Barbara Morris Broker

What is Landlord Insurance, and How Does it Work? Renting out property can be a fantastic way to earn a little (almost) passive income. But before you jump in, landlord insurance is well worth taking a look at. Below, we’ll go over the basics and discuss why it’s worth getting. What is Landlord Insurance?... Landlord insurance is a policy that is specifically designed to protect owners of rental properties. There are different levels of coverage, but for the most part, the policy is aimed at non-owner-occupied properties inhabited by tenants. It covers many of the same things as the typical homeowners insurance and includes several additional points specific to rentals. What Does Landlord Insurance Cover? Most landlord policies are built on three major protections: damage to the property, loss of income and liability protection. Let’s take a closer look at each. Property Protection Property protection typically covers the following: Dwelling: landlord insurance protects against physical damage to the structure of your property. Things like storm, hail, wind and fire damage are generally covered as standard, but it’s worth double-checking. Appliances and furnishings in your property can also be covered in case of damage or loss. They’ll typically be covered for the same issues as above, fire, lightning, etc. Loss of Income This refers to the income you get through renting your property. You will be covered in the event that your property becomes uninhabitable, for example, in case of infestations, structural damage or severe mold, etc. Liability Protection If accidents happen on your property to your tenants, their guests or any other visitor, this protection will cover any required medical or legal fees. Things such as injuries caused by icy footpaths, poorly maintained stairways, disturbed hornets’ nests or structural collapse will generally be covered if it’s found to be your responsibility Reference: https://cutt.ly/JnuS5sx #realestate #realestateagent #realestateinvestor #realestateinvesting #realestateblog #realestatestyle #realestatetips #realestatenews #realestateadvice #realestategoals #realestate

Red hot: Canada’s booming real estate market While the upward trend of housing prices has been a reality for years, the onset, COVID-19, was seen as a firehose that might’ve doused and cooled off a raging real estate inferno. But, it defied expectations, and the problem itself is multi-faceted, which can’t be solved with a simple band-aid solution. The stories of the people currently trying to navigate it are as complex as the factors that caused it in the first place. The d...isparity between incomes and home prices is soaring. The average sticker price for a detached home in Canada in March 2021 was $716,000, up 31 per cent from the year before. Meanwhile, forty-eight per cent of survey respondents planning to purchase a home in the next two years say their budget is less than $500,000, according to a recent RBC survey. It describes Canada’s real estate market as adjusting, we’ve experienced a shock in regard to how working from home is becoming the new normal and how, because of low-interest rates, it’s easier for Canadians to receive credit to buy a home. Interest rates were kept low to keep people spending money in an economy that had been shaken. Canada currently has a sellers market, meaning there are more buyers than sellers, and buyers must compete against each other for a home, sometimes igniting a bidding war. To encourage this, some sellers will intentionally list their home below value to drum up interest and get prospective buyers into a bidding war. Multiple buyers will put in offers and try to outbid each other while the price climbs. During a bidding war, buyers know how many other bidders they’re up against but are unaware of the top offer. In the current market, homes often receive multiple offers and can sell for tens if not hundreds of thousands of dollars over the listing price. Reference: https://cutt.ly/GneBqos #realestate #realestateagent #realestateinvestor #realestateinvesting #realestateblog #realestatestyle #realestatetips #realestatenews #realestateadvice #realestategoals #realestate

