tag:blogger.com,1999:blog-12962068935975868562024-03-05T02:41:36.518-08:00Toronto Condo InvestorDavid Pylyphttp://www.blogger.com/profile/12756362367813938099noreply@blogger.comBlogger95125tag:blogger.com,1999:blog-1296206893597586856.post-22519935439517408322023-10-11T08:44:00.002-07:002023-10-11T08:45:21.330-07:00Michael Power Contact Update <p><span style="font-family: verdana;"> </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-fgdj-QCGP7gkswQTSx1J_0TjkpMieBm1oDu-AtyNZl_DtiCab5vzqJ6_R2SujqrmNuEc_M21Uybwd4JvAuD2uJG69gcmHisMTP_Sdxbodjh3jjytk-eLRR07KE4M3w3o3eiRlETtv2LO1avm5Dadp3Osiu6hkA3eZJIYmnxpUFK3_sseQOUoioOO5c4R/s1834/391614050_824560219364220_778907022955853195_n.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><span style="font-family: verdana;"><img border="0" data-original-height="960" data-original-width="1834" height="173" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-fgdj-QCGP7gkswQTSx1J_0TjkpMieBm1oDu-AtyNZl_DtiCab5vzqJ6_R2SujqrmNuEc_M21Uybwd4JvAuD2uJG69gcmHisMTP_Sdxbodjh3jjytk-eLRR07KE4M3w3o3eiRlETtv2LO1avm5Dadp3Osiu6hkA3eZJIYmnxpUFK3_sseQOUoioOO5c4R/w329-h173/391614050_824560219364220_778907022955853195_n.jpg" width="329" /></span></a></div><span style="font-family: verdana;"><br /><span style="white-space-collapse: preserve;">CONTACT UPDATE </span></span><p></p><span style="font-family: verdana;"><br /><span style="white-space-collapse: preserve;">Michael Power Place Phone List update</span><br /><br /><span style="white-space-collapse: preserve;">1 Michael Power Power Place M9A 0A1</span><br /><span style="white-space-collapse: preserve;">Toronto Standard Condo Corp # 2457</span><br /><br /><span style="white-space-collapse: preserve;">Concierge 647 350 5518</span><br /><span style="white-space-collapse: preserve;">Management 647 350 5523 </span><br /><br /><span style="white-space-collapse: preserve;">Pets One dog< 20 lbs, 2 cats</span><br /><br /><br /><span style="white-space-collapse: preserve;">3 Michael Power Power Place M9A 0A2</span><br /><span style="white-space-collapse: preserve;">Toronto Standard Condo Corp # 2226</span><br /><br /><span style="white-space-collapse: preserve;">Concierge 416 792 8461</span><br /><span style="white-space-collapse: preserve;">Management 647 340 7676 </span><br /><br /><span style="white-space-collapse: preserve;">Pets One dog< 20 lbs, 1 cats</span><br /><br /><br /><span style="white-space-collapse: preserve;">5 Michael Power Power Place M9A 0A3</span><br /><span style="white-space-collapse: preserve;">Toronto Standard Condo Corp # 2013</span><br /><br /><span style="white-space-collapse: preserve;">Concierge </span><br /><span style="white-space-collapse: preserve;">Management 416 645 3755 x505 Jessica</span><br /><br /><span style="white-space-collapse: preserve;">Pets One dog< 20 lbs, 1 cats</span><br /><br /><br /><span style="white-space-collapse: preserve;">7 Michael Power Power Place M9A 0A4</span><br /><span style="white-space-collapse: preserve;">Toronto Standard Condo Corp # 1793</span><br /><br /><span style="white-space-collapse: preserve;">Concierge </span><br /><span style="white-space-collapse: preserve;">Management 416 637 7700 Icon </span><br /><br /><span style="white-space-collapse: preserve;">Pets One dog< 20 lbs, 1 cats</span><br /><br /><span style="white-space-collapse: preserve;">9 Michael Power Power Place M9A 0A5</span><br /><span style="white-space-collapse: preserve;">Toronto Standard Condo Corp # 1808</span><br /><br /><span style="white-space-collapse: preserve;">Concierge </span><br /><span style="white-space-collapse: preserve;">Management 416 236-7979 Icon </span><br /><br /><span style="white-space-collapse: preserve;">Pets One dog< 20 lbs, 1 cats</span><br /><br /><br /><span style="white-space-collapse: preserve;">11 Michael Power Power Place M9A 5G3</span><br /><span style="white-space-collapse: preserve;">Toronto Standard Condo Corp # 1576</span><br /><br /><span style="white-space-collapse: preserve;">Concierge </span><br /><span style="white-space-collapse: preserve;">Management 416 231 4948</span><br /><br /><span style="white-space-collapse: preserve;">Pets One dog< 20 lbs, 1 cats</span><br /><br /><br /><br /><span style="white-space-collapse: preserve;">15 Michael Power Power Place M9A 5C4</span><br /><span style="white-space-collapse: preserve;">Toronto Standard Condo Corp # 1544</span><br /><br /><span style="white-space-collapse: preserve;">Concierge </span><br /><span style="white-space-collapse: preserve;">Management 416 231 4948</span><br /><br /><span style="white-space-collapse: preserve;">Pets One dog< 20 lbs, 1 cats</span><br /><br /><br /><span style="white-space-collapse: preserve;">17 Michael Power Power Place M9A 5G5</span><br /><span style="white-space-collapse: preserve;">Toronto Standard Condo Corp # 1518</span><br /><br /><span style="white-space-collapse: preserve;">Concierge </span><br /><span style="white-space-collapse: preserve;">Management 416 901 8622</span><br /><br /><span style="white-space-collapse: preserve;">Pets One dog< 20 lbs, 1 cats</span><br /></span><br />David Pylyphttp://www.blogger.com/profile/12756362367813938099noreply@blogger.com0tag:blogger.com,1999:blog-1296206893597586856.post-20893417838250907412020-12-16T07:24:00.001-08:002020-12-16T07:24:37.483-08:00Condo Buyers generally uninformed about Maintenance Fees in NEW Building<p><span style="font-family: verdana;"><a href=" https://www.thestar.com/news/gta/2020/12/11/this-toronto-homeowner-was-shocked-when-her-condo-fees-jumped-over-30-per-cent-within-two-years-the-provinces-auditor-general-wants-better-disclosure-rules-for-developers.html"> https://www.thestar.com/news/gta/2020/12/11/this-toronto-homeowner-was-shocked-when-her-condo-fees-jumped-over-30-per-cent-within-two-years-the-provinces-auditor-general-wants-better-disclosure-rules-for-developers.html</a> </span></p><p><span style="font-family: verdana;">Dear <a href="https://www.thestar.com/authors.gibson_victoria.html" style="background-color: #f8f8f8; box-sizing: border-box; color: #0072bc; cursor: pointer; font-size: 14px; font-weight: 800; letter-spacing: 0.4px; line-height: inherit; outline: 0px; text-decoration-line: none;"><span style="box-sizing: border-box;">Victoria Gibson</span></a></span></p><div><span style="font-family: verdana;">Budget is prepared by Developer for future year ( first year of condo board at turn over) <br />Reserve fund amount is only 10 % in First Year (10% of OPERATING BUDGET)</span></div><div><span style="font-family: verdana;">Any shortfall in Budget; the Developer is responsible</span></div><div><span style="font-family: verdana;"><br /></span></div><div><span style="font-family: verdana;">This permits the NEWLY installed condo board to look at </span></div><div><span style="font-family: verdana;">a) DID we get what we bought</span></div><div><span style="font-family: verdana;">b) Is the Budget enough</span></div><div><span style="font-family: verdana;">c) Condo reserve Fund Study and </span></div><div><span style="font-family: verdana;">d) Performance Audit</span></div><div><span style="font-family: verdana;">e) Examine sweetheart deals </span></div><div><span style="font-family: verdana;"><br /></span></div><div><span style="font-family: verdana;">OFTEN first Owners of a condo pay first and last to the condo fund to give the condo funds to pay gas electric water service etc. (BUFFER in the chequing acct)</span></div><div><span style="font-family: verdana;"><br /></span></div><div><span style="font-family: verdana;">SO let's recap with simple numbers</span></div><div><span style="font-family: verdana;"><br /></span></div><div><span style="font-family: verdana;">Your condo fee at $300 per month quoted by the builder is at 50 cent psf</span></div><div><span style="font-family: verdana;">Added to that is the RESERVE FUND Contribution of 10 cents PSF</span></div><div><span style="font-family: verdana;"><br /></span></div><div><span style="font-family: verdana;">So in reality its 60 cents PSF <br />you paid first and last </span></div><div><span style="font-family: verdana;">SO YOUR 600 square foot unit is projected to cost ( 50 ) is really 60 cent psf</span></div><div><span style="font-family: verdana;">Now at move in you paid 360 X 2 </span></div><div><span style="font-family: verdana;"><br /></span></div><div><span style="font-family: verdana;">720 is buried in the documents where you cannot explain PHANTOM RENT </span></div><div><span style="font-family: verdana;"><br /></span></div><div><span style="font-family: verdana;">Lets move forward <br />Your maintenance fee of $360 </span></div><div><span style="font-family: verdana;">You actually paid $360 X 13 <<< Remember the top up?<br /><br />Year Two </span></div><div><span style="font-family: verdana;"><br /></span></div><div><span style="font-family: verdana;">The Performance audit says that you need to ; </span><span style="font-family: verdana;">Create a Table of Repairs over the 30 year remaining economic life of major components IE elevator Hot water tank heaters elevators, the BIG STUFF</span></div><div><span style="font-family: verdana;"><br /></span></div><div><span style="font-family: verdana;">This will add 25 cents per square foot to your new maintenance fee;</span></div><div><span style="font-family: verdana;">PLUS hydro rates and garbage have increased so the building is paying an extra 10 cents, not to mention staffing and concierge.</span></div><div><span style="font-family: verdana;"><br /></span></div><div><span style="font-family: verdana;">Now the developer paid the lowest quoted price for every appliance installed.</span></div><div><span style="font-family: verdana;">Cheapest bid right? Fridge stove washer dryer Heat Pump are having dramatic failure rates outside the new, warranty period and the natives are sure the Board of Directors is personally profiting.</span></div><div><span style="font-family: verdana;"><br /></span></div><div><span style="font-family: verdana;">Lawyers are wracking up 25 - 30 thousand per condo board to smooth out rules and regulations, AVOID / BAN Airbnb and install Condo standard Bylaws<br /><br />(because the builder wants it registered and is not focused on UNIFORM BYLAWS for the new owners..... There's a story )</span></div><div><span style="font-family: verdana;"><br /></span></div><div><span style="font-family: verdana;">Your unaware uniformed condo buyer now gets a 15 % increase in fees...<br />But was it ?<br /><br /></span></div><div><span style="font-family: verdana;">Given the first year is padded with an extra payment </span></div><div><span style="font-family: verdana;">360 x 13 = $468</span></div><div><span style="font-family: verdana;"><br /></span></div><div><span style="font-family: verdana;">The extra $40 per month on the 360 is huge</span></div><div><span style="font-family: verdana;">$40 on the $468 is not so much. </span></div><div><span style="font-family: verdana;">It may actually be 7 - 8 % </span></div><div><span style="font-family: verdana;">Very much reflective of actual expenses.</span></div><div><span style="font-family: verdana;"><br /></span></div><div><span style="font-family: verdana;">Talk to informed EXPERIENCE Realtors when making these purchases</span></div><div><span style="font-family: verdana;">PLEASE Take your documents to a Lawyer to explain what you have purchased. </span></div><div><span style="font-family: verdana;">( 80% of buyers do not bcos they feel all builders are standard. They are not)</span></div><div><span style="font-family: verdana;"><br /></span></div><div><span style="font-family: verdana;">If you flip YOU PAY HST <br /><br />That's a different conversation.</span></div><div><span style="font-family: verdana;"><br /></span></div><div><span style="font-family: verdana;">List With Dave </span></div><div><span style="font-family: verdana;"><br /></span></div><div><br /></div><div></div>David Pylyphttp://www.blogger.com/profile/12756362367813938099noreply@blogger.com0tag:blogger.com,1999:blog-1296206893597586856.post-739140471588534772019-12-02T06:39:00.003-08:002019-12-02T06:39:52.482-08:00Renoviction or Own Use? Which one? <span style="font-family: Trebuchet MS, sans-serif;">Landlords are moving back in or taking control of their properties;</span><br />
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<span style="font-size: x-small;">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.</span><span style="font-size: x-small;">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</span></blockquote>
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<span style="font-family: Trebuchet MS, sans-serif;">I actually wonder how they are tracking these applications given that the filing system is by property address.</span><br />
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<b></b><i></i><u></u><sub></sub><sup></sup><strike></strike><span style="font-size: x-small;"></span><br />David Pylyphttp://www.blogger.com/profile/12756362367813938099noreply@blogger.com0tag:blogger.com,1999:blog-1296206893597586856.post-52950250474959660172019-12-02T06:38:00.000-08:002019-12-02T06:38:02.499-08:00Buy a Rental with less than 20% down <span style="font-family: Trebuchet MS, sans-serif;">Would you?</span><br />
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<span style="font-family: Trebuchet MS, sans-serif;">Seems that many are buying with less than 20% down and purchasing CMHC Insurance on the mortgage debt.</span><br />
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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.<br />“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. <a href="https://www.mortgagebrokernews.ca/news/insurance/cmhc-reports-notable-increase-in-the-number-of-insured-rental-homes-323420.aspx#.XeUdZZe_LB0.twitter">https://www.mortgagebrokernews.ca/news/insurance/cmhc-reports-notable-increase-in-the-number-of-insured-rental-homes-323420.aspx#.XeUdZZe_LB0.twitter</a></blockquote>
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<span style="font-family: Trebuchet MS, sans-serif;">The market appears unabated...</span><br />
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<span style="font-family: Trebuchet MS, sans-serif;">What do you think? </span><br />
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<span style="font-family: Trebuchet MS, sans-serif;">Lets book a time to talk </span><br />
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<span style="font-family: Trebuchet MS, sans-serif;">http://Calendly.com/davidpylyp </span>David Pylyphttp://www.blogger.com/profile/12756362367813938099noreply@blogger.com0tag:blogger.com,1999:blog-1296206893597586856.post-6998266683635517432019-11-22T11:07:00.003-08:002019-11-22T11:07:42.413-08:00Will you continue to Airbnb your Condo?<span style="font-family: Verdana, sans-serif;">Will you continue to rent your condo as an #AIRBNB</span><br />
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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.<br />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.<br />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. <a href="https://www.greaterfool.ca/2019/11/20/shared-stupidity/" style="background-color: transparent;">https://www.greaterfool.ca/2019/11/20/shared-stupidity/</a></blockquote>
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<span style="font-family: Verdana, sans-serif;">No confusion there. </span></div>
