Before you rush out and buy one of those Toronto Condominium Listings you have admired for so long, you should know that not everyone is suited to condominium living.
In order to take part in a condominium lifestyle you agree from the beginning to live by certain rules and regulations stipulated by the condo corporation.
When you make an offer on a Toronto Condo your real estate agent will insert a conditional clause asking for a Status Certificate. The Status Certificate gives you not only a financial picture of the condo corporation but also the rules and regulations.
Delivery of a Status Certificate is a legal requirement in Ontario and you should upon receipt take it to your real estate lawyer for examination.
These rules and regulations will more than likely differ from one Condo Corporation to another but will contain some or all of the following:
1. No changes to interior of the unit without written consent from the management.
2. No satellite dishes or antennae.
3. No BBQs on balconies
4. Enclosure of balconies not allowed.
5. Restriction on colour of window coverings.
6. Restriction on installation of hardwood flooring, particularly in older buildings, newer ones will have sound proofing.
7. Restrictions on parking of recreational and commercial vehicles.
8. Restrictions on commercial uses of individual units.
9. Restrictions on pets or types of pets.
10. Restrictions on plantings or patio usage, particularly townhouses
11. Noise restrictions from musical instruments.
12. Rental restrictions of the unit.
13. Restrictions on usage of elevators for moving and deliveries etc.
14. Restrictions on drying clothes on balconies.
These rules and regulations are not to taken lightly. Ignoring any or all of them repeatedly will probably result in a court order to comply and substantial legal costs which you will be responsible for.
If you are purchasing Toronto Condominium Listings as an investment with the intention of renting out, make sure you insert a clause in the tenants’ lease that states they agree to comply with all the rules and regulations of the Condo Corporation.
If after checking the rules and regulations of the Condo Corporation you are satisfied you can live with all of them, you can settle into your new Toronto Condo and enjoy.
Is it possible for a condominium building to be smoke free in Ontario, Canada?
Yes it is, however I personally do not know of any Toronto Condo buildings or Mississauga Condo buildings that are smoke free.
Smoking is and continues to be a contentious issue.
The issue of second hand smoke infiltrating other units in a Toronto Condo building or a Mississauga Condo building is of concern to many condo buyers in the marketplace.
How Can a Condo Building Become Smoke Free?
For a Toronto Condo building or a Mississauga Condo building to establish no-smoking restrictions in private units they could so in any of the following ways:
•a) The Declaration of the Condo Corporation
•b) The By-Laws of the Condo Corporation
•c) The Rules of the Condo Corporation
Let's examine each one for the possibilities:
•a) The Declaration
This is equivalent to a Condo Corporations constitution and specifies restrictions and or conditions regarding the occupancy and use of the units and common elements as set out in the Ontario Condominium Act 1998.
A change or amendment to the declaration requires that 80% of individual owners vote in favour. This is probably the most permanent as it would require the same 80% vote to reverse it.
•b) The By-Laws
The Board of Directors of a Condo Corporation establishes a set of by-laws to deal with management and corporate governance issues. To be included in the by-laws a no-smoking restriction in individual units would require approval by a majority of condo owners.
c) The Rules
The board of Directors is also allowed through the Ontario Condominium Act 1998 to make rules regarding the use of individual units as well as the common elements.
These rules usually cover the safety and security of the owners and the property of the corporation. They also prevent unreasonable interference with the use and enjoyment of individual units as well as the assets of the Condo Corporation.
Rules made by a Board of Directors become effective 30 days after notifying the unit owners unless owners require a meeting of owners at which they can amend or repeal the new rule.
This is the least likely route to be permanent in the case of no smoking restrictions in individual units.
How do you find out if a Condo Building is Smoke Free?
How do you as a Toronto or Mississauga Condo buyer find out if a building is smoke free?
In Ontario every offer to purchase a condominium requires a clause conditional upon delivery to the buyer of a Status Certificate.
The status Certificate contains the Declaration, the By-Laws and the Rules of the Condo Corporation as well as up-to-date financial documents.
Close examination of these documents by you and your real estate lawyer will reveal whether there are any no-smoking restrictions in place.
To Quote a popular TV ad " It's the most wonderful Time of the Year" for most parents.
Toronto Schools Admission and Registration
Every child living in Toronto can attend a Toronto District School Board school.
You can register anytime during the school year.
You can register directly at your neighbourhood school by bringing the following:
·Proof of age of the child (such as a birth certificate or passport)
·Proof of home address (such as a utility bill showing name and address)
•Proof of custody (where applicable)
Children not born in Canada who are living in Toronto without Canadian immigration status can also attend TDSB schools without payment of admission fees. Any document which verifies the student's legal name, date of birth, home address, custody papers where applicable, and date of entry to Canada ( required for ESL funding purposes), is acceptable for TDSB school registration. A passport ( travel document) may be used to verify the student's name, date of birth and date of entry to Canada, in the absence of an immigration document or birth certificate. Where there is no official document to verify the required information, the TDSB accepts written signed letters of confirmation of the student's information from lawyers, notary publics, medical doctors, or other persons of recognized standing in the Toronto community.
Some schools may require that you schedule an appointment to register.
The Canadian Real Estate Association has reduced its sales forecast again for this year.
459,600 units are estimated to change hands in 2010, a decline of 1.2 per cent.
This is the second time the Canadian Real Estate Association has reduced estimates from an optimistic 13.3% increase over 2009 sales figures.
Weaker sales activity in the Spring home buying season is the reason given for the adjustment to sales forecasts.
Frenzied earlier activity by buyers in the first 5 months of the year in advance of new mortgage regulations and the introduction of Harmonized Sales Tax in two of the major housing markets has led to a significant softening in those markets in recent months.
