Buying a home in Canada today is beyond the means of many individuals, but teaming up with friends or family members is a popular solution.

A new report from Royal LePage shows that co-ownership of Canadian homes is being driven by affordability challenges in many major markets with 32% of respondents citing interest rate hikes as a key factor in their collaboration.

Of those who own a home with someone other than their spouse or significant other, 89% do so with family members while 7% have teamed up with friends, and 8% have bought with someone who is not a friend or family member.

Many of the co-owners live together in the home (44%) while 28% co-own but do not cohabitate, and 6% said that none of the co-owners live in the property which has been bought for investment or recreational purposes.

"Different generations of families living under one roof is not a new phenomenon, but has been growing in popularity in recent years," said Karen Yolevski, COO, Royal LePage Real Estate Services. "Census data shows that multigenerational households are now the fastest growing household type in Canada. Households group together for many reasons, including communal care for elderly parents, help raising children, cultural preferences or simply to be together.”

Financial challenges

However, the decision to live together, including co-owning a home, is a decision increasingly made for financial reasons.

Three quarters of co-owners say that affordability was a major motivating factor in their decision to co-purchase their property, rising to 83% those aged 25 to 34, and 49% said they would not have been able to buy a home on their own.

“In an environment where home prices and interest rates have risen quickly and sharply, and where the threshold to qualify for a mortgage has become much more challenging, Canadians are pooling their resources and buying homes together,” added Yolevski. “In cases where homebuyers cannot afford to purchase on their own, they are combining their buying power with their parents, children, siblings or even friends."

Two thirds of survey respondents said they co-own a detached family home – a segment of the Canadian housing market that saw a rally in the second quarter - while 19% share an attached home such as a townhouse or semi-detached property, and 13% share a condominium/apartment.

"By dividing the cost of a home between more people, Canadians can not only get their foot on the property ladder more easily, but also expand their home search to more desirable locations or larger properties that may not have been accessible with their budget alone,” said Yolevski.

But it’s important that those considering co-ownership know what they are getting into.

"Opting to co-own with friends or family is not as simple as signing a piece of paper next to someone else's name – co-owning a home often comes with meaningful lifestyle changes, and requires in-depth conversations over financial, legal and personal obligations," said Yolevski. "Regardless of whether you live in the home with your fellow co-owners or not, the responsibilities of owning a home with other people are shared, but so are the benefits."

Article By: Steve Randall

We’ve been seeing a renewed focus on statement lighting for a while, but oversized pendant lights, specifically, are sprouting all over right now.

While good lighting is essential in any room, it can do much more than simply illuminate a space. Lighting can help create boundaries and define distinct living areas. It can also set the mood for your home, and the fixtures themselves can become statement-making architectural elements.

General awareness of how lighting can set the tone in a space has increased, and so has the availability of a broader range of choices that allow homeowners to create unique looks. Just take the rise of picture lighting and accessible sculptural lighting, like the items featured in IKEA’s VARMBLIXT collection with Sabine Marcelis, as proof that people are paying closer attention to the lighting in their homes.

As a result, lighting trends are big, bold, and statement-making. And one of the hottest ways to accomplish this look now is with oversized pendant lights. Pendant lights have come a long way, from small fixtures that were mainly used as task lighting to decorative design elements with functional flair. These lights come in a variety of finishes, styles, and budgets, so there’s something for anyone who wants to upgrade their fixtures.

We spoke to a design expert for her take on ways to try this standout, shining style.

Why We’re Seeing More Oversized Pendant Lights Now

A pendant light is a fixture hung from the ceiling, though, unlike a chandelier, it only has one lightbulb. Depending on the location, it’s common to use pendant lights in groups to illuminate an entire counter or table. Traditionally, they’ve been most common in kitchens, but with the recent profusion of styles, these lights are making their way to every room of the home.

“We are seeing statement lighting trend now, as there are so many different styles of statement lighting to choose from, and it elevates a space in a variety of ways,” says Candace Matlock of ITALKRAFT. This means that, no matter your desired aesthetic, there are now excellent options for light fixtures that are conversation pieces even when they’re not lit up.

In fact, with the rise in the popularity of pendants, we’re even seeing pendant light options that work with track lighting, which opens up even more possibilities for their use. This fresh development is also very timely because, according to Matlock, “Track lighting is coming back in a new way, and it is both functional and stylish.”

Creative Ways to Try Oversized Pendants in Your Space

Of course, oversized pendants still work well in places like kitchen islands and casual dining areas, just like their more traditionally sized counterparts, so they are a great option when looking to refresh these spaces. But there are enough other options that you can really think outside of the box and consider some other less predictable locations for these versatile lights.

Pendant lights are a great way to create small vignettes. Suspend one above your favorite reading chair instead of using a floor lamp, and you’ve instantly added an unexpected and very practical piece that gives the space more permanence than a floor lamp would. The same goes for using a pair of pendants as reading lamps above a bed—in that case, just keep in mind you may want one with a shade that casts the light down, so as not to illuminate the whole room and potentially keep your partner awake.

You can try pendants instead of sconces to give an intriguing take on bathroom lighting and make a modern statement. Another contemporary option is to use a series of oversized pendants lining a hallway to create a dramatic path and add gravitas to a transitional space.

And just because you prefer an understated look doesn’t mean that you can’t take part in this style.

“Some of the biggest trends I’m seeing in lighting design are clean, simple, and refined lighting fixtures,” Matlock says. “From pendants to floor lamps, we are beginning to see very thin and minimal designs that can create a mood without being the focal point of the room and give a luxurious look to the room in a subtle way.”

So, give statement lighting a try if you’re looking for a simple switch-up with a big payoff. The more ideas you explore, the more interesting applications you’ll find for oversized pendant lights.

