Sunday, March 27, 2011
Toronto's Front Yard Parking Issues & License's 2011
Toronto Real Estate : Parking red tape should be streamlined
Bill Johnston - President of the Toronto real Estate Board
If you are a regular reader, you will remember I recently wrote about the City of Toronto’s decision to clarify its rules to ensure that residents could continue to park their cars on their driveways. As I mentioned then, adequate parking, or the lack of it, can be a deal maker or a deal breaker in a real estate transaction. So, I want to spend some more time on this issue. However, this time my focus is on the city’s rules for front-yard and/or boulevard parking.
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 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.
The city’s process to obtain a permit is not simple. It creates significant red tape for homeowners and requires the payment of various permit fees. Nevertheless, although that is an important consideration, my main focus with this issue is how the city handles front yard parking spots that have already been approved when a property is sold.
While city rules do allow the licence for an existing front-yard parking spot to be transferred to a new home owner, they also require that the new owner complete an application and pay a fee of $115.10 to have the licence transferred. According to city staff, it may also be necessary to have the parking spot inspected before the licence can be transferred.
Nobody appreciates surprises during the home-buying process, which is why I’m zeroing in on this aspect of this issue. Realtors believe that any government rules that add red tape to the home-buying process should be streamlined to help ensure smooth and efficient transactions. With regard to Toronto’s front yard licence transfer process, where a parking spot has been approved and conforms to the terms of the approval, the licence transfer should be quick, certain, and costs, if any, should be minimal.
Realtors make it a priority to work with all levels of government to reduce the red tape. In this regard, we plan to communicate our concerns about Toronto’s front-yard parking rules to the city, and I look forward to updating you on this.
For more information, go to www.Petertarshis Twitter @PeterTarshis, on Facebook Peter Tarshis Toronto Realtor .
Bill Johnston - President of the Toronto real Estate Board
If you are a regular reader, you will remember I recently wrote about the City of Toronto’s decision to clarify its rules to ensure that residents could continue to park their cars on their driveways. As I mentioned then, adequate parking, or the lack of it, can be a deal maker or a deal breaker in a real estate transaction. So, I want to spend some more time on this issue. However, this time my focus is on the city’s rules for front-yard and/or boulevard parking.
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 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.
The city’s process to obtain a permit is not simple. It creates significant red tape for homeowners and requires the payment of various permit fees. Nevertheless, although that is an important consideration, my main focus with this issue is how the city handles front yard parking spots that have already been approved when a property is sold.
While city rules do allow the licence for an existing front-yard parking spot to be transferred to a new home owner, they also require that the new owner complete an application and pay a fee of $115.10 to have the licence transferred. According to city staff, it may also be necessary to have the parking spot inspected before the licence can be transferred.
Nobody appreciates surprises during the home-buying process, which is why I’m zeroing in on this aspect of this issue. Realtors believe that any government rules that add red tape to the home-buying process should be streamlined to help ensure smooth and efficient transactions. With regard to Toronto’s front yard licence transfer process, where a parking spot has been approved and conforms to the terms of the approval, the licence transfer should be quick, certain, and costs, if any, should be minimal.
Realtors make it a priority to work with all levels of government to reduce the red tape. In this regard, we plan to communicate our concerns about Toronto’s front-yard parking rules to the city, and I look forward to updating you on this.
For more information, go to www.Petertarshis Twitter @PeterTarshis, on Facebook Peter Tarshis Toronto Realtor .
Wednesday, March 23, 2011
Condo-mania in the Toronto Real Estate Market - 2011
Condo sales in Toronto reached an all-time high for the month of February this year, shattering the previous record by a margin of 26 per cent.
Typically known for being a slow month for real estate, an impressive 2,202 new condos were sold around the GTA. This is the first time sales in February have exceeded the 2,000... mark.
The Building Industry and Land Development Association said the number of condos sold, marked a 36 per cent, increase from last year.
The previous record was set back in 2002, long before the infamous housing bust of 2008.
February numbers showed the second lowest number of low-rise homes sold in history, partly due to a price increase thanks to a shortage of available housing.
