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Using Solar Power For Your Vancouver Home

Going green and doing everything you can to help save energy and preserve the environment is a hot topic issues these days. The cost of heating a home in the winter months is enough to make any every Canadian grimace.

The good news is that there are alternatives and one popular approach is to go solar. More and more you are seeing solar panels being installed on the roofs of homes, apartments and businesses throughout the City of Vancouver.

But, is solar power the right investment for you? The answer to this question depends on a number of variables because using solar power may not be suitable for everyone.

How Do Solar Power Systems Operate?

Systems are either stand alone systems which separate you from the power grid or are grid connected. The proper name for solar heating is called Solar Photovoltaic’s of PV for short. Solar panels are either a series or parallel connected modules and the number depends on the power requirements.

The size of the system, the battery bank and the AC inverter depends on how much power you require and how you intend to use the solar system, the amount of sunlight available and the number of days you require without back up.

The panels are generally oriented to face in a southerly direction. You might be interested to know that solar systems actually work more efficiently in colder weather and are very suitable for northern climates. Systems can provide anything for smaller needs such as watts (W), kilowatts (KW) per or larger power needs such as megawatts (MW).

The Canadian Electrical Code has made it very convenient for you to provide power to yourself or to feed any excess power back to the utility company.

Solar System Uses

A solar system can be used with two approaches in mind including:

• Solar Water Heating
• Solar Air Heating

Solar Water Heating

Heating your water with solar power can be used in several different ways such as for all your drinking and washing needs, radiant floor heating or simply to heat your swimming pool.

Solar Air Heating

The purpose of solar panels used in this application is to simply heat the air that is coming into your home.

For most people, solar water heating may be a more economic and practical approach because these systems are fairly expensive and can take up to seven or more years before you can recover your investment.

Buying A Solar Power System

If you’re thinking of going this route then you need to really do some research first. You might want to first start with the Canadian Solar Industries Association. They also have a convenient to use checklist to help you get started. A good installer will research your household energy consumption in detail.

Just remember that not every house is going to be a good candidate for solar power. You also want to look for any available government rebates and to find out how you might be able to offset the costs as most provincial hydro companies will buy excess power your system generates from you.

In B.C. this operates on a net metering system where you can be reimbursed by B.C. hydro which will credit your account once per year. You will have to check with B.C. hydro to apply and to ensure that your system qualifies. Currently, B.C. hydro is paying $9.99 per kWh.

Home Series: Design Tips For Your Kitchen – Consult with Bruce Coleman, Vancouver Mortgage Broker

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Design Tips For Your Kitchen

Your home’s kitchen is in many ways an important focal point. Great meals and good times evoke lots of fond memories about kitchens for many people. And, if you plan to sell your home sometime in the near, keep in mind that the kitchen is often one of the most scrutinized areas and can affect whether a potential buyer will make an offer or move on.

However, if you’ve lived in your home for awhile or just bought an older home, then now might be the perfect time to consider upgrading your kitchen. It’s an expensive project which means you have to take the time to plan carefully.

If you have sufficient equity then you might want to consider using a HELOC (Home Equity Line of Credit) to pay for the renovations. Kitchen renovations have a great ROI, especially if you’re preparing to sell so it’s very possible you will add more value to the home and recuperate a big chuck of this expense.

First Steps of Kitchen Re-Design

First, step back and look at your kitchen and ask yourself how you might want the kitchen to look like if you were a prospective buyer. Ask yourself what the kitchen lacks and look at it from the ceiling down to and including the floor itself.

Of course, it all depends on the amount of space that you have to work with and how much you are prepared to spend because there are a broad range of materials to consider. You also have to consider the age and style of your home. You can do anything from a rustic approach to ultra modern, but consider that the style of the kitchen should mesh with the style of your home.

Should you go too far in upgrading the kitchen and the rest of the house looks a bit “tired” it could dissuade a buyer because they might think they will have to upgrade the rest of the home.

Consider such ideas for lighting, the availability of wall sockets, the type of floor and how the kitchen might be re-designed to be more functional and take better advantage of the available space.

There are many design ideas out there to consider, but start with the basic precept used by most kitchen designers which use a triangle concept which takes into account the accessibility between the two main appliances being the fridge and the stove and your food preparation space which are your counters.

