Home-Related Tax Deductions (Canada)

Owning a home is a significant milestone — and one bonus is that it can come with significant tax savings! However, making the most of offerings like the Principal Residence Exemption can be tricky,  and you may not be aware of all available tax-saving strategies. This guide rounds up the information you need about common Canadian home-related tax savings options and requirements for eligibility. 

Buying a Home: Tax Benefits and Programs

The Canadian government offers several programs to make a home purchase more affordable. These include:

Home Buyers' Amount (HBA)

The HBA is a non-refundable tax credit for first-time home buyers and individuals with disabilities purchasing a home. You can claim up to $10,000 in expenses to get a federal tax credit of up to $1,500 (15% of $10,000). This credit can help offset some costs associated with buying a home, such as legal fees and land transfer taxes. To be eligible, you must be considered a first-time home buyer (generally, someone who hasn't owned a home in the past four years) or meet specific criteria related to disabilities. The home must be your primary residence. If you purchase a home with a spouse or partner, only one of you may claim the credit. 

GST/HST New Housing Rebate

If you purchase a newly built home or substantially renovate your existing home, you might be eligible for a GST/HST new housing rebate. The maximum federal rebate is $6,300, and the amount you qualify for varies depending on the home’s purchase price or fair market value (for substantial renovations) and other factors. Eligibility criteria and rebate amounts vary by province/territory, and some provinces offer substantial additional rebates. For example, Ontario offers rebates of up to $24,000, and does not require the home’s value to be under $425,000 (as is the case for federal rebates). 

Home Buyers' Plan (HBP)

The HBP isn't a tax deduction or credit, but it allows you to withdraw up to $60,000 (increased significantly in recent years) from your Registered Retirement Savings Plans (RRSPs) to buy or build a qualifying home without immediate tax penalties. If you are buying a home as a couple, you can each withdraw up to $60,000 for a total of $120,000. However, you must repay the withdrawn amount to your RRSP over a 15-year period. 
 Note that this program is only available to first-time homebuyers or homebuyers with disabilities, and you must already have a written agreement to buy or build a qualifying home at the time of withdrawal. 

Homeownership and Taxes

Once you own your home, you may be eligible for specific deductions and credits based on your personal situation. These include:

Home Accessibility Expenses

If you make renovations to your home to improve accessibility for a resident family member who is eligible for the Disability Tax Credit or is over the age of 65, you may be able to claim the Home Accessibility Tax Credit. This is a non-refundable tax credit on eligible expenses up to $20,000. The maximum credit you can claim is 15% of eligible expenses, up to a maximum of $20,000. Qualifying expenses can include wheelchair ramps, stair lifts, grab bars, and other modifications that improve mobility or reduce the risk of injury. 

Rental-Related Expenses

If you rent out a portion of your home, you must report the rental income on your tax return. However, you can also deduct eligible expenses related to the rental property. While you can’t generally deduct mortgage interest payments from your taxes in Canada for your primary residence, if you rent out part of your home, you can deduct a proportional part of your mortgage interest related to the rental portion. You can also deduct a proportionate amount of other eligible expenses, such as repairs, utilities, property taxes, and home insurance, again, only related to the rental portion. It's critical to keep accurate records of rental income and expenses. 

Deductible expenses can include: 

• Mortgage Interest: Proportionate mortgage interest for the rented area
• Property Taxes: Proportionate property taxes for the rented area
• Home Insurance: Proportionate home insurance premiums for the rented area
• Utilities: Proportionate costs for electricity, heating fuel, and water used by the tenant
• Repairs: Cost of repairs to the rented area (e.g., fixing a leaky faucet, repairing a broken window)
• Maintenance: Regular maintenance costs for the rented area (e.g., cleaning, snow removal)

Non-deductible expenses can include:

• Mortgage Principal: Mortgage principal payments are not deductible
• Personal Expenses: Expenses not directly related to the rental activity (e.g., personal use of utilities)
• Capital Improvements: Expenses that improve or add value to the property (e.g., adding a new deck, renovating the kitchen)
• Land Transfer Tax: Land transfer tax paid when you purchased the property
• Depreciation (CCA):While you can claim Capital Cost Allowance (CCA) to deduct a portion of the cost of the building over time, it is not a direct deduction from rental income and and requires complex calculations 

Home Office Expenses

If you work from home, you may deduct the proportion of eligible expenses that relate to your workspace, such as electricity, heating, maintenance, and repairs. Note that you can deduct repairs to your home office (and a portion of other eligible home expenses), but you cannot deduct improvements to your home office that increase the value of your property (those would be capital expenses and impact your cost base). 

