Misunderstandings regarding rising interest rates are creating anxiety and stoking uncertainty amongst Canadian homeowners and prospective buyers, a new survey shows.

The TD Real Estate survey found that 26% of Canadians don’t have a good understanding of the impact of rising rates, while 38% are confused about what the hikes mean for them. Nearly 40% don’t know the difference between variable and fixed interest rates.

Thirty-one per cent of respondents believe that interest rates don’t impact them or their mortgage.

Conducted between May 20 and 25, the national survey included responses from 2,000 Canadians aged 18 and older.

“Rising interest rates affect all Canadians, especially those who are looking to become homebuyers in the near future, and those up for renewal,” said Frank Psoras, senior vice president of real estate secured lending at TD.

Despite the uncertainty brought on by rising interest rates, 58% of current homeowners expect to take some form of action with their property within the next year. Forty-two per cent plan to renovate, while 13% are likely to sell.

The survey found that many prospective buyers are willing to compromise to get into the housing market. Twenty-six per cent said they’d give up on the overall size of a home in order to make a purchase, while 29% said they’d sacrifice outdoor space.

Of those who are hoping to buy a home in the next year, 76% say they are worried about the impact that rising rates will have on what they can afford, while 27% admitted to not knowing or understanding many of the costs associated with buying a home.

“In today’s dynamic market, understanding the impact of rising interest rates is critical to establishing and maintaining financial health, regardless of where you are on your home journey,” Psoras said.

Psoras encouraged current and prospective buyers alike to meet with a mortgage specialist or financial adviser to get a clear picture of what they can afford and make sense of the “complex and evolving” real estate market.

Source:　https://dailyhive.com/vancouver/canadians-confused-rising-interest-rates-td

Like many parts of Canada, people were leaving the Vancouver core to find cheaper housing outside of the city.

According to the BCREA, while home prices have increased across the province, they’ve increased most in places like northern BC, Chilliwack, Kamloops, Powell River, and Vancouver Island.

Desjardins suggests that what comes up must come down and that a housing market correction is likely underway.

Desjardins cautions not to panic and says that the drop in prices won’t amount to an all-out collapse. Other interesting insights were shared in its Canadian Residential Real Estate Outlook.

There was a rush of people trying to get their purchases in prior to the National Bank of Canada hiking interest rates.

“Borrowing costs quickly took the wind out of the sails of the Canadian housing market,” reads the report.

One thing working in Vancouver’s favour is renewed international immigration. The report suggests that immigration should limit how hard the correction will hit.

Interprovincial migration has also played a part over the last decade, though it hasn’t impacted BC quite as drastically as other provinces.

In the months since, prices have fallen fast across Canada. In March, they slid by 2.6% month-over-month and were down by 3.8% in April. Existing home sales have dropped, too. In March, they declined by 5.9% and were down by a dramatic 12.6% in April.

Every province will see a different trend, but Desjardins suggests that the provinces that saw the biggest price gains during the pandemic will see the largest corrections. It doesn’t expect prices to fall below pre-COVID levels.

“While two months of data don’t make a trend, we believe they do suggest that the Canadian housing market has reached an inflection point.”

Source: https://dailyhive.com/vancouver/vancouver-housing-market-correction

Buyers

Please note that we have sent the following regarding Covid Protocols to the buyer/client:-

–Due to COVID 19, our policies and procedures have changed.  Public Health recommendations mean we can no longer allow clients or realtors to attend the entire home inspection.  Our priority is to keep you, and our inspectors, safe and healthy.  Due to numerous confined spaces within the home, 2M/6feet physical distancing is not possible or practical. You (the buyer) have the following options, either: 

        a.   We will arrange to call you to discuss findings near the end of the scheduled inspection time (preferred), or

       b.    Physically distanced discussion during the last 30min of the scheduled inspection time. 

If you would like to visit the home/measure etc., it would be recommended to complete this within the last hour of the scheduled inspection time.  Please note that a realtor/owner must be present with the client for liability reasons. PLEASE limit the attendees to the immediate client(s) and realtor(s) (this reduces contact tracing). The inspector will continue his inspection separate from this client walkthrough and the review will begin within the last half hour of the scheduled inspection time.

We remain committed to performing the best possible inspection for you.  We will still provide a written report by email as usual AND we are always available for follow up AFTER the inspection (by email is typically the easiest/most efficient).  Please do not hesitate to contact us if you have any questions.  Thank you for your understanding.