The Console Table Buying & Styling Guide Console tables are a staple in most homes. Don’t be fooled by these seemingly simple tables. Console tables are one of the most versatile pieces of furniture you can buy! Console tables are essentially a tall table about 30-33 inches high. They tend to be taller than coffee tables, but a bit lower than counters. This height will allow most people to comfortably reach the table without bending over.... Where to Put a Console Table There’s so many different areas you can place a console table in your home. Entryway A console table is the easiest piece of furniture you can put in your entryway. It can serve as a catch-all place to drop things off when you get home. You can also keep important things on the console table to ensure you bring them along the morning after or the next time you are supposed to leave the house. Hallway Long or wide hallways can feel bare without a console table. Adding a console table with a table lamp can add some charm to an otherwise boring hallway in your home. Behind Sofa Lots of people opt to cover the boring backside of their sofa with a console table. You can display family photos, decorative accents, books, table lamps and more on the surface. Dining Room Instead of a buffet, an easy addition to your dining room is to have a console table against the wall. You can add a table lamp and display a beautiful painting above it to complete the look. Styling Ideas Styling your new console table doesn’t have to be difficult. You can use one or more of these objects to give your console table some character. Table Lamp Place two twin table lamps on each side of a console table to give it balance. Large Art Hang a large painting that measures a few inches shorter than the width of your table on the wall right above it. Tray Place a catch all tray on your console table to hold keys and your wallet after you walk in the door. Reference: https://cutt.ly/Qb0MLX1 #realestate #realestateagent #realestateinvestor #realestateinvesting #realestateblog #realestatestyle #realestatetips #realestatenews #realestateadvice #realestategoals #realestate

When Will Prices Soften Within the Canadian Real Estate Market? While prior to the pandemic, many people migrated to bigger cities for job opportunities and proximity to work, within the last 12 months the opposite has occurred. Canadians have moved from big cities into smaller, more rural areas that promise green space and larger living quarters at a fraction of the cost, compared to urban centres such as Toronto and Vancouver.... One factor is that with work-from-home even more generalized, many people don’t have to live within commuting distance from their jobs. That means that folks who own condos and smaller homes can take out built-up equity and move to a property that better meets their needs as over the past year, home is not only where you eat a few meals and sleep, but also the office, your kids’ school, playground, gym, etc. These changing Canadian homebuyer appetites have exerted pressure upon smaller real estate markets across the country that have welcomed the surge in demand but are struggling to keep up with supply. This has contributed to the upward surge in Canadian real estate prices over the past year great news for homeowners, but a hurdle for first-time buyers who are eager to take advantage of current record-low interest rates. The Bank of Canada’s low interest rate has led to many potential homebuyers engaging in the real estate market. All signals from the Bank of Canada currently point to interest rates remaining low for the rest of 2021 and potentially through 2022. In addition, it is forecasted that 701,000 properties are expected to be exchanged using the Canadian MLS systems in 2021. For the rest of 2021, it is anticipated that activity will continue to climb and set monthly records. The national average home price could rise by 16.5% to just over $665,000 this year a figure that may not be sustainable in the long run. Reference: https://cutt.ly/AbBtsXz #realestate #realestateagent #realestateinvestor #realestateinvesting #realestateblog #realestatestyle #realestatetips #realestatenews #realestateadvice #realestategoals #realestate

5 Awesome Meditation Room Ideas to Help You Relax Ideally, you want a quiet and comfortable spot away from other distractions. There are no hard and fast rules about what you should have in your mediation room, but you want to surround yourself with items that bring you a sense of calm. Try these seven meditation room ideas to help you create the perfect place to find your inner peace. Less Is More... If you’re having trouble clearing your mind, start by clearing out your space. The perfect meditation space begins with a clutter-free spot that contains only the bare essentials. Clear the floor of everything that isn’t part of your Zen zone. Carve Out A Corner If you dream of a private meditation room, but you don’t have a whole room to spare, find yourself a quiet corner to call your own. Hang a hoop canopy with long flowy curtains and pile in some floor pillows to create a cozy spot to practice mindfulness. Take in the Views Sometimes it’s not so much about the room but the view that makes the best spot for meditating. Search out the most relaxing view in your home and set up a comfortable seat where you can appreciate the scenery. A serene view with as few distractions as possible will be the most conducive to quiet contemplation. Get Outside If you don’t have any space to spare indoors, it’s time to look beyond your four walls for a quiet spot to collect your thoughts. The great outdoors is an excellent place for meditation because it offers that oh-so-important connection to nature. Level Up Your Lighting You have two choices when it comes to lighting your meditation rooman abundance of natural light or soft, warm lighting. Although natural light is ideal, you may not have a quiet option that also offers good lighting. If that’s the case, choose candles or low-level lighting to give your meditation room the right ambiance. Reference: https://cutt.ly/Hb94ZYx #realestate #realestateagent #realestateinvestor #realestateinvesting #realestateblog #realestatestyle #realestatetips #realestatenews #realestateadvice #realestategoals