You must meet specific criteria for your workspace to be considered a home office, such as being required to work from home by your employer (which can include voluntarily entering into a formal telework arrangement with your employer), working more than 50% of the time from the work space for at least 4 consecutive weeks, among other requirements. https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-22900-other-employment-expenses/work-space-home-expenses/who-claim/detailed-method.html

Selling Your Home and the Principal Residence Exemption (PRE)

In Canada, capital gains from the sale of your principal residence are generally protected thanks to the principal residence exemption (PRE). If you buy a home for $300,000 and sell it for $500,000, the $200,000 gain is generally tax-free. However, the gains are only fully tax-free if the home was your primary residence for every year that you owned it. If you rented it out for some years, or if you have designated a different property as your principal residence for certain years, you will likely owe some capital gains tax on the portion of time it was not your principal residence. Designating a property as your principal residence can have complex implications, especially if you have owned multiple properties. It's crucial to understand the rules and seek professional advice if needed.

Provincial/Territorial Tax Credits and Grants

Many provinces and territories offer their own tax credits and grants for homeowners. These can include incentives for energy-efficient renovations, property tax rebates, or assistance for first-time home buyers. Check your province or territory's government website for specific programs.

Record-Keeping Tips for Homeowners

Organized records are essential. Keep documents like mortgage statements, property tax bills, and receipts for home improvements readily accessible. Keep both physical and digital copies (scan and save!). Keep all home-related records for as long as you own the home — and it’s always safest to keep digital copies indefinitely. This is especially important for capital improvements as these records are essential for calculating your adjusted cost base when you sell.

Conclusion

Understanding the tax aspects of homeownership is crucial. This guide provides a starting point, but consulting with a tax professional is strongly recommended for personalized advice to ensure you are maximizing your benefits and complying with all tax requirements.

Call to Action: Have questions about real estate or need a referral to a trusted tax advisor? Contact us today!

Note: This information is intended for general guidance only. Tax regulations are subject to change.

4 Home Remodeling Projects with the Highest ROI

Ask any homeowner about what they would like to change about their home, and most will say, “How much time do you have?

Home improvements (cue Tim Allen) or home remodeling projects can stem from a variety of motivations, like preparing your home to put on the market, adding space for a growing family, addressing outdated features or aesthetics, or fixing structural/functional issues with the home. 

However, when it comes to home remodeling projects, too many people assume their project will proportionally increase the value of their home. Few actually consider the complete scope of return on investment (ROI), taking into account not only potential impact on resale value but also the total costs of time, labour, and materials. Some renovations may provide more “quality of life” ROI by improving comfort and aesthetics without significantly impacting resale value, while others can deliver notable financial returns.

Whether you’re looking to upgrade your living space, increase the equity of your home, or trying to make some quick changes to improve your resale price, here are four remodeling projects with the highest ROI and some tips on how to get them done.

Top 4 Home Remodeling Projects with the Highest ROI

Before diving into specific projects, it’s important to understand how the data supporting these ROI estimates was gathered. This article references findings from the 2024 Cost vs. Value Report conducted by Zonda Media, a reputable research firm in the real estate and construction industries. The report’s ROI figures are based on national averages for both the cost of materials and labour, which means that regional differences may lead to variations in actual returns.

1. Garage Door Replacement

• Job Cost: $4,513
• Resale Value: $8,751
• ROI: 193.9%

Replacing an old garage door is one of the simplest ways to dramatically boost your home’s curb appeal—and it happens to deliver the highest ROI of any remodeling project. The impact is largely due to the prominent visual space a garage door occupies on a home’s exterior. A sleek, modern garage door can make your entire facade look fresher and more attractive to buyers.

Garage doors with the highest ROI include insulated steel doors with modern paneling, custom carriage-style doors, and those featuring windows or decorative hardware. These options not only enhance the home’s exterior aesthetics but also improve functionality and energy efficiency.

2. Steel Entry Door Replacement

• Job Cost: $2,355
• Resale Value: $4,430
• ROI: 188.1%

Upgrading to a steel entry door is a simple yet impactful change that can drastically improve both the look and energy efficiency of your home. Steel doors cost less than wood ones, giving you a cost effective way to make a big impact on the curb appeal of a home, without sacrificing performance, life span, or durability.

Why It Works:

• Cost-Effective Curb Appeal: Steel doors are less expensive than wood but provide a similar aesthetic boost. This makes them a budget-friendly way to enhance a home’s exterior.
• Energy Efficiency: Many steel doors come with insulating cores, which can help keep your home comfortable year-round and lower energy bills.
• Increased Security: Steel doors are harder to break into, providing an added layer of safety that appeals to security-conscious buyers.

3. Manufactured Stone Veneer

• Job Cost: $11,287
• Resale Value: $17,291
• ROI: 153.2%

Manufactured stone veneer (MSV) is a high-ROI project because it delivers a striking visual upgrade at a relatively moderate cost. MSV is an artificial cladding material designed to mimic the look of natural stone, making it a cost-effective way to add texture and sophistication to your home’s exterior.

Why It Works:

• Strong Visual Impact: Stone veneers add depth and elegance, creating an upscale appearance that can significantly boost curb appeal.
• Durability and Low Maintenance: Unlike natural stone, MSV is lightweight, easier to install, and resistant to wear and tear.
• Perceived Value: Even though it’s a faux material, MSV adds an air of luxury and craftsmanship that can make your home more appealing to buyers.

