AUG 11 - SEP 15, 2017 VOLUME 33, ISSUE 08, FREE
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AUG 11 - SEP 15, 2017 | RENTERS GUIDE 3
Editor's Note
EXPLORING HIGHLANDS
Elisa Krovblit Senior Editor Yellow Pages NextHome Email: elisa.krovblit@ypnexthome.ca Twitter: @ElisaKrovblit
MORE PHOTOS ONLINE nexthome.ca/highlands-edmonton
The lease THE LEASE is the contract between tenant and landlord. That contract is there to make sure you know exactly what each person’s responsibility is. If you rent an apartment don’t rely on your memory – or what you thought the apartment included. Before you sign your lease make sure it includes all the amenities, responsibilities and expenses that it should. If the landlord mentioned that the property includes utilities but the lease doesn’t reflect that, then mention it. If you thought the apartment had parking but the lease
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says it’s an additional fee, ask for clarification. Whatever is in the lease will stand, unless both landlord and tenant agree to amend it If it’s not in writing then it’s not included. Could be an oversight, could be a miscommunication, either way, you don’t want to find out you’ve got responsibilities or expenses that you didn’t think you had. This issue of Renters Guide we’ve got some great rental living advice, plus more on NextHome.ca, making it easy to make your move.
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contents AUG 11 - SEP 15, 2017 | VOLUME 33 ISSUE 08
VICE-PRESIDENT & CHIEF PUBLISHING OFFICER
Caroline Andrews PUBLISHER & GENERAL MANAGER
Shawn Woodford DIRECTOR, CONTENT & EDITOR-IN-CHIEF
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Elisa Krovblit CONTRIBUTORS
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in every issue
neighbourhood profile
04 Editors' notes 07
06 Highlands
The view from here
Area maps
by Amy Hancock
08 What's online
advice
10
Fundamentally Speaking
How heavy is your debt load? by Wayne Karl
12
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Apartmentality
The perks of living alone by Kathryn Kusyszyn
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Inspiration
Small space survival tips by Lydia McNutt
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Money Matters
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and information. CIRCULATION Highly targeted, free distribution system aimed at real estate buyers using street level boxes and racking, plus door-to-door insertions in key audience segments. Call 1-855-826-4200 to discuss distribution opportunities. COPYRIGHT 2017 All rights reserved by Yellow Pages Homes Limited. Reproduction in any form is prohibited. Contents of this publication are covered by copyright and offenders will be prosecuted under the law. TERMS Advertisers, editorial content and Renters Guide are not responsible for typographical errors, mistakes or misprints. All prices are correct as of press time and are subject to change without notice. E. & O. E. EDITORIAL Submissions from interested parties will be considered. Email to elisa.krovblit@ypnexthome.ca DISCLAIMER: The views expressed by the columnists in this publication are not necessarily those of the publication.
