The Smart Home: Room By Room | Smart Home

Matt Chan • June 22, 2016

Last week on the blog we talked about smart technology , this week we go through the home. Next week we finish the series with a question and answer period that will help you decide which smart technology is right for you!

Varied, intricate but certainly user friendly, “smart home” technology is currently available for purchase, installation and utilization.

These in-home innovations can be very simple and straightforward. Samsung currently sells a “smart home starter kit” which will do wonders at transforming your home into a “smart” hub, at an affordable price. Or they can be a tad more complex, for this, we look to the pacific northwest and to the home of Bill Gates. Here we see the apex of this technology, nicknamed Xanadu 2.0, this 66,000 square foot mansion is known for it’s design and technology, it cost $63M to build, now that is quite the smart home budget.

The House Bill Gates Built

“Upon entering everyone in the home is pinned with an electronic tracking chip. As you move through the rooms, lights come on ahead of you and fade behind you. Your favourite songs will follow you throughout the house, as will whatever you’re watching on television. You can entertain yourself by looking at Gates’ extensive electronic collection of still images, all available on demand. The chip keeps track of all that you do and makes adjustments as it learns your preferences. When two different chips enter the same room, the system tries to compromise on something that both people will like.” Reference: Smart Home Software and Technology.

Now obviously, this is in extreme example (perhaps the most extreme example that there is, currently); but what isn’t extreme is the idea that, whether you’re a billionaire fifty times over or you’re paying into a twenty-five year mortgage, this technology (on some level) is for you; that it’s here to help you in your daily life.

So let’s walk through of a reasonably equipped smart home, just to give you a taste of that which is out there, for your (the consumer’s) buying pleasure.

The Garage

From the outside of the home, looking in, it’s all about letting the homeowners inside, and keeping unwanted visitors, outside. Garage doors can be programmed to open automatically when smartphones (programmed into the system) draw near. Additionally, this technology can be applied to front and rear house doors. This means that, if the house “knows” you, you gain access. If the house doesn’t “know” you, you’re out of luck.

The Laundry Room

Moving from the garage to the laundry room, we see the advent of “smart” washers and dryers. These machines, when connected, allow the user to track the amount of energy being used at any moment. Many current models can also be programmed to send you a text message when your clothes are ready to be switched over or folded.

The Kitchen

In the kitchen, it’s all about the smart appliances. Here are just a few examples: fridge-1
The Fridge: A few short years ago, it would have seemed ridiculous to suggest that “smart” fridges would be available to purchase; fridges that could do everything from suggest meals (based on the regular contents of your fridge), to warn you of impending expiration dates. But this is 2016, and what was once far fetched is now reality.

The Countertop Oven: Companies like Breville and June have developed “smart” oven technology; ovens that can determine the weight and “girth” of that which is being baked or broiled and adjust heating coverage appropriately.

Accessories: Ever want to turn on your coffee maker but don’t want to get up to do it? Well, turn it on from your phone! Ever need a charging station but can’t find that cursed iphone charger? Simply lay your phone down on your countertop, which also happens to double as a wireless charging station. The world is truly your playground when it comes to these “smart” kitchen upgrades.

The Bedroom

Finally, as you head upstairs after a long day, there are certain features of the “smart house” that make this transition from day to night as simple as crawling under the covers. Voice or tablet activated blinds can be moved up or down, and the thermostat can be set remotely for each room in the house, both for maximum energy savings and for the answer to those cold morning floors.

Obviously these are just a few of the smart upgrades available to you. But right now, it’s possible to park your smart car in your smart garage, then sit down after a long day at work, turn on your smart TV while your kid watches Netflix on your smart phone, all while your smart washer is getting ready to text you to change the laundry over while your smart oven cooks a roast. Step aside Bill Gates.

When you are ready, smart is ready for you.

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Mortgage Advice to Help You Through a Separation

