A typical Agreement of Purchase and Sale of a condominium should include a provision that the offer be conditional upon the review of the status certificate by the buyer’s lawyer. 

The status certificate should never be overlooked - even during competitive bidding where buyers feel the pressure to bid with “clean offers” with no conditions. The buyer’s sales representative can inquire if the status has been ordered and if so, obtain a copy for the buyer to give to their lawyer for a “pre-offer review” - usually for a nominal fee. 

A status certificate is a document that contains vital information about a condo corporation’s financial and legal health including the budget, common expenses, any legal proceedings, insurance status, pending major repairs or maintenance issues and the reserve fund.

Certificates also allow prospective buyers to learn about the rules such as whether pets are allowed - which is often a very important factor for many of our pet owner clients!

Things that are of immediate interest in the certificate are confirmation that the maintenance fees for the specific unit have been paid up to date, that there are no pending Special Assessments, and that there are no pending orders to reverse unauthorized modifications made to the unit by the current owner.  Regarding the latter, some Corporations require a walk-through to check for unauthorized modifications.  If such are found, it is the responsibility of the titled owner to reverse the changes.  Some certificates may indicate where changes have been approved, while others may not and it is up to the buyer to satisfy themselves in this respect.

An important factor to potential buyers is the amount of money that the Corporation has in its Reserve Fund to deal with anticipated repairs and improvements.  Reserve Fund studies are mandated to be conducted every 3 years and it is important the certificate is up to date in this respect.  The budget addresses current maintenance and capital improvements and the anticipated impact on maintenance fees in future years.  Another important factor is whether the Corporation is involved in any legal actions that could impact the financial position of the Corporation and result in increased fees and assessments.

Many older condos do not have separate hydro billing capability and maintenance fees may cover all utility costs.  Beyond hydro, maintenance fees often include heat, A/C and water and parking.  However; sometimes utilities are metered separately, particularly in townhouse condos. It is important to know whether parking and lockers associated with the unit are owned or assigned.  If they are assigned, it precludes the ability of the owner to sell a parking space.  Owned parking spaces and lockers are indicated individually on title.

Hydro utility costs can often be confusing.  For example, a unit may have heat and A/C included in the maintenance costs, but not hydro.  Buyers often miss the fact that although the condo provides heating and cooling, the unit’s HVAC fan(s) distribute the heat/cool, and the electricity used by the fan(s) is part of the units separate metered services, along with lighting, appliances, TVs, computers, etc.

Some things may not be well defined in the certificate and require additional research, such as the distribution of responsibilities for windows, HVAC, and hot water tanks repair and replacement.  Some Corporations will maintain and change HVAC filters, but it the system requires replacement, it is the unit owner’s responsibility.  Townhome owners are often faced with additional considerations, such as snow removal and who is responsible for clearing driveways and walkways.  Common elements may include exclusive outdoor areas and it is important to note if the owner can modify those areas; installing fencing, plantings, decks, etc.  Some condos are very restrictive in this regard.

Rules and regulations are important for things such as whether bbq’s are allowed on balconies, and as mentioned earlier, pets.  Many owners don’t realize that the Corporation has the ability to order removal of a troublesome animal.  Some condos may have lifestyle restrictions, such as no smoking on condo property and an absolute ban on marijuana.  Some condos with limited visitor parking may restrict the number of monthly visitor passes.

If a buyer is considering renting out their unit they may find restrictions on the number of units that can be leased at a given time and are likely to find that Airbnb’s (short term rentals) are not permitted at all.  Rules may require Board approval of a renter and there is often a rule that precludes the renter from subletting the lease.

It is important for a potential buyer to read all of the rules carefully in order to make an informed condo buying decision.

For more information, please contact us directly.

Nancy 416-985-1486

Dave   416-894-4079

info@gtaselling.com

The Toronto Regional Real Estate Board has recently published its market report for June 2023. Let's take a closer look at some of the key metrics and our expert takeaways you need to know about:

Have you ever considered owning a Float Home? As I approach my senior years, I’m putting more thought into where and how I want to live. I find myself considering options everywhere I travel and weigh the pros and cons of giving up the big city life for something more laid-back.

