation in the attic. To prevent water entering your home through the roof:

Have a professional conduct an attic inspection for heat leaks
Ensure proper air circulation in the attic by clearing vents and chimneys
Inspect eavestroughs for blockages
Replace any cracked, curled-up or missing shingles
It is important to make a habit of inspecting your roof twice a year, in the spring and in the fall, regardless of its age.

Foundation
A quick walk around your home should help identify areas of concern and highlight signs of damage. Here are some areas to look out for:

Concrete or stone walkways and patios should slope slightly away from the basement walls for proper drainage. Areas where water is pooling could benefit from:
Adding proper backfilling to create a slope away from the foundation
Realigning patio or walkway stones to slope away from the house
Cracks can occur due to moisture build up over the course of winter. To prevent further damage be sure to have the cracks sealed.
Check for potential water leakage through basement window wells. Clear away debris from inside the wells to provide proper drainage for melting snow.
Remove debris and leaves from your eavestroughs.
Keep eavestroughs clean, repair loose joints and missing sections, and ensure downspout extensions are pointing away from the foundation so the water drains at least 6ft. (1.8m) away.
Weeping tiles are another solution for excess water build-up. They are porous pipes buried along the perimeter of the foundation to collect excess water from the soil. You can confirm with your builder or municipality that your home is equipped with one.
Indoors
Keep an eye out for telltale signs of water damage inside your house including:

Water-stained ceilings and drywall and damp areas in the basement
Cracks in your concrete floors that get wider cracks over time or have signs of discolouration from water seepage
Cracked caulking around windows and doors
Signs of mould and mildew build up along wall edges and baseboards
Musty and wet odours
If you are unable to identify where moisture is coming from, consult a professional and have the issue addressed before it worsens. Moisture build-up can pose a health risk for you and your family if not dealt with in a timely manner

Source: Greypower.com

Overpricing Implications

Overpricing their home is the biggest mistake sellers make, though many don't fully understand the implications of doing so. Here's why overpricing is so problematic.

A property never generates so much interest as it does during its first few weeks on market. When you enter the market overpriced, you squander this time by scaring away buyers and, more crucially, real estate representatives looking for properties to show clients. As a result, you can affect the number of showings during those critical first weeks.

Few to no showings mean few to no offers. And that can potentially mean no sale. Even if you do manage to get an offer, it's possible the buyer won't qualify for financing due to a low appraisal of your home (a side effect of overpricing); again, that means no sale.

Now you face a new problem: stigmatization. The longer a property lingers on the market, and the more times its asking price is slashed, the more people will assume there's something inherently wrong with it. Now they have new reason to stay away.

In the meantime, you're stuck making mortgage payments on a property you'd no doubt planned on having sold already, which can be devastating for those who've already bought their next home.

Desperate, you may be forced to accept any offer, however lowball, that comes your way. It's for this reason that many sellers of overpriced properties often end up getting even less for their homes than they would have had they listed at a competitive price to begin with.

Avoid these pitfalls – contact Paula Mitchell today to ask what price is right for your home!

Another successful barrel delivery to Belize

Thanks to your generous donations, 13 barrels were received in Belize and distributed to the very poor. These barrels were filled by your generous donations including books, clothes, household items and more. The generosity of our community is overwhelming. These families rely on us to help provide them with daily items that are commonplace for many of us.

Our current target is to fill as many barrels as possible with school supplies including backpacks, pencils, crayons etc., although children's clothing and shoes are always welcome. Please drop off any items to any one of our Royal LePage Meadowtowne offices or contact me to have the items picked up.

We have, and will continue to be, so grateful for your support.

5 Reasons the GTA housing market will stay strong in 2015

The annual doom and gloom articles about the Canadian real estate market are front page news once again. Even the Governor of the Bank of Canada, Stephen Poloz, says that the Canadian real estate market is overvalued by as much as 30%. We have heard this story before, almost every year in the past 15 years. Hasn’t happened yet, and it won’t happen in 2015.

Here’s why:
1. Interest rates will likely stay low in 2015
The record low interest rates that Canadians have enjoyed for the last several years will likely continue in 2015. Although the Canadian government cannot directly control interest rates, you can bet that with an election coming up in the Fall of 2015, the government will use all tools at its disposal to ensure that there is not a real estate meltdown that they could somehow be blamed with.

2. Not enough land to build new homes in GTA
As a result of Lake Ontario to the south of Toronto and the protected greenbelt to the north, there is not enough land available for the needed new home construction to take place in the GTA. As a result, we see many more high-rise condominiums being developed, in order to handle the demand of both first time buyers and immigrants who continue to make the GTA one of the world’s most sought after destinations. They say that real estate is all about location, location, location. Never forget that we are privileged to live in perhaps the safest, most stable location in the world, right now, with all the resources that the world wants and a growing economy. All of this will contribute to the value of homes in the GTA, especially low rise homes, to increase in value next year.

3. Compared to the rest of the world – Canadian real estate is still a bargain
If you look at the prices people pay for homes in New York, Hong Kong, Tokyo or London, England, by comparison Canadian real estate is still a bargain. This is why so many foreigners continue to buy up real estate in Vancouver and Toronto, as they consider this a very safe place for both their children to come and study in university as well as for their own investment needs.

4. Scarcity of listings in Toronto will not let up
One of the reasons we continue to have bidding wars in the GTA is that fewer homes are put on the market for sale. This has been going on for years now. One of the reasons is that people do not wish to move up or downsize because of the double land transfer tax hit in Toronto. Many people would prefer to stay in their homes and just do the required renovations to retire there, whether building an elevator or a place for a live-in caregiver. Fewer homes on the market will continue to drive up the prices next year.

5. Even the doomsayers admit that if the market does fall, it will be a soft landing
In almost every doom and gloom analysis, the authors, including Stephen Poloz, admit that at most, there will be a soft landing in the real estate market next year. Let’s be real. 30% over-valued does not mean a soft landing. This admission is almost proof that the doom and gloom writers want to have it both ways, so that if they are once again proven wrong about the real estate market, they can state that it was a “soft’ landing.

If you are able to afford to enter the real estate market in 2015, enjoy the ride. Remember, with real estate, it is not just an investment in your future, it is about a home to build a family and memories for years to come, in one of the greatest cities in the world.

Source: Mark Weisleder