Sometimes, Garth Turner is very right

Love him or hate him, Garth Turner does make some very good points in this blog post about where we are with the Toronto and Vancouver real estate markets.  
http://www.greaterfool.ca/2017/11/08/too-late-4/  @GarthTurner 

Imagine your disappointment at finally being able to buy a second investment property for your ageing Self, to come to town to your medical appointments or use in town when you’re going to go to the theatre only to have the government tell you that you have to pay a vacancy tax on the unit.

I agree with Garth Turner's  perspective in this article, that it is indeed punitive to punish people for investing in a secondary unit. We also added [ONTARIO] strict landlord tenant increase restrictions.

The government has not kept pace with providing for seniors in their elder years and have laid waste many pensions,raided by corporations for their cash values or diverted saving to pay creditors, so there is a great need for individuals to plan and save for their future retirement where the current government wants to look after everything for us. Sometimes, Garth Turner is very right.

People who bought personal-use properties, paid market value, shoveled out closing costs and foot ongoing property tax and financing charges are now looking at a staggering tax just for staying there less than 50% of the time. The tax also casts them as social pariah when, in fact, it’s the opposite. A guy living part-time in his Yaletown condo is shelling out the same money for occasional use of city services as the family of four living one floor below who suck up much more. He pays 100% of the tax and yet draws 50% less.  http://www.greaterfool.ca/2017/11/08/too-late-4/

In two circumstances, this article does not go far enough first to discuss the mortgage interest rate differential that will eliminate many buyers from the marketplace by having to qualify at a POSTED rate of 5.5% while actually getting a rate of three or 3.5 on the mortgage over 25 years.

The second issue is the lack of tax revenues for the Ontario government and especially the City of Toronto Municipal government for the land transfer tax that is charged to secondary buyers. If they are not buying a property, the city is not making the taxes and indeed the market is  down over 25% in activity versus last year. This will be reflected in the property tax revenues that the city has available to pay for services that it provides to it's residents next year. We have yet to hear how much the shortfall in revenues is from the actual forecast maybe,  Sue Ann Levy  can shed some better light  @sueannelevy 

What do you think?

Are you making a move this year? 

Searching Topics by Keyword #askPylyp

There are now in excess of 700 blog posts going back to 2007.
Try a search by Keywords that interest you.


  

Search West Toronto GTA Real estate Topics by Title or Topic

If you cannot find what you are looking for 

#askPylyp   and I will make an effort to find your answer.

647.218.2414

Realtor embraces 3D Viewing with Matterport

The typical Realtor understands the power of video and 3D Tours but will not invest in the equipment or even a photographer. Just looking at pictures on the MLS proves my point.

This Camera has changed how I market Homes. It increases engagement 4 times.
http://bit.ly/LuxuryVT

Click on Home page image for 360 °   view

https://www.facebook.com/Digital-Imaging-with-Matterport-101124599940594/



#Matterport #Toronto

Call for your Matterport Tour or to List your home in Toronto GTA
Attract the Right Buyers.
Get the most money possible.

Sleep better because it was done right.

647.218.2414
David Pylyp

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