Hamilton's average household net worth soars

A recent report shows that household net worth is up across Canada, with Hamilton showing the second largest increase among major cities.

Canadians are getting richer, and Hamilton is (almost) leading the way.

A new report by Environics Analytics says that the average household net worth in Canada surpassed $400,000 at the end of 2012 for the first time in history, thanks to a 5.8-per cent jump during the year.

Hamilton experienced the second fastest growth in net worth among major cities, trailing only Regina. Local household net worth leapt 9.5 per cent to $420,515, whereas Regina's net worth grew by 11.2 per cent to $391,826.

Hamilton is getting a lot of good news on the economic front this summer.

Earlier this month, a Statistics Canada report showed that said that commercial investment in Hamilton increased by 8 per cent, bucking a national trend.

Marvin Ryder, associate professor at McMaster University's DeGroote School of Business, says that Hamilton's robust growth can be attributed to strong housing prices and pension plans.

But he cautioned that the numbers in the Environics report should be taken with a grain of salt.

"Because this study is looking at the average, these numbers can be skewed by a small number of very wealthy people. To get a clearer picture, it might be interesting to look at the average [household net] worth of the bottom 20 per cent," said Ryder.

A 5.4-per cent gain in liquid assets and a 5.1-per cent increase in real estate values, combined with a comparatively modest 3.3-per cent rise in debt, led to the nation-wide improvement, according to the report.

Vancouver, Calgary and Toronto remain Canada's wealthiest cities.

Courtest CBC Hamilton

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10 Things to Ask Your Contractor Before You Start Your Project

by Anne Heugera

Remodeling or building a new home is a big financial and emotional investment. It can also be a big investment of your time if you want to be closely involved in the decision-making. Knowing what to expect before the project gets started will help you better prepare for the process. Here are 10 questions you should always ask your contractor before starting a home remodeling project.

by Janet Paik »

1. What is our schedule? A schedule is more than just a start and end date. Having a schedule that outlines tasks and timing will give you a big-picture view of sequencing and deadlines for things such as tile and countertops. It will also give you a benchmark so that you know if things are slipping by a day or two. With small projects such as kitchens and baths, schedule is everything. The cabinet lead time determines the start date and sub-trades need to be scheduled in quick succession, for instance. Don’t start without a schedule that tells you what days and times workers will be on site. 2. Who will be here every day? Depending on the size and structure of the company you hire, the answer could vary widely. Many remodelers use a lead carpenter system, where a staff member (sometimes called a superintendent) is responsible for day-to-day work on site, and often swings a hammer as well. Ask your contractor direct questions about who will be responsible for opening and locking up, who will supervise subcontractors on site and who to call on a daily basis with any questions.

by Ventana Construction LLC »

3. How will you protect my property? This is a conversation best had before demolition, not after you come home and find dust all over the house.There are a number of dust-containment measures that can be taken, and talking about it ahead of time will provide you will a clear idea of how the construction area will be cordoned off from the rest of your home and how you'll be able to move through your house.

There’s also the issue of stuff — all the books, furniture, drapes, delicate vases and paintings on the wall. It’s helpful to remove them all from the construction zone. This includes anything hung on walls or sitting on shelves in adjacent rooms, since they can shake loose from persistent hammering. If you leave them as-is, it will cost to have them moved and moved again to keep them out of the way, and you risk damage in the process. It's better to move it all at once and know it’s safe and sound.

by Ventana Construction LLC »

4. How will you communicate with me? With every mode of electronic communication at your fingertips, you may have some ideas about how you would like to receive information about your project. Your contractor likely has specific ways he or she likes to communicate, too — daily emails, cloud-based schedules or maybe just phone calls. Make sure you understand how you will be contacted and receive information. If the contractor's format doesn't give you what you think you'll need, agree on a method and format so that you’re not in remodeling limbo on a daily basis. Weekly meetings at a specific time are an effective way to make sure you see your contractor in person to get your questions answered.

by Kenny Grono »

5. What part of my project concerns you?There’s always something unknown about a project, or an area that is most likely to trigger an immediate change order. Odds are, your contractor already knows what that is. Talking about it upfront and running some worst-case-scenario numbers or doing some early, selective demolition to get more information could be the best way to get a handle on what may be ahead.

