The initiative is part of the organization’s larger commitment to create inclusive environments where diversity is not only acknowledged but celebrated. Story of Midtown Toronto® received the Rainbow Registered Accreditation because of its commitment to inclusivity, including:

·       Year-round inclusion: Inclusion at Story of Midtown Toronto is built into everyday experiences. Teams have access to ongoing Belonging initiatives, including a paid volunteer day to support community causes, inclusive visual identifiers like Pride-themed email signatures, and resident communications that reflect a community grounded in respect and belonging.

·       Specific training focused on real-world allyship: Team members at Story of Midtown Toronto® participate in comprehensive training on 2SLGBTQI+ inclusion, pronoun usage, unconscious bias, and inclusive language.

·       A framework that puts people first: Policies at Story of Midtown Toronto don’t just state values, they outline clear steps and expectations for supporting all team members from all diverse backgrounds. These policies are reviewed annually and backed by mandatory employee acknowledgment, creating consistency across the team and reinforcing a culture of accountability and care.

Story of Midtown Toronto is a landmark addition to the Toronto rental market, redefining purpose-built rental living with a focus on elevated lifestyle, value-added services, and holistic well-being. Now open, this property aims to become the premier rental residence of choice in Midtown Toronto, offering a lifestyle built around health, wellness, urban connectivity, and inclusive community. Aside from its Rainbow Registration, the building will also include personalized services, perks, and exclusive programming. As part of Hazelview’s commitment to resident wellbeing, residents will also receive complimentary access to Maple Healthcare’s virtual services—including mental health support—and a Peloton membership, offering world-class fitness classes from the comfort of home.

Hazelview Properties is also in the process of receiving the Rainbow Registered accreditation for its corporate offices and select properties within its Toronto/GTA portfolio as part of the organization’s larger commitment to create inclusive environments where diversity is not only acknowledged but celebrated.

What Does it Mean to be Rainbow Registered?

Rainbow Registered is an accreditation program run by Canada’s 2SLGBTQI+ Chamber of Commerce (CGLCC). The accreditation program grants a time-limited recognition to businesses and organizations for demonstrating compliance with the quality standard. Accredited businesses are deemed market-ready for the 2SLGBTQI+ customer and given the right to be associated with the program’s prestigious Rainbow Registered designation.

The post Canada’s First Rainbow Registered Residential Rental Building, Story of Midtown Toronto, Now Open appeared first on PinkPlayMags.

It’s crucial to be on the same page and even the same paragraph with your partner during the house-building process, otherwise this ordeal will become even harder. Luckily, you can use this guide to rely on when things get hard. Here are a few basic things to know when you’re building a house with your LGBTQ partner: 

Start from your location

No matter if you’re building your house from the foundation up or if you’re doing a complete rebuild, the location is the key, especially for LGBTQ couples. We might not enjoy the same safety in every country, state, city or even neighborhood, so it’s important to choose the right location for your construction. Luckily, there are apps like Trulia and OK Cupid that have “Pride Scores” for different neighborhoods so you can know where you’re welcome the most. 

Think about financing

This is a hard one, especially today when land, building materials and contractors are so expensive. You’re going to need a lot of dough for your new home, and believe it or not, not every bank is ready to loan to gay couples. Inequality when it comes to LGBTQ home ownership is still very noticeable, especially in countries and states that do not recognize gay marriage. It’s best to get a lawyer and go over your rights before visiting a loan provider. Later, you can discuss joint property ownership. 

Hire the right people

Interior designers or DIY?

After your contractors are finished and gone, you’ll be left with this empty space that needs to be turned into a home. You have two options—try decorating yourself or hire a professional. If you’re attracted to a very modern and functional space, then hiring pros might be the best thing to do (even though it can cost you more money). But those couples dreaming of a traditional house or something completely crazy and quirky will benefit better from a DIY route. Just because you’re gay, it doesn’t mean you can automatically design an amazing interior for your new home, so don’t feel pressured to do everything yourself. 

Stay on the budget

It’s so easy to get carried away while planning, designing, building and especially decorating your home. Unless you have an unlimited budget, it’s wise to come up with a good plan that will keep you going over the budget. Put structural works at the top of your list, going from more significant to less important elements. No matter how it might seem to you while you’re in your designer mindset, it’s always better to have a comfortable bedroom and a functional kitchen than a huge party pool or a designated gaming room. Also, it’s essential to pay for legal fees and estate planning changes. 

