Morrison Report (Toronto Real Estate Insights): Recent Episodes
Davelle Morrison
The Morrison Report represents insights into everything surrounding the Toronto Real Estate Market from interior design to financing to neighbourhoods to construction to architecture and anything else that involves real estate.
Appraisals are generally in line with market prices in Canada. How have traditional mortgage appraisals been affected by the recent Capital Gains Tax increase? Are there more people getting appraisals for tax planning purposes? How are people mitigating the Capital Gains Tax increase?
Investium is the platform where people meet to invest together in real estate. Join me as I have a conversation with Jonathan Faerman, Founder of Investium. How does his platform help like-minded real estate investors connect and pool their money to invest?
What is a Bare Trust and why does it need to be reported? How does it differ from other Trusts? What happens if a parent is on the Title of their children's property? Does a corporation need to file a Bare Trust?
Kola shares advice for improving chances of securing a mortgage for self-employed people. How can homeowners use debt consolidation through mortgages to reduce their debt burden? How can someone utilize their mortgage when it comes to investing in a second property? Given divorce is challenging, especially when it comes to shared properties, what are some key considerations to ensure a smooth transition for both parties?
Travis Comstock, Real Estate Agent, gives us his insights on the real estate market in Costa Rica. Why are Canadians and Americans buying real estate in Costa Rica? What are the procedues of buying there?
Contact Travis Comstock:
+1 (614)499-3911
travis@remax-ocr.com
https://travissellscostarica.com/
Tim O'Brien, a Paralegal at Riverview Legal Services, joins The Morrison Report to discuss his experiences with landlord and tenant disputes in the current real estate market. Tim shares some tips and advice he would give to his landlord and tenant clients.
Contact Tim O'Brien:
(226) 600-1076 (ext. 4)
tobrien@riverview.legal
https://riverview.legal
Clare Platt from The Next Steps Forward joins us to share her tips on moving home effectively, overcoming the challenges with moving and tips on decluttering before selling.
https://thenextstepforward.ca/
What's going on in the Canadian housing market? Vice President of Market Research, Pauline Lierman, joins us to discuss the trends of the real estate market across the country and where we're headed. We also discussed new developments affecting the market in cities such as Toronto.
Adam Morke, Accountant at Stern Cohen, joins us to explain what the Federal Underused Housing Tax is. What’s the difference between this and the City of Toronto’s Vacant Home Tax? and who needs to file it?
What does family law encapsulate? What's the difference between common law and marriage? What do marriage contracts, cohabitation agreements and prenutual agreements contain? How should someone navigate divorce or separation? Jeffrey Mammon, a Family Lawyer, joins us to get into the details.
What's it like buying real estate in Parry Sound, Ontario? Where is the market headed? What can you expect from buying a vacation rental property? Jim Marshall, Realtor®, takes us through the details of the benefits of buying real estate in Parry Sound.
Real estate is usually the most expensive purchase for people. Why should people consider getting a home inspection done on their house or condo? Lisa Simkins from Superior Home Inspectors joins me to explain.
Superior Home Inspectors: www.superiorhomeinspectors.ca
Ben Myers, President of Bullpen Research & Consulting Inc., joins me as we talk about changes in Toronto's pre-construction condo market over the past several years, interest rates increase, hikes in development charges and how the housing market is being affected.
Jim Jiang, Mortgage Agent from Outline Financial, joins me as we chat about the proposed rules from Office of the Superintendent of Financial Institutions (OSFI) and what the upcoming mortgage rule changes might mean for buyers.
Mark Richardson, Technical Volunteer Lead at HousingNowTO.com and Chief Technology Officer at Rich Analytics, joins us to talk about affordable housing in Toronto. We dive into duplexes, triplexes, laneway housing, garden suites, increased density and rooming houses. We also look at the overall landscape of housing in Toronto and where it's headed.
Betty Cathrow joins us to talk about the buying process of real estate in Barbados, the sales and rental market, and interesting trends she's seeing right now.
Chris Spoke joins me on The Morrison Report to talk about Ontario's Greenbelt issues, Bill 123 and housing policy changes, development charges, homeless issues in Toronto, and affordable housing.
Jon Juffs, Director of McIntosh Perry, joins me to discuss how Reserve Funds work in condo buildings and the state of disrepair of condos.
