Decision aimed at correcting imbalance between insured, uninsured homeowners at time of mortgage renewal

The national banking regulator says it will no longer require borrowers with uninsured mortgages to undergo a stress test when switching providers.

The Office of the Superintendent of Financial Institutions says it will end the policy for lenders to apply the minimum qualifying rate to straight switches when uninsured mortgages are renewed at a different institution under the borrower's current amortization schedule and loan amount.

OSFI says the change comes after feedback from the industry and Canadians "about the imbalance between insured and uninsured mortgagors at the time of mortgage renewal." It also says data shows the risks the requirement had been intended to address "have not significantly materialized."

In March, Canada's Competition Bureau recommended allowing uninsured mortgage borrowers to switch between banks without undergoing a stress test, saying the policy was "not applied evenly."

The stress test requires federally regulated financial institutions to ensure borrowers can still make mortgage payments if they experience financial shocks, such as an increase in mortgage interest rates or an increase in household expenses.

The regulator says it is working with financial institutions to ensure they are prepared for the change, which it intends to formally communicate as part of its next quarterly release on Nov. 21.

30-year mortgage amortization period extended for all first-time homebuyers and all new construction purchasers, plus a $500,000 increase to the insured mortgage cap

Those looking to buy their first home will soon be able to take advantage of a 30-year mortgage and expanded borrowing powers, regardless of the home they buy. 

On September 16th, the Government of Canada revealed that it would be expanding eligibility for 30-year amortizations on insured mortgages to all first-time homebuyers, and to all purchasers of new construction properties. The policy will come into effect on December 15th, 2024. Currently, the maximum amortization period for insured mortgages – mortgages that have less than a 20% down payment and therefore require mortgage insurance – is limited to 25 years.

By lengthening mortgage amortization periods by another five years, the federal government says monthly mortgage payments will be reduced, making housing more affordable for young Canadians. The upgraded policy would also incentivize developers to build more new housing. 

This latest amendment to mortgage rules comes just one month after 30-year amortizations for insured mortgages were announced for first-time homebuyers of new construction homes. The policy officially came into effect on August 1st.

Insured mortgage cap increased to $1.5 million 

In addition to longer amortization periods, the federal government has also increased the limit on insured mortgages. As of December 15th, the insured mortgage cap will be increased from $1 million to $1.5 million. 

“Building on our action to help you afford a downpayment, we are now making the boldest mortgages reforms in decades to unlock homeownership for younger Canadians,” said Chrystia Freeland, Deputy Prime Minister and Minister of Finance, said in a press release. “We are increasing the insured mortgage cap to reflect home prices in more expensive cities, allowing homebuyers more time to pay off their mortgage, and helping homeowners switch lenders to find the lowest interest rate at renewal.”

Under current rules, mortgage insurance is limited to homes purchased under $1 million, meaning anyone searching for a home in the seven-figure price range is automatically required to put down a minimum of 20% of the purchase price as a down payment. This can be limiting to homebuyers in the country’s most expensive real estate markets, Vancouver and Toronto, where average home prices often surpass $1 million. 

“The decision to lengthen insured mortgage amortizations and boost the mortgage insurance cap will give many first-time buyers across the country a much-needed leg up on accessing the property ladder. For many homebuyer hopefuls, the monthly mortgage payment is often the deciding factor between a property that fits in their budget and one that doesn’t. An extra few years to spread out those payments will help many purchasers make the transition from renter to homeowner. Those shopping in Canada’s most expensive markets, where home prices over $1 million are the norm, will also find it a little easier to get into the market,” said Karen Yolevski, COO, Royal LePage Real Estate Services Ltd. 

“The implementation of these new rules will likely follow another cut to interest rates, or two.  The Bank of Canada’s next scheduled announcements are on October 23rd and December 11th. Lower borrowing costs, combined with these extended mortgage powers, may stir first-time buyer demand in the months ahead, setting the stage for a robust spring market in 2025.”

Do you qualify under the new mortgage policies?

In order to take advantage of the increased mortgage cap and 30-year mortgage amortizations, you must be a first-time homebuyer in Canada. Here are the basic requirements:

• The borrower has never purchased a home before.