Apartmentality
Renting vs owning by Anne Marshall
AUG 11 - SEP 15, 2017 | RENTERS GUIDE 5
West Anthony Baranow Batu Blackburne Bl Brander Garde Neighbourhood Profile Trail North Ca Square Industr Campus Clove Industrial East Eastgate Busin Research and Evansdale Eve Garside Indust Heights Granv Henderson Es Huff Bremner Kennedale Ind Perle Lago Lin Fast facts Lymburn Lynn McArthur Indu Average household income Area Menisa M $100,660 Park Southeas Newton North Family structure Oliver Ormsby Pembina Place Queen Alexan FAMILIES COUPLES SINGLES Terrace Ritchie 32% 38% 30% River Valley M River Valley Wh Own vs. rent Rural North Ea Big Lake North Sout 17% Skyrattler Spruce Avenu RENT Sunwapta Indu Ellerslie The P Greens Wedge Est 83% Westbrook Wild Rose Wils OWN Yellowhead C MORE PHOTOS AND STATS ONLINE On tap Allendale Amb nexthome.ca/highlands-edmonton Argyll Armstro 22% 22% 21% Belle Rive Bell Quill Estates B Brookside Brow THE LAND EAST OF downtown, with children at home or grown, make SouthCamero Highlands stretches from Ada up much of the population although McDougall Ch Crawford Plain Boulevard along the river bank to 118th there is a healthy mix of young Industrial Don Ave. between 50th and 67th streets. professionals and seniors. Industrial Edm COORS CORONA ALEXANDER Magnificent homes, generous lots, Wayne Gretzky Drive runs passed southeast Elm LIGHT KEITH’S and breathtaking views appealed to Highlands, offering commuters Estate Industri everyone when Highlands was first southbound passage to other parts Gorman Indus developed in 1910, though only the of the city or the Yellowhead freeway Industrial Hair privileged could afford them. Passing in the north. City buses go through near Highlands for students from Hodgson Holl time made this neighbourhood Highlands offering direct routes to kindergarten to Grade 12, as well as Jamieson Plac affordable for people from all areas north Edmonton neighbourhoods, the Concordia University College Kiniski Garden Ridge Leger Le of life. 112th Avenue, dubbed “The West Edmonton Mall and downtown. of Alberta. Recreational facilities, Ridge Maple R Avenue,” is a hub of activity, home From there a transfer to another churches, and a branch of the to restaurants, cafes, boutiques and bus or the LRT will take travelers to Edmonton Public Library are all in the McNamara Ind Ravine - South street festivals. anywhere in the city. neighbourhood. Mitchell Indus Highlands is a tight community. Highlands’ proximity to downtown Many homes along or near Ada Northwest Edm Residents enjoy spending time Edmonton provides quick access to Boulevard are extravagant, though Ozerna Papa together and look out for one most amenities and business services. areas near 118th Ave. have a less Business Park another. Middle aged married couples, There are several schools in and refined reputation. Edmonton No Elsinore Empir Gariepy Garne Amy is a freelance writer and communications professional. Her insights and extensive familiarity with Industrial West Edmonton make her a great guide for getting to know local communities. Industrial Haze Homesteader Keheewin Ken 6 nexthome.ca YPNEXTHOME.CA Kirkness Klarva Farms Industri Berry Mayfield Meadowlark P
Highlands The view from here
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North Mill Creek Ravine - South Mill Woods Golf Course Southeast Mill Woo CENTRAL k Southeast Mill Woods Town Centre Southeast Miller Minchau Mistatim Industrial Mitchell Industrial 216 Montrose Morin Industrial Morris Indust wton North Central Edmonton North Glenora Northeast WESTEdmonton Northmount Northwest Edmonton Norwester Industrial Ogilvie Ridge Oles ver Ormsby Place Ottewell Overlanders Oxford Ozerna PapaschaseSOUTH Industrial Parkallen Parkdale Parkview Parsons Industrial Patricia Heig mbina Place LaRue Pleasantview Southcentral Pollard Meadows2Potter CENTRAL