You also have to consider how much counter space might be taken up by other appliances such as the coffee maker, toaster, microwave and other kitchen gadgets. This is one of the reasons why you also have to consider the electrical needs of the kitchen before you start filling in space with new cabinets and counters.

The Basic Kitchen Floor Plan Concepts

Getting the floor plan just right is vital for an efficient kitchen design because there is a natural pathway between the two main appliances in relation to the sink. The shape of and size of your kitchen doesn’t really affect the floor plan because designers have pretty much seen it all.

Here are some of the basic floor plans to consider.

U-Shape Design

A design such as this is comprised of 2 legs of equal length which has the fridge and stove opposite to each other. Often, there is also a third appliance such as a dishwasher which is situated to be equidistant from the other two appliances.

L-Shape Design

In this design scenario, which usually applies to rectangular sized kitchen, the two main appliances or two of the three appliances are situated along the longer leg of a the rectangular kitchen and the third appliance is situated at the shorter end.

G-Shape Design

Here you have a bit more flexibility because you either of the plans described above. This type of space usually has a peninsula which separates your kitchen work space from either the formal dining room or your living area. It is something like an area which is used as a breakfast nook for example.

Galley Style Design

Some kitchens are especially small and generally use this design where the stove and sink are situated directly opposite from each other and can often be found in a condominium or rental apartment.

Final Steps

You will want someone who specializes in kitchen design and remodelling to help guide through the process and in selecting materials. This is not a typical DIY project nor should it be contracted out to general contractor who has limited experience in this area.

Drop in home building signals Canadian market stabilizing – Consult with Brice Coleman, Vancouver Mortgage Broker

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TORONTO — New homebuilding in Canada slowed slightly in November, coming in below economists’ expectations and suggesting some stabilization for the country’s robust housing market, data released on Monday showed.

The seasonally adjusted annualized rate of housing starts was 192,235 units last month from a downwardly revised 198,161 in October, the Canada Mortgage and Housing Corp said.

That was short of analysts’ expectations for 195,000. Housing starts in October were initially reported as 198,282.

Still, the longer-term trend fared better, with the six-month moving average of seasonally adjusted starts dipping only slightly to 194,014 units from 195,274.

Canada’s housing market has shown resilience this year after a slowdown in the second half of 2012 when the federal government tightened mortgage rules due to concern consumers are taking on too much debt.

Policymakers have kept a close eye on the housing market, which boomed following the financial crisis due to record low borrowing costs. Some fear this could lead to a U.S.-style crash, though the Bank of Canada said last week it still expects a soft landing.

“Canadian homebuilding activity might be a touch on the warm side, but builders still look pretty well behaved overall,” Robert Kavcic, senior economist at BMO Capital Markets, wrote.

While starts are somewhat ahead of the amount needed to account for household formation at about 180,000, they are comfortably below levels seen during the pre-recession period, Kavcic said.

Many analysts expect mortgage rates, largely set off of bond yields, to push higher next year, which should also prevent the sector from becoming overheated.

“The momentum in the market does lay to rest any fears of a sharper retrenchment, but we expect that the gradual grind higher in yields in 2014 and beyond will drive a more sustained pullback in construction,” David Tulk, chief Canada macro strategist at TD Securities wrote in a note.

Multiple housing unit starts in urban areas decreased by 3.5% to 111,036 units last month, while single-detached urban starts also fell by 3.1% to 60,311.

“Overall, housing starts have been following a trend similar to sales on the existing home market. As sales rise relative to listings of existing homes, buyers are increasingly meeting their needs in the new home market,” Mathieu Laberge, deputy chief economist at CMHC, said in a statement.

The seasonally adjusted annual rate of urban starts slowed in Ontario and the Atlantic provinces, while picking up in Quebec, the Prairies and British Columbia.

© Thomson Reuters 2013

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The share of respondents who think real-estate prices will increase over the next six months rose to 40.3 from 40.0 the previous week, reaching the highest level since March 2012

Canada’s economic mood rebounded last week as consumers head into the holiday season buoyed by rising house prices, according to the Bloomberg Nanos Canadian Confidence Index.

