Mandatory Home Energy Audit?

Did you ever wonder how energy efficient your home is? Well you may be required to find out. If the provincial government passes the Green Energy Act, Ontario residents will have to add another task to their to-do list before they can sell or lease out their home.

Bill 150, the Green Energy Act would force home owners to provide information on how energy efficient their home is before selling or leasing the property. A home energy audit assess how much energy your home uses and if and how you can improve efficiency and lower your utility bills. Methods on how this audit will be conducted and determined will be established by the provincial government. This legislation has not yet been passed.

For many, many years, Ontario real estate association and other organizations have been encouraging the government to offer incentives to home owners to voluntarily make their homes more energy efficient. Now that this bill has been proposed the Ontario Real Estate association is concerned. They are hoping the Green Energy Act audit will be voluntary (with incentives) and NOT mandatory in a real estate transaction as the bill proposes.

This bill excludes Commercial and Industrial properties.

Tips for Selling Your Condo

The current real estate market condition in Toronto, Canada, is proving to be a challenging time for sellers. With a hot real estate market only a few short months ago where homes and condos sat on the market for only a few days before selling, times have definitely changed. For example, homes were sitting on the market for an average of 26 days (DOM) in Feb, 2008 according to the Toronto Real Estate Board and homes now sit for an average of 43 days.

This is why it’s more important than ever to put the extra effort in when selling your condo. Here are a few tips when selling your condo in Toronto:

1. If the unit is vacant, staging can have a positive effect as it can help potential purchases visualize how space can be utilized.

2. If the unit is occupied it is extremely important to keep the space tidy. Surfaces should be clear, washrooms should be clean and dishes should not be in the sink.

3. It is to the sellers benefit to remove any paintings or objects with religious meaning. A simple religious object can limit potential buyers.

4. Be flexible with showings. If people can't get into see your unit, how can you expect it to sell?

5. If you are home when a showing is booked, step out of your home. Potential buyers will feel like they can't talk freely with their agent and will feel pressure to look quickly. You want showings to be a pleasant and comfortable experience.

6. Restrain pets. Even though Snoopy may be really friendly, a lot of people are scared of dogs. A few little changes can make a huge difference when it comes to selling your condo unit. A little more effort can set you apart from your competition during these market conditions.

If you are interesting in selling your unit or knowing what it is worth, please contact us.

Pet Friendly Condos: What you need to know about moving with your pet

One of the things that people overlook when purchasing a condo in Toronto is whether their beloved pet will be allowed to accompany them to their new home. With more and more people choosing the condo lifestyle in Toronto, it can sometimes be very difficult to find a building that will accommodate your pet which in turn makes your condo search a more challenging and more frustrating task.

Many buyers are under the impression that condo policies on pets can be taken lightly because after all you do own the unit, why shouldn’t you be allowed to bring your pet? Unless you want a lawsuit on your hands, abide by the condo corporations rules. To date, there have been many legal battles concerning the pets in condos; therefore it is best to do your research and due diligence prior to purchasing a condo in Toronto if you plan on moving with your pet.

Many condo buildings have rules and regulations that do not allow pets at all or have put restrictions on the size of your pet. Here’s what you can do to ensure you pet can move along with you:

Ask your real estate sales representative to only show you units where pets are permitted. Once you’ve chosen the condo you would like to reside in and you’ve decided to put in an offer, make sure that your real estate sales representative makes the offer conditional on your lawyer’s review of the status certificate. A portion of this document deals specifically with the pet rules and regulations in the condo building, outlining the number, size and type of pets. Even if pets are permitted, any animal that is considered to be a nuisance or dangerous to the health, safety or welfare of the community is prohibited.

If you are interested in knowing which condo buildings in Toronto are pet friendly or if you have a particular building in mind but are not sure about whether your pet is permitted, please feel free to contact us and we will let you know!

Goodbye to Toronto Land Transfer Tax?

With the slow down in the economy and the constant implementation of taxes by the government, the real estate industry is starting to suffer. With the City of Toronto scheduled to vote on the City's proposed Budget on March 31, 2009, 65% of Torontonians believe that the new Toronto Land Transfer Tax should be reversed.[i]

With the recent effectuating of Dalton McGuity's new Harmonized Sales Tax, the entire cost of purchasing real estate in Toronto is putting a bad taste in the mouths of Torontonians. This in return has had a negative impact on Toronto's real estate market as housing sales have dropped by 16% and values by 1.5% in 2008 alone.[ii] This statistic is directly related to the new Toronto Land Transfer Tax and does not take into consideration the impact that the new HST tax will have.

Torontonians are finally beginning to speak their concerns and express that this new Land Transfer Tax has definitely had a negative impact on our economy. It has been suggested that the most effective action for the City to help with our economic situation is to essentially roll back the Toronto Land Transfer Tax. Not only would this reversal impact people's decisions in a positive way while deciding whether to purchase a home or not, but it will also positively effect the real estate industry. With over 28,000 sales representatives in the City of Toronto, Realtors will also see the positive results of the elimination of this tax with more people willing to purchase real estate.