Greens Poundmaker Industrial Prince Charles Prince Rupert Pylypow Indust een Alexandra Queen Mary Park Quesnell Heights Rampart Industrial Ramsay Heights Rapperswill Rhatigan Ridge Richfield Richford Rideau Park 14 Valley Hermitage River Valley Highlands River Valley Kinna race Ritchie River Valley Cameron River Valley Capitol Hill River Valley Gold Bar River er Valley Mayfair River Valley Oleskiw River Valley Riverside River Valley Rundle River Valley Terwillegar River Valley Victoria River Valley Walterd SOUTH er Valley Whitemud River Valley Windermere Riverbend Roper Industrial Rosedale Industria Rossdale Rosslyn Royal Gardens Rundle Heig 216 Riverdale SOUTH WEST al North East Horse Hill Rural North East North Sturgeon Rural North East South Sturgeon Rural North West Rural South East Rural West Rural W EAST Lake Northwest Rural West Lewis Farms Rutherford Sakaw Satoo Schonsee Secord Sheffield Industrial Sherbrooke Sherwood Sifton Park Silver Be rattler South Central Edmonton South Edmonton Common Southeast Edmonton Southeast Southeast Industrial Southeast Southwest Edmon uce Avenue Steinhauer Stewart Greens Stone Industrial Strathcona Strathcona Industrial Park Strathearn Suder Greens Summerlea Summers nwapta Industrial Sweet Grass Tamarack Tawa Terra Losa Terrace Heights Terwillegar South Terwillegar Towne The Hamptons The Orchards rslie The Palisades Thorncliff Tipaskan Tweddle Place Twin Brooks University of Alberta University of Alberta Farm Virginia Park Walker Web 2 ens Wedgewood Heights Weinlos Weir Industrial Wellington West Edmonton West Jasper Place West Meadowlark Park West Sheffield Indust stbrook Estates Westmount Westridge Westview Village Westwood White Industrial Whitemud Creek Ravine North Whitemud Creek Ravine So d Rose Wilson Industrial Windermere Windermere Area Windsor Park Winterburn Industrial Area East Winterburn Industrial Area West Woodcr owhead Corridor -NORTH East Yellowhead - West York Youngstown IndustrialAbbottsfi eld Alberta AvenueWEST Alberta Park Industrial Aldergro WESTCorridor NORTH CENTRAL NORTH EAST ndale Ambleside Anthony Henday Anthony Henday South Anthony Henday South West Anthony Henday Southeast Anthony Henday Terwille yll Armstrong Industrial Aspen Gardens Athlone Avonmore Balwin Bannerman Heights Sherwood Bearspaw Beaumaris Belgra Athlone Hudson AbbottsfieldBaranow KildareBaturyn Beacon Aldergrove Glenora Downtown le Rive BellevueCalder Belmead Belmont Belvedere Bergman Beverly Heights Bisset Blackburne Blackmud Creek Blackmud Creek Ravine Blue Quill B Inglewood Balwin McLeod Crestwood Summerlea Westmount Oliver Boyle Street Brander Gardens Breckenridge Greens Brintnell Britannia Youngsto ll Estates Bonaventure Industrial Bonnie Doon Southcentral Carlisle Mayfield Canon Ridge Newton Granville The Hamptons Boyle Street Mary Calgary Park okside Brown Industrial Bulyea Heights Caernarvon CalderQueen Calgary Trail North Calgary Callaghan Callingwood North Callingwo Carlton Oxford Glengarry Sifton ParkTrail South Lynnwood Thorncliff McCauley Capilano McQueen uthCameron Heights Ridge Canora Canossa Carleton Square Industrial Carlisle Carlton Carter Crest Casselman Northeast Cen Glenora Canon Wellington Highlands York Parkview Westridge Dougall Chambery Charlesworth Clareview Business Park Clareview Campus Clover Bar Area Cloverdale Coronet Industrial CPR Irvine CPR W wford Plains Crestwood Cromdale Cumberland Daly Grove Davies Industrial East Davies Industrial West Dechene Delton Delwood Domin Page 9 ustrial Donsdale Dovercourt Downtown Edmonton Duggan Dunluce Eastgate Business Park Eastwood Eaux Claires Ebbers Industrial Edmis ustrial Edmonton Municipal Airport Edmonton Northlands Edmonton Research and Development Park Ekota Ellerslie Southeast Ellerslie Indust theast Elmwood Elmwood Park Elsinore Empire Park Ermineskin Evansdale Evergreen Forest Heights