April's To-Do List around the House

Laura Gaskill

With lengthening days and milder temperatures in many parts of the country, April is a wonderful time to freshen up the home inside and out. From windows that sparkle to a clutter-free garage, here are 13 tasks to make the most of the first full month of spring.

Strand Design

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Clean gutters and downspouts. Having your home’s gutters and downspouts cleaned (and repaired if necessary) is one of the first important tasks to schedule this season. Clogged gutters during a rainy spring can cause water to pool, potentially damaging the roof and siding.

Wash siding. Using a regular garden hose, attach a siding cleaning kit (available at most home improvement stores) to clear away winter grime from your home’s siding.

One Girl Interiors

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Spruce up the front porch. Clean the porch floor, exterior windows, windowsills and front door. Wipe cobwebs from the ceiling and high corners. Lay down a fresh doormat and plant a pot of flowers. If you have porch furniture, clean it off and wash the cushions.

Inspect paths and driveway.Repeated freezing and thawing can take a toll on asphalt and concrete. Check your driveway and paths for cracks and schedule repairs as needed.

Tara Bussema - Neat Organization and Design

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Boost curb appeal. Spring is a wonderful time to make upgrades to your home’s exterior, and even small changes— like putting up bold house numbers and a shiny new mailbox — can make a big impact. If you’re planning to put your house on the market this spring, boosting curb appeal can help lure in potential buyers, making it especially important.

Jamie Keskin Design

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Wash windows. Welcome the spring sunshine by clearing dirt and grime from windows inside and out. After cleaning the glass, take an extra moment to wipe the sill.

Check screen doors and windows for tears. Before putting up window screens and screen doors, inspect each one for holes and rips — even small tears can let in mosquitoes! If you find any holes, pick up a screen patch kit (available at most hardware stores) and repair them.

Studio McGee

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Clear clutter. Create more space in your home by clearing out unloved items. If you have a lot to get rid of, set a date to hold a yard sale. Or contact a local charity to schedule a pickup — some will send a truck free of charge if you’re donating large items like furniture. If you have a lot of one type of item (for example, books or baby clothes), look for a consignment shop in your town where you may be able to sell them.

Schedule cooling-system maintenance. If you have central air conditioning, be sure to schedule professional maintenance before the start of summer. A properly maintained system cools better, uses less energy and lasts longer.

Organized Living

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Clean the garage. Can you park your car in your garage? If not (or if it’s a tight fit), it may be time to make some more space. Clear out the junk, and schedule time to take unused paint, motor oil and other hazardous items to a recycling center that accepts them. (If you’re not sure where to go, search Earth911 to find a center near you.) Once your garage is cleaned out, consider adding wall-mounted storage to keep things neat and off the floor.

B. Jane Gardens

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Test sprinklers and irrigation system. Don’t let the first sign you have a malfunctioning irrigation system be a drooping garden! Take the time this month to test each part and adjust or repair as needed.

Keep mosquitoes at bay. Having warmer weather and longer days means we’re entering mosquito season. Take preventative measures by regularly checking your property for standing water and emptying it. Any open containers (empty flowerpots and saucers, a wheelbarrow) can become mosquito-breeding grounds when filled with rainwater, so store items like these upside down or in a shed.

Westover Landscape Design, Inc.

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Maintain wood decks and fences. Keep outdoor woodwork in top shape by staining or resealing each spring. Check gates, fencing, decks, railings, pergolas and other outdoor structures, and make repairs as needed.

www.teambluesky.ca

Shower Floor - How To's

Sam Ferris - Houzz

Whether you’re in the middle of a bathroom renovation or in the initial planning stages, you shouldn’t forget about your shower floor. While it may be easy to get hung up on your space’s style and color palette, it’s a detail for which function is important. Not knowing the cost, slip resistance and upkeep of what you’re buying can send your investment down the proverbial drain. To help you decide on the best option for your shower, here are six common types of shower floors at a glance.

Martha O'Hara Interiors

Marble

Marble is a soft stone with an even softer look. The two most popular finishes are polished (classic gloss) and honed (matte finish). The swirls of gray and cream are enough to make homeowners swoon, and its popularity isn’t going away. 