6. What will happen if there is a change order? Change orders can be easily handled in your construction contract. A common way to document change orders is in writing, where the change in scope of work and the price are noted and signed by the client and contractor. Some contracts also note the change in schedule, if applicable. Make sure you have a plan in place to document the unexpected and expected changes that happen along the way.

by Janet Paik »

7. How will you let me know I need to make a decision? There are many ways to organize a list of decisions — from spreadsheets, to lists, to notes on a calendar. But all of these methods focus on the same outcome: giving you clear direction about what and when you need to make a decision on something. Asking for a list and deadlines will help you keep organized and ensure you are able to shop for materials and make decisions in time to meet your contractor’s schedule.

8. How do I reach you after hours? Knowing how to reach your contractor on an emergency basis is just as important as your contractor being able to reach you. Exchange all your numbers — work, cell and landline — so that contacting each other won’t be a crisis in itself.

by Ventana Construction LLC »

9. When do I need to be available to meet? Even if you set up a regular weekly meeting, there may still be necessary additional meetings. We usually schedule an electrical walk-through on the day the electrician sets boxes and can lights so that everyone can review their placement and function before wires are run. Another key day is when the tile-setter works on layout. There are a number of ways to set tile, and having an on-site meeting is the best way to make these decisions. It’s also possible to have your architect or designer attend those meetings in your place. 10. What kind of documentation will I receive when the project is done? Contracts frequently call out end-of-project paperwork — lien releases, marked-up plans with as-builts on plumbing and other utilities, copies of inspection reports, etc. But there may be additional items you will find valuable: a full set of mechanical photos before insulation is installed, the operating manuals for installed equipment (and a personal lesson in their operation if you don’t know the basics), a list of subcontractors and contact info, care for things such as countertops and tile and a well-marked electrical panel. Confirming that you will receive these things before you get started will help ensure that you finish the project with all the information you need. www.teambluesky.ca

BURLINGTON - RE/MAX Expands it's Global Reach

 RE/MAX Expands Global Reach to More Than 90 Countries

After selling master franchise rights to Lebanon, Qatar, Kuwait, and Uganda, RE/MAX has expanded its international reach further into the Middle East, Asia and Africa. These new additions to the network are part of an aggressive global expansion, which brings the RE/MAX Balloon to more than 90 countries — more than any other real estate organization.

Over the past six months alone, RE/MAX has opened doors in 10 countries with more than 370 worldwide franchise sales, and plans to continue furthering its footprint throughout the year.

"Expanding our global footprint brings about many new opportunities," said Larry Oberly, RE/MAX Vice President, Global Franchise and Business Solutions. "With the opening of RE/MAX offices, our new regions have the opportunity to influence local professional standards as they introduce a high level of customer service."

Nabil Kamar, Region Owner of RE/MAX Lebanon, is set to develop the largest network of independently owned and operated RE/MAX offices in Lebanon. Kamar is aiming to grow the region into a network of 40 RE/MAX offices over the next five years, and is on point to achieve that goal.

AbdulAziz Bin HouHou and his wife, Bedour Haidar, Region Owners of RE/MAX Kuwait and RE/MAX Qatar, are looking forward to the many opportunities that a strong, international brand has to offer. The pair has already been in discussion with six likely office franchise candidates.

Mohamed and Shamila Kalisa, Region Owners of RE/MAX Uganda, also believe the RE/MAX model is ideal for the current real estate market in their country. Uganda's economy is booming as oil becomes a major export, and cross-border immigration has resulted in higher demand for housing. RE/MAX is the first international real estate franchise to enter Uganda.

The Kalisas, Kamar, HouHou and Haidar all share well-rounded backgrounds in real estate and business management.

"Our goal is to discover innovative entrepreneurs who share the same passion for professionalism and premier customer services that our other outstanding international franchise owners possess," said Oberly. "These teams radiate that passion and commitment to make RE/MAX a success."

RE/MAX enhances its international presence with global.remax.com. The website serves as a full-service source for residential, luxury and commercial real estate around the world. In the past year, it has had more than 2.9 million visitors, generated over 20,000 leads in the past sixth months, and can be translated into 36 languages.

About the RE/MAX Network
Celebrating 40 years of real estate history, RE/MAX was founded in 1973 by Dave and Gail Liniger. These two real estate industry visionaries still lead the Denver-based global franchisor today. RE/MAX is recognized as one of the leading real estate franchise companies with the most productive sales force in the industry and a global reach of more than 90 countries. Nobody in the world sells more real estate than RE/MAX. 

