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Condo Fees

Wednesday May 23rd, 2018

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If purchasing a condo it is important that you give the Condo Fees (maintenance fees) a thorough consideration. All condos have maintenance fees – these fees are used by the condo corporation for day-to-day maintenance of the common areas of the corporation as well as to put money aside for capital expenditures and I for extraordinary or emergency expenses in the future.  How much your condo fees are depends on a variety of things including the number of units in the condo... [read more]

Condominium Facts

Monday Apr 30th, 2018

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Condos are becoming more and more popular in the GTA and Golden Horseshoe areas. Ontario’s first condo was registered in Toronto in 1967 and now over half of Toronto’s population live in condos. Whether you are a first-time buyer struggling to get into the housing market or an empty nester who needs less room and wants less maintenance chores, a condo can be a viable alternative. If you are considering the purchase of a condo, you should be aware of what a condo is and how condo... [read more]

When to Give Notice When Selling a Tenanted House in Ontario

Saturday Apr 28th, 2018

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There seems to be a lot of confusion when it comes to how and when to give a tenant notice to vacate when selling a tenanted home in Ontario. You can only give a tenant notice to vacate (using form N12) when you have a firm agreement of purchase and sale in place with instructions from the purchaser that they (or a family member) will be occupying the home. On the N12 form you choose “Reason #2” which specifies the purchaser will be occupying the home. If the buyer is not... [read more]

When's the Best Time to Sell a Rental Property

Wednesday Apr 25th, 2018

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When is the best time to sell an investment property? Given the strength of the real estate market in the GT, GH and Golden Horseshoe areas, many investors have most likely thought about cashing out of their real estate investment. While the strength of the real estate market is an obvious reason to sell, real estate investors must also consider the situation with the current tenant before listing their investment property for sale. Many landlords don’t understand the legalities... [read more]

Valuing Real Estate on a Busy Street

Tuesday Apr 24th, 2018

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I frequently am asked how much being situated on a busy street effects a property’s value. There is no easy answer to this question. It depends on many factors including how busy the street is and the type of property be evaluated. It also depends on the local real estate market, specifically how much supply is on the market and how much demand is in the market. All things being equal, a house on a neighbourhood through-fare will have a lower value than the same house on a quiet... [read more]

Absorption Rates & Inventory Calculations for Real Estate

Monday Apr 23rd, 2018

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Absorption Rate (AR) and Months-of-Inventory (MOI) are two very common statistics used to explain the general health of a real estate market. AR and MOI are calculated using the same inputs, the number of Active Listings and the Number of Sales. The number of sales is usually calculated as the number of sales in the previous month. For example, if there were 100 active listings in a market and 20 sales last month you would calculate MOI as 100/20 = 5 Months of Inventory. Conversely, the... [read more]

The Difference Between Fixtures & Chattels

Thursday Apr 19th, 2018

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Many home buyers and sellers (and even REALTORS©) get confused about the difference between chattels and fixtures in a real estate purchase. Chattels are personal property and are not included in the sale of the house unless specifically included in the purchase contract. Fixtures are part of the real estate and are included in the sale of the house unless specifically excluded in the purchase contract. Fixtures are typically physically attached to the real estate by means of screws,... [read more]

Challenges That Real Estate Investors Face

Wednesday Apr 18th, 2018

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Investing in rental properties can be very profitable but you have to be prepared to put the work in. Below are some of the challenges that property investors have to deal with on a daily basis. Dealing with Tenants: Perhaps the biggest challenge of being a property investor is that you need to deal with tenants. The more successful you become as an investor, the more tenants you have to deal with. Don’t get me wrong, most tenants are good people and most experienced investors... [read more]

Value Formulas for Real Estate Investors

Wednesday Apr 18th, 2018

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Real estate investors use a variety of calculations that can help them make decisions on potential investments. The most common calculations include Capitalization Rate (Cap Rate), Monthly Rental Factor, Gross Income Multiplier and Cash-on-Cash Returns. Cap Rate  CR = Net Operating Income/Property Value Probably the most widely known. It can be used to find the market value of a property if the market cap rate is known and the property has a solid verifiable income and expense... [read more]

