Renters Guide Edmonton by NextHome

Edmonton Edition

Dec. 28, 2012 - Jan.11, 2013 Volume 28 Issue 26

JUST STARTING OUT? RENTING IS YOUR BEST CHOICE

Front Cover

Vice-President, WAll2WAll mediA Jacqueline Hill editor in chief, reAl estAte Susan Legge

Feature Edmonton Edition

Edmonton Edition

Dec. 28, 2012 - Jan.11, 2013 Volume 28 Issue 26

nAtionAl Account mAnAger, mediAtiVe Paul Slizys director of sAles, Western cAnAdA Josh Heppner

18 renters’ help Just starting out by Jane herman

mediA consultAnt Carolyn Porteous editor Elisa Krovblit contriButors Jane Herman, Lisa Canning, Gail Shields, Karen Shinn, Leslie Styles senior Production mAnAger Gnanapandithan Bala Production mAnAger Nikki Yarwood Production coordinAtor Bala Menon Art director Lee Cobham design & Production Mike Terentiev, Swinder Jodhka circulAtion Bob Shewciw 780.420.2200 Ext. 2614

DeaDline Date for VolUMe 29, iSSUe 02 iS Jan. 17 , 2013 @ 4:00 pM

JUST STARTING OUT? RENTING IS YOUR BEST CHOICE

24 renters’ help Lifetime renters by Jane herman

SeCtIonS 7 North Central

27 West

21 South Central

29 South East

22 Ft. Saskatchewan

30 South West

26 North West

eDItorIaL FeatureS

Address: P.O. Box 458 Station Main, Edmonton, AB T5J 2K1 Tel: 780.668.3570 Fax: 780.417.0973

Published by

20 Copyright covers the contents of this publication and prevents reproduction in whole or in part. Offenders will be prosecuted. We reserve the right to refuse any advertising, to make changes or edit advertising as necessary. Care will be taken to ensure copy accuracy but no warranty is implied or given by the publisher. Wall2Wall Media is a trademark of Yellow Pages Group Co. in Canada homeTRADER and The homeTRADER & Design are trade-marks of Apax Partners LLP, used under license Disclaimer: The views expressed by the columnists in this publication are not necessarily those of the publication.

Lifetime

RENTERS

renters’ help

20 How much rent can you afford? by Jane herman scrumpdillyicious

32 The ‘hungry monk’ banoffi pie by leslie styles

January 11 - 25, 2013 Volume 29 Issue 01

EDITORS’ NOTES he moment you move into an apartment from a reliable property management company, you will be able to enjoy a number of benefits. One cheque basically takes care of it all. It’s finding the right location that takes work.

Unlike furniture, paint and being a good neighbour, your home’s location is the one thing that you cannot change, so it’s important to choose wisely. What critical things should you consider? There are so many personal variables, it’s really up to you to decide. As an example, if it is just as important to be close to your children’s school as it is to your place of work, then look for a location that offers you the best of both worlds.

If you own a car but want to use public transportation whenever possible to save on parking and gas costs, a well-connected mass transit hub may be a better option for you. If you’re a walker, close proximity to major amenities should be a definite consideration. Doing errands, such as grocery shopping and banking on foot, has many health benefits and gives you a chance to meet your neighbours – and discover new places too. Don’t let the cost of rent solely dictate your choice of location. Make a list of your priorities first, and then take the time to assess each location for its merits and weight your options. Once you’ve nailed that down, you’ll be able to reap the benefits of a great new place to call home.

