Steven Maislin, Vice President and Broker

Additional Costs When Buying a Home

2011-03-28T09:47:00.001-04:00

The purchase price of your home is only one of the costs you'll encounter. Here are other possible costs you need to consider:

Mortgage loan insurance: If you are putting less than 20 per cent of the house value down, you're going to need mortgage loan insurance. Depending on the lender, the premium can be added to mortgage payments.

Appraisal fee: Lenders typically loan a percentage of the home's purchase price or the market appraisal of the property. Cost depends on the size and complexity of the assignment.

Land survey: The lender may ask for a current survey or certificate of location before signing off on the loan. There can be a substantial cost for having a new survey done on the property.

Deposit: A deposit normally goes with the formal offer to purchase.

Insurance: The lender will require proof of property insurance for the replacement value of the house and its contents from the day you take ownership.
Title insurance: Provides coverage in case of problems with the property title among other things. The cost is relatively low, usually a few hundred dollars.

Application fee: Some lenders will pass on the cost to process your application. These fees vary and some lenders will waive entirely if you have other accounts with them.

Mortgage broker's fee: If you use a mortgage broker, a fee may be charged to arrange a mortgage on your behalf.

Home inspection fee: An inspection protects the buyer by revealing any problems in the property that you'd want to know before you move in.

Legal fees: You can save some of the legal fees usually charged by the lender if your lawyer draws up the mortgage. You'll also pay for disbursements which are the costs involved in drawing up the title deed, conducting a title search, and preparing and registering the mortgage.

Land Transfer Tax: Use the land transfer tax calculator http://torontorealestateboard.com/LTT_splash/ltt_calculator.htm to calculate both your Ontario and City of Toronto (if applicable) land transfer taxes. First time home buyers qualify for a maximum $2,000 (LTT on a $227,500 home) provincial rebate and a maximum $3,725 (LTT on a $400,000 home) City of Toronto rebate.

Goods and Services Tax: The purchase price of resale homes is exempt from the HST. The purchase price of newly constructed homes is subject to HST. New home buyers can apply for a 36% rebate of the federal portion of HST applicable to the purchase price to a maximum of $6,300 for homes costing $350,000 or less. For new homes priced between $350,000 and $450,000, the rebate on the federal portion of the HST rebate would be reduced proportionately. New homes priced $450,000 or higher would not receive a rebate of the federal portion of the HST. New home buyers can apply for a 75% rebate of the provincial portion of the HST applicable to the purchase price to a maximum of $24,000.

Other costs: These include moving costs, fees charged by utilities for service hook-ups, property tax and other adjustments (an adjustment takes place when the seller has already paid for something in advance and wants to be credited for the unused portion on the date the house becomes yours), and ongoing maintenance (condo fees etc) and utility costs.

City needs to cut parking red tape

2011-03-28T09:32:00.003-04:00

For most Toronto residents, parking their vehicles is straightforward: they park them in their driveway, garage, or both. However, many residents don't have either of those options, and, instead, rely on parking spots added by altering the landscaping of their front-yards and the boulevard portion of their property. Homeowners are required to obtain a permit from the City for such parking spots.

It stands to reason that there should be no added red-tape when a new homeowner inherits an existing licensed front-yard / boulevard parking spot when they purchase the property. While City rules do allow the license for an existing front-yard / boulevard parking spot to be transferred to a new owner, they also require that the new owner complete an application and pay a fee of $115.10 to have the license transferred. According to City staff, it may also be necessary to have the parking spot inspected by City staff before the license can be transferred.

By: Bill Johnston, President of the Toronto Real Estate Board, a professional association that represents 31,000 REALTORS® in the Greater Toronto Area.

Privacy Compliance & Do Not Call

2011-03-23T19:01:00.003-04:00

"If a seller has noted, in clause 11 of the listing agreement, that they do not want to be contacted after the expiration, cancellation or other termination of the listing agreement, there is no time limit. Any contact is prohibited – whether by telephone, letter, email, etc. Realtors should not contact them to market your services."

Please Encourages Earth Hour Participation

2011-03-23T18:06:00.000-04:00

On March 26 the world will be celebrating Earth Hour by turning off the lights from 8:30 – 9:30 pm local time. Since its inception in 2007, Earth Hour has grown into an event that is supported by over 130 nations and an estimated billion people worldwide. There are many great opportunities throughout the GTA to celebrate Earth Hour. For more information on this initiative and to find a local event in your area please visit http://wwf.ca/earthhour/

10 Mistakes Buyers Make – How to Avoid Them

2011-03-08T11:59:00.000-05:00

Looking to buy your first home? It can be one of the most significant decisions of your life. Be sure you are properly educated and are making the right moves to ensure that your house or condo is both a comfortable place to live but also a great investment for your future. These tips can be applied when purchasing your own home or purchasing through the aid of a rent-to-own company.

Here is a list of 10 common mistakes that buyers make and you should avoid:

1. Not using a trusted advisor

Your home will be your greatest asset so you need to ensure that you have done the proper homework. It is critical that you work with a professional such as a trusted real estate representative or a lawyer. Make sure your real estate professional is full time and that they know exactly what type of house and area you are looking for.

2. Wasting time by looking at homes that are not within budget

Before you begin the process of looking for a home, be sure you know what your credit rating is as well as how much of a mortgage you can qualify for. Get a full mortgage pre-approval from your bank or broker, which is a committment from the lender that states the purchase price and your interest rate. This committment is usually guaranteed by the lender for a specific amount of time, usually 90-120 days. Looking to buy a condo? Be sure to get a capped rate up to 18 months for accomodate the construction period for the condo.

3. Buying the wrong house

Avoid buying the wrong house by listing out your priorites and outline the “must-haves and wish-list” for your home. Include things such as desired housing style, number of bedrooms, number of bathrooms, type of parking, fenced yard, proximity to schools, amenities, work, public transportation and highways. Be concise and clear and be sure to stick to your top priorities, it is ok to conceed on some things but you should never conceed on the things that are most important to you. Make a decision you won’t regret in the future.

4. Not hiring a professional home inspector

Trust me when I say that this could be one of the most crucial mistakes that any home buyer could make. A trusted home inspection can help distinguish a home that is a money pit from one that is a great find. Both resale and new homes should be inspected. Inspections will reveal any issues from the foundation to the roof shingles and everything in between. Don’t get stuck with a lemon, you can’t always make lemonade, at least without it costing you an arm and a leg. Also, don’t let anyone talk you into waiving the home inspection as a clause in the offer. In the end, it could become your only way out if the house has real problems.

5. Not bothering to visit the target neighbourhood more than once

To be sure your target neighbourhood is the right fit for you, you should visit the area more than once and be sure to spread out your visits between day and night. An area could look great by daylight but become a scary place at night.

6. Giving in to fear

Fear can be disabling, especially when you are dealing with something like a home purchase that could be out of your comfort zone. There will likely be many scary scenarios that can play out in your head around your purchase and it might just seem easier to continue renting. Keep in mind though that when you rent, you make someone else rich by paying down his/her mortgage while not building equity in your own home. When you become a homeowner, either on your own or with the help of a rent-to-own company, you have a fixed asset and you will be on your way to financial freedom. Be confident in your instincts, they will only steer you in the wrong direction if you don’t believe in them.

7. Not being prepared for closing costs

Buying a home comes with certain expenses. The down payment is just one of them. Many buyers are ill-informed about what additional expenses they have to be prepared for when they purchase. Some of the other costs you should be aware of are legal fees, land transfer taxes, utilities, insurance as well as other costs. For a complete run down of closing costs, please check out this post – http://bit.ly/ift6ht

8. Not understanding the mortgage

Although intimidating, the better you understand the terms of your mortgage, the more it could save you (we are talking to the tune of thousands of dollars). Key factors of any mortgage are your interest rate and amortization. Other things to find out about include what your payment privileges are, whether your mortgage is portable, what your down payment requirements are, insurance needs and if the mortgage is open, closed, variable or fixed.

9. Waiving the finance clause before you have secured financing

This is a definite no-no. If you don’t have the financing at the time you make an offer, do not waive the financing clause just to make your offer stronger. Nothing is ever guaranteed when you purchase a home and the last thing you want to find out is that your financing fell through for whatever reason. Keep the finance clause in the offer until you have a firm committment from a lender. Save yourself many headaches and expense.

10. Not being prepared for moving day

Preparing for moving day is actually a very simple process. Many buyers skip steps or decide to eliminate them altogether which results in a very stressful situation as well as potentially added expenses. Establish a list of priorties for moving day that should include things like contacting utility companies, secured the proper insurance, booked movers, rerouted your mail and finalized all financing. Being prepared can make your moving day one of the best experiences of your life.

Buying, Selling, Leasing or Investing in real estate is sometimes a complex undertaking.

