September always feels like a fresh start. Summer is winding down, kids are heading back to school, routines are returning, and for homeowners, it’s a great time to start thinking ahead to the colder months.
This month, we’re looking at preparing your home for winter, budgeting and financing for home repairs, navigating the empty-nest stage of life, and what’s happening in the Canadian economy and mortgage market.
Keeping Terry Fox’s Legacy Alive
One of Canada’s most meaningful traditions takes place every September: the Terry Fox Run.
Terry Fox began his Marathon of Hope in St. John’s, Newfoundland, on April 12, 1980, with the goal of raising awareness and money for cancer research. His dream was simple but incredibly ambitious: if every Canadian donated just $1, together they could make an enormous difference.
Running the equivalent of a marathon nearly every day, Terry travelled across Canada while sharing his message with communities and the media. What began as a relatively quiet journey gradually captured the attention of the entire country.
More than four decades later, Terry’s legacy continues through Terry Fox Runs held in communities across Canada and around the world.
September is a wonderful opportunity to participate, donate, volunteer or simply take a moment to remember the determination behind Terry’s Marathon of Hope.
Want to Avoid Costly Home Repairs This Winter? Start Now.
With another Alberta winter around the corner, September is the perfect time to give your home a seasonal checkup.
Catching small problems now can help prevent expensive surprises when temperatures drop.
Furnace
Annual furnace cleaning and maintenance can help extend the life of one of your home’s most important winter systems. An inspection now gives you time to deal with smaller repairs before you really need the heat.
It can also give you some warning if your furnace is nearing the end of its life, allowing you to budget for a future replacement rather than dealing with an unexpected emergency.
Roof
Check for missing or damaged shingles, leaks and other signs of deterioration. Addressing roof issues early can help prevent water damage and potentially delay the need for a complete roof replacement.
Windows
Check your windows for drafts, damaged seals and moisture. Sometimes a relatively inexpensive repair or resealing is all that’s required.
If your windows are older, however, it may be worth planning ahead for replacement. The cost can add up quickly when you’re replacing windows throughout an entire home.
Exterior Paint & Decks
September may be one of your last opportunities to complete exterior painting, staining or waterproofing before temperatures fall.
Proper exterior maintenance isn’t only cosmetic-it can help protect your home from moisture, insects and weather damage.
Siding
Take a walk around your property and look for cracks, gaps, damaged siding, vegetation growth or signs that animals have found their way in.
Small repairs now could help improve energy efficiency and prevent more significant damage during the winter.
How Much Should You Budget for Home Maintenance?
Homeownership comes with expenses beyond your mortgage payment and property taxes. Having money specifically set aside for maintenance and repairs can make unexpected expenses much easier to handle.
There are a few common approaches homeowners can use:
- The $1-per-square-foot rule: Set aside approximately $1 per square foot of your home each year. It’s simple, although it doesn’t account for the age, condition or value of your property.
- The 1% rule: Budget approximately 1% of your home’s value each year for maintenance and repairs.
- The bottom-up approach: Look at the major components of your home-roof, furnace, hot water tank, windows, appliances, siding and more-and estimate when each may need repair or replacement. You can then build a savings plan around those anticipated expenses.
Whichever approach you use, remember that construction materials and labour costs change over time. A repair that cost a certain amount five years ago may cost considerably more today.
What If the Repair Can’t Wait?
Sometimes your house doesn’t care whether you’ve had enough time to save.
A furnace can quit in January. A roof can start leaking. Windows may need replacing sooner than expected.
Depending on your situation and the equity available in your property, there may be several financing options worth exploring.
Home Equity Line of Credit (HELOC): A HELOC can provide flexible access to your available home equity. You can draw funds as they’re needed, making it particularly useful when renovation or repair costs are spread over several stages.
Second Mortgage: A second mortgage may allow you to access a lump sum without breaking your existing first mortgage. This can sometimes make sense when your existing mortgage has a favourable rate or breaking it would result in a significant penalty.
Mortgage Refinance: Refinancing can allow you to access equity in your home and, depending on your circumstances, consolidate other debts at the same time. It’s important to consider your existing mortgage penalty, available equity, qualification requirements and the new rate before deciding whether refinancing makes sense.
