Five ways to conquer Toronto’s sizzling housing market

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TurboTax

In Toronto’s sizzling housing market, shelling out for a home is one of the scariest life choices people can make. After you’ve saved up enough for a down payment, been pre-approved for a mortgage and endlessly scoured the housing listings in your preferred neighbourhood, you might just get lucky and eek out some feisty couple in a bidding war to score your dream home. Then, of course, you’re saddled with debt, and financially on the hook for everything from a leaky faucet to a faulty furnace.

When every penny matters, it’s important to take full advantage of all possible tax breaks. TurboTax can help you identify savings, whether through a government reduction (like if you’re a first-time buyer) or rental property deduction (landlords can claim a ton of expenses). It even has a totally free service that’s ideal for Torontonians who prefer to do their taxes on their own, but could still use some helpful advice. Here’s a handful of tips on making the most of the biggest purchase of your life.

1. If you’re a first-time buyer, you’re most likely eligible for the First-Time Homebuyer Credit, a non-refundable credit that rewards people for jumping into the market by reducing the overall amount of taxes owed. The total claim amount is up to $750, and is calculated based on a percentage of $5,000. Basically all purchased homes qualify, including any semi-detached house, single-family home, condo, apartment or even mobile home. Even if you buy a property with a few friends, a spouse or family members, you can share the claim with co-owners—but it can’t exceed $5,000.

2. Aside from a few exceptions, new or extensively renovated homes are subject to 13 per cent HST in Toronto. But, thankfully, anyone who buys a new house for under $450,000 (or, more realistically in Toronto, a condo) can claim the HST new housing rebate. The rebate is available if you bought a new home from a builder or did extensive renovations on your primary residence, and is designed to offset any HST you may have to pay (for things like real estate commission or builder fees, for instance). The maximum rebate in Ontario is $24,000, and there are also a few other deductions available for homes built by the owner.

3. Good news for serious retirement savers. To help with the huge financial cost of buying or building your first home, the Home Buyers’ Plan lets you withdraw up to $25,000 from your RRSP. Simply fill out this form to take out the funds.

4. Those who have to make their home safe and comfortable for seniors or disabled people might be eligible for the home-accessibility tax credit that was introduced federally in 2016. This credit is designed to cover renovation expenses for things like wheelchair ramps, handrails and walk-in tubs. If you’re supporting someone who falls into the senior or disabled category (like a grandmother, for instance), you can claim up to $10,000 in expenses.

5. For those who work from home, buying a house can be significantly easier (as if zero commuting time and working in your PJs wasn’t enough of a draw). There are a number of expenses freelancers or contractors can claim, including heating and electricity bills, home insurance and cleaning materials. Similarly, landlords get a ton of tax breaks. Even if you rent out a portion of your house (like a basement unit), you can claim expenses like advertising for a tenant, insurance and interest on money you borrow to improve the property.

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LAUNDRY ROOM - make washday easier

Laura Gaskill

Finding a place in the laundry room to actually do your washday tasks isn’t always easy — which is why we’ve been tracking down smart ideas for hanging the wash, ironing and more. Up today: 10 ways to streamline the wash-dry-fold process.

Alexandra Crafton

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1. Sort as you go with wall-mounted baskets. Whether you sort by household member or by color, getting the laundry in ready-to-wash order (and up off the floor) is a positive step toward a smoothly functioning laundry space. Metal baskets on wall hooks make an efficient use of space in this laundry room, and they can be easily removed if you need the extra space.

2. Stay organized with washer-top storage. A set of baskets tucked beneath the shelf atop this washer and dryer can keep supplies, hand-washables and dry cleaning neat and out of the way. Use the shelf above to store frequently used items like detergent or to hold a cup for pocket change.

Talianko Design Group, LLC

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3. Store linens nearby for maximum efficiency. You can pull freshly laundered linens from the dryer, fold them and put them away without taking a step when your linen cupboard is integrated with your laundry space. Even in a petite closet laundry like the one shown here, you can put a slender shelving unit to work holding stacks of fresh towels and still leave a shelf or two free for supplies.

