Sunday, December 1, 2013

Fall Winter Real Estate Forecast 2013

The Fall 2013 edition of CMHC's Housing Market Outlook - Greater Toronto Area is now available and can be accessed by clicking on the link below.

Here are the highlights for the current edition:
•Total starts will ease in 2014 with activity shifting to semis and rows from singles and apartments.
•Gradually rising mortgage rates will keep existing home sales growth modest.
•Rising home values will keep more people in rental but more condo rentals will keep supply in balance with demand.

•After lagging in 2013, income growth will match broadly based employment growth.

On Residential Condo Rental Rates

  • On a per square foot basis, average rents in Toronto grew by 4.2% in the third quarter compared to the same period last year. 
  • Rents are growing at a pace of 3.5% year-over-year. 
  • Toronto’s rentals-to-listings ratio remains elevated at above 70%. 
  • Rental demand in the city is currently running at a 20-year high. 

  • Millennials own fewer cars and drive less than their predecessors. They’d rather walk, bike, car-share, and use public transportation — and want to live where that’s all easy.  That's means they are renting to stay in the city center near their jobs.

    Not only are the millennials your potential rental pool but Seniors who downsize are also adding to their numbers.   The seniors want a comfortable space with condo views and amenities. They have sold and are cash rich.

    Toronto continues to attract people.

    Are you ready?    Let's get started

    Friday, November 29, 2013

    Discreet, Honest and Patient

    When it comes to buying or selling a home in Toronto there are the top reasons families have made David Pylyp their REALTOR® and trusted real estate advisor for over two decades.

    1. Experience makes the difference

    For something as life changing as buying or selling a home there is no substitute for experience; David has been helping families for over 25 years and is now seeing repeat business from their children.

    2. Your Matters are all that matters

    With integrity and professionalism, David keeps your needs first at all times, without injecting commission breath.  Finding the right house for you that fits your long term lifestyle, financial and family goals. The honest answers that are right for you without sharing your personal details

    3. Let's be friends. I mean it!

    Whenever you connect with David there is a genuine interest in what has transpired in your lives, sharing your joys and accomplishments at every opportunity. This warmth will make you  feel like a trusted and valued friend is with you every step of the way.  Buying a house is not bricks and sticks but all about people.

    4. Patience that pays dividends

    We could find that home for you instantly; or in today's market we may need to canvass the streets for you. It is more likely that the entire buying process could take months instead of weeks. You will not be rushed or pressured into making a decision about what may not be right for you.  Let's take our time

    5. Unmatched Service without compromise

    Whether this is your first purchase or you are already a seasoned veteran of Buying and Selling, David will provide an uncompromising level of attention to detail and service, even attending at the closing with you. After closing, You may  wonder why I'm not talking with you every day about more listings.

    6. Digital Storyteller Marketing

    With so much competition, your home's sales appeal can only be as strong as the marketing for suitable buyers; Knowing the neighbourhood and community's strongest realtors will be contacted personnaly to make them aware of your listing, Professional HI RES photo's will be available online and uploaded to a Slide Show Viewer in addition to engaging videos using the power of youtube and Google to have your address found online. You will also receive professional full colour feature sheets and payment calculators to help Buyers consider your home faster. Advertising coverage includes the Toronto MLS System, the global reach of, and exposure on Social Media sites like Facebook Twitter and Linked IN plus local online real estate websites. 

    Client Reviews and Commentary

    Connect with me on Google Plus

    Call to interview today 647 218 2414 or 416 233 9000

    Tuesday, November 19, 2013


    You can almost hear Politicians shouting REFORM!

    The Ontario Government is tackling Condominium Reforms in an attempt to address what some feel are NEEDED reforms and adding another judicial body for oversight that will hire STAFF, create an appeal process, create Rules and Regulations of their own, in the fashion of a Rental Tribunal. Then, of course, there will be an application and filing fee. 

    This CONDO OFFICE is proposed to be funded by a contribution (additional fee for Condo Owners) of $ 1- 3 dollars per unit per month. This quickly amounts a war chest of $20 Million per year.   Have Taxes / Levies ever reduced after introduction? 

    Key recommendations include:
    • Creation of a Condo Office, an arm’s length umbrella organization that could provide functions such as education and awareness, dispute settlement, condo manager licensing, and a condo registry.
    • Improved consumer education and protection
    • Updated financial management rules and dispute resolution mechanisms
    • Stronger qualification requirements for condo boards, including mandatory training for first-time members
    • A new licensing program, managed by the condo office, to ensure that condo managers are properly trained and qualified.