Pros: The biggest advantage of marble is, naturally, its beauty. It’s luxurious, elegant, timeless and romantic all at once. Marble is also surprisingly versatile. It can be made in many different shapes, from subway tile and herringbone to basket weave and standard four-by-fours. This variety is much appreciated.

Cons: So it scratches. And stains. It may not seem like a big deal, but a shower space gets covered with soap and suds, which can leave a filmy substance on marble’s surface over time. A good sealer is a must. Honed marble has better scratch resistance than polished marble. In general, its slip resistance isn’t the best compared to tumbled travertine or porcelain tile. Marble can also hike up your shower’s price tag.

The many shapes and styles of marble allow you to create brilliant texture-on-texture contrast. This traditional shower space complements the brick wall tile with a basket-weave-patterned floor, which adds subtle contrast to the design.

ART Design Build

Travertine 

It’s hard not to find a style of travertine you love, whether it’s chiseled, honed, polished or tumbled. This natural stone has the best of earth’s creams, browns, grays and golds packaged into designer tiles that grace homes across the world. 

Pros: Home buyers love travertine, and not just because of its veins and swirls. They also appreciate the slip resistance it offers, particularly that of tumbled travertine, as well as how long it lasts. 

Cons: Travertine is porous, so you could find yourself in hot water if you forget to seal it. It is recommended that you seal it every one to two years unless your sealer lasts longer. Other than that, your main concern is staining. Anything other than a mild detergent can affect the stone’s surface. Be careful how you clean it and be careful of the soaps and shampoos you use.

TG-Studio

You can install travertine on your shower floors in a variety of sizes, including (but certainly not limited to) standard 12-by-12-inch tiles, 4-by-4-inch squares and 2-by-2-inch mosaics.

Celtic Custom Homes

This traditional shower has 4-by-4-inch travertine tiles on its floor and walls, which create depth and intrigue.

Sean Murphy Contracting INC.

Glass

Cool, clean and contemporary, glass mosaics can insert a pop of color or stroke of glossy white on your shower floor. 

Pros: Looking for low maintenance? Glass may be the floor for you. It’s super easy to clean. Just grab Windex and a cloth to give it a quick wipe-down. Its translucent surface can keep your shower space light and open. It almost always looks high-end, no matter what you actually paid for it. 

Cons: The price isn’t always right. Quality glass can take a toll on your wallet. And unfortunately, it feels as sleek as it looks. The slip resistance is minimal, which could be a deal-breaker. Older or very cautious homeowners should seek something with a better grip if they’re set on a glass shower floor.

KellyBaron

Glass mosaics can blend colors together with an iridescent, glossy or matte finish. The mosaic in this Mediterranean shower gives the space a designer touch by complementing the soft green wall tile.

London Basement

Porcelain

Now here’s a shower floor that just might have it all. Made with a dense clay body, porcelain tile is durable and waterproof, and lasts for decades. 

Pros: Porcelain tile is highly versatile. It can survive detergents, scratches and long-term water exposure. It can be finished to have an authentic wood, stone or marble appearance. The best part? It accomplishes all of this without being high-maintenance. Expect to enjoy cleaning it (or the lack of cleaning, rather). 

Cons: Grout can be a problem. Rectified porcelain can keep grout joints small, but grout will no doubt be there for you to clean. It can get slick if it doesn’t have a textured surface.

Becker Architects Limited

Wood

Wood can bring warmth and exquisite style to your shower floors. It also lets homeowners create a flat, smooth shower entry.

Pros: Wooden shower floors have a sleek, minimalist look perfect for contemporary shower spaces. They sit slightly above your shower base and have slats, which allow for good draining when they’re installed correctly. Moisture is less likely to fester. Wood also wears well if you maintain it (make sure you follow maintenance instructions regarding how to seal it). 

Cons: We all know about wood and water. Long-term exposure to moisture can cause wood to warp, discolor and fade. You won’t have direct access to your shower drain either. Your drain can get icky in the long run. Not surprisingly, wood can be costly.

Laura Bohn Design Associates

Pebbles

With a soothing touch and an organic look, pebbles can make any bathing experience feel refreshing. 