2011-02-09T12:40:00.002-05:00

Hiring me, a real estate professional will help save you time and money. Together, we will determine your needs and wants and find or sell your property. I promise to make your real estate experience stress-free and agreeable. I possess a wide range of real estate experience and guarantee to find or sell your property in a timely and professional manner. I will offer you leading edge services and products within your upcoming real estate transaction.

http://www.slideshare.net/stevenmaislin.

A Little Maislin History..

2011-01-31T22:46:00.000-05:00

Remembering Maislin Trucking

CREA FAQ re: Consent Agreement

2010-11-25T15:14:00.002-05:00

1. What is different now than before in this agreement?

This completes the process with the Bureau before the Competition Tribunal and addresses the Commissioner’s concerns. The Consent Agreement clarifies that Boards and Associations cannot adopt, maintain, or enforce rules to discriminate against mere postings on their Board MLS® Systems or that discriminate against members because they offer mere postings. It was always clear to us (and reflected in current practices) that our rules allowed for many different service models, including mere postings.

2. Can the public put properties directly on Board MLS® Systems?
No. Board MLS® Systems are still member to member services. Home sellers can hire a brokerage to list and sell their property and negotiate the level of service they want from their REALTOR® and the commission or fees they want to pay for that service.

3. As a REALTOR® do I have to accept a mere posting?

No. REALTORS® wishing to offer mere posting services must not be discriminated against on that basis by CREA or Board and Association rules. However, REALTORS® are free to choose the business model that they wish.

4. Do mere postings require an agency relationship?

CREA’s Rules do not require a common law agency relationship. CREA’s Agency Pillar provides that a listing REALTOR®/brokerage must act as agent for the seller to post, amend or remove a property listing in a Board’s MLS® System. Acting “as agent” for the purposes of the Agency Pillar means that the listing REALTOR® must do what is required of them as specified in the agreement between the REALTOR® and his or her client and abide by CREA and Board Rules.

Whether or not an agency relationship is formed between a listing REALTOR® providing a mere posting service and his or her seller under applicable provincial real estate legislation must be determined on a province-by-province basis. Common law may also impact whether or not an agency relationship is formed between a listing REALTOR® providing a mere posting service and his/her seller, depending on the agreement between them. The Consent Agreement has no bearing on whether or not an agency relationship is formed between a listing REALTOR® and his or her seller.

5. How are FINTRAC obligations impacted by a mere posting?

CREA has been in consultation with FINTRAC regarding mere postings and compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing (PCMLTF) legislation. CREA provided FINTRAC with a copy of the Ontario Real Estate Association (OREA) standard listing contract as an example of the type of agreement that listing agents enter into, even when providing mere postings. FINTRAC has taken the position that any broker “who lists a property under the OREA listing agreement acts as an agent in respect of the purchase or sale of real estate and is, therefore, subject to the PCMLTFA and associated regulations”. CREA assumes this conclusion applies to all mere posters that enter into a listing agreement with a seller, not just those using the OREA form.

This means that all members, including mere posters, must comply with the obligations of real estate agents and brokers set out in the PCMLTF Act and Regulations. It will be up to brokers that offer mere posting services to ensure that they comply with the reporting and record keeping obligations. For example, if the broker or salesperson will not be involved with offers or closing, which is presumably when most REALTORS® complete their records, they would have to ensure they get the correct forms filled out when they accept the listing. CREA will be confirming with FINTRAC that this interpretation of their answer is correct.

6. Are mere postings exempt from other obligations?

All MLS® listings including mere postings must comply with CREA’s Three Pillars and the Interpretations. This means that listing REALTORS® that take mere postings must:

- offer compensation for the cooperative selling of the property;

- be available to provide professional advice and counsel to the seller on all offers and counter offers unless otherwise directed by the seller in writing;

- take responsibility for the accuracy of the information submitted for inclusion in a Board’s MLS® System;

- specify in the REALTOR® remarks if the seller has reserved the right to sell the property himself/herself in the MLS® listing (SRR listing).

Further, listing REALTORS® that take mere postings must also comply with all Board/Association Rules for the efficient operation of a Board’s MLS® System (for example, be responsible for reporting sales, etc.). As well, all mere posting business models must comply with the applicable provincial real estate legislation and any other provincial or federal legislation.

7. Are Brokerages required to offer mere posting services?

No. CREA does not tell its members how to run their businesses and the Consent Agreement does not obligate Brokers to offer mere posting services. The Consent Agreement simply specifies that Board and Association rules cannot prevent or discriminate against mere posting business models.

8. How will buying agents be compensated in mere posting transactions? Will potential buyers have to ask their banks to give them a higher mortgage to allow for compensating their agent?

CREA does not tell its members how to run their businesses. A buyer’s agent with a client that is interested in a mere posting might choose to have the client enter into a buyer’s agent agreement that addresses compensation in the event that the seller does not pay a sufficient commission (if buyer agent agreements are not already required by law). Alternatively, the buyer’s agent may want to inquire whether the seller will offer to pay a cooperating commission directly to the buyer’s agent.

9. Can an agent sell sold information to individuals who want to sell their own home?

The Privacy Commissioner has advised that sold prices may constitute personal information for the purposes of the Personal Information Protection and Electronic Documents Act (PIPEDA). This means that sold prices cannot be disclosed unless the seller, and perhaps the buyer, has consented to the disclosure of their personal information for that purpose. Some listing agreements require sellers to consent to the disclosure of a sold price to enable REALTORS® to conduct comparative market analyses, but these consents would likely not extend to disclosure of sold information to other potential sellers.

Therefore, it seems that REALTORS® in provinces where PIPEDA applies do not have the proper consents necessary to sell sold information to potential sellers. In provinces where PIPEDA does not apply, REALTORS® would need to determine if they have the proper consents necessary to sell sold information under the provincial privacy legislation.

Further, Boards and Associations may have Rules regarding authorized use of information in their MLS® System database. Selling sold information to potential sellers may not constitute authorized use of MLS® information pursuant to Board/Association Rules.

10. Please describe what is, and isn’t, allowed in the remarks section of a mere posting.

Generally, there are two different remarks sections of MLS® listings: the REALTOR® only (non-public) remarks section and the general (public) remarks section of MLS® listings, which is often the remarks section that appears as the General Description on REALTOR.ca.

In order to maintain the integrity of Boards’ MLS® Systems (which are member-to-member systems that have been built using the resources of CREA members), while at the same time maintaining the ability of REALTORS® to provide a wide and diverse range of products and service offerings, CREA’s Rules were amended to make clear that the words “visit the REALTOR® website to obtain more information” (or in the alternative the REALTOR® brokerage website) may be included the general (public) remarks section of an MLS® listing and on REALTOR.ca. Consumers can then click on a direct link to the REALTOR® website that appears on REALTOR.ca.

CREA’s Rules provide that the seller’s contact information shall not appear on REALTOR.ca or in the general (public) remarks section of a listing on a Board/Association’s MLS® System. Further, comments such as “visit the REALTOR® website for seller contact information” would not be permissible as these comments specify the nature of the additional information.

CREA’s Rules further provide that where the seller directs the listing REALTOR® in writing to do so, the seller’s contact information may appear in the REALTOR® only remarks (non-public) section of a listing on a Board/Association’s MLS® System.

Boards and Associations also have Rules regarding what can and cannot appear in the remarks sections of MLS® listings, which listing REALTORS® must abide by. For example, a Board may have a Rule that states that only property-related information (i.e., no personal promotion) is allowed in the public remarks section of a listing.

11. What are the obligations of a Broker to the public if they only post a property on a Board/Association’s MLS® System?

Any obligation of a Broker to the public would be found in legislation (e.g., provincial licensing legislation, the Competition Act, privacy legislation, etc.), codes of ethics such as the REALTOR® Code, and possibly common law.

12. What is the Brokerage liability regarding accuracy of information?

Listing REALTORS® are responsible for the accuracy of the information that he or she provides to a Board’s MLS® System. However, this does not mean they have to provide an absolute warranty for the accuracy of the information in all circumstances. It means they have to take responsibility for the accuracy of the information and they cannot shift responsibility to the buyer. If a listing REALTOR® is not willing to take responsibility and be accountable for the accuracy of the information, then the listing should not be taken as an MLS® listing. Inaccurate information decreases the value of a Board’s MLS® System by undermining its reliability.

13. How do CREA’s Rules apply to mere postings that are advertised by the listing REALTOR® or seller on private websites?

Sellers and listing REALTORS® are free to advertise mere postings (or any postings) on any website as long as the advertisement complies with regulatory requirements and CREA’s trademarks are used in an authorized manner. Sellers are not licensed to use CREA’s trademarks in marketing the property. Given that SRRs and “mere postings” may be submitted to a Board’s MLS® System, and given that these types of listings permit sellers to try and sell their property themselves, some sellers may try to use CREA’s trademarks on their private for-sale signage and advertising. That is absolutely prohibited. It would be an infringement of our trademarks to do so.