    Bob Aaron in a recent News paper article stated;

    The full, 72-page report, available online at, provides a hint of what condominium law will look like if and when the report’s final recommendations are passed into law.
    Of the report’s more-than 200 recommendations, the most significant one in my opinion is the creation of a new umbrella organization known as the Condo Office. This new body would have four main functions: education and awareness, dispute settlement, licensing condo managers and maintaining a condo registry.
    While creating a Condo Office would no doubt be an excellent solution to a number of industry problems, it seems to me that great care should be taken in establishing yet another quasi-judicial body like the Ontario Municipal Board and the Landlord and Tenant Board, both of which have come in for considerable criticism over the years. 
    I have my doubts about a proposed monthly “levy” on all condominium units in the province. Current estimates are $1 to $3 a month from each condo unit — and that’s just in the first year. At the higher end, that translates into an annual budget of $21.6 million, plus user fees.

    While I appreciate in light of recent fraud and some occasional miss-management, the majority of issues tend to be the education of the Condominium Buyers/Owners and their compliance with Rules and Regulations. Condo Management companies do need to be licensed and regulated.  Yes, Consumers need to be protected, but condo owners also need to GET INVOLVED and participate actively in their buildings management and reputation. Lawyers at closings are not explaining the significance because simply put, their client declined being charged to print the documents received electronically.  Conduit.

    The amount of money is small but it always starts that way. If you want to discuss something with your Condo Board; Put your request in writing and they will respond.  Articulate your concern or complaint.  There is already an oversight process and that is the Small Claims Court System that lawyers have successfully used since the 60's (with the creation of Condo Ownership) You can call a Requisition Meeting over any issue with signatures from 15% of the owners.

    Ms. Audrey Loeb from Miller Thompson published a comprehensive overview of Condominium Ownership and what it entails. Worthwhile reading for the Investor and every condo purchaser.

    Having served on a few Boards, I realise the biggest issues are transparency and communication. What needs to be managed is articulation of why decisions are being made instead of silence. Posting those results in newsletters and Web pages. Clear communication in elevators.

    Why take money away from potential owner's repairs to add them to government levy's? Purchasers also have a personal obligation to inform themselves of the Rules of Ownership. What are your obligations?

    Monday, November 18, 2013

    NXT 103 - 105 The Queensway Fall 2013

    NXT Condominiums are located at 103 and 105 The Queensway, southeast corner of Windermere Ave and The Queensway. Built and designed by Cresford Development Corporation, furnished by Fendi Casa, and architecturally constructed by Alliance. Modern, livable glamour is an everyday essential at NXT, one of Cresford’s most stylish and sought-after residential properties in Toronto’s Swansea Village. 

    Serving up dramatic views of Lake Ontario, High Park and downtown Toronto, NXT and its sister pillar, NXT 2, feature the cutting-edge design of Peter Clewes from Canada’s award-winning firm, architectsAlliance. A breathtaking glass pavilion connects this stunning new 29-storey tower of glass and steel to its upcoming sister residence. But NXT also connects every homeowner to the world around them with beautiful, wrap-around suite balconies and floor-to-ceiling windows that let city dwellers breathe in this condo’s unique city vibe.  There are 18 suites per floor.

    NXT’s elaborate amenities include a state of the art fitness centre with sauna, indoor and outdoor pools, theatre and outdoor tennis court, just to name a few. That posh vibe is pumped up even further by an exquisite water garden, an outdoor courtyard, and a spacious glass walkway between the two buildings that offers spectacular views of NXT’s organically landscaped grounds.

    Three years ago this was summarized as  NXT AT WINDERMERE BY THE LAKE: Southeast corner of Windermere Ave. and The Queensway. Builder: Cresford Developments. A 29-storey, 457-unit glass building. Prices: from $188,900 for 450 sq. ft. to about $600,000 for 1,144 sq. ft. Fees: 42 cents per sq. ft., plus heat and hydro Amenities: indoor/outdoor pool, party room, outdoor tennis courts, gym, and 24-hour concierge. Sales: 50 per cent sold. Status: starting this fall. Occupancy: 2010;  

    Have they lived up to their promises?

    With 18 suites per floor the maintenance fee  is an actual $ 0.54 cents per square foot. Not at all unreasonable when compared with other communities.  An updated summary list is available for you here. Be informed when we are shopping.