• In the last four years, the borrower has not occupied a home as a principal residence that either they or their current spouse or common-law partner have owned.

• If the borrower recently experienced the breakdown of a marriage or common-law partnership, the regulations will follow the approach that the Canada Revenue Agency has taken with respect to the Home Buyers’ Plan.

• To be considered a new construction property, the new home must not have been previously occupied for residential purposes.

Thirty-year amortizations were first announced in the 2024 federal budget released earlier this year, alongside other housing measures for Canadians. Read more about all of the proposed housing measures here. 

Source: RoyalLePage

Sales of luxury homes were up in the first eight months of 2024 compared to the same period last year in most major cities

From surging buyer demand to fluctuating interest rates, the Canadian housing market has seen its fair share of ups and downs since the onset of the pandemic. Through it all, home prices in the country’s luxury markets have stayed relatively stable, weathering the ever-evolving market landscape.

According to the 2024 Royal LePage® Carriage Trade® Luxury Market Report, sales of luxury homes were up in the first eight months of the year, compared to the same period in 2023, in almost all major cities in Canada – with the exception of the two most expensive markets, Vancouver and Toronto, as well as Halifax. Meanwhile, prices posted modest gains in some regions and slight declines in others.

“Homes typically trade hands at the high end of the market at a slower pace than we see in the industry overall, as the funnel of potential purchasers narrows as the price of properties climbs. This affords luxury buyers the luxury of acting more deliberately, taking their time in a quest to find exactly the right home,” said Phil Soper, president and chief executive officer, Royal LePage. “While market conditions can vary from one city or province to the next, the dynamics at play in luxury real estate markets from coast to coast remain consistent: buyers in this segment know what they want and they are willing to wait for it.”

While transaction volumes in the high-end property segment are lower relative to the mainstream residential market, luxury markets in the Prairie provinces recorded some of the largest gains in sales activity year over year in the first eight months of 2024, led by Winnipeg, with Edmonton and Calgary close behind. This is reflective of the strong state of their overall markets, especially Alberta, which has proven more resilient than most of the country over the past year. This is due to its continued strong demand from out-of-province buyers. Outside of the Prairies, Quebec City has also recorded strong luxury sales growth this year.

Looking ahead, experts in all major cities across Canada expect to see brisk activity in the fall market.

Luxury buyers feel boost of confidence, fueling sales

According to Royal LePage regional luxury market experts, buyers in this segment are discerning. In some regions, the high cost of construction is driving demand in the resale segment, where buyers are seeking fully-renovated, turn-key properties. In other areas, buyers prefer to build the custom home of their dreams, despite high cost construction costs and extended timelines.

“Luxury buyers typically have the means to be picky. Their home buying decisions are shaped by more than the desire to live in a particular neighbourhood or to enjoy very specific high-end features and amenities. Often, their decision whether to buy or not is driven by their confidence in the health of the overall economy and the direction they see housing prices headed. Our research shows those in the higher end of the housing market have a very positive outlook on the long-term stability and appreciation potential of Canada’s housing stock,” noted Soper.

“Many buyers in the luxury market segment do not require high-leverage mortgages, where the amount borrowed relative to the value of the underlying property is large. In fact, it is common to see expensive homes purchased with very substantial down payments, or even fully in cash. Thus, luxury homebuyers as a rule are not as heavily impacted by high interest rates as the average consumer. It is primarily the positive impact on macroeconomic factors that will encourage new buyers in the luxury segment.”

Here are a few highlights from the 2024 Royal LePage Carriage Trade Luxury Market Report:

• Halifax’s luxury real estate market recorded highest year-over-year median price appreciation in the first eight months of 2024, with gains of 8.6%.

• Luxury property prices in Toronto posted year-over-year increase of 3.9%, while Vancouver and Montreal recorded modest declines of 1.8% and 2.8%, respectively.

• Sales activity in Winnipeg’s luxury market recorded greatest year-over-year increase with 61.9% jump, taking into account low transaction volumes.