Susan Legge EDITOR-IN-CHIEF, homeTRADER susan.legge@wall2wallmedia.com Follow me on Twitter at Twitter.com/SusanLegge

am not a big fan of having more space than I need. It’s a bone of contention between my husband and me. He would prefer more space, I always want less. It’s an odd thing to disagree on, but there are a lot of good reasons to keep the amount of space you live in to a minimum. Reason 1: Cleaning. The more space you have, the more there is to clean. Reason 2: Budget. Why pay for space that you don’t really use. One bedroom per person. One kitchen, a bathroom or two, a den and maybe some play space for the kids. Is a guest bedroom really necessary or would it be more cost effective to use a guest suite in the building or even a local hotel? For the number of times one uses a dining room, might it be easier and more comfortable to make use of the building’s party room? Reason 3: Urban sprawl. The population keeps growing. The demands on the city keep growing. If everyone used only the amount of space they needed, the city would be much more efficient. But there is something to be said for not denying yourself what you need. If you do need a guest room because you always have family and friends come into town then make sure you have one. If you’re an avid entertainer then find yourself a suite that affords you the room. If you’re a collector, make sure hunt for a suite with plenty of storage. And if you’re a hobbyist or work at home don’t forego the studio or office space. Your home should really be a place that reflects your needs – not anyone else’s. When you start your search for that new apartment make sure you know what you need in your home. Now that you’re ready to start that search, we’re here to help. With Renters Guide in hand you’ll find the perfect place. Our magazine and website, homeTRADER.ca, offer the best selection of available apartments as well as informative articles and advice, making it easy to make your move!

Elisa Krovblit EDITOR elisa.krovblit@wall2wallmedia.com Follow me on Twitter at Twitter.com/ElisaKrovblit Like us on Facebook Renters Guide

HAPPY NEW YEAR! The end of a year brings reﬂection on the past, and the arrival of a new year brings dreams and opportunities. We thank you, our readers, for your continued support as we strive to bring you the best that the industry has to offer. We thank you, our advertising customers, for your patronage and continued loyalty to the magazine. Take a look at the market and see what’s out there. Vacancy rates are currently very low – and due to supply and demand, rent may be higher than the last time you looked around the market. Skim throughBest apartments that are available and appeal to you to familiarize yourself with the market.e sure you have

wishes for your home hunt!

FROM ALL OF US HERE AT

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MERIDIAN STREET (0 St.)

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Gibbons

For More Information on Advertising Please Call

28A

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Calmar

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CHECK OUT DAWSON BRIDGE

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LOW LEVEL BRIDGE

100 Ave. Riv er Valley Rd.

97 Ave.

HIGH LEVEL BRIDGE 105 ST BRIDGE

JAMES McDONALD BRIDGE

North Saskatchewan River

DREAM LIVING... A CONCEPT OF EDMONTON’S FUTURE

• Adult Building • Bright luxurious bachelor, 1 & 1 bdrm Two level & 2 bdrm suites • Sizes ranging from 729-1386 sq. ft. • On site fitness club including: exercise room, jacuzzi & two squash courts • Free cable • Security system in each suite • All window coverings • 6 appliances includes washer & dryer • Each unit air conditioned

Edmonton’s High Rise Living At Its Best 9740 - 106 ST. Phone

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www.ParkPlaza-Apartments.com

• Breathtaking views • On-site corner store & Bistro • On-site office & staff for maintenance-free living

4543909_29/01

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Tell Them You Saw It In The “Renters Guide” • PAGE 7

DOWNTOWN LOCATIONS – YORK HOUSE

10030- 114 street • 780-488-5151

Bright, Spacious Studio, 1 and 2 bdrms

• Modern suites • Hardwood floors • Quiet, secure building • Excellent downtown location • Covered & open parking

• Sauna, exercise room • Heat, power and water included in rent • Adult building • No pets allowed • Under new management

THE ALBANY

10155 - 116 street • 780-488-6060

Bright, Spacious Studio, 1 and 2 Bdrms

• Newly renovated • Hardwood floors • Cover and open parking • Adult building • Sauna, exercise room, pool table, dart board

• Excellent downtown location • Heat, power and water included in rent • Quiet, secure building • No Pets Allowed

GLOUCESTER HOUSE 10513 - 124 street

1 and 2 bedrooms

• Newly renovated • Adult building • Minutes to downtown and westend • Quiet, secure building

745

S – YOU’LL BE IMPRESSED... HI-LEVEL PLACE

11005 - 98 Avenue • 780-482-3717

Bachelor, 1 and 2 Bedrooms • Newly renovated • Hardwood floors • Redecorated suites • Video monitored • Adult building