Typically known for being a slow month for real estate, an impressive 2,202 new condos were sold around the GTA. This is the first time sales in February have exceeded the 2,000... mark.
The Building Industry and Land Development Association said the number of condos sold, marked a 36 per cent, increase from last year.
The previous record was set back in 2002, long before the infamous housing bust of 2008.
February numbers showed the second lowest number of low-rise homes sold in history, partly due to a price increase thanks to a shortage of available housing.
Thursday, March 10, 2011
Finding a Condo Investment Unit (Part 1)
If you’re an investor looking for a condo unit, you’ve probably noticed a breadth of (sometimes confusing) options offered, in just about every corner of the city. These days, it seems that no matter where you turn, condos are aplenty!
The Mercer, X Condos, Majestic Court, Waterclub, Emerald Park, Harbour Square, Eve, Uptown Markham, Ventus at Metrogate are just a few of the new condo's available in Toronto. Look around downtown - east - west - all you see are cranes !
With so many different choices – from buildings that are older, newer and soon-to-come, to high-rises, low-rises and everything in between – it begs the question: where does one begin in the painstaking quest to find an investment unit that best suits their needs?
Like anything else, there are many different schools of thought on this matter and if you speak to 100 different people, you’re likely to hear just as many different opinions.
We’ve spoken with a handful of seasoned investors and trusted real estate professionals, and while opinions differed amongst them, we’ve done our best to highlight their most critical ideas.
If there’s one thing that’s clear, it’s that there is no “right” answer to the great investment debate. Every investor is different, and as such, you’ll have to do your homework and figure out what works best for your personal circumstances and style.
While there are many factors to think about, for most, the major considerations will be investment type and budget, followed by location, size, and other issues.
This post is part of three-part series in which we’ll touch upon all of these issues. Today we begin with the first, and arguably the most important, two: investment type and budget.
Investment Type (Age)
There are several categories of investments that you can consider. These are:
Pre-construction / blueprint;
New condo (pre-registration);
Completed condo.
Pre-construction condos
A popular choice to-date has been purchasing a condo pre-construction or blueprint. History suggests that this is typically where you’ll find the best pricing, often purchased through a realtor with access to the sales centre (e.g. VIP sales event) prior to its public opening.
The advantages to buying pre-construction includes not only the lowest prices, but also the widest selection of suites, the opportunity to purchase something never-before-lived in and a longer period of time to save up your down payment (over the course of the builder’s deposit schedule).
Having said that, pre-construction units are not for everyone. There’s an element of risk involved with buying blueprint (e.g. project cancellation or changes). And depending on your outlook on the condo market, there may be more hesitation to commit at today's pricing than in years prior. For inexperienced buyers, the prospect of purchasing from a blueprint, without a physical space to see, touch and feel, can also be challenging.
Hints & Tips: Look for a condo expert with early access to projects to take advantage of the often lower pricing and wider selection of suites.
New condos (pre-registration)
This option refers to condos purchased from the time construction has begun up until the building has been registered (when title is transferred from the developer to each of the individual owners). Prices are typically higher during this period than in the pre-construction phase, and generally see a steady increase until registration.
The advantages and disadvantages to buying a new condo (pre-registration) are similar to those for pre-construction; although there’s often a narrower selection of available suites and higher price per square foot.
Other than buying from the builder, pre-registration units can sometimes be purchased from other buyers by way of assignment. Some of the experts we spoke with observed that once a building is near completion (or is under occupancy, not yet registered), there’s often a premium when purchasing through the builder when compared with buying units within the same building on assignment. However, assignment purchases have their own set of benefits and risks and should be discussed with an experienced professional.
Hints & Tips: When negotiating prices via assignment, remember that the seller will be saving on closing costs (such as land transfer tax).
Completed condos
Then, there’s the option to purchase a condo that’s already completed. Completed condos range widely in age, with some buildings in the GTA dating back to 1970s.
