Betting on Toronto Condos

With so many cranes visible on Toronto Skyline we might be a little concerned about who will buy these suites.

The book, ‘When the Bubble Bursts,’ written by financial analyst and author Hilliard Macbeth, warns Canadian homebuyers about Canada's “inevitable” housing crash and says the market is 50 per cent overvalued. http://www.canadianrealestatemagazine.ca/news/investors-counter-housing-crash-forecast-189530.aspx

Yet people continue to arrive in Toronto and driving the need for rental accommodation; This is being filled by large asset companies like Insurance companies and Pension Funds that want long term assets that provide cash flow.  SIMPLY PUT Tenants pay rent.  Rental prices are geared to market.

  ...a proposed 49-storey condo building near one of the city’s main intersections at Yonge and Bloor into a de facto rental when Cityzen Development Corp. received an offer.“Pension funds have always liked rental. Condominiums don’t fit. But rental does because they are trying to get long-term cash flow,” said Mr. Finkbeiner, adding the key is price with institutions acting opportunistically when condo prices come down. “You’ve got a lot of condo developers who may have two sites beside one another and as time goes on they say, ‘I don’t want to take all that risk.’ So they offer the land from one of them, and [the rights] to build it, to a pension fund.” http://business.financialpost.com/news/property-post/pension-funds-swoop-in-on-toronto-condo-towers-as-rental-market-heats-up/

Pension Funds and Investment Fund managers are canvassing builders and developers directly to purchase projects before they are off the ground because Toronto continues to be a sound investment. Vacancy Factors continue at near 2% levels. (Source CMHC) Condo Construction in Toronto now exceeds 53% of all new builds. http://business.financialpost.com/personal-finance/mortgages-real-estate/condos-make-up-more-than-half-of-housing-starts-in-canadas-biggest-cities-cmhc/

Ready for your own investment purchase?    Chose Wisely!   Call today   647 218 2414

Estate Administration Tax (EAT) 2015

Effective January 1st 2015 you must evaluate every item in an estate for taxable value within 90 days of the funeral. What a challenge to get all those statements and appraisals in place for an estate and then PAY the tax prior to any FINES.

http://nowplanb.ca/2015/03/new-tax-has-local-funeral-directors-seeing-red/


The Ontario Government circulated the EAT rules without much fanfare;   The complete copy can be read here.

What is the estate administration tax?

The estate administration tax is imposed on the value of all the property that belonged to the deceased at the time of his or her death less the actual value of any encumbrance on real property that is included in the property of the deceased. It is a requirement under the Estates Act that this value be disclosed when the estate representative files an Application for a Certificate of Appointment of Estate Trustee with the Superior Court of Justice. The estate administration tax must be paid as a deposit at this time.
Cheques for paying the estate administration tax are made payable to the Minister of Finance.

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Is estate administration tax the same as an inheritance tax?No. The estate administration tax is paid by the estate and is based on the value of the estate.
Inheritance tax is a tax imposed on someone who inherits property or money from the deceased's estate (i.e., the beneficiaries). Ontario does not impose an inheritance tax.
The estate administration tax is payable only if an estate certificate is issued by the court.
In Ontario, the estate administration tax has been imposed on estates that receive estate certificates since 1998. Before 1998, this tax existed in Ontario as probate fees for many decades.http://www.fin.gov.on.ca/en/tax/eat/faq.html#Q1

This will impose a hardship on the estate administrator to comply quickly and prepare the tax to avoid penalty that would be levied against them.

I guess SOMEONE #onpoli needs the money.
Are you dealing with an estate?    Can I help?  Call me today 647 218 2414 

OPEN HOUSE Sign ins

Should we be collecting PHOTO ID at open houses?

Do you regularly ask for and obtain names and phone numbers for all visitors that come thru your open houses?   Does posting a SIGN help?

It is someone's home and personal contents that are readily visible.

What about my personal safety?

If it was your house I hope you would request the same information.

Its about the results.
Call Me today to schedule an interview.

647 218 2414

Coming Soon - Pre Marketing BUZZ

Toronto - RECENT PHENOM is the hype of a New Business advertising their arrival into a local community.   Building HYPE. OPENING SOON!  Creating a BUZZ.  Future Anticipation. It's Different for a house.

Our Toronto MLS  **forbids** us from talking about listings in advance, in that, to be valid a listing it  must be available to show.  [and Not JUST by the Seller's Agent]

The Listing Agreement (MLS contract) prohibits sellers from chatting about things too. Because doing so is NOT in [YOUR] the best interest of THE SELLER!

We have a couple listings coming soon (that will remain undisclosed until loaded onto the MLS system and OPEN HOUSE invitations are circulated). It's a challenging situation because of Fence Chatter.  Neighbours hanging over the fence and talking about how Bill and Arlene  will be Selling Soon! Despite our best efforts, the neighbours are SHARE THE SECRET with their friends and family about a house in their 'hood!

So, Now what happen's? Guess?  They already have someone "begging" to talk with them in advance.

Why is that? What's the motivation? Well of course, to pay LESS. But why? Because they KNOW there is no inventory!! And what might this mean? That the seller could expect multiple offers and the BUYERS  want avoid a BIDDING WAR thus the end run!

Multiple Offers mean you could have MORE MONEY!!

 "Supply & Demand" is a basic concept.   Buyers are willing to may more when there is less for sale.

Are you selling?
I am all about the numbers without the drama.
Call today.
647 218 2414

Can I fill 'er up while we visit? Hybrid Charging Stations

Living in a condo myself I have contemplated an electric vehicle or hybrid.  This questions; Where will I charge my car where there is no community charging station.  This will become more prevalent as more hybrid cars come onto the market [roadways] and Toronto Condominium Buyers see this as an added value.