The weekly sentiment measure increased to 59.3 in the period ended Dec. 6, up from 58.9 the week before. The index has climbed from 54.8 at the end of May and is approaching a one-year high of 59.8. The share of respondents who think real-estate prices will increase over the next six months rose to 40.3 from 40.0 the previous week, reaching the highest level since March 2012.

“Canadians are poised to finish 2013 with more buoyant consumer confidence which is more likely to be fuelled by increasingly positive views on the value of real estate,” said Nik Nanos, head of Ottawa-based Nanos Research Group.

Canada’s housing market remains strong even as policy makers take steps to cool growth. Canada Mortgage & Housing Corporation, a government-owned agency, said Nov. 29 the government will charge it a “risk fee” of 3.25% starting Jan. 1 on the mortgage insurance it writes.

Housing starts slipped 3% in November to a seasonally adjusted annual rate of 192,235, CMHC reported Monday. Building permits rose a second month in October as residential projects approached the highest ever, Statistics Canada said Dec. 5. Residential permits increased 6.4% to $4.41 billion, close to the $4.55 billion record posted in May.

Pocketbook, Expectations

The average sales price of a Canadian home rose 12.3% in November from a year earlier to $551,820, according to data compiled by Bloomberg from regional real estate boards.

Bloomberg Nanos’s confidence index has two sub-indexes: the Pocketbook Index, based on survey responses to questions about personal finances and job security, and the Expectations Index, based on surveys about the outlook for the economy and real- estate prices.

The Pocketbook Index rose to 60.8 from 60.3, while the Expectations Index increased to 57.8 from 57.5, according to the Nanos report.

Confidence in the first week of December increased across all age groups, according to the Nanos survey data, except for respondents between 40 and 49 years old. Sentiment improved in the Atlantic provinces, Quebec and British Columbia while declining in Ontario and the prairie provinces.

The Bank of Canada is weighing evidence of a sluggish economic recovery against concerns low interest rates may overheat the nation’s housing market.

Stronger Housing

Housing has been stronger than expected, central bank policy makers said Dec. 4 as they kept the benchmark lending rate at 1%, where it’s been for more than three years.

Governor Stephen Poloz said the risks of inflation staying below the central bank’s target “appear to be greater” in an economy that’s two years away from reaching full output.

The Teranet-National Bank Composite House Price Index will be published Dec. 12. Statistics Canada will report household debt levels for the three months ended Sept. 30 on Dec. 13.

“Gains in hourly wages and a modest acceleration in hiring likely bolstered Canadian consumer sentiment,” said Joseph Brusuelas, senior economist at Bloomberg LP in New York. “While the tone to Canadian macroeconomic data has turned somewhat positive, household imbalances and mild disinflation will continue to weigh heavily on policy makers at the Bank of Canada and consumers alike.”

Part-Time Work

Canada’s jobless rate held at 6.9% in November, the lowest since 2008, as employers added part-time workers, Statistics Canada reported Dec. 6. Average hourly wages of permanent employees rose 2.3% last month from a year earlier.

The Nanos data are based on phone interviews with 1,000 people, using a four-week rolling average of 250 respondents. The results are accurate within 3.1 percentage points.

The share of Canadians who say they’re better off financially over the last year fell to 21.2 from 21.5% the previous week, while those who say the Canadian economy will improve in the next six months rose to 24.4% from 23.5%.

Canadian household credit grew at the slowest pace in 30 years in October as consumers seek to pare record debt levels. Total household credit expanded by 3.7% from the same month in 2012, according to the Bank of Canada’s household and business credit indicators report.

The proportion of respondents who say they feel their jobs are secure rose to 67.2 from 66.6 from the previous week, according to the Nanos report.

Bloomberg.com

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Andrew Allentuck | 

Mortgage default may be rare in this country, but nearly 9% of indebted households need 40% or more of their gross income to pay their debt service charges, says the Bank of Canada Financial System Review.

If you can see problems coming, then you can take action to avoid foreclosure, which happens when lenders run out of other alternatives and borrowers can do no more to pay their debts. Here are five options to consider when you are being crushed by mortgage payments:

1. Extend amortization: If the mortgage has been paid down to 10 or 15 years, then extending it to 20 to 25 years or even to 30 years will decrease payments. In a lot of cases this will work, says Elena Jara, director of education for Credit Canada Solutions, a Toronto-based non-profit organization which offers free credit counselling.