Within this category, there are also several options. You may decide to purchase an investment unit that’s already tenanted. The advantage of this is a turnkey operation; however, the risk involved in assuming an existing tenant is that you also assume any existing issues (e.g. late payments, etc.) that may be associated with that particular individual.
If you’re a little more hands-on, another option is to purchase a vacant unit. If the condo is in need of repair or update, this would give you an opportunity to complete any necessary renovations in order to make the unit more rentable. For investors who prefer to find and qualify tenants on their own, this could be an ideal scenario; however, there will of course be a period of vacancy that you’re willing to accept while renovating and/or searching for that perfect tenant.
The benefits to purchasing a completed condo include the ability to see the physical space that you’re buying into and garner some insight into how well the building is being maintained. If the building is a little older, you’ll also gain a better sense of how much the maintenance fees have been. It’s pretty much “what-you-see-is-what-you-get”. Our experts have suggested that the average price per square foot on completed units tends to be lower when compared with new projects within the same neighbourhood, so there may also be a price advantage associated with completed condos. In addition, buying a completed condo also allows you to receive some monthly cash flow from the investment almost immediately.
On the other hand, having to cough up the full down payment for your condo within a short span of time (typical resale closings occur within 30-90 days from the date of purchase) can be daunting for many investors. Maintenance fees in older buildings can also be higher given natural wear-and-tear, and you’ll want to be wary of any potential issues pending for the condo such as major repairs, structural issues and lawsuits that can heavily impact your carrying costs. Finally, if the completed condo isn’t new but located in an area where there are many new buildings cropping up, it may be more difficult to rent as many tenants prefer a never-before-lived-in space where available.
Hints & Tips: Maintenance fees not only contribute to your monthly carrying costs, but will also have an impact on the future resale value of your property. To minimize any unpleasant surprises, ask your lawyer to review the condo’s status certificate which will paint a formal picture of the of the condo corporation’s current financial and structural health.
Still trying to decide? While there’s a definite premium on rent rates for newly constructed condo units, some of our experts have suggested that in today’s market, such a premium doesn’t necessarily balance out the premiums paid on price. This likely varies within each local market, so it’s definitely worth comparing the numbers to see for yourself what makes the most sense. Whether you decide to purchase new or old will depend on your investment and management style (of the property and tenants), personal preferences and of course, budget.
Budget
Needless to say, your decision to purchase an investment unit will be defined and limited by your available budget. In addition to looking at the monthly cash flow impact of any condo investment, you should also consider:
Financing pre-approval
All of the experts we spoke with were unanimous in their opinions that any condo investor should obtain a mortgage pre-approval prior to beginning their search in order to know with certainty what they can afford. Contrary to popular belief, the mortgage pre-approval is a typical requirement even when purchasing a unit directly from the developer, so this recommendation applies regardless of whether you decide to head down the pre-construction, new build or completed condo route.
Mortgage rules
To begin, it’s important to keep in mind the recent mortgage rule changes which will directly impact your decision to purchase an investment property. As of April 2010, non-owner-occupied units purchased for speculation in Canada require a minimum 20% down payment in order to qualify for a mortgage. And on March 18, 2011, a few more changes will come into effect. For further information on the upcoming mortgage rule changes, please click here.
Hints & Tips: Getting a mortgage pre-approval as suggested above will help you narrow down the impact of these changes.
While important, remember that the two factors discussed here – investment type and budget – are only part of the equation in determining which condo investment property is right for you. Tune in tomorrow for Part 2 of this series in which we’ll discuss some other important factors – location and size – to consider in purchasing a condo investment property.
The Mercer, X Condos, Majestic Court, Waterclub, Emerald Park, Harbour Square, Eve, Uptown Markham, Ventus at Metrogate are just a few of the new condo's available in Toronto. Look around downtown - east - west - all you see are cranes !
With so many different choices – from buildings that are older, newer and soon-to-come, to high-rises, low-rises and everything in between – it begs the question: where does one begin in the painstaking quest to find an investment unit that best suits their needs?
Like anything else, there are many different schools of thought on this matter and if you speak to 100 different people, you’re likely to hear just as many different opinions.
