The term high-efficiency typically appeals to our pursuit for products that show quality, speed and effectiveness. It also speaks to goods that are kind to the environment or at least kinder than their predecessors were.

When it comes to water heaters, there are a number of choices available and for good reason. Did you know that warming up your at-home water supply comprises nearly 20 per cent of your home’s energy use? Heating your water supply ranks second, albeit a distant second, to the amount of energy used to heat your home, which clocks in at 63 per cent. Hot water is an expensive proposition as it accounts for between 15 and 25 per cent of your household energy bill.

While the natural thing is to replace your broken down water heater with the exact same model, you should at least consider the different types of water heaters that are on the market. Next to the standard storage model, there are tankless or on-demand, heat pump models and those that are solar assisted. Then there are the different fuel types used by water heaters such as electric, natural gas, propane and oil.

Storage or tank water heaters, which are the most commonly used appliances, are also the most inefficient. That’s because anywhere from 20 to 80 gallons of water is being kept hot and ready for use at all times. That sucks a good amount of energy. Insiders call this energy-out-of-the-window formula ‘standby losses.’

Demand or tankless water heaters are a good alternative because the supply of hot water is made on demand or as needed. As a result, standby losses are eliminated.

Heat pump water heaters somehow transfer energy from the air to water in the storage tank.

Solar water heating is another alternative. While the initial costs are high with this choice, the long-term costs of operating a solar water heater can save you up to 90 per cent. The only stipulation with this system is that you also need a conventional water heater as backup should the solar system fail to operate.

There is a myriad of considerations to think about when investing in a high-efficiency hot water tank. What you ultimately choose depends on your budget and needs. Let’s take a look at an efficiency comparison of common types:

A standard storage water heater has low initial costs and a life span in the neighbourhood of eight to ten years. Energy savings are the lowest at 10 to 20 per cent. A tankless water heater can last up to 20 years and provides an unlimited water supply. The heat pump water heater is the most efficient for those using electricity. They generally last about ten years. Solar offers the best energy savings, in the range of 70 to 90 per cent and last up to 20 years.

You’ve been saving and a small nest egg has accumulated and now you’re wondering if the real
estate market is good place to invest your money.

The condo market is a good place to start. Not only have condos posted year-over- year gains,
making them an attractive investment opportunity, they are also likely the most affordable
piece of real estate money can buy in the GTA.

Purchasing a condo as an investment is a wise move now for a number of reasons. Vacancy
rates in Toronto are extremely low, somewhere below one per cent. As with any supply-
demand scenario this inevitably means renters will need to pay more and competition for
desirable rental space will be stiff. With rental prices on the higher side and a low supply of
rental space, tenants are reportedly engaging in bidding wars by offering landlords extra
months of rent up front just to secure a space.

It’s said that the majority of condo investors look to a formula of 25 per cent in and 75 per cent
rent coverage. What that means is if you invest 25 per cent into the price of your condo, the
rent you charge should cover your remaining costs, including property taxes, mortgage and
maintenance fees.

If you are buying a condo as an investment, try to buy in the very best location you can afford.
Make sure the condo is close to transit, multiple forms are even better, as many renters don’t
own vehicles.

There are plenty of advantages to condo living that you don’t always get in a single-family
home. Your access to community is virtually built-in given the closer quarters design of most
condos. Many possess an added level of security that is non-existent in other homes. And
finally, the condo lifestyle frees up your time for other pursuits as grass cutting, snow shovelling
and window washing are chores that are relegated to someone else to take care of.

Don’t ignore what amenities are in your condo simply because you won’t be living there.
Renters will pay attention to what your building offers and they want to benefit from some of
the amenities they enjoyed when living in a single-family home. Many condos feature patios,
pools and party rooms for entertaining larger groups. Barbecues are often available. And just
think what renters can save on their fitness club memberships once they start using the gym
provided by your condo.

Finally, pay attention to the cost of utilities as well, since your renters will want some idea of
these costs.