Fraser Fulton Place Gagn SOUTH WEST SOUTH CENTRAL SOUTHFalconer EAST HeightsSURROUNDING AREA ate Industrial Gainer Industrial Gariepy Garneau Southcentral Garside Industrial Girard Industrial Glastonbury Glengarry Glenora Glenwood Gold rman IndustrialAllendale East GormanLansdowne Industrial West Grandview Heights Granville GreenfieldMill Greenview Griesbach Haddow Hagmann Est Avonmore Woods Gibbons Grovenor Fort Sask. Spruce Avenue Henderson Holyrod ustrial Hairsine Bearspaw Hawin Park Estate Industrial Hazeldean Estates Heritage Valley Area High Park High Park Industrial McKernan Cloverdale Summerside St. Albert Sherwood Park Highlands Hillvi ForestHudson Heights Huff Ottewell dgson Hollick-Kenyon Homesteader Bremner Estate Industrial Idylwylde Industrial Heights Inglewood Jackson Heig Brookside Holyrood Pleasantview Forest Heights Tamarack Spruce Grove Beaumont Fulton Place McKernan mieson Place Jasper Kildare Kilkenny DugganPark Kameyosek Twin Brooks Keheewin Kenilworth Kennedale Industrial Kenilworth Kensington Walker KernohanDevon Leduc Killarney King Edward P Park LaStrathcona ski Gardens Kinokamau AreaPark KirknessWindsor Klarvatten Perle Lago Lindo Lambton Lauderdale Laurier Heights L Hodgson Plains Windsor Maple Ridge Industrial Wild Rose Lansdowne CalmarLarkspur Morinville ge Leger Lendrum Place Lewis Farms Industrial Lorelei Lymburn Lynnwood MacEwan MacTaggart Area Magrath Heights Area Malmo Plains Ma ge Maple Ridge Industrial Matt Berry Mayfield Mayliewan Industrial McCauley McConachie Area McIntyre McKernan McLe PageMcArthur 9 Page 3 Page Industrial 11 Namara Industrial McQueen Meadowlark Park Meadows Area Menisa Meyokumin Meyonohk Michaels Park Mill Creek Ravine - North Mill Cre ine - South Mill Woods Golf Course Southeast Mill Woods Park Southeast Mill Woods Town Centre Southeast Miller Minchau Mistatim Indust chell Industrial Montrose Morin Industrial Morris Industrial Newton North Central Edmonton North Glenora Northeast Edmonton Northmo rthwest Edmonton Norwester Industrial Ogilvie Ridge Oleskiw Oliver Ormsby Place Ottewell Overlanders Oxfo SEARCH ONLINE erna Papaschase Industrial Industrial Donsdale Dovercourt Downtown Edmonton Duggan Dunluce Eastg nexthome.ca Edmonton MunicipalAirp iness Park Eastwood Eaux Claires Ebbers Industrial Edmiston Industrial monton Northlands Edmonton Research and Development Park Ekota Ellerslie Southeast Ellerslie Industrial southeast Elmwood Elmwood P nore Empire Park Ermineskin Evansdale Evergreen Falconer Heights Forest Heights Fraser Fulton Place Gagnon Estate Industrial Gainer Indust Renters Guide isGarside organized geographically: North West,Glastonbury North Central,Glengarry North East,Glenora SouthWest, South Central, East, West and iepy Garneau Southcentral Industrial Girard Industrial Glenwood Gold South Bar Gorman Industrial East Gorm Surrounding Area. The tabs at Greenfi the top of page identify the areaGrovenor in which you are searching and the typeIndustrial of accommodations. ustrial West Grandview Heights Granville eldeach Greenview Griesbach Haddow Hagmann Estate Hairsine Hawin Park Est ustrial Hazeldean Henderson Estates Heritage Valley Area High Park High Park Industrial Highlands Hillview Hodgson Hollick-Kenyon Holyro mesteader Hudson Huff Bremner Industrial Idylwylde Industrial Heights Inglewood For MoreEstate Information on Advertising Please CallJackson Heights Jamieson Place Jasper Park Kameyo heewin Kenilworth Kennedale Industrial Kensington Kernohan Kildare Kilkenny Killarney King Edward Park Kiniski Gardens Kinokamau Plains A AUG 11 - Lee SEP 15,Ridge 2017 | Leger RENTERSLendrum GUIDE 7 kness Klarvatten La Perle Lago Lindo Lambton Industrial Lansdowne Larkspur Lauderdale Laurier Heights Place Le ms Industrial Lorelei Lymburn Lynnwood MacEwan MacTaggart Area Magrath Heights Area Malmo Plains Maple Ridge Maple Ridge Industrial M ry Mayfield Mayliewan McArthur Industrial McCauley McConachie Area McIntyre Industrial McKernan McLeod McNamara Industrial McQue adowlark Park Meadows Area Menisa Meyokumin Meyonohk Michaels Park Mill Creek Ravine - North Mill Creek Ravine - South Mill Woods G