Pros: The texture of pebbles offers sufficient slip resistance because of the grip it provides to your feet. They have fairly broad appeal to home buyers. Just as with other natural stones, you can’t beat their one-of-a-kind beauty. And, truthfully, there might not be an easier way to incorporate a piece of the spa into your bathroom. 

Cons: There’s a lot of grout to clean, and it’s a large part of your floor’s aesthetics. While slipping isn’t a concern, the hard, rocky surface is. It can hurt your feet and be difficult to stand on while you’re showering. In areas with hard water, a chalky film can develop on the surface of pebbles, which will require daily maintenance.

Melissa Winn Interiors

Flat-surface pebbles are a viable solution if you’re keen on the look but are worried about how regular pebbles will feel on your feet, though you’ll still have to clean the grout.

www.teambluesky.ca

What they don't tell you about adulthood

Me being in my 40's got a kick out of this...

I REMEMBER WHEN I USED TO ABHOR ROUTINE, when waking up before 9am was a form of torture I only subjected myself to for early flights or hungover stumbles to the kitchen for water. When I dreamt of getting older — and, of course, I did dream of it — I thought of the perceived freedom of adulthood, this idea that I could and should and would do anything and everything I pleased. There was a magical feeling to the daydream of adulthood and with it endless possibilities of who I’d end up being and what I’d end up doing and the kind of life I’d find myself enjoying.

During my early to mid twenties, I traveled and worked as a web designer, fully taking advantage of the unbelievable freedom of being able to make money while needing nothing other than a laptop and an internet connection. After a year in Paris and nine different apartments rented via Airbnb, all I dreamt of was a home, a car, a life I’d call my own. I romanticized this grown up version of myself, leaving behind a gypsy lifestyle in favor of roots, those pesky little roots I spent so much time avoiding were the very things that kept beckoning to me.

I wanted nothing of roots for the better part of my twenties and then, boom, those spindly things that anchored me to the ground were all I thought of. I wanted a home, a real place where the furniture was mine and not subject to a thorough walk-through at the end of my stay. After living in 20+ apartments in less than a decade, I wanted something, anything that was mine.

I wanted to grow up.

Finally.

So, I did. I leased a car and an apartment and I bought furniture and spent hard-earned money building a foundation for the life I had envisioned, the grown up version of whatever hodgepodge life I had been fiddling around with for most of my twenties. I felt Responsible. Mature. Productive.

Maybe I felt like an Adult.

A Real Adult.

During that time, I turned 30 and especially felt as though I had officially put on my big girl panties. I had done it. I looked and acted the part of adult perfectly. I had the adult things and the adult car and the adult apartment and the adult credit card debt and the adult student loan debt and the adult throwing out bags of spinach that went bad because I was a little ambitious at the grocery store and the adult despair and general existential crisis. So yeah basically I had unlocked adulthood like a fucking boss.

Now, here I am, fully formed grown up with all the trappings of that achievement. I have a blender. I can blend many soups. I can make hummus from scratch, if I felt so inclined to do so. (I feel negative inclined to make hummus from scratch, but hey, it’s an option.)

But, you know what no one ever told me?

Adulthood is f***ing boring.

This is it? This is the big moment, the big hurrah, the big thing I have been waiting for during my twenties? This is what I was preparing for?

Making soup? Paying off student loan debt? Making minimum payments on credit cards? Hating younger me for buying things on credit cards? Thinking younger me who leased a car was an idiot? Having hangovers from one glass of wine? Looking forward to potentially making soup in a blender?

This is the worst.

The other day I was hanging out with a friend and I was like, “What do you do for fun?” And she stared at me lifelessly, vacantly and shrugged her shoulders. She asked me, “What can someone do for fun on a Thursday night that isn’t wildly expensive, won’t give them a hangover, and is actually fun?” I couldn’t think of anything. Not one thing. I was alarmed for myself, for my fellow thirty-somethings. I was not properly prepared for the mind-numbing ordinariness of being in your thirties.

Now, I know a lot of people have children at my age. I’m not sure where I stand on the idea of having children and vaguely feel like I should know by now if I want to be a mother. But, having children is a thing people do at this age. I’ve hung out with kids — they are not boring. They are not particularly interesting, but your mind has very few places to wander to when you’re with a kid, mostly because your wandering mind could literally kill a child. You need to be watching children all the time. All the time! Children have no concept of chill.