• Quiet, secure building • Exercise room, pool table • Excellent downtown location • No pets allowed

LANCASTER HOUSE 10025 - 115 street • 780-488-5151

Bright, Spacious Bachelor, 1 and 2 Bdrms • Excellent downtown • Modern suites location • Hardwood floors • Heat, power and water • Quiet, secure building included in rent • Adult building • Covered & open parking • Exercise room, pool table, dart board • No pets allowed

CLOSE TO ALL AMENITIES, WE HAVE IT ALL! For Your Private Appointment Please Call 74543536_29/01

NORTH CENTRAL

Shaughnessy Manor

Twin Rose Manor

1 BEDROOM

2 BEDROOMS

10340-117 Street

780-482-5036

• Upgraded unit • Incl. heat, water & parking • Excellent transit • Adult building

5160151_29/01

9334302_29/01

• Newly renovated Hallways • Heat, water and parking included • On bus route • Clean, quiet adult building

www.ayreoxford.com

PAGE 10 • Tell Them You Saw It In The “Renters Guide”

10320-122 Street

780-918-1352 www.ayreoxford.com

www.globegeneral.ca

oliver

lamplighter apts. Large 1 & 2 bedroom suites

spectacular city views

heat & water included

• Newly renovated lobby and common areas • In-suite storage • Underground or outside parking available • Secure building w/upgrd security camera’s & FOB entry system • Wrap around balconies with spectacular view • Social room with sauna • SORRY NO PETS Professionally Managed By: Globe General Agencies Ltd.

10333 - 121 Street North Central

Call 587-400-5111

NORTH CENTRAL

Parklane Gardens 1 BEDROOMs

• Quiet, clean • Close to Kingsway Mall, NAIT & Downtown • Excellent transit

4758123_29/01

• On-site manager

11530-124 Street

780-452-1862 115 Ave. & 124 St.

www.ayreoxford.com

find: spacious

find your happy place.

PAGE 12 • Tell Them You Saw It In The “Renters Guide”

Y O U R H A P P Y P L A C E

WALK TO WORK

FEATURES FEATURES • Bachelor, Studios, 1, and 2 Bedrooms • All Utilities Included • 3 blocks to Grant Macewan • Walking distance to all amenities • Air Conditioning • Ample Parking

Mon-Fri 8:30-4:30 Call for an Appointment

780.800.5062 10020 103 Ave

• Close to University of Alberta downtown campus, Farmer’s Market, LRT, City Centre Mall, Restaurants, Art Gallery of Alberta • No pets

4544670_29/01

NORTH CENTRAL

Glendale Court Families Welcome

4543657_29/01

Parkside Village Square 2 BEDROOMS

• Renovated 1&2 bedRoom suites

4543390_29/01

• Renovated • Security entrance • Includes heat, water & parking • On-site laundry facilities • Clean, quiet family complex • Close to LRT, downtown for shopping & restaurants

• • • • • •

Management Corp

9208 - 106 Ave

780-497-7964

Designed for the apartment hunter. We’ve got all the rental info you’ll need wrapped up in an easy-to-read, easy-to-take-along format.

9121-106A Ave.

Designed_24/24

780-668-7368

See It Here_24/24

www.ayreoxford.com

See it Here!

2 appliances (fridge & stove) Quiet, well maintained building Covered & open free parking Large balconies Family complex Close to all amenities, schools & parks

Advertise your Property for Rent

the living room!

Secord House • Very Spacious • 1 & 2 bdrm suites • Downtown Location • Reasonable rents • No pets • Owner managed • Quiet adult building • We Care

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find your happy place.