    Unmatched location near High Park, Sunnyside Beach and facing 3 transit routes to go Inner city...  I love Humber Bay Shore 

    Need Info    Call me

    Wednesday, November 6, 2013

    Biggest Complaint is a lack of Communication

    Condominium Act Update on Stage Two Recommendations – Governance

    The Stage 2 Solutions Report on the Condominium Act review (the “Report”) identifies five key areas for improvement relating to condo governance.  The key areas and recommendations are summarized below:
    I.             ACCESS TO RECORDS
    One of the most common disputes found in condo corporations relates to owners’ access to records.
    The Report outlines the need to balance the rights of owners to have easy access to corporate documents, while at the same time guarding against frivolous demands for documents.  As such, it is recommended that standardized request and response forms be created to facilitate this process.  It is further recommended that access to common corporate documents would be provided for free.  For those documents where a fee is chargeable, the fee should be reasonable and an estimate should be provided in advance so that owners are fully informed of the cost before the request is processed.
    The Report also calls for minimum retention periods for corporate documents.  In addition, the Report recommends that the Act should authorize boards to pass by-laws to expand the retention periods.  Where possible, corporations are also encouraged to convert these documents to electronic format, which is smart considering that many older corporations no longer have their corporate records because the documents are not typically housed in one location (i.e. the documents are usually held by management), and management/board members will inevitably change throughout the years.  The electronic storage of these documents would hopefully solve that problem.
    II.           MEETINGS
    There are some corporations that run very smooth and efficient meetings and there are others (and everyone has seen at least one of these) that adhere to the rules of the Wild West.
    One of the major issues regarding meetings is the use of proxies.  Firstly, the Report recommends that proxies be submitted a day in advance of the meeting, which makes sense, especially for larger corporations, where managers madly rush to register the proxies on time so that the meeting can start, when scheduled.  To avoid tampering, anyone voting by proxy must sign next to each candidate or by-law they are endorsing.  Also, the person giving a proxy should be permitted to write in a name rather than merely voting for one of the pre-printed names on the proxy form.
    Due to low participation rates, it is often difficult to reach the minimum quorum for meetings.  As such, the Report recommends that the 25% quorum requirement would be applicable for the first two meetings called to discuss a specific issue; however, should attendance fall below that level at the two meetings, quorum would be deemed to be met and the third meeting could proceed with those present either in person or by proxy.  This recommendation attempts to address voter apathy, which is found in many condo corporations.
    With respect to by-laws, the Report recommends that the threshold to pass by-laws be lowered, but the appropriate formula/percentage will require further review.
    Since many owners complain that boards do not communicate with owners (this is actually the complaint I hear most often at AGMs), the Report recommends that the Act require corporations to communicate with owners on a quarterly basis if the information relates to certain financial matters, the reserve fund or outstanding legal proceedings.
    The Report also considers owners’ abilities to raise concerns on meeting agendas and discussed ways to give owners more of a voice at owners meetings.
    Many directors have very little or no experience serving on a board of any kind, let alone a condo board.  As such, you could have individuals making decisions for condo corporations that have multi-million dollar budgets, even though those individuals may have limited exposure and knowledge as to how boards and condos work.  For this reason, the Report recommends mandatory training requirements for first-time directors.  The course would be approximately three hours in length and would be required to be completed within six months of being elected.  If the first-time director does not complete the course within the aforementioned timeframe, he/she could be disqualified.
    With respect to board member conduct, the Report recommends creating a code of ethics that is enshrined in law and if board members breach the code of ethics, they could be disqualified.
    As for the owner-occupied position, the Report recommends getting rid of it, which I’m sure not many people will lose sleep over.
    IV.          USE OF FINES
    The Report considers whether boards should have the authority to levy fines against owners for numerous reasons, but due to the possible abuses that could occur, there does not appear to be an appetite for such change.  That said, the Report does give consideration as to whether a disciplinary function of the Condo Office could impose fines.  It appears that no clear-cut decisions have been made on this issue, to date.
    Many owners and directors seem to be confused as to their respective rights and responsibilities.  As such, the Report recommends that a basic summary of these rights and responsibilities be drafted and incorporated in the Act.  The Report recommends that this document be posted in condo lobbies and attached to status certificates.
    This review of the governance section of the Report obviously does not outline every nitty gritty detail, but it does highlight some of the important recommendations.  Stay tuned for summaries on other sections of the Report.
    You can provide feedback here on the Report and on the recommendations until November 8, 2013.
    - See more at:

    With our Condominium Board we have a Verbatim Reporter that attends to record the minutes and discussions.   In addition to that, with readily available technology we have added recording the proceeding should it need to be referred to at a future date.

    So far...   all the reform recommendation I have seen seem positive.

    What do you think?