Housing Market Should Return to Normal by 2023: CMHC The national housing market has experienced quite a bit of turbulence over the past year; despite initial forecasts that sales would plunge due to the pandemic, the demand for homes for sale has been hotter than ever, turning typically quieter towns and cities into sellers’ markets, and ramping up home prices. Now that vaccines are rolling out and a potential end is in sight for the pandemic, how will this impact the re...al estate market in Canada’s largest centres moving forward? The Canada Mortgage and Housing Corporation (CMHC) has recently released their 2021 Housing Market Outlook, forecasting a recovery path for the economy and as an extension, housing markets, across the country. The National Housing Market Could Look Normal By 2023 In the first half of 2020, home sales and price growth had faced a sharp decline from the last quarter of 2019, due to the initial impact of the pandemic. But, while new lockdown restrictions caused a temporary freeze in the market buyers and sellers were hesitant to move forward with deals amid a global health crisis they also limited overall household spending, leading the average household savings rate to reach historic levels in 2020. Greater Toronto Area Market Will Continue to Sizzle Return of immigration will boost sales: While the most recent numbers for the Toronto market reveal buyer demand is starting to slow sales dropped 12.7% between March and April 2021 the return of immigration post-pandemic will reignite activity. More new homes to be built in the suburbs: The CMCH expects construction activity to increase in 2022; there has been particularly high demand for ground-oriented homes (such as detached houses, semis, and townhouses) as buyers desire more living space. This will lead to a boom in building, especially in suburban 905 areas, while building in the 416 will continue at a steady pace. Reference: https://cutt.ly/Zb97GLN #realestate #realestateagent #realestateinvestor #realestateinvesting #realestateblog #realestatestyle #realestatetips #realestatenews #realestateadvice #realestategoals #realestate

How to Reduce Waste: Upcycling, Reusing & Alternate Products It’s great to be diligent about recycling, but if you really want to help the planet, the best thing you can do is not make waste in the first place.Between smart reusable products and clever upcycling ideas, it’s easier than ever to make less waste. Where to Begin... Plastic bags and single-use water bottles are bad for animals, the environment and your health. And even though plastic bottles are recyclable, many of them don’t end up in recycling. They also require an incredible amount of resources to both produce and recycle. There are so many cute and functional choices when it comes to reusable beverage containers; why would you not want to have one And not only do they help the environment, but they also save you money. Water is free if you have your own container and many coffee shops offer a discount if you bring your own cup. Additionally, many retailers now provide reusable bags when you shop, giving you another low-cost way to reduce plastic waste. Just leave the bags in your car and grab one anytime you run into the store. The Next Step Once you’re comfortable taking your reusable bag and bottle everywhere, it’s time to take the next steps. There is a wide range of products on the market designed to help eliminate single-use waste. Beeswax wraps keep your food fresh and actually work a lot better than plastic wrap. They come in all different sizes, and when they wear out, they’re compostable! Glass food storage containers are microwave and dishwasher safe and won’t leach toxic chemicals into your food. Shop Local When you shop at farmer’s markets and small businesses, not only do you help your local economy, you also reduce the amount of waste and recycling you create. Locally grown produce rarely comes in packaging and doesn’t use all the resources associated with shipping items. Reference: https://cutt.ly/XbBA7k9 #realestate #realestateagent #realestateinvestor #realestateinvesting #realestateblog #realestatestyle #realestatetips #realestatenews #realestateadvice #realestategoals #realestate

