Photo by David Pisnoy on Unsplash

December is usually regarded as ‘the most wonderful time of the year’ mostly because of the holiday season. But in the design worlds it’s because Pantone - the world’s leading expert in colour - announces their Color of the Year. This has been a tradition for over 20 years and influences design decisions in colour conscious industries such as textiles, apparel, as well as interior, architectural and industrial design.

Last year’s Color of the Year was a combination: Ultimate Gray and Illuminating. This year for the first time in their history, Pantone has introduced a completely new colour: PANTONE 17-3938 Very Peri.

“As we move into a world of unprecedented change, the selection of PANTONE 17-3938 Very Peri brings a novel perspective and vision of the trusted and beloved blue color family, encompassing the qualities of the blues, yet at the same time with its violet red undertone, PANTONE 17-3938 Very Peri displays a spritely, joyous attitude and dynamic presence that encourages courageous creativity and imaginative expressions.”

— Leatrice Eiseman, Executive Director of the Pantone Color Institute

According to Eiseman, the creation of Very Peri is a reflection of the “global innovation and transformation taking place. As society continues to recognize color as a critical form of communication, and a way to express and affect ideas and emotions and engage and connect, the complexity of this new red violet infused blue highlights the expansive possibilities that lay before us”.

With a “carefree confidence” and a “daring curiosity” that invigorates the creative spirit, Very Peri helps us to “embrace the altered landscape of possibilities”, giving us a hopeful look of the future. Very Peri keeps us intrigued and works well on its own but also works harmoniously amongst Color Palettes that embrace warm and cool tones, are nature-inspired, combine classics and neutrals or display a whimsical story of fun and spontaneity.

This could mean incorporating more playfulness in our homes: unusual colour combinations, a bold accent wall, brilliant colours in textures and finishes. The blue tone of Very Peri reminds us of the sincere qualities of blue while the violet red undertone shows us the charismatic quality of red. The Color of the Year 2022, Very Peri adds a pop where needed and will help brighten a space in whatever function, with its dynamic and joyous attitude.

Photo by Alin Meceanu on Unsplash

With a booming real estate market, low-interest rates and the rise of the home improvement trend, we started a new blog series to help navigate this unprecedented time. Wading through a plethora of information can be overwhelming, we know! So we enlisted Mortgage Consultant Meghann of The Mortgage Minds Inc. to walk us through various options when it comes to homeownership and home renovations.

We’ve touched on Purchase Plus Improvements for first-time homebuyers, funding home improvements for current homeowners and now we’re wading into the waters of secondary home purchases.

Welcome to our Summer Mortgage Moment.

Photo by Jacquie Troy Carter

Have you ever dreamt about owning a secondary property? A place to retreat to when you want to just ‘get away’...a cottage in the woods...by the lake...or maybe you’re in a position to help a family member achieve their dreams of owning a home?

Whatever the reason, secondary home purchases have been on the rise since the start of the pandemic. We’ve all faced many adjustments regarding career and lifestyle management that have put how we go about working and living into perspective. Coupled with a hot real estate market that has no indication of slowing down and record low interest rates, a secondary property purchase might just be another adjustment you want to make. 

As with any major decision, there are a lot of variables to consider. While mortgage requirements may be a bit more stringent for secondary home financing, here are some attractive options to take into account:

• If you are using the property for yourself, you can put as little as 5% down. This makes the mortgage “insured.” That means it is covered by mortgage default insurance which protects lenders in the event of any default payments. The insurance amount is added onto your mortgage;

• You can borrow funds for the down payment - as long as you are able (and can prove) that you are able to carry that debt load; 

• You can use gifted funds as your down payment.

Increasing your real estate portfolio with a secondary property is a great avenue to venture down if you’re interested in creating a solid financial strategy. We live in a beautiful province and are very lucky to have idyllic spots that are close to home with the opportunity to purchase a property. As the popularity of secondary homes and vacation spots increases, so will the value of a home in dreamy ‘get-away’ settings. 

Photo by Jacquie Troy Carter

Even if you love where you currently are, the idea of getting away is exciting and provides options along the road (think long-term retirement plan). Because secondary homes can be obtained using a Purchase Plus Improvements mortgage, you can fast track the value of that home with renovations, repairs and energy-efficient upgrades. Take a look back at our March Mortgage Moment, where we talked about Purchase Plus Improvements in detail. 

For clarity, a secondary home is considered a single-family dwelling with specifications of a typical home residence and it is occupied by the owners for a portion of the year or by a family member living there rent-free. 

Based on that, perhaps you’re wondering if you can build new using a residential contractor, General Contractor or even build it yourself and deem it a secondary home? Well, this involves extra steps that only a trusted Mortgage Consultant like Meghann can help navigate.

Or perhaps you want to know more about purchasing a secondary property for investment purposes. That poses a very different scenario and different mortgage requirements that Meghann can also help you understand. She can be found on Facebook and Instagram (@wendellmortgages).

As always, any of these scenarios requires a solid understanding of your current financial situation, what your budget will allow and ultimately, what your lifestyle and real estate goals are.  Overall knowledge of the market, a keen eye for purchasing opportunities, and an intelligent selection of professionals (real estate agents, brokers, General Contractors, trades etc.) will help make the (second) home of your dreams a reality. 

Homes Sweet Homes...

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