I first became aware of float homes when I showed clients in the beautiful and iconic Scarborough Bluff area which boasts a community of 24 unique float homes. My clients wanted to be near a marina and this float home community lies within Bluffer’s Park Marina!

A floating home typically floats on a concrete barge - a floating foundation - moored to a dock and anchored with metal ropes which allows for movement with the rise and fall of tides and seasonal changes in water levels. Owners get the sense of living on a boat while having all of the conveniences of a house on land with hydro, heat and plumbing. I love the concept.

Float homes can provide the luxury of cottage living without ever having to leave the city. Imagine yourself surrounded year round by natural beauty with unobstructed views of the water yet, still close to city restaurants and entertainment when you venture into town.

Have I caught your attention?

There are many places around the world that have embraced float home living such as Granville, Vancouver; Sausalito, California; England, France, Holland and Italy.

My interest in float homes peeked again when I recently visited Sea Village on Granville Island, Vancouver. Just a short ferry ride away from the mainland, it’s the most charming seaside village with “to-die-for” views of the Vancouver skyline. And, a float home is featured, as if one of the characters, in the Apple TV series, “The Last Thing He Told Me” starring Jennifer Garner. The series is good. The float home village consisting of approximately 400 homes is awesome!

I’m interested in owning a float home - are you?

If so, there is one for sale approximately 15 minutes from downtown Toronto, Ontario. Please call 416-985-1486 or email info@gtaselling.com for more details.

If you are considering moving to another city or country, with our ReMax Global connections we can help you find your dream float home or your dream home on land.

#resultsthatmoveyou

The Toronto Regional Real Estate Board has recently published its market report for May 2023. Let's take a closer look at some of the key metrics and our expert takeaways you need to know about:

The Toronto Regional Real Estate Board has recently published its market report for April 2023. Let's take a closer look at some of the key metrics and our expert takeaways you need to know about:

You’ve purchased a new home or condo, have moved in and now it’s time to decorate! It’s an exciting time and there is a lot to consider when choosing art for your space.

1)    Art can be appreciated in many forms including paintings, prints, posters, photography, sculptures, tapestries, maps and your children’s artwork.

2)    Consider your budget. Do you want to invest in a valuable original art piece that may continue to appreciate in value over time? Or, would you be satisfied with a print of a masterpiece or a vintage poster of a favourite film? Remember, framing can be pricey!

3)    Visit some galleries to discover the style of art you enjoy. The key is to choose what you love, what moves you, inspires you and brings you enjoyment when you gaze at the piece.

4)    Choose a piece that sets the mood for each room. You may want a playful abstract for a child’s room or a beautiful landscape oil painting for over a fireplace in the living room.

5)    Be a little daring. If you’ve chosen neutral colours for your walls and floors go bold on your walls and express yourself with colours, content and different textures.

6)    Try to meet the artist to learn about them, their style and techniques and what motivated their creation that you may be considering. I believe knowing at little bit about the artist brings more meaning to each chosen piece.

7)    A great place to meet artists in Toronto is at the Artist Project which is taking place April 13th-16th at the Better Living Centre, Exhibition Place.

I’ve curated a little bit of everything in my home from vintage movie posters to whimsical oils and prints to abstract art to original landscape oils. Bottom line - choose art that brings joy.

We host open houses to promote our listings to as many potential buyers as possible. It’s also an opportunity for some who are thinking about selling their home to meet and “interview" us to see how we market our listings to their fullest potential, and learn about our services.

Open houses are generally conducted on Saturdays and/or Sundays from 2-4 p.m. However, depending on the circumstances, we also may host weekday evening events from 5-7 p.m.

