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

Home Energy Audits ONTARIO

You need a lawyer.

You need a Real Estate Agent.
You will see the Home Inspector.
You need a Stager / Painter / Decorator

You paint, you clean, you fluff pillows.
You wait for a buyer.  Now the home you have lovingly cared for, for 35 years requires an ENERGY Audit in addition to the anticipation and stress of selling.

Thank you 

If governments follow up on this demand, the impact will be felt by everyone who owns a house. And with audits typically priced at $400 to $600, this is not an insignificant obligation. This burden will inevitably fall hardest on modest-income homeowners. Mandatory energy audits will also punish owners of older, less energy-efficient homes. If you own a heritage home today, be warned that your house will become harder to sell in the future, as disclosure of energy costs becomes yet another item to be obsessed over by prospective home buyers along with local schools, commuting routes and potential neighbours.


Ontario has promised to pay the full cost of these audits: an expense of approximately $125-million per year. But this commitment only covers the first two years of the program. Anyone planning to sell their house after 2020 may end up having to shoulder the full or partial cost. That’s because the money to cover these free audits is supposed to come from the province’s share of income taxed from the province’s cap-and-trade program. If revenue from cap-and-trade disappoints, someone else is going to have to pick up the tab. Who might that be?  http://business.financialpost.com/opinion/mandatory-energy-audits-would-impose-costly-time-consuming-burden-on-home-sales

Singularly its a great thing.

When done in addition to all the other CONSTRICTING EVENTS of 2017;
Stress Test on Mortgages
Foreign Buyers Tax
Fall in Real Estate Values 2017

Now a Home  Mandatory Energy Audit.

Its getting harder to sell homes.

http://DavidPylyp.com

Banning Pets in a Toronto Condo

Recent updates for Pet Bans have Condo Residents up in arms...
New Owners cannot have pets but Existing Owners are Grandfathered?
Just because you saw animals during the showings does not mean that pets are permitted.

BUT Rules to be applied in an even handed fashion.

Metro News recently reported that a proposed rule change to ban pets in a downtown Toronto condominium has caused considerable uproar among residents. The proposed rule would allow current owners to keep their existing pets, but no new pets would be allowed. However, service animals under 25 pounds would be permitted.It is questionable if the proposed rule change is legally enforceable for several reasons. The Ontario courts have held that while a pet prohibition in a condominium declaration is valid, a complete prohibition in the rules is not valid. Secondly the size restriction on service animals could be challenged as a violation of the Human Rights Code.Rules can contain restrictions relating to pets (such as a maximum number of pets or a prohibition on nuisance animals, for example) as long as the restrictions are reasonable and created for the safety, security and welfare of the owners and the property or for the purpose of preventing unreasonable interference with the use and enjoyment of the common elements and the units.Not surprisingly, residents have been circulating a petition to protest the proposed pet ban. As set out in the Condominium Act, if the owners of at least 15% of the units make a requisition in writing to hold a meeting, then the proposed change in the rules must be approved at an owners meeting by 51% of those present at the meeting either in person or by proxy.Amending the condominium declaration to include a prohibition on pets would be more difficult, as this would require the written consent of the owners of 80% of the units.Tenants have no vote or right of approval with respect to any change in the rules or the declaration.  However, they are bound by these documents and any amendments to them. In a condominium where the majority of units are rented, this means that any decision to restrict pets will be made primarily by owners who do not live in the condominium.Click here to view our brochure, A Director’s Guide to Pets in Condominiums.

http://www.lashcondolaw.com/wp-content/uploads/2016/08/Lash-Condo-Pets-Brochure-LR.pdf

Please read the  By Laws when buying a Condo unit to understand what is and what is not permitted.

Want a Happy Condo Purchase?

Call David Pylyp 647 218 2414