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AUG 11 - SEP 15, 2017 | RENTERS GUIDE 9
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Advice | FUNDAMENTALLY SPEAKING
How heavy is your debt load? Rising interest rates a cause for belt tightening – and not just for Canadians By Wayne Karl
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WAY TO GO, BANK OF CANADA, you’ve freaked people out. Your first rate hike in seven years – on July 12, raising the target for your influential overnight rate to 0.75 per cent from 0.50 – is cause for concern, for some. But it’s not all you. That same day, Canada’s big five banks all raised their prime lending rate by 25 basis points. Canadians, naturally, worry how these rising rates might hurt them, particularly when experts suggest this may be the first in a series of hikes over the next year or 18 months. And no shortage of reports suggest, with high debt loads and rising rates, it’s time to batten down the hatches. Even Canada Mortgage and Housing Corp. warns that, “While the credit situation of mortgage holders in Canada remains stable, record-high levels of household debt underscores the need to keep a close eye on trends and developments.” Such concerns, however, may be overblown. In fact, the ones doing the belt tightening should be the government, itself. “Canadian households have taken on more debt over time, but they have used this debt to finance assets – real estate, for example – that are appreciating over time, causing their net worth to grow, also to unprecedented levels. The same cannot be said for government debt.” Ouch. 1 0 nexthome.ca
By the end of last year, household debt reached more than $2 trillion, up from $357 billion in 1990.
This analysis comes from the Fraser Institute. Concerns about household indebtedness focus on measures such as total household debt accumulated, or the ratio of household debt to income, the independent research and educational organization says. Based on these metrics, Canadian household debt levels are indeed near historic highs. By the end of last year, household debt reached more than $2 trillion, up from $357 billion in 1990. The lion’s share of this debt – two thirds, in fact – is for mortgages, while the remaining third is split between consumer credit (29 per cent) and other loans (five per cent). Over the same period, the total financial liabilities of the government sector grew from approximately $700 billion to $2.5 trillion, while its net debt grew from more than $400 billion in 1990 to nearly $970 billion in 2016. Toronto wealth planner and mortgage expert Calum Ross is even more direct.
“Rising rates is a sign for economic optimism,” he told NextHome. “Our economy is creating jobs, and if Bank of Canada GDP growth for 2017 does indeed reach 2.8, that’s great news. “I am still very skeptical about the long-term strength of any of the western world economies until we get government spending under control. Factually, it is the single biggest threat to the standard of living in the western world and it must be addressed aggressively in the years to come. “In Canada our federal and most of our provincial governments are spending more than they make. You don’t need an accounting or finance degree from a fancy school to know that incredibly problematic.” Wayne Karl is an award-winning writer and editor with experience in real estate and business. In Fundamentally Speaking, Wayne explores the basics you need to examine when buying property. He can be reached at wayne.karl@ypnexthome.ca or follow him on Twitter at twitter.com/ WayneKarl.