The accuracy requirement for the listing data in CREA’s Interpretations applies to listings placed on Boards’ MLS® Systems. That requirement ties into the member-to-member obligations inherent in the operation of MLS® Systems and not to information placed by a seller on a private site, although reliance on inaccurate data in any location may give rise to claims for damages against the person/organization who so advertises.

14. How will the Brokerage be protected from errors, omissions or misinterpretation between the Buyer and Seller?

CREA’s Rules do not address errors and omissions. Questions about liability should be directed to a Broker’s own counsel or Regulator.

CREA’s Rules do, however, require listing REALTORS® to disclose whether a seller has reserved the right to sell the property himself/herself (SRR listing). Disclosing the fact that a listing is an SRR listing in the Board’s MLS® System enables buyer’s agents to assess any risk that may exist and make informed decisions when working on those listings. For example, a buyer’s agent with a client that is interested in an SRR listing might choose to have their client enter into a buyer’s agent agreement that addresses compensation in the event that the seller does not pay a sufficient commission or other remuneration to a cooperating selling office. It is up to the buyer’s agent and the buyer to agree on how to proceed.

15. How are we going to continue to report sales when we will, in a lot of cases, not be involved in the sale? For that matter, how will we know when to report a property as pending?

In order to ensure the accuracy and integrity of information in a Board’s MLS® System, Board rules should include a requirement that members report the sale of any property listed by the member on a Board's MLS® System. It is up to the REALTOR® to make appropriate arrangements with clients to ensure that the REALTOR® can comply with Board Rules requiring reporting of sales, for example, by ensuring that a seller who has the right to sell privately is contractually obliged to report the sale price to the listing REALTOR® when sold.

16. Whose sign goes on the lawn when listed? What if it is an MLS® listing, is advertising limited to the Listing Brokerage or can the Seller use FSBO signage? Can an MLS® sticker be placed on a FSBO sign? If not, are we not breaking another Rule that says if a property is listed on the MLS® System, the signage must indicate that fact?

Whose “for-sale” sign goes on a seller’s lawn and whether or not the listing REALTOR® is to be involved in marketing a property is to be determined by agreement between the listing REALTOR® and the seller. That said, if the seller is going to market the property by themselves, the seller is not allowed to use CREA’s trademarks in that marketing. Only authorized Board/Association members can use MLS® trademarks on their own signage.

17. In the past, listing agents presented offers to the vendors. I would expect that with a reduced service listing, this may not be the case... so how is this handled? Is the MLS® Info sheet going to give instructions regarding presentation of offers?

Whether or not a listing REALTOR® will be involved in the offer process depends on the agreement between the listing REALTOR® and his or her client. For example, a seller may agree with a listing REALTOR® that all offers are to be sent directly to the seller, and this may be specified in the REALTOR® (non-public) remarks section of an MLS® listing. How the offer process will be handled will depend on the agreement between the listing REALTOR® and the seller, Board rules, and applicable regulatory requirements.

18. Are commissions now to be negotiated?

Consumers can, and always have been able to, negotiate the level of service they want and the fees or commission they want to pay for that service. CREA members offer a wide variety of services and add value to real estate transactions in whatever fashion they have agreed with their clients. Consumers choose with whom they want to work and negotiate the terms (service and fees) of the relationship with their REALTOR®.

19. Are listings on ICX impacted by the Consent Order?

Any listing which appears on a Board’s MLS® System for residential real estate is subject to the operating rules of the Board. Therefore, as a practical matter, in an indirect fashion commercial property on such an MLS ® System may be indirectly impacted by the Consent Order. Commercial transactions that are not on a Board’s MLS® System ( i.e., are solely on ICX) are not affected by the Consent Agreement.

20. Recent media reports indicate that the Bureau has launched a further investigation into the industry with regard to MLS® data.

CREA is not aware of any such investigation. We look forward to a return to a constructive relationship with the Bureau.Consent Agreement with the Commissioner of Competition

Scotiabank Pro-Am - Draft Night 2010

2010-10-27T13:08:00.000-04:00

Post- Briefing Update on the Competition Bureau case

2010-10-21T13:46:00.000-04:00

On September 30th, the Canadian Real Estate Association’s (CREA) Board of Directors issued
an announcement that it had approved a settlement with the Competition Bureau.
The proposed agreement:

 Does not give the public direct access to the MLS® system or to REALTOR.ca; the

Membership Pillar has not changed and the MLS® system remains a member to

member service;

 Does not require brokerages to change their business models;

 Does not preclude Boards or CREA from having rules for the efficient operation of an

MLS® System which are not contrary to the Agreement;

 Does not impact the Compensation Pillar; and

 Does not impact the responsibility of members to ensure the accuracy of MLS® listing

content.

The agreement specifies that CREA and Boards/ Associations cannot prevent or discriminate

against “mere postings” or against members who offer mere postings. CREA has always

maintained its rules do no such thing. The agreement recognizes that seller contact

information is limited to the member-to-member portion of an MLS® System and

recognizes seller contact information will not be published on REALTOR.ca.

GTA REALTORS® Report Mid-Month Resale Housing Market Figures

2010-10-21T13:04:00.002-04:00

TORONTO, October 18, 2010 -- Greater Toronto REALTORS® reported 3,012

sales through the Multiple Listing Service® (MLS®) during the first two

weeks of October 2010.

This represented a 17 per cent decrease compared to the 3,631 sales

recorded during the same period in 2009. Year-to-date sales amounted to

71,988, representing a three per cent increase compared to 2009.

“The GTA resale market is balancing out from the record level of sales

experienced in the second half of 2009 and first few months of 2010. This is

why sales figures have been lower than 2009 levels in recent months. With

this said, it should be noted that the annual rate of decline slowed somewhat

through the first two weeks of October,” said Toronto Real Estate Board

President Bill Johnston.

The average price for October mid-month transactions was $444,644 – up

seven per cent compared to the average of $414,479 recorded during the

first 14 days of October 2009.

“We are seeing enough buyers relative to sellers to promote continued price

growth year-over-year. People are buying because home ownership remains

affordable in the GTA. A household earning the average income can

comfortably afford a mortgage on the average priced resale home,” said

Jason Mercer, TREB’s Senior Manager of Market Analysis.

Government Programs for Home Buyers and Property Owners

2010-09-27T12:55:00.002-04:00

A home is usually the single largest investment that most people make in their lives. Achieving your dream can be made easier by taking advantage of various Government Programs for home buyers and property owners. Some of the programs are targeted to first-time buyers, while others apply more generally. Other programs benefit those in the industrial, commercial and multi-unit property market. As your REALTOR I can provide information on these programs and help you to determine your eligibility.

Government Programs for Home Buyers

> First-Time Home Buyers’ Tax Credit (pdf)

> CMHC Purchase Plus Improvements Program

> RRSP Home Buyers' Plan (pdf)

> 5 per cent Down Payment Program

> HST New Housing Rebate

> Land Transfer Tax Rebates

Government Programs for Property Owners

> Home Renovation Tax Credit (pdf)

> Residential Rehabilitation Assistance Program

> Rent Increase Guidelines

> Second Suites in Toronto: Q & A

> Government of Ontario - Air Conditioner Rebate Program [ pdf ]

> Residential Washer Program [ pdf ]

> Residential Toilet Replacement Programs [ pdf ]

> WaterSaver Programs for Commercial, Industrial and Multi-Unit Properties [ pdf ]

> Energuide for Houses Retrofit Grant [ pdf ]

Check out my SOLD listing at 83 The Bridle Path, Toronto Was Asking Only $12,900,000 - It's More Than Just A Home, It's An Investment!

2010-07-30T18:45:00.001-04:00

My SOLD Listing: 83 The Bridle Path. Was asking only $12,900,000.

Status Certificate

2010-07-30T18:34:00.000-04:00

After requesting a Status Certificate a week ago from a Condominium Building, I was told that I needed to present them with a Bank Draft or Certified Cheque...and that they now charged $120 plus HST for the Documents. Of course, I argued, and won, that the Ontario Condominium Act '98 stipulates a cost of $100 and no taxes. (Richard Silver, REBB)

Why Me!

2010-07-23T17:34:00.000-04:00

Investing in, Buying, Selling, or Leasing real estate is sometimes a complex undertaking. Hiring me, a real estate professional will help save you time and money. Together, we will determine your needs and wants and find or sell your property. I promise to make your real estate experience stress-free and agreeable.

REALTORS®, Competition'and MLS Systems®

2010-07-23T17:20:00.000-04:00

There have been a number of recent news stories about CREA and the Competition Bureau and not all of those stories have been accurate. Here is what you should know.

