Tuesday, May 22, 2012

Beyond the Sea - What a view!

Beyond the Sea located @ 15 Legion Road, 2246-2230 Lake Shore Blvd. West, Toronto, ON. Would you like an Opinion of Value or Comparative Market Evaluation for your suite at Beyond the Seas?

These Etobicoke south suites at  Park Lawn Road and Lake Shore on the waterfront, Star Tower, North and South Towers,  community are affordable and provide stunning views of Down Town Toronto from Humber Bay. Nestled in an idyllic setting near the Etobicoke shoreline on Lake Shore Blvd. W. just west of Parklawn Rd., this exclusive award-winning, three-tower condominium community promises the ultimate in luxury, comfort and urban lakeside living.

Call or email for details or availability updates.

+David Pylyp

Wednesday, May 16, 2012

Toronto Millionaires Bullish on Real Estate

The perfect storm,

Lower than expected inventories of available homes;  incredibly low borrowing costs compared to Cost of Living and Inflation.  Bank deposits are in single digit yield territory while Real Estate in Toronto continues to remain strong and in short supply for Toronto's elite.

Toronto West luxury sales in Toronto’s West End so far this year, with the number of homes sold down 14 per cent from the same period in 2011. Eighteen properties priced in excess of $1.5 million changed hands between January 1st and March 31st, 2012—with close to 40 per cent (seven) moving at or over list price. Twenty-one sales occurred in the fi rst quarter of 2011.  
The vast majority of 2012 sales occurred in prestigious W08—which is comprised of some of the most exclusive neighbourhoods in the West End, including the Kingsway, Edenbridge, Edgehill, Thorncrest Village, Humber Valley, Princess Margaret and Princess Ann Manor. The area is also home to the most expensive home currently listed for sale in the West End, a custom-built, 10,000 sq. ft. estate on 1.4 acres, overlooking the St. George Golf and Country Club, priced at $7.987 million. Tear downs and infill are a huge component of today’s luxury market, with many smaller homes on large lots sold  for land value only. Traditional blue-chip areas like High Park have also seen pricing move into upperend  price points—at just over $1.5 million—with many sold in competitive situations.  
The highest  priced sale in the West End during Q1 2012 occurred in Baby Point at $2,750,013. Impressive equity  gains in recent years and today’s low interest rates have been the primary catalysts for most purchasers in the top end. Volatility in the stock market has also prompted greater focus on real estate...

Considering that the average house purchase takes 12 - 24 months from decision to moving boxes when do we get started?    Toronto MLS Listings   Call today!   647 218 2414

+David Pylyp

Whats happening in your neighbourhood?

Lions and Tigers and Bears Oh MY!
But do you really know where you are moving?

Working with a local agent who specializes in that community allows you to drill down and gain community insights about demographics, age, term of ownership and types of houses. http://Bit.ly/HoodReports Is that the kind of person you want? Then Call me.... +David Pylyp

Friday, May 11, 2012

Have you outgrown the LOFT?

Is your place just too small?

Maybe you bought pre construction. The location may have been suitable to you four years ago when you started working there. Maybe you bought with a certain family size in mind.  Now you have plain outgrown it.

I can do three things for you.

  • I can help you release the equity you have in that beautiful loft or one bedroom plus den.
  • I can help you find a more suitable property for you.
  • I can help you with Bridge Financing to make sure you have the money going forward and that you don't have any problems with the dates.

But more importantly I can help you get the right number of bedrooms that you need for your family

Lets get you a BBQ for that back yard or would you rather stay inside with an iPAD?

Call Me 647 218 2414

David Pylyp
ASA Sales Representative
RE/MAX Realty Specialists Inc.,
905 272 3434

Thursday, May 10, 2012

Raising the Rent in Toronto

Waterfront Condo Toronto Humber Bay Shore Beyond the Sea
Beyond the Sea, Humber Bay Shore
Are you an investor? Do you want to Buy and Rent Condo Units in Toronto? Then you should be aware of a few things.   We have something here called the Landlord Tenant Tribunal.

