Archive for October, 2007
Housing boom will falter, bank says
CBC News
The current real estate boom is “unsustainable” because prices in 14 of 15 major Canadian markets are above their long-term trends, the Bank of Nova Scotia economics department said in a report Thursday.
With the exception of St. John’s, N.L., price levels have risen above the historic rate of increase over a nine-year boom, the longest since the end of the Second World War.
“There is growing evidence of overvaluation in real estate prices in some parts of the country,” the report said, and “the further domestic home prices climb above underlying economic fundamentals, the greater the risk of an eventual correction.”
In nine of the 15 markets, real estate prices are within a few percentage points of the long-term trend. But in six western cities, the increases are in the double digits, ranging from 10 per cent in Winnipeg to 25 per cent in Edmonton.
The bank said the real estate market is still quite good, with little evidence of overbuilding or speculative buying. But the real price gain of 60 per cent over the boom period is high by historic standards, and signs of a slowdown are building.
Housing starts through August are down nine per cent, compared to the same period in 2006, and price increases — 7.7 per cent in July compared to July 2006 —are moderating.
“We continue to anticipate a gradual cooling in both housing demand and price appreciation in the months ahead. Affordability is becoming increasingly stretched for many would-be buyers after almost a decade of rising real estate prices,” the bank said.
It’s the second bank report in two days to suggest that the real estate boom could be faltering. On Wednesday, the Royal Bank said housing was becoming less affordable.
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Contact the Jeffrey Team for more information – 416-388-1960
Home security gets sophisticated
Today’s home monitoring systems give Canadians peace of mind and the feeling of “being there” – even when they aren’t
From New Homes & Condos Magazine
You can’t put a price on peace of mind and convenience. The importance of keeping your home, cottage or second home safe and secure from intruders or the elements is not a new concept but what is new is the availability of high-tech systems that go beyond the capabilities of traditional home security systems.
Today’s home monitoring systems go a step further by bringing the latest technology developments together in an innovative way to make it easier than ever to stay informed – even when you’re not there.
Let’s say, for example, your washing machine over-flows and causes a flood, or your toaster oven catches fire, or someone attempts to break into your home. Intelligent home monitoring systems can be positioned to instantly pick-up on this change to your home’s “status quo” and alert you (or a friend or another family member – whomever you choose) to this change.
One of the latest systems to enter the market, Bell Home Monitoring, gives you a personal website for online management of your home that can be accessed from any Internet-enabled computer. The site and your service are completely customizable – you can even choose the means by which you will be alerted to the happenings at your home, be it by e-mail, voice mail, phone or text message.
Additional options that you should consider before purchasing a home monitoring systems include:
• wireless technology – running on the same networks as cell phones, a wireless home monitoring system ensures consistent security vs. traditional systems based on land lines that could ‘go down’ when phone lines are cut or temporarily out of service;
• video and remote monitoring of your home or a second property or cottage;
• remote access – letting you turn the system on or off as required; and
• a PIN system that alerts you to the safe arrival of your children from school every day.
For more information about Bell Home Monitoring, you can visit the website at www.bellhomemonitoring.ca.
New Homes & Condos Magazine is an excellent source of housing information for those looking for information on new homes in Ontario, Canada. We offer the most up-to-date information on new communities across the Greater Toronto Area.
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Contact the Jeffrey Team for more information – 416-388-1960
Fireplaces – The Magic and the Mystery
Fireplaces are no longer used as the primary source for heating homes, but the magic of a fire stills makes a fireplace a valued part of any home. There are few things nicer than a cheery fire, especially on a cold winter night. By the same token, there are few things more distressing than a fireplace which doesn’t draw – belching smoke into the home, chasing people out, setting off smoke detectors, and dirtying everything in sight. Why do some draw perfectly, and others so poorly?
Good Design
There are many factors which affect fireplace performance. Some of the more important are listed here.
* Ratio of Fireplace Opening to Chimney Flue Size. The area of the flue should be roughly (1/12) one twelfth the size of the opening area.
* Chimney Height. The taller the better, but at least 3 feet above the roof and 2 feet higher than anything within 10 feet of it.
* Damper Size and Location. Full width of firebox and at least 6 inches above the top of the opening. The damper is usually closer to the front of the fireplace than the back.
* Smoke Chamber Slope and Smoothness. The chamber above the damper should be as smooth as possible, and should slope no more than 45 degrees as it funnels the smoke from the damper opening into the chimney.
Most fireplaces break at least some of the rules of good design and yet many work well despite this. Fireplace design is more of an art than a science. Because there are so many factors which affect the draw, it is impossible to know how “perfect” the unit has to be to work. What about solving the problem of a fireplace that doesn’t draw well?
Improving the Draw
* Reduce the Opening Size. This can be achieved by laying an additional row of firebrick on the floor of the firebox. Even before this is done, the solution can be simulated by holding a piece of metal over part of the opening and watching to see if the draft improves.
* Extend the Chimney. This is expensive but often successful. Less expensive alternatives include a rain cap or a metal draft hood which rotates with the wind so that smoke is always released downwind.
* Move the Fire Back. Often the fire is simply too close to the front of the firebox.
* Add Air. A fireplace which is starved for air won’t work properly. Sometimes opening a window in the room with the fireplace will supply enough air. Fireplace draw is more difficult to achieve if the house is under negative pressure. Don’t have exhaust fans on while trying to start a fire. Most furnaces also work like exhaust fans. It is easier to start a fire when the furnace is in an off cycle. Glass doors help to protect the fireplace from negative pressure effects in the house, especially if combustion air can be brought in from outside.
* Warm the Flue. This is a trick most people know about. Pushing a burning piece of rolled-up newspaper up past the damper will help overcome the column of cold air in the chimney and allow a good draft to be established quickly.
We didn’t suggest damper or smoke chamber modifications because they are expensive and should be considered last resorts.
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Contact the Jeffrey Team for more information – 416-388-1960