423-1302 or (780) 991-5777

PAGE 14 • Tell Them You Saw It In The “Renters Guide”

New issue every second Friday

In the heart of Edmonton’s downtown core.

all the right angles

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On-site management office hours: Mon and Wed 8:00 - 7:00 p.m. I Tues, Thurs and Fri 8:00 - 5:00 p.m. I Sat 10:00 - 6:00 p.m.

a fresh perspective on downtown living Professionally Owned & Managed By

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1. PROVEN TRACK RECORD – 28 years’ experience in publishing magazines for the rental community 2. CIRCULATION – hundreds of high-traffic locations including Safeway, Macs, banks & other easily accessible distribution points throughout the city 3. AD DESIGN – included in your contract is the option to work with the creative team at Renters Guide 4. EDITORIAL • Timely and topical industry-related editorials and articles • In-house writers and celebrity contributors that speak to the rental market and current lifestyle trends 5. CALL TRACKING – we use a third party, independent call tracking company to provide timely and relevant metrics 6. THE LOOK – Renters Guide has a sophisticated design created to attract readers 7. VOLUME – the largest and most comprehensive grouping of rental properties in the greater Edmonton area 8. PHOTOGRAPHY – included in your contract is the option for exterior site photography 9. SEGMENTATION – magazines are divided and are specific to each neighborhoods for ease of use by potential renters. 10. homeTRADER.ca – comprehensive listings of rental properties in the greater Edmonton area with a growing number of the most unique monthly visitors.

For Advertising information call Carolyn @ 780-668-3570

realstar.ca

Wellington under new ownership & management PROPERTY HIGHLIGHTS: The Suites • One, one plus den and two bedroom suites • 6 appliances • Laminate ﬂooring • Large balconies

Suite Features • Open concept kitchens with breakfast-bar style counters • Fridge, stove, dishwasher and microwave • In-suite laundry • 9’ ceilings • Walkthrough closets in 2 bedroom suites • Large balconies

Court

Apartments

The Amenities • Exercise room • Underground parking • Storage lockers • Elevators • Secure building • On-site management

Westlawn Village Bachelor, 1 & 2 Bedroom Suites • Large suites • Heat & water included • Close to West Edmonton Mall • Park like setting • Close to schools, parks and public transit Cat Friendly

9535 - 165 STREET 780-484-0760 realstar.ca

Blue Quill

Apartments

1 & 2 Bedroom Suites • Spacious suites, heat & water included • Close to shopping, schools, parks & public transit • Convenient access to Calgary Trail & Whitemud Drive • On site management • Short drive to South Edmonton Commons • Walking distance to Century Park LRT Station

466 & 470 MACEWAN ROAD, 780-430-7879

Cat Friendly

11615 - 28TH AVE. 780-756-7411

realstar.ca

Wellington under new ownership & management PROPERTY HIGHLIGHTS: The Suites • One, one plus den and two bedroom suites • 6 appliances • Laminate ﬂooring • Large balconies

Court

Apartments

The Amenities • Exercise room • Underground parking • Storage lockers • Elevators • Secure building • On-site management

9535 - 165 STREET 780-484-0760 realstar.ca

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Apartments

466 & 470 MACEWAN ROAD, 780-430-7879

Cat Friendly

11615 - 28TH AVE. 780-756-7411

realstar.ca

Tennyson

Apartments

Park SquareApartments 2 Bedroom Luxury Suites • Air conditioning

1 & 2 Bedroom Suites

• In-suite laundry • Fitness facility • Fireplace • Next to LRT

• Condo-like suites in desirable Terra Losa neighbourhood • Open concept kitchens, fireplaces and in-suite laundry

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• Underground heated parking

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• Large balconies and patios realstar.ca

• Heat & Water included

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• Large balconies and patios realstar.ca

• Heat & Water included

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9925 JASPER AVE. 780-990-0339

YMCA of Edmonton

Located at 10350 95 Street with convenient access to LRT and bus transit, the Melcor YMCA Village is the perfect place to call home for mobile and independent seniors. Features 150 affordable housing apartments including 15 barrier-free units. The Melcor YMCA Village combines safe and affordable living spaces with a range of conveniences.

