Living just EAST of the Humber River Bridge

What do I need to do, to get your attention?

Along the lake shore at Ellis Avenue, South of High Park, east of the traffic congestion of the Humber River Bridge, we have Park Lake Residences. Mid rise Condominium Community with only 9 suites per floor.

Granite countertops, marble bathroom countertops and hardwood floors; this has an upscale hotel feel to all the amenities.  You will enjoy panoramic vistas of both Lake Ontario and High Park! Yet situated on four different #TTC transit routes to add convenience and community. 

This 885 square foot two bedroom plus den suite, has two full bathrooms and a  walk in closet in the master bedroom.  Berber Broadloom in sleeping areas. Undermount Kitchen lighting will highlite your entertaining flare!  Your own den can provide a home office / work space.

You can have all this for only $295 per week or we can work out your own payment details. Possession could be near Valentine's Day.  Tell your sweetheart!

http://davidpylyp.com/search/feature.cfm?ml_num=W3068018

*This unit is priced below the last sale (of a higher floor ) by $30,000
*Toronto average condo price is $562 per square foot ** CMHC Economic Outlook

This suite should be valued at $497,370!

Call for your private inspection today....   If the line is busy we are showing this unit.

Pets in your Condo - What will they do about your cat?

The judge noted that the Board had a “duty to act fairly in making a decision that affects the rights, privileges or interests of an owner.” 

Condominium Decisions are not made in a vacuum but Condominium purchasers also need to know that rules exist to be enforced; not bend by exemption.

If the building is no pets;  OTHER owners purchased there under that understanding.

In a recent Alberta case, Condominium Plan No. 762 1302 v. Stebbing, the condominium corporation was unsuccessful in its attempt to have a cat removed from the property.  The condominium by-laws provided that no animal or pet was permitted without the approval of the board, which approval could be arbitrarily withheld and if given, could be withdrawn upon 15 days’ notice. The by-laws also provided that the Board could request removal of any animal that is deemed a nuisance or annoyance.

Ms. Stebbing, the owner, had made Board approval of her cats a condition of the purchase of her unit.  She was under the mistaken impression that approval had been granted at the time that she purchased her unit.  Everything was fine for a couple of years.

After more than two years the Board demanded that Ms. Stebbing‘s cats be removed on the basis that no consent had been obtained. The Board had received complaints from some owners who were allergic to cats, although no specific complaint was directed at Mrs.  Stebbing’s cats. There were a number of pets in the condominium, some of which had approval and others that did not.  When Ms. Stebbing refused to remove her cats the condominium commenced a court application.

The judge noted that the Board had a “duty to act fairly in making a decision that affects the rights, privileges or interests of an owner.”  In view of the fact that the Board had allowed this situation to exist for some time and subsequently changed its position the Court considered whether the Board’s behavior was oppressive or unfairly prejudicial. “Pets are not simply chattels.  Compliance with Section 67 of the [Alberta Condominium Property] Act in this case requires balancing the inconvenience and discomfort suffered by other residents with depriving another of the comfort and companionship a pet affords its owner.  It is not simply a case of the Board always siding with an owner with allergies.” The judge further noted that the 15-day removal provision in the by-law should be reserved for extreme cases.

At the end of the day the court did not make any finding on whether the Board’s conduct was oppressive or unfairly prejudicial.  Instead the judge made a declaration that Ms. Stebbing’s cat (one had previously passed away) was in breach of the condominium by-law as written consent had never been obtained, but he stayed enforcement until the cat died or was relocated by the owner.

This case illustrates that if a Board delays in enforcing the condominium documents, it risks finding that a provision may not be enforceable against a particular owner.  If the board becomes aware of any breach of the condominium documents, it must act promptly and consistently in taking any enforcement steps.

However the Board should be consulting with legal counsel if there are any possible human rights considerations at play, as the Board’s duty to enforce the condominium  documents must be balanced with its duty to accommodate persons with disabilities.  Matters  of this nature will  need to be reviewed with legal counsel on a case-by-case basis.  Readers can refer to many of our previous blogs that deal more specifically with human rights issues.

