Toronto Real Estate Forecast 2012

Will we have the sky rocketing interest rates? Will the Toronto Condo Bubble Burst? How is our unemployment rate?

The global scandals and economic meltdown of entire nations was not shared by Canadians.

The Canadian housing market has demonstrated tremendous resilience in recent years, but 2011 stands out. Instead of responding to economic concerns both here and abroad with a retreat in sales and prices, residential real estate markets actually experienced an upswing in the volatile third and final quarters. While clearly not impervious to the impact, Canadian consumers are intent on making their moves now, in advance of higher housing values and rising interest rates down the road. Canadians continue to buy houses.

Improvement in both provincial and local economies, is required; The increased deficit in Ontario resulted in a downgrade in Ontario's economic outlook, Rob Ford's first year in office has been acrimonious, especially during the second half of 2011, yet Toronto real estate values continue to defy logic with a projected increase of five per cent in 12.

The economic underpinnings support ongoing demand, particularly as job creation efforts continue and unemployment rates edge down further. 7.9% in Toronto. Nationally, we remain on an upward track, and the confidence consumers have demonstrated in housing over the past decade will prove well founded once again next year. The rising belief in homeownership is key, especially among Generation X and Y—some of whom are making their moves sooner. Boomers and retirees are changing, too. They’re healthier and more active, with longer life expectancy. Overall, we’re seeing an extension of the homeownership cycle, and it’s great news for housing.

What happened to Freedom 55? A Statscan study doesn’t speculate as to why we are seeing such a significant trend towards delaying retirement, but polls and opinion surveys provide some answers. For example, a Harris/Decima poll conducted for Scotiabank and released in earlier this year found that more than two-thirds of respondents said they plan to keep working after reaching retirement age. Of these, 38 per cent will do so because they won’t have enough money to live on. Another survey, this one for TD Waterhouse, discovered that 67 per cent of baby boomers are worried they won’t have enough money to retire, while only 15 per cent feel comfortable about their situation.

While tighter supply levels contribute to steady price appreciation in most major markets across Canada this year, Toronto is approaching 90 thousand units. Condo sales will now account for almost 40% of all units sold.

With houses popping on the market resulting in immediate multiple offers, We are hopeful for an increase in inventory more in line with years previous that should ease upward pressure on average price in the year ahead, but those in the mature market with homes in desirable neighourhoods are holding onto their homes longer...

If you are considering a move this year Call me... and allow me to demonstrate what I do for you. 647 218 2414

Concerned about YOUR Household Budgets?

If you bought a house in the last 10 years, you qualified for a mortgage at a lending institution [bank or mortgage company] presented your verified gross income to that same bank and budgeted for the mortgage payments you would be making, You understand that you have a predetermined income and only a certain portion is permitted for Mortgage qualification purposes. {GDS TDS} The BANK will not permit you to spend endlessly.

In addition to your mortgage you also have property maintenance either as a condo fee or you do the work / hire someone to do it, paint and upkeep, water, hydro, heating and property insurance. Let's not forget the addition property Tax the Municipal Property Tax Assessment levies against your house or condo. (MPAC)

Some at the City of Toronto feel that spending can go on forever without a limit on how much you can spend every month or every year. I want that VISA card. The never repay the debt card.

As you purchased property, you paid Land Transfer Tax Both Provincial and the newly imposed Miller Tax [have a look at what it costs to close on a Toronto Property Purchase] (rebates may apply for First Time Buyers)

In Canada, your purchase requires a minimum down payment of 15% to SAVE the Canada Mortgage and Housing premiums to INSURE a residential Mortgage (CMHC) plus applicable PST and Title Insurance. Lawyers have their own Law Society Levies and Taxes.

IN good times, Canadians Save for those times that may not be good.

I posed the following question to Shelley Carroll ( Toronto City Councillor ) If the property values decrease or collapse in the fashion that Garth Turner Predicts (The Greater Fool) with PEOPLEnomics and keeping them scared are we not prudent to trim our budgets during goods times rather that SLASHING them during a recession? See for yourself

Ms. Shelley Carroll replied;

Garth Turner? Basing his theory on overly-selective history in Intensified Mega Cities' Fiscal Formuli? Seriously?

Seriously? Buyers are nervous. Spending seems to be out of control. I sell houses. I help families solve their housing needs. I sell houses to families who are comfortable and confidant in their ability to make future payments on a mortgage and pay the taxes related to that purchase. Your confidence requires a local employment and the belief that ownership by choice and commitment will benefit your family. If the values decline, in Canada the way they have in the United States, it would be like the European Debt crisis right here.

Is it possible that we could have a VOTER revolt like they had in California with PROP 13? When they slashed their state budgets the entire government work force was reduced to 3 days a week. School and myriad other programs rippled.

Maybe its time we looked at appointed City Managers. What do you think?