2. Seek better terms: You can go for lower interest rates with the same or a different lender but with a potential penalty, says Bill Evans, a mortgage broker with Mortgage Architects in Winnipeg.“If you are having trouble with payments with one lender, another may not want to take you on. But if you can present a case for a new income, you can go to a so-called specialty lender such as Home Trust or Optimum Trust for a fresh look at your problem and potential solutions,” Evans says. “If you just want to alleviate the problem, timing is crucial.”

3. Renew at a floating rate: There is more risk but lower interest cost in floating rate mortgages. If you are on a fixed rate mortgage with relatively high rates and want to go to a lower floating rate, perhaps by taking the mortgage to another lender, then there may be relief when it is time for loan renewal. The present lender may add a penalty, but over time, floating rates and the often attractive rate on a one-year closed loan can offer relief, Mr. Evans says.

4. Sell it and rent: In markets with high home prices as a result of speculative building, absentee owners will often rent at relatively low cost. That makes for good deals for renters.

5. Discuss a consumer proposal: The homeowner can avoid outright bankruptcy and foreclosure of the home by talking to creditors, suggests Bruce Caplan, trustee in bankruptcy for BDO Canada Ltd. in Winnipeg. “The homeowner can make a consumer proposal in which a settlement plan is devised for the creditors. Secured creditors such as the banks or private mortgage lenders can work out new terms such as reduced payments or a payment bridge for a period of time with the homeowner,” he suggests.

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Home Series: Selling Your Home During the Holidays – More Tips – Ask Bruce Coleman, Vancouver Mortgage Broker

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 Selling Your Home During the Holidays – More Tips

Attract homebuyers even during the holidays with these useful tips!

The holiday season from November through January is often considered the worst time to put a home on the market. While the thought of selling your home during the winter months may dampen your holiday spirit, the season does have its advantages: holiday buyers tend to be more serious and competition is less fierce with fewer homes being actively marketed. First, decide if you really need to sell. Really. Once you've committed to the challenge, don your gay apparel and follow these tips from FrontDoor.
 

1. Deck the halls, but don’t go overboard.
   Homes often look their best during the holidays, but sellers should be careful not to overdo it on the decor. Adornments that are too large or too many can crowd your home and distract buyers. Also, avoid offending buyers by opting for general fall and winter decorations rather than items with religious themes.
    
2. Hire a reliable real estate agent.
   That means someone who will work hard for you and won't disappear during Thanksgiving,Christmas or New Year's. Ask your friends and family if they can recommend a listing agent who will go above and beyond to get your home sold. This will ease your stress and give you more time to enjoy the season.
    
3. Seek out motivated buyers.
   Anyone house hunting during the holidays must have a good reason for doing so. Work with your agent to target buyers on a deadline, including people relocating for jobs in your area, investors on tax deadlines, college students and staff, and military personnel, if you live near a military base.
    
4. Price it to sell.
   No matter what time of year, a home that’s priced low for the market will make buyers feel merry. Rather than gradually making small price reductions, many real estate agents advise sellers to slash their prices before putting a home on the market.
    
5. Make curb appeal a top priority.
   When autumn rolls around and the trees start to lose their leaves, maintaining the exterior of your home becomes even more important. Bare trees equal a more exposed home, so touch up the paint, clean the gutters and spruce up the yard. Keep buyers’ safety in mind as well by making sure stairs and walkways are free of snow, ice and leaves.
    
6. Take top-notch real estate photos.
   When the weather outside is frightful, homebuyers are likely to start their house hunt from the comfort of their homes by browsing listings on the Internet. Make a good first impression by offering lots of flattering, high-quality photos of your home. If possible, have a summer orspring photo of your home available so buyers can see how it looks year-round.
    
7. Create a video tour for the Web.
   You'll get less foot traffic during the holidays thanks to inclement weather and vacation plans. But shooting a video tour and posting it on the Web may attract house hunters who don't have time to physically see your home or would rather not drive in a snowstorm. 
    
8. Give house hunters a place to escape from the cold.
   Make your home feel cozy and inviting during showings by cranking up the heat, playing softclassical music and offering homemade holiday treats. When you encourage buyers to spend more time in your home, you also give them more time to admire its best features.
    
