Renoviction or Own Use? Which one?

Landlords are moving back in or taking control of their properties;

The first are evictions for an "own-use" claim by a landlord, such as a landlord saying that they or an immediate family member are moving into the property. There were 323 of these applications at the LTB in 2015, and the number has steadily risen each year since, with 595 in the 2018-2019 fiscal year.The second type of no-fault eviction is for for renovations, repairs or conversions that require the tenant to move out. These are often called renovictions by housing advocates. There were 18 of these applications in Toronto in 2015. The number has increased each year since, with 71 in the 2018-2019 fiscal year.  https://www.cbc.ca/news/canada/toronto/toronto-rental-evictions-report-1.5369521

I actually wonder how they are tracking these applications given that the filing system is by property address.

Buy a Rental with less than 20% down

Would you?

Seems that many are buying with less than 20% down and purchasing CMHC Insurance on the mortgage debt.

In its latest market report, Canada Mortgage and Housing Corporation stated that the number of rental housing units it insured grew by 35% annually during the quarter ending September 30, 2019.
“We’ve seen increased demand in rental housing, which remains an important housing solution for many Canadians. We have continued to provide support for this option through our commercial activities and National Housing Strategy initiatives,” CMHC chief financial officer Lisa Williams said. https://www.mortgagebrokernews.ca/news/insurance/cmhc-reports-notable-increase-in-the-number-of-insured-rental-homes-323420.aspx#.XeUdZZe_LB0.twitter

The market appears unabated...

What do you think?  

Lets book a time to talk 

http://Calendly.com/davidpylyp 

Will you continue to Airbnb your Condo?

Will you continue to rent your condo as an #AIRBNB

It’s been a two-year fight. Landlords and the booking site have resisted every step of the way, and refused to voluntarily comply with municipal regs. For more than 20 months the issue has been before a tribunal, and now the decision’s been made. City, 1. Airbnb, 0.
All those units bought to rent out by the night (usually against condo board rules) are now illegal. Short-term rentals will be allowed only inside a landlord’s principal residence, and for no more than 180 nights s year. Homeowners can rent a max of three bedrooms, and not for more than 28 days at a time. No rentals will be allowed in basement or secondary suites. Landlords need to register and pay a fee plus a 4% accommodation (hotel) tax on revenues.
Of course by registering, landlords also join a database which is shared with the CRA – so anyone not declaring Airbnb (or VRBO) income is probably asking for an audit.  https://www.greaterfool.ca/2019/11/20/shared-stupidity/

No confusion there. 

The question is will you continue renting as Airbnb? 

Learn How to Get Closing Cost Credits.

Attention Home Buyers, Learn How to Get Closing Cost Credits.

Closing Costs Credit

Are you a first time home buyer?  Are you using 95% Financing  or low down payment Financing, i.e. 5.0% or 10.0%  down payment programs?

Do you need to preserve some of your savings and need options?

One way to do this is to get some or all of your closing costs covered as part of negotiating your purchase with closing cost credits.  This is not automatic, it is not guaranteed to happen if you write your offer with another real estate agent. 

Take advantage of our expertise in assisting home buyers navigate through the home buying process.  Get into the right house for the right price.

Those enrolled in my FREE Home Buyer Program can get up to $2,500.00 in closing costs

GUARANTEED!

Enroll NOW! in my FREE Home Buyer Program and lock down your closing cost credit. In order to qualify for this program please fill out the form below.  This information will not be shared with anyone.  We will contact you for an initial no obligation free consultation.

Click Here

*some conditions apply
*requires purchase of resale property on the Toronto MLS system with 2.5% CB commission
*Minimum Purchase Price $500,000. CDN $
*Toronto GTA
*Offer Expires March 31st 2020 *Not intended to solicit Buyers under contract

How can you see inside?

Five days on the market. That’s how long it took David of RE/MAX realty specialists Inc., to put 1910 Lake Shore LPH04, a pretty split plan 2 bed condo, under contract in the peak month of June in Toronto. .

Pylyp attributed the swift and successful sale to his agency’s marketing expertise – specifically, the #Matterport 3D tour and the high-definition photography that so perfectly conveyed the condo’s interior and exterior appeal.

“The National Association of REALTORS® found that 93 percent of buyers overall, and 99 percent of Millennials, used the Internet in their home searches,” Pylyp said, citing the NAR’s 2018 “Real Estate in a Digital Age” report.

“That’s a huge percentage. More and more people first see their future home online. It is their introduction and all-important first impression.

“So doing our best for sellers means using the latest technology – Matterport 3D tours, professional photography, and drone aerials – to create immediately compelling visuals,”

Not every agency offers these services. Some who do charge an extra fee, but with David Pylyp of RE/MAX realty specialists inc., Brokerage, there is no additional cost to the seller. All the photographic work is expertly produced by David Pylyp, in collaboration with other REALTORs® at RE/MAX Realty Specialists Inc.

http://Bit.Ly/PenthouseView

Call today.