Roncesvalles Revival

The Grid on Roncesvalles Yesterday, the Grid published an interesting story about “the Roncesvalles revival.” On the surface, the article cheers the arrival of new restaurants to the street, specifically the Ace and the Westerly, but it goes deeper. It raises questions about the role of community in establishing stable, successful main streets, and expresses optimism that Roncesvalles will be able to avoid the excesses of other trendy hot-spots like Ossington or Queen West. The Westerly’s co-owner, legendary restaurateur Tom Earl, says he was not looking for the latest hot-spot in order to make a quick buck. “We want to be here for a long time, we want to be part of a neighbourhood—we really want to be involved. And that’s what we were looking for and why ultimately we decided Roncesvalles would be perfect.” Ace owners Maggie Ruhl and Gregg Boggs similarly cite the role of community in shaping the direction of their business. Meanwhile, other new businesses like Barque and Pizzeria Defina also balance a certain trendiness with a community-friendly vibe, welcoming local families along with younger professional couples. Why has Roncesvalles managed to get this tricky balance right, when so many other neighbourhoods have faced difficulties? “Roncey,” writes author Paul Aguirre-Livingston, “has a stronger, smarter sense of community more closely associated with a cultural identity that runs deep and rich. [...] It’s that very pride in community—a blend of preservation and self-perpetuating drive—that becomes a powerful motivator for business owners and their patrons.” Ruhl specifically mentions the role of community associations, including the BIA, in taking an active role in guiding the development of the street. This guidance is not adversarial or driven by suspicion. Rather, the Roncesvalles community has been able to express itself in a productive way, welcoming change as well as continuity, such that new businesses are better able to fit in. It is unlikely that a big box nightclub would be able to establish itself, says Ruhl. “What happens [in Roncesvalles] is that the associations are so involved that it’s always going to be small, little businesses.” Let’s hope Ruhl is correct. I imagine everyone would feel better if they knew what was coming to the old Rogers space at Howard Park. But so far, I think this community can take a great deal of pride in how the street is taking shape since the end of reconstruction. This community is why Roncesvalles remains, in the words of Aguirre-Livingston, “the most perfect corner of Toronto we’ve got left.” John Bowker Parking and Beautification Chair Roncesvalles Village BIA www.roncesvallesvillage.ca

The Community wants and needs new business. It is the vibrancy and investment of the merchants and restaurateurs that fulfill the sense of community that attracts us to live here. The author talks about a comparision to other streets and their prosperity. I hope that Ossington does well. I hope they create that same sense of community that is felt in Bloor West or Roncesvalles Village.

No one explains How or Who will Pay?

Facing Budget reductions or double digit tax increases? Can we afford the transit we need but have none of the money to build? Who will fund Breakfasts for Kids to Child Daycare subsidies?

Toronto - With Toronto's 2012 operating and capital draft budget laid out, more than 300 Torontonians signed up to deliver public deputations in front of the budget committee at city hall. On Wednesday, we got to hear what more than a dozen had to say.

The City of Toronto has held public consultations, hearings and deputations over the past several months. Digital Journal reported in the summer of the 24-hour meeting where hundreds of residents provided their thoughts on the Core Service Review. Last month, Digital Journal reported on the Toronto Transit Commission holding a town hall meeting to receive feedback from transit riders.

On Wednesday, the budget committee, chaired by Councillor Mike Del Grande, gave hundreds of Torontonians the chance to deliver public deputations. Exactly 348 names were listed, but the budget chief said that it looked like that they would not go through the entire list either today or tomorrow.

Prior to the meeting, Del Grande explained that each deputant would be allowed three minutes and then one minute for each question asked by a city councillor. Furthermore, he noted that Wednesday and Thursday’s consultations would run until 9:30 p.m.

Andrew Moran

City Councillor and Budget Chief Mike Del Grande speaking during Media Availability at the mayor's office.

Like this image2

Each person had their opportunity to share their frustrations, suggestions and even accolades to the proposed 2012 operating and capital draft budget that was released last month. The budget, which Mayor Rob Ford labelled as “smart,” includes a 2.5 percent property tax increase, 10-cent TTC fare hike, reductions in library hours, the closure of wading pools and the elimination of 2,300 City staff.

Read the rest right here Digital Journal

Will Rob Ford stand by his committment to eliminate the Toronto Land Transfer Tax on Home Purchases?

If the city drops the tax, how will they make up the extra 400 Million in revenues?

Does this make Mississauga a better deal?

Bloor West Village Animal Hospital Community Profile

Our friend of 21 years became ill, lethargic and declined to beat and accost the puppy. Initially we thought nothing of the malaise for a day or two, till we noticed he was not eating. Loss of appetite for a cat, cannot be ignored. A quick run to Dr. Christopher O'Toole at the Bloor West Village Animal Hospital quickly confirmed our fears. The staff and Dr's at Bloor west we're compassionate and respectful. I hope in your time of an animal friend passing you will have similar support.

Are you on a Toronto Condo Board?

If you are on a Board of Directors for a condo this is well worth the read; Found this within the comments section while looking for square footage costs of other condo building in South Toronto with Lake Ontario access.

many older buildings (1970s, early 1980s) who ignored the 10 year grace clause in the 2001 Act about having their reserve fund catch up, and now they are handing out huge increases. It also seems that the number of Boards who are finding their owners unmanageable and are forced to go to the Superior Court of Justice, under S 130 of the Condo Act (1998) to have a court appointed Inspector take control of the building. This is an ugly and desperate process, but dysfunctional Boards, or uninformed Board members sometimes force the issue. When the Inspector waltzes in, compliance is NOT an option. When he/she hand out a 45% increase, they are in no mood to work out a payment plan. They will be merciless with costs and expenses, and they will try to fire everyone in sight. Not pretty.
Most older buildings pool their utilities and that is a nightmare as utility costs escalate. Some building managers stand by the lobby cameras to intercept laundry being brought into the building because (generally renters) with ‘free’ utilities invite their nearby friends and family to do their laundry.
Newer buildings with their 5-star hotel amenities are going to regret them one day. The good news: you will need an 80 or 90% vote of ALL owners to get rid of those expensive toys. Good luck with that. Getting quorum for a meeting or a 51% vote on what kind of pizza to order for a meeting is a chore.
Most Board members are not educated, and owners most certainly are not. The Condo Act does not say ‘shall,’ it says ‘must’ a heckuva lot. D & O insurance will not cover directors who ignore Reserve Fund studies, nor will spiteful owners be rewarded by voting directors (or Managers) off the island just because they are doing their due diligence.
If your building is rotating Managers or Management companies like a revolving door, then know something is wrong with the building, not the management companies.

I’ve often thought that anyone who eagerly wants to be on a Board should automatically be disqualified under the Act: after all, there is no pay and there is no glory, so other than revenge, a personal vendetta, or the misapprehension that they will gain experience and have some ‘fun,’ why else would any rational person want to be on a condo Board? http://www.thegridto.com/life/real-estate/what-you-need-to-know-about-condo-fees/

Real Estate information you can use Toronto

Lets listen to whats really happening in Toronto Real Estate.