Article By Maggie Gillette

The Greater Toronto Area housing market saw home sales and prices barely shift between July and August, but the leader of the region’s housing board is expecting more volatility.

The Toronto Regional Real Estate Board revealed Wednesday that last month brought 5,294 sales, almost 1% more than July’s sales. However, August’s sales amounted to a 5.2% drop from the previous year.

They were matched with an average home price of $1,082,496, 3% lower than in July and a 0.3% increase from last August.

The board said the numbers reflect higher borrowing costs and uncertainty about the economy and the Bank of Canada’s decision making, which has resulted in ten interest rate hikes over the last 18 months. The bank decided to hold its key interest rate at 5% Wednesday morning.

The quick succession of rate hikes has so far pushed many prospective homebuyers to pause their purchasing plans and sellers to hold off listing their properties until buyers are more confident in their borrowing power again.

“Looking forward, we know there will be solid demand for housing — both ownership and rental — in the Greater Toronto Area and Greater Golden Horseshoe. Record immigration levels alone will assure this,” board president Paul Baron said in a press release.

“In the short term, we will likely continue to see some volatility in terms of sales and home prices, as buyers and sellers wait for more certainty on the direction of borrowing costs and the overall economy,” he said.

Some 12% fewer detached homes were sold in August, when compared with a year earlier. Semi-detached property sales fell 14.4%, but condo apartments sales increased 7.6% and townhouse sales moved up 0.6%.

Cailey Heaps, president of the Heaps Estrin Real Estate Team in Toronto, said she noticed the market was quieter in August, especially when compared with July.

“Contrary to popular opinion though, I’m not convinced it’s entirely tied to rising interest rates,” she wrote in an email. “My clients in the central core of Toronto were disengaged from the market, wanting to enjoy the last of our short summer.”

Had they waded into the market in August, they would have found the average price of a detached home in Greater Toronto ticked up almost 3% to more than $1.4 million in August year-over-year, while semi-detached properties rose nearly 7% to slightly more than $1 million.

Over the same time period, the average townhouse price moved up by just shy of 4% to $935,800, while average condo apartment prices slid by about 1% to $705,572.

Amid these changes and a predicted recession, Desjardins economists Jimmy Jean and Marc Desormeaux noticed many prospective Toronto homebuyers are sensing an opening.

“But even in the direst of economic scenarios, we don’t see affordability returning to Canada’s largest city any time soon,” they said in a report released Tuesday.

Their research involved analyzing three scenarios Toronto could face.

The first, a severe recession mirroring the one seen in the 1990s, would drive average Toronto home values $185,000 or 16% below current levels by the end of next year, they predicted. By 2025, prices would fall $340,000 or 30% lower than in July 2023, under their modelling.

In the second scenario, where a moderate recession occurs, they said Toronto house prices could bottom out by the end of next year at about 5% below July 2023 levels.

In the third scenario, where new listings are weak and population is growth strong, home prices would push past the February 2022 peak by early 2025.

“Although this would be great news for property owners, it is the least positive of our scenarios for prospective buyers,” they pointed out.

Article By: Tara Deschamps

Getting your roof ready for winter should be one of your top priorities while preparing your home. It’s best to have a professional evaluate your roofing system before winter because cold temperatures can be difficult.

Inspect your gutters, as well. Debris-like leaves, and twigs can clog your gutters and prevent rainwater and snowmelt from properly draining.

CLEAN THE GUTTERS

Gutters help to protect the roof, siding, and landscaping around your home. Having them cleaned and maintained regularly is important, especially during winter.

Ice damming can be avoided by maintaining clean gutters. These ice jams may harm the roof and foundation. Clogged gutters can also lead to mold and algae growth. This is an unpleasant problem and can also affect your home’s appearance.

Cleaning your gutters can also prevent pests, including rodents, from nesting in them. Removing debris that might attract insects and rodents, such as fallen leaves or branches, is important.

It’s best to clean your gutters before the first winter storm hits. This can reduce the risk of ice damming and other potential problems later in the season.

REMOVE DEBRIS

Your roofing and siding is a vital part of your home that helps keep you safe from the elements. It’s also an expensive investment, so taking care of it is important.

Debris on the roof can cause many problems. These include leaks, damage to shingles, and algae growth. In some cases, debris can even damage the structural integrity of your roof.

This is why removing any debris from the roof is important before winter weather hits.  Cleaning the roof completely is one of the finest ways to achieve this. Use a leaf blower or a broom to accomplish this.

This task is challenging, but preparing your roof for winter is crucial. Without it, your home could face serious repairs in the future.

CLEAN THE ROOF

Preparing your roof for winter weather is one of the most important home improvements you can make each year. The ice, snow, and rains that the winter season brings can put extra pressure on your roof and lead to serious damage.

Before winter arrives, inspect your roof for missing or damaged shingles to ensure it is in good shape. A few cracked or missing shingles can cause leaks and significant water damage.

Moss, algae, and lichen can also cause serious damage to your roof during the winter by holding moisture against your shingles. If left untreated, these microorganisms can eat through the material and cause rot and premature wear of your shingles.

INSULATE THE ATTIC

Insulating your attic is one of the best methods to increase energy efficiency. Whether it’s cold outside or warm inside, it helps keep the house warm.

Insulation also saves you money on energy costs, reducing your bill by up to half over the long term. In addition, it can add to the life of your roof, decrease the need for roofing repairs and prevent mold growth.

You can choose from some types of insulation for your attic. The type you choose depends on various factors, including your climate, attic size, and whether or not you want to work with pre-existing material.

Batting insulation comes in low, medium, and high-density varieties. It’s easy to roll out into rectangular spaces and can be used in most attics without requiring special tools or protective gear. Thanks to Landmark Roof for consulting

Article By: Decorology