Teach Financing Obligations; Pay your credit cards

“The stigma, shame and embarrassment of being financially unwell often prevents people from taking action to address and overcome these issues. We believe that the (personal counselling) industry as a whole has a bigger role to play in helping remove these stigmas. Only once an individual is comfortable discussing their own money problems, can they begin to take steps to address them.”  Garth Turner 


ttp://RenewyourMortgage.ca/ B4 Jan 1.

New Mortgage Rules Eff Jan 1, 2018

The new mortgage rules will now make it harder for those with bigger down payments to qualify than applicants with less than 20% down payment. New rules take effect Jan 1, 2018   

http://www.osfi-bsif.gc.ca/Eng/osfi-bsif/med/Pages/B20_dft_nr.aspx

OSFI is setting a new minimum qualifying rate, or “stress test,” for uninsured mortgages.

• Guideline B-20 now requires the minimum qualifying rate for uninsured mortgages to be the greater of the five-year benchmark rate published by the Bank of Canada or the contractual mortgage rate +2%.

OSFI is requiring lenders to enhance their loan-to-value (LTV) measurement and limits so they will be dynamic and responsive to risk.

• Under the final Guideline, federally regulated financial institutions must establish and adhere to appropriate LTV ratio limits that are reflective of risk and are updated as housing markets and the economic environment evolve.

OSFI is placing restrictions on certain lending arrangements that are designed, or appear designed to circumvent LTV limits.

• A federally regulated financial institution is prohibited from arranging with another lender a mortgage, or a combination of a mortgage and other lending products, in any form that circumvents the institution’s maximum LTV ratio or other limits in its residential mortgage underwriting policy, or any requirements established by law.

This will COOL the Toronto Real estate market further;

• as buyers struggle to qualify
• Sellers are unable to sell their homes
• Interest Rates Increase
• Inventory is still reducing

Credit Union business will blossom.

Schedule B Lenders?

The unintended consequences are your ability to re negotiate a Mortgage Renewal with your lender. 

If you are seeking a better rate you are required to discharge and resign legals, register on title BUT you will need to re QUALIFY  with the new lender.

This will give lenders an opportunity to profit. 

What do you think? 

Call me 647 218 2414 

Technology Aids and Living at Home

If you ask anyone where they would like to live when older, most would say that they want to remain living in their own homes- for as long as possible. What does ‘for as long as possible’ mean? Most times in means that the older individual is able to remain...

The post Technology Aids and Aging At Home appeared first on All About Estates.

 I could not have imagined a jar opener like this and here it is 

We are staying in our homes longer than ever.  

When you are ready 

David Pylyp

Accredited Senior Agent 

Toronto

Virtual Reality is the new OPEN HOUSE

How are home's being sold in Today's Internet savvy market?

Searching online is ever evolving; Realtor's understand that a picture is worth a thousand words, a Video even more.  How so then does a Virtual Tour scale?  This truly gives you a better look at a property than ever before. You see what you want to see, unfiltered. 

There is a new team player that incorporates #Matterport 3D scans to display a home.  As reported by CNN these OPEN HOUSE tours can be watched at your convenience, on an ipad or with the newest VR Glasses. Don the glasses and you are instantly transported inside the home. My preference is for an iPad.  It is possible to load to a smartphone but the screens are smaller.

This camera can provide a 360 degree interior views of the home [actually include exterior and outdoor views.] You can climb the stairs or look down from the balcony to below. Ultimately a much richer experience for viewing than flat images, or the video slide shows with Ken Burns effect.

Each Camera location can create its own 360 degree image.  Floor plans and Tagginging are available.  Even Social Media Sharing to show off your home to your friends or peers.

Have a look at a few samples below; 




Condo suites are especially suitable for this 3D technology as they are often tenanted and access is limited.





If you have any questions for me or about the Matterport technology, or any other real estate related topic,  I invite you to call 647 218 2414 and we can have a conversation. 

David Pylyp 
RE/MAX realty specialists inc. Brokerage

Islington Village Town houses

IN real estate there is  exaggeration; a little puffery.

This is to be expected, a few flowery words.

When the square footage of each townhouse in the town house complex like Islington Village is embellished it look bad later.   Buyer is unhappy (Buyers remorse) (Buyer agent guilt over lack of experience, as they are obligated to verify all details. Listing Agent for getting blamed for LYING about size of his unit. Seller displeased that HIS agent didn't protect him.

Can the Buyer Sue?   Sure
Will they prevail?  No   Caveat Emptor stuff

While trim levels may be different; the homes are the same size.

Islington Village by Dunpar Homes is located at Evans Avenue and Islington Avenue wrapping behind and beside the south service road wall to the QEW. Homes are freehold town houses with double car garage that is in tandem. There is a condominium corporation for management of common elements, landscaping and garbage removal. All addresses are Ruby Lang, Cormier Heights, with the south exposure on Evans Ave and the North on Oxford Street.
There are 176 units in total. All units are built on slab, main level is upstairs, second floor is two bedrooms, third floor is master bedroom with juliette balcony. All units are 1950 square feet. First Occupied in 2008 this complex has had enormous success.   

http://eleganthomesinwesttoronto.blogspot.ca/2013/11/islington-village-ruby-lang-and-cormier.html

These units are in strong demand; having sold in the spring of 2017 at lofty heights of $1,150,000 to fall in October to $975,000  [ a 20% drop from $1,150k should price at $920k   but demand is strong.

Interested?

Give me a ring at 647 218 2414