At its Annual General Meeting on March 22, CREA's membership approved amendments to its MLS® Rules that clarify how the Rules actually operate.

Some news stories have reported these amendments will open up MLS® Systems to members of the public. This is wrong. MLS® Systems remain member-to-member systems and property sellers must use aREALTOR® to list their property on an MLS® System.

However, using aREALTOR® doesn't mean that consumers don't have choice. The Commissioner says that CREA's Rules "reduce the variety of service packages available in the relevant market". This is simply not true.

CREA's MLS® Rules allow for a range of options, from simple listings on a Board's MLS® System for a few hundred dollars to a full service listing, handling the whole transaction, all the paperwork, advising on pricing and negotiations, coordinating meetings and appointments, research, marketing, tlJe list goes on. With 98,000 REAL TORS® in Canada and 9500 brokerages, consumers have plenty of options.

So what do the Rule amendments do? They make it abundantly clear that the services provided by a REALTOR® are a matter of agreement between the REAL TOR® and his or her client. CREA does not tell REAL TORS® how to run their businesses or what fees or commissions to charge, subject to applicable regulatory requirements and the rules of CREA and Boards.

You should also know that CREA filed its Response with the Tribunal on March 26th • The Response rebuts a number of the false statements that have been reported in the media and sets out why CREA opposes the Commissioner's Notice of Application,

In legalese, the Commissioner's Notice of Application alleges that CREA's MLS® Rules amount to an.abuse of dominance, which is a civil violation (Le. non-criminal) under the Competition Act. The Commissioner's argument is essentially that creating the MLS® Rules was an anticompetitive act that has prevented competition in the market for real estate brokerage services,

CREA disagrees. In summary, CREA's Response explains that CREA is a trade association and as such does not control the market for real estate brokerage services. It also explains that CREA's MLS® Rules are not anti-competitive -the rules contain reasonable conditions for access to MLS® Systems which ensure the quality and accuracy of MLS® listing information and maintain the distinctiveness of CREA's MLS® trademarks. Also, the Response asserts that CREA's rules have not prevented competition, as is evident by the fact that REAL TORS® already provide a wide rage of service options at a wide range of prices.

This case now goes to the Competition Tribunal, a specialized tribunal that combines expertise in economics and business with competition law expertise. CREA looks forward to presenting its position before the Competition Tribunal.

Why begrudge the commission?

2010-03-23T11:17:00.001-04:00

Barry Lebow wrote this in a national Canadian newspaper for real estate people but actually it is a rant to the public and especially to the cynical and unenlightened media that continually bashes real estate agents.

Allow me to put my tirade into a really simple perspective. If a stock or other investment broker made you, say, $200,000, would you begrudge them a $10,000 commission for their efforts? I know this about my personal experience with stock brokers – it sometimes appears that their fees can be greater than my profits. One day I really will try to figure out all the charges and fees in my mutual fund.

Now, what would you pay if that $200,000 was fully tax free, and fully capital gain exempt?

Heck, even to a tightwad, $10,000 in commission would be nothing in return for $190,000 net.

Let me restate it this way: an investment broker puts you into a deal, you make $200,000 totally tax free, no strings – what would you pay that wonderful, brilliant broker for this magnificent return? Damn right – that $10,000 would be a bargain and you would run to all of your friends to let them know that you have met the most wonderful investment counselor in the world. The guy’s a saint!

So According to the media, you should be able to buy or sell for a few hundred dollars and bypass a brokerage all together. No negotiation, no financing skills needed, just go in, buy or sell and the process is so simple and lacking in sophistication and dangers that anyone can do it. Isn’t that what we read in the newspapers?

Okay, let’s get real. I live in an affluent neighbourhood in Toronto, which is just the way it is within the central city core. My neighbours, who were sold their homes by hard working real estate salespeople 10 years ago, paid about $300,000 for their modest bungalows. Now, these same bungalows are selling for around $650,000 just for their land value. Let’s get a handle on this: my neighbours bought an investment for $300,000, but they only put down from 10 per cent to 25 per cent, lived in it, enjoyed it, celebrated family life, made love, planted, thrived and made friends and then they resold for an absolute profit of $350,000, which was totally tax free. So please explain to me, why would anyone begrudge an agency for taking a mere five per cent off the top? What am I missing?

I no longer sell houses. I do not have staff that sells houses so I have no vested interest in making a case that serves my own interests. I am a commercial Realtor but when I have bought and sold houses, I have used top residential Realtors and I have never fought with them about what they charged me because they have made me money.

Few people have bought and sold as many houses as I have – at least 600 (not a misprint) in my career as an investor, and at all times I used agents to buy and sell for me. Yes, I have been a broker for most of my career, but when it came to buying or selling, I used the services of residential experts and I paid them well. It was logical, I was making a profit, so why nickel and dime the people who made me money? And my investments were not tax free!

Of all of the investments that Canadians can make, name one that will give greater pleasure than home ownership and one that is tax free? Can you live surrounded by your stock certificates, your GICs, or your art? Do your gold bars keep a roof over your head and can you leverage those investments by putting down as little as five per cent or 10 per cent and financing the balance on a long-term basis as the investment keeps increasing?

What, prices don’t always go up? Gee, when my mutual funds have tanked what do the experts tell me to do? Hold on, wait, pray and hope that in years to come the market will correct itself.

Here is one for you: ever live in an apartment? After 10 years when you handed in the keys, did the landlord thank you and give you back 75 per cent of your rental money? Worst I have ever lost on a house was 25 per cent in the darkest of periods but that house gave me shelter and pleasure. The apartment gave me cockroaches, noisy neighbours and management that couldn’t have cared one bit about me.

In the long run, those who write about the high prices of real estate commissions are either ignorant or jealous. They have either never owned real estate, or make so little that they begrudge anyone who makes more than they do. They write about greedy real estate people while they sit at their computers, wearing their Che Guevara tee shirt and complaining to the world about corporate greed and capitalism.

Sorry, I am just baffled about the concept of anyone begrudging a hardworking Realtor who continues to make Canadians rich. There is but one reality – the largest wealth owned by the largest group of Canadians is in real estate. No other investment is as widely held, none gives the benefits of real estate ownership and few return the same results bottom line. Real estate commissions are minimal in relationship to the profits made by the owners. Given the profits made by homeowners across Canada since the 1950s and again, with my emphasis on it being tax-free money, real estate commissions are probably the greatest bargain today based on what is charged for any other investment.

A real estate broker is a bargain – period!

The Lebow Report:
Why begrudge the commission?

By Barry Lebow

Check out my listing at: 83 The Bridle Path, Toronto, Ontario, Canada

2010-02-25T13:33:00.001-05:00

83 The Bridle Path has been featured on the front page of the Toronto Star, The Globe and Mail and The National Post and many other prominent papers from Canada and abroad.

Modernism, Minimalistic Extravagance & Contemporary Styles; 'The Sensual Space' Explores Metal, Wood, Water, Fire & Earth. Alive, Dynamic With Sense Of Autonomy.

83 The Bridle Path

Qualifying at a Five-Year Rate

2010-02-20T18:13:00.001-05:00

Current interest rates are at record low levels, which has improved the affordability of housing for Canadians. It is important that Canadians borrow prudently and are able to manage their debt loads when interest rates rise.

Lender and mortgage insurers look at two key ratios when assessing the ability of a borrower to make payments on a mortgage loan:

•Gross Debt Service (GDS) ratio—the ratio of the carrying costs of the home, including the mortgage payment, taxes and heating costs, to the borrower's income.

•Total Debt Service (TDS) ratio—the ratio of the carrying costs of the home and all other debt payments to the borrower's total income.

Currently, the interest rate used to determine the mortgage payment for these calculations is either the rate fixed for the term of the mortgage or, in the case of a variable-rate mortgage and mortgages with terms of less than three years, the greater of the contract rate and the prevailing three-year fixed rate.

The adjustments to the mortgage framework will require mortgage insurers to ensure that borrowers qualify for their mortgage amount using the greater of the contract rate or the interest rate for a five-year fixed rate mortgage when calculating the GDS and TDS ratios.

This measure is intended to protect Canadians by providing them with additional flexibility to support mortgage payments at higher interest rates in the future.

Limit the Maximum Refinancing Amount to 90 per cent of the Loan-to-Value Ratio

Borrowers seeking financial flexibility can currently refinance their mortgage and increase the amount they are borrowing on the security of their home up to a limit of 95 per cent of the value of the property. This type of refinancing lowers the borrower's equity in their home. The adjustments today will lower the maximum amount of the mortgage loan in a refinancing of a government-backed high ratio mortgage loan to 90 per cent of the value of the property, consistent with the principle that home ownership is a tool for savings.

