Buying a Canadian Condo - Free Condo Guide

A comprehensive complete Condominium Buyers guide for Toronto Condo Investors.

As written byAudrey Loeb, LSM, B.A., LL.B., LL.M. practises law in Toronto. She carries on a focused practice in conveyancing and condominium law. She advises buyers and sellers on conveyancing matters, developers on condominium development, and condominium corporations on issues of corporate governance and operations. She is a member of the Canadian Condominium Institute. In 2008, she was awarded the Law Society Medal for her significant contributions to the profession and to the community, and the Ontario Bar Association’s Real Property Section Award of Excellence. 

For Free   Right here;

http://www.millerthomson.com/assets/files/article_attachments3/MT_A-Residents-Guide-Living-and-Buying-a-Condominium_A-Loeb.pdf

Now that you have questions I would be pleased to help 

647 218 2414
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Section 116 Sale by Non Resident

Anyone can purchase real estate in [Toronto] Canada  and we do welcome foreign investment.   When you sell however there is a with holding tax of 25 % of the sale price of the asset [condo] that you sell.

The sale of Canadian Real estate by a NON resident of Canada.
In order to complete the sale of real estate in Canada, a non resident of Canada, you must obtain from the
government of Canada, a Section 116 Release before you can close the house or condo sale transaction.
The Buyers Lawyer will demand this certificate.
If you do not have this certificate at closing, you will have to hold back in cash, 25% of the selling price,
until the Certificate is obtained.
If you have Questions
please Call me

Stanley Gelman
Real Estate Lawyer Mississauga
905 270 5110

We value and welcome you dollars but be informed when you are flipping and selling.

I welcome you contacting me to purchase or sell condo's in Toronto

Fall Economic Outlook from CMHC

CMHC just published their economic outlook for the Toronto Real Estate market and the detail is worth reading.

Highlights include; 
12% reduction in the detached homes for sale in Toronto [continued multiple offers]    
Higher numbers of families  moving from Condominium units to the 905's
Flat interest Rates until the later part of 2015
Unemployment Rates continue to decrease to 8%
Vacancy Rates continue low at  1.8% 

 This means that nothing much is going to change. Source article http://www.cmhc-schl.gc.ca/odpub/esub/64319/64319_2014_B02.pdf

Sorry to all the doom Predictors about the Sky Caving in ....
The Toronto Condo market is strong. Inventory is modestly higher, yet new arrivals to the City need a place to live and get settled.

Are you looking at housing that suits you better?

Call me direct at 647 218 2414  or email 

Developers PASS along charges from City

You hurried. You trusted the Builders agent. You signed a Standard Agreement ...   Right?

Often in those agreements are legal speak that says you are responsible for all the development charges.  YOUR LAWYER contacts the builders lawyer an CAPPS the closing fees and all development charges in a clause that says they may not exceed XXX dollars. 

“It’s not a question of fairness, it’s more a question of did they review the offer (and) did they get a lawyer to review the offer, were they aware what was in the offer or did they just blindly sign and hope for the best?”
Aaron said that if this was the case, the buyers would have next to no way to avoid paying the fees.
http://www.citynews.ca/2014/09/05/investors-in-brampton-house-development-hit-with-30k-bill/

We keep repeating the lessons learned from this.  Its work that a seasoned Real Estate agent finds instantly, that a lawyer will find when they read the contract details.  The lesson us to call a seasoned and experienced REALTOR. 

How do you find one?   Ask for references! 

True Crime Scene - Toronto Condos

The True crime scene; Is leaving money on the table.

You have a listing. It's almost 30 days on the market. You ask for the offer by email. Well, because everyone is in different places.   Its easier. It saves a trip. We offer you 90% of asking.  You sign back asking price less 2.5%

We took our marbles and went away.

You call me back a week later asking why we didn't want to negotiate?

What happened?

What happened at the Offer Negotiation Table?  Let me explain...  There was no negotiation.  Each party preened their position and stood their ground.

A negotiation is the most vital part of the Home Selling process.   Good to say that our market is in a perpetual upswing so everyone is in multiple offers...  But is it?  Some Condos and townhomes are averaging 37 to 42 days on market.

The nuance of presenting an offer and the etiquette of discussing your Buyer's / Client's capacity, ability and URGENCY to close a transaction is important.   Our rush to substitute technology for service and dialogue does a disservice to everyone involved.

If your best closing line is "It's a WIN WIN WIN situation";  It appears one of the four people there is going to lose.  Reducing the amounts to their monthly carry costs to make them seem insignificant may work but the owners raised 3 children in that kitchen, marking each birthday with a line on the door frame for height. 

What value is placed on the emotion of the transaction.   The scene of the crime was the rush to initial the small glass tablet and email the response.

What do you think?   

Grenadier Square Toronto Condo Development vs NIMBY

Project Quebec Ave, High Park Ave, intensification for condos.

Location; This block of high rise buildings is home to a large tenant population with existing [affordable] rentals 

OMB hearing on Grenadier Square development proposal (two 26-storey buildings at 51-77 Quebec Ave. and 40-66 High Park Ave.), from High Park Coalition, a citizen group which is opposing it:

     "We have great news:  On Aug. 28, City Council rejected the proposed settlement on the Grenadier Square development, instead adopting Councillor Doucette’s motion to continue fighting at the OMB with an outside Planner. Thank you to everyone who reached out to the City Clerk to oppose this agreement – over 250 emails were sent in under 48 hours, again demonstrating how strongly the community opposes this development.

     "What’s next? On Sep. 8, representatives of the High Park Coalition will head to the Ontario Municipal Board (OMB) hearing, and we want you to join us.  Help show community opposition to this development by filling the room with supporters, especially during the first few days.  The hearing begins at 10 a.m. at 655 Bay St., 16th floor, and is scheduled to run 10 days.  Please join us for an hour or two if you can!

      "Our OMB Team includes highly knowledgeable and experienced technical professionals. Together, we’ve developed a strong strategy to demonstrate why the Grenadier Square developments don’t belong in High Park.  Please help us secure the funds we need to have our professionals support our case at the OMB hearing for the full 10 days, by making a donation to the High Park Coalition today."

Conclusion;   Toronto requires more density.  Density requires infill construction that is over existing TTC Access points. [namely subways]  High Park is a desirable neighbourhood with community shops and serves.

Builder will make major concessions to Toronto with Development Fund   [sect 37] in the Millions of dollars to obtain permission to create this project.

Neighbourhood Group will mobilize and collect money so that they can pay professionals to discuss shadows and line of site; (refer to para (1) where Hi Density already exists)   You were included in the process and a few lawyers will say.... " We were able to negotiate them down a few floors. 

Will the developers succeed?

Toronto Condos For Sale

You want to sell a condominium unit in Toronto.

The market is competitive;  the number of units for sale and days on market keep increasing.  This trend will continue.

You not only need a lawyer to verify the details in a STATUS CERTIFICATE but we may also need an accountant to explain what's happening inside your building.

Does the agent you are going to hire understand the structure and amenities of your building.   Can they explain what is actually for sale?   Can they explain the costs to operate and live in your community. 

This is a worthwhile PDF to take in that explains the legal life cycle of a condominium and the turn over process from developer to the owners.  .... into Warranty and Management. Then our years of ownership.

http://sites.airdberlis.vuturevx.com/44/259/uploads/lifetime-of-a-condo-final---july-15.pdf

The video is here; Archived Video Conference

http://hosting.epresence.tv/oba/21/Watch/1782.aspx

Event password is ab0715 


You are NEVER disappointed when you hire someone who understands the job.

Call me
David Pylyp
647 218 2414