• 2023 foreign buyer ban has had no material impact on prices or available inventory in most markets

Source: RoyalLePage

In today’s housing market, many sellers are making a critical mistake: overpricing their houses. This common error can lead to a home sitting on the market for a long time without any offers. And when that happens, the homeowner may have to drop their asking price to try to re-ignite buyer interest.

Data from Realtor.com shows the number of homeowners realizing this mistake and doing a price reduction is climbing. 

If you’re thinking about making a move yourself, here’s what you need to know. The best way to avoid making a costly mistake is to work with a trusted real estate agent to find the right price. Here’s a look at what’s at stake if you don’t.

Not Paying Attention To Current Market Conditions

Understanding current market conditions is key to accurate pricing. You don’t want to set your asking price based on what happened during the pandemic. The market has moderated a lot since then, so it’s far better to align your price with today’s reality.

Real estate agents stay updated on market trends and how they impact the pricing strategy for your house.

Pricing It Based on What You Want To Make (Not What It’s Worth)

Another misstep is pricing it based on what you want to make on the sale, and not necessarily current market value. You may see other homes in your neighborhood selling for top dollar and assume yours can do the same. But you may not be considering differences in size, condition, and features. For example, maybe that other house is waterfront or has a finished basement. To sum it up, Bankrate explains:

“How do you find that sweet spot of pricing for profit but not overpricing? The expertise of your agent can be truly valuable here. A knowledgeable agent will understand fair market value in your area, how much your house is worth and how much you might reasonably expect to get for it in the current market.”

An agent will do a comparative market analysis (CMA) to make sure your house is compared with truly similar properties to get an accurate look at how it should be priced.

Pricing High to Leave Room for Negotiation

Another common, yet misguided strategy is to price your house high on purpose, so you have more room to negotiate down during the sale. But this can backfire. A price that seems too high often deters potential buyers from even considering the home. So rather than leaving room for negotiation, what you’ll actually be doing is turning buyers away. U.S. News Real Estate explains:

“You want to sell your house for top dollar, but be realistic about the value of the property and how buyers will see it. If you’ve overpriced your home, chances are you’ll eventually need to lower the number, but the peak period of activity that a new listing experiences is already gone.”

An agent can help you set a fair price that attracts buyers and encourages more competitive offers.

Bottom Line

Overpricing your home can have serious consequences. A knowledgeable real estate agent brings an objective perspective, in-depth market knowledge, and a strategic approach to pricing.

Connect with a local real estate professional to avoid making a pricing mistake that’ll cost you.

By now you may be aware of some major changes coming to BC’s tenancy’s rules. On July 3, Housing Minister Ravi Kahlon announced on behalf of the BC Government, that its long-awaited online portal which landlords will be forced to use in order to issue a notice to end tenancy under the updated rules is forthcoming. 
 
The following information is critically important to understand for landlords & those purchasing rental property or property with a rental suite.
 
 
The updated rules now state:
 
1) Landlord must issue notices to end tenancy through the online portal which has not yet been launched, but will be launched on July 18th.
 
2) The NOTICE PERIOD TO END TENANCY on the grounds of personal/immediate family use has now been extended from two months to FOUR months. And remember, that’s four full months. In other words, if you were to request vacant possession on July 19th and thereafter, the earliest date possible for vacant possession would be December 1st, 2024. 
 
3) The number of days permitted for a tenant to dispute a notice to end tenancy has been doubled also, from 15 days to 30 days. 
 
For buyers currently purchasing a tenanted property they are planning to move into, you cannot issue a notice to end tenancy until all your Subject Conditions are removed. Plus, you need to ensure that the notice has been issued properly to be deemed received by the tenant. Most property managers will recommend 5 days’ notice to achieve this by registered mail. It is imperative that if you are purchasing a tenanted property, that you really have perhaps just under a week remaining to issue such a notice without risking falling under the new rules. 
 
This is going to cause a number of changes and there will be obvious problems with seeking approvals and rate holds on properties that a buyer may not be able to take possession of for months. We will have to wait and see how institutional lenders react; we expect we will soon see the evolution of some new clauses for real estate contracts.
 