Ontario Homebuyers Deserve Choice When it Comes to Auction Buying: OREA In Ontario’s housing market, where demand continues to outstrip supply, homebuyers are snapping up what’s available, often following highly competitive bidding contests. Multiple offers on properties continue to be the norm, driving up already high prices for homes throughout the province, with the average price of resale residential homes sold across Ontario in April reaching $869,788, a year-over-year... increase of 46%. At the same time, while homes are selling in auction processes a move that is said to be a way to reverse rising home prices. However, the Ontario Real Estate Association (OREA) says homebuyers are rightly concerned about rising prices and a shortage of new listings and homes, but an auction process won’t help. OREA argues in jurisdictions where auctions are common, prices have risen as auction fever leads to higher bids. The association says auctions could also mean buyers would have to share private information during the process, such as a need to sell their own home to finance the purchase of another OREA successfully lobbied the Ontario Government to allow buyers and sellers to choose if they want to use the traditional offer process or an auction, provided all parties consent as part of the Trust in Real Estate Services Act (TRESA). While this is a step in the right direction, the current landscape of bidding wars in Ontario’s housing market is emblematic of a much larger issue: there is simply not enough supply to meet demand, leading to multiple offer situations and higher home prices. More homes and more affordable choices will help frustrated buyers finally get the keys to a new home, while innovative and prudent financing options will help first-time buyers with the initial down payment. Reference: https://cutt.ly/PbBRWvn #realestate #realestateagent #realestateinvestor #realestateinvesting #realestateblog #realestatestyle #realestatetips #realestatenews #realestateadvice #realestategoals #realestate

Tips on how to choose the right sofa color for your living room Sofas are the heart of the home. Big and beautiful, they’re the main focus of any living room, so it’s essential that everything from styling to sofa colour is spot on. For expert tips on how to pick the right sofa colour for your living space, take a look, below Consult your existing décor... Imagine a zebra print sofa in a doctor’s waiting room. Seems crazy, right? That’s because we expect rooms, from their sofas to their door frames, to stick to a certain theme. While this might sound confusing, it’s actually much simpler to get right than you think. Look at your colour palette If your lounge has a traditional theme (perhaps you have a rustic fireplace or unfinished wooden floors), then browns, greys, and reds are an ideal sofa colour. If your theme is much more contemporary (geometric prints and minimalistic décor is an example), then contrasting colours like whites, blacks and bright colours work particularly well for sofas. Pay attention to flooring You might not know it, but flooring colour has a huge influence on how sofas look. Think about it: if you are adding a sofa to dark hardwood floors, then a sofa with light or bold shades will stand out spectacularly. If you’re styling around cool carpet colours and light wood floors, then sofa shades at the darker end of the spectrum will do your sofa justice. Be practical While it can be tempting to simply pick your favourite shade (maroon for us, please!), sofa colours should be practical, too. Luckily, there are ways to make a stylish compromise. Think about who will use the sofa This might seem obvious, but it’s surprising how many people are shocked when black pet hairs ruin a lovely new cream sofa. To safeguard your sofa against inevitabilities, such as mucky paw prints and sticky fingerprints, then choose a neutral, dark or medium colour for your sofa; this should hide small spots and stains. Reference: https://cutt.ly/DbSpIwG #realestate #realestateagent #realestateinvestor #realestateinvesting #realestateblog #realestatestyle #realestatetips #realestatenews #realestateadvice #realestategoals #realestate

GTA home sales up 362% since last April, but market is starting to slow: TRREB The Toronto Regional Real Estate Board says April delivered a record number of home sales for the region, but the market is starting to slow from the torrid pace seen earlier this year. The board says 13,663 homes were sold in the region in April, a 362 per cent increase from the 2,957 properties sold last April, which was the first full month of the COVID-19 pandemic.... However, home sales in April were down 12.7 per cent from 15,652 in the month prior. The average selling price amounted $1,090,992, up from $820,226 last April but down from $1,097,565 in March 2021. TRREB says the month-over-month decreases are a sign of a pullback in market activity and indicate that the region may be exhausting its pool of potential buyers within the existing GTA population. Reference: https://cutt.ly/ibFzWQK #realestate #realestateagent #realestateinvestor #realestateinvesting #realestateblog #realestatestyle #realestatetips #realestatenews #realestateadvice #realestategoals #realestate

