Whether you are a child wishing to create a space for your aging loved one in your own home or looking for options to assist them to remain in theirs, retro-fitting existing spaces makes the best sense. While there are upfront costs  to any renovation, the retro fit can save you money over the long haul compared to the cost of assisted living facilities or nursing homes. Utilizing a home equity line of credit to make this happen may not be an option for low income Seniors, but  CMHC can help defray the cost through a program called the Home Adaptations for Seniors’ Independence (HASI), which offers a $3500 forgivable loan for minor home adaptations that will help low-income seniors to perform daily activities in their home independently and
safely. To find out how to apply for financial assistance, or for more information about these programs, please call CMHC toll free at 1-800-668-2642.

For those wishing to remain at home there are many solutions ranging from the most simple to achieve to more extensive renovations.  Here is a list of retrofits  to consider :

• Door Handles: Lever-style door handles without locking mechanism are easier to manage and preclude the danger of inadvertently getting locked into the bathroom.  The
  lever style is easier for aging hands to grip and manage.
• Railings and Bars: Install weight-bearing handrails or grab bars around toilets and bathing areas to assist in transferring.
• Raise the Toilet: Install a raised toilet in the bathrooms, again to help with transferring.
• Handrails: Install handrails on all steps and stairs
• Stair Lifts: If the home is two story consider a stair lift
• Residential Elevators: A more expensive but useful alternative is the residential elevator – there are models available that can fit into a closet space.
• Remove Trip Hazards: Try to eliminate any transition points where floor surfaces change (hardwood to carpeting). The ideal is to have one surface running throughout the home so that all
  trip hazards are eliminated.  That includes removing area rugs as well.
• Make Slipper Surfaces Rough: Consider treating slippery floor surfaces with non-skid treatments.
• Light it Up! Increase the lighting in all areas. Put table lamps on wall switched outlets for ease of turning on and off.
• Sleep Downstairs: bring the master bedroom to the main living level and have a bathroom installed.

These are just some suggestions to make it possible to stay home.  Additionally, consider a home monitoring system such as Life Line (http://www.lifeline.ca/) or  to cameras in key areas that can be monitored through the internet such as Smart Home Monitoring (http://www.rogers.com/).

Remember “there’s no place like home”, so make it a safe one !

Well you are in luck. There is a program that not only opens the door for you to get into the home, with the dream kitchen, or
spa like ensuite, but it also saves you any inconvenience, or hassles of arranging a second loan after the closing. This program is
available with Genworth or CMHC “Purchase Plus Improvements” mortgage. Now you can purchase a home, renovate it the way you like
and pay for it all in one mortgage payment at first mortgage rates.

All of this can be done by putting down as little as 5% of the “as improved” value. For example, if you purchased a home for
$120,000 and wanted to do $30,000 worth of renovations, Gentorth/CMHC will insure a mortgage based on 95% of the “as
improved” value. In other words, with a down payment of $7,500 (5%) Genworth/CMHC will insure a mortgage of $142,500.

The key for this working is that the cost of the renovations has to be reflected in the “as improved” value of the house.

In this example, Genworth/CMHC would have to agree that the house would have a value of at least $150,000 after the $30,000 worth
of proposed renovations was done. The insured loan will be based on the lower of the purchase price plus the actual cost of
improvements or the “as improved” market value.

How Does It Work?

When you’ve decided to make an offer on a house, make the offer conditional for a longer than normal conditional period

because you will have to arrange a qualified contractor to put together a description and a cost estimate for the proposed repairs or
renovations. Forward the “Contractor’s Estimate” along with the “Agreement of Purchase and “Sale” for submission to the lender
for Genworth/CMHC’s approval.

The following information needs to be prepared by the contractor to be submitted along with your application to the lender.

