Monday, January 14, 2019

Do you really want to be a landlord ???

Why would anyone ever want to be a landlord? Not only will you be subsidizing the person who leases your place (since it costs you more to own than you are receiving monthly), but you’re now obligated to look after this human. Yeah, just like a beagle. The heat and water have to work. The appliances, too. No safety issues. No outstanding repairs. Functioning toilets. And a tough time getting rid of someone, even if they don’t pay the rent. All so you can lose money? Huh?

or you could take a few courses 

Gird your loins with Harry Fine   Paralegal and prepare yourself

Everything has changed in the last 36 months....

Lets talk    647 218 2414 

3D Virtual Tours Matterport Toronto

3D Virtual Tours are possible with a Matterport Camera and HOSTING by Matterport  

Sample Condo 

or Best Display of a Luxury Home in Mississauga

If a picture speaks a thousand words imagine the impact of a Matterport 3D Tour with 360°  views. Your condo available to thousands of new Buyers, shared by enthusiasm and social media. 

Virtual tours are hosted for a minimum 6 month period, so that you can use them in additional eBlast Marketing.

[Tours] can be embedded into a website or blog you control,  resized, like you would a YouTube video; they can be linked to TREB Virtual Tours. 

Cost is a minimum of $150 for the first 1,000 square feet then 15 cents psf there after.

Trimming of the model is onsite. (ESTABLISH WINDOW DOORS AND MIRRORS)  Time for scan is approximately one hour per 1,000 square feet.  More open space timing is faster.  Additional Rooms take more time and more scans. Any camera position can be loaded as 360 degree camera view or high res image.

Floor plans are available at $50 per property.  (turn around 48 Hours) 

Bookings require good daytime lighting. ( near noon is best )

If you would like to schedula scan contact

If you would like this included with your listing call 647.218.2414 

*Not intended to solicit properties currently under contract 

Tuesday, July 24, 2018

UPDATE Short Term Rentals Toronto

As short-term rentals have become prolific worldwide, most governmental authorities have realized that the sharing economy is here to stay, and that regulating short-term rentals makes more sense than trying to ban them outright.

In late December, 2017 and early January, 2018, the City of Toronto (the “City”) adopted regulations regarding the licensing, registration, and regulation of short-term rental companies and operators (i.e. hosts).

Those regulations permit short-term rentals (rentals that are less than 28 consecutive days) only in the principal residence of owners and tenants. If less than the entire principal residence is being rented on a short-term basis, no more than three bedrooms may be rented on a short-term basis. Hosts are deemed to have only one principal residence at any one time.

The regulations also require hosts to register with the City and pay an annual registration fee of $50.  Short-term rental companies must be licensed and pay a one-time licence fee of $5000 and a fee of $1 for each night booked through the company.

The City also implemented a 4% Municipal Accommodation Tax (”MAT”) which applies to short-term rental companies and hosts.

The City’s zoning by-law amendment which permits short-term rentals as a use has been appealed to the Ontario Municipal Board (“OMB”).  For that reason, the short-term rental regulations and the MAT will not come into force pending the appeal. The appeal is scheduled to be heard on August 30 and 31, 2018. The City does not expect a decision from the OMB for at least 8 weeks after the hearing.

If the OMB supports the city’s zoning by-law amendment, the short-term rental regulations and the MAT will come into force some time after the OMB decision. Enough time will be given to enable short-term rental companies and hosts to submit applications for licences/registration. Details about the collection and remittance of the MAT will also be made available at that time.

Condo buildings are also imposing their own versions of minimum rental periods.

Monday, July 23, 2018

Create Your own RRSP

For those who don’t know, yes, you can put a mortgage on your house (or your cottage or rental property) inside your RRSP. That way you actually make payments to yourself, instead of the banking oligarchs. 
Now that interest and mortgage rates are on the rise, there’s more appeal to doing it. Up to this point, with sub-3% home loans available everywhere, it made more sense to float your house with cheap bank cash and use your own retirement funds to achieve much higher returns inside a financial portfolio. However, with posted mortgage rates nudging the 4% mark, an RRSP mortgage may be a way to finance a property as well as invest money.
So how does it work?
Not simple, nor cheap, nor easy set up and maintain, but possibly worth the effort.
First, find a lender willing to host what’s officially called a non-arm’s length mortgage. The best bet will be one of those less-than-blue-chip guys like B2B Bank or Canadian Western Trust, because the last thing the Big Six want is for people to create their own borrowings. Second, you need money in your self-directed RRSP to use to finance the house. 
Then there’s the set-up. That will involve having the property appraised for mortgage purposes, staying within established LTV (loan-to-value) parameters, paying your lawyer to draft the mortgage and funding the administrating bank. This will cost a few thousand. The big expense comes with mortgage insurance which is required by law. The cost will be up to 4% of the face value of the mortgage, which is (obviously) a lot. But no getting around this.
It’s important to understand the mortgage you’re creating isn’t something you can diddle with, even though you’re both borrower and lender. For starters, it must be a reasonable amount – so no 0%-down. Also you can’t grant yourself a 1% mortgage rate. In fact, you can’t even use the rate your bank is offering everybody else – it must be the posted one, devoid of any discount. However, since the interest you pay is to yourself, this isn’t necessarily a bad thing.
You can’t miss, skip or ignore payments. If you do, your RRSP can actually foreclose on your house (as strange as that sounds) through the trustee which administers it. Payments can’t be late, nor can you decide to pay yourself more or less in a single month. In fact, the mortgage can’t even be paid out early without incurring the same penalty as would be collected by an evil commercial lender.
On the plus side, all these mortgage payments you make into your RRSP aren’t considered contributions and don’t affect your ability to generate more space through earned income. The cash paid into the retirement plan accumulates, of course, and can used to buy other assets, achieving greater diversification.
As mentioned, this strategy can finance a house, your ridiculous money-losing rental condo or a commercial property. In fact, a non-residential use is probably the best. That way not only do you pay mortgage interest into your own retirement plan, but you can deduct that same interest from taxable income. And since commercial loan rates are w-a-y higher than residential ones, this is a big win. Take that, Bill & Justin.
Now that sounds like a plan;
Let's recap 
A. you have a well funded RRSP, and you have to move some or all of it out of mutual funds and into cash which becomes the principal of the loan. B. you pay mortgage payments back to your RRSP. C. the officiating bank gets a cut of the payments?? D. Once the payments are made back to your RRSP you can continue to invest them as per normal.


