How will Condo Investors enforce No Smoking Ban?

You know its coming....

The zeal for a NON smoking society.  What was a common and accepted event is now banned at work, restaurants, building entrances, outdoor patios and even soccer fields.   Now with new legislation they are proposing banning smoking in all condominium units and duplexes,  anything that shares a wall.

SAN RAFAEL, Calif., Oct 15 (Reuters) - A San Francisco suburb on Monday banned smoking in duplexes, condominiums and other multi-family homes, with city leaders saying they hoped to lead a wave of such regulations across California and ultimately the country.
The City Council in San Rafael, a community of 57,000 people about 15 miles (24 km) north of San Francisco, voted unanimously for the ban, following a handful of other California municipalities that have outlawed smoking in buildings with as few as two units.
"We are happy to blaze a trail," Mayor Gary Phillips said before the vote. "We're most happy to be in the forefront of the issue because we think it will greatly benefit our residents and those visiting San Rafael, and we think it will set the tone for other cities as well."
Tobacco-control experts predicted that the tough smoking ordinance in San Rafael could touch off a larger movement in other states and cities.
"The San Rafael ban is a very significant event because it will spread," said Robert Proctor, a Stanford University history of science professor. "We're on the downslope of a big curve. Smoking peaked in 1981 with 630 billion cigarettes sold in the United States. Now it's down to 350 billion. And that number will keep on going down until smoking is a distant memory."
San Rafael is the state's ninth municipality to completely restrict smoking in multi-unit housing, said Pam Granger, advocacy manager for the American Lung Association in California. Granger said California was the only state where local jurisdictions have banned smoking in homes.
The ordinance has generally been supported by residents who have spoken at city council meetings, although two smokers came out to oppose the ban on Monday evening.
"This proposed smoking ban actually intends to punish people for what they do in their own homes," Thomas Ruppenthal told the council. "I really feel this is tyranny."
The ordinance also would prohibit smoking on San Rafael's downtown streets - the backdrop for parts of the 1973 film "American Graffiti."
California municipalities have used the report to prohibit smoking in apartments and other multi-family homes. In some cases, the laws apply only to new construction or to just a percentage of a housing complex's units.
But the restrictions have become increasingly strict, and San Rafael's ordinance applies to all homes, new or existing and rented or owned, with shared walls. http://www.huffingtonpost.com/2012/10/16/san-rafael-smoking-ban_n_1968990.html

All new or existing condominium units or residences with a shared wall, [takes in Townhouses and Semis] Knowing that we are approximately 6 months to a year behind the trends in California, How long will it be that we hear about this legislation in Toronto, Ontario?

Will Toronto Landlords be performing "sniff" testing on prospect tenants?
Will Condo buildings go SMOKE FREE?
Is a Smoker's Condo Evaluated at Less than market?  How much?

Have you say.... 

What is a HELOC?

I’m Nathalie Ng. I am the Money Chick- A mortgage agent who is licensed to give you unbiased advice on your mortgage. 

Nathalie, I hear so much about HELOC’s what are they?



Home Equity Line of Credit is a smart and flexible financing solution for home owners who own an existing property. It is an integrated financing solution where the home owners borrow in a convenient way & unlock the equity they have built up in their home. They can use that capital however they wish.

What are the reasons in general people would get a HELOC?

There are many reasons for getting a HELOC. Whether it’s paying down high interest rate debts, undertaking home renovations, or simply handling day-to-day expenses, many people seem to be feeling the financial squeeze. But few realize there’s something close at hand that can help them manage all of their credit 
needs.

Can you give me a practical example when it is used?

HELOC’s are usually used to pay off:  High Interest Credit Card debts, car & personal loans & unsecured lines of credit. Because the existing credit cards debts are at very high interest rate ranging from 19 to 30%, a HELOC is much more viable since the rate on a HELOC product ranges from (Prime rate +0.5) to (Prime +1). So it can be as low as 3.5 or 4% roughly. This represents significant savings in interest.

Another key benefit of the HELOC is that it allows you to take advantage of interest rates that are lower than most other debt products, namely, unsecured credit lines, some car loans etc…. That could mean savings of hundreds of dollars or more each every year. 

So it seems there are potential savings when using HELOC to pay debts..  Can you give me another example?

Some people use it to do home renovations in their basements. These can cost $20,000 and up. For example- If someone is renovating their kitchen and/or basement, and the cost is let’s say $30,000. Instead of paying cash or using credit cards of 19%, the homeowner you can do a HELOC for lets say 4% and the minimum monthly payment is only $99! That is pretty good.

What if people already have a mortgage. Can they still get a HELOC?

Very often, people refinance their mortgage since their mortgage of 3 years ago, is more expensive than mortgage rates now. So it is in their best interest to refinance now. So I encourage them to take the extra 
equity out and use it for personal use. All this can be accessed through a single, one-time application. 
In the case where they don’t need to refinance, they can just obtain a HELOC as a 2nd mortgage. It is also
good to remember that a HELOC is like an open mortgage- so there are no fees or charges to pay that Line of credit in full. 

Can anyone apply for a HELOC?

Yes, anyone who is a home owner can apply. However, to be eligible, they need to have a Triple AAA client, good credit and a stable job. And those who are approved, they can only borrow up to 65% with a HELOC. New rules effective July 9th, 2012.  One word of caution I would like to add though: Is that a HELOC is not to be used to satisfy shopping indulgences such as mall shopping, or big screen TV. A person who is getting a Line of Credit to buy such household items should think twice about that. 

That is great information, thank you Nathalie. How can we get hold of you?
Thank you, I can be reached at 416-629-1818

David Pylyp on Google+