We will keep you informed as we get more information. In the meantime, you can read the government’s statement on the issue at the link below: 

https://news.gov.bc.ca/releases/2024HOUS0115-001044

When you decide to buy your first home, you may come across a number of terms and conditions you’re not familiar with. While you may have a general idea of what an inspection is, maybe you’re not sure why you need one or how it’s different from an appraisal. To keep it simple, here’s an explainer of each one and what they mean for you as a homebuyer.

Home Inspection

Once you’re under contract on a home you’d like to buy, getting an inspection is a key part of the process. An inspection gives you a clear idea of the safety and overall condition of the home – which is important for such a big transaction. As a recent Realtor.com article explains:

“A home inspection is something that protects your financial interest in what will likely be the largest purchase you make in your life—one in which you need as much information as possible.”

If anything is questionable in the inspection process – like the age of the roof, the state of the HVAC system, or just about anything else – you have the option to discuss and negotiate any potential issues or repairs with the seller before the transaction is final. And don’t worry – you don’t have to go through that process alone. Your real estate agent will be your advocate and negotiate with the seller for you.

Home Appraisal

While the inspection tells you about the current state of the house, an appraisal gives you its value. Bankrate explains:

“When buying or selling a home, an appraisal verifies that the sale price of the home is in line with fair market value. This ensures the homebuyer doesn’t pay more than the home is worth, and the mortgage lender doesn’t lend more than it is worth.”

Regardless of what you’re willing to pay for a house, if you’ll be using a mortgage to fund your purchase, the appraisal protects you from overpaying and the bank from lending you more than the home is worth.

And if there’s ever any confusion or discrepancy between the appraisal and the agreed-upon price in your contract, your trusted real estate professional will help you navigate any additional negotiations to try to close the gap.

Bottom Line

The inspection and the appraisal are different but equally important steps when buying a home – and you don’t need to manage them by yourself. Connect with an agent today so you have expert guidance from start to finish.

27% of renters say they are planning to buy a property within the next two years

As affordability challenges and housing supply shortages persist in Canada’s real estate market, renters may be feeling that their transition from tenant to homeowner is taking longer than expected. For the one third of Canadians who rent, many are still eager to own a home in the near future, despite the hurdles of high borrowing costs, large down payments and tight competition in the market.

According to a recent Royal LePage survey, conducted by Hill & Knowlton,1 27% of Canadians who currently rent their home say they plan to purchase a property in the next two years. Among those aged 18 to 34, that figure jumps to 40%. Meanwhile, 69% of renters say they do not plan to buy a home in the near future. Among them, more than half (54%) do not feel their income will be sufficient to afford a property in the area where they wish to live (61% among respondents aged 18 to 34).   

“The rental sector is not immune to the significant affordability challenges stemming from Canada’s acute housing shortage. High mortgage rates have made it difficult for many to purchase a home, forcing some to move into, or remain longer than planned, in the rental market,” said Phil Soper, president and chief executive officer, Royal LePage. “Despite a short-lived decline in prices and demand for rental units during the height of the COVID-19 pandemic, the available supply of rental properties in most major markets remains ultra low.” 

Nearly a third of renters contemplated home purchase before signing their lease

Before signing or renewing their current lease, 29% of Canadian renters say they considered purchasing a property. Among them, 41% say the lack of a sufficient down payment led to their decision to rent instead. 

When asked about the motivating factors behind their decision to continue renting rather than buy, approximately one third of respondents said they were waiting for interest rates (33%) and property prices (30%) to decrease. Twenty-two per cent said they are continuing to rent while saving for a down payment, and 20% said they did not qualify for a mortgage. Respondents were able to select more than one answer. 

“While a third of Canadian adults are currently renting, and there are families who are perfectly content doing so, the desire for home ownership remains strong among a large portion of this segment of the population. Our latest research reveals that a material number of renters wish to transition to home ownership. Understandably, the greatest barrier to entry is the ability to drum up the initial capital for a down payment,” continued Soper.

For some Canadians, rental prices eat up 50% of take home pay 

Nearly four in ten Canadian renters (36%) spend up to 30% of their net income on monthly rental costs. Meanwhile, roughly the same amount of renters (37%) spend between 31 and 50% of their income on rent, and 16% spend more than 50%. In Canada’s most expensive housing markets, Vancouver and Toronto, the proportion of renters who spend more than half of their income on rental costs increases to 27% and 19%, respectively. That figure dips to 10% in Montreal. 