Pro Tip: Use manufactured stone veneer to accentuate specific areas, such as around the entryway or along the lower portion of the facade, for maximum visual impact without overspending.

4. Minor Kitchen Remodel (Midrange)

• Job Cost: $27,492
• Resale Value: $26,406
• ROI: 96.1%

According to Homelight’s “Top Agent Insights End of Year 2024 Report”, “88% of agents say that upgraded kitchens and appliances are one of the best selling points for homes”--a significant increase from the previous year. https://homelightblog.wpengine.com/wp-content/uploads/2024/12/homelight-top-agent-insights-end-of-year-2024-report.pdf

The trick to ROI with a kitchen remodel is the budget, and how you decide to balance what to upgrade, the quality of materials, and how much to work within the existing layout. For example, you can make a big impact with less expense if you keep your current cabinet boxes but upgrade the doors and hardware. However, if you strike that balance, you can recoup much of your investment. If you’re looking to sell, an updated kitchen will appeal to buyers, which can also help your home stand out and sell faster. 

Why It Works:

• High Buyer Interest: Kitchens are a focal point for most buyers, so even modest improvements can make a significant impact.
• Affordable Upgrades: By focusing on midrange materials—such as quartz countertops, midrange appliances, and refaced cabinets—you can keep costs manageable while still delivering a fresh look.
• By keeping the existing layout and avoiding costly structural changes, you can modernize your kitchen while keeping costs down.

Key Takeaways for Homeowners

7 out of the 10 best ROI projects all have to do with improvements to the exterior of your home, which makes one thing very clear: Boosting the curb appeal of your home in a cost-effective manner will give you the best ROI if you’re thinking about selling this year. 

If you look at the current housing market, you can start to see why that is. In the post-pandemic frenzy, buyers had to accept whatever they could find. However, housing stock has increased over the last couple of years, giving buyers more options. Additionally, due to high-interest rates and affordability issues, the current market favors older, move-up home buyers who are sitting on equity, and these buyers can afford to be pickier about the home they buy. 

You can see these trends play out in the “Top Agent Insights End of Year 2024 Report” conducted by HomeLight:

Given these trends, it’s no wonder that the remodeling projects with the best ROI are those that make the home stand out from other homes in the area and leave a strong impression with potential buyers.

Conversely, the projects with the lowest ROI involve major remodels or upscale materials. Anytime you alter the footprint of a home—such as by moving walls or adding square footage—you’ll incur higher costs and lower returns. Unless you’re a general contractor or a skilled DIYer, these high-end renovations typically aren’t worth it from a purely financial perspective. The one caveat is if you’re in a market where high-end appliances and materials are the rule not the exception. 

How to Get Started on a Remodeling Project

Starting a remodeling project can feel overwhelming. Here’s how to set yourself up for success:

1. Outline Your Project Goals
    Before you dive into the nitty-gritty of remodeling, take a step back and clarify what you hope to achieve.
    
   Are you remodeling to improve aesthetics? To improve functionality or comfort for your family? To prepare your home for the market or boost your resale value? Is it an essential repair? After you decide on why you’re doing it, you can take a step back and decide what is worth the cost to you.
    
2. Get inspired: Take time to gather ideas and give shape to your vision. Whether you're updating a single room or tackling a whole-house remodel, these resources can inspire you:

• Houzz – A go-to platform for home remodeling ideas, complete with photos, product links, and even local contractor recommendations.
• Pinterest – Create mood boards for different rooms by pinning your favorite designs and layouts. You can also add '-pinterest' to Google searches to find more targeted boards and collections of remodeling ideas on Pinterest. 
• This Old House – Packed with articles, videos, and guides on home renovation projects, from DIY fixes to large-scale remodels.
• YouTube Channels: Follow popular home renovation YouTubers who share real-life projects, product reviews, and practical tips.
• Visit Local Showrooms: You can visit the showrooms or warehouses from local manufactures for ideas on fixtures, cabinetry, and counter tops. 
• Open Houses - Stop by open houses in your area to get a feel for what’s popular and what other homeowners have done. 
• Local Remodeling / Contractor Websites: Many will post galleries and before/after images of their renovations, and these galleries can be a goldmine for practical remodeling ideas!
   
   

3. Prioritize your wants vs. needs: Once you’ve gathered ideas, it’s time to separate the essentials from the extras.

• Must-Haves: These are the non-negotiable items—structural fixes, code-compliance upgrades, or critical repairs.
   
   
• Nice-to-Haves: These are aesthetic choices or features that you’d like to include if your budget allows.A prioritized list will help you make tough decisions if costs start to climb or timelines get tight.
   
   

4. Create a scope and timeline: Clearly defining what’s included (and excluded) in your remodel is critical for staying on schedule and within budget.

• What’s Included: Are you only updating finishes and fixtures, or are you changing the layout and moving walls?
• Project Phases: If you’re remodeling multiple areas, consider breaking the project into phases to manage timelines more effectively.
• Expected Timelines: Be realistic about how long the project will take, especially if you’re working around major life events or seasonal weather.
   