Work on your flexibility

Do you have an exact vision of your forever home? Often, what you have in mind is simply impossible to pull off in reality. Also, during the construction and interior design process, you’ll come across many limits and obstacles, but don’t let them discourage you. Be flexible and armed with plenty of backup plans. 

It’s more than possible for LGBTQ couples today to live together happily ever after in their own little castle. With these tips above, you’ll get to design your castle together and truly live the gay fairy tale life. 

The post Tips for Building a Home as an LGBTQ Couple appeared first on PinkPlayMags.

Who would have believed that mortgage rates would have continued to remain low for such a long period of time? Mortgage shoppers are looking at some of the lowest rates in history, and many homeowners with existing fixed-term mortgages are experiencing some “rate envy” about today’s rock bottom rates.

It might be worth a conversation about your options depending on how much time is left in your mortgage term. Typically, we think of a fixed term mortgage as a non-negotiable contract. And it’s true that there are financial penalties to re-negotiate. But, many clients have been asking for a mortgage analysis – a detailed look at the penalties versus the payoffs – to determine whether it’s worth refinancing.

What does it cost to get out of your existing mortgage?

Generally, you can expect to pay the greater of either a) three months’ interest, or b) the interest-rate differential. The interest rate differential can be high in some cases; your mortgage lender will expect you to pay them the equivalent of what they will lose by releasing you from your mortgage and lending the money at current rates.

So is it worth it?

For some homeowners it can be an important moment of opportunity, while for others, it may not be worth the costs involved.  Most lenders will include the cost of the payout penalty and other costs into the new mortgage so you don’t have to be out of pocket to complete the transaction. This can also occur when you “port” or “blend” your mortgage. This means if you sell your home and take your mortgage with you, the lender will “port” the cancellation fee to the new mortgage amount and “blend” the rate.

Before you make a jump to a lower interest rate, be sure to review your mortgage contract and ask questions about the penalty and how it applies in your circumstance. A little bit of research done in advance, can save you thousands of dollars later.

The post Rate Envy – It’s more common than you think appeared first on PinkPlayMags.

Canada Mortgage and Housing Corporation (CMHC) is raising premiums for insuring mortgages on Canadian homes for the third time in three years. Canadian homebuyers are required to have mortgage insurance if they have less than a 20 per cent downpayment. The insurance provides protection for the lender in the case of a default. Read more 

How will it hit your wallet? The increase is not too significant for those making the minimum downpayment required. A homebuyer with a $250,000 mortgage and a 5 per cent downpayment will only pay about $5 per month more in insurance premiums.  I can calculate exactly how much the increase will mean to you if you get your mortgage approval on or after March 17.

The increases are actually more substantial for larger downpayments of 15 per cent or more. Those with 20 per cent or more downpayment aren’t required to have mortgage insurance, although it’s used by lenders that securitize their mortgages. As a result, any increased cost will likely be passed on to customers through higher rates.

Premiums are also increasing for “non-traditional” insured mortgages i.e. home buyers with borrowed downpayments, a type of mortgage downpayment that could grow in popularity as homebuyers strive to gain entry in the housing market.

The premium change will come into effect on March 17. Homebuyers will be able to access the current lower rates if they have bought a home and are approved before the March 17 deadline, even if they have a later closing date.

The post Why Mortgage Before March 17? appeared first on PinkPlayMags.

Generally when people are house or condo hunting, they believe they are shopping for a home, when in reality, they’re shopping for a mortgage. So it begs the question – why are we okay in paying more for a home to get what we want, but only focus on the interest rate of our mortgage and turn a blind eye to the product features?

We’ve all heard that cheapest is not always best. We know and apply that rule when we’re shopping for anything else. But we still tend to believe that lowest rate is the one and only factor in choosing a mortgage. Most Canadian homeowners would be shocked to discover that their low-rate mortgage could actually cost them more in the long run.

Why? Because the right mortgage is about a lot more than just rate.

It’s true that even a small reduction in rate can mean interest savings over the life of your mortgage. And mortgage brokers are experts at seeking out competitive rates from a wide range of lenders. But they also look deeper. Sometimes those cut-rate mortgages come with higher fees, penalties, or restrictive terms, which could prove more costly over the long term than a slightly higher-rate mortgage with flexible terms.