Another statistic conducted by the Canadian Real Estate Association demonstrated that one out of every 100 jobs is related to the spending associated with re-sale housing sales.[iii] This translates into approximately 14,000 jobs in the City of Toronto that depend on re-sale housing transactions. [iv] With the considerable amount of people whose livelihood is directly impacted negatively by the taxes related to real estate purchases implemented by both Dalton McGuinty and David Miller, it is with extreme optimism that Toronto City council will take into consideration the positive impact that the elimination of Toronto's Land Transfer tax would have on Toronto's economy as a whole.

[i] TREB – Torontonians want Toronto Land Transfer Tax Repealed:Poll, Toronto, March 30th, 2009.

[ii] Ibid.
[iii] Ibid.
[iv] Ibid.

How will the new Hamonized Sales tax (HST) affect your next real estate purchase?

The question on everyone's mind is how the new harmonized sales tax implemented by Dalton McGuinty will affect your new home purchase. The feeling is quite similar as to when the government implemented the new land transfer tax last year. Everyone was rushing to purchase as quickly as they could to avoid the new tax. A similar situation has been created, however introducing this new provincial plan at a time when the economy is suffering does not make things easier for home buyers. For example to purchase a $500,000 home after July 1st 2010 could end up costing you an additional $40,000 dollars.

Other items that you will notice that will increase in price are newspapers, internet services, airplane fares, and construction costs. When construction costs increase, so will the price of new homes and condos in the City of Toronto. As of now there are only two options in order to avoid this tax in the City of Toronto if you are purchasing pre -construction real estate.

They are as follows:

1. Purchase a condo or new home under $400,000 as units at this price range are exempted from the tax.

2. Purchase a condo or new home before July 1, 2010 in order to avoid the tax.

Another way to avoid this hefty tax is to look at purchasing a resale home or condo. Even though the purchase price is not directly affected by the new tax, buyers and sellers of resale homes will hurt as the harmonized tax would apply to many services that are currently exempt from PST. Such services include legal fees, real estate agent commission, renovation services, land survey reports, home inspections, landscaping and house cleaning services. Also affected would be the cost of labour for installations or repairs, additions, renovations, driveways, roads, fences, swimming pools and patios.

Toronto home buyers have still not recovered from last years imposition of the new City of Toronto land transfer tax. In a market where the volume of home sales has dropped and house prices have softened considerably, the last thing Ontario needs is a new 8 per cent tax on legal fees, agent commission and other costs related to the purchase and sale of new and resale homes. All these costs whether it is a new home purchase or a resale purchase, has made purchasing a very expensive venture.

Toronto Real Estate: A Buyers Market

In today’s economy, owning a home in Toronto has become a more affordable option than ever before. With low interest rates and declining prices, it’s a good time to buy Real Estate in Toronto.

Interest rates are at an all time low – the lowest they’ve been in the past 10 years and they are expected to remain low for the next year or so (and then increase by 2 or 3 %[1]). Although the current rates make home ownership a more attractive option than renting, with the bank putting tighter restraints on lending, having the ability to take advantage of these low interest rates can be a challenge. If you are a buyer with secure employment and a decent down payment, home ownership may be a viable and affordable option if you can prove to your lender you can truly afford the financial obligation.

In addition to the unbelievable interest rates, real estate is also now much more affordable than in the past couple of years. The average price of real estate in central Toronto has decreased by about 10% over the past year alone. In Feb ‘08, the average price was $522,480 and in Feb ‘09 the average was $473,991. This market change now represents a great opportunity for buyers, especially those who couldn’t afford home ownership over the past couple of years.

If you are a first time home buyer, there are a few government incentive programs that can help out with the finances. Programs such as the RRSP Home buyers Plan and the first time buyers land transfer tax rebate can offer a bit of a helping hand when it comes to down payment and costs.

At the top of the market in 2007, it was not unusual to see properties sell the day they were put on the market or to see multiple offers on one property. Today we are seeing much less of this. For the first time in years we are now seeing a buyers market (Too much inventory giving buyers the upper hand). With a buyers market, homes sit on the market for a longer period of time causing prices to fall. With the average days on market in Feb ’09 in central Toronto being 43 days[2], buyers now actually have a chance to comparison shop and truly think through their purchase. It’s a buyers market so buyers get out there and take advantage of this market.

If you are interested in buying or selling Real estate in Toronto or the GTA please contact us.

[1] Economist forecast interest rates will remain lower at least for the coming year. March 30, 2009, The National Post, SR2
[2] Market Watch, February 2009, Toronto Real Estate Board

Party Room

In order to book the party room at the Icon condo, you must first talk to the concierge about availability. Once you have booked the date, you must give a $80.00 rental fee and an additional $25.00 an hour for the security guards. For more information, you can contact the concierge at (416) 596-1900.

The Icon Condo Units for Sale

2 STOREY, 2 BEDROOM + DEN UNIT FOR SALE - $599,990
FEATURE SHEET

- 2 Bedrooms each with Ensuite bathroom
- 1 Powder room
- Designer Reno of 2 Storey Sub Penthouse Loft with 2 balconies.
- Custom & Upgraded finishes : granite, porcelain tiling, faucets.
- Built in home theatre
- 3" Maple Hardwood Floors
- 1 Underground parking spot
- South view

If you are interested in a private viewing or have questions please contact us.

If you are an agent & would like to add you listing, contact us.