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And with the Boyle Street Plaza right next door, you have immediate access to enriching community programs and services. APPLY TODAY! For current suite rental rates or other information, please call 780 426-YMCA (9622), or visit edmonton.ymca.ca to access the brochure or download the application form.

renterâ&#x20AC;&#x2122;shelp

Just Starting Out? Renting is YouR Best ChoiCe By Jane Herman

f you’re a young single professional, or a recently married couple, there are many good reasons why you should choose to rent instead of buying your first residence. At this stage of your life, you may be finishing up your education, paying off student loans, or just beginning your first job(s). It’s not likely that you will have even accumulated enough cash to use as a down payment. One of the many advantages renting has over home ownership, is that there is no large down payment to be paid up front. You only have to come up with your first and last month’s rent. And despite the message of real estate marketers who try to convince you that you can own a condominium or home for the same price as renting, here’s the truth: renting is always substantially less than owning. While it is possible that monthly mortgage payments might be comparable to what you’d pay to rent, as an owner you will also have to pay property taxes, all maintenance expenses (either monthly maintenance payments in a condo, or all costs of repairs and maintenance from appliance repairs, to landscaping, snow shoveling, etc. in a house). Many apartments include utilities or hydro in the rent, and when owning you would also have to pay an additional amount for these services. What about insurance? Tenants’ insurance is always less expensive than the cost of insuring your own home. At this stage of your life, flexibility is most important because you are very likely to move again within the next three to five years, either to take another job, go back to school, or

because your family is growing and your needs are changing. It’s much easier to make a move when your only obligation is a one-year lease. The hassle and expense of having to sell your home would unnecessarily complicate any career move. Some bankers and real estate professionals will try to convince you that with renting you’re not building equity. But when you factor in all the hidden costs of buying and selling real estate, from commissions, to legal fees to land transfer taxes, etc. , the reality is that no condo or house is going to appreciate that much in the short term to offset those hidden costs. If you are lucky enough to actually have enough cash accumulated to use as a down payment on a house, keep it in a secure two or three year term investment with a good return. When you run the numbers you will be much further ahead three years down the road than if you had invested it in a condo. The other good reason for renting at this stage of your life is that renting can offer all of the benefits of living in a prime neighbourhood – one that you likely couldn’t afford to

buy in – such as convenience to transportation, shopping, recreation facilities, etc., along with condoquality amenities such as fitness facilities, concierge, indoor/outdoor pools, etc. decorating upgrades, spectacular kitchens and bathrooms, etc. at a price that won’t leave you cash-strapped. With renting, you’ll be able to save a little every month, for emergencies, travel, retirement, or have a little more disposable income for furniture, a car, clothing, and entertainment, which is also important to you. When you consider all the advantages that renting affords, you’ll see that your dream home is really an apartment! Jane Herman is a communications consultant who has worked in the rental property industry. Jane provides communications solutions for a diverse range of clients and has written about food, fashion, apartment living and personal finance for several publications.

renters’help

HOW MUCH RENT CAN YOU AFFORD? By Jane Herman

You don’t need to be a math whiz to estimate how much you can realistically afford to spend on rent each month. Canada Mortgage and Housing Corp. (CMHC), a government agency that educates and assists Canadians with housing issues suggests that, “as a general rule, your monthly shelter expenses – including rent, electricity, heat, water and municipal services – should be less than 30 per cent of before-tax household income. (The cost of property insurance, parking, cable, telephone service, and internet connection are not included in this calculation).” Practically speaking, it may not be always be possible to achieve this limit and everyone’s circumstances are different. Given that, you should try to follow the “onethird rule.” Try to budget no more than a third (33.3 per cent) of your net income on rent. (Your net income is how much you make after taxes, or your take-home pay). If you want to have more money available for other expenses, try to find an apartment for rent that’s closer to 25 per cent of your net income. If you live with a partner and both of you are working, you will have more disposable income to allocate and won’t necessarily be bound by this guideline. UP-FRONT COSTS Besides your monthly rental payments, you will need to provide the first and last month’s rent when you apply to rent the apartment. You’ll also have to lay out any expenses associated with moving, such as hiring a moving company or renting a moving van for yourself. You may need to purchase some furniture and you may also need to put down deposits for new services like cable, Internet and phone. Include these expenses in your budget. WHAT IS INCLUDED IN THE RENT? The basic monthly rent is an obvious cost, but many lessvisible costs will add up as well. When viewing apartments, be sure to note whether utilities, such as heat, water, gas and hydro are included in the rent. Utilities are often included, but as apartment owners are moving toward individual hydro metering, you may find this is not always the case. To help you budget