Buyer’s Agent

Please note that we have sent the following regarding Covid Protocols to the buyer/client:We are now operating under BC Step 3 regulations.  The inspected premises becomes a workplace per Worksafe and as such, our inspectors will continue to wear masks and practice infectious disease protocols.  Additionally, there may be requirements from either Realtor and the home owner/residents. 

-We are now able to offer both phone call and onsite reviews.  You (the buyer) have the following options, either:

–Phone Call – We can arrange to call you to discuss findings within the last half hour of the scheduled inspection time or after you have received the written report, or–

–Onsite – We can provide a physically distanced discussion at the home during the last half hour of the scheduled inspection time. 

If you would like to visit the home/measure etc., it would be recommended to complete this within the last hour of the scheduled inspection time.  Please note that a realtor/owner must be present with the client for liability reasons. PLEASE limit the attendees to the immediate client(s) and realtor(s) (this reduces contact tracing). The inspector will continue his inspection separate from this client walkthrough and the review will begin within the last half hour of the scheduled inspection time.

We remain committed to performing the best possible inspection for you.  We will still provide a written report by email as usual AND we are always available for follow up AFTER the inspection (by email is typically the easiest/most efficient).  Please do not hesitate to contact us if you have any questions.  Thank you for your understanding.

Please let us know if you (the buyer’s agent) will be present or prefer to participate in a 3 way call with the client at approximately TBD .  

Please note, it is our company policy that no (unsupervised) minors may be present during the inspection for safety reasons- while servicing the inspection, we may temporarily open/access or create a situation that would not normally be present.  For safety, we require either one and/or both of the Realtors or another adult (family member/babysitter etc) be present if a minor is onsite. Please take necessary measures to ensure adult supervision if a minor will be present during the inspection, failure to do so will result in our inability to proceed with the inspection- our inspector will exit the property upon learning there is an unaccompanied minor present and we will then contact the realtor or property contact to reschedule the inspection to a time at which this policy can be met. Thank you for your assistance in ensuring a safe inspection environment. 

Seller’s Agent

Covid Step 3  Please note that we have sent the following regarding Covid Protocols to the buyer’s agent and the buyer/client:We are now operating under BC Step 3 regulations.  The inspected premises becomes a workplace per Worksafe and as such, our inspectors will continue to wear masks and practice infectious disease protocols.  Additionally, there may be requirements from either Realtor and the home owner/residents. 

-We are now able to offer both phone call and onsite reviews.  You (the buyer) have the following options, either:

-Phone Call – We can arrange to call you to discuss findings near the end of the scheduled inspection time or after you have received the written report, or

-Onsite – We can provide a physically distanced discussion at the home during the last 15 minutes of the scheduled inspection time. 

If you would like to visit the home/measure etc., it would be recommended to complete this within the last hour of the scheduled inspection time.  Please note that a realtor/owner must be present with the client for liability reasons. PLEASE limit the attendees to the immediate client(s) and realtor(s) (this reduces contact tracing). The inspector will continue his inspection separate from this client walkthrough and the review will begin within the last half hour of the scheduled inspection time.

We remain committed to performing the best possible inspection for you.  We will still provide a written report by email as usual AND we are always available for follow up AFTER the inspection (by email is typically the easiest/most efficient).  Please do not hesitate to contact us if you have any questions.  Thank you for your understanding.

ACTION REQUIRED:  Please confirm if the above is acceptable and whether you/your seller have any special Covid protocols/instructions for us.  We understand everyone has their own individual concerns and will do our best to accommodate.

Thank you 

Wolf Pack Team

Wolf Pack is pleased to announce we are now offering FREE RADON SCREENING for a limited time only.  (Is there ANY radon in the home at the time of inspection?)  THIS IS NOT an approved Radon Test (which requires a MINIMUM of three to six months per Health Canada.  What we will do is operate a Radon detecting device for a brief period (typically 60 to 90 minutes) in a location where we think we might find radon.  Should we find a high/actionable level of radon, arrangements for testing and/or mitigation can be made.  IF we do not find actionable levels, it is meaningless – you should still consider a proper Radon Test as recommended by Health Canada (“Every home should be tested…). 

With the addition of questions regarding Radon TESTING to the Property Disclosure Statement, we are receiving more and more inquiries regarding Radon and are looking for ways to help provide answers and services.  It is my personal opinion that Radon Testing should not be a part of the Real Estate TRANSACTION however it is a great time to create awareness of the issue and to ‘plant seeds’ to encourage a proper three to six month test (ideally during heating season when home is sealed up and radon levels would likely be highest). 

