A little information for buyers located overseas:

Whatever country you’re in, whether it’s Australia or Zimbabwe, I can do a sale from anywhere in the world. However, developers do request that we have original documents, unlike a resale deal where all documents are faxed. We can simply courier any of the required documents.

Since buying pre construction means buying off of floor plans, there is really no need to be here in Toronto. Some people prefer to go to the sales office; but lets face it, a sales office is usually just a mock up of a kitchen and bathroom. You probably aren’t buying a kitchen or bathroom - you are buying based on Location, reputation of builder, and special features, such as a connection to the underground path system in Toronto. There are a dozen other factors that come into play when buying pre construction but the items that you should be least concerned about are the finishes and model suite.

If you’re an overseas buyer and need more assistance, please contact me.

In a recent survey conducted by Royal LePage in October, 88% of Canadians want a “greener” home.

So what’s this mean?

Well, if you’re thinking about selling your home, you may want to consider improving its green features. With 72% of buyers favouring the more eco-friendly home, features like the following can add value to your home, not to mention increase its sale price:

energy-saving appliances in the kitchen

engineered flooring for durability

lower watt bulbs

water conserving toilets and taps

good insulation in the walls and around windows to save on heating costs in the winter and cooling costs in the summer

63% surveyed mentioned they would pay more for a greener home. But paying more for a home just for its green features doesn’t just mean buyers are concerned about the environment, though. In the long run, paying more now can mean savings on utilities in the long run.

The survey, called the Royal LePage Eco Home Survey, polled 1,266 Canadians, 18 years and older, across the country.

Chad writes a column for the local Toronto Metro newspaper called Condo Q & A. The articles previously printed in the Metro News are reprinted below. Read on for great advice and tips on condos, lofts, and townhomes in Toronto!

Q:

I am interested in selling my condo and would like to know what the standard commission is in Toronto, and are they negotiable?

A:

There is no standard commission in Toronto. You should be wary of realtors that tell you that their commission is an industry standard. perhaps a more important question is: what does the realtor do to earn their commission?There are several tasks that should be completed in order to get your home sold, and you cannot expect to receive the same services from every realtor. Currently, there are more than 25,000 realtors on the Toronto real estate board, so make sure you work with one that has a solid marketing plan in writing. Aggressive marketing is required to ensure your home is exposed to the maximum amount of potential buyers. The more buyers that see your home greatly increases the chance of getting an offer, and in some cases, a higher-priced offer. As far as negotiating commissions, as I mentioned before, there is no set price for commissions. But, keep in mind, if a realtor is unable to negotiate their own commission, how confident are you with their skills when it comes time to negotiate the selling price of your home with a potential buyer?

Chad writes a column for the local Toronto Metro newspaper called Condo Q & A. The articles previously printed in the Metro News are reprinted below. Read on for great advice and tips on condos, lofts, and townhomes in Toronto!

Q:

I would like to buy a condominium but do not understand how the cooling-off period works. Do I always have 10 days to change my mind when I buy a condo? — Bill B., Toronto

A:

The purchase of a new condominium is very different from the purchase of a resale condominium. Contracts for the purchase of a new condominium can be extremely complicated, and it is wise to have a Realtor and a lawyer help you with the process. By law, you are allowed 10 days from the date you receive a “disclosure statement” from the developer within which you have the right to review its contents and, if you change your mind, rescind it and get your deposits back.When you buy a resale condo, there is no cooling-off period, but there is usually a condition on financing and a condition on the status certificate. The status certificate is reviewed by a lawyer to ensure the condominium corporation is in good standing and that there is an adequate reserve fund. The reserve fund is for major repairs and replacement of the common elements and assets of the corporation, therefore it is important that there is a fairly robust reserve fund in place. In both cases, if for any reason a purchaser or their lawyer is not satisfied with what they have learned from the status certificate or the disclosure statement; all deposits must be returned to them without penalty or deduction.

Chad writes a column for the local Toronto Metro newspaper called Condo Q & A. The articles previously printed in the Metro News are reprinted below. Read on for great advice and tips on condos, lofts, and townhomes in Toronto!

Q:

What does the term “Phantom Mortgage” mean? — Trish B., Toronto

A:

Quite often a condominium complex may have been physically completed and is ready for occupancy before the Condominium Corporation itself is created. A condominium is created when it is registered. There are many conditions and procedures that the developer of the complex must complete before being allowed to register the Condominium Corporation. The condominium act allows the developer to require a purchaser occupy a unit before the corporation is registered. This is called “Interim Occupancy” and is where the Phantom Mortgage begins. For this period, you will pay an amount similar to your condo fees, taxes and an equivalent mortgage amount based on an interest rate as agreed upon in the purchase agreement.Here is the tricky part. Most new development contracts have a rather large window as to when they will register the condominium. During this, you are essentially paying rent to the developer, and you’re not paying any principal or interest on your own mortgage, although, you do have the benefit of living in your own place. It is always a good idea to team up with a Realtor and lawyer to help with your negotiations.

Chad writes a column for the local Toronto Metro newspaper called Condo Q & A. The articles previously printed in the Metro News are reprinted below. Read on for great advice and tips on condos, lofts, and townhomes in Toronto!

Q:

What is mortgage loan insurance, and do I need it when I buy a condo?— Brian F., Toronto

A:

It depends on your down payment. For many people, the hardest part of affording their first home is coming up with the down payment.If you have less than 25 per cent to put down you will be required by your lender to purchase mortgage insurance, commonly referred to as CMHC, to protect your lender against default. This insurance allows buyers to purchase a home with as little as five per cent down or even less.This means your down payment on a $160,000 condo would be $8,000 and would carry for around as $865.00, based on a five-year term at today’s rates.Of course, there are other costs, including your property taxes, maintenance fees and your mortgage insurance premium. The premium is based on a sliding scale that is reduced when you put more money down. The premium starts at 0.5 per cent; it can go as high as 3.25 per cent and can be paid out on closing or, as a lot of buyers choose, add it to the mortgage. It should be noted that there is also 8 per cent PST on the premium, and this must be paid at closing.With a competent Realtor working for you, this whole process can be simplified.

Chad writes a column for the local Toronto Metro newspaper called Condo Q & A. The articles previously printed in the Metro News are reprinted below. Read on for great advice and tips on condos, lofts, and townhomes in Toronto!

Q:

There are so many new condos being built and people tell me the prices are going to crash. Are condos just a fad? — Sam W., Toronto

A:

There is a very good reason that the developers are building theses condos: people are buying them.In my opinion, condos are not just a fad, but don’t take my word for it, let’s look at some interesting facts that may put things into perspective.

• Currently, one out of three new homes built in Canada is a condominium.
• Nearly 100,000 people move to the Greater Toronto Area every year.
• Toronto has the fourth-largest financial sector and the third-largest stock exchange in North America.
• Currently, more that one-third of the entire population of Canada lives within 150 kilometres of Toronto.
• The United Nations recently released a study. It estimated that the world population will increase by 2.6 billion over the next 40 years, therefore it would be reasonable to assume that downtown real estate will continue to be in very high demand.

With all the talk about protecting the green belt and prohibiting urban sprawl there is only one place to go - up! If you walk around the downtown core, you will notice that most of the parking lots have turned into new condo sites. Once the parking lots have been replaced with condos, the existing buildings should see an even greater demand on their units.Condos were once an affordable alternative to houses, but in the past decade it has become a preferred lifestyle for people from every walk of life. For most people, living in a condominium is not an alternative, it’s a choice, and more and more people are making that choice every year.