Three Things Home Buyers Should do to Secure Their New Home

Wednesday Apr 18th, 2018

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You’ve purchased and closed your dream home but how do you know that former owners or tenants won’t come walking in unannounced (this actually happened to someone I know). Here are 3 things you everyone should do as soon as they take possession of their new home to help secure it. 1. Either get new locks on all external doors or have them re-keyed. Even if the previous owners have left the country, you never know who they had given a spare key to – a neighbour, cleaner,... [read more]

KITEC Plumbing

Tuesday Apr 17th, 2018

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You may have read about Kitec plumbing systems recently. Kitec is a flexible plumbing system where the pipes are made out of a combination of aluminum and plastic with brass fittings. Kitec was used in Canada from 1995- 2005 for in-floor heating systems, hot-water baseboard heating systems and for drinking/bathing water systems.  In 2005 Kitec was recalled because the pipes and fittings have a tendency to corrode and can fail, which would lead to flooding and the water damage that... [read more]

Shopping for a Real Estate Bargain

Tuesday Apr 17th, 2018

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No matter what they are buying, people love to look for bargains and pay below market price. There’s nothing wrong with that. We all want to try to get a “deal”. But when it comes to shopping for a home, bargain hunting is not always the best way to go.   The real estate markets in the Greater Hamilton Area and Greater Toronto Areas are very competitive. Most homes sell very quickly and many have multiple offers. Your chances of finding a property that is listed and... [read more]

Types of Commercial Leases

Tuesday Apr 17th, 2018

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Many business owners choose to lease space in which to operate their business and it is important to know what type of lease you are signing. The most common commercial lease agreements are "triple net leases” and “gross leases". In a triple net lease the tenant pays rent to the landlord, as well as all taxes, insurance, and maintenance expenses that arise from the use of the rental space.  The tenant would pay a fixed amount of rent each month (called the base... [read more]

When is the Best Time to Sell Your Rental Property?

Monday Dec 11th, 2017

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When is the best time to sell an investment property? Given the price increases over the past couple of years in the GTA real estate market, many investors have most likely thought about cashing out of their real estate investment. While the strength of the real estate market is an obvious reason to sell, real estate investors must also consider the situation with the current tenant before listing their investment property for sale. Many landlords don’t understand the... [read more]

10 things to consider when Buying an Investment Property

Monday Dec 11th, 2017

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Buying a residential investment property is a big decision and should not be done without first doing your homework. Here are 10 important things to consider before you purchase. 1. What Type of Property Do You Want There are many types of properties to invest in including condo apartment units, condo townhouse units, freehold townhouse units, semi-detached homes, single family detached homes as well as multi-family homes such as duplexes and triplexes. A condo apartment unit is probably... [read more]

Why the Latest Change to Rental Controls May Have the Opposite Effect

Monday Dec 11th, 2017

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The Wynne government recently introduced legislation called the Ontario Fair Housing Act to try to control house price increases and rental price increases in the Greater Golden Horseshoe area. Part of the act is to cap rental increases to 2.5% per year. So a landlord will be able to raise the rent of an existing tenant by no more than 2.5% per year. Ontario had rent controls before this but they only applied to properties built before 1991. So technically, a landlord could raise the rent... [read more]

How to Attract and Keep Good Tenants

Monday Dec 11th, 2017

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Probably the main thing that stops potential real estate investors from buying rental properties is the fear of getting a bad tenant. I know there are bad tenants out there but it’s my firm belief (and my experience) that taking some fairly easy and straightforward steps can prevent most cases of bad tenantitis! DRESS YOUR PROPERTY FOR SUCCESS Your property will attract the level of tenant it deserves. If your property is dirty and in a state of disrepair it will attract tenants who... [read more]

Foreclosure v.s. Power of Sale

Tuesday Dec 27th, 2016

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In the unfortunate circumstance that a homeowner is past-due on their monthly mortgage payments, they pave the way for a “foreclosure” on their property. In today’s market, banks and other lenders do not turn to foreclosure to take away the homes of homeowners who are in arrears. Instead, they perform a "Power of Sale" which is wholly different from a Foreclosure. What is a Foreclosure? Foreclosures are laborious, grueling, and costly to both the... [read more]

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