Ask the Inspector…

Question:                                                       

Our air conditioner kept us cool last summer but it is getting older.  What can we do to help it get through another summer?

Much of the routing maintenance for an A/C system can be performed by a homeowner.  Here are some tips.

• Outside (condensing) unit:  Make sure the unit is not covered with debris, bushes, leaves, etc. – cut back vegetation if too close. 
• Disconnect power to unit and clean the cooling fins.  This can be done with a water hose – never use high pressure sprayers or brush to clean.  Note:  chemicals can be purchased to clean dirty fins but use caution in selecting cleaner – may be best to have a pro do.
• Change your return air filter.  This should be done at least every three months and in many cases monthly, depending on factors such as having pets in the house.  If the filter is very dirty and caked with dust, have the internal coil checked and cleaned by a pro – especially if the filter is collapsed and air is bypassing it.
• Make sure the condensation drain line is not blocked by grass, debris or soil at the exterior and clean drain line from the indoor A/C unit to the exterior.  This can be done by pouring a couple of cups of bleach and water or a specialized cleaner into the drain line clean-out stand pipes at the indoor unit.  If these are not present, access to unit is limited, i.e., in the attic or if you are unsure how to do this, call an HVAC tech.

If you have questions about home inspections or home maintenance, Ask the Inspector! E-mail your questions to Info@WolfPackHomeInspection.com

A couple weeks ago, I was presenting at a local real estate office on Common Inspection Findings. An interesting concern was brought up during the presentation regarding potential moisture issues in bathrooms without ventilation in older homes. Thinking back on conversations with clients, it came to me that this is a very common concern- so today’s post is all about bathroom ventilation. It is a helpful read both for those of you who have ventilation fans in the bathroom as well as for readers who do not have mechanic ventilation and rely on other means such as a bathroom window for example.

The likelihood of moisture issues developing in a bathroom without mechanical ventilation has much to do with how the home is being used and maintained. For example, if the homeowners either do not have bathroom windows or do not open the window when showering, this will result in higher humidity levels. High humidity coupled with improper cleaning and the accumulation of dust can definitely foster the visible organic growth of black mold. This situation can be easily managed by installing a bathroom ventilation fan. Contractors consulted have quoted that such systems run $50-$200 plus the costs of installation. However, it is important to note that if homeowners have ventilation fans in the bathroom but forget to turn these on and maintain a clean environment, mold and air quality issues can also result. So educating the client on the proper use is key! There are also home ventilation systems with assorted automation options available. 

Homeowner efforts can go a long way to maintain air quality until they have the time or means to arrange for the installation of a bathroom ventilation fan.

However, we would recommend to clients that their best option is to consult with a contractor and install a bathroom ventilation fan. A good home inspection will include upgrade options and maintenance suggestions for New Home Buyers to fit the needs of the specific property. 

If you are very interested in the topic of ventilation, I also recommend the following article provided by Natural Resources Canada, accessible by clicking this link: for a more detailed article about ventilation. 

Welcome to the Wolf Pack Home Inspection’s 30 Day Spring Cleaning Challenge!

We care about healthy homes and provide our clients with the tools and information they need get the most out of their homes and Real Estate Investments. In home-ownership, maintenance is key. Many home-owners miss essential maintenance because they simply don’t know where to start. Follow us on instagram @wolfpackhomeinspection to receive daily homeowner motivation. We will be updating our instagram with simple daily tasks, some of which take only minutes. Simply post a picture of your new and improved abode on instagram and tag #wolfpackhomeinspection to enter our Spring Cleaning Challenge Prize Draw!

1. Corner leaks

Signs and symptoms of corner leaks

Solution to corner leaks

2. Downspout detachment

Causes:

Solution to downspout detachment

3. Drips behind the gutters

Solution to drips behind gutters

Funky Stuff: Issues that are a little harder to figure out

4. Overflows…

Solution to overflows caused by pairing a leaf guard with small outlets

5. Dead-end Downspouts!?

Solution: It took a plumber’s snake to find and figure it out.

Wolf Pack Home Inspection can assist to identify common gutter issues!