Thursday, July 5, 2018

Friends of Humber Bay Shore Business Directory

Business Quick Links now pinned (see comment for details))
Bird’s & Beans
Cocoa Boulangerie
Eden Trattoria
Everest Hakka House (Chinese cuisine)
FBI Pizza
Firkin on the Bay
Krazy Roll
Lolas' Gelato
Mamma Fortino’s
Mandarin Etobicoke Oro di Napoli (pizzeria)
Oro di Napoli (pizzeria)
Rocco Restaurant & Bar
Williams Catering
Alive Yoga
Amoena at Solace Citrus Medical Centre
Dentistry by the Lake
Fitness on the Go (personal training) Humber Bay Eye Care
Humber Bay Physio
Kingsway Health By-The-Lake Mimico Creek Dental
Orangetheory Fitness
Tai Chi and Qi Gong with Robert
Tamara Solace
SALONS (Hair & Beauty)
All In One Beauty Lounge
Brow Boutique
Distinguished Gents Barbershop
Extasis Extensions (lashes & brows)
Onyx Salon & Spa
Radiance Spa
Sarah Suchlandt
PETS (Walking. Grooming, Supplies etc.)
Humber Bay Dog Walking Bay Veterinary Hospital
Ma N’ Paws (dog walking)
Pet Pointe Pet Store
Play n Stay (dog boarding)
Suzette Castro (Fine Art-Portraits)
eMacity Leads marketing (Chris Moakler)
Etobicoke Yacht Club (junior sail)
Frank Horvat (pianno lessons) Golden Eagle Basket Club Humber Bay Boat Adventures
Ivanka Ljubicic Drafting & Design
Marko Djukic (lawyer serving S. Etobicoke)
Mary Bella (web design)
Mimico Cruising Club
Page One Marketing (Wayne Preston)
Randy Barba photographer
RenDeck (builds decks)
Royal Flower Design
Studio Connect

Veronica Thompson (mortgage broker)

David Pylyp Accredited Senior Agent

Satori Living (home staging)

Friday, November 10, 2017

Sometimes, Garth Turner is very right

Love him or hate him, Garth Turner does make some very good points in this blog post about where we are with the Toronto and Vancouver real estate markets.  @GarthTurner 

Imagine your disappointment at finally being able to buy a second investment property for your ageing Self, to come to town to your medical appointments or use in town when you’re going to go to the theatre only to have the government tell you that you have to pay a vacancy tax on the unit.

I agree with Garth Turner's  perspective in this article, that it is indeed punitive to punish people for investing in a secondary unit. We also added [ONTARIO] strict landlord tenant increase restrictions.

The government has not kept pace with providing for seniors in their elder years and have laid waste many pensions,raided by corporations for their cash values or diverted saving to pay creditors, so there is a great need for individuals to plan and save for their future retirement where the current government wants to look after everything for us. Sometimes, Garth Turner is very right.
People who bought personal-use properties, paid market value, shoveled out closing costs and foot ongoing property tax and financing charges are now looking at a staggering tax just for staying there less than 50% of the time. The tax also casts them as social pariah when, in fact, it’s the opposite. A guy living part-time in his Yaletown condo is shelling out the same money for occasional use of city services as the family of four living one floor below who suck up much more. He pays 100% of the tax and yet draws 50% less.

In two circumstances, this article does not go far enough first to discuss the mortgage interest rate differential that will eliminate many buyers from the marketplace by having to qualify at a POSTED rate of 5.5% while actually getting a rate of three or 3.5 on the mortgage over 25 years.

The second issue is the lack of tax revenues for the Ontario government and especially the City of Toronto Municipal government for the land transfer tax that is charged to secondary buyers. If they are not buying a property, the city is not making the taxes and indeed the market is  down over 25% in activity versus last year. This will be reflected in the property tax revenues that the city has available to pay for services that it provides to it's residents next year. We have yet to hear how much the shortfall in revenues is from the actual forecast maybe,  Sue Ann Levy  can shed some better light  @sueannelevy 

What do you think?

Are you making a move this year? 

Tuesday, November 7, 2017

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#askPylyp   and I will make an effort to find your answer.