your expenses, you can contact Toronto Hydro to obtain an average monthly cost for the rental location. Exact usage will vary from tenant to tenant, but an estimate will give you a good idea of what to expect. Don’t forget to estimate the cost of extras such as laundry and parking, since these are generally not included in rent. It’s also a good idea to carry renter’s insurance to protect yourself against liability and loss or damage to your property in case of fire, flood or other another unfortunate situation. Many landlords require that you have renter’s insurance in order to sign the lease. I strongly advise you do so. It is quite inexpensive and the peace of mind is well worth it. If you are carrying debts such as student loans, credit card debt or car payments, these monthly payments will impact significantly on how much you can afford to spend on rent. Don’t forget car expenses such as gas, service and insurance, if you own a car, as well. Once you have a solid understanding of what your basic expenses will be, you can draw up a simple budget for yourself. It will help you to see how much money you really have, where it is going, and what your limitations are. More importantly, it will show you where your money is going and what you have left to spend on other fixed and incidental expenses such as food, clothing, savings, recreation and entertainment, gifts, travel, etc. If you find that living alone will stretch your finances too much, consider lowering your rent payments significantly by living with a roommate. If this is your first time renting, you’ll enjoy the sense of freedom and independence that you’ll gain from doing so. At the same time, it will also be a good experience in learning to live within your means.

Jane Herman is a Communications Consultant who has worked in the rental property industry. Jane provides communications solutions for a diverse range of clients and has written about food, fashion, apartment living and personal finance for several publications.

SOUTH Central North Saskatchewan River

85 St.

75 St.

95 Ave. Co

For our online listings We’ve got your bases covered!

90 Ave. 83 St.

Scona Rd.

tch

ska

d nR

92 St.

98 Ave.

99 St.

104 St.

114 St.

105 ST BRIDGE

103 St.

Ave. University

che

CHECK OUT

www.homeTRADER.ca

101 Ave.

JAMES McDONALD BRIDGE

kat

87 Ave.

84 St.

LOW LEVEL BRIDGE

109 ST BRIDGE

Sas

79 St.

106 Ave.

DAWSON BRIDGE

GROAT BRIDGE

CAPILANO BRIDGE

4543806_28/26

Whyte - 82 Ave.

“A Home With Heart in the Heart of Edmonton”

Unique & Spacious 1 & 2 Bedrooms 8768 - 96 Avenue

Adult & Family Buildings Available

www.strathearnheights.com

780-469-3080

OFFICE HOURS: Monday - Thursday 8 a.m. - 7 p.m. Friday 8 a.m. - 4 p.m. Saturday 12 p.m. - 4 p.m., Closed Sunday

Tell Them You Saw It In The “Renters Guide” • PAGE 21

FORT SASKATCHEWAN CHECK OUT

www.homeTRADER.ca

For our online listings We’ve got your bases covered!

ANOTHER LANDMARK GROUP PROJECT

Westwood Terrace

75 Woodsmere Close FT. Saskatchewan

www.westwoodterrace.ca

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Brand New Condo Style Apts Adult Building 7 appliances • Heat, water & parking included • Some with underground heated parking • Close to all amenities •

780-992-0243 or Sheila at 780-221-3419

Call Paul at Showsuite

11 floor PlANS to ChooSe from

PAGE 22 • Tell Them You Saw It In The “Renters Guide”

Westland Park

5592194_29/01

8910 - 98 Avenue Fort Saskatchewan

PROPERTY INFORMATION

• 2 & 3 bedroom units • 1 1/2 baths • Professional on site management • Lawn & patios in fenced yards • Full basements • Sorry, no pets This is a great well maintained family community. Only 10 minutes drive on the Manning Freeway. Now open evenings & Saturday.