In a Standard Residential Home Inspection we inspect and report on roof drainage components including gutters and downspouts. If an issue is identified and repair is recommended, companies like Westside Gutters can assist!

https://www.westsidegutters.com/

Let us help!
We solve these issues constantly
We warranty our work
We’re pretty nice to talk to

Plumbing Issues

Plumbing leaks left unchecked can lead to structural damage, wood rot and mold. Even small leaks can lead to big problems over time, with much of the damage occurring behind the walls where homeowners cannot see problems as they form. Over time, damage to the structure of the home can be complicated by pests like carpenter ants, which are attracted to moist, damaged wood. Under the right conditions, a small leak can turn into a major infestation or structural problem.

Dampness

Some homes are more damp than others. Damness is an especially common in modern homes that have a tight building envelope, because these homes do not “breathe” as well as traditional homes. Dampness can occur inside a home for a variety of reasons including a building leak, condensation and poor ventilation. Dampness can promote mold spore growth, which can reduce indoor air quality and lead to expensive

mold problems. Dampness can be fixed by improving ventilation, fixing leaks and installing a de-humidifier.

Roof Leaks

Roof leaks can occur when a roof is poorly maintained or when the roof reaches the end of its service life. Leaks can be caused by ice dams, gutter problems, persistent moss growth and poor workmanship. Problems that are repaired quickly can sometimes enable a homeowner to get many more years of use out of the roof, but leaks that are not repaired in a timely manner can lead to structural damage and mold growth.

Mold

Long-term exposure to mold can cause flu-like

or cold-like symptoms including post nasal drip, sneezing, stuffy nose, itchy eyes, scratchy throat, nausea, vomiting, headaches and respiratory problems. Mold typically occurs in homes that have poor ventilation, moisture problems, plumbing leaks, foundation trouble and roof leaks. Sometimes mold can go undetected for a long time.

The best way to avoid mold problems is to address leaks as soon as they’re detected, and to keep the home well-ventilated. Homeowners who discover mold growing in their home should work with a professional remediation company to remove the mold for good.

Gas Leaks

Gas leaks that aren’t addressed quickly can be fatal. Gas leaks occur because of faulty plumbing and poor appliance installation. Fortunately, gas leaks are often easily detected because of the sulfuric smell added by utility companies. Because of the odor, many homeowners will address gas problems as soon as they smell the scent in the air. Those who don’t, however, could be at risk for asphyxiation. Natural gas is also highly combustible, so homeowners also put their house at risk for a potentially catastrophic explosion.

Gas Leaks

Gas leaks that aren’t addressed quickly can be fatal. Gas leaks occur because of faulty plumbing and poor appliance installation. Fortunately, gas leaks are often easily detected because of the sulfuric smell added by utility companies. Because of the odor, many homeowners will address gas problems as soon as they smell the scent in the air. Those who don’t, however, could be at risk for asphyxiation. Natural gas is also highly combustible, so homeowners also put their house at risk for a potentially catastrophic explosion.

Electrical Problems

Electrical problems can lead to fires which, under the right conditions, could burn down the house. The warning signs of electrical problems include hissing or buzzing noises from electrical outlets, soot on the walls above electrical outlets, dimming lights when a major appliance comes on and corrosion on the inside of an electrical box.

These problems need to be addressed by an electrician as soon as possible.

Clogged Dryer Vent

When they’re turned on, clothing dyers expel humid, lint-filled air. Usually dryers do this through a tube attached to a vent that blows the

air into the yard. Over time, dryer vents can become clogged with lint, which can be a fire hazard. Cleaning out the lint is usually easy; pipe cleaner-like tools sold at home improvement stores can help. Homeowners who can’t clean dryer vents for themselves can always work with a handy man to get the job done.

Work With a Professional

Some maintenance problems are just too critical to ignore. Taking care of these problems in a timely manner can help homeowners avoid health problems and expensive home repairs. If you’ve identified a serious problem in your home, work with a home improvement professional to make the necessary repairs. Not only will you protect your house, but you’ll also protect other members of your household. When in doubt, consider getting an inspection to check if everything is okay.

Ryan Tollefsen is the founder and team leader of Unity Home Group. Ryan believes knowledge of home systems and how they work can maximize a homeowners enjoyment, safety, and investment in the long run.

Home Maintenance Issues You’ll Want to Fix ASAP

Some home maintenance issues can go on for a long time without being repaired, and some home maintenance problems are very serious indeed. Homeowners who go for a long time without fixing the more serious home maintenance problems could find themselves facing much larger repairs down the road, or could even put themselves and other members of their household in danger. Knowing which home maintenance issues are too serious to ignore can help homeowners take care of their house and members of their household. 