How are your maintenance fees? Condo Life

When we purchased this unit facing Lake Ontario we were assured that the maintenance fees would be minimal based on the services and amenities available within the building. Each unit is separately metered for individual power consumption. (Remember that extra $200 create new account charge from Hydro ** Don't forget to call and get your deposit back)

The Marketing Materials in 2007 indicated that the proposed occupancy fees would be between 37 and 43 cents per square foot and this would be stable because separate meter and efficiencies of being a new structure. Concrete Slab construction with Glass Exteriors is the preferred method of construction both for speed, efficiency and thermal savings. Most Condominium and Office towers in Toronto employ this method of construction. Most of the Toronto Condos and Humber Bay Shore employ this design to maximize the window size if not floor to ceiling glass.

Move in- the adjusted budget proposed from the builder to the management company the fees were re evaluated to 54 cents per square foot. [This in itself was a 35% increase - proposed at 40 now 54 ] Are these revision sufficient to offset the HYDRO increases, and water and sewer charges that have changed in

During the first actual year of operation a Condominium Building must accomplish a number of items. (and prior to the end of 12 months)

• Performance Audit of Construction*
• Tarion Warranty Submissions*
• Reserve Fund Study*

Contracts entered into by the Builder / Developer have resulted in acrimony and lawsuits between the two parties. This resulted in case law and legislation that prevents the Developer from giving his cousin "SAM" a sweetheart deal for the landscaping garbage cable etc.

After almost a full year of operation the new Budget is Proposed and now you are at 62.5 cents per square foot. That is a large and unexpected increase from the foretold expense only 3 years ago. Where are the individual line items that have skyrocketed? Some expenses are one time only, others are building cleaning, interiors and exterior glass; heat pump ventilation cleaning and filter replacements, but largest of all are the service contracts required for all your mechanical systems.

How have the maintenance fees in your building changed over the last few years?

When you moved in to when they had their first operating year was the increase expected?

Is the glass and concrete building method falling out of favour?

*1. Performance Audit is an independent review by the engineering firm you hire to read and interpret all the shop drawings and blueprints to verify that what you commited to as a purchase was delivered. The Audit goes on to test the quality of materials and construction to calculate the component's remaining economic life.

*2. Tarion Warranty is the home builders warranty program that all builders must belong to. Provides a mediation and compliance for the builder to complete or Tarion contracts to make the repairs itself. Every builder in Ontario is (should be) a Tarion Member.

*3. Reserve Fund Study The condominium corporation establishes a Reserve Fund Study within the year following the registration, and periodic planning to determine whether the amount of money in the reserve fund and the amount of contributions collected by the corporation are adequate to provide for the expected costs of major repair and replacement of the common elements and assets of the corporation.

What is your take on 2012?

What is your plan for 2012... Have you talked about what to do? Will you economize or spend heartily through this Christmas season?

Are the interest rates even an issue given that they will hold firm at 2.0% +/- Var and 3.15% F?

I was watching the coverage of the Black Friday shopping line ups and cross border time delays and thought, so many, taking a day off to shop for bargains, yet there seem to be so many sales here in Mississauga and Toronto.

The Apple store is always busy So lets take that one out of the equation, but, our own Rodeo Drive in Mississauga and the Big Box Stores that surround Mavis and Brittania, Brittania at McLaughlan is always busy.

The cranes around Toronto and Mississauga indicate the confidence others have in our economy, academia, business and long term growth. We continue to be a destination for cash, safe haven for the tired and oppressed and even our own citizens that made claims #occupyToronto of Corporate Greed and Tyranny. Yet it's those very same corporations that employ the majority of the work force. So lets strip a few issues further down and we come to the issue of Affordable Housing. This is indeed being addressed with Bill 140 and the Affordable Housing Act 2011 that comes into effect Jan 1st 2012.

Why is no one discussing this. I have emailed a few reporters but they seem more interested to paraphrase a news release than research a story.

Are you house shopping in 2012? New updated PRE Listing Kits are available if you are screening agents to represent your property next year. Accordingly I have also updated the Buyer Home Purchase Packages for Toronto and Mississauga; You need merely to call or email and I 'll get one to you.

Our own situation is a little different. We may be graced with a job lock out at the City of Toronto, and my BFF may become my Assistant instead. This lockout will cause financial drain to many families notwithstanding the impact to City Services. In favour or against is academic. The reality is budgeting cashflow. The City needs to balance its budgets as household's do.

Our Festivities this year might be modest because of the uncertainty of next years income; I do not relish the Rob Ford's lump of Coal in my Christmas Stocking.

How are you planning for 2012?

Sellers Property Disclosure with Barry Lebow

Very proud to have some of my content for Toronto Real Estate and the Seller's Disclosure (SPIS) picked up by Bob Aaron and the Toronto Star. Yourhome.ca article posted here;

Few real estate experts know more about the Ontario disclosure statement than Barry Lebow, who has testified as an expert witness in as many as 600 trials involving real estate issues.

In a video Lebow posted on YouTube, this question was posed to him: If a client asked you “should I or should I not sign a Seller Property Information Statement,” what would your definitive answer be? Lebow’s one-word response: No.

In the same video, Lebow says, “If I had my choice there would only be four questions on an SPIS form.”

Lebow’s suggested questions for sellers to answer are:

• Is there anything in your home that you are aware of that could negatively affect my buying decision?

• Is there anything on or below the surface of your land that could negatively impact my buying decision?

• Is there anything within the neighbourhood either in place or pending that could negatively affect my buying decision? Lebow explained the concerns referred to in this question would be issues like whether a pedophile lives in the neighbourhood, or whether there are any area plans for new developments like a new highway, airport runway or recycling plant.