    Wednesday, October 30, 2013

    Condominium Reforms Part 11

    As a Property Investor myself   I am personally pleased to see the Standardization of all condominium Declarations.

    As we noted in our previous blog, the Stage Two Solutions Report on the Condominium Act Review (the “Report”) focused on five major areas where it was noted that changes are recommended. One of these areas is consumer protection.
    We have outlined below a number of the recommendations which are directed towards those purchasers who are buying new condominium units from developers. Many of these recommendations are aimed at eliminating surprises.
    Smarter Disclosure
    Right now, purchasers are provided with a large book of condominium documents, which include a disclosure statement and proposed declaration, rules, by-laws and first-year budget. Purchasers have a ten-day cooling-off period within which they can review the documents. If there is something in them that they don’t like, then they can walk away from the deal without any penalty. However, many purchasers do not review the documents  because they are too lengthy and/or the language is difficult for them to understand, and they don’t want to pay their lawyer to read them.
    It is proposed that the disclosure statement and condominium documents be published on a project-specific website so that purchasers can do word searches. This will make it easier for them to search specifically for provisions that they are concerned about, such as pets, for example.
    It is also proposed that the Ontario Government publish an easy-to-read guide in plain language that would be distributed to purchasers by all of the developers. This would educate purchasers about what is involved in condominium living. Many purchasers don’t realize that there are more obligations than just paying common expenses – that there are limitations on their freedom that they would not have in a freehold home, such as, for example, pet restrictions, restrictions on renovations, even restrictions on the colour of the window coverings. This often becomes apparent when there is a breach of the declaration or rules and the Corporation attempts to enforce compliance. Purchasers need to understand that even though they will own their own unit, they must comply with the condominium documents. While this recommendation is definitely a good idea, there is still no guarantee that purchasers will actually read the guide.
    Standardization of Condominium Declarations
    The Report recommends that the Ministry create a standard declaration for residential condominium projects (including those residential developments that also include some commercial units). This standard declaration would include standard unit boundaries, maintenance and repair obligations, and insurance requirements. A standard declaration will allow a purchaser buying a new condominium to compare new condo projects on an “apples to apples basis”. There will be more consistency among condominium projects as to what are owner responsibilities and what are the condominium corporation’s responsibilities. Hopefully, this will also avoid some of the ambiguities and inconsistencies that are often found in declarations relating to maintenance and repair obligations and what is included in the unit. Of course, this would not apply retrospectively to existing condominiums nor to those condominiums presently being developed.
    Prohibit Selling or Leasing of Assets that  Become Common Elements or Corporation Assets
    Many purchasers of new condominiums are surprised to discover that  that the condominium corporation may be required to purchase or lease  assets from the developer, such as, for example, guest suites, superintendent’s suites, service areas, recreation amenities, building equipment, etc. and that the leasing/acquisition costs  form part of the common expenses. The Report recommends that this practice be stopped (except for limited exceptions for  specifically disclosed  green energy equipment). The result will be that while these additional leasing or acquisition costs will not form part of the common expenses, the costs of each unit will be increased, as the developer will still need to recover its costs of building these assets.
    More Realistic First – Year Budgets
    Currently, many owners  of newly created condominiums are finding that their common expenses dramatically increase in the second year. This causes angst for many purchasers as their personal budgets are based on the first year projected common expenses received from the developer. Several recommendations attempt to address this issue:
    Developers will no longer be able to sell/lease units/assets to the condominiums, as these costs increase the common expenses.
    Developers are not permitted to assume or to defer any costs in the first year that will kick in during subsequent years and cause a spike in the common expenses.
    The minimum budget contribution to the reserve fund will be the greater of the amount set out in the reserve fund study undertaken by the developer, or an amount based on a formula that remains to be determined. (The Report concluded that the current reserve fund contribution of 10% of common expenses was not sufficient to create a healthy reserve fund.)  Developers will be required to   commission  a reserve fund study at the time that the developer starts marketing the units.  The reserve fund contribution in the first year budget would be based on that reserve fund study.  The developer would then be required to update the reserve fund study after the initial occupancy of the condominium and prior to registration. If increases to the first year reserve fund contribution  are warranted  based on the updated reserve fund study, such increase would be reflected in the budget without being deemed to be a material change.
    Avoidance of Subsidization
    Many new condominiums have ground floor commercial units. In some cases, the developers do not install separate utility meters for the commercial units where utility costs are shared on a pro rata basis by all the units. This results in the residential units subsidizing the utility costs consumed by the commercial units, as commercial enterprises generally consume more utilities than residents, particularly in businesses such as restaurants and hair salons, for example. The recommendation is that in mixed-use condominiums, developers will be required to install separate utility meters for the commercial units. This should result in lower utility costs being included in the common expenses of the residential owners.
    If these recommendations are implemented, purchasers of new condominiums should be better informed about the responsibilities of condominium ownership, including the financial responsibilities.