9. Offer holiday cheer in the form of financing.
   Bah, humbug! Lenders are scrooges these days, but if you've got the means, then why not offer a home loan to a serious buyer? You could get a good rate of return on your money.
    
10. Relax — the new year is just around the corner.
    The holidays are stressful enough with gifts to buy, dinners to prepare and relatives to entertain. Take a moment to remind yourself that if you don't sell now, there's always next year, which, luckily, is only a few days away.

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13 tips for selling your home in winter

Sure, there are fewer buyers and the skies are gloomy. So warm and brighten up the place; make it look like a refuge from the weather.

What makes selling a home more stressful? Selling it in the middle of winter.

The lawn is brown, the weather is usually bad and, unlike the longer days of summer, you have less time to show it off during daylight hours.

But not everyone has the luxury of waiting until the traditional spring or summer home-buying season to plant that “for sale” sign. And while it’s true that in most areas you’ll probably have fewer buyers during the winter, you will have less competition from other sellers.

The season makes staging — the concept of showing your house at its best — even more important.

Be prepared to put a little effort into it. “It’s more difficult to make something look really appealing this time of year,” says Ron Phipps, broker with Phipps Realty in Warwick, R.I.

If you do it right, you can really make your house stand out.

1. Keep snow and ice at bay.
The top tip from agents: If the buyer can’t get in easily, the house won’t sell. That means keeping walkways and driveways free of the frozen stuff. Just like trimming the lawn in the summer, you want to make the home look like it’s been maintained. If you’re away frequently or live in an area that’s subject to bad weather, it can pay to hire a service to regularly salt or shovel the driveway and sidewalks.

2. Warm it up.
If you’re showing during the winter, think “warm, cozy and homey,” says Ken Libby, owner of Stowe Realty in Stowe, Vt., and a regional vice president of the National Association of Realtors.

Before a buyer comes through, adjust the thermostat to a warmer temperature to make it welcoming. “Sellers like to turn the temperature down because of heat costs,” says David Ledebuhr, president and owner of Musselman Realty in East Lansing, Mich., and a regional vice president of the National Association of Realtors. “But buyers who come in and aren’t comfortable won’t stay long.”

If you have a gas fireplace, turning it on right before the tour can give the house a little ambience, Libby says.

With a wood-burning fireplace, you’ve got to be a little more careful. If the house is vacant, don’t chance it. But if you’re still living there and will be there during the tour, it can be a nice touch.

Many times, sellers leave right before the agent and prospective buyers arrive. In that case, adjust the heat to a comfortable temperature and have the hearth set for a fire. Buyers feel the warmth and see the potential, and you don’t have to worry about safety concerns.

3. Take advantage of natural light.
“Encourage showing during the high-daylight hours,” Ledebuhr says. At this time of year, “if you show after work, you’re totally in the dark.”

Make the most of the light you do have. Have the curtains and blinds cleaned and open them as wide as possible during daytime showings. Clean all the lamps and built-in fixtures, and replace the bulbs with the highest wattage that they will safely accommodate. Before you show the house, turn on all the lights.

4. Get the windows washed.
“Buyers act on the first impression,” Ledebuhr says. Windows are one thing that many sellers don’t even consider. In winter, that strong southern light can reveal grime and make it look like the home hasn’t been well-maintained.

5. Play music softly in the background.
To create a little atmosphere, tune the radio to the local classical station. Turn it down so that you barely hear it in the background. “It’s soothing,” says Libby, who finds that soft classical music tends to have the most appeal to buyers. “I think people tend to stay around a little longer and look a little longer.”

6. Make it comfortable and cozy.
Set the scene and help the buyers see themselves living happily in this house. Consider things such as putting a warm throw on the sofa or folding back the thick comforter on the bed. Tap into “the simple things this time of year that make you feel like you’re home,” Phipps says.

7. Emphasize winter positives.
Is your home on a bus route or some other vital service that means it’s plowed or de-iced regularly in bad weather? Be sure to mention that to the buyers.

8. Set up timers.
You want your home to look warm and welcoming whenever prospective buyers drive past. But you’re not home all the time, so put indoor and outdoor lights on timers, Phipps says.