• Is there anything about your house that would prevent me from getting a mortgage or insurance?

http://www.yourhome.ca/homes/realestate/article/1084308--aaron-manitoba-simplifies-seller-disclose-form

Using these four simple questions during a listing presentation [Seller Interview] solves a myriad of issues that can impede a Buyer from obtaining a mortgage; simple issues like water and electricity nullify an Occupancy Permit. Maybe its the additional cost of removing all the knob and tube wiring. If you can't live in it, you can't finance the purchase. If you can't get insurance you cannot get a mortgage.

Link to Video http://www.youtube.com/watch?v=CAxRlCZWazk I am personally pleased that we are finally making a stand on a document that was poorly crafted and hoisted upon unsophisticated. Thank you to Bob Aaron and Barry Lebow for your influence.

Would you answer those four questions?

She's on Vacation Lets sell it!

She's on Vacation.... visiting her Mom So..... You May as well sell the house right?

The Matrimonial Home is treated as a distinct Asset under the Family Law Act. The Act says there is spousal equality that deals with the orderly and equitable disposition of spousal affairs after the marriage has broken down.

The FLA stipulates that the full value of the matrimonial home must be shared even if you received the house as an inheritance, owned the home prior to the marriage or received it as a gift.

So ... We may need to sit down and present the offer twice; once to each spouse. You could and should seek independent legal advice. (ILA) If your spouse refuses to sell; you may need to obtain a Court Order to force the sale.

When listing a property ALL registered owners need to sign the Listing Agreement, the Agreement of Purchase and Sale and subsequent related documents. If only one spouse is shown on title; we still need to obtain a Consent to the Sale, even if the property is not the matrimonial home.

Under the Family Law Act a spouses are "persons" who are married to each other. In Ontario this includes same sex couples where were married in a legal ceremony. Common Law Situations are a touch different and the spouse may be entitled to support payments and repayments for contributions to the property. Yup Get a Lawyer.

All of these articles can be found on http://e-laws.gov.on.ca

Need to sell or Want to sell? I am available at 647 218 2414 http://SellinginToronto.ca

Finding your Home will provide Unlimited Happiness

Here we are approaching November, going into the Fall of 2011. We need to use every tool and service available for us to help find you a home in the Toronto Real Estate Market.

This is just one of them [Ipad] We are trying to get you the MLS Listings as fast as possible,

People are lining up to do multiple offers, going straight into the home selling winter market of 2011.

The interest rates are going to hold firm fo rthe next two years, at about 2 and a half percent,

thats very close to 3 percent on a fixed mortgage, Very affordable in terms of dollars on a house.

In different Toronto neighbourhoods like Bloor West Village, Roncesvalles Village, into Midtown at Yonge and Eglinton and Mount Pleasant, 750 to 800 thousand dollars is not unheard of, even for a semi detached that could use a bit more lipstick. Needs a bit more than just a coat of paint.

If you have the right people working on your team, with the right tools, we will help you find the house that you are looking for.

Today I'm over in Rosedale, with a nice detached property in the fall... very pretty time to be outside.. Do something with your family.. enjoy the day!

Enjoy the fall weather in Toronto, and If you would like to work with somebody with integrity, panache and focus, give me a ring at 647 218 2414.

I'd like to help you find the house of your dreams.

Living in Toronto and Loving It

We may have the most colourful Mayor in North America but we are being seen internationally as a sound and growing investment opportunity.

Earlier this month, U.S.-based Forbes magazine ranked Canada as the best place on the planet to do business. The U.S. came in 10th.

As the economic hub of the country, responsible for fully 20 per cent of its GDP, Toronto benefits greatly from such global attention. “We’re seen as a safe haven for foreign investment,” said Vaccaro.

The city is also a major immigration destination. Federal immigration policies continue to attract large numbers of new Canadians, most of whom are drawn invariably to the big cities, especially Toronto. An estimated 100,000 new residents move into the greater Toronto area each year, a growth rate closer to that of cities in Asia than any in North America.

In addition, immigration rules favor migrants with assets, meaning many jump quickly into a housing market that, despite rising prices, is still a bargain by international standards.

In addition, Toronto is bordered by a ‘green belt,’ ringing the city at the edges of its vast suburbs. Imposed by the province of Ontario in 2005 largely as an environmental measure, it has helped contain suburban sprawl, forcing developers to move away from traditional housing tract development and to look skywards.

The result is a city that gleams in the late afternoon light, a magnet for big money and big names.

http://www.globalpost.com/dispatch/news/regions/americas/canada/111027/toronto-the-new-dubai

So...... Plainly we are not Dubai.

We have an aging demographic in Canada that places the largest cohort of population turning 65 starting this year at 10 Million people. http://on.fb.me/MatureMarket We have strong immigration with new families. We have students who arrive here and stay.

Why would a professional realtor recommend 277 square foot housekeeping units when our family units require more space compared with building for singles?

Merging Family Units or Assisted Living?

So they are getting on in years and your family is almost grown. You're suffering from strong pangs of obligation for your family. Do you bring them in to live with you? Should you look at a separate condo for them to have their own space and privacy? Are you also considering Assisted Living facilities?

Of course, there is the other side of the family that also has elders to consider and as the responsible sibling; obligations always seem to fall to you.

SO, Your Mom and Dad are still active and care free, they could stay in their own home for years to come but will require assisted living soon. Barring anything that is an unexpected medical event or a catostrophic event; things could sail along for years just the way they are. The challenge is on the other side of the marriage where parents are a little older, require more attention, care and assistance to make those seemingly weekly Doctor visits and driving in Toronto does give you some concern.

Can I propose a solution that has worked for another family?

Would you consider an EIGHT bedroom house?

http://www.davidpylyp.com/search/feature.cfm?ml_num=W2215532
Actually it could be better described as a house with three distinct living zones.

Each family unit could maintain their independent lifestyle yet have access to the communal dinners, events and especially the time and affection of their grand children that previously required staged and planned visits.