    All of the items covered here are positive for the Owners and Future Investors of Condominium Units in Toronto, ON. 

    Tuesday, October 22, 2013

    Condominium Status Certificate

    Do you think it should be the real estate sales professional’s responsibility to request a Condo Status Certificate or the solicitor’s. We all know that you must have one if you are closing a deal that involves a condo – but do you think it is better to get it ahead of time or just let the lawyer request it?

    Traditionally, the process of requesting a Condo Status Certificate required tracking down the appropriate person at the condo corporation, making your request in writing (usually by fax) and then having to mail payment by certified means before they will even get started on the request. Next you can wait up to 10 days before the Condo Status Certificate is ready and arrange a courier to pick up the massive document.
    Seems like a complicated, time consuming way to go about getting something, especially given the fact that it is 2013 and technology makes virtually every other aspect of our life effortless.
    GeoWarehouse has made the process of requesting Condo Status Certificates a little bit easier. While many are not fully available for online viewing, they can be requested online through the GeoWarehouse Store.
    What does this mean to you? It means that you can simply access the GeoWarehouse Store, request a Condo Status Certificate online, pay by credit card and then either receive it electronically or, if it is not available electronically, arrange to have it picked up.

    I love the concept of ordering the Status Certificate online and waiting for the E Mailed link to everything. ByLaws, Financial Statements, Insurance Certificate, Rules and Regulations, Declarations and the updated Status Certificate.  Easy to read, adjust the font and just download the appropriate PDF'd section.  A condo management's contact details are obtained when you negotiate the offer with the owner of the unit. 

    Received online.
    Lawyers are angry because they need to print it for their clients
    Clients are unhappy because the lawyer charged them for printing it.

    In my experience the conversation goes something like this;
    Lawyer: If I print it...   I need to charge you....  Thats a dollar a page. 
    Buyer:  HUMMM   Pause ...  Nahh...   Its ok.  What's in it?
    Lawyer: Rules about what you can and can't do,  what you legally own and what the state of the condominium building is in.

    You are already angry at what the lawyer charges for a closing; cost is everything.

    RESULT?  No one reads the Declarations or By Laws re; pets, commercial vehicles, using your condo as your International business headquarters or hundreds of other details like you're getting the right locker and storage unit and any proposed Maintenance Fee increases or scheduled Capital Repairs in future years

    Danger?  None. We are all reliant upon the Title Insurance should something run aground.

    Personally?   I request, pay and pick up the Status Certificate, read the By Laws and check the legal descriptions... because, I have been on the Board of Directors of a number of Corporations; and have an accounting back ground I understand the Financial Statements. Your lawyer is the best source to re read the Declarations and By Laws during the Conditional Period in your Agreement of Purchase and Sale. Stan Gelman has spoken of the need to review the entire bundle of documents.

    Audrey Loeb of Miller Thompson released a really good whitepaper titled “Condominium Ownership – What You Need to Know”

    While it is possible to get Special Assessment Insurance with your Home Owners Policy it is better to subject them to additional scrutiny.

    I would like an original signature under seal from the condo corporation that the facts at that particular moment in time are true, rather than a faxed or emailed Status.

    Wouldn't you?

    Saturday, October 19, 2013

    Toronto Development Charges Condo and SFD

    Proposed Development charges increase in 2014 approved as presented at Toronto City Council October 8th 2013.
    Development chargesCouncil approved changes to the development charges the City collects from new construction to pay for a portion of growth-related capital costs. The new development charges bylaw will take effect on November 1. Under the new bylaw, rates will be increased over two years by about 75 per cent for residential development by 25 per cent for non-residential development beginning February 1, 2014. Council also adopted several motions concerning requests for reports and/or potential actions on topics such as affordable housing, development within priority neighbourhoods, and provincial development charges legislation. 
    While the City of Toronto is building 3 times as many condominium units as compared to the Region of Peel; the Development Fees are less than half and actually a third.  The aging / mature population and the influx of people to Toronto continues. To suggest there will be more building of single family homes [in the 416] is uninformed.  Building will be up and ever higher. 

    The Development Fees should be equivalent  or at least similar between municipalities as we build more condos for Mature Housing and [individually owned] rental units. If you have purchased a condominium unit that is not yet registered, effective the implementation date, if the builder needs to pay these expenses they will be passed on to you at closing.