We’ve spoken with a handful of seasoned investors and trusted real estate professionals, and while opinions differed amongst them, we’ve done our best to highlight their most critical ideas.
If there’s one thing that’s clear, it’s that there is no “right” answer to the great investment debate. Every investor is different, and as such, you’ll have to do your homework and figure out what works best for your personal circumstances and style.
While there are many factors to think about, for most, the major considerations will be investment type and budget, followed by location, size, and other issues.
This post is part of three-part series in which we’ll touch upon all of these issues. Today we begin with the first, and arguably the most important, two: investment type and budget.
Investment Type (Age)
There are several categories of investments that you can consider. These are:
Pre-construction / blueprint;
New condo (pre-registration);
Completed condo.
Pre-construction condos
A popular choice to-date has been purchasing a condo pre-construction or blueprint. History suggests that this is typically where you’ll find the best pricing, often purchased through a realtor with access to the sales centre (e.g. VIP sales event) prior to its public opening.
The advantages to buying pre-construction includes not only the lowest prices, but also the widest selection of suites, the opportunity to purchase something never-before-lived in and a longer period of time to save up your down payment (over the course of the builder’s deposit schedule).
Having said that, pre-construction units are not for everyone. There’s an element of risk involved with buying blueprint (e.g. project cancellation or changes). And depending on your outlook on the condo market, there may be more hesitation to commit at today's pricing than in years prior. For inexperienced buyers, the prospect of purchasing from a blueprint, without a physical space to see, touch and feel, can also be challenging.
Hints & Tips: Look for a condo expert with early access to projects to take advantage of the often lower pricing and wider selection of suites.
New condos (pre-registration)
This option refers to condos purchased from the time construction has begun up until the building has been registered (when title is transferred from the developer to each of the individual owners). Prices are typically higher during this period than in the pre-construction phase, and generally see a steady increase until registration.
The advantages and disadvantages to buying a new condo (pre-registration) are similar to those for pre-construction; although there’s often a narrower selection of available suites and higher price per square foot.
Other than buying from the builder, pre-registration units can sometimes be purchased from other buyers by way of assignment. Some of the experts we spoke with observed that once a building is near completion (or is under occupancy, not yet registered), there’s often a premium when purchasing through the builder when compared with buying units within the same building on assignment. However, assignment purchases have their own set of benefits and risks and should be discussed with an experienced professional.
Hints & Tips: When negotiating prices via assignment, remember that the seller will be saving on closing costs (such as land transfer tax).
Completed condos
Then, there’s the option to purchase a condo that’s already completed. Completed condos range widely in age, with some buildings in the GTA dating back to 1970s.
Within this category, there are also several options. You may decide to purchase an investment unit that’s already tenanted. The advantage of this is a turnkey operation; however, the risk involved in assuming an existing tenant is that you also assume any existing issues (e.g. late payments, etc.) that may be associated with that particular individual.
If you’re a little more hands-on, another option is to purchase a vacant unit. If the condo is in need of repair or update, this would give you an opportunity to complete any necessary renovations in order to make the unit more rentable. For investors who prefer to find and qualify tenants on their own, this could be an ideal scenario; however, there will of course be a period of vacancy that you’re willing to accept while renovating and/or searching for that perfect tenant.
The benefits to purchasing a completed condo include the ability to see the physical space that you’re buying into and garner some insight into how well the building is being maintained. If the building is a little older, you’ll also gain a better sense of how much the maintenance fees have been. It’s pretty much “what-you-see-is-what-you-get”. Our experts have suggested that the average price per square foot on completed units tends to be lower when compared with new projects within the same neighbourhood, so there may also be a price advantage associated with completed condos. In addition, buying a completed condo also allows you to receive some monthly cash flow from the investment almost immediately.
On the other hand, having to cough up the full down payment for your condo within a short span of time (typical resale closings occur within 30-90 days from the date of purchase) can be daunting for many investors. Maintenance fees in older buildings can also be higher given natural wear-and-tear, and you’ll want to be wary of any potential issues pending for the condo such as major repairs, structural issues and lawsuits that can heavily impact your carrying costs. Finally, if the completed condo isn’t new but located in an area where there are many new buildings cropping up, it may be more difficult to rent as many tenants prefer a never-before-lived-in space where available.