So, okay, if you’re childless and in your thirties and you don’t want to get drunk in order to have fun, then honestly what do you do? How do you escape the soul-crushing monotony of adulthood? I am genuinely scared that this is it. Do I just have children in order to break up the monotony? I feel like that’s a terrible reason to have a child.

I was not prepared for this knowledge — to find out that being grown is perhaps the most boring thing ever and to realize this at 30 when I likely have a lot more years to live. This is what I do? I work to be able to pay for things and I just keep doing this for like ever? And I can’t even cut the boredom with a glass of wine because I will inevitably have a hangover? Are things not fun post-30? I see a lot of people running marathons and cooking meals, but both of those things sound the opposite of fun. Am I missing some adult fun gene that allows me to think hiking is a verifiably pleasurable activity?

People told me adulthood was hard, but I didn’t realize it would be hard and also monotonous as fuck. I’m even doing work that I enjoy but work is still work even if you love it. I can’t accept that life becomes just a drudge of responsibility and productivity and cleaning and cooking and paying bills and worrying about paying bills and getting angry about political candidates and trying to increase productivity and looking at student loan statements and being like why did I go to college fat lot of good that degree is doing for me now. I’m supposed to make soup or go hiking or visit a farmer’s market or learn to like meal prepping or some shit?

This is it?

THIS!?

I quit adulthood. This is some bullshit.   Jamie Varon

MARCH TO-DO LIST

Laura Gaskill 

March can be unpredictable when it comes to the weather, but no matter what Mother Nature is doing outside your window, it’s natural to crave a fresh start this time of year. The first official day of spring is March 20, so usher in the new season with a bit of spring cleaning, fresh flowers and — if you can get outdoors — a little dirt under your fingernails.

Amy A. Alper, Architect

Plant a tree. Spring and fall are the best times to plant trees because wet weather and cooler temperatures make it easier for root systems to get established. Be sure to check with your local nursery to determine which species will do best in your microclimate and to get detailed planting instructions. If your area has a late date of last frost, you may need to wait until all threat of it has passed before planting. 

Inspect your home’s exterior. Once winter storms have passed, carefully inspect the exterior of your home for damage. If you had an ice dam on your roof during the winter, now is the time to repair any damage it caused, and make changes to your roof to prevent ice dams in the future.

Touijer Designs

Simplify the table. Cupboards feeling overstuffed? Simplify your life by paring back on dishes and glassware, letting go of mismatched and chipped pieces and sets you no longer love or use often. Keep a basket of fresh cloth napkins within easy reach of the table to make it more convenient than grabbing paper napkins, and invest in a living centerpiece (potted succulents work well) that will stay fresh and green with little maintenance.

Kandrac & Kole Interior Designs, Inc.

Spring-clean the kitchen. Give your kitchen a fresh start by cleaning some of the areas we often skip during quicker daily cleanup sessions: Clean small appliances; wipe grease and grime from the range hood, backsplash and light fixtures; clean grout; and vacuum hard-to-reach places (like under the stove) using an attachment.

Arkitekturfotograferne / Martin Tørsleff

Clean slipcovers and soft furnishings. Smaller slipcovers and washable rugs can be laundered at home; drop off larger pieces with professionals. When laundering items at home, be sure to check the instructions carefully and err on the side of caution. Most items like curtains and slipcovers can be put back while damp — for the best fit and to prevent wrinkles.

Atelier 616 Interiors

Get ready for tax time. Tax deadline isn’t until April 18, but getting your ducks in a row this month will make things a lot less stressful. Sort through paperwork, update your files and gather all important documents in one place so you’re ready to go.

Simply Home Decorating

Treat yourself to spring blooms. Spring flowers such as daffodils are plentiful and inexpensive this month, so keep an eye out for bargains. And if you have blooms popping up in the garden, why not snip a few to enjoy indoors?

Danielle Sykes

Make a garden plan. There’s still time to get your garden growing! Sketch out a plan and jot down ideas for this year’s plantings, as well as any ideas you have for changes to the hardscape, like putting in a new path or fence. Start some seeds indoors, or pick up seedlings at your local nursery. Check botanical gardens for spring plant sales too, as these can be great places to find native plants that do especially well in your region.