If the unification of a family in this fashion can solve your Living Challenges, Save you a minimum of $5,000 per month as compared with a Condo and Assisted Living expenses, I would be pleased to arrange a visit for you in a Luxury Etobicoke Neighbourhood at Islington and Kingsway.

We should be paying attention to the People's needs filling business. What is your need? Lets find your solution together

Toronto is Tops 'n Building Condos

Toronto is indeed the condo building capital of North America!

There are currently 132 highrise buildings under construction in Toronto, according to the figures. Mexico City ranks a distant second with 88 and New York City is in third with 86. The field drops off dramatically after that: fourth-ranking Chicago is building 17 highrises, while Miami rounds out the top five with 16.

Emporis defines a highrise building as between 35 and 100 metres high, or 12 to 40 floors. Buildings taller than that are considered skyscrapers.

Toronto already has the second-highest number of completed highrises and skyscrapers in North America, with 1,875 — just ahead of Mexico City and Chicago — according to Emporis. They all trail runaway leader New York City by more than 4,000, however.

PHOTO GALLERY: TORONTO’S DRAMATICALLY CHANGING SKYLINE SINCE 1919

Continuing with this article, while some are already screaming about a condo bubble and over building an already overheated market; the Star article goes on to add...

http://www.thestar.com/news/article/1064773

There is little fear among industry experts that Toronto construction is outstripping demand, despite Bank of Canada Governor Mark Carney’s warning about a national condo price bubble back in June. In fact, some are worried about the opposite.

There are more than 39,000 condo units under construction in the region, according to Myers — “and 88 per cent of those are already sold.”

A further 118 buildings are in pre-construction, he said, and three-quarters of those are sold. “We’re just continually getting larger and larger and larger.”

So lets recap;

Every crane you see is a SOLD OUT condominium project that achieved Financial Viability and Critical Mass to proceed. Each unit has paid a lot levy [Building Permit] Each unit has a 15% downpayment prepaid and held by an at arms length third party [keeping your money secure]. The Banks then lend based on the contracts in hand to complete the construction.

Why bother with Toronto?

Unemployment less than 8% 27% of the jobs are in Financial Services and Insurance. Schools and Universities are world class. 57% of all immigration to Canada finds a home in teh Golden Horseshoe - 40% of all the immigration pools into the Toronto CMA.

Banks in Canada are secure and a safe haven compared with other countries. Your appreciation in the asset you live in is growing tax free from Capital Gains.

What other reasons would you buy for in Toronto?

Buy with ZERO Down is alive and Well

With Marcy Berg Mortgages4Women.ca A mortgage Broker in Toronto, Can People Still get a Nothing Down Mortgage in Toronto?

Yes David, They Can! A no money down mortgage now, is actually a five percent down mortgage. What the lenders will do they will calculate your mortgage based on a five percent down payment and at the end of the day will give you five percent of the total mortgage back as a cash back at the time of closing.

So I actually need to come to the table with some money to do this...

Yes! You will need a little bit of money to cover the short fall, and your closing costs, and of course you will need to consider your deposits when making the offer on your purchase.

Is a variable or fixed rate option available to me?

No, No. Its Not. You have to take a five year closed or a seven year closed mortgage.

And there is a little bit of a catch there, that if you do leave the mortgage before the end of that term you will have to pay back a portion of that mortgage that the lender gave you at closing.

Marcy Berg is a mortgage broker in Toronto and available at Mortgages 4 Women Dot CA.

If you are interested in this ZERO down Payment program for your Toronto or Mississauga home purchase give me a call now at 647 218 2414

20 Million Stolen from Condo Owners

Well "they" took the money and they ran. They are gone. In the papers they call it an alleged Misappropriation. Its a theft. A well planned and choreographed theft with many players. It needed multiple players to turn a blind eye or an ignorant eye to the theft. Who would you like to blame? Here's the background.

The total misappropriation may top $20 million. Several buildings have filed civil suits against Channel and Khan, who is thought to have fled the country. Police are investigating.

Some condo corporations allege Khan forged signatures and created fake meeting minutes to register a bylaw that allowed him to obtain loans without the board’s knowledge. The money was funnelled into a separate bank account.

Residents in some buildings across Greater Toronto are now on the hook for these outstanding loans, while others are talking with insurance companies and lenders to figure out who must foot the bill.

Whether condo owners will be left to cover the costs depends on the details, said real estate lawyer Ray Mikkola of law firm Pallet Valo.

“Where the management agreements specifically authorized the manager to bind the corporation, and if the board could have detected the fraud but recklessly or negligently failed to do so, or if the corporation benefitted from some of the money. . . the corporation may be in trouble,” Mikkola said.

http://www.thestar.com/news/article/1055760

The condominium owners were [allegedly] defrauded. BUT:

LARGE LOUD BUT!

Does the law firm that represented and permitted the placement of mortgages on the title of these individual buildings have liability and culpability in the indebtedness of their clients? They met with somebody, they prepared, investigated and crafted minute books; recorded the history of condo meetings, reviewed notes and minutes of Board Meetings to verify that indeed their client was entitled and enabled to borrow funds and in debt the condo corporation. The law firm acting for the lender had an obligation and gave an opinion that the mortgage registration was valid, Title was good and they had valid executed documents. Why do I say their clients? Their CLIENT is the individual condominium corporation.

The Loan committee, OFFICER, Manager of whatever Financial Institution [BANK] should be responsible [remember proportional liability?] for their lack of due diligence to investigate the legitimate need and authority of a single individual to produce a packaged loan application. I would like to see that performance review.

When you purchased your condominium unit, you also purchased Title Insurance. Title Insurance has some provisions for title fraud. I cannot obtain a definitive answer other than the questions I have asked are being taken under advisement.

Your Home Insurance Policy may participate in a claim for theft against something of value in your condominium. Both independent Brokers I inquired with believe there could be merit in a claim.