Discouraging Speculation by Requiring a Minimum Down Payment of 20 per cent for non-owner-occupied properties

This measure will require a minimum down payment of 20 per cent for government-backed mortgage insurance on non-owner-occupied properties purchased for speculation. Currently, borrowers may purchase a residential property with a 5 per cent down payment. Today's change will require a 20 per cent down payment for small (i.e., 1- to 4-unit) non-owner-occupied residential rental properties. Borrowers purchasing owner-occupied residential properties which also include some rental units (e.g., borrowers purchasing a duplex to live in one unit and rent out the other) will still be able to access government-backed mortgage insurance with a 5 per cent down payment.

Moving to the New Framework

These adjustments to the mortgage insurance guarantee framework are intended to come into force on April 19, 2010. Exceptions would be allowed after April 19 where they are needed to satisfy a binding purchase and sale, financing, or refinancing agreement entered into before April 19, 2010.

Federal Government Changes Mortgage Rules

2010-02-20T18:11:00.001-05:00

The federal government has announced changes to the rules for government-backed insured mortgages (less than 20 percent down payment) as follows:

All borrowers will be required to meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter terms.

Reduced maximum amount that can be withdrawn in refinancing a government-backed insured mortgage to 90 per cent from 95 per cent of the value of the home.

Require a minimum down payment of 20 per cent for government-backed mortgage insurance on non-owner occupied properties purchased for speculation. Borrowers purchasing owner-occupied residential properties will still be able to access government-backed mortgage insurance with a 5 per cent down payment.

A Caution For Winter Vacationers:

2010-02-12T18:14:00.000-05:00

A caution for winter vacationers: if your house is unoccupied for more than four consecutive days during the winter season, your insurance will not cover water damage that is due to the freezing of any part of a plumbing, heating, sprinkler, or air-conditioning system or domestic appliance, UNLESS you arrange for a competent person to visit your house daily to make sure the heat is maintained. Another option is to shut off the water supply and drain all pipes and appliances.

Q: What is the difference between the Multiple Listing Service (MLS) and the consumer website REALTOR.ca?

2009-12-02T20:50:00.003-05:00

A: The Multiple Listing Service is a cooperative system used only by REALTOR Members of Canada's real estate boards. It is accessible to any REALTOR Member who has agreed to represent your interests and share remuneration from the transaction with a cooperating REALTOR Member. The MLS contains detailed information and numerous search tools, all designed to match people with the properties that fit their exact requirements. REALTOR.ca is a website operated by the Canadian Real Estate Association (CREA) that displays an abbreviated version of most listings uploaded to the MLS system.

Canadian real estate markets elude US collapse: PwC/ULI report

2009-11-18T19:16:00.000-05:00

While conservative banking practices and stricter regulation kept lending in check and most Canadian real estate investors were saved from overleveraging, they are still worried about suffering more economic shocks if the US can’t get its financial house in order more quickly. This, according to the annual Emerging Trends in Real Estate 2010 report, released by PricewaterhouseCoopers (PwC) and the Urban Land Institute (ULI).

The report reflects interviews with and surveys of more than 900 of the industry’s leading real estate experts, including investors, developers, lenders, brokers and consultants in both Canada and the US. Other versions of this report are conducted in countries around the world including Asia Pacific and Europe.

According to the report, total value losses in Canada will average 10 to 20 % off previous highs but some markets and sectors could suffer steep losses. Markets should enter a slow recovery phase by year-end 2010, but respondents see better investment opportunities eventually in top US and European cities, which could rebound more sharply after steeper declines.

The REALTORS Care Foundation Video

2009-10-22T14:39:00.000-04:00

Creating curb appeal!

2009-09-11T09:45:00.005-04:00

They say you can’t judge a book by its cover. But when it comes to houses, the exterior can be just as important as the interior if selling or buying.
When selling, it is the outside, or the home’s curb appeal that often determines whether the inside is ever seen. How a house 'shows’ from the street can tell a potential buyer a lot about what it may be like inside. Even if the inside is the sparkling, charming, structurally sound dream home they’ve been searching for, a buyer is not going to forget a cracked driveway, fallen shutters, and overgrown grass and flower beds.

That’s why most REALTORS recommend a house not be seen for the first time at night. If you have no choice but to view homes at night, always be sure to drive past them during the daytime before making any final decisions.
For sellers, there are many ways to enhance the exterior of a home to achieve the curb appeal necessary to attract prospective buyers. Start by taking a close, objective look at your home from the curb. Be sure to view it from different angles. Ask friends and neighbors for their unbiased opinions. What are the appealing features? What’s not so appealing? What can you do to improve its appearance?
Are the shrubs untrimmed? Are there broken doors and windows, loose screens and railings? Does the exterior trim or entire surface, need a paint job?
The interior may be clean, without a leaky faucet, cracked floor or loose door hinge in sight. But if the exterior roof, gutter, walls, driveway, garage and yard look dirty and untidy, chances are you’re not going to get a lot of potential buyers knocking at the door.
Creating curb appeal is making your home inviting from the outside -- where first impressions begin. This doesn’t mean spending a great deal of money remodeling and renovating. Adding a new front verandah might add a lot of curb appeal, but so will a couple of wicker chairs and potted flowers by the front door - at a lot less cost.
Here are some more tips for making the outside of your home attractive and inviting:
Clean up the yard
Mow the lawn, trim the hedges, weed the flower beds, get rid of dead trees and shrubs; get rid of any broken lawn furniture; shovel the walk and driveway in winter; rake the yard in the fall.
Repair any problems
If the roof is damaged, repair it. Also repair any doors and windows that have loose hinges or other damage; fix storm doors and window screens; caulk window exteriors; clean and repair sidings and other structural flaws.
Eliminate clutter
If you have yard and construction debris piled up along the side of the house, or elsewhere, get rid of it. The exterior of your home should be as uncluttered in appearance as the interior. This includes cleaning out the garage - a major breeder of clutter. Be ruthless. If you haven’t used something in a year, give it to charity or recycle it.
Give siding a fresh new look
Cleaning the exterior surface is all your home may need for a fresh new face. Before rushing to paint siding, try washing it. For painted wood siding and aluminum siding, use a solution of one cup strong detergent and one quart chlorine bleach in three gallons of water. Be sure to wear rubber gloves, goggles and other protective garments. Work from the bottom up and rinse thoroughly.
To spruce up vinyl siding, hose it down; sponge it with a mild liquid detergent and rinse.
Use paint to brighten, re-proportion exterior
A paint job can do wonders for the exterior of a home. A low house can look more graceful and tall from the curb by emphasizing its vertical features. Paint elements such as doors, shutters and corner trim in a color that contrasts with the siding material or color. On a high home, emphasize horizontal by using a contrasting paint color on window sills and fascia boards. You can also make a tall house look lower by painting it a dark color, provided that the roof is dark too. Conversely, a light color will make a home look larger.
Co-ordinate the exterior 'look’
The more co-ordinated your house looks from the outside, the more appealing it will be. Co-ordinate the 'look’ of your home by painting the garage, tool shed, playhouse and other outdoor structures with the same color schemes as the house. If your house is a mixture of conflicting textures - vertical siding, shingles and brick, for instance - try painting them all the same color, or in two related shades of the same color, to create a harmonious look. Dark tones work best when working with conflicting textures.
Use flower power
Well-placed flowers, trees and shrubs can really make the outside of a home look inviting. Not only does attractive landscaping invite buyers, it can increase the value of a home. Even without major landscaping, flowers can make a yard look colorful and pleasant. Plant them in garden beds, hang them from railings and porch ceilings, and add flower boxes to window sills. There is no limit to the power of flowers.
At night, highlight garden features with spotlights and floodlights. Well-lit paths and entrances promote safety, discourage burglars and are an added feature to any home. A pretty wreath on the door and a welcome mat will finish things off.

2009-09-11T09:43:00.002-04:00

The Bank of Canada has announced that its target for the overnight rate will remain at 0.25 per cent and has further reiterated its commitment to hold the overnight rate at this level until the end of the second quarter of 2010.
The overnight rate is the rate at which major participants in the money market borrow and lend funds to each other for one day. What a great time to buy real estate!

News

2009-08-13T12:58:00.000-04:00

News: "From thunderstorms to our booming real estate market, it has been a dramatic summer in the Greater Toronto Area.

In both June and July you helped set monthly records for resale housing activity in the GTA with 10,955 and 9,967 transactions respectively. The number of jobs in the GTA increased last month as well, while the unemployment rate decreased marginally. Positive numbers have also been reported with respect to the auto industry and the stock market, prompting our nation’s leaders to indicate that the worst of the economic lull is likely behind us."

Home Away from Home

2009-08-11T12:18:00.002-04:00

Statistics show that Greater Toronto Area residents are excited about real estate again. July’s 9,967 sales set a best monthly record, up 28 per cent year over year. The previous month also set a record for June, up 27 per cent from the year prior.

