Five renos that pay off: Energy upgrades are #5

Upgrades to improve your home's energy consumption - new windows and doors, or furnace and heating system improvements - can give you immediate savings on your energy bill and help reduce the strain on our planet. These renovations are also on the list of top renovations that pay – returning 50% to 75% of the money invested according to the Appraisal Institute of Canada.


Often the primary payoff comes in reduced energy bills. So if you're staying in the home for several years, you'll get a nice return on your investment. Not to mention that new doors and windows can transform the look of your home, greatly boost its curb appeal, and impress homebuyers. Be sure to stick to standard styles; expensive customizations do little for resale value.


When it comes to heating system upgrades – if you can't see it – it's harder for a buyer to be impressed by your renovation so focus on the energy savings when considering this upgrade. Be sure to have your heating specialist give you a realistic assessment of the projected energy savings, and make these savings part of your financial calculation!


If you're thinking green at your house, be sure to check out the list of provincial and municipal incentives that might apply to your project.


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Today’s Bank of Canada rate hold announcement marks almost four straight years that the key benchmark rate has remained unchanged, since September 8, 2010. Great news if you have a variable-rate mortgage or home equity line of credit; the prime rate stays at 3%.


The announcement noted that “the risks to the outlook for inflation remain roughly balanced, while the risks associated with household imbalances have not diminished.” With these considerations, the Bank is maintaining its monetary policy stimulus, and remains neutral with respect to the timing and direction of the next change.


The next rate-setting day is October 22nd.

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