Each and every one of our open houses are conducted in a friendly and professional manner. However, it’s important to note that we do run a tight ship and we do keep a close eye on visitors. To this point, we follow the advice provided by Joe Richer, Registrar of the Real Estate Council of Ontario (RECO). He advises that it’s prudent to keep a log of all visitors who attend an open house. Most sellers feel more comfortable when they know who the strangers are that visited their home and that those with questionable motives are discouraged from entering.  With this protocol in place, we typically ask all visitors to show photo identification and complete a registration form which adds a level of security and comfort to the seller. We always explain why we are asking for identification and visitors can opt in or out (when signing the registration form) of receiving real estate information from us.

Some visitors refuse to provide photo identification. That is their right; however, it is also the seller’s right (via their salesperson) to refuse entry of anyone into their home who does not provide valid identification. We never like to turn anyone away and hope that all open house guests understand that we would do exactly the same thing if we hosted an open house to promote the sale of their home! Security and safety matters!

Interesting fact… I attended high school with a gal who was most unlikely to commit a crime. In 2006, and again in 2010, she and her husband were arrested and charged with theft. When police visited their GTA home they discovered over $500,000 in stolen goods, including items stolen from open houses! If you want to read the full story, let us know and we’ll send it to you.

As a rule of thumb, we generally allow two parties at a time into a home. This allows Dave and I to give our visitors our full attention. Therefore, visitors may encounter a sign at the door asking for your patience while we attend to other guests. We love to meet the neighbours (who may be just curious about home values), passers-by, potential buyers who have agents, and potential buyers who prefer to shop around by themselves.

Some kindly Do’s when you attend an open house.

*  please remove shoes

*  please provide photo ID for safety and security of the seller and the listing agent

*  please respect any requested Covid-19 protocols

*  please be prepared to be “softly” guided through the home

*  please be respectful to other guests

*  please ask us about the home and neighbourhood - we know the house and the hood!

Some kindly Don’ts

*  please comply with our (homeowner’s) house rules

*  please don’t take photos or videos without asking permission

*  please, keep your children with you, and don’t let them jump on beds or play with anything

*  please leave your pets at home

The Toronto Regional Real Estate Board has recently published its market report for March 2023. Let's take a closer look at some of the key metrics and our expert takeaways you need to know about:

The scheme typically involves a number of shady individuals who scour public records for properties that do not have a mortgage registered and may be listed for rent. Imposters, using stolen identification, pose as tenants in order to rent the home. From there, other imposters use the stolen identities of the homeowners to either mortgage the home or sell it.

If a home is sold, it is sold quickly and, according to CBC investigations, the money received from the sale is moved through fraudulent bank accounts and then out of the country in the form of cryptocurrency or gold bullion. The same is true for fraudulent mortgage money.

Imagine receiving a monthly mortgage statement in the mail for a home for which you had no mortgage, or learning that your home has been sold without your knowledge! Victims of title fraud lose the right to mortgage their own home or sell the home until they re-establish their title rights through the courts, which can be a lengthy and costly process.

“Title” is known as legal ownership of a property. Title insurance can help protect homeowners from fraudulent claims on their property and typically covers legal fees that would be required to restore the true homeowner’s legal title. Title insurance also protects buyers who unwittingly purchase a home that has been fraudulently sold to them. In this scenario, although the buyers would not be entitled to the property, they should get their money back.

As Realtors® it boggles our minds how these criminal schemes happen. It is certainly brazen. 

On a personal note, my daughter narrowly escaped a fraud scheme when she found a flat to lease in London, UK. An imposter, posing as the owner of the Air BnB flat, attempted to lease it using forged identification, utility bills and passports! The forged documents looked real except for one minor flaw that was noticed by my daughter’s UK boyfriend and was reported to authorities. This can be a very quick and lucrative scheme as the fraudsters bank first and last month’s rent from the unsuspecting tenant, leave the Air BNB and move on to their next target. The owner of the Air BNB and the duped tenant know nothing of the scheme until the tenant shows up to occupy the unit which is unavailable for rent. The tenant is out of pocket for quite a sum of money, may have insufficient cash to cover the deposit on a replacement rental, and could have nowhere to live.

We are not experts on any of the above, and can only advise our BLOG readers to be vigilant in protecting their identities; to talk to their real estate lawyers about title insurance and be cautious as landlords or as tenants.