Hints & Tips: Maintenance fees not only contribute to your monthly carrying costs, but will also have an impact on the future resale value of your property. To minimize any unpleasant surprises, ask your lawyer to review the condo’s status certificate which will paint a formal picture of the of the condo corporation’s current financial and structural health.
Still trying to decide? While there’s a definite premium on rent rates for newly constructed condo units, some of our experts have suggested that in today’s market, such a premium doesn’t necessarily balance out the premiums paid on price. This likely varies within each local market, so it’s definitely worth comparing the numbers to see for yourself what makes the most sense. Whether you decide to purchase new or old will depend on your investment and management style (of the property and tenants), personal preferences and of course, budget.
Budget
Needless to say, your decision to purchase an investment unit will be defined and limited by your available budget. In addition to looking at the monthly cash flow impact of any condo investment, you should also consider:
Financing pre-approval
All of the experts we spoke with were unanimous in their opinions that any condo investor should obtain a mortgage pre-approval prior to beginning their search in order to know with certainty what they can afford. Contrary to popular belief, the mortgage pre-approval is a typical requirement even when purchasing a unit directly from the developer, so this recommendation applies regardless of whether you decide to head down the pre-construction, new build or completed condo route.
Mortgage rules
To begin, it’s important to keep in mind the recent mortgage rule changes which will directly impact your decision to purchase an investment property. As of April 2010, non-owner-occupied units purchased for speculation in Canada require a minimum 20% down payment in order to qualify for a mortgage. And on March 18, 2011, a few more changes will come into effect. For further information on the upcoming mortgage rule changes, please click here.
Hints & Tips: Getting a mortgage pre-approval as suggested above will help you narrow down the impact of these changes.
While important, remember that the two factors discussed here – investment type and budget – are only part of the equation in determining which condo investment property is right for you. Tune in tomorrow for Part 2 of this series in which we’ll discuss some other important factors – location and size – to consider in purchasing a condo investment property.
Wednesday, March 9, 2011
FOR PEOPLE GETTING INTO THE TORONTO INCOME PROPERTY MARKET:
If you are a first time buyer of a duplex, triplex or multi-unit apartment building in the GTA here are a few steps that you ought to follow to ensure your chances for success:
i. Define Your Investment Goals
Each time you review a listing or visit a property you should ask yourself would this property meet my fiscal objectives? Some of the specific factors that you should consider are: suitability of neighbourhood for renters, the current vacancy rate, economic conditions and your own propensity to stick it out with the property long-term.
ii. Identify Your Needs & Desires
Determine what you'd like to have versus what you must have. These include obvious items like location, type of investment property and whether you have a penchant for doing renovations if necessary.
iii. Know Your Financial Readiness
The financial questions that you have to ask yourself before you get started include:
How much money can you afford to put towards a deposit on your income property?
How much of a debt obligation you are prepared to undertake? What is the maximum that you will be able to borrow?
What is your net monthly payment comfort level? Set a maximum dollar amount and do not exceed this threshold when searching for properties
iv. Establish a Relationship with a Lender
This is very important because there a myriad of financial products on the market today. The mortgage business has become one of Canada's fastest growing segments. You can get no money down options, 40 year amortizations and there are specific programs for self-employed people that don't show a lot income on their tax returns. I often say that how we finance a purchase is just as important as how much we pay for the property.
v. Develop a Purchase Strategy
There are many ways to proceed here. I obviously recommend using a realtor like myself for getting into income properties. My knowledge comes from countless hours in the field looking at rental properties, which I think is the best way to truly gain a proper understanding of the market. Once you have found a qualified agent to assist you, then it is important to develop a strong plan of attack. Start by having your agent search your local real estate board's listings as often as possible. There are many different ways in which income properties are listed on the Multiple Listing Service (MLS) so ensure that your agent is are being thorough in conducting searches. Look for listings with multiple kitchens and bathrooms and always check both residential and commercial listings. Challenge your agent to determine an innovative campaign to find you the right income property. If you don't find what you are looking for you may ask them to call income property owners of certain target buildings in your area - you never know when an owner may be thinking of selling. In addition, you may want to place classified ads outlining your specific investment criteria.
