Questions about Short-Term Rentals ....... The 2015 Pan Am Games in Toronto are just 2 months away. Associated with it are questions about short-term rentals. Should landlords allow their tenants to rent out their properties to short-term visitors? The event begins on 10th July 2015 and is expected to draw 250,000 visitors, along with 10,000 athletes.   Rental opportunities could be lucrative; some argue that this kind ‘payday’ should be considered. While others, prefer to avoid these types of short-term agreements.   Short-term rentals can be dangerous in Ontario because Ontario landlords cannot charge a 'damage deposit' and if there are damages or the tenants leave a mess, the landlord won't have a damage deposit to pay for repairs or clean up.Some landlords are worried that their ten... 05/03/2015

  Condo Expenses  -Separate Bank Accounts Condo Corporations have two different types of expenses: 1.    There are the OPERATING EXPENSES such as snow removal, general maintenance and other recurring expenses for the up-keep of the property.and2.    There are the MAJOR PLANNED EXPENSES. These expenses are pre-planned, and paid for, from the Reserve Fund. Such expanses include the replacement of assets of the corporation and the updating and renovation of the common elements.  Therefore, the best accounting practice would be to have two separate bank accounts to make it easier to monitor and keep a track of all the expenses.   04/26/2015

Toronto is undergoing the building of a Light Transit System which is both and underground and above ground route along Elinton Ave. It commenced in the West end and is progressing undergoround along Eglinton. in 2013 at Black Creek and will hit Yonge St in 2016. Last night we witnessed history in Toronto. The hole boring machine was moved from the east side of the Allen Rd to the west side on Eglinton Ave. It was witnessed by hundreds of people who were lucky enough to live close enough. The machine was raised from the tunnel underground by this machine.  The hole boring machine wighs in at 400 tons. It was loaded onto a flatbed truck that was remotely operated.  The video below is the actual moving processs https://www.facebook.com/diane.plant.50/videos/10204216734233810/?pnref=story    04/19/2015

Toronto Mid-Month April Homes Sales Results Greater Toronto Area REALTORS® reported 4,635 home sales during the first 14 days of April 2015. Representing a 3.4 % increase compared to April 2014. New listings were down by 4.6 % year over year.The average selling price for April mid-month home sales was $625,121 – up 7 % year over year. Average prices were up for all major home types, both in the City of Toronto and the surrounding regions.“We are experiencing balanced to seller’s market conditions in most areas and market segments in the GTA. This suggests that home ownership demand is being driven by a wide swath of the population. There is strong growth in condo listings and has been met with strong growth in condo sales. We have experienced growth in higher-end home sales,” 04/16/2015

Are Toronto Homes Being Priced For Bidding Wars?  Buyers are frustrated and so are their real estate agents. I have been a Broker in Toronto for 26 years and I have witnessed many market changes and trends. Bidding wars are everyday occurances now in the negotiating process. Pricing a home was always based on fair market value. How was this established? Recent sales of similar homes, on streets surrounding the property to be listed gave the agent a reasonable price at which to offer the home for sale.  Today, homes in the "hot pockets" of Toronto are often priced $100,000.00 under the fair market value. If in week one a home is priced at $749,000.00 and sells for $850,000, in week two a similar home is priced at $755,000.00 and sells for $860,000. The following week another house is lis... 04/14/2015

Toronto condo buyers are into the spring marketThis week activity really started up ….... With the coming and going of Easter, Passover and March break, prospective buyers have more properties to view in the downtown condo market. Listings have increased and the number of buyers is increasing as well.Sales and prices tend to reach a peak each year in April and May, while March tends to be a bit slower, because of the breaks for school students.  Most condo buyers these days are people who actually want to live in the unit. They have no choice if they cannot afford a house. For most buyers, they are also on a rung on the property ladder, aiming towards buying a single-family dwelling sooner or later. 04/11/2015

Renovations that could add value …..   Flooring: engineered hardwood flooring   Countertops: The overall appearance that fits the kitchen best, could be granite or quartz.   Lighting: Light fixtures should match the style in the property.   Hardware: Good quality door handles and cabinet knobs are an easy way to make the place look stunning.     When the flooring, lighting, and hardware all work together, it gives the property a feeling of luxury. This will attract the Buyers’ attention, and the Sellers’ will likely get a better price. 03/31/2015