   

5. Set a realistic budget: Start by researching the typical costs for your specific type of remodeling project in your area. Resources like Remodeling Magazine’s Cost vs. Value Report, HomeAdvisor, and NAHB provide national and regional averages for popular renovations like kitchens, bathrooms, and additions.
    
6. Include a Contingency Fund: Even with thorough planning, unexpected costs seem to always arise. Many experts recommend setting aside 15% - 30% of your total budget for contingencies.
    
7. Research contractors & Get Multiple Quotes: If you're hiring contractors, request at least three detailed quotes to compare prices and scope of work. Make sure to clarify what’s included in each quote to avoid misunderstandings. And use your checklist below for some tips on hiring a contractor! 

Checklist for Hiring a Contractor

Finding the right contractor is crucial for a successful remodeling project. Here’s a quick checklist to help you hire the right professional:

• Get recommendations from friends, family, neighbours, and your real estate agent.   Word of mouth is one of the most reliable ways to find a trusted contractor. Ask people you trust about their experiences and if they would hire the contractor again. After you have a recommendation, you can also search for reviews online. 
• Check credentials, licensing, and insurance. Verify that the contractor is licensed to work in your state. Most states have an online database for checking contractor licenses. You can also look for contractors certified by reputable organizations, such as the National Association of the Remodeling Industry (NARI). 
• Review past projects and ask for client references. Ask to see a portfolio of previous projects similar to yours. Pay attention to the quality of work and whether their style aligns with your vision.
• Request detailed bids from multiple contractors. Ask for written estimates that break down costs into categories such as labour, materials, permits, and any additional fees. Compare bids carefully to ensure all contractors are quoting on the same scope of work.
• Ensure the contract includes a clear scope of work, timeline, and payment terms.
• Check references - A reputable contractor should have no issue providing references. Contact past clients and ask about their experience.
• Avoid red flags
  • Unusually Low Bids: If a bid is significantly lower than others, it could indicate corner-cutting or hidden costs.
  • Pressure to Pay Upfront: A small deposit is normal, but never pay the full amount before work begins.
  • Lack of Written Contract: Never agree to verbal agreements only.
  • Poor Communication: If a contractor is difficult to reach or dismissive during the bidding process, this may continue during the project.

Conclusion

Whether you’re updating your home to sell or simply want to enjoy a more modern space, focusing on high-ROI projects is a smart strategy. From replacing your garage door to enhancing your home’s exterior with stone veneer, these upgrades can boost both your home’s value and appeal.

Curious about what features are popular in your neighbourhood? Thinking of moving and wondering what remodeling projects, if any, you should do before listing? Want recommendations on contractors? I’m happy to help! 

The chill in Canada's housing market could be thawing sooner than expected. 

Interest rates are dropping.¹ Pent-up demand is building.² Sales are starting to heat up.³ And a potentially electrifying set of mortgage rules just went into effect, making it easier than it has been in years for first-time buyers with smaller down payments to qualify for a higher priced home.⁴

As a result, some experts now project that competition for new homes could start tightening sooner than anticipated.⁵ "It's game on for home buyers," wrote NerdWallet's mortgage and real estate expert Clay Jarvis after the Bank of Canada announced its latest jumbo rate cut in December. "The combined impact of lower rates and less-stringent lending guidelines could be a game-changer –– for some buyers, anyway."⁴

Even the Bank of Canada acknowledged last month that a confluence of factors that are now widely expected to come together in 2025 could help to rekindle Canada's long frozen housing market. "There are some mortgage rule changes to come," noted Bank of Canada senior deputy governor Carolyn Rogers at a December press conference. Plus, "another 50-basis-point cut. We know housing is very sensitive to interest rates, so we do expect more pickup."⁶ 

What does this mean for you? Read on for our take on what to expect for 2025.   

MORTGAGE RATES WILL BOTTOM OUT

With the Bank of Canada's policy rate now at its lowest point since 2022, both fixed and variable rate mortgages are more affordable than they have been in years.⁷ 

Mortgage rates could slide further still. The Bank of Canada is still widely expected to cut its key rate by another percentage point or more this year, which will push the prime rate below 5%.⁸ 

But don't expect fixed mortgage rates to fall too much more in the coming months, if they drop at all. In fact, BMO Senior Economist Robert Kavcic thinks fixed rates may have already hit bottom. That's because today's rates not only reflect previous rate cuts. They're also influenced by anticipated rate changes, with the Bank of Canada's upcoming rate cuts already baked in.⁹

Fixed mortgage rates are also based on changes to Canadian bond yields, which have been extra volatile lately as market watchers nervously eye a potential trade war with the U.S. and sticky core inflation. As a result, fixed rates could move higher if bond yields increase.¹⁰

Variable mortgage rates, on the other hand, are more likely to keep dropping in tandem with the prime rate.¹⁰ However, they might not fall as quickly as some borrowers might hope: after two back-to-back jumbo rate cuts last fall, the Bank of Canada has now signaled that rate cuts going forward are likely to be more gradual. In other words: no more half-point rate cuts.¹¹  

What it means for you: 

If you're a buyer, now's a good time to get pre-approved for a mortgage so that you can lock in a competitive interest rate and shop around with confidence. Ask us for a referral to a trusted mortgage professional who can help you understand your budget and buy a home when ready.  

