Every year at the beginning of the October, thousands of people come together to participate in Canada’s largest single-day, volunteer led event in support of the breast cancer cause: the CIBC Run for the Cure. Sponsored by CIBC, it is an incredible event bringing Canadians who have fought head on with breast cancer and those who want to show their support together to raise funds for the Canadian Cancer Society.

This year, Archive is teaming with Wendell Mortgages to participate in the event on October 3, 2021. We have called ourselves ‘The Home Team’ since both businesses are dedicated to providing opportunities to find and create the ideal home, albeit in different industries. This event ‘hits home’ for all of us and we are participating to honour the many amazing people in our lives who have been affected by breast cancer.

The 2021 event is virtual, meaning we can run or walk five (5) kilometers any time, any where. However, the fundraising aspect is the same as years previous. Donations are raised for the Canadian Cancer Society and will help fund the best breast cancer research in Canada, health education and advocacy programs as well as vitally important support systems that help people with breast cancer and their families nationwide.

For the women in our lives, please take a moment to make a donation. Donations can be made online - it's easy, secure, and every dollar has the power to change lives for the better. And get this: from now until midnight on September 24, for every $25 you donate, you will receive one (1) ballot for a chance to win running shoes for you and your family! The more you donate, the more chances you have to win. Keep in mind, donations of $25 or more are eligible for a tax receipt as well.

To donate, visit The Home Team’s page at: https://bit.ly/2W0DU7H. We’d love your support!

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...

Archive Project: Leduc Home view

Photo by Jacquie Troy Carter

We’ve got some greenthumbs here at Archive who take their gardening seriously: starting plants from seed and nurturing them over the colder months, using mini greenhouses to acclimatize the plants and of course, building elevated garden boxes to grow vegetables, flowers and to experiment with square-foot gardening too!

Although our days are spent building other things, we thought we would share some of our favourite things about elevated garden planters:

Photo by Jacquie Troy Carter

Easy to construct
While it does take some work to acquire materials, build and set up, the long term reward is worth it. With solid garden boxes, the maintenance is low and when well built, can last for years.

Eco-Friendly
Building garden boxes (or trellises) are a great way to use scrap wood and old pallets that ultimately would end up in the landfill. Picking clean yet unique pieces adds character, depth and gives a fresh perspective on something that could otherwise be seen as “boring”.

Visually appealing
The back (or front) yard can really be amped up by creating definition and dimension with shape, size and number of garden boxes.

With a distinct growing area, the garden will have the space and exposure it needs to thrive and truly make the backyard beautiful.

Better soil = better plants
Raised garden beds allow more control over the soil and are a great option if the native soil in the area is not desirable and not great in composition (too rocky, too sandy, not enough of those helpful micro-organisms). An optimal growing environment can be created by engineering the ideal soil for whatever is being planted in the raised garden beds.

Depending on how deep the raised garden planters are, roots will have ample space to establish themselves, resulting in bigger and healthier plants. The elevation from the ground also allows better drainage and keeps the ground-dwelling plants at bay. That means less weeding!

The possibilities are endless when it comes to elevated garden boxes as many plants do wonderfully in such an environment. From first-time gardeners to seasoned greenthumbs, using the square-foot method or creating an expansive outdoor space, elevated garden boxes can create a beautifully luscious garden.

Plant on!

Photo by Jonathan Hanna on Unsplash