Spacious and updated units

780-998-3880

www.GreatApartments.ca

Edmonton Manning Freeway

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rentersâ&#x20AC;&#x2122;help

Lifetime RenteRs

Renting is more than a passing phase for many people. it can be a lifestyle where you can take advantage of more money in your pocket, less stress about maintaining your home and more time to work, play and enjoy life. We talked to real estate professional Jodi Gilmour about people who rent their home for life.

By Kim Carlton

renters’help

Renters Guide: Why do some people become lifetime renters? Jodi Gilmour: There are loads of reasons why some people rent their place to live for life. Some of the most common influences are culture, lifestyle and financial. In many countries and cultures, renting is the norm. Take Spain and Portugal for example, where, due to tenant protection acts, it’s common to live in an apartment that your grandparents negotiated rent on in 1935, and you’re still paying 1935 rental rates (much to the chagrin of your landlord)! Other people rent for lifestyle reasons; perhaps they move from city to city for work – or adventure. If you can’t see yourself living in one place for a while, why buy a house? Lastly, loads of people become lifetime renters because renting is generally less expensive than owning. Maybe you want to spend more of your income on travel or hobbies, or maybe you never built-up much of a down payment or credit history. For lots of people, owning is never a goal, for others, it’s just never a reality. Renting is more flexible, more affordable and requires less fuss!

RG: What are some of the advantages of renting long-term? JG: People who chose stay in one rental for a long time enjoy the benefit of growing ‘roots’ – feeling truly at home in their rental, while keeping their rental rate low. In Ontario, the amount a landlord can increase rent per year is regulated (typically less than three per cent per year), so assuming the market is increasing at a higher rate, these renters are beating the system. When I know renters are looking to stay for more than a year, I suggest they build the extra time into the lease and ask for a reduction in rent. Landlords know that each time their rental switches hands it costs them, so I encourage renters to try to split the savings with the landlord. Everybody wins.

RG: How can long-term renters maximize their finances? JG: There’s a litany of ways to benefit financially from renting. By renting, you’re probably putting a smaller percentage of your take-home income towards housing, so you can spend it in other ways. In my opinion, renters should spend 20 to 28 per cent of annual income on housing, whereas homeowners can spend a little more (27 to 33 per cent) because if they hold on long enough to build equity, they’ll get some of their money back. In this case, the renters might enjoy today while the homeowners put off the fun. If you don’t have all of your credit tied up in a mortgage, you may have an easier time playing in other markets, opening a business, or making other purchases. If you work from home and don’t have an office outside of the home, you can write-off a percentage of your rental fee, (which is also true for homeowners).

If your company is moving you from city to city, they should be covering your moving costs and either helping out with your rent, or paying you according to the living standards in the city they place you. If you are looking to raise a family on a budget, a very affordable way to rent is in a co-op, where residents share in the work that it takes to maintain both the property and the community that lives there. You pay less money, but throw in a little elbow grease.

RG: Do most long-term renters tend to stay in one rental or move around?

JG: It really depends on individual renter’s needs and the landlord’s plans for the property.

RG: Do long-term renters usually live in apartment buildings or rent a house?

JG: Apartment buildings are most common among long-term renters, by far. And I’m not certain why, but I’d guess that cost has a lot to do with it. It’s less expensive to build and maintain an apartment than a house, so they can be offered at more attractive prices.

RG: Would you recommend being a lifetime renter to someone just starting out in today’s real estate climate? How about to someone later in life who is faced with the decision whether or not to rent or to buy?