Housing market headlines …….   Housing market headlines can be confusing: Markets are up. Markets are down. Markets are changing. Markets are about to change.   In some areas sales volumes are down, due to lack of activity. In other areas prices are up, due to lack of inventory. The media has to write news items every day, and they put their spin from one day to the next, to make it interesting.   There are several factors to consider such as active listings, demand, price range, price movement, product type eg, commercial, residential houses, residential condos. Also, properties for sale or properties for rent.     The headlines report statistics and trends and even though they are referring to a region, there are differences in the micro-facts of each neighbourhood in a region; and i... 03/26/2015

Toronto Real Estate Board President Paul Etherington announced that Greater Toronto Area REALTORS® reported 3,838 sales through the TorontoMLS system during the first two weeks of March 2015. This result represented an 11.8 % increase compared to the same period in 2014. New listings were also up over the same period, but by a lesser annual rate of 8.4 % “Strong year-over-year growth in home sales continued during the first half of March for most home types in the GTA, both in the City of Toronto and the surrounding regions. This suggests that households continue to view the purchase of a home as a quality long-term investment. But for a lack of low-rise listings in some neighbourhoods, it is quite possible that the number of sales could have been higher,” said Mr. Etherington. The aver... 03/26/2015

   Welcome To  16 Chicora Ave   Offered At  $1,649,000   Prime East Annex Home. Extra wide & enlarged 3 storey semi. A front addition & 2 storey rear addition. Hardwood Flooring, Skylights, Granite, Pot Lighting, Sauna, Many Built-Ins, Abundance of storage. Dressing Room in Master Bedroom Suite. Split Heating/Cooling Systems for Master, 2nd & 3rd Bedrooms. Wine Cellar, Rooftop Terrace. Professional Putting Green in Lower Level. Professionally landscaped garden. Can easily be converted To 4 bedroom home.                                                                                                                                                                                                                                                                                                 ... 03/25/2015

The two markets (houses and condos) within the Greater Toronto Area housing market …….   RealNet Canada Inc. and the Building Industry and Land Development Association’s research show that in February 2015. 1.     The average price of a new house in the Greater Toronto Area was $733,578 and this is a 12% increase over the previous year. 2.     The average price of a new condo, on the other hand, increased less than 1 per cent during the same time period, going up to $442,672.   The limited supply of land in the Toronto area is increasing the value of new single-family home development. Currently, there are no line-up of investors or their representatives to purchase in new condo projects; causing developers to keep condo prices low and to shrink the size of the condo units.     Accordi... 03/23/2015

Earth Hour is between 8.30 PM and 9.30 PM on 28th March 2015   Our planet will celebrate Earth Hour, on the last Saturday in March.   The lights will be out for one hour in many cities and towns in about 162 countries, across the globe.   It is easy to participate, just switch off the lights!   In doing so, you will save electricity and support the environment.     Earth Hour should not be confused with Earth Day. Earth Hour started in Sydney, Australia in 2007. It is a global sustainability movement aiming to stop the degradation of the earth’s natural environment. 03/21/2015

Welcome to Spring 2015!   So, Spring arrived at 6.45 PM this evening. It feels good psychologically, even though the temperatures are still low. Ever so thankful that it is not as low as it was for most of February.   In Toronto, it was the first February in 75 years where the temperature did not climb above the freezing mark.   Now we can look forward to longer daylight hours and warmer temperatures.   Also, this year there was a total eclipse of the Sun on the same day of the Vernal Equinox! This is quite rare; the next time this happens is 2034. The total solar eclipse occurred over the Faroe Islands, off Scotland.   North America will see a total solar eclipse on April 8th  2024 ……. quite some time away. 03/20/2015

The Get it in Writing initiative, has been extended for another three years.   The Canadian Home Builders Association, in partnership with the federal government, are overseeing this program that helps Canadians who are planning on having a home built or their current home renovated. It will continue to help consumers with topics such as hiring a contractor and the dangers of using ‘cash’ contractors.       Home renovation and repair represent about half of all residential construction work undertaken by contractors.   More often than not, homeowners who assume they are getting a deal when they agree to pay cash for a lower price, end up paying more when things go wrong, and they have no way to hold the contractor accountable; because by then the contractor has moved on.     03/19/2015