Renovations

(i.e. Kitchen or Bathroom renovation)
1. Description of the work
2. Types of materials being installed  with applicable quantities (i.e. 250 sq. ft. ceramic flooring)
3. TOTAL COST of all work (include applicable taxes)
Additions

(i.e. Rear family room or second storey addition)
1. Description of work
2. Copy of drawings
3. Cost breakdown of all proposed work in a similar format to the following as applicable:
• Excavation and foundations
• Exterior finish
• Framing

• Interior wall and ceiling finish

•Windows and exterior doors
•Finish carpentry (i.e. Trim, doors, and kitchen cabinets)
•Electrical
•Interior painting
•Plumbing
•Finish flooring
•Heating
•Site work (i.e. Landscaping)

Sample Situations at Completion

Situation A

Cost of improvements is the same as the increase in the
house value:

Purchase Price: $100,000.00
Cost of Improvements: $20,000.00
Total house cost: $120,000.00
As improved appraised value: $120,000.00
Minimum down payment: $6,000.00 (5% of 120,000.00)
Mortgage Loan amount: $114,000.00
First advance on purchase: $94,000.00
($114,000.00 minus $20,000.00)
Second advance after improvements: $20,000.00
($114,000.00 minus $94,000.00)

Situation B

Cost of improvements is more than the increase in the
house value:

Purchase Price: $100,000.00
Cost of Improvements: $20,000.00
Total house cost: $120,000.00
As improved appraised value: $115,000.00
Minimum down payment: $5750.00 (5% of 115,000.00)
From borrower’s own resources: $5,000.00

Difference between “total house cost” and “as improved appraised value” Additional funds to be provided by the
borrower may be borrowed outside of the insurance loan amount.

Mortgage Loan amount: $109250.00
First advance on purchase: $89,250.00
($109,250.00 minus $20,000.00)
Second advance after improvements: $20,000.00
($109,250.00 minus $89,250.00)

In these examples, the Mortgage Loan Insurance premium is not added to the mortgage loan amount. In fact the premium
may be included in the insured amount at the choice of the borrower. Most Purchase Plus mortgages are administered
through the retail lenders or a through lawyer with a financial corporation. These mortgages are usually subject to a 10%
hold back for 45 days after completion of work. This holdback is incase there is a construction lien registered after for non
payment.

Important Reminders

1. Make the offer conditional for a longer than normal conditional period, 10 business days
2. Get estimates immediately after accepted offer
3. Full application cannot be submitted until estimates are in
4. All work has to be completed and receipts submitted together to release funds
5. A walk-through appraisal maybe required at the borrower’s expense
This is an excellent opportunity for your clients to acquire and appreciate the home they want at the best rate available.
Especially when you consider the slight higher downpayment against the potential growth of your investment.

For additional information on the Purchase Plus Improvements Program or if you have any questions, please don’t
hesitate to contact us!

Erin Kouvertaris 647.885.6940 erink@dominionlending.ca
Stacey Brasier 416.459.7320 stacey@staceybrasier.com

REPRODUCED WITH PERMISSION FROM DOMINION LENDING CENTRES ESTATE MORTGAGES INC.

Start by asking yourself what is your motivation? Is your family outgrowing your current home? Do you still love the area and don’t want to leave the neighbourhood? Then you may want to consider renovating or adding to your current home rather than moving. Take a close look at both choices, so you can make the best decision for your needs.

Decide exactly what you’re looking for.

First, compile a list of features, separate your needs from your wants, and rank them in order of importance. Next, compare the cost of adding the features you’re looking for to the cost of purchasing a home that already has them.

Contact a real estate agent to get recent sales price data for comparable homes in your area. Add your projected improvement costs to the current market value of your home (you may want to consult an Interior Designer to get an accurate figure), and compare that dollar amount to the average sales price of homes in your neighbourhood. If the cost of your renovation project plus the current value of your home comes to less than what other homes are selling for, there is a good chance you can recover the cost of your improvements when you sell. Conversely, if neighborhood homes are selling for significantly less than what you’ve projected as your home’s value after improvement, then recovering your renovation expense is less likely.

Queen Street East between Victoria Park and Woodbine was alive with hundreds (thousands?) of people Sunday, April 24, 2011. A sunny afternoon and a cherished Beach event drew the faithful crowds out to enjoy music, chocolate and an eclectic mix of floats and bands.