GO LOGIC

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4. Provide an easy-access spot for hang-drying. Just because your laundry room is petite doesn’t mean you must make do by hanging your delicates over the dining chairs to dry. Whether you choose a slim folding rack that stashes between your machines or an overhead rack like the one shown here, a thoughtful hang-drying setup is easy and hassle-free.

Sasser Construction L.C.

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5. Give socks a chance to find their mates. A wall hanging with a few clothespins attached takes up almost no space (you can even hang it on the back of the door) but provides an undeniably helpful service. To cut down on the stray sock situation even more, consider investing in a few zippered mesh wash bags to keep socks together on laundry day.

Sealy Design Inc.

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6. Sneak in room to sort and fold. A surface for sorting and folding laundry makes the whole process run more smoothly, so it’s worth finding space for one. In a small laundry room, try fitting a table beside a stacked washer dryer set, or keep the tops of your machines free for folding. A counter over side-by-side machines makes an even nicer folding surface and provides a beautifully finished look.

Alexandra Crafton

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7. Put wall hooks to work. A row of wall hooks in the laundry room can easily adapt to whatever you most need more room for: to hang a tote for collecting dry cleaning, to keep an ironing board handy (but out of the way) or to provide hanging space for freshly laundered shirts.

Adams + Beasley Associates

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8. Corral small items in baskets. Stain sticks, dryer sheets and mending supplies can easily become a jumbled mess when lined up on shelves. Stop your stuff from toppling over by storing like with like in small, easy-to-grab bins.

Lopiccolo Construction

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9. Stash a step stool to access top shelves. High shelves and cabinets can help maximize space in a small laundry room — but if you can’t reach what’s stored there, they won’t do you much good. Stow a step stool in the laundry room, and that extra bottle of detergent will never be out of reach again. Choose a foldable one for even more flexibility.

Trust the Vision Decor

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10. Keep it bright and clean. Whether your laundry is in a closet off the kitchen or down in the basement, making sure the space is clean and well-lit can do wonders when it comes to completing laundry tasks in a positive mood.

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Colours for Staging Your Home

Neila Deen

When prepping your home for sale, one of the most important tasks is giving your walls a fresh coat of paint. The standard advice from most real estate professionals is to keep them neutral with shades of white. But as a home stager and an interior designer, I prefer to take a more stylish approach. 

Remember, the overall goal of home staging is to make each room feel fresh, inviting and neutral enough so that prospective buyers can imagine themselves living there. That doesn’t have to translate, however, to bland, boring and devoid of style. Sometimes white can work, but a greater concern is making sure the room doesn’t look too stark. These elegant, crowd-pleasing neutral paint colors can help you stage your home to perfection.

FIG Interiors

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As you consider these choices, keep in mind that to present your home in the right light, you’ll want to select a neutral paint color that coordinates with your furnishings and finishes. The following warm or dark neutrals can add style and while maintaining a mainstream look. 

Gorgeous ‘Greige’

Gray has been the new white for years now. But not all grays are created equal. “Greige,” a pale gray with a beige undertone, is one of the most versatile colors for staging. Essentially a pale taupe, greige is a cool, sophisticated hue that can elegantly complement and add depth to a mostly white room. It’s great in both large and smaller spaces. 

Wall paint: Elephant’s Breath No. 229, Farrow & Ball

Echelon Custom Homes

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In this room, this go-to paint color for home stagers adds subtle contrast to the mostly white and beige palette. If the walls here were painted white, the space would have a starker look with less personality.

Wall paint: Kestrel White SW-7516, Sherwin-Williams; also try Mega Greige, Sherwin-Williams

Plum Interiors

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Bird’s Egg Blue

I always refer to this type of blue as a grown-up turquoise. A warm medium blue with sunny undertones, bird’s egg blue is an elegant choice for living rooms, bedrooms and bathrooms, particularly when the rest of the room is white, beige or gray.

Wall paint: Pale Powder, Farrow & Ball

Arch Studio, Inc.

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A pale serene turquoise works well with both traditional and modern decor to create a soothing feeling in this room. This calm environment can have a positive emotional effect on potential buyers and allow them to appreciate the beauty of the space.

In this large bedroom with textiles in shades of white, the pale turquoise creates a stylistic feature of the angled ceilings and beams while still giving the room a peaceful color palette.

