Michael Power Contact Update

 

CONTACT UPDATE

Michael Power Place Phone List update

1 Michael Power Power Place M9A 0A1
Toronto Standard Condo Corp # 2457

Concierge 647 350 5518
Management 647 350 5523

Pets One dog< 20 lbs, 2 cats


3 Michael Power Power Place M9A 0A2
Toronto Standard Condo Corp # 2226

Concierge 416 792 8461
Management 647 340 7676

Pets One dog< 20 lbs, 1 cats


5 Michael Power Power Place M9A 0A3
Toronto Standard Condo Corp # 2013

Concierge
Management 416 645 3755 x505 Jessica

Pets One dog< 20 lbs, 1 cats


7 Michael Power Power Place M9A 0A4
Toronto Standard Condo Corp # 1793

Concierge
Management 416 637 7700 Icon

Pets One dog< 20 lbs, 1 cats

9 Michael Power Power Place M9A 0A5
Toronto Standard Condo Corp # 1808

Concierge
Management 416 236-7979 Icon

Pets One dog< 20 lbs, 1 cats


11 Michael Power Power Place M9A 5G3
Toronto Standard Condo Corp # 1576

Concierge
Management 416 231 4948

Pets One dog< 20 lbs, 1 cats



15 Michael Power Power Place M9A 5C4
Toronto Standard Condo Corp # 1544

Concierge
Management 416 231 4948

Pets One dog< 20 lbs, 1 cats


17 Michael Power Power Place M9A 5G5
Toronto Standard Condo Corp # 1518

Concierge
Management 416 901 8622

Pets One dog< 20 lbs, 1 cats

Michael Power Place

Now completed

Port Royal Place


11-15-17 Michael Power  2003
7 - 9 Michael Power    2006
5 Michael Power    2009
1- 3 Michael Power   2012 and 2015

BUILDING DESCRIPTIONS
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. 


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. 


BUILDING FEATURES
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

Photo Array for 1 - 3 Michael Power Place
https://photos.google.com/u/1/album/AF1QipNzyseZe_orl_uwI7oqTGgNi7sTvLqrRCVZECST

http://www.scribd.com/doc/105310546/MIchael-Power-Sept-2012  SITE PLAN 

Google Street View 

https://www.instantstreetview.com/@43.643913,-79.529566,1.95h,10.51p,1z


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.

BUT more importantly walk to the ISLINGTON Subway station. 

It is a touch noisy with the RUMBLE of TTC trains, but residents love the location. 

Its #TorontoCONDOLife 

How do you like living here? 

https://www.facebook.com/Michael-Power-Place-105205066223901/

Bob Rennie says "Tax Real Estate Speculators!"

Following a plethora of attention grabbing headlines I find this;

Condo king calls for tax on flipping homes

Bob Rennie, the ‘condo king’ of Vancouver says that there should be a new tax on those who speculate on the property market....

http://www.canadianrealestatemagazine.ca/market-update/condo-king-calls-for-tax-on-flipping-homes-191626.aspx

UMMMM...   Hello...

Toronto and Ontario have land transfer tax, if you have previously owned property [anywhere]

http://www.torontorealestateboard.com/buying/ltt_calculator/ltt_calculator.htm

This is Payable whenever you buy anything within the land transfer tax system, amounting to $12,500 on a condo / house purchase at $500,000  [say 2.5%]

Our friends from HST  - Those Revenuers - charge you an additional 13% of the final price on any purchase where the property is NON OWNER occupied at closing. (you sign a declaration to that effect)

http://www.cra-arc.gc.ca/E/pub/gm/19-2-1/19-2-1-e.html

Let's wave the flag and TAX THOSE FOREIGNERS!

Well,  as a non resident purchasing units for rental [and/or flipping] the Owner must declare and pay income tax. If you are a non resident selling real estate there is a with holding tax of 25% pending your filing a tax return.  NOTWITHSTANDING that you have a challenge to obtain financing (foreigners need higher if not half down payments) the CRA wants a 25% payment on sale.

https://www.youtube.com/watch?v=VP4wlqELB5g

Very Disappointing to hear advice from Bob Rennie to TAX speculators for we all are speculating on the future of the real estate market in both Vancouver and Toronto. Pensions funds, OMERS and just plain home owners on a pension are betting on their nest egg.