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Advice | APARTMENTALITY
The perks of LIVING ALONE By Kathryn Kusyszyn
TO HAVE A ROOM OF ONE’S OWN,
as famously championed by Virginia Woolf, is a necessity for a woman writer. In modern times, more women (and men), whether writers or not, are taking advantage of financial independence to enjoy the benefits of solitary living. In our overcrowded world, with incessant advertising, stimulation, and pollution of all sorts, living alone provides a sanctuary for the soul. It’s a respite for the individual who needs to recharge, with somewhat surprising social and creative implications. Primary among the benefits of living alone is the freedom afforded to come and go as one likes, do as one pleases, and not answer to anyone. There is no need to deal with others’ preferences in the areas of music, food, decorating, entertainment, temperature and above all, cleanliness. Only one person’s mess to clean up, one person’s laundry, one person’s dishes… ah, heavenly!
Other perks are privacy and the opportunity for full self-expression. No one is present to cramp one’s style. Wandering the house in all manner of (un)dress is perfectly acceptable, as is ordering in at 3 a.m., having spontaneous dance parties, and leaving the dishes unwashed for days. This type of home is conducive to productivity, since there is no one around to get into long conversations with. The next Great Canadian novel is more likely to be written without the distraction of others. When one does desire company, it is by choice. Eric Klinenberg, author of the book The Extraordinary Rise and Surprising appeal of Living Alone, found that people who lived alone spent more time with friends and neighbours than married couples. Apparently so-called loners have the best of both worlds, quiet when they want it and company when they want it. The benefit of guaranteed quiet at home is a welcome contrast
MORE ADVICE ONLINE nexthome.ca/news/advice
to the outside world. Especially for introverts, who recharge by spending time alone, this living arrangement is desirable and potentially essential for their wellbeing. Home becomes an oasis, a place of restorative solitude. A single inhabitant home can also be a castle. Knowing that everything is just where one left it (excepting mischievous pets), is a feature not available to multi-person households. It’s grounding and stabilizing. Not to mention that the last piece of cake is never eaten by someone else. So if you think about it, for reasons of social health, peace of mind, selfexpression and creativity, solitary living is on the upswing. Virginia would certainly approve.
Kathryn Kusyszyn is a health and lifestyle consultant in Victoria, BC. She loves sharing the benefits of holistic health through yoga, massage and nutrition, and is a long-time freelance writer. yogakat.ca
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Inspiration
Small space
SURVIVAL TIPS By Lydia McNutt
With 25 years in the real estate biz, we’ve picked up a thing or two about how to maximize your small space. Here’s some timeless advice from the experts over the years.
1 “Furniture in small spaces can serve more than one purpose... Reconfiguring and readapting to serve multiple functions is the way of the future.”
2
“When you’ve run out of storage space, lie on the floor and look up... Vertical space is abundant and often overlooked. Consider putting shelves above door frames or around the perimeter of the room. Hang things from the ceiling in the kitchen. When purchasing armoires, bookcases or shelving units, choose the tallest you can find, and put baskets on top of them.”
3
“Position a mirror directly on the wall opposite to the source of natural light. This will bounce the light back and forth while increasing the visual depth of your room at the same time.”
JANE LOCKHART, PRINCIPAL
YANIC SIMARD, PRINCIPAL
HELLEN BUTTIGIEG, CERTIFIED
DESIGNER, JANE LOCKHART
DESIGNER, TORONTO INTERIOR
PROFESSIONAL ORGANIZER,
INTERIOR DESIGN
DESIGN GROUP
WE ORGANIZE U
4
“Where the goal is to create the illusion of more space, paint walls and trim in pale, cool colours… Cool colours recede from view, making walls feel farther away than they really are.” KIMBERLEY SELDON, INTERIOR DESIGNER, KIMBERLEY SELDON DESIGN GROUP
5
“A layered lighting plan is something I always recommend to clients, but in a small space this approach is especially advantageous. Rather than opting for a floor lamp with mass and weight, that takes up floor area, sconces give you ambient lighting while saving space. I love the architectural detail sconces provide and often use them on either end of a gallery wall or sofa.” LISA CANNING, DESIGNER, LISA CANNING INTERIORS
“If you’re fortunate enough to have a breathtaking skyline view or a picturesque landscape right outside your window, why not treat it like a stunning piece of artwork? Frame it with colour. Painting trim with a deep, rich hue such as black or charcoal gray continues to be a growing trend, and if your small space is rather “box like” and lacking a natural interior focal point, the addition of a bold colour on the trim work will add depth, command attention, and draw the eye to one of your best and most beautiful features.”