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<span style="font-family: Verdana, sans-serif;">The question is will you continue renting as Airbnb? </span></div>
David Pylyphttp://www.blogger.com/profile/12756362367813938099noreply@blogger.com0tag:blogger.com,1999:blog-1296206893597586856.post-23164190369105511822019-11-22T10:44:00.000-08:002020-01-06T07:25:35.249-08:00Learn How to Get Closing Cost Credits.<span style="font-family: "verdana" , sans-serif; font-size: large;">Attention Home Buyers, Learn How to Get Closing Cost Credits.</span><br />
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<span style="font-family: "verdana" , sans-serif; font-size: large;">Closing Costs Credit</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhOZOshj4nr6jHt3Hf5lJrP5vy9RdaMIeU7WKEPI44Zd1dxiR8LMZ5xQfMyPpUhqaS6PiaUT8PwIqQadKDH4paj4c7x2CMAWGg7y9byr841oVzYMk52SetweT2SRXOHUyxJ2qv0YphWVhE7/s1600/1st+Time+shoppers.PNG" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><span style="font-family: "verdana" , sans-serif;"><img border="0" data-original-height="310" data-original-width="462" height="214" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhOZOshj4nr6jHt3Hf5lJrP5vy9RdaMIeU7WKEPI44Zd1dxiR8LMZ5xQfMyPpUhqaS6PiaUT8PwIqQadKDH4paj4c7x2CMAWGg7y9byr841oVzYMk52SetweT2SRXOHUyxJ2qv0YphWVhE7/s320/1st+Time+shoppers.PNG" width="320" /></span></a></div>
<span style="font-family: "verdana" , sans-serif;">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?</span><br />
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<span style="font-family: "verdana" , sans-serif;">Do you need to preserve some of your savings and need options?</span><br />
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<span style="font-family: "verdana" , sans-serif;">One way to do this is to get some or all of your closing costs covered as part of negotiating </span><span style="font-family: "verdana" , sans-serif;">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. </span><br />
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<span style="font-family: "verdana" , sans-serif;">Take advantage of our expertise in assisting home buyers navigate through the home buying </span><span style="font-family: "verdana" , sans-serif;">process. Get into the right house for the right price.</span><br />
<span style="font-family: "verdana" , sans-serif;"><br /></span>
<span style="font-family: "verdana" , sans-serif;">Those enrolled in my FREE Home Buyer Program can get up to $2,500.00 in closing costs</span><br />
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<b><span style="font-family: "verdana" , sans-serif;">GUARANTEED!</span></b><br />
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<span style="font-family: "verdana" , sans-serif;">Enroll NOW! in my FREE Home Buyer Program and lock down your closing cost credit. </span><span style="font-family: "verdana" , sans-serif;">In order to qualify for this program please fill out the form below. This information will </span><span style="font-family: "verdana" , sans-serif;">not be shared with anyone. We will contact you for an initial no obligation free consultation.</span><br />
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<a href="http://davidpylyp.com/Agents/contact.cfm?aid=47190&sBrokerCode=remaxrealtyspecialists" target="_blank"><b><span style="font-family: "verdana" , sans-serif;">Click Here</span></b></a><br />
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<span style="font-family: "verdana" , sans-serif;">*some conditions apply</span><br />
<span style="font-family: "verdana" , sans-serif;">*requires purchase of resale property on the Toronto MLS system with 2.5% CB commission</span><br />
<span style="font-family: "verdana" , sans-serif;">*Minimum Purchase Price $500,000. CDN $</span><br />
<span style="font-family: "verdana" , sans-serif;">*Toronto GTA</span><br />
<span style="font-family: "verdana" , sans-serif;">*Offer Expires March 31st 2020</span>
<span style="font-family: "verdana" , sans-serif;">*Not intended to solicit Buyers under contract</span>David Pylyphttp://www.blogger.com/profile/12756362367813938099noreply@blogger.com0tag:blogger.com,1999:blog-1296206893597586856.post-53000524851562165882019-10-18T11:24:00.002-07:002019-11-22T11:00:12.402-08:00How can you see inside? <div class="_2cuy _3dgx" data-block="true" data-editor="dqfft" data-offset-key="3t7p3-0-0" style="background-color: white; margin: 0px; padding: 0px;">
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<span data-offset-key="3t7p3-0-0" style="white-space: pre-wrap;"><span style="color: #1d2129; font-family: "verdana" , sans-serif;">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.
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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.</span></span></div>
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<span data-offset-key="3t7p3-0-0"><span style="font-family: "verdana" , sans-serif;">“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.</span></span><br />
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<span data-offset-key="9iikd-0-0"><span style="font-family: "verdana" , sans-serif;">“That’s a huge percentage. More and more people first see their future home online. It is their introduction and all-important first impression.</span></span><br />
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<span style="font-family: "verdana" , sans-serif;">“So doing our best for sellers means using the latest technology – Matterport 3D tours, professional photography, and drone aerials – to create immediately compelling visuals,”</span></div>
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<span data-offset-key="2s7q8-0-0"><span style="font-family: "verdana" , sans-serif;">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.</span></span></div>
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<span data-offset-key="cbsf0-0-0"><span style="font-family: "verdana" , sans-serif;"><a href="http://bit.ly/PenthouseView">http://Bit.Ly/PenthouseView</a></span></span></div>
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<span data-offset-key="d7pi8-0-0"><span style="font-family: "verdana" , sans-serif;">Call today.</span></span></div>
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David Pylyphttp://www.blogger.com/profile/12756362367813938099noreply@blogger.com0tag:blogger.com,1999:blog-1296206893597586856.post-27414105755557737762019-09-03T10:55:00.001-07:002019-09-03T10:55:01.347-07:00Shared Equity Mortgage <b>Government of Canada offers Home-ownership Incentives</b><br />
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The First-Time Home Buyer Incentive launches September 2, 2019*.<br />
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* 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.<br />
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There are a few qualifiers to apply for this incentive:<br />
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•<span style="white-space: pre;"> </span>you need to have the minimum down payment to be eligible<br />
•<span style="white-space: pre;"> </span>your maximum qualifying income is no more than $120,000<br />
•<span style="white-space: pre;"> </span>your total borrowing is limited to 4 times the qualifying income<br />
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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.<br />
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How does it work?<br />
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.<br />
Through the First-Time Home Buyer Incentive, the Government of Canada will offer:<br />
•<span style="white-space: pre;"> </span>5% for a first-time buyer’s purchase of a re-sale home<br />
•<span style="white-space: pre;"> </span>5% or 10% for a first-time buyer’s purchase of a new construction<br />
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How do I know how much I have to pay back?<br />
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.<br />
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•<span style="white-space: pre;"> </span>You receive a 5% incentive of the home’s purchase price of $200,000, or $10,000.<br />
•<span style="white-space: pre;"> </span>If your home value increases to $300,000 your payback would be 5% of the current value or $15,000.<br />
•<span style="white-space: pre;"> </span>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.<br />
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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.<br />
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<span style="color: #403f42; font-family: "arial" , "sans-serif"; mso-fareast-font-family: "Times New Roman";">This has so many reasons to avoid the whole program.</span><br />
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<span style="color: #403f42; font-family: "arial" , "sans-serif"; mso-fareast-font-family: "Times New Roman";">Let's talk about it </span><br />
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<span style="color: #403f42; font-family: "arial" , "sans-serif"; mso-fareast-font-family: "Times New Roman";">You will be glad we did </span></div>
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<br />David Pylyphttp://www.blogger.com/profile/12756362367813938099noreply@blogger.com0tag:blogger.com,1999:blog-1296206893597586856.post-54838768084010038172019-07-17T16:40:00.000-07:002019-07-17T16:40:09.900-07:00You are entitled to every condo document except priviledged<div class="" data-block="true" data-editor="bn0fd" data-offset-key="47fep-0-0" style="background-color: white; color: #1c1e21; white-space: pre-wrap;">
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<span data-offset-key="47fep-0-0"><span style="font-family: Trebuchet MS, sans-serif;">Can you ask for Condo Documents?<div class="separator" style="clear: both; text-align: center;">
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<span data-offset-key="d1718-0-0"><span style="font-family: Trebuchet MS, sans-serif;">Condo Authority Tribunal-Tips </span></span></div>
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<span data-offset-key="3v4io-0-0"><span style="font-family: Trebuchet MS, sans-serif;">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.</span></span></div>
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<span data-offset-key="92t5s-0-0"><span style="font-family: Trebuchet MS, sans-serif;">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.</span></span></div>
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<span data-offset-key="86juq-0-0"><span style="font-family: Trebuchet MS, sans-serif;">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!</span></span></div>
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<span data-offset-key="8rj95-0-0"><span style="font-family: Trebuchet MS, sans-serif;">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.</span></span></div>
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<span data-offset-key="38jbu-0-0"><span style="font-family: Trebuchet MS, sans-serif;">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!</span></span></div>
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<span data-offset-key="2ero5-0-0"><span style="font-family: Trebuchet MS, sans-serif;">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.</span></span></div>
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<span data-offset-key="5g4v2-0-0"><span style="font-family: Trebuchet MS, sans-serif;">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.</span></span></div>
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<span data-offset-key="21dsg-0-0"><span data-text="true"><span style="font-family: Trebuchet MS, sans-serif;">http://www.lashcondolaw.com/condo-authority-tribunal-tips</span></span></span></div>
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David Pylyphttp://www.blogger.com/profile/12756362367813938099noreply@blogger.com0tag:blogger.com,1999:blog-1296206893597586856.post-83919906069246041762019-05-14T08:24:00.001-07:002019-05-14T08:24:05.884-07:00HST on Condo Purchase 2019<iframe allowfullscreen="" frameborder="0" height="270" src="https://www.youtube.com/embed/SGQuMp1kx94" width="480"></iframe>David Pylyphttp://www.blogger.com/profile/12756362367813938099noreply@blogger.com0tag:blogger.com,1999:blog-1296206893597586856.post-38946513304869842472018-09-10T10:36:00.004-07:002018-09-10T10:36:54.315-07:00Obtain Clearance CertificateThe recent court decision has profound chilling effects on the entire real estate and legal community;<br />
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REALTORS<span style="background-color: white; font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px;">®</span> are obligated in Ontario to complete a <a href="http://www.fintrac.gc.ca/intro-eng.asp" target="_blank">Fintrac Report</a> on your purchase or sale (rental) This consists of two valid pieces of ID used to IDENTIFY the transaction participant.<br />
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No where do I have access to verify if the seller of a property is a Resident or Non Resident for the purposes of Revenue Canada.<br />
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<span style="font-size: x-small;"><b>THE STORY</b><br />This is the case of Kau v. the Queen (2018 TCC 156). In June, 2011, Mr. Kau purchased a condo in Toronto from Mr. Y for $368,000. Mr. Y might have been a non-resident for Canadian tax purposes (he had a California address), although Mr. Y himself said that he was “not a non-resident.”<br />Why does this matter? Well, Section 116 of our tax law will require a purchaser of Canadian real estate to withhold 25 per cent of the purchase price and send it to the taxman if buying the property from a non-resident person. This is meant to ensure that non-residents who own and then sell Canadian real estate pay their share of taxes on any capital gains.<br />Section 116 requires the buyer to make a “reasonable inquiry” and have “no reason to believe that the seller is a non-resident of Canada.” Without this reasonable inquiry and belief about the seller, the buyer is supposed to withhold 25 per cent of the purchase price and send it to the taxman.<br />In our story, Mr. Kau didn’t withhold 25 per cent when paying Mr. Y. You see, Mr. Kau’s lawyer did ask about Mr. Y’s residency status. The response received was a signed affidavit that read “I am not a non-resident of Canada within the meaning of Section 116 of the Income Tax Act (Canada) and nor will I be a non-resident of Canada at the time of closing.”<br />This “declaration” by the seller wasn’t good enough for the Tax Court judge, because it wasn’t a “solemn declaration” (which carries the weight of an oath). He concluded that Mr. Kau did not undertake “reasonable inquiry” and should have had reason to believe that Mr. Y was a non-resident.<br />The result? Mr. Kau lost his case, and must now fork over $92,000 (25 per cent of $368,000) to the CRA, representing the withholding tax that should have been deducted from the purchase price paid to Mr. Y.<br /><b>THE NONSENSE</b><br />So, the onus is now on the buyer of real estate to not only collect taxes on behalf of the CRA when a non-resident is selling a property, but to also make a judgment on when to investigate further the tax residency of the seller – as though a layperson is qualified to know when and how to make that inquiry. https://www.theglobeandmail.com/investing/personal-finance/taxes/article-ensure-youre-in-the-clear-tax-court-decision-serves-as-warning-to/</span></blockquote>