By Matthew Chan • February 19, 2025

With the latest stats claiming that about half of marriages end in divorce and with around three-quarters of Canadians being homeowners, it’s important to know how to handle your mortgage if you decide to separate. Here’s a quick list of things to consider. Keep making your payments. A mortgage is a legally binding contract between you and the lender. It doesn’t take marriage into account. If your name appears on the mortgage, you're responsible for making sure the regular payments are made. A marital breakdown does not give you an excuse not to make your mortgage payments. If, during your marriage, you've relied on your spouse to make the mortgage payments and you aren’t certain payments are being made after separating, it's in your best interest to contact the lender directly to verify your mortgage is being paid. If payments aren't being made, it could affect your credit score or worse; the lender could start foreclosure proceedings. There is always a financial cost to break your mortgage. When working through how to split your finances, you decided to either refinance your mortgage, remove someone from the title, or sell the property, keep in mind that you will incur legal costs. If you’re in the middle of a term, the penalty for breaking your mortgage might be significant, especially if you have a fixed-rate mortgage. It’s certainly worth contacting your mortgage lender directly to verify the cost of breaking your mortgage. Having that information accessible when writing out your separation agreement will provide increased clarity. Listing your marital status as separated or divorced. When completing a mortgage application for securing new mortgage financing, when you list your marital status as separated or divorced, you can expect that a lender will want to see your legal separation agreement or your divorce papers. The lender wants to make sure you aren’t responsible for support payments. So if you haven’t finalized the paperwork, expect delays in securing mortgage financing. It could be harder to qualify for a new mortgage. With the separation of assets also comes the separation of incomes. If you qualified for your existing mortgage on a double income, you might find it hard to maintain the same quality of lifestyle post-separation. This is where careful planning comes in. Working closely with your independent mortgage professional will ensure you understand exactly where you stand. You’ll want to put together a plan for how to handle the mortgage on the matrimonial home. Purchasing the matrimonial home from your ex. There are special considerations given to people going through a separation to buy out the matrimonial home. Instead of looking at the transaction like a refinance where you can only borrow up to 80% of the property’s value, lenders will consider one spouse buying out the other up to a 95% loan to value ratio. This comes in handy when dividing assets and liabilities. Navigating the ins and outs of mortgage financing isn’t something you have to do alone. If you're going through a separation and you’d like to discuss all your mortgage options, please connect anytime. It would be a pleasure to walk you through the process.

What is a Second Mortgage?

By Matthew Chan • February 12, 2025

If you're not all that familiar with the ins and outs of mortgage financing, the term "second mortgage" might cause a bit of confusion. Many people incorrectly assume that a second mortgage is arranged when your first term is up for renewal or when you sell your first home. They think that the next mortgage you get is your "second mortgage." This is not the case. A second mortgage is an additional mortgage on a single property, not the second mortgage you get in your lifetime. When you borrow money to buy a house, your lawyer or notary will register your mortgage on the property title in what is called first position. This means that your mortgage lender has the first claim against the sale proceeds if you sell your property. If you happen to default on your mortgage, this is the security the lender has in repossessing your property. A second mortgage falls in behind the first mortgage on your property title. When you sell your property, the lawyers will use the sale proceeds to pay off your mortgages in sequence, the first position mortgage is paid out first, and the second mortgage is paid out second. After both mortgages are paid off completely, you get the remaining equity. When you secure a second mortgage, you continue making payments on your first mortgage as per your mortgage agreement. You must also then fulfill the terms of the second mortgage. So why would you want a second mortgage? Well, a second mortgage comes in handy when you're looking to access some of your home equity, but you either have excellent terms on your first mortgage that you don't want to break, or you’d incur a huge penalty to break your first mortgage. Instead of refinancing the first mortgage, a second mortgage can be a better option. A second mortgage is often used as a short-term debt consolidation tool to help provide you with better cash flow. If you’ve accumulated a considerable amount of high-interest unsecured debt, and you have equity in your home, you can secure a second mortgage to lower your overall cost of borrowing. If you'd like to know more about how a second mortgage works, or if you'd like to discuss anything related to mortgage financing, please connect anytime!

Unsure About the Housing Market? Let's Talk.

By Matthew Chan • February 5, 2025

If you’ve been thinking about buying a property, whether that be your first home, next home, forever home, or a home to retire into, the current state of the Canadian economy might have you wondering: Is this really the right time to make a move? There is certainly no shortage of doom and gloom in the news out there. The truth is, that’s a tough question to answer in the best of times. It’s nearly impossible to know for sure what’s going to happen next with the housing market in Canada. It could heat up or it could cool down. So here’s some advice. Instead of basing your buying decision entirely on external market factors, like the economy or housing market, consider looking for the answers internally. When you stop looking at the market to determine your timing to buy a home, and instead examine the personal reasons you have for wanting to buy a home, the picture can become much clearer. Here are some questions to consider. Although they are subjective, they will help bring you clarity. Ask yourself: Does buying a property now put me in a better financial position? Do I make enough money now to afford a new home and maintain my lifestyle? Do I feel confident with my current employment status? Have I saved enough money for a down payment? How long do I plan on living in this new home? Is there any scenario where I might have to sell quickly and potentially lose money? Does buying a property now move me closer to my life goals? Do I really want to buy now or am I just feeling a lot of pressure to just buy something? Am I holding back because I'm scared property prices might drop soon? There’s no doubt that buying a home can be stressful, but it doesn’t have to be. Having a plan in place is the best course of action to help you make good decisions and alleviate that stress. If you’d like to have a conversation to discuss your plans, ask some questions, and map out what buying a home looks like for you, we can address many of the unknowns together. The best place to start is to work through a mortgage pre-approval. There is no cost for this service, you’ll learn exactly what you can qualify for, and it will provide a lot of clarity about your situation. You might decide that it’s best to wait before buying, and that’s just fine. You might find that now’s a perfect time for you to buy! If you'd like to talk, please connect anytime. You’re not in this alone. We can work through everything together.