We’re even seeing signs of life in the United States resale housing market. In July, the National Association of REALTORS® reported that pending home sales rose for the fourth consecutive month. Existing home sales also increased, for the third consecutive month, with available inventory easing and prices remaining low.

This means that if you’re comfortable with your residence here at home, now is an opportune time to invest in a vacation property south of the border.

Florida alone welcomes hundreds of thousands of Canadians each year, with many snowbirds taking advantage of United States government provisions that allow us to spend up to six months a year there without having to fulfill visa requirements. That’s plenty of time to enjoy homeownership in a warmer climate.

While current market conditions are favourable to making a foreign investment, a number of other factors should also be taken into consideration.

The exchange rate is another important detail. The value of the Canadian dollar against other currencies changes daily. Whether you’re planning to buy in the United States or further abroad, look for places where the currency is weak or on par with our dollar to achieve optimal purchasing power.

Healthcare is also a consideration. If you stay away longer than six months you could lose access to medical coverage here at home. As well, our healthcare system will only cover part of out-of-country expenses for accidents and illness. Short-term travel insurance is inexpensive but long-term coverage can be costly.

Depending on the structure of your home, property insurance could also be less accessible, which is a significant issue given that some locales routinely experience severe weather.

In certain places abroad, property can come with inherited debt, so it’s important to ensure that you clearly understand all agreements, particularly if they are in a foreign language. Be aware as well, that depending on where you choose to buy, you may pay higher property taxes than local residents. These are just two examples of why it’s important to research the regulatory aspects of the region in which you choose to buy.

It’s important to build a team of professionals to guide you through the process, beginning with a REALTOR®. A Greater Toronto REALTOR® can help you begin the process by providing a referral to a local expert. It’s also important to enlist the services of a lawyer and a surveyor, to be clear on your property rights, and a tax expert, to take full advantage of government programs for homebuyers.

Establishing these important contacts will also help you to gauge other key characteristics like the cost of living, attitude toward foreigners and the crime rate.

Once your transaction is complete, be sure to set up automatic withdrawal processes in your foreign bank account so that oversights don’t jeopardize your home ownership.

Despite the financial planning and awareness of regulatory issues required, buying a vacation property abroad has its share of rewards.

Even taking into account the capital gains tax that is payable when you sell your home away from home, buying a foreign property can bring a healthy return on investment and years of enjoyment to your life. To find out more, call me. Written by: Tom Lebour is President of the Toronto Real Estate Board

www.mortgagebrokernews.ca

2009-08-10T18:10:00.000-04:00

"Everything you want to know about Canadian Mortgages: mortgage rates, new types of mortgages, mortgage brokers, and Canadian real estate trends."

Real estate Update

2009-08-10T17:57:00.001-04:00

Canada's largest markets, Toronto and Vancouver, led the way, with June sales among the highest in history for both local real estate boards. Close to 11,000 properties changed hands in Toronto, up 27 per cent over one year ago, setting a new record for sales in the month of June. Residential sales in Greater Vancouver increased 75.6 per cent over one year ago, to 4,259 units, just short of the record-breaking 4,333

WHAT I DO

2009-02-06T19:04:00.000-05:00

Steven Maislin
Experienced Realtor & Business Broker able to: Identify locations. Identify properties. Identify opportunities. Negotiate all terms and conditions of agreements for the purchase, lease, use, and development. Develop expertise in assigned region, including competition, growth trends, demographic data/changes and new site availability. (Strategic Market and Long Range Planning.) Present opportunity, site and deal structure. Obtain estimates. Create new opportunities through creative partnering with investors and other users. Work with communities and other governmental entities to take advantage of economic incentives which make challenging projects feasible. Organize accurate and timely project reporting to ensure informed decisions. Ensure smooth, cost effective and timely completion of project work in order to achieve stated financial results and objectives. Develop and maintain cooperative working relationships with brokers, landlords, and professional counterparts in the industry. Setup, strategy and actualize the disposition of property. And I am a firm believer in continued education through literature review, classroom, seminar and trade convention attendance.

Buyers & Sellers WANTED

2008-01-03T14:55:00.000-05:00

Buying, Selling, Leasing or Investing in real estate is sometimes a complex undertaking. Hiring me, a real estate professional will help save you time and money. Together, we will determine your needs and wants and find or sell your property. I promise to make your real estate experience stress-free and agreeable. I possess a wide range of real estate experience and guarantee to find or sell your property in a timely and professional manner. I will offer you leading edge services and products within your upcoming real estate transaction

Haves & Wants

2007-12-04T13:25:00.000-05:00

I belong to a global real estate center for Haves and Wants of Industrial, Commercial and Investment Real Estate, Land, Farms, Business Opportunities, Financing and more. If this type of real estate interests you, or you would like to place your Haves and Wants, please feel free to give me a call. There are thousands of listings with hundreds of new listings coming in regularly. Please feel free to visit often for new opportunities. Click Here

Details of Approved Toronto Land Transfer Tax

2007-10-24T14:52:00.000-04:00

October 23, 2007 -- Toronto City Council has approved a municipal land transfer tax that will be levied on top of the provincial land transfer tax. TREB worked very hard to oppose this tax and commends the efforts of REALTORS® on this issue. TREB took a strong position to oppose this tax as unfair in principle and refused to compromise. As a direct result of this strong position, City Council was forced to make a number of amendments to the City’s original proposal, including rebates for first-time buyers, a reduced rate, and grandfathering for existing transactions.
The City has not yet provided detailed information on administration or implementation issues. The following is based on currently available information. Some information from the City is available here.
What was approved by City Council?
A second land transfer tax, on top of the provincial land transfer tax, at the following rates:
Residential:
0.5% of the amount of the purchase price up to and including $55,000
1% of the amount of the purchase price between $55,000 and $400,000
2% of the amount of the purchase price above $400,000
Commercial / Industrial / Etc.:
0.5% of the amount of the purchase price up to and including $55,000
1% of the amount of the purchase price between $55,000 and $400,000
1.5% of the amount between $400,000 and $40 million
1% of the amount above $40 million
When does this take effect?
February 1, 2008.
Are existing transactions grandfathered?
Yes. Any transactions where the purchaser and vendor have entered into an Agreement of Purchase and Sale for the property prior to December 31, 2007 will be rebated the full amount of the Toronto land transfer tax, regardless of the closing date. (Note: Media reports that closings must occur by Feb. 1, 2008 are inaccurate.) The City has not yet provided clarification on how rebates will be administered. If your clients have concerns, they should check with their lawyer. Once the City of Toronto provides clarification, more information will be provided.
What about Agreements of Purchase and Sale signed after December 31, 2007 with closing dates before February 1, 2008?
Purchasers with a Purchase and Sale agreement signed after December 31, 2007 with a closing before February 1, 2008 will not be required to pay the Toronto Land Transfer tax.
What about Agreements of Purchase and Sale signed after December 31, 2007 with closing dates on or after February 1, 2008?
Purchasers with a Purchase and Sale agreement signed after December 31, 2007 with a closing on or after February 1, 2008 will be required to pay the full Toronto Land Transfer tax.
Where does this apply?
The Toronto land transfer tax only applies to transactions within the City of Toronto. This does NOT apply to property transactions outside of the City of Toronto.
Are first time home buyers affected?
First time home buyers of new AND re-sale homes will receive a rebate of the Toronto land transfer tax of up to $3,725 (this equals a 100% rebate on homes purchased for up to $400,000). The City has not yet provided clarification on how rebates will be administered. If your clients have concerns, they should check with their lawyer. Once the City of Toronto provides clarification, more information will be provided.
More detailed information will be provided once it is made available by the City. If you have questions, contact the City of Toronto at Access Toronto at 416-338-0338. Some information from the City is available here.
If you have questions, contact the City of Toronto at Access Toronto at 416-338-0338.

www.70berkindale.com

2007-10-20T14:33:00.000-04:00

FOR SALE

70 Berkindale Drive

One-of-a-kind 6,000 square foot custom Chateau on prestigious street, exquisite interiors by Claire Grenier-Kennair, double-entry front door with sculptured wrought iron rails, dramatic 2 storey foyer, oval staircase with custom decorative wrought iron rail and spectacular stained glass skylight, artist-painted ceilings, fabulous master BR with stunning mosaic-tile his/her ensuite, 5 BRs each with mosaic tile ensuites, dream kitchen with island and w/o to custom in-ground pool set in lush gardens, heated circular driveway.

MAIN FLOOR - 10 foot ceilings

Foyer:Limestone mosaic detail floorCoffered and hand painted ceiling.