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So, in addition to collecting your fintrac data I am now required / should to protect my buyer make enquiries about Residency Provisions of the Home / Condo Sellers. This form is called the <a href="https://www.scribd.com/document/388269393/FINTRAC-Individual-Identification-Information-Record" target="_blank">Individual Identification Information Record. See for yourself </a><br />
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Asking for your Drivers License with your home address is not sufficient. I followed this story 3 if not 4 years ago with this enquiry with Stan Gelman https://youtu.be/VP4wlqELB5g<br />
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<span style="background-color: white; color: #595959; font-family: Helvetica, Arial, Verdana, sans-serif; font-size: 16px;"></span><span style="background-color: white; color: #595959; font-family: Helvetica, Arial, Verdana, sans-serif; font-size: 16px;"></span>David Pylyphttp://www.blogger.com/profile/12756362367813938099noreply@blogger.com0tag:blogger.com,1999:blog-1296206893597586856.post-56114239406496013742017-12-11T16:51:00.000-08:002017-12-11T16:51:59.146-08:00DID you agree to receive Notices via Electronic Transmission<span style="font-family: Trebuchet MS, sans-serif;">We all agree E Mail is convenient</span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<span style="font-family: Trebuchet MS, sans-serif;">But sometimes a written letter; weighty in its importance will make you observe and deal with the contents.</span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<span style="font-family: Trebuchet MS, sans-serif;">If you agree to receive notice by email the importance may be missed or the JUNK folder filled.</span><br />
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<br /><em><b><span style="color: #000066; font-family: "Arial","sans-serif"; font-size: 10.0pt;">RE: New
Lien Instruction Form</span></b></em><span style="color: #000066; font-family: "Arial","sans-serif"; font-size: 10.0pt;">
</span><span style="color: #000066; font-family: "Arial","sans-serif"; font-size: 10.0pt;">We attach here our new Notice of Lien/Lien Instruction Form.</span><span style="color: #000066; font-family: "Arial","sans-serif"; font-size: 10.0pt;"> </span><span style="color: #000066; font-family: "Arial","sans-serif"; font-size: 10.0pt;">As you know, there have been some recent changes to the
Condominium Act, 1998.</span><span style="color: #000066; font-family: "Arial","sans-serif"; font-size: 10.0pt;"> </span><span style="color: #000066; font-family: "Arial","sans-serif"; font-size: 10.0pt;">One particular change which may affect the way lien notices are
communicated to owners is the section governing Service on an Owner, Section
47(4).</span><span style="color: #000066; font-family: "Arial","sans-serif"; font-size: 10.0pt;"> </span><span style="color: #000066; font-family: "Arial","sans-serif"; font-size: 10.0pt;">We will require you to complete the "Consent to Electronic
Delivery" section of the instruction form, in the following cases: </span><ul type="disc">
<li class="MsoNormal" style="color: #000066; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">where a unit owner has indicated,
in writing, that they agree to receive service electronically; and/or</span></li>
</ul>
<ul type="disc">
<li class="MsoNormal" style="color: #000066; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><span style="font-family: "Arial","sans-serif"; font-size: 10.0pt;">where the corporation has, on
record, a duly completed "Agreement to Electronic
Delivery". (Must comply with Section 47(4), 47(6) of the
Condominium Act, 1998, and 12.7 of O. Reg. 48/01.)</span></li>
</ul>
<span style="color: #000066; font-family: "Arial","sans-serif"; font-size: 10.0pt;">... office will send all notices
by both mail and email, where an email address is provided.</span></blockquote>
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<span style="font-family: Trebuchet MS, sans-serif;"> It is more convenient, but have you ever missed something important? </span><br />
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<span style="font-family: Trebuchet MS, sans-serif;">What do you think? </span><br />
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David Pylyphttp://www.blogger.com/profile/12756362367813938099noreply@blogger.com0tag:blogger.com,1999:blog-1296206893597586856.post-30779672278035361002017-11-28T10:05:00.001-08:002017-11-28T15:47:39.893-08:00Court refuses to Amend Declaration of Condo Corporation<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgTbcp8R-01o8tyeNu-3nwiB2MPmmVekzVS4pucg6Cy8P2RIVU7Bsc3O7j94SIDMqaQXn7Z2V5KS3ZPLK7los5iBIDtT2NhJC5jDAINh5QuAA0Y7R1KaVLaC50ucVFCVjOuSJHPGE1sZhUq/s1600/millenials.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="837" data-original-width="1600" height="208" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgTbcp8R-01o8tyeNu-3nwiB2MPmmVekzVS4pucg6Cy8P2RIVU7Bsc3O7j94SIDMqaQXn7Z2V5KS3ZPLK7los5iBIDtT2NhJC5jDAINh5QuAA0Y7R1KaVLaC50ucVFCVjOuSJHPGE1sZhUq/s400/millenials.jpg" width="400" /></a></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">Do you have a unit at Toronto Standard Condo Corp 1556 Also Known As Skymark Center at Avondale - West Structure. Toronto Standard Condominium Corporation #1556. Address 78 Harrison Garden Boulevard?</span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">Do you have a unit at Toronto Standard Condo Corporation 1600 Also known as SKYMARK AT AVONDALE II, 80 HARRISON GARDEN BLVD, Toronto, Ontario?<br /><br />Should you have known about this before your purchase? </span></div>
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<span style="font-family: "verdana" , sans-serif; font-size: 10pt; line-height: 140%;"><br /></span></div>
<div style="line-height: 140%;">
<span style="font-family: "verdana" , sans-serif; font-size: 10pt; line-height: 140%;">In a recent case, (<em><span style="font-family: "verdana" , "sans-serif";"><a href="https://www.canlii.org/en/on/onsc/doc/2017/2017onsc6542/2017onsc6542.html?autocompleteStr=2017%20ONSC%206542&autocompletePos=1"><b><span style="color: #000099; text-decoration-line: none;">TSCC No. 1556
and No. 1600 v. Owners of TSCC No. 1556, et al)</span></b></a></span></em>, the
Ontario Superior Court of Justice refused to grant a court order to amend the
declarations of two corporations to eliminate provisions in their declarations
which specifically permitted transient, short-term rentals in the condominiums.<o:p></o:p></span></div>
<div style="line-height: 140%;">
<span style="font-family: "verdana" , sans-serif; font-size: 10pt; line-height: 140%;">The two corporations were
developed by the same builder and contained identical provisions in their
declarations dealing with short-term rentals. The declarations specifically
stated that transient short-term rentals were permitted in accordance with the
applicable zoning by-laws. In addition, there were also numerous provisions in
the declarations that any restrictions in the declarations were not to be
construed to prohibit or restrict short-term rentals.<o:p></o:p></span></div>
<div style="line-height: 140%;">
<span style="font-family: "verdana" , sans-serif; font-size: 10pt; line-height: 140%;">The condominium corporations
took the position that the short-term rental provisions:<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 140%; margin-bottom: 12.0pt; margin-left: 48.0pt; mso-list: l1 level1 lfo1; mso-margin-top-alt: auto; tab-stops: list .5in; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "wingdings"; font-size: 10pt; line-height: 140%;">§<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: "verdana" , sans-serif; font-size: 10pt; line-height: 140%;">were inconsistent with
the <a href="https://www.ontario.ca/laws/statute/98c19"><b><span style="color: #000099; text-decoration-line: none;">Condominium Act,
1998</span></b></a> (the “<strong><span style="font-family: "verdana" , "sans-serif";">Act</span></strong>”)
because they impermissibly granted rights relating to occupancy and use (when
the Act only allows declarations to contain conditions or restrictions with
respect to occupancy and use), and because they interfered with the ability of
the board of directors to make rules;<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 140%; margin-bottom: 12.0pt; margin-left: 48.0pt; mso-list: l1 level1 lfo1; mso-margin-top-alt: auto; tab-stops: list .5in; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "wingdings"; font-size: 10pt; line-height: 140%;">§<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: "verdana" , sans-serif; font-size: 10pt; line-height: 140%;">were inconsistent with
the City zoning by-laws; and<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 140%; margin-bottom: 12.0pt; margin-left: 48.0pt; mso-list: l1 level1 lfo1; mso-margin-top-alt: auto; tab-stops: list .5in; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "wingdings"; font-size: 10pt; line-height: 140%;">§<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: "verdana" , sans-serif; font-size: 10pt; line-height: 140%;">were inconsistent with a
restrictive covenant registered against the condominium properties which
prohibited the construction of commercial space.<o:p></o:p></span></div>
<div style="line-height: 140%;">
<span style="font-family: "verdana" , sans-serif; font-size: 10pt; line-height: 140%;">All three of these arguments
failed on the following basis:<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 140%; margin-bottom: 12.0pt; margin-left: 48.0pt; mso-list: l0 level1 lfo2; mso-margin-top-alt: auto; tab-stops: list .5in; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "wingdings"; font-size: 10pt; line-height: 140%;">§<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: "verdana" , sans-serif; font-size: 10pt; line-height: 140%;">The declarations did not
grant any rights as the right to lease property is a right of ownership. The
declarations merely confirmed that any provisions in the declarations which
restricted uses, did not restrict the right to lease, and thus there was no
inconsistency with the Act.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 140%; margin-bottom: 12.0pt; margin-left: 48.0pt; mso-list: l0 level1 lfo2; mso-margin-top-alt: auto; tab-stops: list .5in; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "wingdings"; font-size: 10pt; line-height: 140%;">§<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: "verdana" , sans-serif; font-size: 10pt; line-height: 140%;">As section 58(2) of the
Act specifically states that rules must be consistent with the declaration, the
condominium boards clearly could not make any rules prohibiting or restricting
short-term rentals, as this would be inconsistent with the declarations.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 140%; margin-bottom: 12.0pt; margin-left: 48.0pt; mso-list: l0 level1 lfo2; mso-margin-top-alt: auto; tab-stops: list .5in; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "wingdings"; font-size: 10pt; line-height: 140%;">§<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: "verdana" , sans-serif; font-size: 10pt; line-height: 140%;">The wording in the
declarations specifically stated that short-term rentals must be in compliance
with the applicable City zoning by-laws in effect from time to time.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 140%; margin-bottom: 12.0pt; margin-left: 48.0pt; mso-list: l0 level1 lfo2; mso-margin-top-alt: auto; tab-stops: list .5in; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "wingdings"; font-size: 10pt; line-height: 140%;">§<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: "verdana" , sans-serif; font-size: 10pt; line-height: 140%;">While short-term rentals
of residential units may be a commercial use, this was not contrary to the
restrictive covenant, as there was no construction of commercial space in the
condominiums and the restrictive covenant did not prohibit leasing residential units
for a commercial purpose.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 140%; margin-bottom: 12.0pt; margin-left: 48.0pt; mso-list: l0 level1 lfo2; mso-margin-top-alt: auto; tab-stops: list .5in; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "wingdings"; font-size: 10pt; line-height: 140%;">§<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span style="font-family: "verdana" , sans-serif; font-size: 10pt; line-height: 140%;">The disclosure documents
delivered to purchasers when they entered into their agreements of purchase and
sale specifically stated that short-term rentals were permitted and some
purchasers relied on the ability to lease their unit on a short-term basis when
making their purchase decision.<o:p></o:p></span></div>
<span style="font-family: "verdana" , sans-serif; font-size: 10pt;">As the court application failed, the only avenue to amend the
declarations would be to obtain the written consent of the owners of 80% of the
units in accordance with section 107 of the Act. Eighty per cent consent is a
high threshold and often difficult to obtain. In this case, as the disclosure
documents and the declarations clearly stated that there were no restrictions
on the leasing of units, many of the owners may have relied on this when making
their purchase decision, and thus would not consent to amending the
declarations to prohibit or restrict short-term rentals. </span><span style="font-family: "verdana" , sans-serif;"><span style="font-size: 13.3333px;">http://www.lashcondolaw.com/court-refuses-to-amend-condo-declaration-to-ban-short-term-rentals/ </span></span><br />
<span style="font-family: "verdana" , sans-serif; font-size: 10pt;"><br /></span>
<span style="font-family: "verdana" , sans-serif; font-size: 10pt;"><br /></span>
<span style="font-family: "verdana" , sans-serif; font-size: 10pt;"><br /></span>
<span style="font-family: "verdana" , sans-serif; font-size: 10pt;">So these BUYERS who acted in good faith to purchase a suite for occupancy or investment;</span><br />
<span style="font-family: "verdana" , sans-serif; font-size: 10pt;"><br /></span>
<span style="font-family: "verdana" , sans-serif; font-size: 10pt;">a) Did they take the condo status documents to a lawyer to have it things explained?</span><br />
<span style="font-family: "verdana" , sans-serif; font-size: 10pt;"> ....... 80 % do not assuming that all condo documents are the same</span><br />
<span style="font-family: "verdana" , sans-serif; font-size: 10pt;">b) Are you content to remain in your purchase?</span><br />
<span style="font-family: "verdana" , sans-serif; font-size: 10pt;">c) Has your investment been soured by this experience?<br /><br />Add your comments below </span>David Pylyphttp://www.blogger.com/profile/12756362367813938099noreply@blogger.com0tag:blogger.com,1999:blog-1296206893597586856.post-23451349492914787042017-11-03T09:53:00.001-07:002017-11-03T09:53:09.549-07:00A Guide to the New Condominium Act Forms<div style="line-height: 16.8pt; margin-bottom: 2.25pt; margin-left: 0in; margin-right: 0in; margin-top: 12.0pt;">
<span style="color: #555555; font-family: Verdana, sans-serif; font-size: 10pt;">Nov 1, 2017</span><a href="https://www.blogger.com/null" name="1"></a></div>
<div style="line-height: 140%;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt; line-height: 140%;">As of yesterday, many changes