The Beach is the proud to play host to residents from all over the GTA who make the drive to this small town with in the city. Beachers put up the the closed streets and congestion with humour and friendliness, they are used to the disruption caused by being the host of craft fairs, the Jazz Festival and all those coming to the neighbourhood to enjoy shopping, dining and, of course, the boardwalk along the beach! They consider it a small price to pay for the joy of living in a family and dog friendly lake-side community.

If you missed it this year, pencil in next Easter Sunday for the Beaches Lions Easter Parade!

The service also gets an enthusiastic thumbs up from me. Attentive, without being cloying. We were never rushed, had excellent cocktails at our leisure, and were served at a pace set by us, the diners – imagine!

The menu is fixed (diners can go online to Ruby Watch Co.’s web site to check the week’s offerings; the menu consists of four courses for $49 with an inspired wine and port pairing for a reasonable up charge. Served family style in Le Creuset casseroles, the food is homey and comforting and just plain delicious.

On this night our menu consisted of

CARRON FARM’S BEET & BACON SALAD
Boston Bibb Lettuce, Garden Radishes, Pickled Cucumbers, Creamy Cheddar Dressing

RUBY’S BRICK CHICKEN WITH GRILLED BREAD STUFFING, PAN GRAVY
Olive Oil Smashed Thompson Yukon Gold Potatoes, Broccoli with Sun-Dried Tomato Butter, Roasted Rutabaga & Empire Apples

RIOPELLE BY Le Riopelle de l’Isle
Carrot & Orange Marmalade With Hazelnuts

TRIPLE CHCOCOLATE CHEESECAKE
Detour Coffee Toffee Sauce

Consistently fabulous!

It was one of the best dining experiences I have had in Toronto in a long time. Reservations are a must.

I just can’t wait to go back!

The decor is a bit retro with warm woods, soft fabrics and feeling that the space just sort of happened rather than being purposefully designed. The only niggly piece ( I am an Interior designer after all) was the lighting – not enough levels to add interest to the space – it was all sort of “almost too dark to read the menu” lighting. The music was lovely and low enough to allow for conversation without shouting.

On a recent visit I had a generous steak tartar that was well seasoned and flavourful, accompanied by three pieces of toasted baguette and pickles. This I followed with crispy fried sardines and seasonal veggies – beyond yummy and satisfying. Rounded out with a chocolate mousse and a cafe au lait for dessert, I could not have asked for more.

The server was warm and attentive without being annoying – it all really felt like I was eating at a good friend’s house (who also happened to be an excellent chef with an impressive wine cellar). And like a good friend, chef/owner Constance (Weezie) Guitard dropped by mid meal to make sure we were happy. We were.

Weezies
354 King Street East,
Toronto, ON
(416) 777-9339 ‎

Welcome To Williamsburg, Whitby’s Finest Neighbourhood, Walking Distance To Five Great Schools & Million Dollar Space Park! Stunning, Sun Filled 4 Bdrm 2 Storey ‘The Timmins’ Model- Extra Wide Home, A Must See! Appr 2800Sq.Ft. Of Family Living Space, Pool Sized Yard, Gleaming Hardwood Floors, Roughed-In Basement Bath And Central Vac, Gorgeous Landscaping, Interlocking Brick Front & Back. This Home Has Been Lovingly Maintained. Move In Condition.

A sampling of the many extras this home has:

-a fully finished and insulated garage, perfect for any handiman
-a fully finished, insulated and wired garden shed
-2 ponds connected by a brook!
-Upgraded broadloom and underpadding on 2nd floor
-Ceramic Tiled Foyer and Kitchen
-Gleaming Hardwood Floors through out main floor
-Walking distance to five top area schools, a 5Million dollar space park and green belt

Schools

Elementary:

Williamsburg Public School PS
Captian Michael Vandenbos PS
St. Luke Evangelist CS

High School:

All Saints Catholic School
Donald A Wilson PS