The arrival of storms Beryl and Debby brought record rainfall to many parts of Quebec and Ontario in the summer of 2024. Unprecedented flood damage is forcing municipalities and other levels of government to rethink their infrastructures, as extreme weather events occur with increasing frequency. But while we wait for solutions to be put in place to limit the damage to city water systems, here are some ideas to help you better protect your home from future flooding.

What are the long-term consequences of floods for homeowners?

There are many consequences. In addition to immediate material damage, there is an increased risk of structural deterioration, mold and loss of property value. Furthermore, insurance could become more expensive or more difficult to obtain for homes located in high-risk areas. Homeowners must therefore anticipate these risks and adopt preventive measures to protect their investment.

What preventive measures can be taken to avoid the very worst scenario?

With a significant increase in torrential rains and overflows in urban areas, it’s crucial to manage water pipes in the basement. First of all, if your home is flooded, the first thing to do is diagnose the problem at its source, to understand how and where the water has infiltrated, so you can take the appropriate corrective measures.

Installing backflow prevention valves, which ensure that sewage does not flow back up the pipes, is an essential first step. However, sometimes these are not enough. To ensure a superior seal, it is best to install double check valves in the basement. Also ensure that sump pumps are working properly to help eliminate stagnant water around the foundation.

Checking gutters and drains is another important preventive step you can take in the spring and fall to make sure they’re not clogged and that water is draining as far away from the foundation as possible. Make sure your gutters have extensions, so that water doesn’t pool around the property.

In some cases, grading of the ground around the property is considered, so that water runs towards the street and not the property. The aim is to keep as much water as possible from stagnating near the foundation. In addition, installing drainage curbs around windows located close to the ground is an excellent way of preventing water from seeping in.

What can homeowners do in the medium term to better protect themselves?

In the medium term, it’s a good idea to invest in a regular inspection of your home by a professional, whether a building inspector or a plumber. These experts can detect potential faults in foundations, water pipes or drainage systems. Proactively repairing these problems can make a big difference in the event of flooding. Moreover, knowing your property and its level of risk in the event of water infiltration can help you anticipate problems and give confidence to a future buyer, for example.

In the long term, how can homeowners prepare for increasing climate risks?

In the long term, choosing the right location for your home is of paramount importance. If you’re in the buying process, find out about the neighbourhood’s flooding history. If you’re already a homeowner, consider landscaping work to raise the ground around the house or improve drainage. It’s also advisable to consult an engineer or building inspector to assess the feasibility of such modifications.

What is the main lesson to be learned from the 2024 summer floods?

We’ve seen once again this year that no one is immune. Floods are no longer limited to homes in flood-prone areas. They can affect any municipality, any neighbourhood. It’s becoming imperative for citizens, cities and insurers to work together to prepare for this new era of climate change. Everyone must play their part, whether by adopting preventive measures or adapting infrastructures.

Fourth consecutive cut brings key lending rate to 3.75% for the first time in two years

For the first time in two years, the Bank of Canada’s overnight lending rate has hit under 4%.

In its scheduled October 2024 announcement, the central bank lowered the target for the overnight lending rate by 50 basis points to reach 3.75%. This marks the fourth consecutive cut to rates in 2024, and the largest decrease since the onset of the pandemic in March 2020. 

In September, Canada’s Consumer Price Index recorded the smallest yearly increase since February 2021, rising 1.6% year over year, hitting under the Bank’s 2% inflation target for the second consecutive month. This was a key factor in the Bank’s decision to lower the lending rate by a larger amount in October. 

“In the past few months, inflation has come down significantly from 2.7% in June to 1.6% in September. Recent indicators suggest it will be around 2% in October. Price pressures are no longer broad-based, and both our measures of core inflation are now under 2.5%. Our surveys also find that business and consumer expectations of inflation have shifted down and are nearing normal. All this suggests we are back to low inflation. This is good news for Canadians,” said Tiff Macklem, Governor of the Bank of Canada, in a press conference with reporters following the announcement. 