to the Condominium Act came into effect that affect the day-to-day
responsibilities of condo corporations.<o:p></o:p></span></div>
<div style="line-height: 140%;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt; line-height: 140%;">Some of the changes require
corporations to use Ministry forms where they weren’t previously required.<o:p></o:p></span></div>
<div style="line-height: 140%;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt; line-height: 140%;">The Ministry released the new
forms corporations will have to use for: proxies, to provide notice of meeting,
and the three types of information certificates, among others. Here is a list
of the new forms:<o:p></o:p></span></div>
<div style="line-height: 140%;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt; line-height: 140%;"><br /></span></div>
<div style="line-height: 140%;">
<strong><u><span style="font-family: Verdana, sans-serif; font-size: 10pt; line-height: 140%;">Information
Certificates</span></u></strong><span style="font-family: Verdana, sans-serif; font-size: 10pt; line-height: 140%;"><o:p></o:p></span></div>
<div style="line-height: 140%;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt; line-height: 140%;">1. <a href="https://files.ontario.ca/periodic_information_certificate_en.pdf"><b><span style="color: #000099; text-decoration-line: none;">Periodic
Information Certificate</span></b></a><o:p></o:p></span></div>
<div style="line-height: 140%;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt; line-height: 140%;">This “mini status certificate”
provides owners with updates on finances, insurance, reserve fund, board, and
other matters throughout the year.<br />
<strong><span style="font-family: "Verdana","sans-serif";">Tip:</span></strong>
This must be sent out twice per year – within 60 days after the last day of the
first and third fiscal quarter.<o:p></o:p></span></div>
<div style="line-height: 140%;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt; line-height: 140%;">2. <a href="https://files.ontario.ca/information_certificate_update_en.pdf"><b><span style="color: #000099; text-decoration-line: none;">Information
Certificate Update</span></b></a><o:p></o:p></span></div>
<div style="line-height: 140%;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt; line-height: 140%;">This certificate is triggered
on certain events, such as a change in the directors, or change of the
corporation’s address for service.<br />
<strong><span style="font-family: "Verdana","sans-serif";">Tip: </span></strong>There
are different time periods for sending out the Information Certificate Update
depending on the type of triggering event. For example, if the board loses
quorum, this must be sent out within 5 days of losing quorum, whereas a
corporation has 30 days to send out the notice for a mere change in the number
of directors.<o:p></o:p></span></div>
<div style="line-height: 140%;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt; line-height: 140%;">3. <a href="https://files.ontario.ca/new_owner_infromation_certificate_en.pdf"><b><span style="color: #000099; text-decoration-line: none;">New Owner
Information Certificate</span></b></a><o:p></o:p></span></div>
<div style="line-height: 140%;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt; line-height: 140%;">This notice contains the most
recent Periodic Information Certificate and Information Certificate Update.<o:p></o:p></span></div>
<div style="line-height: 140%;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt; line-height: 140%;">4. <a href="https://files.ontario.ca/notice_of_online_posting_of_information_certificate_en.pdf"><b><span style="color: #000099; text-decoration-line: none;">Notice of Online
Posting of Information Certificate</span></b></a><o:p></o:p></span></div>
<div style="line-height: 140%;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt; line-height: 140%;">A corporation must send this
notice to owners if it decides to post any of the information certificates
online (such as through property management’s web portal)<o:p></o:p></span></div>
<div style="line-height: 140%;">
<strong><u><span style="font-family: Verdana, sans-serif; font-size: 10pt; line-height: 140%;"><br /></span></u></strong></div>
<div style="line-height: 140%;">
<strong><u><span style="font-family: Verdana, sans-serif; font-size: 10pt; line-height: 140%;">Proxies</span></u></strong><span style="font-family: Verdana, sans-serif; font-size: 10pt; line-height: 140%;"><o:p></o:p></span></div>
<div style="line-height: 140%;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt; line-height: 140%;">1. <a href="https://files.ontario.ca/proxy_form_en.pdf"><b><span style="color: #000099; text-decoration-line: none;">Proxy Form</span></b></a><o:p></o:p></span></div>
<div style="line-height: 140%;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt; line-height: 140%;">This form must be used by
owners or mortgagees voting by proxy at a meeting of owners.<br />
<strong><span style="font-family: "Verdana","sans-serif";">Tip: </span></strong>Proxy
forms can be used at an adjournment of a meeting of owners. If, for example,
there weren’t sufficient owners present at an AGM to pass a by-law, proxies
submitted for the purpose of passing a by-law at that AGM can be used at a
subsequent meeting of owners.<o:p></o:p></span></div>
<div style="line-height: 140%;">
<strong><u><span style="font-family: Verdana, sans-serif; font-size: 10pt; line-height: 140%;">Notices</span></u></strong><span style="font-family: Verdana, sans-serif; font-size: 10pt; line-height: 140%;"><o:p></o:p></span></div>
<div style="line-height: 140%;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt; line-height: 140%;">1. <a href="https://files.ontario.ca/preliminary_notice_of_meeting_of_owners_en.pdf"><b><span style="color: #000099; text-decoration-line: none;">Preliminary
Notice of Meeting of Owners</span></b></a><o:p></o:p></span></div>
<div style="line-height: 140%;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt; line-height: 140%;">This notice is meant to give
owners an advance notice of the purpose of the meeting of owners.<br />
<strong><span style="font-family: "Verdana","sans-serif";">Tip</span></strong>:
This must be sent out at least 35 days before the meeting date.<o:p></o:p></span></div>
<div style="line-height: 140%;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt; line-height: 140%;">2. <a href="https://files.ontario.ca/notice_of_meeting_of_owners_en.pdf"><b><span style="color: #000099; text-decoration-line: none;">Notice of
Meeting of Owners</span></b></a><o:p></o:p></span></div>
<div style="line-height: 140%;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt; line-height: 140%;">This form is required for
sending owners notice of an upcoming meeting of owners.<br />
<strong><span style="font-family: "Verdana","sans-serif";">Tip: </span></strong>This
must be sent out 15-20 days before the meeting date.<o:p></o:p></span></div>
<div style="line-height: 140%;">
<strong><u><span style="font-family: Verdana, sans-serif; font-size: 10pt; line-height: 140%;">Record
Requests</span></u></strong><span style="font-family: Verdana, sans-serif; font-size: 10pt; line-height: 140%;"><o:p></o:p></span></div>
<div style="line-height: 140%;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt; line-height: 140%;">1. <a href="https://files.ontario.ca/request_for_records_en.pdf"><b><span style="color: #000099; text-decoration-line: none;">Request for
Records</span></b></a><o:p></o:p></span></div>
<div style="line-height: 140%;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt; line-height: 140%;">This form must be used when an
owner, mortgagee or purchaser requests records.<o:p></o:p></span></div>
<div style="line-height: 140%;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt; line-height: 140%;">2. <a href="https://files.ontario.ca/baords_response_to_request_for_records_en.pdf"><b><span style="color: #000099; text-decoration-line: none;">Board’s Response
to Request for Records</span></b></a><o:p></o:p></span></div>
<div style="line-height: 140%;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt; line-height: 140%;">This form must be used by the
board of directors when responding to a record request from an owner, mortgagee
or purchaser.<br />
<strong><span style="font-family: "Verdana","sans-serif";">Tip:</span></strong>
The board must respond to the request within 30 days.<o:p></o:p></span></div>
<div style="line-height: 140%;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt; line-height: 140%;">3. <a href="https://files.ontario.ca/waiver_by_requester_of_records_en.pdf"><b><span style="color: #000099; text-decoration-line: none;">Waiver by
Requester of Records</span></b></a><o:p></o:p></span></div>
<div style="line-height: 140%;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt; line-height: 140%;">This is an agreement between
the requester and the corporation that allows the requester to waive certain
rights with respect to the corporation’s response to the record request.<o:p></o:p></span></div>
<div style="line-height: 140%;">
<strong><u><span style="font-family: Verdana, sans-serif; font-size: 10pt; line-height: 140%;"><br /></span></u></strong></div>
<div style="line-height: 140%;">
<strong><u><span style="font-family: Verdana, sans-serif; font-size: 10pt; line-height: 140%;">Other Forms
for Owners</span></u></strong><span style="font-family: Verdana, sans-serif; font-size: 10pt; line-height: 140%;"><o:p></o:p></span></div>
<div style="line-height: 140%;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt; line-height: 140%;">1. <a href="https://files.ontario.ca/notice_of_meeting_of_owners_under_s._34_5_of_the_condominium_act_en.pdf"><b><span style="color: #000099; text-decoration-line: none;">Notice of
Meeting of Owners under s.34(5) of the </span></b></a>
<a href="https://files.ontario.ca/notice_of_meeting_of_owners_under_s._34_5_of_the_condominium_act_en.pdf"><b><span style="color: #000099; text-decoration-line: none;">Condominium Act</span></b></a><o:p></o:p></span></div>
<div style="line-height: 140%;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt; line-height: 140%;">This must be used by owners who
wish to call a meeting to fill vacancies on the board if the board loses quorum
and the remaining directors do not call within 15 days of losing quorum, or if
there are no directors in office.<o:p></o:p></span></div>
<div style="line-height: 140%;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt; line-height: 140%;">2. <a href="https://files.ontario.ca/submission_to_include_material_in_the_notice_of_meeting_of_owners_en.pdf"><b><span style="color: #000099; text-decoration-line: none;">Submission to
Include Material in the Notice of Meeting of</span></b></a> <a href="https://files.ontario.ca/submission_to_include_material_in_the_notice_of_meeting_of_owners_en.pdf"><b><span style="color: #000099; text-decoration-line: none;">Owners</span></b></a><o:p></o:p></span></div>
<span style="font-family: Verdana, sans-serif; font-size: 10pt;">This form must be used by owners if they wish to submit material to the
board to be included in the upcoming Notice of Meeting of Owners<br />
<strong><span style="font-family: "Verdana","sans-serif";">Tip: </span></strong>Although
owners can request material to be included in the notice of meeting, the board
is not obligated to include this material unless the submission is made on
behalf of owners of 15% of the units (or more), and the submission would not
add anything that is contrary to the Condominium Act or the regulations.</span><br />
<span style="font-family: Verdana, sans-serif; font-size: 10pt;"><br /></span>
<span style="font-family: Verdana, sans-serif; font-size: 10pt;">C/O Lash Condo Law </span><br />
<span style="font-family: Verdana, sans-serif; font-size: 10pt;"><br /></span>David Pylyphttp://www.blogger.com/profile/12756362367813938099noreply@blogger.com0tag:blogger.com,1999:blog-1296206893597586856.post-72026148740113428762017-10-31T08:19:00.002-07:002017-10-31T08:21:18.474-07:00Tax on Flipping 50% <span style="background-color: white; font-family: Trebuchet MS, sans-serif;">David Rotfleisch, a tax lawyer with taxpage.com, said there are two ways in which a condo transaction could be taxable, either as capital gains or income.</span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br style="background-color: white; box-sizing: border-box;" /></span>
<span style="background-color: white; font-family: Trebuchet MS, sans-serif;">“If you buy a condo and you live in it and you subsequently sell it, there is an argument that it is a capital transaction. You bought something and sold something,” he said. “But if you are buying paper and selling paper, there is no other argument than it is a debenture in the nature of trade and therefore fully taxable as income and therefore has to be fully reported. So anybody who has been involved in flipping condos or paper and who has not reported the transaction, is technically committing tax evasion.”</span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br style="background-color: white; box-sizing: border-box;" /></span>
<span style="background-color: white; font-family: Trebuchet MS, sans-serif;">Denise Lash of Lash Condo Law noted the practice is common in the condominium industry.</span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br /></span>
<div class="image-box-left vertical" style="background: rgb(255, 255, 255); border: 0px; box-sizing: border-box; float: left; margin: 5px 10px 10px 0px; max-width: 205px; outline: 0px; padding: 0px; vertical-align: baseline;">
<br />
<figure style="background: transparent; border: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><img alt="Denise Lash, Lash Condo Law" border="0" class="img-responsive fr-draggable fr-dib" src="https://s3.amazonaws.com/tld-documents.llnassets.com/0005000/5017/denise_lash_image.jpg" style="background: transparent; border: 0px; box-sizing: border-box; display: block; height: auto; margin: 0px; max-width: 100%; outline: 0px; padding: 0px; vertical-align: baseline;" /><figcaption style="background: transparent; border: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><div class="caption" style="background: transparent; border: 0px; box-sizing: border-box; outline: 0px; padding: 0px; vertical-align: baseline;">
<span style="background: transparent; border: 0px; box-sizing: border-box; font-family: Trebuchet MS, sans-serif; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Denise Lash, Lash Condo Law</span></div>
</figcaption></figure></div>
<span style="background-color: white; font-family: Trebuchet MS, sans-serif;">“A lot of real estate agents or developers hold preliminary open houses for family and friends,” she said. “They get special pricing, hold on to it for three years and that’s when the assignment flip occurs. People will continue to assign, but the question is if they declaring that income.”</span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br style="background-color: white; box-sizing: border-box;" /></span>
<span style="background-color: white; font-family: Trebuchet MS, sans-serif;">Lash said the CRA’s probe “makes sense” because of the issues in the marketplace.</span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br style="background-color: white; box-sizing: border-box;" /></span>