Mailen Design

Tidy the entryway. Put away any lingering mittens and wool hats and make room for those mucky spring boots. A clean boot tray lined in river stones will help water drain away from your footwear. Clear off the hooks (or hangers, if you have a coat closet) and be sure to put out an umbrella holder stocked for spring showers.

James Hardie Building Products

Clean up patio furniture. Outdoor furniture can get really grimy over the winter, so be sure to give everything a good scrubbing before you start using it for the season. Launder washable outdoor cushion covers, and replace worn-out pieces if needed.

Tune up lawn and garden tools. Sharp tools get the job done. Take your lawn mower and clippers in for a sharpening and tuneup before you begin work in your garden. 

www.teambluesky.ca

To-Do's for February

Laura Gaskill - Houzz

Outsmart winter weather by making your home inside a clean, cozy and healthy haven. Put a pot of soup on the stove, plan a trip or get a jump-start on spring cleaning with a whole-house refresh, from the air you breathe to the floors underfoot. And since this is a leap year, you’ll have an extra day this month to get it all done.

Purify the air. In winter, we’re more likely to keep the heat on and the windows shut — which makes for a warm house but not very clean air. Refresh your space by cracking a window for a few minutes every now and then (even if it’s cold!), investing in air-cleaning houseplants or setting up an air purifier.

Do a home safety check. It doesn’t take long to check home safety devices and update (or purchase) an emergency kit, and the peace of mind is well worth the effort. 

• Test smoke detectors and carbon monoxide detectors, changing batteries as needed.

• Check the expiration date on fire extinguishers and replace as needed.

• Check emergency supply kits and restock as needed — be sure to include enough bottled water for all members of your household (at least 1 gallon per person per day for at least three days) as well as food and water for pets.

Make a few freezer meals. A single afternoon spent cooking big-batch meals (think chili, soup, casseroles) can make it so much easier to get weeknight dinners on the table when you don’t feel like cooking. 

Don’t have time to prepare an entire meal in advance? You can also freeze extra cooked grains — having ready-to-go grains on hand makes a healthy bowl dinner quick to prepare (just add a roasted veggie and fresh greens).

Tidy up cleaning spaces. Prepare for spring cleaning by decluttering and neatening the laundry zone, and any places where cleaning supplies are stashed. Toss expired products, consolidate half-empty containers, and wipe down shelves and cupboards before replacing items.

Clean walls, floors and interior windows. A midwinter cleaning can help cut down on dust — especially important for allergy sufferers. Vacuum cobwebs from high corners, walls and baseboards; vacuum and mop floors; and clean interior windows and sills. 

Change furnace filters. Replacing the filters regularly helps your furnace run more efficiently and keeps the air in your home cleaner.

Protect entry floors. Road salt, sand and melting snow can wreak havoc on entryway floors. Protect your flooring by using interior and exterior mats, and a tray to collect wet boots. Invest in a stack of washable rugs, so you can always keep a fresh, dry rug in the entry.

Show your home some love. Valentine’s Day is Feb. 14, so why not give your home a little extra TLC? Pick up a bouquet of fresh flowers just because, hang a new art print on the wall or host a cozy gathering with lots of candles and twinkle lights.

Start prepping for a spring or summer home sale. If you’re planning to put your home on the market in the spring or summer, start working with your real estate agent to compile a list of repairs to tackle. Hire any pros you need (stager, painters, contractor) and create a schedule for work to be done.

Keep an eye out for ice dams. If your area gets a lot of snow, be sure to regularly remove it from the roof and inspect your roofline for signs of ice dams beginning to form. Once established, they’re nearly impossible to remedy (until spring), so keeping ahead of their formation is definitely best!

Plan a getaway. Can’t take any more winter weather? Cozy up inside with your laptop and plan a getaway for spring or summer — you’ll have something fun to look forward to, and by planning early, you’ll have your pick of places to stay.

www.teambluesky.ca

Seller's Market to Continue in 2016

January 29, 2016 

The REALTORS^® Association of Hamilton-Burlington (RAHB) expects to see much the same real estate market in 2016 as in 2015. 'Continued low interest rates, a favourable employment outlook and a continuing low inflation rate bode well for the real estate market," said RAHB CEO George O'Neill.  'The same factors that contributed to the strong market over the past few years should continue to have a positive influence in the coming year."