The Condominium Status Certificate that you relied on at closing was false and misleading as to the correct financial picture of the building. Will you sue your lawyer who gave his/her blessing on your Condo Status Certificate? Now the Law Society Levy on each transaction is also included.

Would an additional layer of Government control have helped? What will you do now?

Taxes Not Yet Assessed

So here you are; You are Purchasing a Condo and it says Taxes Not Yet Assessed.

The Municipal Property Tax System (MPAC) provides you with an assessed value that is then used by the city where you reside to collect realty taxes on your unit. ( or your home ) Most of the time the MPAC assessment is based on key neighbourhood indicators; other properties like yours that have sold recently, or alternatively based on square footage of your home, square footage of your lot, recent improvements and water spigots. (Spigots are water outlets) Unless they have come out and specifically reappraised your property.

With new condos your value is not only the square footage of your particular unit but also the collective value and footprint of your entire condominium complex. When they sold you that unit (approximately 3 years ago) The taxes are not yet assessed because no one has purchased or closed on a unit. Once that starts happening, then there will be sold values to set as the property value standard.

If you are purchasing a unit, and you are paying cash or with a low mortgage, [less than 75% of the purchase price] the bank may not require you to remit a tax portion on account for the estimated property taxes on your suite. It could be a year or two after your move in date when the actual property tax assessment arrives. It could also be a few years before your condominium unit is registered and you will be paying the Phantom Mortgage until Registration unless you advised the builder you will pay at Interim Closing or Occupancy Date.

At that point in time you will have a bill which is an adjustment for taxes from the registration date of the condominium corporation. This tax bill needs to be dealt with in short order to avoid additional charges or penalties. Then your tax bill will be in 6 installment per year, 3 in the spring based on last years budget, and 3 in the fall based on teh new budget post April 1st 2012.

If you have a mortgage exceeding 75% - 80% of your purchase price typically you have been making pro-rata payments to your tax account based on the [proposed] expected realty taxes. This account would now be reconciled with the the tax bill as received by your mortgage company and you would see modest revisions to your payment amount based on the actual tax component.

As more of our population matures there will be a greater demand for single level living and condominium units will continue to grow in demand and price. Looking for a condo? Love to hear from you... Some great buildings have exceptional pricing.

Add your comments; Do you feel life is good for mature people in a condo? Is a new condo the way to go?

Marketing Secrets for Toronto Real Estate

Your Home Marketing Specialist - So why is it some homes sell instantly on the Toronto West Real Estate Market while others languish around and finally expire unsold. There are simple tools that not everyone is aware of to get houses sold. SO what are the best ways to attract buyers? You are.

You are the Home Marketing specialist that I need to engage to help me sell your home. I need you to answer some direct and important questions about your home... What made you buy this house? What was unique about this property from all those available to you when you purchased?

What about this house has improved your lifestyle? What are the individual business's and events that surround your community? How are you living in this house? What makes it work best for you? What have your guests said about your home when they visit? What can you do in this house that you cannot do elsewhere? Ultimately, even though houses are the same; What makes this house different?

By answering these questions with me, I will be able to prepare targeted specific marketing to individuals or families that is now where you were once before. This will be highly focused to attract the right family. They will be the most qualified buyers, highly motivated, willing to make the best offer because the house will be perfect for their needs. You know your home best and I am an Accredited Senior Agent and Marketing Specialist. Together we can sell your largest asset in a smooth and efficient fashion that will be the most profitable for you. David Pylyp call me at 647 218 2414 I answer my own phone.

Keeping your eye on the detales

What ever one does should be done thoroughly

Origin

The idiom "the devil is in the details" derives from the earlier phrase, "God is in the detail;" expressing the idea that whatever one does should be done thoroughly; i.e. details are important.^[1] This original idiom has been attributed to a number of different individuals, most notably to German-born architect Ludwig Mies van der Rohe (1886–1969) by The New York Times in Mies' 1969 obituary, however it is generally accepted to not have originated with him. The expression also appears to have been a favorite of German art historian Aby Warburg(1866–1929), though Warburg's biographer, E.M. Gombrich, is likewise uncertain if it originated with Warburg. An earlier form "Le bon Dieu est dans le détail" (the good God is in the detail) is generally attributed to Gustave Flaubert (1821–1880).^[1] Bartlett's Familiar Quotations lists the saying's author as anonymous.^[2]

What items will we cover?

o Representation

o My Marketing Program

o About Me and My Company

o Market Analysis

o Seller Property Information Statement (SPIS)

o Listing Agreement

o Preparing your Home for Showings

o Instructions for Showings

o Purpose of an Agent's Open House

o Weekly Update Schedule

o Open Houses

o Direct Inquiry Procedures

o Lock Box

o Sign Installation

o Agreement of Purchase and Sale

o Closing Costs

o Waivers/Additional Forms

o Specific Items you needed to address regarding your situation

We need to have a clear plan of where you would like to be once you have sold, by paying attention to all of the details you can rest assured that nothing will be a surprise or overlooked. In most instances it has been decades since you bought or sold a house. When you are ready Give me a call at 647 218 2414

Tell us About.me/DavidPylyp Add your comments.

Finding Solutions for your housing Needs

I'd like to talk to you today about finding solutions for the things that you need in your life. Let's not talk about excuses; or let's not get hung up on circumstances or the details. Let's find a way to help you do what you need to do.

First, let's talk about where we are in the market with Toronto Real Estate. We are about 1 percent off of last years pace. We are going to hit it by year end. The number of sales is almost the same as last year.

The prices, year over year, averaging now $525,000 for a detached house are about 10 percent higher than where we were last year. Sales will still occur going into the fall. There is a lack of inventory.

This lack of inventory is causing 10 and 15 percent increases in prices in the more desireable neigbourhoods like Markland Wood, Lorne Park, Watercolours, and Central Etobicoke, The better neighbourhoods, in the west end of Toronto.