<span style="background-color: white; font-family: Trebuchet MS, sans-serif;">“I would think no developer would take the position that anybody who’s making a profit on any resale shouldn’t pay tax. It should be handled the same way anybody else pays tax,” she said. “From the point of view of an investor who wants to assign, this shouldn’t discourage them — they should be disclosing and filing their taxes anyway.”</span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br style="background-color: white; box-sizing: border-box;" /></span>
<span style="background-color: white; font-family: Trebuchet MS, sans-serif;">Both the Ontario and B.C. governments have given preliminary thoughts to creating some sort of registry system to track assignments in their provinces. But Rotfleisch said assignment sales have been a significant issue for years and feels any oversight should be done at a federal level due to the number of tax transaction reporting requirements involved.</span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br style="background-color: white; box-sizing: border-box;" /></span>
<span style="background-color: white; font-family: Trebuchet MS, sans-serif;">“It is grossly overdue,” he said. “It is almost negligible on the part of CRA because it’s a well-known problem, it’s been a problem for years and it’s an easy fix.”</span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br style="background-color: white; box-sizing: border-box;" /></span>
<span style="background-color: white; font-family: Trebuchet MS, sans-serif;">Csepregi said if there is reason to believe that a taxpayer has been noncompliant, their file will be referred for audit and may be reassessed based on the result.</span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><br style="background-color: white; box-sizing: border-box;" /></span>
<span style="background-color: white; font-family: Trebuchet MS, sans-serif;">“The CRA will apply a penalty equal to 50 per cent of the additional tax payable if a taxpayer knowingly makes a false statement when filing a return,” he said.</span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><span style="background-color: white;"><br /></span>
<span style="background-color: white;"><a href="https://www.thelawyersdaily.ca/realestate/articles/5017/increased-federal-oversight-of-condo-flipping-called-grossly-overdue-?nl_pk=d95c6284-5ba7-4473-8d78-cd2edd904169&utm_source=newsletter&utm_medium=email&utm_campaign=realestate" target="_blank">Flipping</a> </span></span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><span style="background-color: white;"><br /></span><span style="background-color: white;">Do you have a condo you want to sell?<br /><br />http://DavidPylyp.com </span></span><br />
<span style="background-color: white; font-family: "opensanslight" , sans-serif; font-size: 13px;"><br /></span>David Pylyphttp://www.blogger.com/profile/12756362367813938099noreply@blogger.com0tag:blogger.com,1999:blog-1296206893597586856.post-86666658244812443812017-10-28T09:04:00.001-07:002017-10-28T09:04:37.915-07:00CRA chases flippers <span style="font-family: "trebuchet ms" , sans-serif;">“The profits from flipping real estate are generally considered to be fully taxable as business income,” CRA
spokesperson Zoltan Csepregi told The Canadian Press via email. “The facts of each case determine whether such
profits should be reported as business income or as a capital gain.”
Real estate deals in the Greater Toronto Area and Vancouver have been the subject of greater scrutiny....</span><br />
<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span>
<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span>
<span style="font-family: "trebuchet ms" , sans-serif;">Didn't declare that flip? </span><br />
<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span>
<span style="font-family: "trebuchet ms" , sans-serif;">Time for a voluntary disclosure.</span><br />
<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span>
<span style="font-family: "trebuchet ms" , sans-serif;">The Canada Revenue Agency is analyzing 2,810 transactions involving cases of pre-construction condominium flipping in Toronto to determine whether audits need to be carried out to find tax evaders.</span><br />
<span style="font-family: "trebuchet ms" , sans-serif;"><br style="box-sizing: border-box;" />In the Toronto area, audit work has picked up accelerated on what are called “assignment sales” or “shadow flipping”, in which a condo is purchased from a developer and sold to another buyer before the unit is completed.</span><br />
<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span>
<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span>
<span style="font-family: "trebuchet ms" , sans-serif;">http://www.mortgagebrokernews.ca/news/cra-analyzing-nearly-3000-condo-flipping-cases-in-toronto-232980.aspx</span><br />
<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span>
<span style="font-family: "trebuchet ms" , sans-serif;">Fair or Foul? </span><br />
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<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span>David Pylyphttp://www.blogger.com/profile/12756362367813938099noreply@blogger.com0tag:blogger.com,1999:blog-1296206893597586856.post-47805632806703481022017-10-26T07:01:00.000-07:002017-10-26T07:01:00.757-07:00Implementing Bill 160 Condominium Authority of Ontario (COA) <div class="description" style="background: rgb(255, 255, 255); border: 0px; box-sizing: border-box; float: left; font-family: openSansLight, sans-serif; font-size: 13px; line-height: 18.85px; margin: 0px 0px 0px 15px; outline: 0px; padding: 0px; vertical-align: baseline; width: 452.719px;">
<table align="left" border="0" cellpadding="5" cellspacing="0" style="background: transparent; border-collapse: collapse; border-spacing: 0px; border: 0px; box-sizing: border-box; font-size: 13px; margin: 0px; max-width: 100%; outline: 0px; padding: 0px; vertical-align: baseline; width: 80px;"><tbody style="background: transparent; border: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">
<tr style="background: transparent; border: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><td style="background: transparent; border: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: top;"><img align="left" alt="Laura McKeen %>" src="https://s3.amazonaws.com/tld-documents.llnassets.com/0004000/4919/laura_mckeen.jpg" style="background: transparent; border: 1px solid rgb(153, 153, 153); box-sizing: border-box; margin: 5px 15px 0px 0px; outline: 0px; padding: 0px; vertical-align: top;" /></td></tr>
<tr style="background: transparent; border: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><td style="background: transparent; border: 0px; box-sizing: border-box; color: #999999; font-size: 12px; line-height: 14px; margin: 0px; outline: 0px; padding: 4px 15px 0px 0px; text-align: center; vertical-align: top;">Laura McKeen</td></tr>
</tbody></table>
The condominium industry will be undergoing significant changes in the next few weeks. On Dec. 3, 2015, the <em style="background: transparent; border: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Protecting Condominium Owners Act</em>, also known as Bill 106, received royal assent by the Ontario Legislature. Bill 106 is important because it marked the first overhaul of the province’s condominium law in over 16 years. When it comes into force It will:<br style="box-sizing: border-box;" /><br style="box-sizing: border-box;" /><ul style="background: transparent; border: 0px; box-sizing: border-box; margin: 0px 0px 0px 1.8em; outline: 0px; padding: 0px; vertical-align: baseline;">
<li style="background: transparent; border: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">amend significant parts of the <em style="background: transparent; border: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Condominium Act,1998 </em>(the Condo Act)<em style="background: transparent; border: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">; </em></li>
<li style="background: transparent; border: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">enact the <em style="background: transparent; border: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Condominium Management Services Act </em>(the CMSA);</li>
<li style="background: transparent; border: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">make amendments to other relevant acts, including the <em style="background: transparent; border: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Ontario New Home Warranties Plan Act.</em></li>
</ul>
<br style="box-sizing: border-box;" />Many important aspects of the reforms are being implemented through regulations, some of which have been released. Many of the changes to the Condo Act will come into force on Nov. 1, 2017. This includes those provisions dealing with the new dispute resolution tribunal, but will also likely include any provision addressed by the regulations released so far. The licensing provisions of the CMSA will also come into force. Importantly, Bill 106 also creates two new administrative authorities: the Condominium Authority of Ontario (CAO) and the Condominium Management Regulatory Authority of Ontario (CMRAO).<br style="box-sizing: border-box;" /><br style="box-sizing: border-box;" /><strong style="background: transparent; border: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">The CAO</strong> <br style="box-sizing: border-box;" /><br style="box-sizing: border-box;" />The CAO was designated on Sept. 1, 2017, and is responsible for the administration of certain parts of the Condo Act. <br style="box-sizing: border-box;" /><br style="box-sizing: border-box;" />Currently, there are no educational requirements to become a director of a condominium board. This is changing. The CAO will implement mandatory training for condo directors to ensure smoother operation of condo corporations. The CAO’s website provides information and training about: rights and responsibilities of condo owners; the roles and responsibilities of the board of directors and condo management; and changes to the Condo Act. Information is also available about common issues and disputes that arise in the condominium communities to assist owners and corporations in proactively resolving issues.<br style="box-sizing: border-box;" /><br style="box-sizing: border-box;" />The CAO provides services and resources for condo corporations and condo owners. These include:<br style="box-sizing: border-box;" /><br style="box-sizing: border-box;" /><ul style="background: transparent; border: 0px; box-sizing: border-box; margin: 0px 0px 0px 1.8em; outline: 0px; padding: 0px; vertical-align: baseline;">
<li style="background: transparent; border: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">information to help owners and residents understand their rights and responsibilities;</li>
<li style="background: transparent; border: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">mandatory training for condo directors;</li>
<li style="background: transparent; border: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">resources to help condo owners and residents resolve common issues; and</li>
<li style="background: transparent; border: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">dispute resolution services through the Condominium Authority Tribunal (CAT).</li>
</ul>
<br style="box-sizing: border-box;" />Starting on Nov. 1, 2017, the CAT will offer a new, online dispute resolution process. The CAT can only adjudicate the types of disputes identified in the regulations. Currently the only types of disputes identified are disputes about records (Section 55 of the Condo Act), but the CAT’s scope is expected to expand in the near future. Certain disputes are excluded from the jurisdiction of the CAT, including: disputes involving Part III of the Condo Act (ownership); liens; and the determination of title to real property. Where the CAT does have jurisdiction, it will have exclusive jurisdiction to exercise its powers. Appeals on questions of law will go to the Divisional Court.<br style="box-sizing: border-box;" /><br style="box-sizing: border-box;" />It is expected that in early 2018 the CAO will also provide a publicly available, searchable, online registry of all condominium corporations in the province. In order to fund its services, the CAO will charge user fees and monthly fees to condo owners (currently $1 per voting unit). This fee will be payable through the condo corporation. All condominium corporations in Ontario are required to register with the CAO and pay their initial assessment fees by Dec. 31, 2017. The initial assessment fees will cover the period from Sept. 1, 2017, to March 31, 2018. <br style="box-sizing: border-box;" /><br style="box-sizing: border-box;" /><strong style="background: transparent; border: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">The CMRAO</strong> <br style="box-sizing: border-box;" /><br style="box-sizing: border-box;" />On Nov. 1, 2017, the CMRAO will be designated as the condo management authority. The CMRAO will be responsible for administering the CMSA, including regulating and licensing managers. <br style="box-sizing: border-box;" /><br style="box-sizing: border-box;" />The CMRAO will be responsible for administering the CMSA, including:<br style="box-sizing: border-box;" /><br style="box-sizing: border-box;" /><ul style="background: transparent; border: 0px; box-sizing: border-box; margin: 0px 0px 0px 1.8em; outline: 0px; padding: 0px; vertical-align: baseline;">
<li style="background: transparent; border: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">a compulsory licensing system for condominium managers and condominium management providers; training, education and other requirements for condominium management licences;</li>
<li style="background: transparent; border: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">a code of ethics;</li>
<li style="background: transparent; border: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">regulation of the conduct of licensees; and</li>
<li style="background: transparent; border: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">the handling of complaints about condominium management services.</li>
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<br style="box-sizing: border-box;" />Currently, Ontario has no minimum requirements for condominium property management companies or property managers. This will change on Nov. 1, 2017. Individuals and companies who provide condominium management services on or after that date will need to apply for a licence. As of Jan. 30, 2018, it will be illegal for any person or firm to provide condominium management services unless they have applied for or hold a condominium management licence. Illegal condominium management practice may jeopardize future licence applications.<br style="box-sizing: border-box;" /><br style="box-sizing: border-box;" />Over the next few weeks, the condo industry will be adjusting to the new regulatory regime, including mandatory training, licensing and new dispute resolution systems. Even when these changes are made, Bill 106 will not be fully implemented. More changes will be coming as new regulations, guides and forms are released.<br style="box-sizing: border-box;" /><br style="box-sizing: border-box;" /><em style="background: transparent; border: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Laura McKeen is a partner with </em><a href="http://cohenhighley.com/" style="background: transparent; box-sizing: border-box; color: #26416d; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" target="_blank">Cohen Highley LLP</a> <em style="background: transparent; border: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">in London, Ont. Cohen Highley has offices in London, Kitchener, Chatham and Sarnia. She provides risk management and regulatory compliance advice to housing providers and property management companies. She can be reached at </em><a href="mailto:mckeen@cohenhighley.com" style="background: transparent; box-sizing: border-box; color: #26416d; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">mckeen@cohenhighley.com</a> <em style="background: transparent; border: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">or 519-672-9330 x 427</em>. https://www.thelawyersdaily.ca/realestate/articles/4919/implementing-bill-106-big-shake-up-for-the-condominium-industry-?nl_pk=d95c6284-5ba7-4473-8d78-cd2edd904169&utm_source=newsletter&utm_medium=email&utm_campaign=realestate</div>
