Jim Flaherty, Minister of Finance, announced the following changes to the standards governing government-backed 
insured mortgages:

• the maximum amortization period was reduced from 30 years to 25 years;
• the maximum amount Canadians can withdraw in refinancing their mortgages was lowered to 80 per cent from 
  85 per cent of the value of their homes;
• the maximum gross debt service ratio was fixed at 39 per cent and the maximum total debt service ratio 
  at 44 per cent; and
•  the availability of government-backed insured mortgages was limited to homes with a purchase price of less 
  than $1 million.

Today’s announcement confirms Canadians will continue to be able to purchase a home with five percent down. 

Our clients often wonder what are the smart things to do to their home to keep them up to date and hold or increase their value. I found this article put out by First National Financial LP that has some great pointers.

Whether you’re renovating to make your home more comfortable, or you plan to sell it and are looking to get the money back, keep in mind that you don’t want to over-renovate for your area. If you overspend and over-renovate for your area, it will be unlikely that you will see the return that you’re expecting. Plan your renovation and select materials that are going to fit with the neighbourhood. If comparable properties don’t have granite, hardwood floors or high-end carpet, then consider not using them in your renovation.

It’s a good idea to speak with your real estate agent about what buyers are looking for, and what features will add the most value.

1. Modernize kitchens and bathrooms

Kitchen and bathrooms renos are a smart choice as both of these areas are extremely important to most buyers. Look to make the kitchen bright, spacious and modern. Modern doesn’t mean trendy – you want updates that are going to last for years and stand the test of time. Paint or stain your old cabinets and add new door hardware if you can’t afford to change out all the cupboards.

Bathrooms with neutral tones and bold fixtures are a good choice. Remove cabinets and put in pedestals if you need to make a room look larger. Upgrade to better quality plumbing fixtures to create added appeal.

2. Perk it up with paint

Painting is a fast and affordable way to freshen up your home. The key is to pick neutral tones and do a good job. Paint your interior as well as your exterior for a new and updated look.

3. Lay down new flooring

Attractive floors add value. Consider upgrading your flooring to hardwood wherever you can. If you already have hardwood floors, refinish them if they’re looking scuffed and tired. Ceramic tiles are best in bathrooms and the kitchen. Consider staying with a neutral inexpensive tile for the main areas, and then use only a small number of accent tiles for a pop of colour. If budget is a concern, take a look at some of the new laminate flooring that is now available. It’s durable and looks great!

4. Turn to new light fixtures and door hardware

Updating new light fixtures in the right places, such as the kitchen and dining room, will brighten up the space and enhance the ambience. Consider replacing your front and back door as well. It’s amazing how much difference it can make to the overall look of your home.

5. Spruce up your deck and landscaping

Make sure your outdoor BBQ and entertaining area is inviting by power washing your deck and painting or restaining if needed. Add to the curb appeal of your house by repairing fences and leveling any patio stones and steps that may have shifted over the winter. Keep shrubs and trees looking neat and healthy by trimming them properly. Stay on top of the weeding in your lawn and garden so the weeds don’t win out!