“If the economy evolves broadly in line with this forecast, we anticipate cutting our policy rate further to support demand and keep inflation on target. The timing and pace of further interest rate cuts will depend on incoming information and our assessment of its implications for the inflation outlook. We will take our monetary policy decisions one at a time,” he added.

Lower rates could trigger early spring market 

Another cut to the overnight lending rate may be enough to stimulate activity in stagnant housing markets across Canada come spring, especially among buyers who have been sidelined by the higher cost of borrowing over the past two years. 

In its Q3 2024 Home Price Update & Market Forecast, Royal LePage predicted that the aggregate price of a home in Canada will increase 5.5% in the fourth quarter of 2024, compared to the same quarter last year. As lower interest rates boost consumer confidence and borrowing power, home prices are expected to increase as more buyers re-enter the market. Rising demand in the late months of 2024 and into the new year will likely put Canada’s housing market on track for an early spring market. 

“Activity in Canada’s housing market has been sluggish in many regions due to higher borrowing costs, but today’s more aggressive cut to lending rates could cause the tide to turn quickly. For those with variable rate mortgages – who will benefit from the rate drop immediately – or those with fast-approaching loan renewals, today’s announcement is welcome news indeed,” said Phil Soper, president and CEO of Royal LePage. “With every cut to the overnight lending rate, more homebuyers are expected to come off of the sidelines. In turn, rising demand will cause home prices to increase more rapidly, eliminating the advantages of lower borrowing costs. We expect that an early spring market is on the cards – a pull-ahead trend we’ve seen in previous market turnarounds.”

Though the Bank of Canada started to reduce rates in June, many homebuyers have been waiting for a more substantial cut to rates before choosing to reboot their purchase plans. According to a Royal LePage survey, conducted by Leger, 51% of Canadians who put their home buying plans on hold the last two years said they would return to the market when the Bank of Canada reduced its key lending rate. Eighteen percent said they would wait for a cut of 50 to 100 basis points, and 23% said they’d need to see a cut of more than 100 basis points before considering resuming their search.

The Bank of Canada will make its next interest rate announcement on Wednesday, December 11th, the last announcement for 2024.

Read the full October 23rd report here.

Contributor

Michelle McNally

Communications manager, Royal LePage

Michelle is a member of Royal LePage’s Communications and Public Relations team, and works to deliver unique and insightful Canadian real estate content to media and consumers. Prior to joining Royal LePage, Michelle was an online reporter specializing in Canadian real estate and pre-construction development. She is a graduate of Toronto Metropolitan University’s esteemed journalism program.

October 23, 2024

October 23, 2024

Today, the Bank of Canada dropped the overnight lending rate by 50 basis points to 3.75%, marking the fourth consecutive cut to rates in 2024, and the largest decrease since the onset of the pandemic in March 2020.

For many homebuyers, this may be the signal needed to move off of the sidelines and into the market. As lower interest rates boost consumer confidence and borrowing power, home prices are expected to rise as more buyers reignite their purchase plans.

Want to know more about how the Bank of Canada announcement will impact the market? Read more in the latest post on the RLP blog:

https://blog.royallepage.ca/bank-of-canada-update.../

Stay tuned for the next announcement on December 11.

#RoyalLePage #RLP #Canada #InterestRates #BankofCanada #Mortgage #HousingMarket

https://ebook.royallepagecorporate.ca/link/724745/

SURREY, BC — With active inventories hitting levels not seen in 10 years and sales 30 per cent below the 10-year average, Fraser Valley real estate is building towards a buyer’s market if sales continue to lag.

The Fraser Valley Real Estate Board recorded 982 sales in September, down by eight per cent over August and by more than 10 per cent over September 2023. Again, seasonally adjusted sales were the second slowest in a decade in the Fraser Valley.