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David Pylyphttp://www.blogger.com/profile/12756362367813938099noreply@blogger.com0tag:blogger.com,1999:blog-1296206893597586856.post-9022405832402133012017-10-10T15:08:00.001-07:002017-10-10T15:08:38.763-07:00CRA Revenue Canada serves Condo Developer for customer list There it is<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgb6DkARYujrikMrEt9hDRC2IPsyI-koMLEpYsPnvAV6fccLv57LhFKSP-ZBzM_HDkngfZqg6qkfa3jA4K8APaWCs5rcUeDPajbTCK7rzgtUskFCc9Osf-nIfR4OM06spMgWbZrfOxFHZc2/s1600/Condo+Buildings.jpeg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="650" data-original-width="867" height="239" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgb6DkARYujrikMrEt9hDRC2IPsyI-koMLEpYsPnvAV6fccLv57LhFKSP-ZBzM_HDkngfZqg6qkfa3jA4K8APaWCs5rcUeDPajbTCK7rzgtUskFCc9Osf-nIfR4OM06spMgWbZrfOxFHZc2/s320/Condo+Buildings.jpeg" width="320" /></a></div>
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YUP<br /><br />Who purchased that Condo and then flipped it?<br />
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Developers have records and are now required to hand them over.<br /><br />
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<span style="color: #191919; font-family: Pratt, Georgia, Palatino, "Book Antiqua", "Times New Roman", serif; font-size: x-small;"><br /></span><span style="color: #191919; font-family: Pratt, Georgia, Palatino, "Book Antiqua", "Times New Roman", serif; font-size: x-small;">And several similar applications are under way, reflecting the federal government's efforts to crack down on potential tax cheating in the presale market.</span><span style="color: #191919; font-family: Pratt, Georgia, Palatino, "Book Antiqua", "Times New Roman", serif; font-size: x-small;">A July 25 Federal Court order requires the developers of the Residences at West, a Vancouver condo project at 1738 Manitoba St., to provide the Canada Revenue Agency (CRA) with documents related to presale flips, also known as assignments, in the building, including proof of payments and correspondence between the developers and people who buy the assignments.</span><span style="color: #191919; font-family: Pratt, Georgia, Palatino, "Book Antiqua", "Times New Roman", serif; font-size: x-small;">That order followed a June 29 application from the federal government.</span><span style="color: #191919; font-family: Pratt, Georgia, Palatino, "Book Antiqua", "Times New Roman", serif; font-size: x-small;">In September, the Minister of National Revenue applied for court orders related to One Pacific, a Concord Pacific project, and Telus Gardens, a downtown project developed by Westbank Corp.</span><span style="color: #191919; font-family: Pratt, Georgia, Palatino, "Book Antiqua", "Times New Roman", serif; font-size: x-small;">Both developers said they would comply with the request for documents.</span><span style="color: #191919; font-family: Pratt, Georgia, Palatino, "Book Antiqua", "Times New Roman", serif; font-size: x-small;">"Customer information is protected by privacy laws and is not at the developer's liberty to disclose unless ordered by the Court," Matt Meehan, senior vice-president of planning at Concord Pacific Developments Inc., said in an e-mail. </span><span style="background-color: transparent;"><span style="color: #191919; font-family: Pratt, Georgia, Palatino, Book Antiqua, Times New Roman, serif; font-size: x-small;">https://beta.theglobeandmail.com/news/british-columbia/court-orders-developer-to-reveal-condo-flipper-info/article36528239</span></span></blockquote>
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Where will you make extra money without tax? <br />
No where<br />
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Plan and manage your investments<br />
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Call David Pylyp<br />
RE/MAX realty specialists inc.,<br />
647 218 2414<br />
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<br />David Pylyphttp://www.blogger.com/profile/12756362367813938099noreply@blogger.com0tag:blogger.com,1999:blog-1296206893597586856.post-60530014250629744892017-08-19T05:48:00.000-07:002017-08-20T18:28:28.536-07:00Michael Power Place<strong><span style="font-family: "trebuchet ms" , sans-serif;">Now completed</span></strong><br />
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<strong><span style="font-family: "trebuchet ms" , sans-serif;">Port Royal Place</span></strong><br />
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<span style="font-family: "trebuchet ms" , sans-serif;"><img align="right" alt="Michael Power Place, DavidPylyp.com" src="http://www.eleganthomesinwesttoronto.com/userfiles/image/Michaelpower.jpg" height="166" width="250" />11-15-17 Michael Power 2003</span><br />
<span style="font-family: "trebuchet ms" , sans-serif;">7 - 9 Michael Power 2006</span><br />
<span style="font-family: "trebuchet ms" , sans-serif;">5 Michael Power 2009</span><br />
<span style="font-family: "trebuchet ms" , sans-serif;">1- 3 Michael Power 2012 and 2015</span><br />
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<span style="font-family: "trebuchet ms" , sans-serif;">BUILDING DESCRIPTIONS</span><br />
<span style="font-family: "trebuchet ms" , sans-serif;">Port Royal Place is located in the historical Village of Islington between Dundas and Bloor St. Steps from the Islington or Kipling subway stations. Close to gourmet shops, small family restaurants euro-style shopping at the delicates stores, pubs and specialty stores and the Islington golf club. Easy access to Hwy 427,401,QEW. Hot draw is for the proximety to the Islington Subway station and the access to public transit. </span><br />
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<span style="font-family: "trebuchet ms" , sans-serif;"><a href="http://www.scribd.com/doc/24778414/Michael-Power-Site-Map" target="_blank"><img align="right" alt="Michael Power, Park Royal Place, DavidPylyp.com, Etobicoke Condos" src="http://www.davidpylyp.com/userfiles/image/ParkRoyalKeyMap.jpg" height="166" hspace="2" vspace="2" width="300" /></a></span><br />
<span style="font-family: "trebuchet ms" , sans-serif;">There is no permission for BBQ's on the balconies but some feel they are allowed. This is a fire safety issue and not a restrictive covenant. </span><br />
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<span style="font-family: "trebuchet ms" , sans-serif;">BUILDING FEATURES</span><br />
<span style="font-family: "trebuchet ms" , sans-serif;">Entertainment lounge with kitchen and walk out to a gazebo and gas barbeque. Exercise room Virtual golf and theatre Billiards and cards room 24 hour gate house and with video monitoring Beautifully landscaped park UNIT FEATURES: 6 appliances Ceramic tile backsplash Virtual golf and theatre. Cultured marble vanity and basin .Vertical blinds One parking One locker Individual seasonally controlled heating and air conditioning Individual suite alarm system</span><br />
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<a href="https://www.blogger.com/goog_735706194"><span style="font-family: "trebuchet ms" , sans-serif;">Photo Array for 1 - 3 Michael Power Place</span></a><br />
<a href="https://photos.google.com/u/1/album/AF1QipNzyseZe_orl_uwI7oqTGgNi7sTvLqrRCVZECST"><span style="font-family: "trebuchet ms" , sans-serif;">https://photos.google.com/u/1/album/AF1QipNzyseZe_orl_uwI7oqTGgNi7sTvLqrRCVZECST</span></a><br />
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<span style="font-family: "trebuchet ms" , sans-serif; font-size: xx-small;"><a href="http://www.scribd.com/doc/105310546/MIchael-Power-Sept-2012">http://www.scribd.com/doc/105310546/MIchael-Power-Sept-2012</a> SITE PLAN </span><br />
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<span style="font-family: "trebuchet ms" , sans-serif;">Google Street View </span><br />
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<a href="https://www.instantstreetview.com/@43.643913,-79.529566,1.95h,10.51p,1z"><span style="font-family: "trebuchet ms" , sans-serif;">https://www.instantstreetview.com/@43.643913,-79.529566,1.95h,10.51p,1z</span></a><br />
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<span style="font-family: "trebuchet ms" , sans-serif;">I like this complex It is walking distance to the shops and community along the Dundas. Walking distance to a few different pubs. Near the ICONIC Apache Burger of Six Points plaza. <br /><br />BUT more importantly walk to the ISLINGTON Subway station. </span><br />
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<span style="font-family: "trebuchet ms" , sans-serif;">It is a touch noisy with the RUMBLE of TTC trains, but residents love the location. </span><br />
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<span style="font-family: "trebuchet ms" , sans-serif;">Its #TorontoCONDOLife </span><br />
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<strong><span style="font-family: "trebuchet ms" , sans-serif;">How do you like living here? </span></strong><br />
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<strong><span style="font-family: "trebuchet ms" , sans-serif;">https://www.facebook.com/Michael-Power-Place-105205066223901/</span></strong><br />
<br />David Pylyphttp://www.blogger.com/profile/12756362367813938099noreply@blogger.com0tag:blogger.com,1999:blog-1296206893597586856.post-79992714176137558772017-08-18T17:12:00.003-07:002017-08-18T17:12:53.176-07:005 steps in Toronto Home Purchase Program<iframe allowfullscreen="" frameborder="0" height="270" src="https://www.youtube.com/embed/oPECTCDH94A" width="480"></iframe><br /><br />
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<span style="font-family: Trebuchet MS, sans-serif;">5 Separate Steps to Buying a Home; </span><br /><br />
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<span style="font-family: Trebuchet MS, sans-serif;">Understanding the market, do your research on what you want to buy and look for comparable homes that have sold in the last 60 - 90 days, organize your mortgage financing so that you are ready to go, confirm that you have a deposit available, organize the supporting cast to your purchase. They are the Home Inspector, Banker and Insurance Broker. </span><br /><br />
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<span style="font-family: Trebuchet MS, sans-serif;">You then make your offer and it is accepted, declined or signed back. Let's negotiate!</span><br /><br />
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<span style="font-family: Trebuchet MS, sans-serif;">David Pylyp Toronto 647 218 2414</span>David Pylyphttp://www.blogger.com/profile/12756362367813938099noreply@blogger.com0tag:blogger.com,1999:blog-1296206893597586856.post-6329569859781035262017-08-15T17:02:00.001-07:002017-08-15T17:02:21.611-07:00Condo is a single family community housed in a community; NOT an AirBnb<div class="_5pbx userContent" data-ft="{"tn":"K"}" id="js_h" style="background-color: white; color: #1d2129; font-family: Helvetica, Arial, sans-serif; font-size: 14px; line-height: 1.38;">
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A Condo Building is a combination of many Single Family residences.<br />NOT a hotel or Bed and Breakfast. It is not a Bnb</div>
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Its Not an AirBnb. It is a single family residence</div>
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In a recent case, Louiseize v. PCC No. 103, a condominium owner who knowingly breached the “private single<span class="text_exposed_show" style="display: inline; font-family: inherit;">-family residence” restriction in the condominium declaration for almost 14 years, was given 9 months to bring his units into compliance with the declaration.</span></div>
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From the time that he bought his units (which were purchased in 2001, 2003 and 2004) they were leased to multiple unrelated tenants and the owner failed to provide the condominium corporation with the names of the persons occupying the units, as required by section 83 of the Condominium Act, 1998 (the “Act”). Although the condominium corporation sent the owner the occasional notice reminding him of the restriction and requesting the names of those occupying the units, the corporation did not take any steps to enforce the declaration until 2013.</div>
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This case was originally heard by an arbitrator. After noting that the unit owner had knowingly breached the declaration and that the condominium corporation had for years breached its statutory duty under section 17(3) of the Act to enforce the declaration, the arbitrator gave the unit owner 9 months to bring the units into compliance. The arbitrator found that the the existing tenancies could be terminated with 60 days’ notice and that the units could be readily rented in compliance with the declaration, although this would result in a decreased rent of about $600 per unit per month.</div>
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The unit owner appealed the arbitrator’s decision and sought to have the order varied so that he would be allowed 75 months to bring two units into compliance and 55 months to do so for the other unit. The Superior Court of Justice found that the arbitrator had not made any errors in law and that the 9-month time period given by the arbitrator was reasonable. The unit owner did not provide any evidence as to why he needed a period of approximately 5 years to wind down his existing leasing arrangements. In addition, the unit owner had benefited financially by the corporation’s failure to promptly enforce the declaration.</div>
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The declaration also contained a non-waiver clause that stated that “the failure to take action to enforce any provision contained in the Act, this declaration . . . irrespective of the number of violations or breaches . . . shall not constitute waiver of the right to do so thereafter, nor be deemed to abrogate or waive such provision.” The unit owner unsuccessfully claimed that this non-waiver clause was contrary to section 17(3) of the Act as it was unreasonable for the corporation to enforce the declaration after acquiescing to the breach for so many years.</div>