Banks release [stats of] lower levels of deposits and its no wonder with interest yields of .08% on savings and 2.00% long term investments that people are turning towards the 10 - 15% gains made in real estate. The BMO Wealthy investor reports that 27% of high net worth individuals own income property.
https://www.bmo.com/pdf/Changing%20Face%20of%20Wealth%20Summary.pdf

Building wealth in real estate and rental units is purchasing and HOLDING LONG TERM whereby a tenant pays off your mortgage over 25 years and you have a performing asset.

Simple example;

$300,000 in the bank at 2% earns you  $6,000 this year

$300,000 in a condo purchase pays you $18,000 this year, but you need to manage, pay maintenance and taxes.

I see a clear choice.


What do you think?

Condo Selection Criteria

What's a good deal?
    Do you like the style is just part of the process?
    Is it a presentation package with floor plan?
    Proposed Expenses?

How do you define what is or is not "LOW" maintenance fee? 
How do you define best value? 
Are 1 + 1's better than two's? 
What is the mix of units in the building? 
How many are on a floor? 
How many are rented? 
Is there parking for each unit + parking for guests? 
Is there a community surrounding that condo cluster that has walk-ability? 
How many requisition meetings have been held? 
Is the Performance Audit and Reserve Fund Study complete? 
As a second time buyer [for investment] does buying 416 and paying extra LTT bother you?

Contribution to Reserve Fund is calculated by an inspection of the Building by Professional Engineers. This report is called a Performance Audit. The receipt of this report calculates the Remaining Economic Life of each building component.  The result of this, is the Cash Flow Reserve Fund contribution which explains when things need to be replaced as they wear out.

Reserve Fund Studies will be conducted every 5 years in accordance with the Condominium Act. 

How will you know it's a good deal?

When the traffic is SLAMMED in the other direction with Police, Fire and Ambulance vehicles...  Do you slow to take a grim look around...

The internet is the same.   It's a snap shot of sizzle that grabs your attention... for a moment.

Builders and Developers of Condominium Units understand this concept really well and apply it in their marketing for you be attracted to their plate, to eat the sizzle, consume the hype.  But what is the value when you wake in the morning? 

After the building is up and running the issues are very practical and pragmatic.   Now you need to explain the legal workings and realities of a condo community
I do that.   I help people understand.    Call me 

Rent Controls will impact your Toronto Investments

A lack of affordable housing has been problematic in Toronto for decades. Metro Housing is in decay and has a huge backlog of repairs in addition to a long waiting list of applicants.   Rent geared to income housing is a small portion of the rental pool and in the last 20 years individual investors have purchased units for rental purposes and placed them in the secondary markets.

The Federal Government has introduced the Affordable Housing Act with Bill 140 passed in January or 2012 but municipalities have yet to embrace available 140K per unit in construction or remodelling assistance. 

The LTAHS provides recognition of the important role played by municipal Service Managers in long-term planning of the housing and homelessness service systems in Ontario. The Strategy also proposes a new approach for funding of housing and homelessness services that is intended to reduce administrative complexities and create greater local flexibility in identifying priorities and innovative solutions. In some areas, the new Housing Services Act is less prescriptive and gives Service Managers greater flexibility than the previous SHRA.
http://www.toronto.ca/legdocs/mmis/2011/cd/bgrd/backgroundfile-39040.pdf

It's not that a landlord has a tough time finding tenants;  The Residential Tenancies Act provides free legal services to Tenants in addition access to Duty Counsel at Hearings.  The Landlord must now be represented by a licensed Paralegal or Lawyer, unless they are experienced in the process.

The Human Rights Tribunal has decided that Credit Bureau's and Beacon Scores can not be used to determine the applicants ( tenants ) worthiness for an apartment or rental unit. (I would like to try that at my Bank with a Mortgage Application)  http://www.ohrc.on.ca/en/about-commission