According to the latest Rental Market Report by the Canadian Mortgage and Housing Corporation (CMHC), the average rent nationally for a two-bedroom unit in October 2023 was 8.0% higher than a year prior.2 Vacancy rates sat at 1.5% and 0.9%, respectively, for purpose-built rental buildings and condominium apartments. 

“From coast to coast, Canadians are struggling with housing affordability in the wake of one of the most aggressive interest rate hike campaigns in history. Across many regions, rental demand vastly exceeds supply, making affordable housing a challenge. The housing industry and government must collaborate on innovative solutions to increase inventory, including rentals, and support those most impacted by these escalating market conditions,” concluded Soper.

Here are a few highlights from the Royal LePage 2024 Canadian Renters Report:

• Of renters who say they plan to buy within the next two years, half (50%) say they will have a down payment of less than 20%

• When asked how they will come up with their down payment, 53% of respondents said they will use savings accumulated over the years

• 44% of renters planning to purchase in the next two years believe they will be able to afford a home in their current city of residence, while 37% do not 

• In British Columbia, 25% of renters spend more than half of their net income on monthly rental costs, well above the national average of 16%

PRESS RELEASE           DATA CHART

Spring is normally the most active period for Canada’s real estate market – the arrival of warmer weather triggers an increase in buying and selling activity across the country. In 2024, the traditionally-busy spring market kicked off early and is facing additional pressure, as homebuyer hopefuls who have been sitting on the sidelines jump back into the market ahead of anticipated interest rate cuts, and the tight competition and higher home prices that will inevitably follow. 

Royal LePage® is forecasting that the aggregate1 price of a home in Canada will increase 9.0% in the fourth quarter of 2024, compared to the same period last year. Based on stronger-than-expected first quarter results, the previous forecast has been upgraded nationally and in most major markets.

“Consistent with our previous forecast, the market did reach a critical tipping point in the first quarter of 2024, when home prices bottomed out and began to appreciate again. Clearly, more and more buyers are motivated by the need to get ahead of rising home prices, rather than adopting the strategy of waiting for mortgage rates to fall,” said Phil Soper, president and CEO, Royal LePage. 

How did home prices perform in Q1?

According to the Royal LePage House Price Survey, the aggregate price of a home in Canada increased 4.3% year over year to $812,100 in the first quarter of 2024. On a quarter-over-quarter basis, the national aggregate home price increased 2.9%, an indication that sidelined buyers are rebooting their real estate purchase plans ahead of expected interest rate cuts, as predicted in January. 

When broken out by housing type, the national median price of a single-family detached home increased 4.5% year over year to $845,300, while the median price of a condominium increased 3.5% year over year to $591,900. 

Toronto and Montreal home price appreciation to outpace Calgary

The aggregate price of a home in the greater regions of Toronto and Montreal are forecast to increase 10.0% and 8.5% year over year, respectively, in the fourth quarter of 2024, outpacing price gains in the city of Calgary, which was previously expected to see the greatest increase in home values this year. 

“Last year, while property values dipped in most markets across the country, the Calgary real estate market bucked the trend and continued to record home price gains. While activity levels remain strong and prices continue to rise in Alberta, our research indicates that buyer demand, relative to available inventory, is strongest in the two largest urban centres in the country. We now expect Toronto and Montreal to log the highest home price appreciation this year,” added Soper. 

This sustained price appreciation is expected to close the gap between the country’s two most expensive real estate markets, Toronto and Vancouver. While Vancouver remains the nation’s most expensive market today, Royal LePage predicts that the aggregate price of a home in the GTA will surpass Greater Vancouver in the second half of 2024.

Busy spring, busier fall, on the cards for 2024

Within the first months of the new year, the Canadian housing market has already recorded solid price appreciation and higher sales activity. Starting in July of 2023, the Bank of Canada has held rates steady through six review periods. This has prompted many homebuyers to come off of the sidelines in advance of what they expect will be a more competitive spring market that will drive home prices higher. 