Plumbing Issues

Plumbing leaks left unchecked can lead to structural damage, wood rot and mold. Even small leaks can lead to big problems over time, with much of the damage occurring behind the walls where homeowners cannot see problems as they form. Over time, damage to the structure of the home can be complicated by pests like carpenter ants, which are attracted to moist, damaged wood. Under the right conditions, a small leak can turn into a major infestation or structural problem.  

Dampness

Some homes are more damp than others. Dampness is an especially common in modern homes that have a tight building envelope, because these homes do not “breathe” as well as traditional homes. Dampness can occur inside a home for a variety of reasons including a building leak, condensation and poor ventilation. Dampness can promote mold spore growth, which can reduce indoor air quality and lead to expensive mold problems. Dampness can be fixed by improving ventilation, fixing leaks and installing a de-humidifier. 

Roof Leaks

Roof leaks can occur when a roof is poorly maintained or when the roof reaches the end of its service life. Leaks can be caused by ice dams, gutter problems, persistent moss growth and poor workmanship. Problems that are repaired quickly can sometimes enable a homeowner to get many more years of use out of the roof, but leaks that are not repaired in a timely manner can lead to structural damage and mold growth. 

Mold

Long-term exposure to mold can cause flu-like or cold-like symptoms including post nasal drip, sneezing, stuffy nose, itchy eyes, scratchy throat, nausea, vomiting, headaches and respiratory problems. Mold typically occurs in homes that have poor ventilation, moisture problems, plumbing leaks, foundation trouble and roof leaks. Sometimes mold can go undetected for a long time.

The best way to avoid mold problems is to address leaks as soon as they’re detected, and to keep the home well-ventilated. Homeowners who discover mold growing in their home should work with a professional remediation company to remove the mold for good.  

Gas Leaks

Gas leaks that aren’t addressed quickly can be fatal. Gas leaks occur because of faulty plumbing and poor appliance installation. Fortunately, gas leaks are often easily detected because of the sulfuric smell added by utility companies. Because of the odor, many homeowners will address gas problems as soon as they smell the scent in the air. Those who don’t, however, could be at risk for asphyxiation. Natural gas is also highly combustible, so homeowners also put their house at risk for a potentially catastrophic explosion.

Electrical Problems

Electrical problems can lead to fires which, under the right conditions, could burn down the house. The warning signs of electrical problems include hissing or buzzing noises from electrical outlets, soot on the walls above electrical outlets, dimming lights when a major appliance comes on and corrosion on the inside of an electrical box. These problems need to be addressed by an electrician as soon as possible. 

Clogged Dryer Vent

When they’re turned on, clothing dyers expel humid, lint-filled air. Usually dryers do this through a tube attached to a vent that blows the air into the yard. Over time, dryer vents can become clogged with lint, which can be a fire hazard. Cleaning out the lint is usually easy; pipe cleaner-like tools sold at home improvement stores can help. Homeowners who can’t clean dryer vents for themselves can always work with a handy man to get the job done. 

Work With a Professional

Some maintenance problems are just too critical to ignore. Taking care of these problems in a timely manner can help homeowners avoid health problems and expensive home repairs. If you’ve identified a serious problem in your home, work with a home improvement professional to make the necessary repairs. Not only will you protect your house, but you’ll also protect other members of your household. When in doubt, consider getting an inspection to check if everything is okay.

Ryan Tollefsen is the founder and team leader of Unity Home Group. Ryan believes knowledge of home systems and how they work can maximize a homeowners enjoyment, safety, and investment in the long run.

https://www.akhomeshow.com

http://www.realestatespokane.com/

Closing Gifts
Cutco Closing Gifts (Sybille)

• Whenever you’re in a room with Sybille you can’t help but smile. With such an uplifting
  personality, she values her client’s happiness above all. Talk to Sybille about immortalizing
  your brand by engraving your brand or logo on beautiful closing gifts
• Get in touch with Sybille at Cutco Closing gifts here

• If you’ve ever driven up Forbes St in North Van you’ve probably seen the hilarious puns and word plays Contact Printing posts on their billboard! In addition to being hilarious, the agents at Contact Printing will take care of pretty much anything you need with regard to printing and design for your business! Unlike other “one-click” printing companies, Contact will “think
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• Check out Contact Printing here

https://www.westsidegutters.com/