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While the condominium corporation was ultimately successful in this case, it would have been in a stronger position had there not been such a long delay before it took steps to enforce compliance. When condominium boards become aware of any non-compliance with the condominium documents or the Act they should be taking steps to enforce compliance sooner rather than later.</div>
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<a data-ft="{"tn":"-U"}" href="http://www.lashcondolaw.com/enforcing-single-family-restriction-in-condominiums-a-recent-case/" rel="nofollow noopener" style="color: #365899; cursor: pointer; font-family: inherit; text-decoration-line: none;" target="_blank">http://www.lashcondolaw.com/enforcing-single-family-restri…/</a></div>
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When you moved in you agreed to abide by the Rules and Regulations of a condominium community. Once Rules are enforced you will also pay the legal fees to comply.</div>
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David Pylyphttp://www.blogger.com/profile/12756362367813938099noreply@blogger.com0tag:blogger.com,1999:blog-1296206893597586856.post-91031170272923301412017-08-11T17:24:00.002-07:002017-08-11T17:24:25.124-07:00Let's all go topless in the Condo Pool<div class="tr_bq">
<span style="font-family: Trebuchet MS, sans-serif;">Sure ... you're alone. No problem</span></div>
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<span style="font-family: Trebuchet MS, sans-serif;">What if there are other people around. What if there are kids; its a family pool and It is your condo.</span><br />
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<br />The <a href="http://laws-lois.justice.gc.ca/eng/acts/C-46/section-174.html" style="background: none; border: 0px; box-sizing: inherit; color: #003a63; margin: 0px; max-height: 1e+06px; outline: none; padding: 0px;">Criminal Code</a> continues to forbid nudity without a lawful excuse on public property or on private property that is exposed to public view. Historically, municipalities have relied on this clause to prohibit female toplessness. Over the past few decades however Ontarians have successfully contested such rules on the basis of discrimination, since such prohibition only applies to females.<br />Perhaps the most famous case is the 1996 Jacob’s case, which once and for all, ruled that women in Ontario have the right to bear their breast in public. In this case, a Guelph woman was charged with committing an indecent act. The Court of Appeal applied the community standard of tolerance test and concluded that the act was not done for sexual gratification and did not harm the community. From this point forward, female public toplessness was understood to be authorized in Ontario.<br />Since the Jacob’s case, a number of Ontario municipal policies have been successfully challenged or modified on the basis of this precedent. In 1997, the city of Cambridge eliminated its toplessness policy after two women were charged with trespassing for swimming topless in protest of the city’s ban. In 2015, the city of Guelph changed its policy after an eight-year-old girl was told by city staff to cover up while she was in a wading pool wearing only a swim bottom. In 2015, there was a similar challenge out of Kitchener, after three sisters were asked to put their shirt back on while riding bikes.</blockquote>
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<b>Condominium corporations cannot, in my view, adopt a policy or a rule which is discriminatory.</b> Any dress code would need to be reasonable, grounded in a <em style="background: none; border: 0px; box-sizing: inherit; margin: 0px; max-height: 1e+06px; padding: 0px;">bona fide</em> requirement and equally applied to all.<br />For instance, a rule prohibiting fully-dressed swimming may be found to be reasonable on the basis that fully-clothed swimming may not be hygienic and may actually present a safety risk. But such dress code restriction would have to be applied to all, without discrimination of age or gender. You could also demand that pool users wear a swim cap.<br />On the other end of the spectrum, while swimmers cannot commit an indecent act or swim in the nude, both male and female are likely allowed to swim topless at the condo pool. While some may find this conclusion to go against their values or the social norm in Canada, courts have already rejected the argument that female breasts are somehow the object of sexual attraction and desire more than the male chest. In the Brantford case, her Honour concluded that “the manner in which the human torso, whether male or female, is perceived from a sexual standpoint is not gender specific. It is entirely dependant on the individuals involved at the relevant time”. … indeed, beauty is in the eyes of the beholder. http://condoadviser.ca/2017/08/condo-pool-dress-code-the-debate-over-whats-too-much-and-whats-not-enough/condo-law-blog-Ontario</blockquote>
<span style="font-family: Trebuchet MS, sans-serif;">What do you think is fair?</span><br />
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David Pylyphttp://www.blogger.com/profile/12756362367813938099noreply@blogger.com0tag:blogger.com,1999:blog-1296206893597586856.post-80448032547825650972017-08-11T06:24:00.000-07:002017-08-11T06:24:11.401-07:00Can you throw out a bad tenant ?<div class="tr_bq">
<span style="font-family: Trebuchet MS, sans-serif;">It's like they are deliberately trying to dis incentivise small landlords from investing in Condo Properties? Then who will? Landlords are trapped by these changes. </span> </div>
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<span style="background-color: white; font-family: openSansLight, sans-serif; font-size: 13px;">The </span><em style="background: rgb(255, 255, 255); border: 0px; box-sizing: border-box; font-family: openSansLight, sans-serif; font-size: 13px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Residential Tenancies Act, 2006 </em><span style="background-color: white; font-family: openSansLight, sans-serif; font-size: 13px;">(RTA) was recently amended by the </span><em style="background: rgb(255, 255, 255); border: 0px; box-sizing: border-box; font-family: openSansLight, sans-serif; font-size: 13px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Rental Fairness Act, 2017</em><span style="background-color: white; font-family: openSansLight, sans-serif; font-size: 13px;"> to address loopholes or abuses by some “small” landlords under the current RTA. Most of the amendments will take effect on proclamation by Ontario's lieutenant-governor within the next few months. Lawyers who advise small landlords on the operation, purchase or sale of small residential rental properties should ensure their clients are aware of the legislative changes.</span><br style="background-color: white; box-sizing: border-box; font-family: openSansLight, sans-serif; font-size: 13px;" /><span style="background-color: white; font-family: openSansLight, sans-serif; font-size: 13px;">Owners of rental units who want to increase the value of their property will seek to raise rental income, as that will greatly enhance the value of the building for sale or financing purposes. However, the RTA prohibits substantial rent increases and termination of tenancies to allow re-rental of apartments at higher rents.</span><br style="background-color: white; box-sizing: border-box; font-family: openSansLight, sans-serif; font-size: 13px;" /><span style="background-color: white; font-family: openSansLight, sans-serif; font-size: 13px;">A strategy engaged in by some owners and vendors of small rental properties, including individually rented condominium units, has been to seek termination of tenancy on the grounds that the landlord intends to reside in the rental unit, thereby freeing the unit from rent control so that it can be re-rented at a higher market rent. Other landlords have used the strategy to simply get rid of an unwanted tenant.</span><br style="background-color: white; box-sizing: border-box; font-family: openSansLight, sans-serif; font-size: 13px;" /><span style="background-color: white; font-family: openSansLight, sans-serif; font-size: 13px;">The RTA permits termination for “landlord’s own use,” as long as it is a </span><em style="background: rgb(255, 255, 255); border: 0px; box-sizing: border-box; font-family: openSansLight, sans-serif; font-size: 13px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">bona fide</em><span style="background-color: white; font-family: openSansLight, sans-serif; font-size: 13px;"> request and the tenancy itself is not subject to a fixed term. It is the lack of </span><em style="background: rgb(255, 255, 255); border: 0px; box-sizing: border-box; font-family: openSansLight, sans-serif; font-size: 13px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">bona fides </em><span style="background-color: white; font-family: openSansLight, sans-serif; font-size: 13px;">by some landlords in deploying these strategies that has prompted the legislative amendments. The RTA amendment (to s. 48) states that a minimum of one year’s residential occupancy is required for a landlord (or member of a landlord’s family) who seeks to terminate a tenancy based on use by the landlord or member of the landlord’s family; furthermore, the landlord must pay the vacating tenant compensation of one month's rent.</span><br style="background-color: white; box-sizing: border-box; font-family: openSansLight, sans-serif; font-size: 13px;" /><span style="background-color: white; font-family: openSansLight, sans-serif; font-size: 13px;">If, within one year of the tenant vacating the unit, the landlord advertises the unit for rent; advertises the rental unit or the building it is in for sale; enters into a lease with someone other than the former tenant; demolishes the rental unit or the building it is in; or takes any step to convert the use of the rental building or unit it is in, it will be presumed that the landlord gave the notice in bad faith, thus exposing the landlord to fines of up to $50,000 and a payment of compensation to the tenant who vacated. The amendment also prohibits a corporate landlord from giving a “landlord’s own use” notice of termination.</span><br style="background-color: white; box-sizing: border-box; font-family: openSansLight, sans-serif; font-size: 13px;" /><span style="background-color: white; font-family: openSansLight, sans-serif; font-size: 13px;">The RTA amendment (to s. 47) requires a landlord to use a written “prescribed” form of lease that must be signed by the landlord and the tenant. Failure to use the prescribed lease and provide a copy of the signed lease to the tenant will entitle the tenant to demand a copy of same within 21 days, failing which the tenant is entitled to withhold a maximum of one month's rent until such time as the prescribed form of lease is provided and presented for signature.</span><br style="background-color: white; box-sizing: border-box; font-family: openSansLight, sans-serif; font-size: 13px;" /><span style="background-color: white; font-family: openSansLight, sans-serif; font-size: 13px;">If the landlord fails to provide the prescribed lease within 30 days of the tenant withholding a month's rent, the tenant is not required to repay the sum to the landlord. Upon presentation of the prescribed lease following the demand, it is open to the tenant to reject the lease, regardless of its proposed term, and to give 60 days' notice to terminate the tenancy prior to the end of a rental period.</span><br style="background-color: white; box-sizing: border-box; font-family: openSansLight, sans-serif; font-size: 13px;" /><span style="background-color: white; font-family: openSansLight, sans-serif; font-size: 13px;">Another RTA amendment (to s. 134) prohibits a landlord from collecting or attempting to collect from a former tenant of a rental unit any amount of money "purporting to be rent" with respect to any period after the tenancy has terminated and the tenant has vacated the rental unit. In situations where a tenant wishes to “break” a fixed-term lease, a usual tactic is deliberate non-payment of rent or to hold a "lease-breaking party," in order to receive an eviction notice from the landlord. The eviction notice requires the tenant to vacate the unit within a matter of weeks, and if the tenant does so, the tenancy is terminated.</span><br style="background-color: white; box-sizing: border-box; font-family: openSansLight, sans-serif; font-size: 13px;" /><span style="background-color: white; font-family: openSansLight, sans-serif; font-size: 13px;">Prior to the RTA amendments, it was common for landlords to demand or formally claim any lost rent pending re-rental of the unit as “damages” for the tenant’s deliberate breach of contract. Now, such a claim is prohibited, and where a landlord makes demand for same, the landlord is also exposed to substantial fines.</span><br style="background-color: white; box-sizing: border-box; font-family: openSansLight, sans-serif; font-size: 13px;" /><span style="background-color: white; font-family: openSansLight, sans-serif; font-size: 13px;">The amendments referred to above are three components of the full range of amendments found in the </span><em style="background: rgb(255, 255, 255); border: 0px; box-sizing: border-box; font-family: openSansLight, sans-serif; font-size: 13px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Rental Fairness Act, 2017</em><span style="background-color: white; font-family: openSansLight, sans-serif; font-size: 13px;">. However, they are changes that can directly affect the operations of small landlords in particular. The amendments to ss. 47 and 48 are not yet in force, but the s. 134 amendment is currently in force and will affect demands for recovery of damages made after May 30, 2017, or those outstanding in any proceeding after that date.</span><br style="background-color: white; box-sizing: border-box; font-family: openSansLight, sans-serif; font-size: 13px;" /><em style="background: rgb(255, 255, 255); border: 0px; box-sizing: border-box; font-family: openSansLight, sans-serif; font-size: 13px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Joe Hoffer is a partner with <em style="background: transparent; border: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><a href="http://cohenhighley.com/" style="background: transparent; box-sizing: border-box; color: #26416d; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" target="_blank">Cohen Highley LLP</a><em style="background: transparent; border: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"> who specializes in residential tenancies law. https://www.thelawyersdaily.ca/articles/4204/advising-landlords-on-traps-in-ontario-s-new-rental-fairness-act</em></em></em></blockquote>
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<span style="background: rgb(255, 255, 255); border: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><span style="background: transparent; border: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><span style="background: transparent; border: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><span style="font-family: Trebuchet MS, sans-serif;">Are you interested to buy or NOW sell off your rental properties?</span></span></span></span></div>
