With climate change and energy efficiency top of mind for many Canadians, there’s a growing desire to reduce our eco-footprint and make our homes as energy-smart as possible. Whether it’s lowering monthly bills or contributing to a greener future, adopting a few energy-saving habits offers significant benefits.

If you’re looking to trim costs and make an environmental impact, here are some smart and practical ways to save on energy:

Install a Smart Thermostat: This simple upgrade can help you manage your home’s temperature more effectively. A programmable thermostat is a great option, while advanced models like Google’s Nest learn your habits to anticipate your preferred temperatures. Either way, getting control of your heating and cooling can lead to impressive savings.

Seal Up Drafty Spots: When it’s cold outside, any drafts in your home can lead to wasted heat and higher bills. Beyond just doors and windows, check folding attic stairs, add a fireplace plug to seal the damper, and consider a dryer vent seal to keep drafts out of your laundry room.

Switch to LEDs: LED lights use around 85% less energy than traditional incandescent bulbs, which can add up to big savings, especially in larger homes.

Lower the Water Heater Temperature: Turning down your water heater by just 10 degrees could save you 3% to 5% each month—without much sacrifice on comfort.

Consider ENERGY STAR® Appliances: ENERGY STAR®-rated appliances are designed to be energy efficient. If it’s time to upgrade, start with high-impact items like dishwashers, washing machines, dryers, and refrigerators. Even a few new appliances can help lower your energy bill each month.

Not in the market for new appliances just yet? Here are some easy tips to help make your existing ones run more efficiently:

• Dishwasher: Run an empty cycle with a citric acid-based cleaner occasionally to clear out soap and mineral buildup that can make your dishwasher work harder.
• Washing Machine: For maximum efficiency, try to run full loads, as most washing machines use about the same amount of energy regardless of load size.
• Dryer: Clean your lint filter regularly to boost airflow, and don’t forget to check and clean the outside exhaust vent to help reduce drying time.
• Refrigerator: Keep your condenser coils clean to maintain efficiency, and set the temperature to around 2-3 degrees Celsius to save energy without risking your groceries.

Close the Blinds on Hot Days: When the sun’s blazing, keep your blinds and drapes closed to help your air conditioner run more efficiently and keep your home cooler.

Beyond monthly savings, there’s an extra incentive! Canada Mortgage and Housing Corporation (CMHC) offers a CMHC Eco Plus refund. If you’re CMHC insured and buying or building an energy-efficient home, you may be eligible for a partial premium refund of up to 25%.  Click here for more details.

Adapted from DLC Marketing

Image Credit: Alessandro Bianchi on Unsplash

Canada’s economy is closely tied to the U.S., and major changes south of the border impact Canadian mortgage rates. Trends to follow include:

Canadian Fixed Mortgage Rates May Trend Up or Remain Buoyant as U.S. Yields Increase:

• • Canadian mortgage rates, often follow changes in the U.S. economy.
  • If U.S. interest rates rise, Canadian rates could increase as well. However, the impact may be less significant for Canada due to our current weaker economic growth.
  • If U.S. GDP growth strengthens and trade tensions ease, Canada’s economy could also improve, potentially pushing Canadian fixed rates higher
  • That being said, global risks— including trade tensions, geopolitical uncertainties, commodity price fluctuations, and currency changes—could delay or limit Canadian rate increases, even if U.S. rates go up.

What About Canada’s Prime Rate?

• • The prime rate in Canada is still expected to decrease, to 5.20% by March from its current level of 5.95% if bond market expectations are met.

What Does This Mean for Borrowers?:

• • Due to global uncertainties and the unpredictable nature of U.S. economic performance, Canadian mortgage rates may fluctuate unexpectedly over the next few months, something we seem to be getting used to hearing of late.
  • Should the new forecasts hold true:
    • Current fixed-rate borrowers will see no difference in their rates over the term of existing mortgages.
    • Variable-rate mortgage borrowers whose payments stay the same with changes to the prime rate will continue to see interest costs and amortizations decrease as prime drops.
    • Adjustable-rate mortgage borrowers and those with balances on lines of credit whose payments change with changes to the prime rate will continue to see payments drop as the prime rate goes down.
  • If you’re planning to sell a property with a fixed-rate mortgage secured against it before the end of the mortgage term, there may be strategies available to you to minimize potential penalty costs.
  • If you’re thinking of buying property, or renewing or refinancing an existing mortgage, it’s important to stay informed about these market shifts so you can plan.

As always, I’m always happy to see how I might help you take full advantage of the options available to you.  Call me any time to set an appointment at 604-992-9891.

Adapted from www.MortgageLogic.news

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