When should you buy real estate?   I say at the earliest possible time you can afford to; more often than not, it is in the 25 to 30 years, age range. So that, by the time you get to the 60 to 65 years, age range; your real estate investment can provide retirement funds.   Many young people in Toronto are choosing to rent rather than buy, even though the cost of borrowing the mortgage funds is low. A big reason for this is the hype in the media about a correction /crash being imminent. This has been said for at least the last fifteen years and it has not happened yet, in Toronto. So for now, the renters are making their landlords rich ……. 03/15/2015

Plans for 1 Bloor St. W., Toronto.   The Toronto businessman who purchased the Stollerys building at the southwest corner of Yonge and Bloor streets is planning a building, according to him, that will put the intersection “on an international map.” This is one of the busiest intersections in the city   The tower is being called ‘The One” and it is going to be 80 storeys high.   The plan, designed by British architect Norman Foster, will replace the Stollerys buiding that has occupied this famous corner of the city for 114 years.  If approved, it would be the tallest building in Canada, other than the the CN Tower.   They are trying to create a shopping destination to compare with Chicago’s Michigan Avenue and New York’s Fifth Avenue. The plan is to build and open the retail section fir... 03/12/2015

FREE Power Of Sale Real Estate Seminar!!!  You Will Gain Insider Secrets To Purchasing Power Of Sale Properties $$$$ Thousands Of Dollars Below Market Value!!! Register Today @ :www.bankforeclosurehouseprices.com Admission: FREE with promo code: ARPOS Seminar Available Date and Location: Saturday March 28, 2015 @ 10am Location: Markham, ON FREE Offers: * Get A FREE Power Of Sale and Distress Sale - Home Buyer’s Guide For Newbie’s. * Get A FREE Power Of Sale and Distress Sale List Of Homes and Condos With Pictures and Detailed Description. Price Range From $239,900 - $849, 900!!! Register Today @ :www.bankforeclosurehouseprices.com Our FREE Power Of Sale Real Estate Seminar Will Teach You How To: * Purchase a house or condo with *zero down payment. * Move from renting, to first time home... 03/10/2015

An Assignment of an Agreement of Purchase and Sale takes place when the original purchaser who bought from the builder assigns or sells the contract that was signed with the builder.    The builder Agreements usually prohibit the purchaser to assign the Agreement. However, in the current Toronto condo market, there is more need for Assignments, as some investors want to sell, make a profit and move on. So, builders are agreeing to permit Assignments.  The builders charge a fee between $2500-$5000 to give this consent.   It is recommended that an Assignment Agreement contain two important clauses: 1.   the Assignment Agreement should have a clause with a condition requiring a review by the lawyer for the Assignee and also the Assignor.  2.   the Assignment Agreement should be conditiona... 03/10/2015

Buying Real Estate is an emotional business, mainly because buying a property is one of the biggest financial decisions for a person or persons who decide to invest in a home. This decision could affect their lives for years to come.   The right neighbourhood, the appropriate schools, community facilities that meets the needs of the family or individual are important factors when choosing the location of the property.   If buying a condo, the other considerations are what is the reputation of the Builder; and what facilities or amenities are included within the building complex.     Some of the amenities can be extensive, such as an Olympic size swimming pool, or an indoor / outdoor pool, a well-equipped gym including a weights room, squash courts, tennis courts, a running track, a the... 03/08/2015

St. Lawrence Neighbourhood Dog Run; a place for dogs to romp and play and poop.   Most owners’ pick-up after their pets are done, doing what they need to do. However, in this snowy weather, it sometimes sinks beneath the snow, and then reappears when there is a thaw.   Sometimes, a driver would pull-up along the The Esplanade, open the car door, so the dog can run into the park, poop and run back into the car.   So, a lobby group was formed trying a plan to fence-in, a part of the park, as a dog run, for the pets of owners in that neighbourhood.   03/06/2015