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<span style="background: rgb(255, 255, 255); border: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><span style="background: transparent; border: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><span style="background: transparent; border: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><span style="font-family: Trebuchet MS, sans-serif;"><br /></span></span></span></span></div>
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<span style="background: rgb(255, 255, 255); border: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><span style="background: transparent; border: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><span style="background: transparent; border: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><span style="font-family: Trebuchet MS, sans-serif;">David Pylyp</span></span></span></span></div>
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David Pylyphttp://www.blogger.com/profile/12756362367813938099noreply@blogger.com0tag:blogger.com,1999:blog-1296206893597586856.post-14140680998889620262017-07-28T05:47:00.001-07:002017-07-28T09:36:11.999-07:00New Canadian Mortgage Stress Test <div class="MsoNormal" style="background: white; line-height: 16.2pt; mso-margin-bottom-alt: auto;">
<span style="color: #333333; font-family: "arial" , "sans-serif"; font-size: 10.5pt;">New rules aimed at
making it harder to get a mortgage take effect today, a move that is bound to
have an impact on demand for homes in Canada. </span><span style="color: #333333; font-family: "arial" , sans-serif; font-size: 10.5pt;">Earlier this month,
Ottawa announced the moves, which boil down to a stress test for all mortgage
applications WHERE buyer putting down less than 20 per cent.</span></div>
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<iframe allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/Smc6_yYr6KM" width="560"></iframe>
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<span style="color: #333333; font-family: "arial" , "sans-serif"; font-size: 10.5pt;">It consists of testing
to determine if a borrower could afford to pay back a loan if
interest rates go higher, so they judge the borrower against the five-year
posted rate rate of 5% for a five-year loan — even though many lenders are
currently offering mortgages at far less than that. (currently below 3%) The Responses are;<o:p></o:p></span></div>
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<li>·<span style="font-size: 7pt; font-stretch: normal; font-variant-numeric: normal; line-height: normal;">
</span><span style="color: #333333; font-family: "arial" , sans-serif; font-size: 10.5pt; text-indent: -0.25in;">45% would Buy less house</span></li>
<li>·<span style="font-size: 7pt; font-stretch: normal; font-variant-numeric: normal; line-height: normal;">
</span><span style="color: #333333; font-family: "arial" , sans-serif; font-size: 10.5pt; text-indent: -0.25in;">45% said Buy in
different community/ city</span></li>
<li>·<span style="font-size: 7pt; font-stretch: normal; font-variant-numeric: normal; line-height: normal;">
</span><span style="color: #333333; font-family: "arial" , sans-serif; font-size: 10.5pt; text-indent: -0.25in;">39% would delay their
purchase</span></li>
<li>·<span style="font-size: 7pt; font-stretch: normal; font-variant-numeric: normal; line-height: normal;">
</span><span style="color: #333333; font-family: "arial" , sans-serif; font-size: 10.5pt; text-indent: -0.25in;">5% would do something
else</span></li>
<li>·<span style="font-size: 7pt; font-stretch: normal; font-variant-numeric: normal; line-height: normal;">
</span><span style="color: #333333; font-family: "arial" , sans-serif; font-size: 10.5pt; text-indent: -0.25in;">7% didn't know what to
do</span></li>
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<span style="color: #333333; font-family: "arial" , "sans-serif"; font-size: 10.5pt;">The new mortgage
rules are to reduce debt loads, which will likely to cool prices, too. By
making it harder to get a mortgage, demand for housing becomes limited as
buyers are sidelined, which will cause prices to drop further.<o:p></o:p></span></div>
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<span style="color: #595959; font-family: "arial" , "sans-serif"; font-size: 10.5pt;">I </span><span style="color: #333333; font-family: "arial" , "sans-serif"; font-size: 10.5pt;">think the new rules will have a big impact on
certain segments of the market, especially first-time buyers with small down
payments. Second and third time sellers will not have qualified buyers to buy
their houses delaying their move. </span><span style="color: #333333; font-family: "arial" , sans-serif; font-size: 10.5pt;">It will be a
significant adjustment: were looking at 20 to 30 per cent reduction in the
mortgage value that people take on.</span><br />
<span style="color: #333333; font-family: "arial" , sans-serif; font-size: 10.5pt;"><br /></span>
<span style="color: #333333; font-family: "arial" , sans-serif;"><span style="font-size: 14px;">If you are selling to retire and exit it doesn't really matter.</span></span><br />
<span style="color: #333333; font-family: "arial" , sans-serif;"><span style="font-size: 14px;"><br /></span></span>
<span style="color: #333333; font-family: "arial" , sans-serif;"><span style="font-size: 14px;">If you are buying; its a better time with lower price than competing for homes</span></span><br />
<span style="color: #333333; font-family: "arial" , sans-serif;"><span style="font-size: 14px;"><br /></span></span>
<span style="color: #333333; font-family: "arial" , sans-serif;"><span style="font-size: 14px;">Call me at 647 218 2414 Let's talk </span></span><br />
<span style="color: #333333; font-family: "arial" , sans-serif;"><span style="font-size: 14px;"><br /></span></span></div>
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David Pylyphttp://www.blogger.com/profile/12756362367813938099noreply@blogger.com0tag:blogger.com,1999:blog-1296206893597586856.post-12016569272698748362017-07-16T16:19:00.000-07:002017-08-19T05:02:19.129-07:00What causes Builders NOT to build Rental Housing ONTARIO CANADA<br />
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Tenants may think the government is looking out for tenant interests, but if that was true there would be no pandemic housing shortage, multiple offers, outrageous selling prices, extremely low vacancy rates, high rental tenant property taxes and eight-year affordable housing wait lists.<br />
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Ontario’s recent “Rent Fairness Act” continues the brutal, gratuitous, dystopian, anti-landlord legislation meted out by short-sighted, vote-pandering politicians who have literally (not metaphorically) persecuted landlords for decades; all of it resulting in the national pandemic critical housing shortage. Examples:</div>
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<li style="line-height: 21px; margin-bottom: 16px;">Of 46 offenses in the Residential Tenancies Act (RTA), 34 solely benefit tenants, 10 reciprocate with landlords, one benefits the landlord and one prevents landlords from kicking vote-canvassing politicians off their property.</li>
<li style="line-height: 21px; margin-bottom: 16px;">RTA and the Human Rights Code (HRC) have unintended discriminatory consequences, including:<ol style="margin: 20px 0px 23px 25px; padding: 0px;">
<li style="line-height: 24px; margin-bottom: 16px;">The broken Landlord and Tenant Board (LTB) and RTA make all people with no credit, work or rental history (single moms, foreign students and refugees) extremely high-risk tenants for landlords.</li>
<li style="line-height: 24px; margin-bottom: 16px;">Hoarders’ rights override the rights of all other tenants. Vermin, fire hazards and more ruin the lifestyle of neighbours and significantly negatively impact property value. Firefighters can refuse to enter a burning unit if they cannot turn 360 degrees with full respirator gear on. Landlords must accommodate challenged tenants to the point of a landlord’s undue hardship, which is not defined in legislation.</li>
<li style="line-height: 24px; margin-bottom: 16px;">The tenant qualification process of public agencies is not aligned with the needs of the landlord.</li>
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<li style="line-height: 21px; margin-bottom: 16px;">Landlords submit 91 per cent of LTB applications. Seventy-five per cent are for tenants not paying their rent. The average LTB eviction is five months (versus 25 days in some other provinces), costing an average $5,200 that is rarely collected. LTB offers free, taxpayer-funded duty counsel service to tenants but offers nothing to landlords.</li>
<li style="line-height: 21px; margin-bottom: 16px;">A tenant can pay the sheriff full rent arrears on the day of their eviction and start the whole process again.</li>
<li style="line-height: 21px; margin-bottom: 16px;">Ontario spent billions on solar power programs. Result: average $217.33/kWhr in Ontario versus $67.89/kWhr in Quebec. Government then punished landlords by preventing landlords from passing on utility costs to the actual consumers (tenants) of that energy.</li>
<li style="line-height: 21px; margin-bottom: 16px;">The LTB won’t evict tenants who sign and then breach a no-smoking clause in their rental agreement. The whole health industry pushed for this change and the provincial government still denied it. Eleven per cent of Canadians smoke daily and 64 per cent don’t smoke.</li>
<li style="line-height: 21px; margin-bottom: 16px;">The HRC denies requests to teach landlords about landlord responsibilities but hosts free full-day seminars for tenants.</li>
<li style="line-height: 21px; margin-bottom: 16px;">The RTA and municipal bylaws require landlords to remediate mould caused by a tenant’s actions, even though it’s not caused by the building’s envelope.</li>
<li style="line-height: 21px; margin-bottom: 16px;">The rent of a tenant switching from a single bulk meter to an individual meter must be reduced by the cost of energy consumed over the previous 12 months. Therefore, the most energy-abusive tenants receive the greatest rent decreases while energy-conscious tenants are penalized.</li>
<li style="line-height: 21px; margin-bottom: 16px;">The RTA sets the practical limit on building repairs and maintenance: three per cent of property income for three years. The 270,000 Ontario social housing units have a $1.2 billion capital shortfall. Toronto faces $2.6 billion in building repairs and will close 400 homes in 2017 and 1,000 by 2018.</li>
<li style="line-height: 21px; margin-bottom: 16px;">Some municipalities charge tenants up to 2.5 times the property tax rate of condo and single- family homeowners.</li>
<li style="line-height: 21px; margin-bottom: 16px;">Rent control doesn’t benefit low-income tenants. Tenants who can afford to pay market rents receive the benefit of lower rents and successfully beat low-income tenants competing for tenancies in the government-created housing shortage. Shrinking housing inventory forces buyers to stay in rental housing longer. There are 171,360 Ontario families waiting for affordable housing (2015), some for as long as eight years.</li>
<li style="line-height: 21px; margin-bottom: 16px;">The federal budget gave a $209.4 million bailout for social housing repairs but nothing to the private sector faced with the same issues.</li>
<li style="line-height: 21px; margin-bottom: 16px;">A tenant’s unpaid utility bill is added to the property owner’s property tax bill, even if the landlord proves that their tenant signed an agreement to pay their own utilities. This is like holding police responsible for all the crimes committed by the criminals they didn’t catch.</li>
<li style="line-height: 21px; margin-bottom: 16px;">Municipal bedbug and garbage bylaws hold landlords responsible for cost of cleanup even if the tenant caused the infestation or doesn’t sort their garbage.</li>
<li style="line-height: 21px; margin-bottom: 16px;">Housing shortages lead some tenants to illegally rent out a rental unit or portion at a higher rent.</li>
<li style="line-height: 21px; margin-bottom: 16px;">The LTB won’t hear cases where tenants who damaged a property moved out. Small Claims Court won’t hear any case involving a landlord-tenant dispute.</li>
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Society can’t exist without housing. Private sector landlords built homes for more than nine million Canadians, and relatively affordable housing to a subset of more than three million. Canada’s total social housing sector accommodates about 1.5 million Canadians.</div>
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Private sector landlords willingly accept extraordinary financial and legal risks to provide safe and healthy housing. Landlords are not social workers, financiers or otherwise an extension of government social housing programs, policies and other political agendas.</div>
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About 39,000 rental units were built in 1972 alone versus a net of about 22,500 units in the 25 years following. Look at the success of the housing programs of the 1960s and early 1970s and replicate that success.</div>
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Footnote: An anagram of “LandlordTenantBoard” is ‘Abandon Rent, Add Troll’.</div>
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<a href="http://www.remonline.com/author/christopherseepe/" style="background-color: #fcfcfc; color: #dd0000; font-family: "Roboto Condensed", sans-serif; font-size: 20px; text-decoration-line: none !important;">Chris Seepe</a> <span style="background-color: #fcfcfc; color: #4b4b4b; font-size: 14px;">Chris Seepe is a published writer and author, ‘landlording’ course instructor, president of the Landlords Association of Durham, and a commercial real estate broker of record at Aztech Realty in Toronto, specializing in income-generating and multi-residential investment properties. Call (416) 525-1558,</span><span style="background-color: #fcfcfc; color: #4b4b4b; font-size: 14px;"> </span><a href="mailto:cseepe@aztechrealty.com" style="background-color: #fcfcfc; color: #dd0000; font-size: 14px; text-decoration-line: none !important;">send him an email</a><span style="background-color: #fcfcfc; color: #4b4b4b; font-size: 14px;">, or</span><span style="background-color: #fcfcfc; color: #4b4b4b; font-size: 14px;"> </span><a href="http://www.aztechrealty.com/" style="background-color: #fcfcfc; color: #dd0000; font-size: 14px; text-decoration-line: none !important;">visit his website</a><span style="background-color: #fcfcfc; color: #4b4b4b; font-size: 14px;">.</span><br />
<span style="background-color: #fcfcfc; color: #4b4b4b; font-size: 14px;"><br /></span>
<span style="background-color: #fcfcfc; color: #4b4b4b; font-size: 14px;">This was published in a REM article July 2017 </span><br />
I was disappointed to see such a litany of Landlord Rights Abuses I just published this in its entirety.<br />
<br />
Peel and Toronto are both considering $1,000 annual licensing fees for Landlords.<br />
<br />
Why do we keep the Living the dream of being debt free in our retirement?<br />
<a href="http://www.buyingintoronto.ca/">http://www.BuyingInToronto.ca</a><br />
<a href="http://agentlocatortoronto.com/">http://AgentLocatorToronto.com</a><br />
<br />
Its time to talk<br />
<br /></div>
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David Pylyphttp://www.blogger.com/profile/12756362367813938099noreply@blogger.com0