Buying vs. Renting How the 5% Rule Can Help You Decide Buying a home is often seen as a step forward in the game of life. But choosing the right time can be tricky. If you’re trying to figure out whether you should continue to rent or get your foot on the property ladder, it’s worth having a look at the 5% rule. What Is the 5% Rule?... The 5% rule was coined by Canadian investment portfolio manager Ben Felix. It stems from the general consensus among potential homebuyers that if you can afford to make mortgage payments that are equal or less than what you’re paying in rent, then buying is a better alternative. However, the 5% rule puts the buying vs. renting dilemma in a different light by factoring in the unrecoverable costs that occur in both cases. What are unrecoverable costs? If you’re renting, they’re self-explanatory: your monthly rent is an unrecoverable cost. The money spent does provide you with a place to live, but it won’t help you own an asset as homeownership does. In the case of homeownership, unrecoverable costs do not consist of mortgage payments. This is where the 5% rule comes in, highlighting three types of costs and their estimates, as follows: Property tax, estimated at 1% of the home value; Yearly maintenance costs, also estimated at 1% of the property value; Cost of capital, or the mortgage interest rate, estimated at 3%. When you add them up, these unrecoverable costs can add 5% of your home value to your yearly expenses. How Can It Help You Decide? The easiest way to look at the practical applications of the 5% rule is by using this simple formula: multiply the value of a property by 5%, then divide the number by 12. The result is a monthly break-even point, which could help you decide which is a better financial choice: buying or renting. Reference: https://cutt.ly/ibHnAdR #realestate #realestateagent #realestateinvestor #realestateinvesting #realestateblog #realestatestyle #realestatetips #realestatenews #realestateadvice #realestategoals #realestate

These are the areas where Toronto home values have jumped the most If you bought a home in Scarborough just before the start of the COVID-19 pandemic you could be looking at a 25 per cent increase in value, a new report claims. Toronto-based real estate brokerage company Properly laid out their findings Tuesday by way of an AI-powered home value calculator called Instant Estimate.... The results showed that the value of properties purchased in Scarborough, Etobicoke, and York in the six months before the onset of the pandemic appreciated the most, while homes in the downtown core appreciated the least. According to Properly, the median sold price of a house in Scarborough between September 2019 and February 2020 was $710,000. Fast forward to May of this year, you’d have to shell out some $915,000 to afford the same property. Conversely, the median sold price for a property in downtown Toronto was $680,000 in the months before the pandemic arrived. Now, that same property is worth $721,709, representing an increase of about eight per cent for the area. Reference: https://cutt.ly/cbFlbDr #realestate #realestateagent #realestateinvestor #realestateinvesting #realestateblog #realestatestyle #realestatetips #realestatenews #realestateadvice #realestategoals #realestate

Pro Tips for Choosing Artwork for Your Home One of the most frequently asked questions designers get is, "How do I choose the right artwork?". There are a few guidelines to make sure you select the right piece for a specific space. For the Kitchen... The kitchen is often referred to as the "heart of the home" and in many cases, the most used room of the house. Countertops or spaces above cabinets are perfect homes for art. To keep the art in the details, lean toward smaller pieces that complement, not overwhelm, the space. For the Bedroom The bedroom is a retreat, a place for relaxation and the artwork should reflect that. The best walls for art in the bedroom are directly over the bed or on the wall opposite the bed. Large scale pieces are best and should be hung at eye level. Look for abstract pieces with soothing colors or tones. For the Office Whether you work from home or in an office, art is a great way to personalize your space and keep you inspired. Our favorite way to do this is by creating a rotating gallery. Next is the fun part, you can pick out an assortment of artwork that inspires you. Envision a mood board of sorts, positive images or works by artists who inspire you are good places to start. You want to incorporate different sizes as well, big and small so the possibilities are endless. For the Bathroom The artwork you choose should go with the vibe of the bathroom. Bathroom art looks great in pairs, we like to choose a set of two either stacked or side by side. They can be two of the same abstract pieces with one flipped on its side, or two different pieces that go with the same theme. For the Living Room The most fun room to decorate with art, and most times, the most intimidating is the living room. Choosing the right piece is elemental in provoking conversation and setting the feel or vibe of the space. You can opt for one large-scale piece or a large gallery wall. Sometimes you need to think outside the frame. Reference: https://cutt.ly/Kx5J0PW #interiortrends #designtips#realestate #realestateagent #realestateinvestor #realestateinvesting #realestateblog #realestatestyle #realestatetips #realestatenews #realestateadvice