    This is why Stan Gelman urges you to CAPP THE CLOSING COSTS in the Agreement of Purchase and Sale during the Period of Rescission. [Cooling off Period]

    Good Advice...  Are you closing on a condo soon?  

    Friday, October 4, 2013

    New IMPROVED Condo Act coming

    Adding a layer of Government that is similar to a Tribunal will create additional government red tape and bureaucracy.  Court Rooms, Paralegals, defenders. Hearing Rooms, Benches, Judges, recordings, DARP where we already have arbitration and mediation available.

    All because Buyers refuse to read and understand condo Declarations and want to appeal BY LAWS after they move in.  Yes, I understand that there is opportunity for abuse of the Rules process.

    Residents, stakeholders and experts representing Ontario’s booming condo industry have shared their proposed solutions for updating the province’s Condominium Act. Released on September 24, 2013, the stage two solutions report is the result of extensive public engagement efforts undertaken by Canada’s Public Policy Forum and Ontario’s Ministry of Consumer Services (MCS).
    Key recommendations include:
    • Creation of a Condo Office, an arm’s length umbrella organization that could provide functions such as education and awareness, dispute settlement, condo manager licensing, and a condo registry.
    • Improved consumer education and protection
    • Updated financial management rules and dispute resolution mechanisms
    • Stronger qualification requirements for condo boards, including mandatory training for first-time members
    • A new licensing program, managed by the condo office, to ensure that condo managers are properly trained and qualified.
    To produce this report, people with expertise in various condominium issues reviewed the Stage One Findings Report and the public comments it generated.


    Condo Owners Need and Boards of Directors also need to band together to get better representation, prices for services and contracts that are tendered.

    Have you had condo problems?

    Wednesday, October 2, 2013

    How will you know it's a good deal?

    When the traffic is SLAMMED in the other direction with Police, Fire and Ambulance vehicles...  Do you slow to take a grim look around...

    The internet is the same.   It's a snap shot of sizzle that grabs your attention... for a moment.

    Builders and Developers of Condominium Units understand this concept really well and apply it in their marketing for you be attracted to their plate, to eat the sizzle, consume the hype.  But what is the value when you wake in the morning? 

    After the building is up and running the issues are very practical and pragmatic.   Now you need to explain the legal workings and realities of a condo community
    I do that.   I help people understand.    Call me 
    See on

    Thursday, September 26, 2013

    Condo Corp applies the money you owe where it likes first

    If you are behind and have other claim or insurance items outstanding with a Condo Corporation in Ontario;  Case law is clearly on their side.

    Owner had set up a pre-authorized payment plan for her common expense payments. In addition to falling behind in the payment of several monthly common expense payments, the owner also was indebted to the Corporation for two chargebacks. One was for plumbing services relating to a leak which the Corporation claimed emanated from the owner’s unit, and the other related to damage caused by the owner to the common element garage door. A lien was then registered against the unit, a notice of sale was issued and the Corporation subsequently commenced an action for possession of the unit. By this time, the Corporation claimed that the total amount owing was in excess of $42,000. This included arrears of common expenses, the two chargebacks, legal costs relating to the lien and the sale proceedings, plus interest. 

    This case  is reassuring for condominium corporations as it upheld the practice of most condominium corporations: allocating common expense payments to the oldest indebtedness, including chargebacks.

    What's the moral of this story? 

    Tuesday, September 24, 2013

    Controlling the Condo Inventory

    Growth of Condo Units sales has slowed appreciable but has not stopped.  The Rental Price Index has actually increased by 4.6%.  Toronto continues it's stride to become a world class city and destination for money, education and health care. 

    Now that the Toronto TTC will receive Federal Funding, the provincial Government, that has had its own spending problem, will increase taxes of its own to raise money for subway construction.

    Development charges are only permitted to fund 90 per cent of the capital cost of new transit services, Miller noted. But the charges can be used to fund 100 per cent of the cost of other municipal services, including roads.“Transit is not treated fairly,” says Ontario’ s environment commissioner Gord Miller.
    Development charges are fees paid by developers in recognition of the fact that new housing and commercial development increases the strain on municipal services.

    Toronto City Council is meeting to decide the fate of the additional taxes for the portion they need to Co -Fund the TTC Subway Dig.

