High prices, bidding wars, and bank scrutiny for mortgage approvals all make buying a home a massive enterprise. Yet another hurdle will soon be added to the mix. The federal government is working on a potential energy-efficiency rating requirement for houses going on the market. Officials in the Dept. of Natural Resources are reportedly working on this proposal, which would see a mandatory energy performance audit of a home before the point of sale. Provincial governments would have to join in on and approve the program, as they have jurisdiction over real estate sales and housing development. The audit would likely include the posting of a property’s energy-efficiency rating on the house listing. A potential plus to this prospective green tape is the possibility that a high rating would increase the sale price and add equity to a home on appraisal.
The Liberal Party mentioned this initiative in their 2021′ campaign manifesto, under the name of energy-performance labelling. The Prime Minister is making this a personal priority, and has pushed the Minister of Natural Resources to include mandatory efficiency labelling under the national EnerGuide ratings system. The federal argument is that this measure is needed given that the ‘buildings’ sector accounts for 13% of national emissions. Developer stakeholder groups have called this proposal a bad idea that would increase costs in an unprecedentedly expensive market. In a housing market where costs are rising and red and green tape can slow down a sale or purchase, Tembo Financial can help accommodate refinances or purchase financing.
If you’re looking to draw on your equity to facilitate a purchase, pay out existing mortgages, or take advantage of a potentially lower interest rate, Tembo can help approve and cash out financing quickly. Tembo is faster than waiting for a bank to run through the motions, and we can help fund you if the bank or a B lender says no. We can approve your application quickly and can release funds within 48 hours – and we offer same day commitments – please visit www.tembofinancial.com and give us a call at 1-844-238-6717!