So lets deal with these issues and how they might apply to you. With fall in the air, and a little cooler temperatures, you're going to be inside now for the winter. You have to decide if its the right time for you to sell. The market is buoyant, the times are hot, We can get you a good dollar for your house or unit. So first off.... Is the timing right for you to sell?

Secondly, you need to find someone who is an ASA Accredited Senior Agent who is working specifically in your neighbourhood in Etobicoke, West Toronto, South Mississauga, that can promote your home for sale, get you found on the internet, something other than the newspapers, yellow pages that don't work for us anymore.

Third and lastly, is my favourite. Pricing your home Properly for sale. It has to be priced based on the market evaluation, that's done on the historic values, trying to achieve those levels, not setting new ground. Pricing it too low will/may get you multiple offers, that may not neccessarily close. Your property may not appraise. [The Buyers] They may not get financed. You need to have your house sold and with homes selling in an average of 22 days on the market, being well priced will get you a sale, only a few hundred homes at every calender month end actually turn over and expire.

If you would like some experienced, informative and creative marketing to help sell your home, if you need to look after Mom or Dad's place for transition management, Give me a call at 647 218 2414. Call Now

Bully Offers in Toronto Real Estate Market

Bully Bully Bully Offers in the Toronto Real Estate Market

There is the school yard bully. Remember those taunts in school?

The same thing is happening in Toronto real estate. Some homes in desireable neighbourhoods are resulting in multiple offers. People would like to jump the que and pay above the asking price with what they call Bully Offers. Take my Offer Now! You may not have a chance later.

The reality is; in real estate there is always going to be another house or condo coming along. There are very much demand neighbourhoods, and demand houses, don't get caught up in the jump of the property. Take your time and buy prudently. It is a long term investment.

Your property needs to appraise for the purchase price or you are not going to get a mortgage. If you have 20% down, you cannot offer 25% over market value. Banks are doing strict appraisals based on what has sold. In my 23 years of real estate I have only had two that purchased for cash.

If you're going to be buying a property, you need to avoid these situations by shopping carefully, present a strategy, do a CMA (Comparative Market Analysis) on the property you would like to negotiate for. Sometimes, when the appointed offer date comes, there are no multiple offers at all. You might want to prepare one or two offers, just for that event, One if we are alone, Another if we are competing. Then you tell me what to do, or you might like to prepare an offer that says I'll pay you $500 more than the top offer. Then we get to see them all that are on the table.

If you would like to deal with someone with experience, panache, creativity and a bit of patience to work with you to find you that perfect property, in west Toronto, then give me a call at 647 218 2414

Please update your will Toronto

My personal effort to better serve the mature and senior markets in Toronto with informed and valuable topics.

After my previous video on preparing your home for sale, It became very apparent that number of people who had wills was about 52 PERCENT Of those that did have the will, 75% of those were not up to date as it pertained to Living Assets and a living Will Personal Care, and what you would like done if something happened to you.

I brought this up in conversation with Stan Gelman, who is a Family law, and Real Estate lawyer in Mississauga, and Stan suggested he could include the Wills in a real estate transaction or make special consideration for you if you are going to come and visit Stan Gelman for the Wills alone.

Stan Gelman can be reached at 905 270 5110 or you might want to check his website http://Wiselawyer.ca

Giving you cash back on a Purchase

Lets talk about giving you cash back on your Toronto home purchase

Everyday we are bombarded by countless offers from a wide variety of business. And if those businesses are online, they may be selling lots of sizzle. I have seen amazing claims, garish campaigns, ads and other marketing tactics selling shiny, glossy, exciting, fabulous things where it was clear that the majority of the attention was put on the sizzle.



Sizzle may land you a customer once, but if you don’t have the steak, those buyers don't come back and they won’t tell anyone else to come back with them. Or even worse, they will tell their network of people that you are all talk and no action.

Let's talk about buying houses, I provide an unmatched level of attention to detail and service when buying a home. Can I prove it. Sure! I have video testimonials on line. Past clients you can call.

But what about people who are giving you cash back to gain new clients.

Just So I understand ... You feel that a kick back of 15 hundred or 2 thousand is a huge amount towards closing and moving. I get it. But I can get you a mortgage at 2.2% for 5 years through my financial sources, that will probably save you $400 per month thru the next 60 mortgage payments.

So.... get 1500 now? or get $24,000 a bit every month.

While the US market is still soft with excess inventory, interest rates will be flat for the next two years. Toronto continues with fewer homes available and more bidding wars. We are a safe haven for families, business and money. The Ontario Golden Horse will continue to grow.

So, If you are looking for a property in the next few months, maybe its time to call an Accredited Senior Agent. Experience does have value. Hire someone who is persistent in getting things done

You can reach me at 647 218 2414 or email David@DavidPylyp.com

Why are you really moving?

What is actually driving you to make a decision right now to downsize?

1. Do you WANT to move, or do you feel you HAVE to move? When a senior contacts me about making a move, there are only 2 broad reasons that they are considering a move: they WANT to move to be closer to family, shopping, or to down- size, etc. The other reason is because they feel they HAVE to move due to health, financial, or other reasons. Discovering the real reason for your anticipated move will allow me to help you the best I can.

2. If you could stay in your home, would you? As an Accredited Senior Agent (ASA), I have learned of many programs that available to assist seniors in staying in their homes. These range from financial assistance for renovations that make the property more compatible to your changing needs, to in-home health care, meal delivery and much more. As the number and details of these programs are constantly changing, you need someone on your side who is in tune with these programs.

3. Have you researched all your options? . . . Many people I meet, are amazed at the range of options they have open to them when it’s time to make a move. For those, both homeowner and Realtor®, who do not focus on these options, the array can be overwhelming and add stress to an already emotional time. As an Accredited Senior Agent, I am trained and up-to-date on what the options are here, and have a network of similarly-educated professionals across the country who can help you if you are moving away.

4. Who are you getting advice from, about your living situation? . . . Family, friends, neighbours – they all mean well, and chances are they all have differing opinions. This often leaves you

feeling confused about what is best for you, while you try to keep everyone else happy too.