“With three rate cuts already and more expected before the end of the year, buyers are watching the market closely to time their purchasing decisions,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “The current conditions should favour buyers, particularly in the detached market, however until we start to see some movement in asking prices, properties will continue to sit on the market for extended periods as both buyers and sellers await the next rate announcement.”

New listings rose in September, up 21 per cent to 3,352, an increase of 17 per cent year-over-year. Overall inventory increased five per cent from August to September to 9,045, up 39 per cent over last year. The combination of declining sales and rising inventories has helped to create balanced, and in some cases, buyers’, market conditions in the Fraser Valley.

“We know the demand is there among Fraser Valley buyers,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “After months on the sidelines, buyers want to get into the market but many also need to sell before they can buy. When you factor in affordability challenges and the anticipation of more interest rate cuts, we are seeing persistent weakness in the market. In conditions like these, we encourage buyers and sellers alike to talk to their REALTOR® to assess the risks and opportunities before making a decision.”

Across the Fraser Valley in September, the average number of days to sell a single-family detached home was 35, while for a condo it was 37. Townhomes took, on average, 30 days to sell.

Benchmark prices in the Fraser Valley dipped again in September, with the composite Benchmark price down 1.4 per cent to $978,800.

 To read the full statistics package, click here

A lush lawn and blooming flower beds are the pride and joy of many homeowners. Canada’s harsh winters, however, can quickly squash the hard work you’ve put into nurturing and maintaining your outdoor spaces during the summer months. To ensure that your backyard gets off to a good start when spring arrives, a little prep work before the snow hits can do a world of good.

Help prepare your lawn and garden for colder weather this year by following these winterization tips.

Care for your annuals and perennials

When it comes to winterizing your garden beds, show your plants and flowers some love. Start by removing any annuals (plants that are only around for one growing season, such as sunflowers, tomatoes and varieties of lettuce). Removing annuals will rid your beds of lingering bacteria, and prevent any potential pests or diseases from building up during the winter.

For your perennial plants, give them a healthy trim back and a final water before the end of the season. Perennials with large and dense roots can be cut and divided into smaller plants to support better regrowth in the spring.

Bring delicate plants, such as succulents or potted bulbs, indoors to prevent frost damage. Cover any shrubs or plants that can’t be moved inside with landscape fabric or burlap to protect them from harsh weather conditions.

Get down in the dirt

Just like your plants, your soil also needs some help preparing for the winter ahead. Remove any weeds, dead plant debris and buried root vegetables from your soil before the first hard frost sets in. Spread mulch over your soil and around the base of trees to provide a protective layer from frost and a barrier that will help to keep moisture and temperature levels consistent for your plants. When cleaning up your soil, you may also want to consider planting bulbs for the following spring, such as crocus, tulips and daffodils.

Show your lawn a little TLC

The ground gets compacted and cold during the winter, which can make it difficult for lawns to recover post-thaw. Help your lawn out by aerating it in the fall to loosen soil and ensure better drainage. Instead of raking all of the tree leaves off of your lawn, cut your grass long — approximately two to three inches high — and leave a layer of shredded leaves on top. Mowing the leaves into tiny pieces will allow your lawn’s soil to absorb nutrients from the fallen debris more efficiently while still letting light and moisture through. In low-traffic areas where your lawn is patchy and damaged, overseed in the early fall for best results in the spring.

Add a boost of nutrients

As your garden prepares for hibernation, it helps to give your outdoor greens some needed nourishment.

If you have a compost bin, sprinkle this material on your flower beds to help them replenish their nutrients post-winter, and top up your bin with any leaves, grass clippings or debris from your winterization clean up. You can give your lawn a final dose of sustenance too with the help of special winter grass fertilizer that contains nitrogen and potash.

Not all of your fallen leaves have to end up in paper bags. Instead, add mulched leaves to your perennial flower beds and vegetable gardens as an insulating layer and a source of valuable nutrients for the soil.