Shared Equity Mortgage

Government of Canada offers Home-ownership Incentives


The First-Time Home Buyer Incentive launches September 2, 2019*.

* The program will be ready to receive Incentive applications on September 2, 2019 (barring any unforeseen circumstances). The first closing will take effect on November 1, 2019.

There are a few qualifiers to apply for this incentive:

• you need to have the minimum down payment to be eligible
• your maximum qualifying income is no more than $120,000
• your total borrowing is limited to 4 times the qualifying income

If you meet these criteria, you can then apply for a 5% or 10% shared equity mortgage with the Government of Canada. A shared equity mortgage is where the government shares in the upside and downside of the property value.

How does it work?
The Incentive enables first-time homebuyers to reduce their monthly mortgage payment without increasing their down payment. The Incentive is not interest bearing and does not require ongoing repayments.
Through the First-Time Home Buyer Incentive, the Government of Canada will offer:
• 5% for a first-time buyer’s purchase of a re-sale home
• 5% or 10% for a first-time buyer’s purchase of a new construction

How do I know how much I have to pay back?
You can repay the Incentive at any time in full without a pre-payment penalty. You have to repay the Incentive after 25 years or if the property is sold, whichever happens first. The repayment of the Incentive is based on the property’s fair market value.

• You receive a 5% incentive of the home’s purchase price of $200,000, or $10,000.
• If your home value increases to $300,000 your payback would be 5% of the current value or $15,000.
• You receive a 10% incentive of the home’s purchase price of $200,000, or $20,000 and your home value decreases to $150,000, your repayment value will be 10% of the current value or $15,000.

NOTE: If your property value goes down, you are still responsible for repaying the shared equity mortgage based on the current home value at time of repayment.

This has so many reasons to avoid the whole program. Let's talk about it  You will be glad we did

You are entitled to every condo document except priviledged

Can you ask for Condo Documents?

Condo Authority Tribunal-Tips

The 2017 amendments to the Condominium Act, 1998 (the “Act”) created the Condominium Authority Tribunal (“CAT”), an online tribunal that helps settle and decide condominium-related disputes in Ontario. Since its inception CAT has exclusively handled record related disputes between owners and condo corporations. It is expected that CAT will handle other owner-condo related disputes sometime in the future.

Our office had the pleasure of representing a few of our condo clients in CAT proceedings. So we thought we’d share some tips and “tricks” for managers and boards to avoid and handle record-related CAT disputes.

TIP 1: Don’t fur-get to respond!. Do not ignore a records request, even if the forms aren’t correctly completed. A corporation has 30 days to respond to a records request using the standardized board response form, outline the estimated fees for preparing the records (if applicable), and indicate any records that the Corporation will not disclose. Responding to a records request on the prescribed form and within the prescribed timeline may entirely avoid a CAT proceeding!

TIP 2: Purr-haps production? The 2017 amendments to the Act enhanced the “open-book” principle for corporation’s records. What does this mean for corporations? An owner is likely (not always) entitled to most records of the Corporation unless they are exempt from production pursuant to section 55(4) of the Act or for instance, solicitor-client privilege. Of course every case is different and there may be other instances where records could be reasonably withheld from an owner. When in doubt, consult your legal counsel.

TIP 3: Fur-ward to CAT: If an owner submits a dispute to CAT, the corporation will receive a “Notice of Case”. Once you receive the notice, the corporation must respond by joining the case on the CAT’s online system within seven days. If you fail to join the case, CAT may make an order without the corporation’s input or participation, which as evidenced in numerous CAT decisions, can lead to costs implications against the corporation, upwards of $5000. Moral of the story, join the case!

TIP 4: The CAT’s meow: The CAT process has three stages: negotiation, mediation and adjudication. In the negotiation phase, users will work collaboratively to try to resolve the issues in dispute, including providing settlement offers and exchanging messages. In the mediation stage, a CAT member is assigned as mediator to assist in clarifying the issues in dispute, help users understand their rights and responsibilities and suggest settlements to the parties. If the parties are unable to reach a settlement, the owner has an opportunity to move the matter onto the third stage, adjudication. At the adjudication phase, a CAT member is assigned to consider and render a decision based on all the evidence before it. Just like any type of litigation, settling in the early stages of the CAT process will help avoid corporations incurring avoidable costs.

TIP 5: Meta-fur-kitty speaking: The CAT Rules of Practice provide that every user or representative must check the CAT online system and their emails for communication related to their case at least once every business day, or as often as directed by CAT. The CAT member assigned to your case will also dictate deadlines for the submission of items in the adjudication phase. Failure to meet these deadlines can lead to costs implications against the corporation. Whoever is representing the corporation should keep a close eye on their emails and frequently access CAT for new updates.

http://www.lashcondolaw.com/condo-authority-tribunal-tips

HST on Condo Purchase 2019