“Given the strong start to 2024, the cadence of the market for the balance of the year points to a normally busy spring market that will lead into an uncomfortably busy fall. It is clear we are rapidly transitioning away from a buyers’ market and back to an environment where the seller has the upper hand,” noted Soper. 

Read Royal LePage’s first quarter release for national and regional insights. 

First quarter press release highlights:

• Among major regions, Calgary recorded highest year-over-year aggregate price appreciation (9.7%) for the second consecutive quarter; increased 1.9% on a quarterly basis

• 89% of regions in the report recorded quarterly price appreciation in the first three months of the year, ahead of the traditionally busy spring market period

• Royal LePage expects home prices in the Greater Toronto Area will surpass those in Greater Vancouver in 2024 

On Tuesday, April 16th, the Canadian federal government unveiled the 2024 budget. The annual fiscal announcement detailed dozens of new and ongoing initiatives aimed at creating new housing, along with policies targeted at making renting and home ownership more affordable for Canadians.

Here are eight standout housing policies announced in this year’s budget:

Canadian Renters’ Bill of Rights

More Canadians are renting for longer periods of time before they transition into home ownership. The 2024 budget announced several measures intended to more effectively protect tenants and strengthen their path to buying real estate.

Budget 2024 announced the creation of the Canadian Renters’ Bill of Rights, which proposes a nationwide standard lease agreement, and would require landlords to disclose rental price history on properties. Through the Canadian Mortgage Charter, the Budget also calls on banks and lenders to allow tenants to report their rental payment history to credit bureaus in order to better their credit scores, thereby strengthening their future mortgage applications.

Additionally, $15 million over five years has been allocated to a Tenant Protection Fund, which will provide legal support to tenants.

Funding for the construction of new homes

The federal government is promising billions of dollars in spending towards the construction of new housing.

The 2024 budget unveiled the Canada Builds initiative, which will enable the country’s Apartment Construction Loan Program to partner with provincial governments in order to build more rental accommodation. Starting next year, the program will receive $15 billion in additional funding for the creation of 30,000 new homes, topping up the program’s current funding allocation to over $55 billion for a total of 131,000 units, set to be built by 2031.

The Canadian Housing and Mortgage Corporation’s (CMHC) Housing Accelerator Fund will also receive $400 million in financial support to build 12,000 new housing units.

Infrastructure Canada will receive $6 billion over the next decade towards the Canada Housing Infrastructure Fund, which will support the creation of water and waste infrastructure needed for new communities. $100 million over two years will also be dedicated to Employment and Social Development Canada to support apprenticeship and skilled-trade programs that address the workforce shortage needed to build housing.

30-year mortgage amortizations for first-time buyers of new homes

Through the Canadian Mortgage Charter, the 2024 budget announced that starting on August 1st, first-time buyers purchasing a newly-constructed home can access 30-year mortgage amortizations, a product that has previously only been available to those with a down payment of at least 20%.

In practice, a longer amortization period would allow borrowers to pay off their mortgage over an extended timeline, thereby reducing their monthly payments.

Amendments to the Home Buyers’ Plan

Saving for a down payment is one of the largest hurdles new homebuyers face. To make it easier to access funds for a home purchase, Budget 2024 unveiled an amendment to the withdrawal limit on the Home Buyers’ Plan, which has been increased from $35,000 to $60,000 as of April 16th.

Support for single-family home suites

To encourage the creation of secondary housing units, the 2024 budget announced $409.6 million over four years towards a Canada Secondary Suite Loan Program, run by the CMHC. This will enable homeowners to borrow up to $40,000 in low-interest loans towards the cost of adding a secondary suite to their homes, which can be used for multi-generational living purposes or as a source of rental income.

Increase to the inclusion rate on capital gains above $250,000

Effective June 25th, Budget 2024 proposes an increase to the inclusion rate on capital gains realized annually above $250,000 by individuals, corporations and trusts from one-half to two-thirds, by amending the Income Tax Act. This would include the sale of secondary residences and investment properties.

Currently, only 50% of capital gains are taxable. The 2024 budget would increase the inclusion rate to 66% on capital gains above $250,000. The sale of principal residences will continue to be exempt from capital gains tax.