But the governing Liberals are unlikely to see the rent control question the same way. Ontario’s Minister of Municipal Affairs and Housing Linda Jeffrey said this in a statement at the end of April:
The post-1991 rent exemption was originally introduced – and has been maintained over time – as an incentive for private landlords to build new rental accommodation. This incentive not only helps to renew the rental housing stock but also creates jobs in the construction sector. As such, any changes to this incentive could have an adverse effect on the rental housing sector, the economy and job creation.The NDP are hoping for a change of heart, especially as the provincial opposition have the Liberals survival — with a crucial budget vote yet to come — in their hands. They’re also arguing that the construction boom intended by the rent control changes haven’t been successful.
Forster notes that most of the new construction have been condos, sold to investors and then rented out second-hand, and not rental buildings.
“This misguided rule has not accomplished what it was meant to, and very little new rental housing has been built,” said Forster. “For tenants living in these newer buildings, it has been 20 years of uncertainty and unfairness.”http://o.canada.com/2013/06/04/ontario-ndp-wants-to-close-rent-control-loophole-open-since-1991/

Backgrounder - Rent Increase Loophole by William Wolfe-Wylie

Governments control increases to HST/GST that have increased maintenance fees; The Ontario Government controls the Hydro Billing Rates (because they need approval)   Cities and Municipalites control Tax rates, water and sewage pick up fees billed directly to Condo Buildings.  NONE can be lawfully passed to a tenant in a Rent controlled building.

Vacancy Factors in Toronto are current near 1%.

If there is no available social housing, and Independent Condominium Investors have stepped up to invest in their properties and the Government then CAPS the rental increases [while clearly charging more for different services] there will be a sharpened increase in the number of TENANTS looking for units as landlords EXIT the rental pool as their profit margin is impacted.

If the NDP are successful in capping the Rent will you keep your rental unit or sell?

I personally think there are too many PLAYERS  tinkering with the real estate market; from Double Land Transfer taxes in Toronto to increasing Lot Levies, Shortened Amortization Periods, multiple providers of tenant counselling services and well meaning but hazzardous legislation setting profits and ROI.

When did it become embarrassing to make money? What's your opinion?

Keeping It?  or Selling it?  Call me!

https://plus.google.com/109283965469179719942

Humber Bay Shore Condos Provide strong ROI

For those who are concerned about a "bubble" there needs there needs to be an excess of inventory that causes Toronto condominium to go vacant ( without a tenant ). There seems to be a continuing population growth in Toronto, Ontario that IMHO is summed up as safe have and educational / vocational opportunity.

This is borne out by many years of competitive markets not only for condominium purchasers but also renters.  New buildings  ( mini communities IE Beyond the Sea, Windermere by the Lake or Eau de Soliel ) are attracting buyers worldwide. Stable and Low Mortgage Rates are just feeding the buying.

The rental market in Toronto condominiums is heating up, with increasing numbers of units being leased rather than sold and rents continuing to rise in the first quarter of 2013, an analysis by the market research company Urbanation suggests.
There were 31 per cent more condo units leased in the first quarter than a year ago, Urbanation found, and rents were up 4.4 per cent, a gentler jump from the 5.9 per cent increase that occurred between the first quarters of 2011 and 2012 but still a significant rise, said Pauline Lierman, Urbanation's director of market research.
The average rent was $1,856, or $2.33 per square foot, in the first quarter compared to $2.11 in Q1 2011.
That jump in rent of more than 10 per cent in two years is mainly a product of demand, with the most desirable units in downtown locations close to transit lines and amenities, Lierman said.
"The vacancy rate is barely over one per cent for rental condominiums," Lierman said. "The market has remained tight." http://www.huffingtonpost.ca/2013/05/14/toronto-condo-rents-soar_n_3274279.html?utm_hp_ref=canada-business

In my own experience I have observed that condos are renting for half their purchase price divided by 100 to calculate monthly cash flow. For example at $400,000 for a well appointed two bedroom, two full bath unit, it is not uncommon to seek rents at $2,000 to $2,200 depending on building amenities. [ 400k divided by 50% then divided by 100 results in a rental of $2,000 per month ]

With average downpayments of 35 - 40% Investors can calculate a reasonable ROI   compared to keeping money in the bank or a GIC.

With restricted credit policies and aging buyer demographics larger homes eventually will fall out of favour by cost and size.  Then add in a vacancy rate near 1%,  Condo investors are looking at the upside of holding their investment long term and that is what real estate is all about. 

Would you like to invest in a few condos?   Call me. 

The Location Should be Secret 1926 Lake Shore

Photo Cred; Urban Toronto

It should be kept a secret because these towers that are situated at the foot of Windermere and Lake Shore, Carterra, Windermere by the Lake, NXT and Park Lake Residences are all on the East side of the Humber River Bridge.