- See more at: http://www.condoreporter.com/?p=3325#sthash.5UKp3jGu.dpuf

Toronto Condos Return Profit on Investment

Tell me again about the ACTUAL Rate of Return in Toronto condo and real estate market.  By leveraging your 20% or 30% down you can have a return on your entire portfolio value.

Where would you like to put your investment in the GTA's continuing real estate market? 

Just be careful what you buy...   http://www.buyinginToronto.ca  Get informed advice. 

Maybe you would like to conduct your own search. http://homeswesttoronto.tumblr.com/mobile

How can I help you?  416 233 9000

What Condo Amenities Do you want?

Expenses as% of Operating Budget.
26%  Utilities
25% Contribution to Reserve
20% Building Maintenance
10 - 17% Security Concierge
6% Management Fee
1% Legal Professional Fees

You control the balance as discretionary spending for improvements

Monthly maintenance fees are split in two: one part goes towards the reserve fund, and the other towards the building’s expenses. These fees range from around 50 to 90 cents per square foot, depending on how much it costs to run the building. If your condominium has excessive amenities, you’re paying for them, whether you use them or not.
The most common and probably the most-used features are the gym, rooftop terrace, and party room. As a condo owner, investor, and realtor, I see value in all three, but anything else is unnecessary. Have a look at the following amenities and make up your own mind.
Pool; you want to swim laps in an Olympic-sized pool, or hang out on the deck on a hot July day? The worth of a pool depends on whether it’s buried in the basement with no windows, like at Wellington St., or in open air with the sun beating down and a fantastic view.
 http://www.thegridto.com/life/real-estate/condo-amenities-that-arent-worth-the-money/#comments

Buildings like Cresford's NXT along the Queensway at Windermere will soon be adding a second Tower to the current amenities. There is a Theater Room but is it used as a community movie Thursdays or simply as something you rent for a birthday party?   The usual GYM exercise area exists facing - looking at the pool and patio.  The on site day care center has a tremendous value.

The outdoor patio and lounge chairs are exquisite and enjoyed all summer long, beside the pool, sheltered from the wind with only the sunshine!   Perfect!  During the Winter there is a smaller indoor lap pool.

Roof Top Disco's have been done before.   The Palace Place and Palace Pier ( at the foot of the Humber River) have captive restaurants and the Sky Club.   Years ago these were active hotspots for the residents.  Now they are under utilized.   The focus and population has changed.

What building features do you feel are the must haves?

NXT Toronto

NXT on the Queensway

The Twin Tower design with stunning two story glass foyers, elegant front double glass door entryway.   The front gardens have been planted and will be an added attraction for years to come.  

Maintenance fees will continue to be lower than average with a building that has 30 plus floors and 18 Suites per level.
Elevators have been problematic.

Contact Front Desk Security at NXT on the Queensway  416 761 9962

Contact Management Office NXT  416 255 6520

Windermere Early Learning Center at NXT  416 763 2734


The on site Day Care Center is a not for profit business, under the auspice of the Child Development Institute, that has installed itself with a waiting population of small people ready to attend. The Waiting List is ordered with preference given to Residents of the 103 and 105 The Queensway.  Current population is near 60 children. This Child Care center is a fully licensed and inspected facility that accepts infants, toddlers and 30 to 60 month old students. Costs at this not for profit are $76, $72 and $56.75 per day. (Youngest to oldest)

The Windermere Early Learning Center currently has spaces available in the 30 to 60 month programs.  The Infant and Toddler programs go quickly, with some waiting months for placement. 

With Warmer weather outdoor excursions are possible to the playgrounds, waterworks and splashpads at Windermere and Lake shore.

The NXT 2 is almost ready for Occupancy with the lower floors populating shortly.   It is a slightly taller structure at 35 floors averaging 15 suites per floor from the 33rd to 35th, and 16 suites per floor on levels 3 to 32.

Both Towers will share the elegant double story glass foyer, indoor and out pools plus lounge patios in a sun filled, wind buffered private area.   Main floor Gym is well equipped.   Movie nights at NXT might just catch on.