Reverse Mortgage: For eligible homeowners aged 55 and older, a reverse mortgage may provide another way to access home equity without requiring regular mortgage payments. As with any financing product, it’s important to understand the costs and long-term implications before proceeding.
There isn’t one financing option that’s right for every homeowner. Your current mortgage, equity, income, credit, future plans and the size of the project all matter.
Before automatically putting a major home repair on a credit card or high-interest loan, reach out. I can help you look at the numbers and determine what options may be available.
When the Kids Move Out: Is It Time to “Dreamsize”?
Back-to-school season looks very different when your child isn’t heading back to the local school-but instead is heading off to university, moving to another city or leaving home altogether.
Becoming an empty nester can bring a surprising mix of emotions. It’s also an opportunity to rethink what you want your next stage of life-and your home-to look like.
Declutter
Going through a family home after the kids have moved out can be emotional, but it can also be freeing.
Take your time. Sort items into categories to keep, donate, sell or discard, and think about how you could use newly available rooms differently.
Rediscover Old Interests-or Find New Ones
Extra time and space can create an opportunity to pick up something you’ve always wanted to try.
Travel. Golf. Pickleball. Fitness. Cooking. Gardening. Volunteering. Art. Whatever you’ve been putting off, this may be the perfect time to make room for it.
Reconnect
For years, life may have revolved around school schedules, hockey practices, soccer games, dance lessons and family commitments.
As those responsibilities change, you may suddenly have more time to reconnect with friends, your spouse and yourself.
Consider “Dreamsizing”
Downsizing doesn’t necessarily mean sacrificing. I prefer to think of it as dreamsizing.
Maybe you’d like a smaller home with less maintenance. Perhaps you’d rather live in a different neighbourhood, travel more often, move closer to family or purchase a property that better fits your current lifestyle.
If you’ve owned your home for many years, you may also have significant equity that could open the door to possibilities you haven’t considered.
A mortgage conversation doesn’t always have to start with “How much can I borrow?”
Sometimes it starts with:
“What could my life look like if I made a change?”
What’s Happening With Mortgage Rates and the Economy?
The economic picture remains complicated as we move into September.
Canada continues to navigate trade uncertainty, inflation, employment changes and global geopolitical pressures. At the same time, developments in the U.S. bond market continue to influence borrowing costs here at home.
For mortgage holders, one of the most important things to understand is that fixed and variable mortgage rates don’t necessarily move together.
Variable mortgage rates are closely connected to the Bank of Canada’s overnight rate and lenders’ prime rates.
Fixed mortgage rates, meanwhile, are heavily influenced by bond yields.
That means fixed mortgage rates can rise even when the Bank of Canada isn’t raising its policy rate.
Recently, longer-term U.S. bond yields have faced upward pressure from inflation concerns, government debt levels, oil prices and heavy corporate borrowing. Because Canadian and U.S. bond markets are closely connected, movements south of the border can put pressure on Canadian yields as well.
What Does That Mean for Homeowners?
The possibility of higher fixed mortgage rates is something borrowers should keep in mind.
That doesn’t mean everyone needs to panic or rush into a mortgage. It does mean that anyone purchasing, renewing or refinancing should pay attention to what’s happening rather than assuming rates will automatically be lower in a few months.
If your mortgage renewal is approaching, it can be worthwhile to start reviewing your options well before your maturity date.
And if you’re planning to purchase, getting pre-approved can give you a clearer understanding of your numbers and may provide an opportunity to secure a rate while you shop.
The lowest rate isn’t always the best mortgage, either. Prepayment privileges, penalties, portability, qualification requirements and your future plans can be just as important when choosing a product.
September Is Here!
September marks the unofficial transition from summer into fall-and it’s a busy month.
Between back-to-school routines, the Terry Fox Run, preparing our homes for winter and the National Day for Truth and Reconciliation on September 30, there’s plenty happening.
It’s also an excellent time to give your finances a fall checkup.
If you’re thinking about buying a home, approaching a mortgage renewal, considering a refinance, accessing equity for renovations or simply wondering whether your current mortgage still makes sense, I’m always happy to help.
A quick conversation now can help you understand your options and make a plan before you need one.
Have a wonderful September!
The information provided in this article is for general informational purposes only. Mortgage products, rates, qualification requirements and lending guidelines vary by lender and borrower. Individual circumstances should be reviewed before making financial decisions.