  

I attended at the Tridel Parc Nuvo at 15 Viking Lane in Etobicoke, ON    This is a 36 storey tower with 10 units per floor.  [ I have a unit for sale there that is part of a managed rental pool] 

I was taken with the 10+ spaces available in the Guest / Visitor Parking area that were clearly marked as a Hybrid Vehicle Refueling Station.  Your guest could come for dinner drinks or a night out and retrieve their vehicle fully charged.  Actual costs of the charging stations and consumption are to the building [ and condo corporation]

Are you using this technology?   Would this enhance your purchase?

David Pylyp
647 218 2414
Call me

Back Up Offers

The house you went to see was sold in multiple offers.  The frenzy of the Bidding War created an atmosphere of an auction. The momentum overtook a few buyers and they over stepped their capacity to conclude the transaction.  This did not come up until a few days or weeks later.

An experienced and wise REALTOR® would solicit BACK UP OFFERS for his sellers in the event that the transaction was in jeopardy.

This very event occurred on a recent listing, where competing offers were made. The WINNING offer was better and with a stronger deposit. After the deposit was received and deposited the Purchaser upon reflection backed away from the sale.


Other PURCHASER's had expressed their interest and dismay that they had missed the opportunity to bid and would be pleased to step in should that situation arise.

With a short list of 10 names and numbers, they were individually contacted to ascertain their ability and capacity to purchase the home.

Quickly ( within one day ) a suitor had been found.

A new contract was drafted and concluded. (A Mutual Release was in hand)

Bank Appraisals and Status Certificates are causing many challenges for the uninformed or inexperienced buyers to react at the speed of the market.

I strive to make it easier and seamless for you. Ultimately it's the results that matter.

Call me. 

Exclusive Whisper Listings for Luxury Homes

Why didn't we see that one?  Some houses are sold as POCKET or Whisper Listings.

Recently a Hollywood movie star sold her house in a whisper listing.  Yes, You can have a look at Jennifer 's House

http://variety.com/2015/dirt/real-estalker/jennifer-lopez-pocket-lists-hidden-hills-estate-1201419521/  

Toronto has more millionaires per capita than any other city in North America, and they love their privacy and anonymity.  http://www.macleans.ca/news/canada/99-reasons-why-its-better-to-be-canadian/


What is a POCKET LISTING?  Simply, I protect your privacy.

It is a Listing, that at this time the Seller has no intention of placing on the open MLS.

These are listings that I sometimes have that are in better closed neighbourhoods.  This may be because of school district or simply pricing. [or the owner's privacy]

We have met at an open house and  a specific buyer that wants this particular subdivision.  There are very few or none available.  I will write and canvas the individual homes for pocket listings.

Notes and Direct Mail; Receiving a few replies will lead to previews of specific properties, that will agree to showing their home discreetly.

These one party signed exclusive [pocket] listing agreements, may prove suitable or may not.  They nevertheless become available inventory to my clients.


What are the advantages?
Some want privacy...
Some do not want the open MLS knowing they are for sale
No people [shoppers] through the property that are unqualified to make the purchase.

Are you ready to be previewed for Whisper Listings?

Call Now....  If it's busy .. call back

647 218 2414

Condos charging for Parking

Q: Now condo builders start charging monthly fee for parking and locker,which is also around $55 dollars per month. 

Condos are not charging for parking.  You own the parking spot.  You can sell it or Rent it as you decide what you need.  Previously where EVERYONE had multiple parking spots they were an asset of the corporation and could be easily rented from management.  

Today with parking a premium; many buildings do not possess one parking spot for each car [indeed some buildings have no parking] 

Q: Is there any rule for construction levy one builder charge $6000 and another charge $2500.  Who they work out.

Lot levy is assessed by the City at the time 

Ask the question of people who can answer.

David Pylyp
http://Davidpylyp.com

When Did your house become a Dollar Store Item?

You want to sell your house on the Bridal Path; maybe Markland Wood or another GLAM upscale neighbourhood, like the Kingsway. The agent you hire to sell your house recommends that you list for "one dollar."

When did your house become a dollar store item?

Your comments are welcome

Was there really another offer? Lies and Toronto Real Estate

Toronto - Etobicoke   You have found THE perfect house and you love it!  Now you are pondering an offer and the agent says:

"There are other offers registered."

How do you know?  Who can you trust?

I would include a clause that indicates;

This offer is being submitted on the basis that it is part of multiple offers. If the seller receives no other offer by 9 pm on {INSERT DATE}, the seller or the seller's salesperson will notify the buyer or the buyer's salesperson and the buyer will have one hour to revise or revoke their offer. If the seller accepts the buyer's offer, the seller shall provide, within 24 hours, the name, address and phone number of the salesperson and brokerage company that submitted the competing offer(s).

It has happened (to me) that in the heat of the moment, agents will register an offer [this means that its printed and signed, ready to present] only to not attend the presentation or neglect to email or fax the contents.   Their Buyers have simply grown cold feet and withdrawn.

New Guidelines from Bill 55 from RECO are very specific about what you are entitled to.

Q: What are the requirements for the summary document? A: The summary document can only be used for offers that did not result in a transaction. The summary document must include:
• The name and signature of the buyer.
• The name and contact information of the seller.
• The name of the buyer’s brokerage and their representative.
• The name of the seller’s brokerage and their representative.
• The address, legal description or other identifier of the property.
• The date and time the offer was made.
• The date and time the offer was received by the brokerage, and how the offer was received, such as in person or by fax.
• The date of presentation, if the brokerage presented the offer to the seller.
• The date and time, if any, until which the offer was irrevocable.
http://www.reco.on.ca/UserFiles/Bill%2055%20Fact%20Sheet.pdf

Best course of ACTION?

Be there with me!

I'm available in West Toronto at 647 218 2414
Call me