One of the best ways to save interest, for example, is to use pre-payment options. If you get a quarterly bonus, a tax refund, or a seasonal income boost, then you have some excellent opportunities to slash your mortgage costs. Putting extra money against your mortgage principal could save you thousands of dollars in interest. If your cut-rate mortgage doesn’t permit pre-payments, that’s a huge missed opportunity.

Also watch for low-rate “teasers”: cut-rate mortgages with a short timeline. Sometimes a lender will offer a rate that is good for just 30 days, after which the rate will jump. If closing takes a little longer, or there’s a glitch in documentation, then you need to be prepared with a backup plan. These teasers can be stressful – and not always the best deal anyway.

An accredited independent mortgage broker will determine the features and privileges that best meet your personal situation, looking at:

• Refinancing penalties
• Fixed vs variable rate
• Term
• Pre-payment options
• Payment flexibility
• Restrictions
• Fees
• Portability
• Assumability

Most people spend more time choosing the right car than choosing the right mortgage, although it’s likely the largest expense they’ll likely ever undertake. Make sure you have a mortgage that is custom-built for your personal situation. Cheapest isn’t always best. And obviously the most expensive mortgage is rarely the best choice either. But the right combination of rate and features – matched to your needs – is the fastest route to mortgage freedom. It’s your mortgage broker’s job to help you with that route-planning: a map for your financial future.

Whether you’re buying your first home, getting ready for renewal, refinancing a mortgage, taking out some equity for debt consolidation, renovations, or investing can help you navigate the mortgage waters easier.

In my next article, I’ll outline the five most important features in a mortgage.

The post There’s more to a mortgage than just the interest rate appeared first on PinkPlayMags.

Recently, Finance Minister Bill Morneau announced that new mortgage rules will include more stringent “stress testing” for borrowers. The new rules are designed to lower debt levels, enforce some belt-tightening, and protect the housing market over the long term. Here’s how these new rules will affect Canadians.

THE HIGH-RATIO RULE

There has been a long-time rule that you must have “high-ratio mortgage insurance” if you have less than 20% down payment. This insurance is there to protect the lender, and the premium is almost always added to your mortgage amount.

What’s changed? If you require an insured mortgage, you must qualify for your mortgage using the Bank of Canada qualifying rate (currently 4.64%) regardless of what your actual mortgage rate will be. This means that – although I can find you a much better mortgage rate – you’d still need to show that you can handle the mortgage using the qualifying rate. This financial “stress test” was already applicable for fixed and variable mortgages with terms of 1 to 4 years. Now, it also applies to fixed-rate mortgages of 5 years or longer.

Why the new rule? The government wants to be sure that borrowers can withstand any increases in mortgage rates when their mortgages come up for renewal. Will my payments be higher? No. Your payments will still be based on your much lower actual mortgage contract rate. Keep in mind that mortgage rates are expected to stay at record lows into 2020. So this new rule isn’t costing you more. The potential change will be in how much mortgage you will qualify for: up to 20% less. You may need to plan on purchasing a less expensive home, or save up a larger down payment, or ensure you eliminate all or most of your other debts.

Are any loans grandfathered? The new mortgage stress test does not apply when:
• A mortgage loan insurance application was received before October 17, 2016;
• The lender made a legally binding commitment to make the loan before October 17, 2016; or
• The borrower entered into a legally binding agreement of purchase and sale for the property against which the loan was secured before October 17, 2016.

THE CONVENTIONAL MORTGAGE RULE

Maybe you have more than 20% down or equity in your home and you are planning to purchase, renew or refinance. Since you have strong equity, you aren’t considered a “high-ratio” borrower.

What’s changed? Effective November 30th, 2016 any mortgage loans that lenders insure using portfolio insurance must now meet eligibility criteria applicable to “high ratio” mortgages, including the new qualifying stress test. This means that rental properties, properties over $1 million, and mortgages with an amortization greater than 25 years will no longer be eligible for portfolio insurance.

Does this mean I will have trouble getting a mortgage? Certainly not. The change will only affect certain lenders that insure or securitize these types of mortgages. I have access to a wide range of lenders, which means I can help you find the best mortgage for your situation. But if you are thinking of refinancing, get in touch now just to be sure you lock in a low rate.