Contributor

Michelle McNally

Communications manager, Royal LePage

No matter your age, Halloween can be one of the most playful, spirited (and spooky!) times of the year. It only occurs once every 365 days, so why not make the most of it and step into some festive fall fun?! We’ve rounded up five of our favourite, most memorable ways to celebrate the season – from adorning your home with hauntingly boo-tiful holiday decor, to indulging in devilishly decadent Halloween-inspired recipes. 

The countdown to October 31st is already on. Here are our ghoul-proof ideas to ensure a spooktacular Halloween that is all treat… and no trick!

1. Decorate with drama: Spook up your home indoors and out with chic Halloween decor that reflects your personal style. Stick to a colour palette for your decorations, incorporating only a few shades, to maintain a cohesive seasonal look. Don’t be afraid to shy away from orange and black – pastels, metallics, and rich autumn hues also make for tasteful and modern Halloween decor colours.

2. Make your home an Instagram-worthy backdrop: Who said costumes are only for children? Take things a step further and snap ultra-Instagrammable photos all night by tailoring your Halloween home decor to match your ensemble. Give yourself spirit points by coordinating costumes with friends, family, or even your pet! Explore your imaginative side and get fully into character with funky wigs, exaggerated makeup, and thoughtfully-paired accessories to really bring your costume to life. 

3. Get crafty: We can’t think of a better way to get into the Halloween spirit than rolling up your creative sleeves with the kiddos for home decor DIY magic. Check out Pinterest for pumpkin masterpiece inspiration, add some flair to your front door by designing a frighteningly stylish Halloween wreath, or craft up a seasonal holiday countdown calendar. There’s a fun and festive project for every family member to enjoy and bond over.

4. Spook your entertainment space: You saw this one coming! Halloween and scary movie marathons go hand-in-hand. How about a costume party? Get your space ready with a generous stash of tasty seasonal treats, plush flannel blankets to snuggle up in, and your favourite pals to survive a hauntingly good night! Elevate the cozy factor with aromatic autumn candles – mahogany teakwood, vanilla pumpkin swirl, and luscious amber are fa-boo-lous fall scents that bring richness and warmth to any space.

5. Make it sweet: Is it ever really a celebration without holiday-themed snacks? Be the “ghostess” with the mostest this year and whip up some heavenly Halloween-inspired desserts that are scary-good. From haunted gingerbread houses and drool-worthy pumpkin cheesecakes, to candy corn caramel apples and bat-shaped peanut butter cookies, there’s no better excuse than Halloween to surrender to your sugar cravings and dive into some wickedly delicious seasonal baking.

Anne-Elise Cugliari Allegritti

Director of Communications, Royal LePage

Fall is a beautiful time of year. As the leaves change colour, pumpkin patches open, and people enjoy spiced lattes and sweater weather, it’s only fitting to add a little fall flair to your home as well. And, seasonal décor doesn’t have to be difficult or break the bank. 

Just in time for the Thanksgiving long weekend, here are some simple tips to warm up your home and a touch of autumn to your style:  

Warm up your front entrance

Adorn the front of your home with fall-inspired welcome mats, wooden crates, and squash in various shapes and sizes. The beauty of fall is that there is no symmetry needed. Scatter different sized boxes, fall signs and a mix of small and large decorative pumpkins (real or fake). Hang a fall wreath made of twigs, and add a brown, orange or burgundy ribbon for a pop of colour. 

Decorate your dining space

Beautify your home indoors with orange and earthy tones. Add a table runner, some coloured napkins on the table, and coordinating candles in the scents of the season. You can elevate your seasonal look with small squashes and gourds as centerpieces. And, don’t be afraid to bring the outside in… Design your own table arrangement with twigs, leaves and pine cones you collect. 