Hallway: Wide plank Brazilian cherry with Parquet mosaic insert flooring Grand oval staircase with wrought iron railing and stained glass skylight domeLantern excluded

Ante Room: Wide plank Brazilian cherry flooringCustom painted domed ceiling adjacent to Lounge & guest Powder roomHand painted faux finish walls with artistic detail Wall sconces Free standing furniture vanity on limestone crème marfell with basket weave mosaic inlay floor -2nd main floor Powder roomMud room and separate entrance

Living Room:Wide Brazilian cherry wide plank flooringCove mouldingElegant ragging wall treatmentWindow treatments excludedGas fireplace¾ height Mantel finished faux limestone with matching columns

Library:French doors Full detail Fireplace in Mahogany trim Brazilian cherry wide plank flooring Mahogany full panel wallsBuilt-in wood and leaded glass custom cabinetry Coffered Mahogany ceiling with hands painted artistic detail Vintage brass chandelier and duel matching wall sconces Window coverings excluded

Kitchen: Pendant Kitchen Aid fridge with ice and water dispenser Thermadore Professional Range with chef's oven, 6 burners, grill and convection oven Hot water dispenser Fisher & Paykel dual dishwashers Moen faucet Kitchen-Aid trash compactor Garburator / In-Sink-EratorBuilt-in wine racking with corbel details European Artist vintage wall finish Flooring: wide plank Brazilian cherry Counters: GraniteBacksplash: tumbled limestoneMoulding: CoveLighting: large kitchen chandelier (excluded), pot lights, accented cabinet lighting

Butlers PantryBuilt-in cabinetry Flooring: wide plank Brazilian cherry Counters: Granite Lighting: pot lights

Family Room: Linen window coverings Gas fireplaceFrench doors to garden and pool Built-in TV/book shelving Flooring: wide plank Brazilian cherry European Artist vintage wall finish Dining Room Brazilian cherry wide plank flooring Cove moulding Elegant ragging wall treatment Chandeliers and Window treatments excluded

SECOND FLOOR - 9 foot ceilings

Master Bedroom Double entrance doors leading to the Ante-room adjacent to the master bedroom, walk-in closet and showcased ensuite washroom. Double Brazilian cherry wide plank flooring Cove moulding Double layered silk drapery Wall to wall windows overlooking the yard and pool Walk-in closetFull hand crafted cabinetry with marble inlay island Brazilian cherry wide plank flooring Custom window seat Chandelier and dual wall sconcesHis & Hers Showcased Ensuite washrooms5 jet full mosaic shower Hydro Maax 2 person full mosaic Roman style bath with columns Stained glass windows Hand painted ceilings Custom furniture vanity with honed crème marfell counter top

Bedroom Two Broadloom Cove moulding Oversized (4 piece) Ensuite with separate shower and bath tub Full shower with subway style limestone Hand painted ceilingFull mosaic wall and bath skirt Flooring: large limestone tile with inlayDual wall sconces and chandelier Honed marble vanity counter Drapery excluded

Bedroom Three Dual closets Broadloom Ensuite (4 piece) washroom with tumbled mosaic tub walls and limestone inlay Limestone floor with tumbled mosaic in-layMarble countertop

Bedroom Four Cove mouldingBroadloomDraperyWalk-in closetEnsuite (4 piece) washroom with hand built cabinets Tumble marble with mosaic picture frame wall treatment

Bedroom Five Broadloom Pierre Frey wallpaper Chandelier Drapery excluded Walk-in closet with clothes organiser Ensuite 4 piece washroom with full wall and floor mosaic treatment, honed limestone counter top and Custom built vanity

Laundry Full size Ceramic tile flooring Full cabinetry Deep stainless steel sink Maytag Neptune Washer & Dryer (included).

LOWER LEVEL - 9 foot ceilings

Nanny's Suite Broadloom Chandelier Wall to wall closet Ensuite (4 pieces) with full detail tumble marble shower / bath Honed marble flooring.Bathroom Custom cabinetry Pot lights

Theatre / Fitness Room Rough-in wiring for theatre installation Broadloom flooring Mirrored wall

Wine room Broadloom presently used as storage space could be 7th bedroom

OfficeBroadloom Separate private storage Could be 8th bedroom

Recreation Room: Broadloom and tumble crème marfell with black marble in-lay border with heated floorWenge wood veneer Wet BarSauna (Finnish style) with a 3 piece washroom and pool change area Dual high efficiency Fireplaces surrounded by fieldstone wall finish Double French door Walk-out to flagstone Bistro style patio with stone cathedral staircase to garden and pool.

EXTRAS:2 Furnaces 2 air cleaners 2 humidifiers 2 air conditioning units Security system with cameras and alarmTherm-X-trol hot water circulating system Dual (rented) 284 litre -hot water tanks

Heated patterned concrete driveway

Landscape lighting Soffit lighting Wrought iron fenced rear yard with pet proof mesh borderPatterned concrete and flagstone patio Gas BBQ, Gunite Pool and heater, Stone enclosed pool equipment shed.
About the Neighbourhood
York Mills is one of Toronto's most affluent neighbourhoods. Its mills are long gone replaced by shining office towers and luxury condominiums. Its main arterial roadways including Yonge Street and Bayview Avenue - which were once impassable by car, now serve as major roadways to and from the city core.
Yet, despite all these changes York Mills has managed to maintain a peaceful tranquility and natural beauty that has helped make it one of Toronto's most desirable neighbourhoods.
York Mills Plaza is conveniently located at the south-west intersection of Bayview Avenue and York Mills Road. This popular outdoor shopping plaza is anchored by a large drug store, and a supermarket. York Mills Plaza also features an international restaurant, a wine shop, small specialty retail stores and a fine selection of gourmet food shops.
The Bayview Village Shopping Centre is located at the north-east corner of Bayview and Sheppard Avenues. This upscale shopping centre caters to the affluent York Mills market with several designer clothing and accessory stores, gift shops, a magazine and book shop, jewellery stores, and an excellent selection of restaurants.
The York Mills Centre located on the north-east corner of Yonge Street and York Mills Road has about a dozen retail shops and professional services in addition to medical offices and a food court.
The multi-faceted York Mills Park, located at the south-east corner of York Mills Road and Bayview Avenue is well used in the summertime for a variety of pursuits. There is an outdoor pool for recreational swimming, a children's playground and a baseball diamond with recreational house leagues. This park also provides access to Windfield's Park which has an attractive footpath through a ravine valley that follows the winding course of Wilkett Creek, a tributary of the Don River.
York Mills Park is also the home of the York Mills Arena. This arena is busy year-round with organized hockey leagues, as well as power and pleasure skating. There are many parks located north of York Mills and west of Bayview Avenue. The largest of these neighbourhood parks is St. Andrew's Park which features a mini valley and lush greenspace that is popular for walks and light recreational pursuits. Tournament Park located next to St. Andrew's Square features tennis courts and an active tennis club program. Golfers are very close to the scenic Don Valley Golf Course located west of Yonge Street and south of Highway 401.

www.70Berkindale.com

Ontario Helpful Links

2007-02-21T11:14:00.001-05:00

Address info
http://www.canadapost.ca/tools/pcl/bin/advanced-e.asp
http://canada.gc.ca/directories/internet_e.html
http://direct.srv.gc.ca/cgi-bin/direct500/BE

Building Inspectors
http://www.cahi.ca/map.html

Community Demographics
http://www.rural.gc.ca/cris/directories/profiles_e.phtml

Contaminated properties
http://www.ec.gc.ca/etad/csmwg/en/index_e.htm
http://www.aicanada.ca

Government (real estate related) sites
http://www.cmhc-schl.gc.ca/
http://www.reco.on.ca/

Home Warranty Information
http://www.tarion.com/HOME/Warranty+Protection/

Insurance news and information
http://www.ibc.ca/

Legal information
http://www.canadianlawsite.com/realestate.htm
http://www.law-lib.utoronto.ca/resources/topic/property.htm

Mould
http://www.cca-acc.com/mould/index.html

National Building Code
http://irc.nrc-cnrc.gc.ca/codes/home_E.shtml
http://www.cwc.ca/design/codes/

Taxation information
http://www.cra-arc.gc.ca/
http://search-recherche.gc.ca

Translators
http://www.foreignword.biz/directory/search.aspx
http://www.cttic.org/e_member.htm

Underground storage tanks
http://www.ec.gc.ca/st-rs/default.asp?lang=En&n=EA46E5E0-1
http://www.oag-bvg.gc.ca/domino/reports.nsf/html/c20021002se02.html
http://www.tssa.org/home/default.asp?loc1=home

Water testing issues (rural properties)
http://www.agr.gc.ca/pfra/water/wtesting_e.htm

Neighbors draw line over repairs:

2007-02-13T14:37:00.000-05:00

What happens if you need to do repairs to the side of your house, but you don't own enough space between the outside wall and the lot line?

Can you trespass onto your neighbor's property to do repairs to your own house?