JG: Let’s first point out that everybody has to live somewhere, and nowhere is free. Let’s also acknowledge that having grown up in real estate, I’m slightly biased. In the recent real estate market, investing has been lucrative. But you need to figure out whether you’re looking for an investment or trying to establish your lifestyle and home. If you know that your health is failing, you’re losing your job, you’re facing debt, or starting out on your own for the first time (or again), renting is a great option. Later in life, health becomes a big factor. A healthy senior may wish to stay independent as long as possible. When deciding whether to move into a rented apartment or seniors home, rather than mowing lawns and maintaining the family home, renting is often a sound decision Renting is great when there are unknowns, because you can generally get out of a rental with 60 days notice and very little penalty.

Jodi Gilmour has been the host of HGTV’s For Rent and and a featured contributor on Marriage Under Construction. HGTV.ca

NorthWEST Castle Downs Rd.

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ITY

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Scrumpdillyicious

LesLie styLes, foodie & traveL aficionado, shares some deLicious dishes found on her traveLs around the worLd.

the ‘hungry monk’ Banoffi Pie

directions

For the pastry, place the flour and sugar in a bowl, cut the butter into cubes and then rub the mixture together until it resembles fine bread crumbs. Work the egg into the dough to form a paste, then cover and chill for half an hour. Preheat the oven to 400°F. When ready, lightly grease a 10-inch by 1 1/2-inch deep loose bottomed tart tin, and line with the pastry thinly rolled out. Prick the base all over with a fork, line with parchment paper and weigh down with dry beans. Bake for 15 minutes then remove the beans and parchment. Put the pastry case back into the oven and cook until its evenly golden. Remove from the oven and cool. For the toffee sauce, start by placing the unopened tins in a deep pot, cover with water, and bring to a boil on the stovetop. Cover with a lid and transfer to a preheated 285°F oven for 3 1/2 hours. Lift the tins from the water and allow to cool completely before opening. Note: The longer they cook, the darker and thicker the toffee will be.

s the story goes, Ian Dowding and Nigel Mackenzie are credited with the ‘invention’ of Banoffi Pie, which they first served at their award-winning Sussex gastropub The Hungry Monk restaurant in Jevington, East Sussex. Developed in 1972, the dessert was inspired by an American dish known as Blum’s Coffee Toffee Pie, which consisted of smooth toffee topped with coffee-flavoured whipped cream. Dowding adapted the recipe to instead use a soft caramel toffee created by boiling a can of condensed milk, and worked with Mackenzie to add a layer of bananas, calling the dish “Banoffi” — a blend of the words ‘banana’ and ‘toffee’. It was an immediate success, proving so popular with their customers that they couldn’t take it off the menu. If you’re just discovering Banoffi Pie, you’re in for a treat. The decadent combination of buttery crisp shortbread pie crust, Dulce de Leche toffee and slices of sweet bananas, all covered with lashings of whipped cream, is rumoured to have been one of Margaret Thatcher’s favourite puddings and also among the more popular treats served at Buckingham Palace.

To compose the pie, carefully spread the toffee over the cooked pastry, then top with peeled and sliced bananas. Whip the cream, sugar and instant coffee granules, until thick and smooth. To finish, spoon the cream over the bananas, up to the edge of the pastry, then lightly sprinkle with freshly ground coffee, and garnish with some sliced bananas on top, just before serving.

ingredients serves 4 recipe courtesy of ian dowding of ‘the Hungry Monk’

For the pastry: › 9 oz plain flour › 1 oz icing sugar › 4 1/2 oz butter › 1 egg & 1 egg yolk

For the Banoffi toffee sauce: › 1 1/2 tins condensed milk - 13.5 ounces each › 5-6 firm yet ripe bananas › 1 1/2 cups double cream - whipping cream or crème fraîche work well too › 1 tsp instant coffee › 1 tbsp caster sugar › 1 tsp freshly ground coffee

Leslie Styles is president of Styles Design Inc., a Toronto-based branding and communications agency, and author of Scrumpdillyicious, a food & travel blog dedicated to all things delicious. She can be reached at stylesdesign.net and scrumpdillyicious.blogspot.com

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Live Downtown & Love It! Grand Central Manor. Contemporary Chic! Grand Central Manor 1935 Sq.ft Luxury Penthouse Available Please Phone

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