Friday, May 23, 2014

Realtor TWARTS Terrorism in Toronto

Real Estate Agent David Pylyp single handedly Stopped a Terrorist enterprise from occurring in a sleepy west end suburban community.

" I realised that renting to "these people" was problematic when they completed the Individual Identification Record supplied by the Canadian Real Estate Association.  I was paying close attention to the television ads that promote diligence and using a REALTOR® "

David Pylyp explained  "We had already signed the Agency Acknowledgement, Working with a Realtor Brochure, Explained and Signed the Buyers Representation Agreement when I was completing the updated 4 page Individual Identification Information Record. This is where FINTRAC needs to know where your deposit monies came from and who is really buying or renting the house."

Normally people would shake hands and come to an agreement to Buy or Sell, even rent a property in Toronto,  but thank fully we have FINTRAC.

David explains; "By Identifying a HIGH RISK Foreign Citizen or Resident that operates in a HIGH RISK Country or OTHER I have helped twart terrorism."

This is sarcasm in case its not evident
The form however is rather insulting to any INVESTOR or Non Resident who is welcome to buy here in Toronto for investment and Safe Haven, yet this 4 page tree killer will sit in some filing cabinet, in a real estate office for seven years.

We do welcome investment in Toronto; there is just extra paperwork.  I will be pleased to help you with that.  But we need these forms.

Sorry,  we're Canadian.

Thursday, May 22, 2014

Toronto Market Observations May 2014

Toronto Summer 2014

Yes, sales are up, again, by a staggering 19% in Toronto! The average price of a detached home in the 416 is pushing a million dollars.

The number of detached homes sold last month were 1300 with a year over year appreciation of 13% in value.

[Flash back 4 years]   Same Media Perspective.

Sales in the 905 are selling 3 times as many for houses with 3,500 units but the individual price is averaging $645K.  Simply put, you are driving till you can afford it. 

Sales in tony neighbourhoods like Roncesvalles Village and Bloor West only numbered  57 and 91 units respectively fueling multiple offers approaching $966,000 as an average sale.

While the House Prices are up, Condo prices are flat with values that reflect 2009  pricing as more units become available.

Skyrocketing house prices are forcing more first-time buyers into condos, just to get a foothold in the housing market; only 53% of Toronto home buyers can afford detached houses.

Why is the number of average homes declining?

Seniors (Baby Boomers) are not selling but are instead IMPROVING and Renovating their homes for a long term ownership and are sitting on their real estate assets. This further constricts the supply.

Rentals are also softening their prices with a vacancy rate of 1.5% but bare in mind 70% of Condos in Toronto are Owner Occupied. (MacLeans)

There is a huge pool of singles, both young and old that live alone. Condos feed that need and lifestyle. Although sales numbers seem high, this market is in temporarily oversupply. In a few years time there will be fewer and the dynamic changes again.

If you would like to discuss what's happening in the Toronto Real Estate Market I invite you to add your comments here.

If you would like to buy or sell Give me a call.

647 218 2414
I answer my own phone

David Pylyp

Thursday, May 15, 2014

Do it Yourself - Toronto

Doing Everything yourself Could save you money, usually it is time consuming and nets a poorer result.

Family Law Court in Ontario is CLOGGED with unrepresented litigants because of the expense of using lawyers.  with that comes a lack of proper process, forms, disclosure, obligations and the ever present; I didn't KNOW I was supposed to do that! 

Can you imagine how our legal systems would be clogged with Self negotiated real estate transactions, private buyers and private sellers neglecting time lines and waiver needs.  Did you cancel that contractor?   Did you pay cash for that roof repair?

At some point DIY and Home Handyman Have some strings attached.  

I'm just reading an article here from Legal Matters, the fact that everyone wants to do everything themselves. I was very surprised, Very Surprised to learn, that in Family Law in Ontario, 75 to 80% of all the work done in court is self represented.

Unrepresented Applicants and Respondants

It makes me understand why long term career lawyers like Stan Gelman [in Mississauga] have opened up "do it yourself" assistance programs.

So we're trying to save money everywhere; by doing everything ourselves.

In the family law case everything is delayed, claimants argue they didn't know, Financial Statements are not done properly, things are handled in a ... [SLOPPY] fashion.  They are not paying attention to the timelines; they are always in trouble with the court. The Judge has to adjudicate the merits of each case that is delayed before they get to mediation or a decision. Transcripts are need and typed. [DARP]

Now WHAT IF  we were to apply those same standards to each and every real estate transaction in Toronto. Let's have every house Sold " For Sale By Owner" and Every Buyer is a By Owner Purchaser, and they are all out on their own arranging their financing, inspections and insurance.

..and Mortgage.

Can you see what's happening here?

There are claims right now that lowest interest rate available is 1.99%. Thats a variable rate that's very exciting..  but there are conditions involved.  There are indeed some strings attached to the  1.99%   Variable Rate program at IG 

There is always "Some Strings Attached".  If you would like to have a candid conversation;

Give me a call.  I'm available at 647 218 2414 
Or of course, You could do all of it yourself.

David Pylyp Sales Representative
RE/MAX Realty Specialists Inc., Brokerage


Thursday, May 1, 2014

Coming Soon.... The anticipation of a deal

Shopping for a Pocket Listing?  Only the Listing Agent can show the property?

A listing should be available to show or its not a listing.   
You should be able to book a showing on an exclusive listing.

Coming Soon may be marketing hype for a new or soon to be opened Restaurant on a trendy walking boulevard; but a house for sale on a desired street limits the exposure to a select club of watchers.

What does RECO have to say about "Coming Soon"

If there is a signed agreement between a seller and brokerage (eg. listing agreement) then the notation "Coming Soon" on a yard sign or other advertising would be misleading. Keep in mind that signs/advertisements that advertise properties that are not on the MLS system cannot contain any reference to the MLS system, as this would also be misleading.
If the property is not "listed", a registrant would still have to obtain appropriate written permission from the homeowner to install the sign or advertise, but there would be no impediment to another registrant approaching the seller under this scenario of no services agreement.
Real Estate Council of Ontario
John Burnet, Manager, Complaints, Compliance and Discipline
Real Estate Council of Ontario | 416-207-4857 | fax 416-207-4820| 1-800-245-6910 |

So what is ethical?   The agent's blatant  activity to garner more buyers? Or are they operating and obeying,  serving the LAWFUL instruction of their Seller's.   DO their sellers understand this concept?   

I think its a slippery slope idea myself, that leads to conflict.
What do you think?

Your Agent is TOO busy to show you a listing?

Is you agent out of town?  Too Busy?   You have been looking for the perfect house for 3 years?   I need to ask some serious and direct questions.

As soon as they phone on a listing,   Can you afford it?  Have you been qualified by a Lender.  When do you need to move? Do you need schools or transit?

Are you under contract [Buyer's Agency Agreement] with another Broker?

Hi there can you show me that listing by the water?
No Problem,  Are you working with an agent?
Yes I am. She is in Toronto but she's unavailable right now.
Are you going to have her show you the property? 
Can't you just show me and I can talk to her?
How about I will show you and you can sign a Buyers Representation Agreement. If you want the property I will be your agent just for that property.
Well that won't work for me....
Well neither will me showing you the property,  without a written agreement.
..because I need to tell my Seller everything I learn about you. Unless you are shopping with me under a Buyers Agency Agreement and I keep your secrets

Call me at 647 218 2414