Well, don’t worry. I understand how you feel, and believe me when I say that many others in your situation have felt the same way. What they have found, however, is that having a knowledgeable counsellor, such as an Accredited Senior Agent, on their side goes a long way towards relieving the stress. At the same time, the ASA training helps me assure your ‘advice-givers’ that you are making good choices for you.

5. Is your Will up-to-date? . . . Studies show that some 48% of Canadians do not have a Will. Of the 52% that do have one, 75% of those are out-of-date. Getting this taken care of will alleviate pressure from you and ensure that your wishes are followed in the future. As an Accredited Senior Agent, one of the values I bring to you is a network of exceptional specialists, including lawyers who can prepare a Will for you if you don’t have one.

6. Do you have professional advisors? . . . A lawyer, accountant, tax planner? While everyone’s need for these professionals is different, there’s a good chance that we’ll be interacting with one or more of them as we move forwards. It will be helpful if you can give me their names and phone numbers when we meet. If you need a referral to an expert, I have some great people that I can recommend to you.

7. When was the last time you sold real estate? . . . . Things have changed significantly over the years, and continue to do so. I’ll take the time to make sure you are comfortable and informed, so you can make the best decisions for YOU. Even if that means you decide to stay where you are for now. As a counsellor, my primary role is to assist you (and anyone else you want involved) in coming to the best decisions for YOU.

8. What questions do you have for me? . . . When a question pops into your head, jot it down. You’ll notice when we sit down together that I will have a list of questions prepared and that I will be taking a lot of notes. I do this to make sure I don’t forget anything. I’ll even give you a copy of my notes for your convenience and reference.

I have received the Real Estate Academy designation ASA,which stands for Accredited Senior Agent. For mature buyers and sellers, there are special needs inclusive of needing knowledge of taxation and estate regulations. I am patient, I work with individuals and their family to always put their needs first. I am dedicated to negotiating the best possible deals for my clients.

The professional training and education I received earning the ASA allows me to represent sellers and buyers who need someone who understands their special interests.

Thank you to Christopher Newell and the Real Estate Academy that has developed the material and content for the Accredited Senior Agent Program. Please feel free to avail yourself of the video library. Call me at 647 218 2414 to arrange a personal visit or email david@davidpylyp.com.

Why are you really moving?

What is actually driving you to make a decision right now to downsize?

1. Do you WANT to move, or do you feel you HAVE to move? When a senior contacts me about making a move, there are only 2 broad reasons that they are considering a move: they WANT to move to be closer to family, shopping, or to down- size, etc. The other reason is because they feel they HAVE to move due to health, financial, or other reasons. Discovering the real reason for your anticipated move will allow me to help you the best I can.

2. If you could stay in your home, would you? As an Accredited Senior Agent (ASA), I have learned of many programs that available to assist seniors in staying in their homes. These range from financial assistance for renovations that make the property more compatible to your changing needs, to in-home health care, meal delivery and much more. As the number and details of these programs are constantly changing, you need someone on your side who is in tune with these programs.

3. Have you researched all your options? . . . Many people I meet, are amazed at the range of options they have open to them when it’s time to make a move. For those, both homeowner and Realtor®, who do not focus on these options, the array can be overwhelming and add stress to an already emotional time. As an Accredited Senior Agent, I am trained and up-to-date on what the options are here, and have a network of similarly-educated professionals across the country who can help you if you are moving away.

4. Who are you getting advice from, about your living situation? . . . Family, friends, neighbours – they all mean well, and chances are they all have differing opinions. This often leaves you

feeling confused about what is best for you, while you try to keep everyone else happy too.

Well, don’t worry. I understand how you feel, and believe me when I say that many others in your situation have felt the same way. What they have found, however, is that having a knowledgeable counsellor, such as an Accredited Senior Agent, on their side goes a long way towards relieving the stress. At the same time, the ASA training helps me assure your ‘advice-givers’ that you are making good choices for you.

5. Is your Will up-to-date? . . . Studies show that some 48% of Canadians do not have a Will. Of the 52% that do have one, 75% of those are out-of-date. Getting this taken care of will alleviate pressure from you and ensure that your wishes are followed in the future. As an Accredited Senior Agent, one of the values I bring to you is a network of exceptional specialists, including lawyers who can prepare a Will for you if you don’t have one.

6. Do you have professional advisors? . . . A lawyer, accountant, tax planner? While everyone’s need for these professionals is different, there’s a good chance that we’ll be interacting with one or more of them as we move forwards. It will be helpful if you can give me their names and phone numbers when we meet. If you need a referral to an expert, I have some great people that I can recommend to you.

7. When was the last time you sold real estate? . . . . Things have changed significantly over the years, and continue to do so. I’ll take the time to make sure you are comfortable and informed, so you can make the best decisions for YOU. Even if that means you decide to stay where you are for now. As a counsellor, my primary role is to assist you (and anyone else you want involved) in coming to the best decisions for YOU.

8. What questions do you have for me? . . . When a question pops into your head, jot it down. You’ll notice when we sit down together that I will have a list of questions prepared and that I will be taking a lot of notes. I do this to make sure I don’t forget anything. I’ll even give you a copy of my notes for your convenience and reference.

I have received the Real Estate Academy designation ASA,which stands for Accredited Senior Agent. For mature buyers and sellers, there are special needs inclusive of needing knowledge of taxation and estate regulations. I am patient, I work with individuals and their family to always put their needs first. I am dedicated to negotiating the best possible deals for my clients.

The professional training and education I received earning the ASA allows me to represent sellers and buyers who need someone who understands their special interests.

Thank you to Christopher Newell and the Real Estate Academy that has developed the material and content for the Accredited Senior Agent Program. Please feel free to avail yourself of the video library. Call me at 647 218 2414 to arrange a personal visit or email david@davidpylyp.com.