If you're a seller, good news: your pool of eligible buyers is likely to expand. But keep in mind that affordability concerns will still be top of mind for many home buyers. 

DEMAND COULD RAMP UP QUICKLY

If there's one thing about Canada's housing market that most experts seem to agree on this year, it's this: the stage is set for a real estate revival in 2025, particularly this spring.¹² But with home ownership already becoming more accessible than it's been in years, some experts now think that we will see the housing market thaw further well before the weather gets warmer.¹³ 

According to Shaun Cathart, chief economist at the Canadian Real Estate Association (CREA), for example, mortgage rates have already fallen low enough this winter to spark renewed interest from home buyers. In fact, an off-season pop in home sales last quarter suggests that some budget-minded buyers are already eyeing what's available and bidding while they can.¹⁴

"Normally we might expect this market rebound to take a pause before resuming in the spring," noted Cathart in a news release announcing CREA's most recent home sales data. "However, the Bank of Canada's latest 50-basis-point cut together with a loosening of mortgage rules could mean a more active winter market than normal."¹⁴ 

According to Rates.ca's mortgage expert Victor Tran, the Bank of Canada's latest rate cuts could also have a psychological effect on homebuyers. "We could see a turning point in buyer psychology that could drive a busy winter season," said Tran in an interview with Bloomberg.¹⁵ 

That's what happened last fall when mortgage rates declined and sales picked up significantly, surprising analysts who predicted fewer transactions. As analysts at RBC noted at the time: "Interest rate cuts are finally boosting housing market activity in a visible way across Canada."¹⁶ 

Experts say that Canada's latest batch of mortgage rules, which make it easier for borrowers with smaller down payments to buy a home, could also juice demand this year.¹⁷

What it means for you: 

If you're a buyer, plan ahead for extra competition. As of December 15, first-time home buyers can now stretch their mortgage amortization to 30 years, even if their down payment is less than 20%. Previously, amortization periods for insured mortgages were capped at 25 years.⁴ 

The government of Canada also relaxed requirements for buying a home in the million dollar range. Borrowers who put down less than 20% can now buy a home priced up to $1.5 million.⁴ 

If you're a seller, you may see more offers and activity later this year. But with more buyers trickling into the market this winter, listing your home now could give you an advantage. 

HOME PRICES WILL INCREASE 

As real estate competition increases, experts widely predict that home prices will also edge up.¹⁸ 

Average home prices still have a long way to go before they reach their pandemic-era peak. 

Inventory built up significantly last year as more homeowners tested the market and budget-constrained home buyers chose not to jump. That, in turn, helped dampen prices.¹⁹

But prices could pick up quickly as buyers reenter the market and start to compete for what's available. As Bank of Canada Governor Tim Macklem noted last fall: “It wouldn’t be surprising that, as interest rates come down … you see some pickup in housing prices."²⁰ 

Experts are divided, though, on just how high home prices will go. For example, analysts at Desjardins expect price growth to be relatively subdued. "Our forecast is for the advance in existing home sales and prices to remain modest despite falling interest rates."¹⁹ 

But other analysts are more bullish, pointing to additional factors impacting home prices, such as pent-up demand, still-limited inventory, and relaxed mortgage rules for some home buyers.²¹  

In fact, analysts at TD Bank think that Canada's new mortgage rules could have a particularly potent effect on home prices. "These measures will add a secondary tailwind to a market that's already sprung back to life from lower interest rates and household income resilience," wrote TD analysts. As a result, "Canadian home prices are likely to see an upgrade in our upcoming forecast for 2025 –– an 9% annual average gain versus 6% in our September projection."¹⁷ 

What it means for you: 

If you're a buyer still sitting on the sidelines, you might not want to wait too much longer to jump into the market –– especially if you're on a budget. Although some buyers may already be testing the market, winter is traditionally a slow period for real estate. So it is often a great time to snag some early deals. 

If you're a seller, you may see stronger offers this year than you would have received in 2024. But squeezed affordability is still a major issue for many buyers. So you'll want to be careful not to overprice. Reach out for a free consultation so we can help you set an ideal home price. 