FOR LANDLORDS:
Once you have purchased a property and have gotten it all rented out, here a few pointers that may help your continued success with your venture.
i. State of the premises:
This may sound obvious, but under no circumstances should you let your property fall into a state of disrepair. If your tenants are paying each month, on time, then you have an obligation to keep everything in good working order. If something breaks down, fix it. Also, please try and keep up on maintenance items. Make sure the snow gets shoveled, the eaves get cleaned, the grass gets cut, etc. A tidy property is better all around for both you and your tenants.
ii. Rent Increases & the Residential Tenancies Act
You are allowed to raise your tenants rent only 0.7% for the year 2011. Keep up on your allowable limit and try and stay familiar with you rights and obligations under the tenancies Act. If are unfamiliar with this, please take a look at:
http://www.ontariotenants.ca/law/act.phtml
iii. Fire Issues
As a landlord you are obligated to ensure that your rental property meets fire code guidelines. The best way to ensure that your building is compliant is to hire a retrofit consultant who will give you a laundry list of all the things that need to be done.
I recommend Paul Schuster at www.pcfirecode.com.
iv. Eliminating Expenses
Sometimes you are limited on how much rent you can get away with, so the best way to improve your profitability is to cut on expenses. Things like separate hydro meters help but ensuring that your building isn't wasting energy can go a long way to saving you money in the long term.
--
"HELPING YOU IS WHAT I DO"
I Believe in building relationships.
I am here to meet your needs
- to Serve & Protect - Your Investment.
As a Real Estate Consultant I am dedicated to the Real Estate Investor & Home Owner
- who is willing to work for one of the most precious things in the World
- Freedom.
Peter Tarshis
Royal LePage Real Estate
55 St. Clair Ave. West
Toronto, M4V 2Y7
416.921.1112 x 574 office/pager
416.921.7424 fax
1.800.622.9536 toll-free
416.705.1181 cell/text
See Peter on:
www.PeterTarshis.com
http://petertarshistorontorealtor.blogspot.com/
http://twitter.com/PeterTarshis
www.rlptv.com
www.Linkedin.com
www.torontorealestateboard.com
http://activerain.com/blogs/petertarshistorontorealtor
A referral is a big responsibility...it is also the biggest compliment a client can give me and is never to be taken lightly. I pledge to treat everyone that is referred to me with the utmost level of respect and professionalism.
Thank You for Your Trust.
.
i. Define Your Investment Goals
Each time you review a listing or visit a property you should ask yourself would this property meet my fiscal objectives? Some of the specific factors that you should consider are: suitability of neighbourhood for renters, the current vacancy rate, economic conditions and your own propensity to stick it out with the property long-term.
ii. Identify Your Needs & Desires
Determine what you'd like to have versus what you must have. These include obvious items like location, type of investment property and whether you have a penchant for doing renovations if necessary.
iii. Know Your Financial Readiness
The financial questions that you have to ask yourself before you get started include:
How much money can you afford to put towards a deposit on your income property?
How much of a debt obligation you are prepared to undertake? What is the maximum that you will be able to borrow?
What is your net monthly payment comfort level? Set a maximum dollar amount and do not exceed this threshold when searching for properties
iv. Establish a Relationship with a Lender
This is very important because there a myriad of financial products on the market today. The mortgage business has become one of Canada's fastest growing segments. You can get no money down options, 40 year amortizations and there are specific programs for self-employed people that don't show a lot income on their tax returns. I often say that how we finance a purchase is just as important as how much we pay for the property.