Add a cookie and coffee station

Nothing says fall like warm beverages and treats while enjoying the crisp air! Impress your guests with a coffee and tea station. Set up cups, specialty teas displayed in a glass bottle, hot coffee and flavoured syrups in a section of your dining room or kitchen. Use risers or wooden trays to give the display some complexity. Add a cookie jar or cake stand with some fall goodies such as butter tarts, chocolate chip cookies, or brownies. You can also have a seasonal fruit basket with apples and pears. 

Make it cozy

Celebrate fall with comfort by adding aromatic autumn candles… Think cinnamon, vanilla, pumpkin spice scents. Light them in the evenings for ambiance. Add fall-themed throw cushions, and add an earthy-toned warm blanket on your couch (check out Pinterest for inspiration on how to arrange pillows and blankets).

These simple tricks can elevate your home decor and make it feel as warm as your pumpkin or apple pie this season!

Anne-Elise Cugliari Allegritti

Director of Communications, Royal LePage

The season of pumpkin spice is once again upon us, and so are fall decorating traditions. For many of us, the transition from summer to fall is a nostalgic time to break out the spooky decor, unpack the turkey-themed table runner and adorn the front door with our favourite fall wreath. But, if dressing up the house with orange pumpkins and burlap year after year is getting a bit stale over time, there’s no harm in shaking up your fall decorating choices this season.

Here are four new 2023 fall decor trends you can try in your home (sans pumpkins):

Earthy tones

Fall colours are traditionally defined by shades of orange, red and brown. This year, more earth-like tones are making their way into home, including varieties of sage green, warm beige and caramel, rustic brick red and earthy terracotta. You can achieve this softer, more muted fall look through coloured glassware, cushion covers, ceramics, blankets and other housewares that are easy to swap out when the seasons change. If you’re looking to add a contrasting statement piece to your interior this fall, try introducing an eye-catching accent colour with a hint of black, indigo or copper.

Rustic touches

Rustic furniture is a staple in fall design this year. Building off of the theme of warm and earth-inspired interiors, distressed or vintage finds will bring a touch of charm to your home this season. The most economical and environmentally-friendly way to pull off this look is with the help of your local thrift store or online marketplaces, where you’re likely to find an array of second-hand furniture, rugs and trinkets. You don’t need to spend a lot to add a ton of character to your space.

Layered textures

As the temperature drops, we tend to layer up with different fabrics to keep our bodies warm – it’s no different for our homes.

This fall, mix and match different layers of textures and fabrics for an extra cozy feel. Whether it’s your bedding, accent cushions or rugs, get creative with different textiles, such as wool, knit, velvet, satin and cashmere. If your interior tastes are more neutral, you can still achieve this trend with a monochromatic colour palette to elevate your home.

Fruits and flowers

Move aside pumpkins – fruits are all the rage this year. Instead of opting for your typical array of white and orange gourds, fruits are taking centre stage in 2023. Seasonal fruits, such as apples, figs and pears, can be repurposed as place cards or arranged in bowls for a less expected fall centrepiece. Alternatively, you can showcase fruits through decorative flatware and table textiles, such as fabric napkins. If fruits aren’t really your thing, opt for dried florals instead like pampas grass, sunflowers or wheat stalks to add a touch of ‘Cottage Core’ to your living space.

Bonus tip: Give attention to outdoor spaces

Mild weather is known to last into mid-October in some parts of the country, meaning we can use our beloved outdoor spaces for longer periods of time. Show your balcony, patio or backyard some fall decor love too by dressing it up with lanterns, wreaths and seasonal flowers, such as chrysanthemums or hydrangeas. Add a touch of coziness around your outdoor fireplace or sitting area with water-resistant pillows and blankets in your favourite fall colours and patterns.