 The high cost of housing in the GTA will continue to drive first-time buyers and young families out of the GTA, and the Hamilton-Burlington market continues to offer attractive alternatives for home buyers.  With expanded GO service throughout the region, it will be easier to work in Toronto and live in communities south-west.  A strong culture supporting entrepreneurs has also proven to attract new residents to the area.

   

The new mortgage rules coming into effect next month will have a small impact on some of the more expensive areas of the market, but the graduated nature of the new down payment requirements is expected to minimize this impact for most of the Hamilton-Burlington market.

   

For the coming year, RAHB expects to see 20,000 residential listings, 15,000 residential sales and an increase in average sale price of about four per cent.  The sellers' market will continue.

   

Results from 2015 show that all property types listings and overall sales increased over the previous year, with the average sale price up by 8.3 per cent.  Total dollar volume from the sale of all property types was $7.378 billion, a 20 per cent increase over 2014.  

   

The residential market saw similar increases over the previous year, with new listings up by 6.1 per cent, sales up by 11 per cent and the average sale price up 8.9 per cent over 2014.  Average days on market dropped from 39 to 34 days in 2015.  

  

The strong seller's market from 2014 continued throughout 2015, with all-time sales records broken in April, then again in May and again in June.  Five monthly sales records were broken through the last months of the year.

While the average sale price of residential listings showed an 8.9 per cent increase over 2014, the average remained relatively stable throughout 2015.

   

'We saw a jump in average sale price early in the year, and since then the average price has been pretty constant.  It looked as though we kept seeing big increases every month, but that was only in comparison to the previous year," noted O'Neill.  'There's no doubt we've seen an increase over last year, but we didn't see big changes from month to month throughout the year."

   

O'Neill cautioned home sellers and buyers about using the RAHB average sale price as an indicator of the price of their own home or one to purchase.  'Every neighbourhood in RAHB's market area is different," said O'Neill, 'and each has its own characteristics and influences on price.  I highly recommend  buyers and sellers use the services of a local professional - a RAHB REALTOR^® - when they are buying or selling a home."

The numbers for 2015 compared to 2014:

All Property Types	2014	2015	% Change
Listings	21,267	22,501	5.8%
Sales	14,879	16,507	10.9%
Average Sale Price	$412,873	$447,003	8.3%
Average Days on Market	42	34	-19.0%

Residential Only

Listings	19,607	20,808	6.1%
Sales	14,291	15,862	11.0%
Median Sale Price	$351,580	$386,173	9.8%
Average Sale Price	$406,483	$442,462	8.9%
Average Days on Market	39	34	-12.8%

Freehold Only

Listings	15,997	17,106	6.9%
Sales	11,500	12,872	11.9%
Median Sale Price	$370,987	$408,107	10.0%
Average Sale Price	$434,325	$472,860	8.9%
Average Days on Market	39	34	-12.8%

Condominium Only

Listings	3,610	3,702	2.5%
Sales	2,791	2,990	7.1%
Median Sale Price	$271,613	$291,748	7.4%
Average Sale Price	$291,765	$311,596	6.8%
Average Days on Market	40	34	-15.0%

NEW MORTGAGE RULES

Ottawa’s new mortgage rules take aim at ‘pockets of risk’ in housing market

TAMSIN MCMAHON - REAL ESTATE REPORTER

The Globe and Mail

Published Friday, Dec. 11, 2015 9:41AM EST

Last updated Friday, Dec. 11, 2015 11:57PM EST

CRUNCHING THE NUMBERS

  

The Liberal government is overhauling the rules governing the mortgage industry in a bid to target what it said were “pockets of risk” in the housing market.

The three-pronged approach includes doubling the minimum down payment for some home buyers, increasing the fees charged to lenders that securitize government-backed mortgages, and proposed changes that could require lenders to hold more capital against some insured loans in order to curb mortgage fraud and to slow rising levels of household debt.

Taken together, the new rules represent the most sweeping changes to the housing market since 2012, when the previous Conservative government last moved to tighten mortgage lending requirements, and should restrict access to new mortgage financing next year, industry watchers say.