INVENTORY MAY EASE

Canada's historic housing crunch is far from solved. But home buyers have been enjoying more choices lately as a larger number of homes, including freeholds and condos, go up for sale.²²

Inventory is expected to keep easing through 2025, particularly in the spring when more sellers list their homes.²³ According to National Bank Financial Markets economist Daren King, many sellers have been holding back their listings –– but only temporarily. As King noted in an interview with Real Estate magazine: "I think they want to sell in a market that has some momentum."  So once the market thaws, sellers may take their chance and list their homes.²⁴

Even with rising inventory, though, Canada's notoriously limited supply of available homes is still likely to pose challenges –– especially since there continue to be far more people who need homes in Canada than there are available residences.²⁵ 

New home construction may also weaken this year as builders face ongoing challenges with persistently high building costs and other issues. As a result, "homebuilding activity is expected to be soft in 2025," say Desjardins analysts, which could worsen the housing crunch over time.²⁶ 

What it means for you: 

If you're a buyer, more homes for sale in certain markets could give you an edge, especially if you start looking for a home before competition heats up in the spring. But listings overall will still be relatively tight: so you'll need to be realistic about what you can get.  

If you're a seller, you may want to consider listing your home when competition with other sellers is more muted. Home prices tend to rise when there are fewer available homes for sale and decrease when inventory significantly goes up. We can help you determine the best strategy for selling your home while keeping nearby competition in mind.   

WE'RE HERE TO GUIDE YOU

This year is likely to be a memorable one for real estate. But with a fair amount of economic uncertainty still on the horizon, the housing market could also shift extremely quickly. That's why it's important to have an experienced professional you can trust to help you navigate the twists and turns. Contact us for a free consultation so we can help you map out an ideal strategy. 

The above references an opinion and is for informational purposes only.  It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.

Sources: 

1. NerdWallet - https://www.nerdwallet.com/ca/mortgages/bank-of-canada-december-2024-rate-cut-game-on-for-home-buyers
2. MPA Magazine - https://www.mpamag.com/ca/mortgage-industry/market-updates/rbc-economist-sees-housing-market-recovery-picking-up-pace/516993 
3. Canadian Real Estate Association - https://www.crea.ca/media-hub/news/canadian-home-sales-continue-to-climb-in-november/ 
4. Global News - https://globalnews.ca/news/10916945/insured-mortgage-cap-amortization-changes-canada/ 
5. Wealth Professional - https://www.wealthprofessional.ca/news/industry-news/bank-of-canada-rate-cut-drives-early-spring-housing-market-projections/387847 
6. The Globe and Mail - https://www.theglobeandmail.com/business/article-bank-of-canada-expects-home-sales-to-pick-up-with-latest-rate-cut-new/
7. MPA Magazine - https://www.mpamag.com/ca/mortgage-industry/market-updates/improved-affordability-in-canadas-housing-market-comes-with-caveats/514287 
8. Financial Post - https://financialpost.com/news/economy/latest-inflation-numbers-mean-bank-of-canada 
9. Global News - https://globalnews.ca/news/10915042/bank-of-canadas-rate-cut-mortgage-impact/ 
10. TD Stories - https://stories.td.com/ca/en/article/bank-of-canada-lending-rate-cut-december-2024
11. CBC News - https://www.cbc.ca/news/business/bank-of-canada-dec-11-1.7407231 
12. Financial Post - https://financialpost.com/real-estate/bank-of-canada-rate-cut-boost-housing-market
13. Wealth Professional - https://www.wealthprofessional.ca/news/industry-news/bank-of-canada-rate-cut-drives-early-spring-housing-market-projections/387847 
14. Canadian Real Estate Association (CREA) - https://www.crea.ca/media-hub/news/canadian-home-sales-edge-up-again-following-third-interest-rate-cut/ 
15. BNN Bloomberg - https://www.bnnbloomberg.ca/business/real-estate/2024/11/18/mortgage-brokers-expect-more-competition-as-buyers-re-enter-housing-market/ 
16. RBC - https://thoughtleadership.rbc.com/october-sales-gains-an-inflection-point-for-canadas-housing-markets/
17. TD - https://economics.td.com/ca-questions-answers 
18. BNN Bloomberg - https://www.bnnbloomberg.ca/business/real-estate/2024/12/11/how-will-the-bank-of-canada-rate-cut-impact-real-estate/ 
19. Desjardins - https://www.desjardins.com/qc/en/savings-investment/economic-studies/canada-home-sales-nov-2024.html 
20. Financial Post - https://financialpost.com/real-estate/mortgages/rate-cuts-mortgages-most-searched-google-topic-since-pandemic 
21. CIBC - https://economics.cibccm.com/cds?ID=90686de1-1fe2-49b9-a48a-a0e2a568e6ad&TYPE=E
22. Canadian Real Estate Association (CREA) - https://stats.crea.ca/en-CA/
23. Canadian Mortgage Trends - https://www.canadianmortgagetrends.com/2024/10/crea-lowers-housing-market-forecast-for-2024-amid-holding-pattern-for-home-sales/  
24. Real Estate Magazine - https://realestatemagazine.ca/cancelled-listings-surge-as-sellers-await-market-shift/
25. MPA Magazine - https://www.mpamag.com/ca/mortgage-industry/market-updates/resale-homes-to-see-renewed-demand-in-2025-cibc/517189 
26. Desjardins - https://www.desjardins.com/qc/en/savings-investment/economic-studies/housing-outlook-october-31-2024.html 

The holidays are a time for joy, family, and celebration, but they also bring added responsibilities. Between decorating, hosting, and just keeping up with your daily routines, your home can quickly start to feel more like a neverending to-do list rather than your haven. 