THE CAPITAL GAINS REPORTING RULE 

Canadians love the capital gains exemption they get on their primary residence. If your home grows in value, you aren’t taxed on that growth when you sell.

What’s changed? Starting this tax year, the sale of a primary residence must be reported at tax time to the Canada Revenue Agency, even though all capital gains are still tax exempt.

Why? This new rule was designed to prevent foreign property purchasers from claiming a primary residence tax exemption to which they are not entitled.

Although there are definite regional variations, the Canadian housing market is strong. A good part of the reason for that strength is that we have had stringent mortgage requirements. Mortgage defaults in Canada continue to be very low, in spite of the ups and downs of the economy. The new rules are aimed at ensuring home ownership continues to be a solid, long-term investment.

Give me a call: I’ll help ensure you make the most of it!

Next month, I’ll explain why focusing only on the lowest rate for a mortgage may actually cost you more.

The post Should you stress about the mortgage stress test? appeared first on PinkPlayMags.

A very successful real estate agent once told me that buying a home is 90% emotion and 10% finance – and she’s right, it is. If that’s the case, then why is the final 10% so stressful and confusing for some people?

In my blog, It’s the Smart Move, it’s my goal to try inform you and help clarify some of the areas with mortgages that may confuse some people, and of course, provide helpful tips along the way.

Hi, I’m Donna. This month, let’s discuss a New Year’s Resolution that will pay off – 5 ways to plug the money leaks!

Welcome 2017! Is the party really over? Champagne hangover aside, you may have noticed in the news that the days of record low interest are beginning to change – not to the historic levels they once were back in the ‘70s and ‘80s, but they are slowly increasing.

We continue to benefit from low interest rate payments on our loans and mortgages, but we are suffering when it comes to poor returns on our retirement investment savings options. It’s more of a WHEN than an IF that the Bank of Canada rate will increase. When it does, what will this do to our household budgets?

We can’t control everything, but here are few suggestions to get you on the right track.

As we step brightly into 2017, there is one resolution to keep. It’s a great time to review your finances and particularly your spending. Whether you are saving to buy a home or pay one off, your “money leaks” can add up to some big bucks over time.  Here are five ways to find some of your missing money:

ONE:

Spending while unconscious.  Track your spending and consider your impulse buys at the grocery, gas station, convenience and other stores; the services you are being charged monthly for that you don’t really use; or your brand name buying when generic will do. Look for the leaks, and then resolve to spend consciously. If impulse buying is a big culprit, always make a list and stick to it, only grocery shop once a week and never on an empty stomach!

TWO:

Convenience costs.  It’s a lot easier to spend more than you intend to when you exclusively use your credit cards because you aren’t seeing the money. You just press some buttons and presto, your purchase is made. You might not be so liberal with your money if you actually had to hand it over. Consider withdrawing a fixed amount of cash for your spending every week.

THREE:

Examine your bills. Take a good hard look at your monthly bills and go through them line by line. Look for small, unexplained charges, fees, and add-ons. Some of them may be for services you don’t use or perhaps don’t remember requesting. Or they could be for services that you can actually live without. Even if the amount is small, why have it charged every month?

FOUR:

It doesn’t hurt to ask. Whether you are signing up for internet or buying a car, ask “is this the best you can do?” or “can you make it more affordable?”  Do research in advance so you are prepared and knowledgeable on all things related to what you are buying.

FIVE:

Plug your biggest money leak: high interest. All of the savings you make in lifestyle choices mean nothing if you don’t put a plug on paying high interest. Always pay down your credit cards as much as possible.  If debt is choking your cash flow and you have enough equity in your home, you may be able to move that debt to your lower-rate mortgage and save thousands. If high interest debt is a big money leak for you, get in touch. Using home equity to pay down debt is one of my specialties.

It takes approximately 66 days to form a habit, but if you are able to implement some of the suggestions above, you’ll begin to see an immediate improvement and you’ll be closer to realizing your goals.

In my next post, you’ll see the benefit of plugging the leaks when I review the recent changes made by the Federal government with respect to the new rules about mortgages and The Stress Test.

The post New Year’s Resolution – 5 ways to plug the money leaks! appeared first on PinkPlayMags.