However, unlike past changes that have been aimed at the entire Canadian housing sector, the Liberal government said the new rules, which affect higher-priced properties, are mainly targeted at the most expensive markets, particularly Toronto and Vancouver.

“This is going to help create stability for the overall market by targeting pockets of risk,” Finance Minister Bill Morneau told a press conference in Ottawa, adding the government expects the changes to affect just 1 per cent of the market or less.

“We’re not talking about bubbles here. We are talking about ensuring that Canadians take the right approach to investing in a home,” Mr. Morneau said.

The most conspicuous change is doubling the minimum down payment for insured mortgages to 10 per cent from 5 per cent for the portion of a home’s value from $500,000 to $1-million.

The changes will take effect on Feb. 15, 2016. Down payment rules for mortgages on properties selling for less than $500,000 will be unchanged. Ottawa had already restricted mortgage insurance to homes valued at less than $1-million, and the new rules leave the minimum down payment for more expensive homes unchanged at 20 per cent.

A more significant issue for the mortgage industry is the letter issued Friday by the Office of the Superintendent of Financial Institutions. The regulator is looking to change rules governing how much capital lenders must hold against insured mortgages to address concerns about household debt and mortgage fraud.

Current rules allow lenders to hold very little capital against insured mortgages, essentially considering them to be risk-free because they are fully backed by a government guarantee.

OSFI said it was considering requiring lenders to hold more capital when there are concerns about income-verification documents, a move that comes after The Globe and Mail highlighted the problems with some borrowers who had faked employment letters and bank statements to qualify for insured mortgages.

The announcement could be seen as “an ‘admission’ that Canadian housing prices and mortgage underwriting standards have become more of a concern for Canadian regulatory authorities,” Royal Bank of Canada analyst Darko Mihelic said in a research note.

OSFI also proposed rules that would tie lenders’ capital requirements to changes in local home prices as well as the amount of debt borrowers are taking on, relative to their income. The regulator said it is only consulting on possible changes, which likely wouldn’t take effect until 2017.

The third set of changes came from Canada Mortgage and Housing Corp., which announced it was raising limits on its government-insured, mortgage-backed securities program to $105-billion in 2016 from $80-billion this year. The housing regulator said it would also increase the amount individual lenders could access under the program, but would increase fees for institutions that went over their annual allotment, a move it said was designed to reduce the industry’s reliance on government-sponsored mortgage securities and encourage more private-market funding sources.

Toronto-Dominion Bank chief executive officer Bharat Masrani said the new rules should help strengthen Canada’s housing market. “Generally, I believe that stronger underwriting rules that apply universally to the whole industry are a good thing,” he said in an interview. “The lessons learned from other countries is that the housing market is where certain dislocations can occur.”

The new rules will likely slow the pace of mortgage growth next year, which had been increasing in the face of the Bank of Canada’s interest rate cuts, although realtors said it will likely boost home sales in the near future as buyers rush into the market ahead of the changes in February.

“Certainly, I think it will give an extra incentive even if we get snow and have worse winter conditions, it will create some more sales in January and February for sure,” said Toronto-area Re/Max broker Cameron Forbes.

Others warned that the rules could have unintended consequences for Ottawa. CIBC economist Benjamin Tal estimates the increased down payment requirements will affect just 5 per cent of new sales in Toronto and 2.5 per cent in Vancouver, compared with as much as 10 per cent in Calgary.

The restrictions could also prompt more buyers to borrow for a down payment, pushing more people toward the unregulated private mortgage market or encouraging them to lean on family members for help. Several observers also said the new rules are aimed mainly at local buyers and will do little to curb speculation by international investors.

“I think more young people will have to maybe approach the bank of mom and dad to beef up their down payment,” said Dianne Usher, vice-president and broker at Royal LePage Johnston and Daniel. She estimates that as many as 20 to 30 per cent of home buyers in that price range in Toronto contribute only the minimum 5 per cent down payment.

“Is this the right time to make it more difficult for first-time home buyers in a down market?” Bob Dhillon, a CMHC board member and founder of Western Canada rental apartment company Mainstreet Equity, asked in an interview prior to the government’s announcement. “That’s going to cause the price to deflate and there to be no equity for the first-time home buyers who have [already] paid inflated prices.”