According to one housing economist resale markets are heading from a sellers’ market to a buyers’ market very quickly.
The Canadian Real Estate Association expects average prices for 2010 to increase 3.5% to $331,600 but to fall by 0.9% to $328,600 in 2011.
The increase in prices this year is attributed to more move-up buyer activity rather than first time buyer activity which means that more expensive homes are being sold this year.
In June there were a total of 8442 property sales, a decline of 23% from the previous June of 2009. New listings increased by 13% over June 2009 while the total number of active listings saw an increase of 28% from June 2009.
With more homes and condos on the market sales have moderated and buyers now have more to choose from.
Buyers in particular will be happy to know that multiple offer situations have all but disappeared from the market.
Below are the sales and average prices for Toronto Condominium Listings for June 2010
First time home buyers are allowed to purchase a home with as little as 5% down payment. The mortgage has to be insured against default by either CMHC or Genworth Financial. They both have income and debt requirements you will need to satisfy. The cost of the insurance is added to the mortgage and paid for along with it. A conventional mortgage is also available, where no insurance is required with a 20% down payment.
RRSP Home Buyers Plan
provided you have the funds in your RRSP you are allowed to borrow up to $25,000 from the fund to help in the purchase of your first home. There is no tax penalty for the withdrawal but the loan does have to be repaid to your RRSP over a period of 15 years.In any year the loan is not repaid that amount becomes taxable. Any money withdrawn has to have been in your RRSP for a minimum of 90 days before it can be used without attracting any tax. Some forward planning on your part could help you save money on your taxes and use the funds towards your first home purchase.
GST Rebates
Resale homes are not subject to GST in Ontario. A new housing GST rebate is available to anyone purchasing a new home or new condominium in Ontario. The rebate is usually assigned to the builder by the buyer at the time of purchase and the builder subsequently sells the property GST included. The rebates are 36% of the original 5% GST on homes priced up to $450,000 before GST. Homes priced above $450,000 are not eligible for the rebate. The rebate is only available for new homes and condos to be used as a principal residence.
This Mississauga townhouse is nestled in a park like setting in family friendly Meadowvale. End unit with 3 bedrooms, updated kitchen with an eat-in area new bathrooms in 2007, fireplace in living room, walk-out to a sunfilled patio off the living room, private drive with built-in single car garage.
Close to shopping at Meadowvale Town centre, Go station, highways 401,403 and 407 as well as good schools are close by.
First time Toronto Condominium buyers are allowed to purchase a home with as little as 5% down payment. The mortgage has to be insured against default by either CMHC or Genworth Financial. They both have income and debt requirements you will need to satisfy. The cost of the insurance is added to the mortgage and paid for in your regular monthly payment. A conventional mortgage is also available, where no insurance is required with a 20% down payment.
RRSP Home Buyers Plan
Provided you have the funds in your RRSP you are allowed to borrow up to $25,000 from the fund to help in the purchase of your first home. There is no tax penalty for the withdrawal but the loan does have to be repaid to your RRSP over a period of 15 years.In any year the loan is not repaid that amount becomes taxable. Any money withdrawn has to have been in your RRSP for a minimum of 90 days before it can be used without attracting any tax. Some forward planning on your part could help you save money on your taxes and use the funds towards your first home purchase.
GST Rebates
Resale homes are not subject to GST in Ontario. A new housing GST rebate is available to anyone purchasing a new Toronto home or new Toronto condominium in Ontario. The rebate is usually assigned to the builder by the buyer at the time of purchase and the builder subsequently sells the property GST included. The rebates are 36% of the original 5% GST on homes priced up to $450,000 before GST. Homes priced above $450,000 are not eligible for the rebate. The rebate is only available for new homes and condos to be used as a principal residence.
Harmonized Sales Tax
Under the new Ontario Harmonized Sales Tax, new homes sold at less than $400,000 will qualify for a 6% tax rebate.
Land Transfer Tax
Land Transfer Tax is a tax set up by the Provincial Government of Ontario and is paid by the buyer in every real estate transaction in Ontario. This would ordinarily be your largest expense in a home purchase, however as a first time Toronto condominium buyer you will be eligible for a rebate of up to $2000.00, an amount payable on a purchase price of $227,500.00. Any amount above this would be subject to the tax according to the rates as follows :
up to $55,000 X 0.5% $55,000 to $250,000 X 1% $250,000 to $400,000 X 1.5% $400,000 and up 2%
City of Toronto Land Transfer Tax
This is an additional tax levied by the City of Toronto. As a first time Toronto condominium buyer you are exempt from this tax up to a purchase price of $400,000. Above that or as a second time home buyer or more you will be subject to the tax at the following rates :
up to $55,000 X 0.5% $55,000 to $250,000 X 1% $250,000 to $400,000 X 1.5% $400,000 and up X 2%
Toronto condominium corporations representing about 75,000 owners and residents decided to opt out of the city run recycling program over the last 2 years.
Why?
"The waste rate program was unfair, punitive and un-transparent" a spokesman for the greater Toronto Apartments Association told a recent public works committee meeting.
A confusing and punishing rate system has resulted in roughly 375 of the 5000 multi-unit buildings deciding to leave the city system in favour of private removal providers.
The public works committee voted to recommend that council approve a new flat fee system in order to halt the defections and possibly recapture some or all of the Toronto condominium corporations that have left the program.
The new fee system would be similar to one offered by private removal providers.
If the new system is similar or the same as private removal providers, why would Toronto condominium corporations go through the hassle of switching suppliers with no cost benefit to them?