That’s where smart home technology comes in. It can help you streamline holiday tasks to focus on what matters most—spending time with loved ones and enjoying the season's magic. 

And there are more upsides to upgrading your home tech: doing so can also enhance the overall value and appeal of your property. Current research suggests that buyers are more likely to make an offer — and a higher one at that —- on a home that already has smart home features installed.¹

So whether you're thinking about selling in the near future or just want to enjoy your home to the fullest this season, adding smart gadgets is an investment that pays off. Read on for some of the best smart home solutions to simplify your holidays (and just maybe make your home more marketable down the road, too).

ENTERTAINING MADE EASY

Spending time with friends and family is the highlight of the holiday season — but entertaining can be a lot of work. These tools can help turn any gathering into a celebration to remember without all of the fuss. 

1. Make cooking easier with digital recipe access

Holiday cooking often means late nights and multiple trips to the store. Instead of juggling old recipe cards, let smart-home displays keep you organized with easy menu planning and grocery lists.

High-end: Google Nest Hub Max
 Among its many capabilities, this smart display offers an easy-to-use recipe mode with step-by-step guidance from the Google Assistant. Imagine having a sous chef right on your countertop!

Mid-range: LG - 27" Smart Monitor
 Looking for a nice big screen to watch cooking shows or YouTube videos or to pull up your favorite recipe? This smart TV can be perched on your kitchen counter or mounted on the wall — and in addition to using its apps, you can cast content from your iPhone or Android directly to the screen. 

Budget pick: Amazon Echo Show 8
 With a Food Network integration and recipe assistance, this countertop model offers plenty of features in a less-expensive package perfect for the budget-conscious cook who still wants a little help in the kitchen.

2. Set the mood with smart lighting

The right ambiance can elevate any gathering. Control colors, brightness, and temperatures remotely with these smart lighting options.

High-end: Philips Hue Play HDMI Sync Box
 Watching a holiday movie? Sync your smart lightbulbs to adapt their colors to what’s on the screen for the ultimate festive movie experience. 

Mid-range: Lutron Caseta Wireless Bridge
 Use this small internet-controlled device to set up automations for your smart bulbs, so you can dim all your lights at once with a swipe on your smartphone. No more running around to get the lighting just right!

Budget-friendly: Govee Lightbulbs
 Just getting started with smart bulbs? This affordable option allows you to control color and brightness using your Alexa or Google Home device, offering a simple and cost-effective way to add some holiday cheer to your lighting.

3. Amplify your holiday spirit with smart speakers

From carols to party playlists, music sets the tone for the holidays. These smart speakers will get everyone in the mood to sing along.

High-end: Bose Smart Speaker 500
 This powerful speaker delivers room-filling sound — and Google Assistant and Alexa are both built-in. It’s perfect for audiophiles who want the best possible sound quality for their holiday music.

Mid-range: Amazon Echo Studio
 The best device for Amazon loyalists who care about sound, music comes through loud and clear on this speaker. Enjoy your favorite holiday playlists with impressive clarity and depth.

Budget-friendly: Google Nest Mini
 This diminutive speaker gives you voice-controlled playback at an entry-level price. A great option for adding voice control and holiday music to any room without breaking the bank.

TRADITIONS WITH A TWIST

Decorating your home and popping on a holiday film gets everyone in the holiday spirit — but the setup can get overwhelming. These tech solutions make things easier and give you more time to enjoy the fun. 

1. Watch holiday favorites in style

Level up your holiday movie traditions with smart projectors that turn any room in your home—or even your backyard—into a movie theater. 

High-end: Epson Home Cinema LS1100
 This 4K projector is a serious investment, but it delivers cinema-quality performance and a laser light source that won't require replacement bulbs. It's also easy to set up and adjust. Perfect for serious cinephiles who want the ultimate home theater experience.

Mid-range: Samsung Freestyle 2nd Gen Smart Portable Projector
 Use this feature-packed battery-powered projector nearly anywhere — it's designed to automatically level and focus your video and to scale to the size of your space. It's equipped with all the streaming apps you need and is compatible with voice assistants. A great option for flexibility and portability.

Budget-friendly: Vankyo Performance V700W
 This 1080p projector offers a nice, bright picture, high-quality audio, and the portability to move it from room to room (plus outside). In addition to plugging in a computer or USB, you can cast directly from an iPhone or Android device. 

2. Shine bright with smart plugs

Tired of clambering behind furniture to get to a hard-to-reach plug for your decorations? Invest in smart plugs, and you can control all of your electrified holiday decor (plus anything else you might plug in!) easily from your phone. 

High-end: Meross Smart Power Strip
 With 4 AC outlets plus two USB C and one USB A port, this smart power strip will allow you to keep the lights on while charging all of your guests’ phones! Each outlet can be operated individually, and the power strip is compatible with Apple HomeKit, Amazon Alexa, and Google Home. 