With a passion for the communities in which its agents live and work, RE/MAX is proud to have raised more than $130 million for Children's Miracle Network Hospitals®, Susan G. Komen® and other charities.

SOURCE RE/MAX

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Second-Story Addition

Movin' on Up: What to Consider With a Second-Story Addition

to your home at the second or even third story can capture views, maximize square footage on a small lot and let you locate all the bedrooms on a single level. However, all that space can come at a high cost. A second story can greatly impact the rest of your home, which often means structural reinforcement on other levels. 

Is building up, digging down or adding on the best way to maximize your house's potential? Here's what to consider before adding another story to your home.

by COOK ARCHITECTURAL Design Studio »

Whole-house impact. The design and function of a second-story addition will have a ripple effect on the rest of your home — everything from finishes to mechanical work to structural work. A good design will make the second story look like it was always intended, so take the necessary time to make sure the addition does a favor for your curb appeal and your home's functionality.

by Ventana Construction LLC »

Structural requirements. A second story with occupied rooms will weigh much more than your old roof system, so engineers will need to calculate how much weight the main-floor walls and foundation will carry and how to hold that weight up. Second stories require structural support that includes adding plywood and steel connections at main-level walls and down into the foundation to meet code requirements. This is particularly important in areas with seismic risk and with older homes.

by M. Designs Architects »

Stairs. A new staircase usually means taking a bite out of your existing main-floor rooms, which can impact the use of those rooms and the traffic flow. Sometimes it’s a no-brainer, like over existing ones going to the basement. But sometimes a little creative thinking is required. Working with a good architect to thoroughly examine all of the options for stair location will yield the best results.

by Morrison Heating & Cooling »

Mechanical. Your furnace, water heater and electrical panel all work based on your home's square footage and the number of fixtures you have. When you increase the size of your home, you have to revisit all of these systems.

Electrical panels are typically upgraded to 200 amps, and HVAC systems can be replaced, added on to or have new zones added, depending on whether they are forced-air or radiant systems. Hot water can be delivered in a number of ways — from tankless heaters with recirculating pumps to tank systems and separate on-demand systems just for a master bathroom. You could consider adding an energy-efficient system too, such as ductless heat pumps, geothermal heat pumps and solar-assisted hot water or photovoltaic panels.

by Madson Design »

Chimneys. When you add a story to your home and have a masonry chimney, you need to eliminate the chimney or build it up (with brick or a metal flue) to above the roof level. This can be a simple decision, particularly if you never use your fireplace or want to convert to a natural gas fireplace. It’s also possible to save a wood-burning fireplace and remove a separate mechanical chimney by replacing older equipment with new energy-efficient units that can vent horizontally (instead of vertically). The space that a mechanical chimney took up can also become a convenient chase for ductwork, plumbing or electrical to run to the second floor.

by Meyer Design »

Windows, doors and siding. The key elements of the building envelope become big question marks with second-story additions: Should you match them? Start over? Do half and half? If structural work at the main level requires removing half of the siding, you may wonder whether or not the whole house should have new siding. If main-floor windows and doors are tired, rotting, don’t meet energy code or are simply out of style, should they all be replaced? Making these decisions early in the process is key. Going back to order windows for half a house when the project is already started is sure to cause delays.

by grouparchitect »

Insulation. When engineering requires old siding and sheathing to be removed from your home's exterior, it also presents the chance to install new insulation. Homes built in the 1950s or earlier tend to not have insulation in their walls (aside from the occasional newspaper). Installing fiberglass batts or even rigid insulation in the studs is a great way to improve the energy efficiency of your whole home.

by Gelotte Hommas Architecture »

Finishes. Often the finishes of your existing home — door style, trim sizing, Sheetrock finish, flooring — can dictate the finishes in your addition. But adding a new story allows you to revisit every finish. If you have textured walls, for instance, you may decide to go with smooth walls in the whole house or just in the addition.

by Jeff Wilkinson, RA »

Roofing. Part of the demolition process for second-story additions is removing the entire roof system. A contractor experienced with these kinds of remodels will have protection systems to keep rain out, but it won't be feasible to live with them. A project of this size nearly always requires vacating your home for the duration. But you'll get to move back into a home that’s doubled in size and is 100 percent ready. www.teambluesky.ca