Glass in Condos ~ The Glass is the wall

Especially, all that glass that's being used to build Floor to Ceiling glass views but it has Low insulating value, it is totally transparent to Sun and provides No insulating value to Glass.

Province of Ontario has implemented a maximum rule of 40% exterior glass effective 2014 Structural Design of Glass for Buildings 4.3.6.1.(1) 9.6.1.3.(1) that will limit the heat loss, tempering and layering, (how it shatters and falls) Heat Absorbing and Heat reflecting. 
http://www.adtekbuilding.com/images/Ontario_Building_Code_2012.pdf



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Condominium Buildings are required to produce Performance Audits on a 5 year cycle that help establish long term commitments for replacement and repair [Decide on the Remaining Economic Life of Components] These costs of replacement are factored into your reserve funds already. 

New Buildings will have less glass as an exterior feature and FEEL like the older condos where you placed your elbows on the window ledge and looked out.

Sure is pretty to look out the windows

Want a view?
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David Pylyp

Toronto Condo investors profit from low availabilty

Condominiums that are purchased / constructed after 1998 are exempt from Landlord Tenant Board rental guidelines.  The provisions of the RTA that deal with the maximum amount by which rents can be increased do not apply with respect to a rental unit if:

         It was not occupied for any purpose before June 17, 1998

– meaning it is either in a new building (often a condominium building) built since 1998, or an older building with a new unit or never occupied, residentially or otherwise, before June 17, 1998

The average one-bedroom apartment rent was $1,662 in the first quarter – up 4.8 per cent compared to the same period in 2015. The average two-bedroom rent climbed by 8.9 per cent to $2,375 on a year-over-year basis. 

http://www.trebhome.com/market_news/release_market_updates/news2016/nr_rental_report_Q1-2016.pdf

 Given the number of units that are being built; while everyone is concerned about a  bubble, the rents increasing because they are being absorbed by the market.

Would you like to invest?

Call or Text
David Pylyp

Soaring Rents! Screen your Tenants

Average rental for a two bedroom in Toronto is $2,375.00
The [LANDLORD] couple has had to pay a $10, 000 deductible to fix other units [standard unit By law] in the building that was damaged, and it's not known if insurance will cover the rest. - See more at: http://www.newstalk1010.com/news/2015/05/01/guilty-plea-in-liberty-village-druglab-explosion


http://www.cp24.com/news/toronto-condo-rents-soared-6-8-per-cent-in-first-quarter-of-the-year-report-1.2858614

If this DEEMED a crime...   Then Insurance does not cover the costs.

The repairs would have been to the Building's Residents and their own Insurance.[quite possibly a special assessment]

Remedy?    Frequent visits to your tenant?
Invasion of their privacy?   Yes


David Pylyp
#askPylyp

TXT or email

Multiple Offer Frenzy

In a multiple offer market we need to step back and make a few observations!

If you offer firm and without a financial commitment; you can lose your deposit.

If you offer without a home inspection; there can be unexpected repairs.

If you buy firm without a Status Certificate; your LENDER wants a report from your lawyer that everything is in order.

"Buyers NEED to recognize that “lenders may not approve financing if the property appraisal, conditions of the lands or building or any other factor pertaining to the property is not acceptable to the lender, even if a financing pre-approval has been obtained.”It also warns them that making an offer without a building inspection could lead to unexpected and expensive repairs later.
http://www.theglobeandmail.com/real-estate/vancouver/brokers-concerned-about-real-estate-offers-made-with-no-conditions/article29603246/ 

These issues need to be explained in detail to you [ informed consent ] because there are real financial consequences. 

David Pylyp 
TXT 647 218 2414 or Email

What is a Condominium?

Condominium was created in the 60's to describe that space that could be legally titled for mortgage and owner ship purposes.

Well that's my explanation.

But condo's have evolved to be business space, shared recreation facilities and even detached homes with a common element land ownership.

 The definition of “condominium” is no longer limited to the commonly held perception of a stand-alone residential apartment building. In Ontario, for example, the Condominium Act, 1998 created several new ways of structuring condominium projects such as Common Element, Vacant Land (known “Bare Land” in Alberta), and Phased condominiums.