If you would like to be here ...  Call me.  416 233 9000
Floor Plans are available


Lets start by making a plan for where you want to be. Call me at 647 218 2414

Selling your Suite at NXT by Cresford?

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Condominium Act Reforms Ontario 2012

The Etobicoke Condo Market has exploded with seemingly a crane on each major intersection. Buyers purchase, Banks Finance and people carry on with their lives. Once you buy into the condo, you park your car, use the gym and pool, cross the hallway and lock the door.  You are part owner in an often multi million dollar building and need to understand whats happening to the repair maintenance and upkeep of your home.

The Condominium Act does need to be standardized, each building has different Declarations, Rules and Regulations.  Condo Boards acting in good faith enforce the Rules they have been handed only to be struck down in Superior Court because of legalese or crafty wording.

Condo Boards need to be responsible for their decisions and obedient to the LAW. This is especially painful when Boards waiver to "SAVE" and not start the path of 20% contribution to their Reserve Fund and find themselves short of money in year 8 or 10 for a major repair by permitting lower maintenance fees.

Ontario is taking steps to modernize the Condominium Act, 1998, so it reflects the current and future needs of owners, residents and other stakeholders in the condominium community.
In an effort to respond to a booming and evolving industry, Ontario will launch a public consultation to identify a comprehensive set of issues, and long-term solutions relating to matters such as:

• consumer protection for buyers

• condominium finances and reserve fund management

• condominium board governance

• expertise/accreditation of condominium managers

• dispute resolution, for instance between condo boards and owners

The review will directly engage the entire condominium community, including owners, residents, developers and property managers.  Members of the condominium community will have the opportunity to speak about their issues, hear the concerns of others and work together to develop solutions.  Details of the public engagement process and information about how to participate will be announced this summer.
Strengthening the Condominium Act is part of the McGuinty government's plan to ensure a fair marketplace for Ontario families.

QUICK FACTS

• Over one million people live in condominiums in Ontario.
• There are about 525,000 condominium units in Ontario.
• Toronto had the fastest growing high-rise condo market in North America in 2011.
• About 50% of new home sales in Ontario are condominiums; 60% of homes sold in the GTA.

LEARN MORE

• The Condominium Act, 1998: Ontario's comprehensive review
• A Guide to Condominiums

Should things be left alone?
Should Condo Buildings be Regulated?

Have your say....

Add your comments.

Condo Flipping and Revenue Canada

I did not declare it was rented.  We flipped that unit No one will know.

Condominium Flips and CRA
Peter Clark  partner with Heenan Blaikie’s Taxation Law Practice Group. In his post, Peter discusses the potential tax implications of condominium flips.
 The Problem: We have heard that CRA is undertaking an “audit project” that is targeted at condominium flips. CRA is particularly interested in situations where the initial purchaser of the unit sells the unit without ever moving in or perhaps moves in for a short period of time and then sells the unit.  In either case, CRA will likely argue that the unit did not qualify as a “capital property” or as the purchaser’s “principal residence”.  If CRA is successful in denying capital treatment or principal residence treatment, then 100% of the flip profit is subject to tax as ordinary income.  CRA can also impose penalties and arrears interest if you profited from the transaction and did not report it on your tax return.
Quick flips can also create HST problems. You can lose the HST new housing rebate that you may otherwise have been entitled to.

Damage Control: Taxpayers who realized taxable income on an unreported condominium flip may be able to make a voluntary disclosure to CRA.  This will avoid penalties, but not tax and arrears interest. 

 Around our office recently a number of agents were discussing  University Students being audited on their TAX Credit claims.  One of the audit questions was who received the rent claimed.  Simply Put who was the Landlord?

This creates a number of separate issues;   Builder / Developers are providing purchaser lists when requested to CRA as they are claiming back HST.  It is not difficult in an era of electronic filing to look up the original contract name then cross reference the final purchaser.  ( Each Flip is responsible for LTT).

What is the lesson here?