    The Provincial Development Charges Act requires municipalities to adopt a development charges bylaw every five years, if not sooner, in order to implement its development charges rates. The City's development charges bylaw will expire in early 2014. The review is being conducted in order to adjust the development charges rates to reflect updates to the City's growth related capital expenditure plans, including the recently adopted 2013-2022 Capital Budget & Plan.Executive Committee Meeting – September 24, 2013

    So if you are condo shopping and want to secure your purchase you will CAP your Closing Costs confirm the final square footage, ensure all development charges are included in the contract so the Purchaser's are not shocked by the fees to close.

    Lets get you started on your way to living debt free.

    Tuesday, September 10, 2013

    Coverage for Special Assessments

    Why Should you be Scared?
    Why should you be afraid of Special Assessments? You can have coverage.

    You can indeed get coverage for Special Assessments in a Condominium
    1) You are covered; If through the Title Insurance it was OMITTED from the Status Certificate 
    2) You are covered; Through your Home Insurance Coverage 

     II.  SPECIAL ASSESSMENT INSURANCEA unit owner can also obtain insurance coverage specifically for special assessments. This coverage will benefit a unit owner in circumstances where a condominium corporation suffers an insured loss, the insurance proceeds are inadequate to cover the costs, and the corporation levies a special assessment for the difference. This would only occur in very unusual circumstances.
    A real life example involves a condominium corporation that incurred environmental clean-up costs because of a heating oil leak into the common elements. The town home units in this condominium had oil tanks that were buried in the common elements, which serviced each individual unit’s furnace. Pipes ran through the concrete basement floors of the units from the heaters to the oil tanks. As a result of a pipe break, oil seeped into the ground and the resulting environmental clean-up cost was over $300,000.
    - See more at:

    If you have not requested this coverage from your Independant Insurance Broker  I suggest you pick up the phone immediately and call someone who knows.

    Coverage Chart – Condominium

    Condominium Protection
    Insured Perils
    All Risks
    Unit Improvements and Betterments
    Unit Additional Protection
    Common Elements Loss Assessment
    $500,000 Single Limit
    Limit is per occurrence for any one or combination of these coverages
    $1 million condominium protection available
    Building Fixtures and Fittings
    10% of single limit
    Will ChanB.A., FCIP, CRM   Branch Manager (Mississauga)  Pacific Insurance Broker Inc. 

    Contact Will at William Chan <>

    If you are looking for professional representation in the Toronto Condo Market call David 
    Pylyp    647.218.2414

    Thursday, July 11, 2013

    Home Verified Report - For Sale after damage

    Photo Cred Tom Ryaboi
    We have had two major floods in Toronto in the last few years. Storm Damage has been swift.   

    They sweep out the water.   The broadloom has dried and dehumidified for weeks / months.  Now, that house is up for sale.     How will you find out what happened in the past.    I do.

    Home Verified Reports are available to real estate agents through Geo Warehouse. This provides a documented 5 year claims history of that property's activity including if its been a GROW HOUSE.


    The Home Verified Report allows you access to the exclusive database for property insurance claims.  Any claim by any insurer in Canada is recorded here incl; fire, flood, sewer back up, hail etc., going back a five year period.  Grow OPS Records are also included.

    This  means that our team is able to provide you more details about the home you are considering as a resale home purchase and give you clarity and confidence to move forward.

    Is this the type of information you need?

    Lets get started buying your next home.

    Thursday, June 27, 2013

    Stan Gelman - Hiring Real Estate Lawyer Mississauga

    At what point during your real estate purchase you should consult a lawyer to clearly understand what you are committing to?

    The Lawyer handling your real estate purchase carries out the instructions that are agreed upon in the contract.  The time to make changes and corrections is before the document is Firm and Binding.

    Your contract should include a condition for Financing for a specific period of time, if you are obtaining Financing. It should also include a Clause for a Home inspection  by a Qualified and Licensed Home Inspector. Additional Visits into the subject property for trades, people to quote for repairs, renovation and measurements require an additional clause.  Be sure to include that the SELLERS will give permission for trades to take pictures and measurements. Visits are meant to show your family what you purchased or re-measure for draperies.

    This is a good time to include the Home Owners Insurance Broker and a Search of the Insurance Claim history.  Have there been any previous flood or fire damage claims? Does the house have old wiring or an oil tank?  Call for details.

    It's most important today, to make sure that all your closing costs are capped from the builder/ developer to be a specific amount should municipalities change their lot Levy's; while you are dealing with the Period of Rescission. (cooling off period)

    Once an Offer to Finance has been received; Commitment Letter, it will often detail the LENDERS requirements.  Review this carefully with your lawyer and Mortgage Broker that you can accommodate all the required terms. 

    The contract should clearly state IF there is additional HST applicable above the purchase price. 