Ontario’s annual Rent Increase Guideline is based on the Ontario Consumer Price Index (CPI), which is a measure of inflation calculated monthly by Statistics Canada.  The rate of allowable rent increases for 2012 will be 3.1 per cent.
The guideline is the maximum amount that most landlords can increase a tenant’s rent during the year without making an application to the Landlord and Tenant Board.  It is based on the CPI, which is regarded as an objective, reliable measure of inflation, charting the change in the price all goods and services in the provincial economy.
In most cases, the rent for a unit can be increased if at least 12 months have passed since the tenant first moved in, or since his or her last rent increase. http://www.ltb.gov.on.ca/en/Key_Information/274235.html
Now, that in itself sounds simple enough.   DID you notice that word MOST LANDLORDS? If you are the owner of a condominium unit build after November 1st 1991  then there are no RENT CONTROL LIMITS. It is simply what the market will bear for you to charge.

Need proof?

Rules relating to rent(2)  Sections 104, 111, 112, 120, 121, 122, 126 to 133, 165 and 167 do not apply with respect to a rental unit if,
(a) it was not occupied for any purpose before June 17, 1998;
(b) it is a rental unit no part of which has been previously rented since July 29, 1975; or
(c) no part of the building, mobile home park or land lease community was occupied for residential purposes before November 1, 1991. 2006, c. 17, s. 6 (2).

So when you decide HOW MUCH  rent to charge and you would like an  increase next year because the property taxes, maintenance and hydro fees have increased, Yes you can pass that along to the Tenant. with the proper notice and they have a choice to stay and pay or seek alternate accommodations.

Toronto, currently has a Vacancy Factor of 1.1%

If you need Humber Bay Shore or Etobicoke Condo advice I would be pleased to meet with you. 

Wednesday, May 9, 2012

Just the Listings Please, Mere Listings

You listed with a Mere Listing Provider. They edit the LISTING agreement to specify they are not providing ANY marketing services. The listing agreement continues that any inquiries from any source about the property are to be directed to them [Flat fee or Mere Listing Broker]

5. REFERRAL OF ENQUIRIES: The following section requires the Seller to work with the real estate company for the length of the contract and states that they must inform their Salesperson of any enquiry on the property that comes to the Seller. If they do not inform the Salesperson of an enquiry that results in a successful private sale of the property within the listing period or the holdover period, the set commission is still owed to the Salesperson. 
5. REFERRAL OF ENQUIRIES: The Seller agrees that during the Listing Period, the Seller shall advise the Listing Brokerage immediately of all enquiries from any source whatsoever, and all offers to purchase submitted to the Seller shall be immediately submitted to the Listing Brokerage before the Seller accepts or rejects the same. If any enquiry during the Listing Period results in the Seller accepting a valid offer to purchase during the Listing Period or within the Holdover Period after the expiration of the Listing Period, the Seller agrees to pay the Listing Brokerage the amount of commission set out above, payable within five (5) days following the Listing Brokerage’s written demand therefor. 
6. MARKETING: In the following section, the Seller gives permission for the real estate company to place a “For Sale” and “Sold” signon the property, and for the company to advertise it according to company policy. The Seller will not be held liable for the advertisingefforts of the company. 
6. MARKETING: The Seller agrees to allow the Listing Brokerage to show and permit prospective buyers to fully inspect the Property during reasonable hours and the Seller gives the Listing Brokerage the sole and exclusive right to place "For Sale" and "Sold" sign(s) upon the Property. The Seller consents to the Listing Brokerage including information in advertising that may identify the Property. The Seller further agrees that the Listing Brokerage shall have
sole and exclusive authority to make all advertising decisions relating to the marketing of the Property for sale during the Listing Period. The Seller agrees that the Listing Brokerage will not be held liable in any manner whatsoever for any acts or omissions with respect to advertising by the Listing Brokerage or any other party, other than by the Listing Brokerage’s gross negligence or wilful act.