The legal construct of the condominium is being stretched to new and creative uses in many markets, including urban, retail/industrial, suburban and recreational properties. Regardless of the type or structure, however, the essence of a condominium is that purchasers are buying one or more units, together with an interest in an active corporation, sharing both the benefits and the liabilities of that corporation.

In urban centres, a premium on downtown space and an abundance of developers’ creativity has led to such entities as mixed use “live/work” units and residential properties with an investment component, such as hotel condominiums, often with rental management agreements. In addition to the normal residential concerns, the purchaser may have to take into account business and tax considerations of their investment. The purchaser must also be aware of the exact nature of the condominium corporation’s business, and of the fact that not all investments turn out to be profitable  http://avoidaclaim.com/2013/titleplus-tips-keeping-up-with-the-changing-nature-of-condominiums

Yet Condo Ownership by design, affordability and preference seems to be in excess of 50% of the Toronto Real Estate Market.

Let's talk 

David Pylyp

Did you OWN an URBANCORP condo?

Tarion has issued a Notice of Proposal (NOP) to revoke the registration of 17 Urbancorp related companies.  As the Registrar, Tarion has a duty to protect new home buyers by requiring builders to adhere to certain requirements in order to obtain registration, and ensure they continue to abide by ongoing obligations under the Act in order to maintain their licence.  The decision to issue this NOP was made due to the builder's failure to meet Tarion's ongoing registration requirements. - See more at: http://www.tarion.com/About-Tarion/Pages/Information-about-UrbanCorp.aspx#sthash.uXKY9sp0.dpuf

During the post Performance Audit period  ( after a building is constructed engineers examine if it was done properly at your condo's expense, Performance Audit ) your builder has a BOND as security filed with Tarion to ensure there is sufficient reserve ( money ) available for repairs should they be required.

Recent Projects that were withdrawn are the Val in Etobicoke and the Kingsclub in Liberty Village.

Condo Deposits are protected by the Condo Act and Tarion. 

Are you considering a pre-construction purchase? Please, don’t go it alone. It doesn’t cost you any more to bring in your own Realtor and as wonderful as the sales staff may seem at the builders showroom / office, they work for the builder, not you.

http://Bit.Ly/GetDave

#askPylyp

Bubble Update 2016 There is no bubble

Good Perspective on the Lack of a housing Bubble in Toronto Canada

http://www.bnn.ca/News/2016/3/30/Skyrocketing-housing-in-Toronto-and-Vancouver-makes-sense-National-Bank.aspx 

**

Canada’s hottest housing markets in Toronto and Vancouver have been called “dangerously unaffordable” and “pockets of risk,” but National Bank’s chief economist says there’s a good reason for the dizzying surge in home prices.
“Strangely enough, the alarmists fail to mention that the working age population is growing 70 per cent faster than the national average in Vancouver and Toronto on the back of strong inflows of highly educated immigrants who can more easily integrate [into] the job market ,” said Stefane Marion in a research note Tuesday.
More working age Canadians are opting to live in the two priciest real estate markets as labour trends increasingly favour large urban centers. Employment surged 5.5 per cent in Toronto and 4.4 per cent in Vancouver in 2015, while nationwide job growth was 0.9 per cent.
“The underlying force for housing demand is household formation. If your population aged 20 to 44 is growing, you have it. If it’s not, home price inflation is not sustainable,” said Marion.
The benchmark price across all types of homes in Metro Vancouver increased 22 per cent year-over-year in February, according to the Real Estate Board of Greater Vancouver. The average selling price in Toronto jumped nearly 15 per cent last month from a year earlier, according to the Toronto Real Estate Board.
Marion notes the price-to-income ratios for a 90 square meter (about 970 square foot) condo in Canada’s largest cities are a far cry from major cities around the world. Vancouver and Toronto are near 10. San Francisco is closer to 15. London, Beijing, and Hong Kong push the ratio close to 35.



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