    Title Insurance is often a mandatory request that is purchased at the time of closing.
    You will also pay Land Transfer Tax on the amount of the Purchase Price. 

    Searches need to be conducted for any outstanding work orders from the City PLUS any judgements or liens against the property. (that the previous owners may have) The utilities and taxes need to be verified. You may be eligible for Tax Rebates as First Time Home Buyers. Land Transfer Tax calculator.

    Your real estate lawyer works in your best interests to secure, probably the most expensive purchase families make.  During the time you are at the lawyers office,  give some thought to how you hold title (who's name the house be registered) whether it is Joint Tenancy or as Tenants in Common. This is the time to discuss survivorship, your will and testament.   
    You will receive a Statement of Adjustments (who pays for what) prior to closing, preparing you for the amount of funds to bring to the closing inclusive of fees, taxes and net of your deposit. You will need to bring Photo ID and a credit card for Identification.

    Here at Stan Gelman QC use trusted and knowledgeable real estate lawyers and Law clerks. For more information, or a detailed quote please contact me at 905.270.5110.

    Stan Gelman QC

    Wednesday, June 5, 2013

    Rent Controls will impact your Toronto Investments

    A lack of affordable housing has been problematic in Toronto for decades. Metro Housing is in decay and has a huge backlog of repairs in addition to a long waiting list of applicants.   Rent geared to income housing is a small portion of the rental pool and in the last 20 years individual investors have purchased units for rental purposes and placed them in the secondary markets.

    The Federal Government has introduced the Affordable Housing Act with Bill 140 passed in January or 2012 but municipalities have yet to embrace available 140K per unit in construction or remodelling assistance. 
    The LTAHS provides recognition of the important role played by municipal Service Managers in long-term planning of the housing and homelessness service systems in Ontario. The Strategy also proposes a new approach for funding of housing and homelessness services that is intended to reduce administrative complexities and create greater local flexibility in identifying priorities and innovative solutions. In some areas, the new Housing Services Act is less prescriptive and gives Service Managers greater flexibility than the previous SHRA.

    It's not that a landlord has a tough time finding tenants;  The Residential Tenancies Act provides free legal services to Tenants in addition access to Duty Counsel at Hearings.  The Landlord must now be represented by a licensed Paralegal or Lawyer, unless they are experienced in the process.

    The Human Rights Tribunal has decided that Credit Bureau's and Beacon Scores can not be used to determine the applicants ( tenants ) worthiness for an apartment or rental unit. (I would like to try that at my Bank with a Mortgage Application)

    But the governing Liberals are unlikely to see the rent control question the same way. Ontario’s Minister of Municipal Affairs and Housing Linda Jeffrey said this in a statement at the end of April:
    The post-1991 rent exemption was originally introduced – and has been maintained over time – as an incentive for private landlords to build new rental accommodation. This incentive not only helps to renew the rental housing stock but also creates jobs in the construction sector. As such, any changes to this incentive could have an adverse effect on the rental housing sector, the economy and job creation.The NDP are hoping for a change of heart, especially as the provincial opposition have the Liberals survival — with a crucial budget vote yet to come — in their hands. They’re also arguing that the construction boom intended by the rent control changes haven’t been successful.
    Forster notes that most of the new construction have been condos, sold to investors and then rented out second-hand, and not rental buildings.
    “This misguided rule has not accomplished what it was meant to, and very little new rental housing has been built,” said Forster. “For tenants living in these newer buildings, it has been 20 years of uncertainty and unfairness.”

    Governments control increases to HST/GST that have increased maintenance fees; The Ontario Government controls the Hydro Billing Rates (because they need approval)   Cities and Municipalites control Tax rates, water and sewage pick up fees billed directly to Condo Buildings.  NONE can be lawfully passed to a tenant in a Rent controlled building.

    Vacancy Factors in Toronto are current near 1%.

    If there is no available social housing, and Independent Condominium Investors have stepped up to invest in their properties and the Government then CAPS the rental increases [while clearly charging more for different services] there will be a sharpened increase in the number of TENANTS looking for units as landlords EXIT the rental pool as their profit margin is impacted.

    If the NDP are successful in capping the Rent will you keep your rental unit or sell?

    I personally think there are too many PLAYERS  tinkering with the real estate market; from Double Land Transfer taxes in Toronto to increasing Lot Levies, Shortened Amortization Periods, multiple providers of tenant counselling services and well meaning but hazzardous legislation setting profits and ROI.

    When did it become embarrassing to make money? What's your opinion?

    Keeping It?  or Selling it?  Call me!