6
LEIGH-ANN ALLAIRE PERRAULT, SELF-PROCLAIMED DIY NINJA AND DESIGNER, HUE LA LA
MORE INSPIRATION ONLINE nexthome.ca/news/advice
7
“Train yourself to be a minimalist. I know you want to keep the old photo albums and book collections. However, with today’s digital technology, you can store all your photos and books on your computer. You get better quality imaging and it can free up a lot of space.” JONATHAN AND DREW SCOTT, THE PROPERTY BROTHERS
Advice | MONEY MATTERS
12 steps to financial financial organization By Gail Vaz-Oxlade
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SET UP
1. Gather all your paperwork. Create a file folder for each of the following: » Chequing accounts » Savings accounts » Retirement accounts » Investment accounts » Credit card accounts » Loans » Personal lines of credit » Mortgage » Insurance: life, disability, health, critical illness, home, car » Tax returns » Estate: wills and powers of attorney 2. Welcome to 21st century banking If you don’t already have it, set up telephone or Internet banking for your accounts. 3. Reduce fees by setting up a buffer If you can afford it, transfer $1,000 float to your chequing account (pretend it isn’t there) and use that to minimize your banking costs. 4. Save automatically Create an auto-debit from your chequing account to a savings account that will not be touched. Most people won’t put money into a savings account on a regular basis, opting to wait for a tax-refund or bonus before setting aside some money for the future. Establish an automatic savings deposit every month and your nest egg will accumulate faster than you think. 1 6 nexthome.ca
“Establish an automatic savings deposit every month and your nest egg will accumulate faster than you think” 5. Create a monthly bill summary List your bills in the date order they need to be paid to prevent you from missing a bill. If you have bills that are paid automatically from your account, write an “A” beside these bills and remember to deduct them from your spending journal at bill payment time each month. 6. Set up your “in-baskets” Create an in-basket containing two folders for your bills. Label the first folder “1-15” and the other “16-31.” When a bill comes in, look at the due date and file the bill in the appropriate folder. Recycle all the marketing materials in the envelope. Create a second in-basket with three folders
labeled “bank statements,” “bills paid” and “tax receipts.” WEEKLY
7. Make a date with your money On the 12th and 28th of each month, set aside the time in your schedule — you’ll need about 30 minutes — to pay your bills. Always pay your bills in one place that is equipped with your bill paying system, spending journal, envelopes, stamps, pens, pencils, a calculator, tape, a stapler and return address labels and recycling bin. When you pay a bill, write the cheque or transaction number, amount paid, and the date you paid it on the bill. Put the paid bill in your
“bills paid” file. Deduct the amount you’ve spent from your spending journal. If a bill has not been paid in full (tax bills are paid over several months, for example) put it back in your bills folder so you don’t forget it.
clearing the bank can lull you into thinking you have more money than you do. Go back at least a month to make sure all previous cheques have cleared. » Talk about anything unusual.
“When you pay a bill, write the cheque or transaction number, amount paid, and the date you paid it on the bill”
QUARTERLY MONTHLY
8. Reconcile your bank statements When your bank statements come in, put them in your in-box folder. Make a date when all your statements are in (it’ll depend on when you receive them) to: » Review your statements to make sure there are no mistakes. » Reconcile your spending register; clearly mark the cheques that have been returned to you and highlight the ones in your spending register that haven’t yet cleared the bank. A cheque that is taking a long time
9. File Once a quarter, file all your paperwork to keep your system current. 10. Talk Have dinner with your business partner and talk about the bumps, your goals and how you’re doing.
spent. If you spent more on a particular category, make sure you know why, or look for ways to cut back. 12. Clean up Go through your files at the end of each year and throw out bills and receipts no longer needed for auditing/budgeting purposes.
