Winter home maintenance is important to ensure your property remains in good condition & you and your family stay warm. Here’s a checklist to get you started and ready for whatever conditions come your way!

Indoor Winter Maintenance:

1. Heating System: Schedule a professional inspection and maintenance for your heating system. Replace the furnace filter to ensure optimal efficiency. Bleed air from radiators, if applicable.
2. Fireplace and Chimney: Inspect the fireplace and chimney for any blockages. Clean the chimney to remove creosote buildup. Ensure the damper is functioning correctly.
3. Windows and Doors: Check for drafts around windows and doors; use weatherstripping or caulking to seal gaps. Consider using thermal curtains to retain heat.
4. Smoke and Carbon Monoxide Detectors: Test detectors and replace batteries if necessary. Ensure detectors are strategically placed throughout the house.
5. Humidifier: Clean and maintain your humidifier to add moisture to dry winter air.

Outdoor Winter Maintenance:

1. Roof and Gutters: Inspect the roof for damaged or missing shingles. Clean gutters and downspouts to prevent ice dams.
2. Exterior Faucets: Disconnect and drain outdoor hoses. Turn off exterior water faucets, and insulate them with faucet covers.
3. Tree Maintenance: Trim tree branches away from the house to prevent damage from heavy snow or ice.
4. Snow Removal Equipment: Check and service snow blowers, shovels, and any other snow removal equipment. Stock up on ice melt or sand for walkways and driveways.
5. Deck and Patio Furniture: Clean and store outdoor furniture or use covers to protect them from winter weather.
6. Winter Emergency Kit: Prepare an emergency kit with essentials like blankets, flashlights, and non-perishable food items.
7. Car Maintenance: Prepare your car for winter by checking the antifreeze, tires, and battery.

Remember that regular winter maintenance helps prevent costly repairs in the future and keeps your mind at ease while being cozy in the comfort of your home.

If you need to make some of these changes or improvements and need access to your equity, call us, we have great solutions for that and can help.

Trish & The Primex Team

Good news today with the Bank of Canada’s last announcement for 2023 and they have left the overnight target rate, which affects the Prime rate unchanged for the past 5 months.  Prime is currently at 7.20%. This means no rate or payment changes for Variable Rate mortgage holders.  Here’s a visual on what the BoC rate has done over the past 18 months.

We also have received welcoming news from some of our top lenders with a reduction to fixed rates today which peaked in October of this year and should have started dropping sooner but haven’t.  Fixed rates are affected by the 5 year Bond yields and they have been dropping consistently for the past 6 weeks but banks have been slow to follow with lowering interest rates for homeowners. Here’s a visual of what the bond rates have done since Spring of this year.

Part of my daily read and research is following the predictions of our top economists. The prediction is that we won’t see any drops to the Prime rate until sometime between April and July of next year but keep in mind that those are just predictions based on data we are seeing today and forecasting of what will come.  Currently we are expecting that we will see rate drops over the course of 2024 by about 1% and 2% by the end of 2025.  That would mean that those in a Variable will experience lower rates and payments within the next 24 months.  Something we will all welcome.

So what is the favorite rate as of today?  Variable for the win again…with rates still high, inflation has not taken care of itself quite yet and the BoC is going to be very careful when they do cut rates to not spur the economy and housing market too much or we will be back at square one. We’re almost guaranteed to get random economic scares that raise doubts about the Variable Rate, yet for well-qualified borrowers, the outlooks suggests: go Variable or go home.  But, it’s still not for everyone, let us help you determine if this is the best fit for you.

The Bank’s next interest rate announcement lands on January 24, 2024.

If you are considering purchasing, refinancing or renewing your mortgage, do not wait.  Buyers are waiting until Spring so don’t get caught up in the frenzy in a few months and buy now while you have more choice, less pressure and declining rates.  We will have all the other details covered for you from a rate hold, recommendations for Real Estate partners, Lawyers and Notaries and everyone in between.

Have a wonderful rest of the week and please contact me with absolutely any questions.

Trish

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