Wall paint: Woodlawn Blue, HC-147, Benjamin Moore; also try Lulworth Blue No. 89, Farrow & Ball, or Gossamer Blue 2123-40, Benjamin Moore

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Dramatic Charcoal

A darker color can also be a surprising neutral. Many people might be hesitant to use a dark paint color, thinking it will make the room look smaller or darker. A dark color can, however, add depth on an accent wall. In a dark room it can conceal any shadows and replace an overall dark feeling with a serene and stylish one.

Charcoal, a deep gray, is a perfect dark neutral that can raise the style factor in a room as well as add a refreshing cool tone that complements beige and orange wood hues. Adding subdued drama, it works well in light-filled rooms or on an accent wall, especially in smaller rooms or on walls where you want to feature an architectural element.

For a stylish contrast, coordinate charcoal walls with accessories and furniture in lighter colors, such as whites and pale beiges.

Wall paint: Kendall Charcoal HC-166, Benjamin Moore

Maneli Wilson Interiors

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In this double-height living room, the cool character of the charcoal accent wall tones down the warm honey tones of the wood and brown sofa. It also gives the room a crisp modern feeling, coordinates with the clean, contemporary architectural lines and features the soaring ceiling, which is no doubt one of the selling points of this home.

Accent wall paint: Stormy Sky 1616, Benjamin Moore; also try Peppercorn SW-7674, Sherwin-Williams

J.A.S. Design-Build

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Golden Yellow

Let the sunshine in with a little golden yellow on your walls or fixed elements such as cabinets. This photo shows how a cheerful yellow can add warmth to a mostly white kitchen; it works well with white or stainless steel appliances.

Cabinet paint: Castilian Gold, Pratt & Lambert

Martha O'Hara Interiors

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In other rooms, such as a cozy bedroom or living room, this color’s sunny disposition can add a layer of charm to an otherwise blah color palette. It’s especially helpful in rooms that have low light, no view, or architectural features that cast dark shadows. The golden hues help eliminate a darker feeling and can distract from a bleak view.

Look for a yellow that has a slight wheat or creamy undertone and that isn’t overly bright or garish. A mellow yellow coordinates with most wood hues, earth tones, blues and pastel colors. 

Wall paint: Traditional Yellow 170, Benjamin Moore; also try Ray of Light CSP-910 or Beacon Hill Damask HC-2, both Benjamin Moore

Emily A. Clark

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Classic Navy

Navy blue is an excellent paint color to add sophistication, drama and a feeling of refined maturity to a room. Similar to charcoal gray, navy works well in a light-filled room or on a featured accent wall, particularly in smaller rooms or walls with architectural details like a fireplace.

Coordinate navy with contrasting pale hues like whites, silver or beiges.

Wall paint: Stunning 826, Benjamin Moore

Lisa Clark Design

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As seen in this beautiful bedroom, a navy accent wall gives an ordinary room a more designed and notable look. The dark wall not only creates a dramatic backdrop to the simple wood bed and white accessories, it also adds visual depth to that part of the room. This is a clever design trick to help a room feel a bit larger or appropriately functional to a prospective buyer. 

Wall paint: Hale Navy HC-154, Benjamin Moore; also try Indigo Ink HDC-CL-26A, Behr, or Commodore 6524, Sherwin-Williams

McKee & Company

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Creamy Whites

If your walls are already a shade of white and adding a new color isn’t in your comfort zone, look to neutral creamy whites to give the room a warm and refreshing look. 

Creamy white has an undertone of pale beige or greige, without being too yellow. The added warmth can give a stark room a welcoming glow without adding color.

Wall paint: Elmira White HC-84, Benjamin Moore

Chandelier Development LLC

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Pair your creamy white walls with a whiter color on the trim, ceiling and fixtures. The ivory-toned walls in this bathroom, for example, create a subtle contrast between the cooler white of the bathtub and surround. The effect in this rustic bathroom is a soft glow — something a paler or cooler white wouldn’t do.

Wall paint: Muskoka Trail 974, Benjamin Moore; also try Linen White 912 or Glacier White AC-40, both Benjamin Moore; ceiling paint: White Dove, Benjamin Moore

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