Look at the outside lighting around the door. Is there enough illumination to make it inviting? If not, either get the fixtures changed or have new ones added.

9. Make it festive.
Even if you’re not actually going to be present, greet your buyers as if they were going to be guests at a party, Phipps says. Set up the dinner table with the good china and silver. Have a plate of cookies for your guests, some warm cider or even chilled bottles of water.

“First impressions are so powerful,” Phipps says. “If it looks like you’re expecting me and greeting me as company, that’s a powerful impact.”

10. Give the home a nice aroma.
The No. 1 favorite? “Chocolate-chip cookies,” Libby says. “Just about everybody likes that smell.”

Other popular scents: cinnamon rolls, freshly baked bread, apple pie, apple cider or anything with vanilla, cinnamon or yeast.

“But don’t overdo it, either,” Ledebuhr says. Scented candles in every room or those plug-in air fresheners can leave buyers wondering what you’re trying to mask.

Watch the bad smells, too. Pet smells, smoke and musty odors can cling to curtains and carpets. Ask your real-estate agent or a friend to give it a sniff test. Then clean the house, air it out and replace drapes, carpets or rugs before you show it.

11. Protect your investment.
Some sellers (or their agents) will ask buyers to either remove shoes or slip on paper “booties” over their footwear before touring the house. Many buyers like that, Phipps says. It indicates a “pride of ownership and meticulousness that resonates with buyers,” he says.

12. Use the season to your advantage.
While the holidays are over (and the Christmas and Hanukkah stuff should come down), you can still use winter wreaths and dried arrangements around the door to spark interest. “Anything seasonally appropriate is fun,” Phipps says.

In the winter, with the leaves off the trees, you might also have a nice view that isn’t as apparent in the spring and summer months. It’s a great time to sell waterfront properties, Phipps says. “You can see the views better this time of year.”

13. Consider the area.
In some parts of the country, such as ski areas or warmer regions where the snowbirds flock, winter weather can actually be a selling point. “We’re right in the middle of our selling season,” says Libby, who is located in Vermont. “It’s not always spring and summer.”

By Dana Dratch, Bankrate.com

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TARA PERKINS – REAL ESTATE REPORTER

Canada’s banking regulator is still monitoring 30-year mortgages, the head of Canada’s financial regulator told a conference of mortgage brokers in Toronto on Monday.

In recent years there has been a shift in the marketplace, with lenders offering more 30-year amortizations, and that’s something that the regulator is studying, Julie Dickson, the head of the Office of the Superintendent of Financial Institutions said.

“We are getting more information and talking to institutions about that,” she said.

While Finance Minister Jim Flaherty changed the mortgage insurance rules in July of 2012 to cut the maximum amortization of insured mortgages to 25 years, uninsured 30-year mortgages are still available for consumers who have a downpayment of at least 20 per cent.

Roughly half of all new uninsured mortgages now have 30-year amortizations, Ms. Dickson said.

“This is a market that continues to bear very close watching,” Ms. Dickson told the conference during a speech, referring to the country’s housing market broadly. “We continue to closely monitor real estate lending.”

She noted that the regulator considered tightening the mortgage-lending rules that banks must follow, known as “guideline B20,” this spring and decided not to make any changes at that time.

“Prudent lending practices should not change over time,” she said during her speech.

“It’s a dynamic mortgage market, so we’re constantly monitoring and getting a lot of information still,” Ms. Dickson told reporters afterwards. “We’re still analyzing and I expect that we’ll continue to do this for a long time, but we need to be ready to act if we feel we need to act.”

Ms. Dickson said the regulator will not weigh in on whether or not a bubble has formed in Canada’s housing market, because to do so could encourage banks to lend more or create an unnecessary slowdown.

“The continued strength of housing prices across many Canadian cities in the second half of 2013 is undeniable,” she said.

“Some might suggest that all is well in the mortgage market because delinquencies are low and credit score of borrowers are high,” she said. “However, delinquency rates and credit scores are lagging indicators that can deteriorate rapidly if economic conditions worsen. So OSFI encourages financial institutions to pay considerable attention to the quality of borrowers, both in the current environment and potential future environments.”

That being said, Ms. Dickson did point out some ways in which Canada’s mortgage lending is more prudent than in some other countries.