Contributor

Michelle McNally

Communications manager, Royal LePage

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Effective December 15, 2024, the Government of Canada has increased the purchase price limit applicable to insurable mortgages from $1 million to $1.5 million, aligning with current market conditions. This means buyers can qualify for a high-ratio (less than 20% down) mortgage on home purchases up to $1.5 million, versus the current cap of $1 million. The government also announced an expansion of eligibility for 30-year mortgage amortizations, making 30-year mortgages available to all first-time homebuyers and to all buyers of new builds. These changes aim to make homeownership more accessible by reducing monthly payments and enabling more Canadians to qualify for mortgages with smaller down payments. 

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311-1009 HOWAY STREET NEW WESTMINSTER OPEN HOUSE WEEKEND $679,000.00

Welcome to Huntington West. Spacious 2 bed & 2 full bath condo is a top floor, corner unit. Located on a quite tree lined street. Lots of windows for nature light. Large living room with gas fireplace. Dining room for family dinners. Kitchen white cabinets & appliances make it bright. Large primary bedroom, perfect for you king size furniture. 4-piece ensuite. Good size 2nd bedroom. 3-piece main bath. Lovely wood flooring in living, dining & hallways. Newer carpeting in bedrooms for warmth. In-suite laundry. Sit on the deck & enjoy view. 2 parking spots+storage locker. Short stroll to the beautiful & popular Moody Park, Lord Kelvin Elementary & to Royal City Centre. Local shops & restaurants make this a well sought out neighbourhood.

Try these tips to maximize your footprint

GlucksteinHome Allegra daybed, GlucksteinElements Colton area rug, Ashcroft one light pendant

Let’s face it, if you’re after an urban address the chances are you’re trading a sprawling backyard for a city view and sacrificing some square footage along the way. Small space living forces you to be organized, get creative with your design choices, and make some compromises, but it can also be a cozy and charming retreat at the end of the day. If you’re looking to make your space feel bigger, try these pro tips to maximize your home’s footprint.

Use a Light Palette

Using a lighter colour palette throughout your home is easily one of the quickest ways to make a room feel bigger. Keep both walls and upholstered furniture pieces in light shades for the biggest impact. Another trick is to paint walls and ceilings in the same colour. It creates a seamless look and highlights the architecture of the room. Don’t forget to warm up your space with wood or brass accents. And layer in natural textures like a wool rug or chunky knit throw for cozy feel.

More design advice: How to make the most of your home office

Add in Mirrors

In some cases, the challenge with a smaller room is the lack of light. Use mirrors to create continuous sightlines and the illusion of a bigger space. Placed next to a window, a mirror will reflect the natural light along with the view. And don’t forget to think beyond the walls – a mirrored coffee table or kitchen backsplash can help achieve the same reflective effect.

Shop GlucksteinElements mirrors at The Home Depot Canada

Look to Leggy Furniture

If you want to make your space feel bigger, you’ll want to keep light flowing through for an airy feel. Take a look at your furniture. Chunkier pieces that sit low to the ground will break up the room and make it feel smaller. On the other hand, a slender profile sofa, sleek coffee table, or dining chair with a streamlined frame will help the room feel open and spacious.

Shop GlucksteinHome furniture at Hudson’s Bay

Rethink Your Window Coverings

Heavy drapery panels can add unwanted bulk and weight to a room, particularly in a smaller home. Instead, opt for light sheer drapery panels or roman blings to keep it breezy and bright in your space. Layering both options will maximizes the light darkening effect in rooms that need a bit more privacy.

GlucksteinElements Stripe light filtering drapery panels, Ashton brushed nickel drapery hardware

Shop GlucksteinElements drapery panels at The Home Depot Canada

Shop GlucksteinElements drapery hardware at The Home Depot Canada

Consider Circulation + Flow

Living in a small space will help you embrace your minimalist side. When selecting furniture, the goal is to have enough pieces to be comfortable but also enough space to circulate around the room. Double duty pieces are the urban dweller’s best friend and can always be reused if and when you move to a larger home. Don’t discount the value of a tidy home ether. Clutter is not only a physical distraction but a visual one as well.

More design advice: Space-saving tips for small bedrooms

Photography by A Plus Creative