Mid-range: Enbrighten Wifi Smart 2-Outlet Plug
 This smart plug turns one wall outlet into two smart outlets, so you can plug your standard lamp and a string of holiday lights in together. Control the plug using an app or with Google or Alexa voice assistants. 

Budget-friendly: Kasa Smart Plug Ultra Mini
 These inexpensive plugs are designed to take up minimal wall space yet offer plenty of features. Plus, they’re compatible with Google and Amazon home ecosystems. 

3. Create a winter wonderland with smart outdoor lighting

Whether you want to wow the neighborhood with an eye-catching display or simply add a touch of outdoor holiday charm, setting up lights doesn’t have to be a daunting task. Smart outdoor lighting makes it simple to illuminate your home’s exterior with minimal effort or planning.

High-end: Govee Permanent Outdoor Lights
 Tired of climbing around on the roof every year? Install these permanent outdoor lights on your home and celebrate year-round with app-controlled color and effects options for every holiday you can think of. 

Mid-range: Twinkly Icicle Lights
 Drape your home in any color you can think of with these easy-to-use, app-controlled icicle-style lights. True to the name, there are plenty of twinkling options to choose from!

Budget-friendly: Brizled Smart Christmas Lights
 String up these nearly 200-foot-long indoor-outdoor lights wherever you’d like to enjoy customizable colors and effects, or sync the bulbs with music for a truly eye-catching outdoor display. 

SIMPLIFIED HOME MANAGEMENT

There’s plenty to manage at the holidays as it is—make things easier for yourself by automating some basic home tasks and functions. Less time spent on tedious chores means more time making memories with your family. 

1. Keep your home spotless with robot vacuums

The holidays can create a lot of mess — stay on top of it with smart vacuums that clean up all of those cookie crumbs and bits of wrapping paper for you. 

High-end: Roomba Combo J9 Plus
Say goodbye to vacuuming and mopping with this high-tech robot, which comes complete with AI obstacle avoidance to keep it from banging into your furniture. 

Mid-range: Roborock Q5 Max+
 This powerful robot vacuum is highly customizable — use the app to set up cleaning preferences like a second pass through high-traffic rooms or to block off areas you’d like left alone. Plus, it empties its own bin!

Budget-friendly: Shark Ion
 This robot vacuum may not come with all the bells and whistles, but it does a great job keeping dirt and pet hair off the floor. You can control it with Amazon Alexa or the Google Assistant in addition to a dedicated app. 

2. Manage deliveries and greet guests with smart doorbells

The holidays tend to bring a lot more people than usual to your door. Keep track of who’s coming and going, and keep your home safe with smart video doorbells.

High-end: Eufy Dual+ Security Video Doorbell
 This large video doorbell offers a much wider field of view than most competitors, plus high resolution and night vision. It’s compatible with both Amazon Alexa and Google Home devices and can be set up wired or wireless. 

Mid-range: Google Nest Doorbell Camera
 This sleek doorbell camera is easy to set up and control from a distance and offers fast notifications and the ability to respond by voice or with preset messages. Advanced features include package detection and facial recognition. 

Budget-friendly: Arlo Video Doorbell
 This doorbell offers a wide field of view, high-resolution images, and the ability to zoom in, and is compatible with multiple smart-device ecosystems. However, some of its features, like recordings, require a monthly subscription. 

3. Protect your home while you travel

Unfortunately, the holidays tend to bring higher rates of home break-ins. Whether you’re traveling or staying local, these tech solutions can help keep your home and family safe.

High-end: Ring Alarm Pro
 Ring is well-known for video doorbells, but they also offer full home security systems, complete with professional monitoring (for a monthly fee). With high-performing devices and a built-in router to ensure working wifi, this system lets you keep an eye on things no matter where you are. 

Mid-range: eufy Security 5-Piece Home Alarm Kit
 This easy-to-install kit doesn’t require a monthly subscription, keeping costs low.  It includes a hub device, digital keypad, motion sensor, and two entry sensors, all of which you can keep an eye on using the system’s app. 

Budget-friendly: August Smart Lock
 Lots of visitors coming and going this holiday season? This smart lock upgrades your existing deadbolt, allowing you to give access to trusted family and friends. Best of all, it attaches to the lock on the inside of your door, so it won’t impact your curb appeal or draw unwanted attention. 

ENJOY A MORE RELAXING AND FESTIVE HOLIDAY SEASON WITH SMART HOME TECH

Incorporating smart home technology can help make this holiday season more relaxing—and it can also be a great investment that adds value to your property in the long run. From energy-efficient lighting to reassuring security systems, these gadgets do more than just make life easier; they enhance your home’s appeal to future buyers.

If you're curious about how upgrading your home’s tech might impact its value, we’d love to help. Reach out for a free consultation to learn more about the latest trends in smart home technology and how it can align with your real estate goals. Whether you’re looking to sell soon or simply upgrade your lifestyle, we're here to guide you every step of the way.

Sources

1. Zolo - 

https://www.zolo.ca/blog/smart-homes-save-money