The Smart Home: Room By Room | Smart Home Series

Diane Buchanan • April 13, 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:

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.

DIANE BUCHANAN
 Mortgage Broker

LET'S TALK

How Do You Port a Mortgage?

By Diane Buchanan • November 19, 2025
Porting your mortgage is when you transfer the remainder of your current mortgage term, outstanding principal balance, and interest rate to a new property if you’re selling your existing home and buying a new one. Now, despite what some big banks would lead you to believe, porting your mortgage is not an easy process. It’s not a magic process that guarantees you will qualify to purchase a new property using the mortgage you had on a previous property. In addition to re-qualifying for the mortgage you already have, the lender will also assess the property you’re looking to purchase. Many moving parts come into play. You’re more likely to have significant setbacks throughout the process than you are to execute a flawless port. Here are some of the reasons: You may not qualify for the mortgage Let’s say you’re moving to a new city to take a new job. If you’re relying on porting your mortgage to buy a new property, you’ll have to substantiate your new income. If you’re on probation or changed professions, there’s a chance the lender will decline your application. Porting a mortgage is a lot like qualifying for a new mortgage, just with more conditions. The property you are buying has to be approved So let’s say that your income isn’t an issue and that you qualify for the mortgage. The subject property you want to purchase has to be approved as well. Just because the lender accepted your last property as collateral for the mortgage doesn’t mean the lender will accept the new property. The lender will require an appraisal and scrutinize the condition of the property you’re looking to buy. Property values are rarely the same Chances are, if you’re selling a property and buying a new one, there’ll be some price difference. When looking to port a mortgage, if the new property’s value is higher than your previous property, requiring a higher mortgage amount, you’ll most likely have to take a blended rate on the new money, which could increase your payment. If the property value is considerably less, you might incur a penalty to reduce the total mortgage amount. You still need a downpayment Porting a mortgage isn’t just a simple case of swapping one property for another while keeping the same mortgage. You’re still required to come up with a downpayment on the new property. You’ll most likely have to pay a penalty Most lenders will charge the total discharge penalty when you sell your property and take it from the sale proceeds. The penalty is then refunded when you execute the port and purchase the new property. So if you are relying on the proceeds of sale to come up with your downpayment, you might have to make other arrangements. Timelines rarely work out When assessing the housing market, It’s usually a buyer’s market or a seller’s market, not both at the same time. So although you may be able to sell your property overnight, you might not be able to find a suitable property to buy. Alternatively, you may be able to find many suitable properties to purchase while your house sits on the market with no showings. And, chances are, when you end up selling your property and find a new property to buy, the closing dates rarely match up perfectly. Different lenders have different port periods Understanding that different lenders have different port periods is where the fine print in the mortgage documents comes into play. Did you know that depending on the lender, the time you have to port your mortgage can range from one day to six months? So if it’s one day, your lawyer will have to close both the sale of your property and the purchase of your new property on the same day, or the port won’t work. Or, with a more extended port period, you run the risk of selling your house with the intention of porting the mortgage, only to not be able to find a suitable property to buy. So while the idea of porting your mortgage can seem like a good idea, and it might even make sense if you have a low rate that you want to carry over to a property of similar value, it’s always a good idea to get professional mortgage advice and look at all your options. While porting your mortgage is a nice feature to have because it provides you with options, please understand that it is not a guarantee that you’ll be able to swap out properties and keep making the same payments. There’s a lot to know. If you’re looking to sell your existing property and buy a new one, please connect anytime. It would be a pleasure to walk you through the process and help you consider all your options, including a port if that makes the most sense!

Everything You Should Know Before Buying a Home

By Diane Buchanan • November 12, 2025
Thinking About Buying a Home? Here’s What to Know Before You Start Whether you're buying your very first home or preparing for your next move, the process can feel overwhelming—especially with so many unknowns. But it doesn’t have to be. With the right guidance and preparation, you can approach your home purchase with clarity and confidence. This article will walk you through a high-level overview of what lenders look for and what you’ll need to consider in the early stages of buying a home. Once you’re ready to move forward with a pre-approval, we’ll dive into the details together. 1. Are You Credit-Ready? One of the first things a lender will evaluate is your credit history. Your credit profile helps determine your risk level—and whether you're likely to repay your mortgage as agreed. To be considered “established,” you’ll need: At least two active credit accounts (like credit cards, loans, or lines of credit) Each with a minimum limit of $2,500 Reporting for at least two years Just as important: your repayment history. Make all your payments on time, every time. A missed payment won’t usually impact your credit unless you’re 30 days or more past due—but even one slip can lower your score. 2. Is Your Income Reliable? Lenders are trusting you with hundreds of thousands of dollars, so they want to be confident that your income is stable enough to support regular mortgage payments. Salaried employees in permanent positions generally have the easiest time qualifying. If you’re self-employed, or your income includes commission, overtime, or bonuses, expect to provide at least two years’ worth of income documentation. The more predictable your income, the easier it is to qualify. 3. What’s Your Down Payment Plan? Every mortgage requires some amount of money upfront. In Canada, the minimum down payment is: 5% on the first $500,000 of the purchase price 10% on the portion above $500,000 20% for homes over $1 million You’ll also need to show proof of at least 1.5% of the purchase price for closing costs (think legal fees, appraisals, and taxes). The best source of a down payment is your own savings, supported by a 90-day history in your bank account. But gifted funds from immediate family and proceeds from a property sale are also acceptable. 4. How Much Can You Actually Afford? There’s a big difference between what you feel you can afford and what you can prove you can afford. Lenders base your approval on verifiable documentation—not assumptions. Your approval amount depends on a variety of factors, including: Income and employment history Existing debts Credit score Down payment amount Property taxes and heating costs for the home All of these factors are used to calculate your debt service ratios—a key indicator of whether your mortgage is affordable. Start Early, Plan Smart Even if you’re months (or more) away from buying, the best time to start planning is now. When you work with an independent mortgage professional, you get access to expert advice at no cost to you. We can: Review your credit profile Help you understand how lenders view your income Guide your down payment planning Determine how much you can qualify to borrow Build a roadmap if your finances need some fine-tuning If you're ready to start mapping out your home buying plan or want to know where you stand today, let’s talk. It would be a pleasure to help you get mortgage-ready.