Tuesday, February 24, 2015

How many Condo Investors are out there? CMHC Condo Survey

The Canada Mortgage and Housing Corporation (CMHC) recently released the results of its 2013 Condominium Owners Survey. This is the first year CMHC has released the results of such a survey. It is intended to provide an enhanced understanding of the activity and role of condominium owners and investors in Toronto and Vancouver, two major Canadian condominium markets.

Highlights of the survey include the following results:

82.9% of the condominium owning households surveyed reside in their unit and 17.1% are condominium investors.
42.1% of condominium investors (the subset of condominium owners who own their primary residence and at least one secondary condominium unit) surveyed had no mortgage on their last purchased condominium unit.
About half of the condominium investors surveyed rent out their last purchased unit, while one third have their last unit occupied by family.
25.7 per cent of condominium investors bought at least one unit in the presale phase of the project (i.e. before the start of construction phase).


Work with Facts   Not fiction or Assumptions

David Pylyp

Thursday, February 19, 2015

Presentation Techniques in Multiple Offers

What are the top tips on winning multiple offer battles for that detached house in Toronto?

Sure   we can all say have the highest bid, Or make sure there are no conditions.

Baking a Pie? 

Maybe a Video about yourself and your family?  Hand written letters?

In the heat of the moment are you prepared and ready?

Present in person if possible. Avoid the trap of having your offer SENT IN BY EMAIL.  That makes it impersonal, and you are not there to advocate for acceptance. Provide a certified bank draft for 5-10% of the purchase price with the offer; this validates your capacity and intention to Close the transaction. Remove all conditions if possible (pre-inspect if necessary, push your mortgage lender for a commitment) 

Clearly Advise Seller that if the property doesn't appraise at the price paid, the BUYER may need to fund the difference from savings.

If you have an opportunity to introduce your buyers; face to face, with the Sellers, this is the time to do it.  Ask the Sellers [since your buyers are outside] if the buyers can come in and have a second look around the home.   Use this opportunity to have them befriend each other and discuss neighbours.

Are you ready?

Let's get started 

We don't meet people by accident; you were meant to cross my path

David Pylyp  647 218 2414

$10.00 Bad Debt Scuppers house purchase

How long should things stay on your credit file?
5 years ?
10 years?
Is there a statute of limitations?
Should it matter in 2015 that you filed a Consumer Proposal in 1980?

A recent situation came to light on a purchase transaction that an outstanding credit card balance of $10.00 had remained unpaid for eight years and showed R9   Revolving Charge Bad Debt.

Since there was no other credit information their home purchase was declined.

Another had a Bankruptcy filed in 1980 where a discharge as never recorded.  Who is responsible for this error?


You have a obligation to search your credit bureau annually and see what others are saying about you and if indeed it is accurate.   You have the right to challenge the information and provide proof that entries are disputed or provide proof that things have changed.

Need a conversation?


Are you renewing your mortgage?

Tuesday, February 17, 2015

Seniors on the Move - Smart Sizing

Seems that everyone in my peer circle is talking about their parent's houses!   Mom or Dad has finally decided to let go of the homestead. And they are looking at housing alternatives.  The dilemma becomes what to do with that stuff?

  • Donate
  • Estate Sale / Yard Sale
  • Dispose
  • Take with you to the new place
then, I received this email from Liz...

​​​​​​​Is it just me, or are a lot of seniors on the move?
This past  year, almost all of my new clients were seniors on the move. They were 'Right-sizing'. They were moving from a large home to a smaller one.
Why were they moving?  They were looking to let go of the challenges with older homes, large lots with landscaping & gardening, too much to clean & too many stairs. They were getting more 'real' with their needs now & not from the past.
My staff & I helped them to purge (unwanted items, including selling, donating & removal) pack everything & made all the arrangements for the move.Once they were in their new home, we un-packed & put away all of their belongings that made sense for the new home. Each one of them, without fail, was so glad to have made the move. We helped remove a lot of the stressors of the move & got them settled quickly.
Who do you know who, is considering 'Right-sizing' and might need some help?
Cheers, Liz
Liz Manore - President, The Company of Organizers Inc.905-467-2400www.TheCompanyofOrganizers.comFacebook: The Company of Organizers LinkedIn: The Company of Organizers Inc.Twitter: @Liztheorganizer

I read recently that any task can be accomplished if divided into half hour intensive bursts, or actually to have someone working with you to assist each decision.

Give me a call when you are ready.

David Pylyp
Accredited Senior Agent  647 218 2414 

Sunday, February 15, 2015

How long Should Appliances work after closing?

A client moves into a home, and within half a year the appliances all have to be replaced one by one. They were in good working order on closing. How do you address this?

With Home Insurance available from CHS Safe Close TM  
You are protected from irrecoverable costs related to Premium Home Systems and Appliance Breakdown for a 6 month period commencing 15 days post the closing of the sale.

Simply put, you are not only covered for appliances, you are also covered for major systems like your Central Heating System, Built in Wall Units, Central Air Conditioning, Heat Pumps, Interior Plumbing, interior Electrical or Owned Hot water Heater.

This exclusive offering is only available when you purchase your home with the David Pylyp Home Buying Team TM.   Insurance is provided by Rhodes and Williams Limited.

Call for details today. 647 218 2414    http://BuyinginToronto.ca

Saturday, February 14, 2015

Let's Negotiate the Maintenance Fees - Toronto Condo

In a recent Star Article the Author suggested that Maintenance Fees can be negotiated.

A Condo Building like a house needs operating expenses;
Heat, Hydro, Water, Garbage, Sewage are all controlled by the City or Province.

Now you have security, concierge, cleaning, repairs and maintenance.  IE elevators, gates, sidewalks, door openers, BBQ's etc.

What expenses will you cut?

Provincial requirements, like an adequate reserve fund to cover major maintenance and repairs, are also a major fixed cost, says Eracles, and those costs could increase further as the province revamps the Condominium Act.
But Gagliano strongly disagrees.
What’s needed, he stresses, are more condo boards with “the collective courage required to make difficult decisions” like reducing staff. (Selvagio points out that Indigo has 24-hour security, at owners’ insistence.)
Gagliano went line-by-line through The Toy Factory’s reserve fund, along with engineers who have to give it final approval, questioning every assumption of future costs, some far beyond a reasonable rate of inflation.  http://www.thestar.com/business/2015/02/13/the-real-costs-of-maintenance-fees.html

When a Building is finished, the owners move in and create the new condo Board. The New building OWNER's then commission a performance audit. Simply put. Did they deliver what we committed to purchase and is anything defective? The cash flow summary is what will break or need replacement in the next 30 years and where will that money come from. 

Would I buy a building that's 10 years old with ZERO reserve because some LUGGANS negotiated their way down with the licensed and regulated engineers?  [because nothing ever goes wrong......] 

You can answer that for yourselves. The reserve fund is an asset of the condo owners.

If you would like to talk Condo....   reach out 647 218 2414