v. Develop a Purchase Strategy
There are many ways to proceed here. I obviously recommend using a realtor like myself for getting into income properties. My knowledge comes from countless hours in the field looking at rental properties, which I think is the best way to truly gain a proper understanding of the market. Once you have found a qualified agent to assist you, then it is important to develop a strong plan of attack. Start by having your agent search your local real estate board's listings as often as possible. There are many different ways in which income properties are listed on the Multiple Listing Service (MLS) so ensure that your agent is are being thorough in conducting searches. Look for listings with multiple kitchens and bathrooms and always check both residential and commercial listings. Challenge your agent to determine an innovative campaign to find you the right income property. If you don't find what you are looking for you may ask them to call income property owners of certain target buildings in your area - you never know when an owner may be thinking of selling. In addition, you may want to place classified ads outlining your specific investment criteria.
FOR LANDLORDS:
Once you have purchased a property and have gotten it all rented out, here a few pointers that may help your continued success with your venture.
i. State of the premises:
This may sound obvious, but under no circumstances should you let your property fall into a state of disrepair. If your tenants are paying each month, on time, then you have an obligation to keep everything in good working order. If something breaks down, fix it. Also, please try and keep up on maintenance items. Make sure the snow gets shoveled, the eaves get cleaned, the grass gets cut, etc. A tidy property is better all around for both you and your tenants.
ii. Rent Increases & the Residential Tenancies Act
You are allowed to raise your tenants rent only 0.7% for the year 2011. Keep up on your allowable limit and try and stay familiar with you rights and obligations under the tenancies Act. If are unfamiliar with this, please take a look at:
http://www.ontariotenants.ca/law/act.phtml
iii. Fire Issues
As a landlord you are obligated to ensure that your rental property meets fire code guidelines. The best way to ensure that your building is compliant is to hire a retrofit consultant who will give you a laundry list of all the things that need to be done.
I recommend Paul Schuster at www.pcfirecode.com.
iv. Eliminating Expenses
Sometimes you are limited on how much rent you can get away with, so the best way to improve your profitability is to cut on expenses. Things like separate hydro meters help but ensuring that your building isn't wasting energy can go a long way to saving you money in the long term.
--
"HELPING YOU IS WHAT I DO"
I Believe in building relationships.
I am here to meet your needs
- to Serve & Protect - Your Investment.
As a Real Estate Consultant I am dedicated to the Real Estate Investor & Home Owner
- who is willing to work for one of the most precious things in the World
- Freedom.
Peter Tarshis
Royal LePage Real Estate
55 St. Clair Ave. West
Toronto, M4V 2Y7
416.921.1112 x 574 office/pager
416.921.7424 fax
1.800.622.9536 toll-free
416.705.1181 cell/text
See Peter on:
www.PeterTarshis.com
http://petertarshistorontorealtor.blogspot.com/
http://twitter.com/PeterTarshis
www.rlptv.com
www.Linkedin.com
www.torontorealestateboard.com
http://activerain.com/blogs/petertarshistorontorealtor
A referral is a big responsibility...it is also the biggest compliment a client can give me and is never to be taken lightly. I pledge to treat everyone that is referred to me with the utmost level of respect and professionalism.
Thank You for Your Trust.
.
Toronto REALTORS® reported 6,266 transactions through the TorontoMLS® system in February 2011
TORONTO, ONTARIO--(Marketwire - 03/03/11) - Greater Toronto REALTORS® reported 6,266 transactions through the TorontoMLS® system in February 2011. This result was 14 per cent lower than the record sales reported in February 2010.
While not representing a record, February 2011 sales were 50 per cent higher than the number reported in February 2009 during the recession and slightly higher than the average February sales over the previous ten years.
"Continued improvement in the GTA economy, including growth in jobs and incomes and a declining unemployment rate, has kept the demand for ownership housing strong," said Toronto Real Estate Board (TREB) President Bill Johnston.
The average selling price for February 2011 transactions was $454,423, which was more than five per cent higher than the average selling price reported in February 2010.
"Market conditions remain quite tight in the GTA. There is enough competition between home buyers to promote continued price growth," said Jason Mercer, TREB's Senior Manager of Market Analysis.
---------------------------------------------------------------------Source: Toronto Real Estate Board
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