Please feel free to reach out to us any time if you think that we can assist you in any way with your real estate goals.

1)      Mississauga is rich in cultural diversity offering a wide range of neighbourhoods for all walks of life. No matter what stage of life you may be in, there’s something for everyone. You may chose to live by the water in trendy Port Credit or in upscale Lorne Park or near the bustling City Centre in a high rise condo like the iconic “Marilyns”.

2)      Location, Location, Location. Mississauga is home to Canada’s largest international airport, University of Toronto’s Mississauga campus, the Art Gallery of Mississauga, the Living Arts Centre and recreational parks such as the Riverwood Conservancy and Erindale Park.

3)      Home buyers in Mississauga enjoy the benefit of paying only the Provincial Land Transfer Tax without the addition expense of the matching Toronto Land Transfer Tax that is levied on those who choose to buy a home in Toronto.

4)      Mississauga’s close proximity to Toronto is a bonus for those who commute to downtown for work, to see the Maple Leafs,  the Raptors or the Argos compete, or attend major concerts in the big city.

5)      Square One Mall, in the City Centre, is a shopping mecca with anchor stores such a Hudson Bay, Walmart and Holt Renfrew; restaurants including two of our favs - MADO, a Turkish cafe (try the Turkish delight) and Reds Square One (try the cookies and the tarts); movie theatres, hair salons and more.

Mississauga is a great place to live with vibrant communities offering a wide selection of housing, shopping and schools.

Call us today to tour our new exclusive Mississauga listing at 3208 Cedartree Crescent! 

3208 Cedartree Crescent is nestled within the family friendly neighbourhood of Applewood Hills. Enjoy the 6 kilometre trail maintained year round or take the kids to the playground - both right behind the house. The home is also close (walking distance) to shopping at Creekside Crossing (Walmart, Costco), Mobilia, LA fitness, schools and a quick drive to premium malls (Square One, Sherway Gardens), Go Station, golf and international airport.

Book your tour and come see this renovated home boasting stunning views of landscaped grounds, pool and parkland.

Call 416-985-1486 (Nancy) or 416-894-4079 (Dave).

Now that we are in the midst of winter do you find yourself dreaming of summer? Are you considering purchasing a cottage or waterfront home? What do you like most? A secluded wooded lot? A sandy beach or a rocky shoreline like we see in the Muskokas?

We are fortunate to live in the GTA, where potential buyers have a variety of properties to choose from. The longest fresh water beach in the world lies just 1.5 hours north of Toronto boasting mostly sandy, shallow shores. The Muskokas, with stunning vistas within the Canadian Shield, are just 2.5 hours north of the city. Collingwood, just 1.5 hours north of Toronto is close to both water and the Blue Mountain ski hills.

The possibilities are endless and, waterfront, for many reasons, is a good investment. The benefits include improved air quality, gorgeous natural scenery, a more laid back life-style filled with serenity and improved mental and physical health aided by waterfront activities. We, personally, have enjoyed waterfront living for over 20 years and, speaking from our realtor’s perspective, we’ve seen the values of surrounding beachfront rise significantly over those years. 

Your initial considerations in looking for a recreational property may be your budget, how far how you want to drive to your vacation property and the type of property your prefer. We can help you figure out the rest.

There are many other things to consider. Places like Wasaga Beach and Collingwood offer city amenities such as city sewers and water, bike and ski trails, shops and services. The further up the Georgian Bay coastline towards Tiny Township and further up Highways 400 and 11 to the Muskokas, the properties tend to have wells and septic systems and you may have to drive for groceries.

No matter what your preferences are, this winter may be a good time to purchase waterfront property. Historically, sales tend to be slower in winter with fewer active buyers and less competition. We may see an even slower sales trend this year due to higher interest rates and costs of inflation. This leaves great opportunities for active buyers with purchasing power to snap up a waterfront home!

Although the number of listings are down, there are some great opportunities for you.

If you want to purchase a waterfront property give us a call and we’ll help you discover yours.