Most Canadians would agree that August is a great time to be lazy, so why not use this summer's doldrums to save yourself time and money once summer is over. Get really lazy and let someone else do your real estate updating for you. A lot has happened over the past year, but if you haven't kept track of all the changes that affect real estate, you may miss out on an opportunity.

You could spend hours and hours researching changes to laws, government programs and the full range of housing and financing issues relevant to your personal or business interest in real estate. Or, you could call your local real estate salesperson or broker who's business is knowing what's new in real estate. (This could also be an ideal time to have your real estate evaluated to see where you stand and where opportunities lie.)

The good news is that all these services are usually delivered at no charge by real estate professionals.

What are you missing? Did you know that:

• Real Estate Boards support their professional members in many ways:

  • Buyers interested in the Greater Toronto Area can tap into the Toronto Real Estate Board's new online listing of open houses to make sure they take advantage of this public access to private property. Sellers gain yet another advantage in listing MLS ... check out TREB's consumer website at TorontoRealEstateBoard.com .

  • See PJ Wade's article, "TREB's 'Buyer Registry Service' Parallels MLS ," for a look at yet another new service.

  • TREB has statistics galore to share and reports that "as of June 16th, there were 41,522 residential transactions this year equating to nearly C$15 billion," which represents a 3 percent increase in the number of home sales since June 2005. Projections estimate that an additional C$1.1 billion was generated in the GTA this year through related renovation, financial, legal and other services.

• Government programs aim to continually improve consumer protection:

  • Tarion Warranty Corporation , recently announced that total warranty coverage for new homes will increase from C$150,000 to C$300,000 for all purchasers who take possession of a new home on or after July 1, 2006. This increased coverage should protect home owners even if major warranty repair is necessary. There will not be additional costs for consumers or builders. According to Tarion, "The average price for a new single-family home in Ontario during 2005 was C$306,000, with warranty enrollment fees ranging from C$325.00 for homes priced at C$100,000 or less, to C$750.00 for those selling for C$500,000 or more."

• Real estate professionals understand the implications of changes to financing that make it easier to borrow, but do not necessarily reduce overall cost. The federal housing agency, Canada Mortgage and Housing Corporation (CMHC), recently eliminated homeowner high-ratio mortgage insurance application fees This savings of between C$165 and C$235 is not astronomical, but every Loonie helps at closing. This coupled with past premium reductions of up to 30 per cent is meant to increase affordability. CMHC also changed its offerings for mortgage insurance:

  • Longer amortization and more flexible repayment options: "Extended amortizations allow borrowers to purchase their home and grow equity sooner. The premium surcharge for a 30-year amortization will be 0.20 per cent. For a 35-year amortization product, the premium surcharge will be 0.40 per cent."

  • Interest-only mortgages: Lenders may offer borrowers with a solid credit history the choice of making interest-only mortgage payments for up to the first 10 years of a new or refinanced mortgage. The premium surcharge for an interest-only period of five years is 0.25 per cent and 0.50 per cent for the first 10 years. The balance will then be amortized for full repayment in 25 years or less.

• Tenants benefit from understanding their options: In an expansion of British Columbia's Shelter Aid for Elderly Renters (SAFER) program, the 10-year Canadian residency requirement for SAFER eligibility ended June 1, 2006. Now, low-income retirees who rent and who have lived in BC for one year will be eligible. SAFER provides direct cash assistance to British Columbians aged 60 or older who pay rent. On average, those involved in the SAFER program receive C$169 per month. The SAFER heat allowance was increased by $10 a month to a maximum of $35.

And this is just the tip of the real estate information iceberg. Understanding the implications of a change is important. For instance, do you see why extended amortization periods or delayed repayment may result in higher overall interest costs? Ask a real estate salesperson or broker.

So that you can really relax this August, make sure you have a real estate professional on your side, sharing relevant information, and creating buying and selling strategies tailored to your goals.

Sources: TREB, Tarion, CMHC, BC Housing, The Canadian Connection