ANNUALLY
11. Re-vamp your budget Review your budget using last year’s credit card statements and bank statements to see what you actually
Gail Vaz-Oxlade is the host of Til Debt Do Us Part, author of Debt Free Forever and blogs daily at gailvazoxlade.com. Follow Gail on Twitter at twitter.com/ GailVazOxlade. AUG 11 - SEP 15, 2017 | RENTERS GUIDE 17
Advice | APARTMENTALITY
RENTING vs OWNING 10 reasons renting is better
MORE INFO ONLINE nexthome.ca/advice
By Anne Marshall
deposits aren’t excessive. With the average home price in Canada now more than $400,000, even a very small down payment plus legal fees, plus home inspection, plus, plus, plus – it all adds up to a big investment and a lot of money to pay out.
WHILE MANY PEOPLE idealize home ownership and cling to it as a goal, in this time of less stable employment and rising interest rates, it’s not as appealing you’d think. Especially after retirement, the “perks” of homeownership pale in comparison to the benefits of renting. If you’re thinking about making a change to your living situation, here are 10 good reasons why renting is preferable to owning your home. 1. Mobility. If employment or other life circumstances require you to move to a different city (or province), it’s a lot easier to give your landlord notice and hunt for an apartment than it would be to put your home on the market, sell it, and buy a new one. 2. Property maintenance. Whether it’s shovelling snow for 90 days straight in a heavy winter, raking autumn leaves or mowing the lawn in summer, outdoor tasks are the responsibility of your landlord, superintendent or management company, unless your lease dictates otherwise. 3. Fixture repair. When your shower stops running properly, your landlord is the one who has to call and pay
for the plumber. If the fridge or stove needs replacing, that’s their financial responsibility. 4. Interest rate invulnerability. Unlike homeowners, your rent is fixed and can only increase by small increments dictated by law once the lease expires. Not so the financial market, which could see you renegotiating your mortgage every couple of years as interest rates and property values change.
7. Safety. Living in a rental unit typically means living near a lot of other people, and while that can occasionally be irksome, those country music fans who hold a stomping hootenanny every Saturday night are also going to hear you scream if you’re in trouble, or notice if your car hasn’t moved or your mail starts piling up. 8. Cheaper insurance. Unlike homeowners, renters do not have to insure the property – only the contents. When you get your renters insurance, expect to be paying approximately half of what you would if you owned your home. Canadian renters’ insurance averages $20 to $30 a month in most parts of the country.
5. Access to amenities. Pools, gyms, party rooms and libraries are all fairly common features of upscale modern apartment buildings. In addition, high-density housing is often situated in the heart of the city, close to entertainment and shopping, which opens up a world of possibilities for your social life.
9. No property taxes. While you can assume that at least some of the rent you pay goes towards covering that cost for your landlord, it isn’t your financial responsibility. Your rent remains stable and increases in a predictable fashion.
6. No down payment. All you have to come up with to secure your apartment in Ontario is enough to cover your first and last month’s rent. Elsewhere across Canada some landlords may ask for a security deposit rather than the last month, but it will usually end up being applied that way – at any rate,
10. Lower utility costs. Heating (or cooling) a larger space than that which you actually occupy is one of the downsides of home ownership. Rental units have more compact floor plans, and in the winter you may even benefit from ambient heat from the building around you, depending on its layout.
Anne Marshall has lived in New York City, Glasgow, Scotland, Greensboro, NC, Toronto, and somehow ended up back in the fabulous small city of Guelph, where she grew up. She loves nothing more than exploring new areas, peering into other people’s apartments, houses and yards. 1 8 nexthome.ca
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