You know that traffic bottleneck at the QEW and Lake Shore? But these buildings are all on their own traffic signals and easily access Lake Shore Boulevard with a 10 minute Drive to Union Station. 

Looking through the renderings the building will have an internal traffic roundabout with exits to Lake Shore Blvd., and Windermere.

backgroundfile-57846 by David Pylyp

The renderings describe the redevelopment of [Four Points by Sheraton] 1926 Lake Shore Boulevard West with two residential towers of 42 and 48 stories connected by a 4 storey podium. The proposed development would contain 847 residential units and have a floor area of over 78,600 m2, representing an FSI of 17.6 times the lot area.

Floor Plans are not yet available but I can assume they will be out shortly.

Ideal Location along the Western Beaches....

What do you think?

Rental Apartment Finance Guideline Update 5.2013

Product:  Rental financing
In addition to max. 75%LTV on a rental unit. We’ve made some changes to our policy. Here it goes:

For the purpose of confirming gross rental income, expired leases can be accepted with the addition of one of the following:

·         Signed acknowledgement from the tenant confirming rental/lease agreement is still in effect; or

·         Copies of the last 3 months of cancelled cheques; or

·         Evidence of the last 3 months of rental deposits in the account

If applicant owns 1 rental property (maximum 1 unit), either:

·         50% of the confirmed gross rental income can be included as income and full principal, interest, (property) taxes and heating (PITH) for the subject rental included in liabilities; or  Rental worksheet can be used to calculate the rental property Debt Service Ratio Owner occupied rental properties included

Opinion of Market Rent is acceptable for purchase and refinance transactions up to 65% LTV

Td economics:

·         The past week saw the TSX, most commodity prices and the Canadian dollar versus the U.S. dollar, all make up ground. However, all three still remain underwater so far in 2013. That is consistent with Canada’s economic under performance versus the United States.  

·         February’s retail sales data were consistent with a more modest performance in consumer spending north of the border, as trend sales have slowed in both real and nominal terms. Moreover, the lack of pricing power at the retail level speaks to increased competition in the face of softening demand.  

·         This difficult retailing environment is likely having an influence on small business confidence, which slipped further in April, according to the CFIB’s Business Barometer. Particularly since insufficient domestic de­mand is cited as the main limitation to small business growth.

Have a great week!

Romy Alegria | Manager, MMS | TD Canada Trust

P: 416.278.2540 | F: 1-866.222.5708

E: Romy.Alegria@td.com

W: http://mms.tdcanadatrust.com/romy.alegria

 There you have it!

New guidelines for a Rental ( Investor) Purchase of a Toronto Condo Unit.

Downpayment are firmly at 25% or at 35% with Opinion of Value Letters.

Are you looking for an investment to hold long term?

Vacancies are continuing at 1.5% or less.

Landlord Tenant Tribunal - Representation

As an owner investor of a condominium unit you may represent yourself at a Landlord and Tenant Tribunal Hearing.   This is governed by the laws of the Residential Tenancies Act

All the reference Material and Forms you require is searchable on this site. http://www.ltb.gov.on.ca/en/Law/STEL02_111323.html

Previously a NON licensed person could represent you. This is now been changed to be;
a) Non Paid PRO Bono Representative
b) Paralegal
c) Lawyer


Where Property Managers of larger rental companies could previously attend the tribunal they are now required to be licensed and Insured (Law Society Members).  

You can prepare your own paperwork but be informed you may need additional help.

Even though I have attended at hundred of Landlord Tenant dispute resolutions and Mediations I am not a licensed paralegal (grandfathered).  I can however recommend quality experienced people.

Rental Increases AS Market will absorb

If its built after 1991
There are no landlord Tenant limits for increasing rents.
It is whatever the market will bare.

“I was shocked, and all my friends who live in condos were shocked, to find out that we are powerless.” The now-renamed Residential Tenancies Act sets out tenant protections for all rental units across Ontario, but rent control provisions only apply to buildings occupied before Nov. 1, 1991.

That’s turned out to be great news for condo investors, allowing them to pass on escalating maintenance fees and other costs almost directly to their tenants. But for a growing number of condo tenants, it’s making for an uncertain future.

 http://www.thestar.com/business/real_estate/2013/04/25/condo_renters_pay_hefty_price_for_downtown_living.html

If your hydro costs, property taxes and maintenance fees increase   you are welcome add that to the rental increase.

What can I answer for you?