If you were selling or renting out your property, would you agree to provide the potential Buyer or tenant with a report describing the energy efficiency of your property? What would the results of such a report show?
In October 2008, the Ontario legislature passed the second reading of Bill 101 known as the Home Energy Rating Act. If approved, this new act will require that owners of detached, semi-detached homes and units in multi-unit, low-rise buildings, who enter into an Agreement of Purchase and Sale on or after January 1, 2011 or into a tenancy agreement on or after January 1, 2012, will need to provide a Home Energy Rating Report of the building to a prospective Buyer or tenant. Read that again because chances are, it will affect YOU at some point.
The new act proposes that a Home Energy Report will be required that evaluates the energy efficiency of a building when it is sold or rented.
In December, Green Saver announced that it has joined forces with the Ontario Association of Home Inspectors to offer EcoEnergy home audits across Ontario with training of inspectors to commence this month.
If you anticipate selling a residential property any time after the end of 2010 or, of renting it out after the end of 2011, now might be a good time to develop a plan for improving the energy efficiency of your property. Up to $10,000 in grants are available to homeowners for retrofits done as shown in this chart of possible rebates available. You can start with an Energy Audit which typically costs about $300.00 although right now the provincial government will automatically rebate you with $150.00. Locally, the Environment Network in Collingwood has excellent information on their website outlining the steps you should take and explaining the process in general.
Really think about this. While it seems to be getting very little notice so far, I suspect this will become a very big topic over the next couple of years. You have a chance to help your home, your pocketbook, the environment and a successful future sale by getting started now.
When it’s time to buy or sell real estate in the Collingwood, Blue Mountain or Georgian Triangle area, contact Marg, an experienced and competent Broker who’s ready whenever you are!
Marg Scheben-Edey is a Broker with RE/MAX four seasons realty limited, Brokerage in beautiful Collingwood, ON. With three decades of experience, Marg is a leader in the local real estate marketplace and is ready to help guide both Buyers and Sellers in achieving their real estate goals. Email Marg