Those were the questions facing an Ontario court in a case heard last September. Eric Parla and his wife own 60 Spruce St. in Toronto, and Nigel Pleasants owns the house to the west at 58 Spruce.

Their houses were built very close together in the late 19th century, and for many houses like this it is impossible to inspect the area between them without walking on both properties.

The property line between the two houses is only six to eight inches west of the west wall of the house at No. 60. (All measurements are imperial in the court's decision. Judges of my generation don't like the metric system any more than I do.)

By contrast, the east wall of No. 58 is two feet away from the same property line for the first 30 feet of the depth of the house – leaving a total space between the two houses of about two feet, six inches.

At the 30-foot mark, the wall of the house at No. 58 is set back about four feet, leaving up to seven feet between the two houses from that point until the back walls of the two houses.

Of all this space, only a six-inch strip belongs to No. 60.

The Parlas discovered that the west foundation wall of their house required substantial repair due to compression of the foundation and rotting of the wooden sill plate used in the construction in Victorian times.

In order to make the repairs, a trench had to be dug along the northerly 18 feet of the west wall of No. 60. Since it is impossible to dig a trench in a space only six inches wide, it was necessary to encroach on the lands of No. 58.

Two contractors refused to start the work without the consent of Pleasants, but some considerable friction arose between the neighbors and permission could not be obtained.

Ultimately, the Parlas found it necessary to apply to the Superior Court in Toronto for an order allowing them onto the Pleasants property to make repairs to the west side of the foundation of their own house.

In their application, the Parlas relied on City of Toronto Bylaw 1994-0404, which reads:

"The owner or occupant of any building or other structure, or the agent or employee of the owner or occupant may enter upon any adjoining land for the purpose of making repairs, alterations or improvements to the building or other structure but only to the extent necessary to effect the repairs, alterations or improvements."

Another part of the bylaw requires anyone who enters under the authority of the bylaw to leave the land in the same condition as before the entry.

Justice Dennis Lane heard the evidence on September 1st 2006 and delivered his decision on September 19th.

He noted that there was considerable debate about who said what to whom, none of which was very helpful except to indicate an unfortunate degree of bad feeling between the parties. The bottom line, wrote the judge, is that the bylaw gives the (Parlas) the right to access the (Pleasants) land in the circumstances before the court, subject to the obligation to restore the lands to their former condition ... The terms of the bylaw are clear.

But the dispute did not end there. The Parlas also asked the court to declare that they have a right of way over the Pleasants' land so that they can inspect, clean, maintain and repair the west side of their building. In law, what they were asking for was a right of way, or easement of necessity, which is implied bylaw in cases where it would otherwise be impossible for owners to enjoy their own property.

An easement of necessity can arise when one owner divides his or her property so that one part of it is left without any legally enforceable means of access.

In cases like this, the law will grant an easement of necessity, based on a presumption that access was intended to be given. Otherwise the land would be useless, a conclusion contrary to public policy.

In fact, the evidence before Justice Lane established that the same person once owned both houses.

When the title was divided, no one apparently gave any thought to the impossibility of performing even an inspection of, never mind repairs to, the Parla home without access to the neighbor's property.

Justice Lane refused to grant the Parlas an easement of necessity since the city bylaw already provides a legally enforceable means of access to inspect and, if necessary, to repair the foundation, wall, eaves or part of the Parla house.

The judge did, however, order that a gate and some stored materials which were blocking the passageway had to be removed by Pleasants.

The case of Parla v. Pleasants has prompted me to create Aaron's First Law of Neighborliness: It's always better, and cheaper, to get along with your neighbors.

Unfortunately, it's not always possible.
by: Bob Aaron -Toronto real estate lawyer.

UPDATE: The Residential Tenancies Act

2007-01-31T17:11:00.000-05:00

The Residential Tenancies Act, 2006, takes
effect on January 31, 2007. The Act was
passed in June of 2006, and it replaces the
Tenant Protection Act, 1997. The new Act
affects approximately 1.35 million renter
households in Ontario, representing 32
percent of Ontario’s population.
As many real estate professionals are significantly
impacted by this legislation, TREB was
very involved in ensuring Members’ opinions
were heard. TREB’s actions on this issue
included gathering Member input on residential
tenancy issues via TorontoMLS and hosting a
session with Brad Duguid, the Parliamentary
Assistant to the Minister of Municipal Affairs
and Housing, who was responsible for consultations
on this issue. The session was attended
by over 120 TREB Members who were able to
give their input directly to Duguid. In addition,
TREB provided formal written comments to the
provincial government and met with government
representatives.
Though the Act contains many important
changes, of particular interest to many
REALTORS® are sections dealing with rent
increase guidelines, excessive or wilful damage
to a unit, causing a disturbance in a landlord’s
home and interest on last month’s rent. Full
details of the Act, including summaries and frequently
asked questions, are available from the
website of the Ontario Ministry of Municipal
Affairs and Housing at www.mah.gov.on.ca.
A summary of some of the key changes
included in the Act are outlined as follows:
Landlord and Tenant Board
The Ontario Rental Housing Tribunal, the body
handling the dispute resolution process,
becomes the Landlord and Tenant Board. The
Board will send information notices about the
eviction hearing process to tenants who have
had eviction applications filed against them.
Landlords are still responsible for giving the formal
“Notice of Hearing” to their tenants.
Annual Rent Increase Guideline
Under the legislation, the annual rent increase
guideline will be based on the Ontario
Consumer Price Index (CPI.) The CPI will be the
rate of inflation for the year running from June
to May. The guideline is announced each
August; it will be more stable and never higher
than inflation. Buildings constructed after 1991
remain exempt from most rent controls.
Above Guideline Rent Increases
When landlords receive permission to issue
above guideline rent increases for higher utility
costs or for capital work on the building, they
must reduce these rents if utility costs go down
or when the capital expense has been paid for.
In addition, landlords must inform these tenants
of the buildings’ utility costs each year,
and there is a stricter test to decide if capital
expenses are really necessary.
Starting Rents
One of the key issues TREB raised during consultations
with the provincial government on the
proposed new legislation was the importance of
maintaining the existing policy that allows a
landlord to negotiate freely for the rent of a
vacant unit. This policy was preserved in the
new Act, meaning landlords and new tenants
can still negotiate starting rents. Once the rent is
set, it is controlled by provisions of the Act.
Interest on Last Month’s Rent
The rate of interest that a landlord must pay a
tenant on a last month’s rent deposit every year
is the same as the annual rent increase guideline,
which is based on the Ontario Consumer
Price Index.
Excessive or Wilful Damage to a Rental Unit or
Building, or Causing a Disturbance in a
Landlord’s Home
There is a shorter eviction process for tenants
who cause wilful or excessive damage to a
rental unit or building, or for tenants who rent
an apartment in a landlord’s home and are
causing a disturbance.
The notice period to the tenant is shortened
to 10 days from 20 days. Landlords can apply to
the Board for an eviction order immediately
after serving the notice. The eviction order will
ask the Sheriff to speed up the enforcement of
the eviction.

WANTED: REAL ESTATE DOERS

2007-01-25T15:45:00.000-05:00

If you or anyone you know is thinking of buying, selling or leasing real estate, call me!

Steven Maislin
Registered Real Estate & Business Broker
Cooper & Company Real Estate / Brokerage
416-410-6000

CarStacker

2006-11-18T18:11:00.000-05:00

CarStacker - Information

Commercial Real Estate Network

2006-11-18T17:27:00.000-05:00

Commercial Real Estate "Haves & Wants

Home Maintenance Schedule | CMHC

2006-11-18T16:35:00.000-05:00

Home Maintenance Schedule CMHC

Programs and Financial Assistance | CMHC

2006-11-18T16:31:00.000-05:00

Programs and Financial Assistance CMHC

RRAP for Persons with Disabilities l CMHC

2006-11-18T16:30:00.000-05:00

RRAP for Persons with Disabilities CMHC

Business Brokerage Services

2006-03-08T11:29:00.000-05:00

MAISLIN (a division of: SHM Financial and Management) specializes in advisory services and consulting with a focus on performance and process improvement. MAISLIN provides you with opportunities to start new and innovative businesses or improve upon your current ventures. Whether it is a start-up business or an established business, MAISLIN can get you back to the basics of making a profit and operating a solid company. For new or proposed businesses, we can guide you through the business process, including location, regulatory hurdles, and business plan development. We can provide community assessment and local demographic information for prospective businesses and franchises. For more info please visit: http://www.maislin.com/

TREB Commercial Division

2004-07-14T13:58:00.000-04:00

Toronto Real Estate Board Commercial Division website:
TREB Commercial Division

2004-07-14T10:44:00.000-04:00

Steven Maislin
Registered Real Estate & Business Broker
416-410-6000