Vikram Mansharamani Out of Town [COUNTRY] expert

Another the sky is falling lecturer

Yale lecturer latest to warn of a Canadian housing bubbleCanadians are resorting to risky strategies in order to finance home purchases and fuelling the bubble in the process. That’s the warning from Yale lecturer Vikram Mansharamani  http://www.canadianrealestatemagazine.ca/news/daily-market-update-189606.aspx

YET Another quarterback from the United States that foresaw the collapse of housing and the theft of BILLIONS in 2008....

How did that work out with No job, stated income loans; debt with balloon payments, short sales. A shadow inventory of homes held by Banks in Foreclose. Cities with unpaid water bills and taxes.

UMMmmm   NONE of that exists in Canada.   We have credit criteria that is strict based on historic sales and income/ appraisal. (CHMC insured loans)  No Tax deductibility on a principal residence encourages debt reduction on mortgages.

Could the market soften?   Sure!    Are people continuing to arrive in Canada?   Why?

Because no matter the challenges our Canadian Economy is robust.

Investing here?   Rates are 2% Variable and 3% fixed for 5 years
Vacancy rates are near 2% for rental property.

Buying?  You should be;  but make a prudent decision.
For me; Its all about the numbers not the emotion

We need a voice for Consumers - Toronto Condo

When you buy a condo they give you a document bundle to review; You have 10 days to decide if you accept or not.  Your period of Rescission.

Prospective purchasers of units in new condominium projects (or their lawyers) should be carefully scrutinizing the disclosure documents and the agreement of purchase and sale to see if the developer has in fact limited its liability. If so, purchasers should take this into account when making their decision to buy into the project. As the Ontario government is now in the process of making major revisions to the Condominium Act, it will be interesting to see if the government will address this issue in the new legislation. - See more at: http://www.condoreporter.com/?p=3784&utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+CondoReporter+%28Condo+Reporter%29#sthash.cAELcyN2.dpuf

So when I attended the SALES OFFICE you gave me a declaration and proposed Rules Regulations and BYLAWS;  but before a condo corporation is formed by the residents You force us to CLOSE and then realise you have changed the By - Laws limiting your own liability.

That's reputable -   NOT

David Pylyp
A Voice for Fairness to Consumers

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
Call Now.

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?