You, as the seller have a legal obligation to bring every BUYER inquiry to them.  Conversely, the [Mere Listing] Real Estate Brokerage would have the same obligation to you. Did they pass on every email inquiry to you? Have they answered every phone call and given the property details and collected the Caller details?  If I have Qualified and Ready buyer for your home and ask you to sign by email, the Agreement to Pay Commissions OREA Form 201,  DO they call and say; Hey! a Realtor wants to show your house?  Are they screening your buyer prospect stream?  Are they limiting the number of potential Qualified Buyers that could be looking at your home?

How are you being represented IF you didn't know they are turning prospects away on your behalf?

Is your listing is NOT posted on the Local Real Estate Board, How is this a service or benefit to you? It may be on the retail MLS, Sure, its may be on the MLS.ca site.  Agents all use that site to market their property listings. Agents who are working with buyers signed under  Buyers Agency Agreement (BRA) are using our own system that is updated hourly with sold and available and the newest listings.   In the Toronto Market a lag of 24 or 48 hours means that you are watching the multiple offer presentation from the outside. 

I am pleased to work on a contingency basis.  I get paid on the successful completion of an Agreement of Purchase and Sale.  I cannot offer a cash back on closing where a mere listing is offering $0.01 to the Co Operating Broker.

Work with experienced qualified people to sell and buy your next property.

Add your comments please.  Better still, Call me with your buying or selling Needs in the very competitive Toronto Real Estate Market.

+David Pylyp

Thursday, May 3, 2012

Can you hang a Mezuzah on your Toronto Condo?

There is a debate about whether you can install a Mezuzah on your door frame in a Condominium Building where you reside.  Does the same apply in Toronto as we become the condo capital of North America?  A debate has erupted lately in Stratford, ON, about a tenant claiming religious persecution over their right to install a religious icon on their door frame. This video from the local News station is furthering the debate. The door frame is clearly a Common Element of the building and NOT YOUR PROPERTY as described by the Condominium Act.   You own the INSIDE of your suite.

Where are you on this issue?

When you  purchased the condominium suite you were presented with a bundle of documents that included the Rules and Regulation of residing in a condominium community and the Building Declarations.  You further acknowledged your receipt and compliance.  You have a TEN day cooling off period, [Rescission] or in the case of a resale condo purchase, the right to examine the condominium Status Certificate and Rules and Regulations. [usually 5 days]

You, as the Owner have an obligation to present these materials to a Tenant prior to their moving in because they acknowledge receipt of those documents. (you should also be video taping or taking pictures of the interiors to document current condition prior to move in). When signing the Tenant agrees to follow the Rules and Regulations of the Condo Building. The Landlord then provides a Form 5 [including lease term and contact details] for the condo unit owner to complete authorizing their tenant access to book an elevator, get keys and have access to amenities, parking and common areas.

Your condominium Board of Directors has an obligation to enforce all the Rules and Regulations in an even handedly and equitable manner in the interest of all Owners [and by extension Residents and Tenants].  If there was going to be a Rule change or modification this could be addressed in an Annual General Meeting.

Buildings are now presented with a minefield of Legislation for compliance that are not always in agreement. This could be a Human Rights Issue over religious freedoms, or a Landlord Tenant Tribunal Issue over the the rights of a Tenant and peaceful enjoyment.  The Condominium Act also applies in the compliance for Rules and Regulations of a Condominium Corporation and their right to enforce existing Bylaws.

Where are you on this issue?  Would you let it slide?   What issues would you  be prepared to defend?

Then, when you are in court the judge will ask "Why did you enforce Rule 1 and Not Rule 2?"  What will your answer be?

We all own the [Toronto] Condominium Corporation together!