New funds for post-war housing catalog

In December 2023, the federal government announced that it would be modernizing its post-war home design catalog, providing standardized home blueprints that would accelerate the creation of much-needed housing. The 2024 budget unveiled $11.6 million towards the development of 50 home designs, which includes plans for row homes, fourplexes, sixplexes, accessory units and modular homes.

Conversion of public lands into housing

Land scarcity is one of the main barriers to the creation of new housing. The federal government intends to utilize public lands in order to free up space where new housing can be built, with a goal of building 250,000 new homes by 2031 under the Public Lands for Homes Plan. In Budget 2024, the government announced plans to lease public land to builders in order to lower capital costs, and review the federal lands portfolio to identify more usable lands for housing. The budget also outlines plans to reduce the footprint of federal office buildings, and convert these spaces into housing.

Over the next three years, $5 million will be allocated to the Canada Lands Company to support initiatives to build properties on public lands.

Want to know more about the 2024 federal budget? You can read the full budget announcement here.

Source: ROYALLEPAGE.CA

When young families choose furniture and décor for their home, there’s a lot more to consider than just the aesthetic of the pieces. When little hands and feet are a part of the equation, furniture safety and durability is a top priority for parents.

Fortunately, you don’t have to compromise style for safety – achieving both is entirely possible. By making informed choices and focusing on design durability, functionality and style, you can create a space that is both visually appealing and family-friendly.

Let’s explore four key home styling considerations for new parents:

Durability

When choosing furniture and décor, it’s essential that it can withstand life with kids. Even if your little one is not yet on their feet, it won’t be long before they’re exploring – and this can get messy.

To prepare for the inevitable, select furniture with the understanding that children will come into contact with it, often with sticky hands or colouring tools. Consider protective sprays for fabrics, opt for colours that camouflage stains, and be open to second-hand pieces until your children are old enough to handle your furniture with care. Additionally, choose a non-toxic washable paint that can withstand the test of little fingerprints and other signs of childhood on your walls.

Functionality

Embrace a non-traditional mindset when arranging your living spaces. Before investing in bedroom furniture for a new baby, consider where you and your child will be most comfortable. You might find that a mattress on the floor is the unexpected choice for the first few years of your child’s life. 

Also be mindful of multi-functional pieces instead of furniture and décor with a single purpose. An example of this is securing a baby change mat to a dresser instead of purchasing a change table that, unless repurposed, will be impractical when diaper days are over.

When deciding on a safe space for your child to play, consider creating small, dedicated corners for toys and activities in different rooms as opposed to a designated playroom. This will allow your child to be within your sight as they play, and any extra space you have leftover in the home can be utilized by the whole family.

Don’t forget to squeeze in storage solutions wherever possible to maintain an organized and functional home.

Safety

As a parent, keeping your children safe is your top priority. Here are some general safety precautions you can take to make your home safer:

• Secure shelves, dressers, and any other large pieces of furniture to the wall to prevent them from tipping over.
• Place hazardous items like cleaning solutions and sharp objects out of reach or in cabinets or drawers secured with child locks.
• Be cautious around sharp edges and corners – opt for protective covers, or if possible, furniture with rounded edges.
• Ensure all cables, strings and ties are properly secured to prevent strangulation. 
• Lock all windows and doors to prevent accidents.

Style

From modern to boho, traditional or eclectic, your personal style can still shine through in your home when you have kids. Children’s toys, clothing, furniture and décor have come a long way over the past decade, which means you can find items that mimic your tastes while fulfilling their purpose as durable, functional pieces. 

Choose storage solutions for toys, games and other kids activities that match your interior aesthetic. Utilize baskets and containers that lend to the style of your space rather than the traditional bright and colourful pallets often associated with kids’ design.

Something style-conscious parents can get excited about: the washable rug! There are several companies now offering rugs of all sizes and designs that can be thrown right into the washing machine – a DREAM when you’ve got little ones running around. No need to cry over spilled milk… Or anything else for that matter!

Creating a safe, stylish and practical space that aligns with your family’s taste is achievable. With a thoughtful blend of durability, functionality and style, you can welcome a baby into a house that feels like home.



Royal LePage