Interview with Sean Galbraith (Urban Planner) about recent updates in real estate development and planning in Ontario. Doug Ford extending the Green Belt for more housing, environmental issues, new infrastructure, City of Toronto development charges.
In this episode, Patrick Egan (Realtor) and Eric Baldwin (Investor) dive into what it's like to live and invest in Meaford, Ontario.
Join me as I speak to Realtor Derek Carkner of Ryan Donner & Associates about real estate in Puerto Vallarta.
Check out my latest podcast interview with Residential & Commercial Mortgage Broker, Jim Jiang, from Outline Financial where we discuss variable vs fixed rates & HELOCs.
Family Lawyer, Kathleen Laverick, on what you need to know about getting separated, divorced, custody arrangements and living together and how the pandemic affected everything.
Psychotherapist, Valerie Smith, talks about coping mechanisms for our new life under quarantine, meditation, gratitude & anxiety.
I interview Dr Lisa Weeks, Naturopathic Doctor, on healthy eating habits while we are spending more time cooking and eating at home.
Now that all of our favourite gyms are closed, it’s time to get serious about working out at home. Join me as I interview Fitness Coach, Funk Roberts on what we should be doing at home to stay fit and in shape.
Accountant, Anthony Barone, takes us through what we need to know during the crisis. What do the new tax deadlines mean? Applying for CERB and what the tax implications are.
Interview with Mortgage Broker Sheldon Brown as we talk about mortgage deferrals, lines of credit, refinancing, mortgage approvals and interest rates.
I interview Employment Lawyer, Hermie Abraham, as we discuss job loss, layoffs, being fired or furloughed.
During this crisis, how do we entrepreneurs navigate through it? Mindset Coach, Jennifer Trask, tells us how.
Now that most of us are working from home, I thought it would be great to speak with Alejandro Escudero of Binarium to find the best ways to work from home from an IT perspective? What's the best methods to care for our laptops? What cloud storage we should use? How do we stay in touch with colleagues? So I thought I would have a conversation with Jane Durst-Pulkys, metabolic balance coach about how I can prevent the quarantine 15.
Talking With A Metabolic Balance Coach During The Quarantine
March 25, 2020 by Davelle Morrison
Are you afraid of gaining the Quarantine 15?
You know like the Freshman 15 from university. The 15 pounds you gained after living in residence? I don’t know about you but after shopping for the apocalypse I now have a house and fridge full of food. I’m not used to it and I find myself snacking constantly.
So I thought I would have a conversation with Jane Durst-Pulkys, metabolic balance coach about how I can prevent the quarantine 15.
Guest Speaker: Sean Galbraith, Principle & Owner of Galbraith & Associates
• What does the City of Toronto mean by secondary suites?
• Why are secondary suites important?
• His thoughts on the city looking at the secondary suite issue and boundaries the city has set
• His thoughts on parking requirements
• What is the front wall restriction?
• Advice on building secondary suites
Guest Speaker: Craig Race (Co-Founder of Lanescape)
Craig’s design process focuses on environmental and contextual sensitivity. His skill in crafting buildings that fit sensitively into their surroundings has engendered a passion for laneway development.
• When was Laneway housing was approved in Toronto?
• Have there been a flood of applications for Laneway houses?
• What are the benefits of Laneway housing?
• What are the requirements for someone to be allowed to have a Laneway house?
• Do they need their neighbour’s approval, for example, do they have to go to the committee of adjustment?
• What does Lanescape do?
• How long does the approval process take?
• What are the costs like?
• What if a homeowner wants to sever their laneway house and sell it to someone?
• What’s the timeline from start to finish from when someone first meets Lanescape to when their laneway house is completed?
• Can you create more than one apartment with the Laneway house?
In this episode, I talk about becoming an Airbnb host/superhost. I decided to buy a 6plex in Prince Edward County, on top of Airbnb'ing out my own basement apartment. The rewards have been quite amazing. Decking out the place's decor really does help!
Guest Speaker: James Guitard, Tax Consultant at FBC Inc.
• What is FBC? How long have they been in business and what they do?
• The areas James you specializes in
• His interactions with the CRA?
• As a tax professional, what does James see as the biggest ways for Canadian to build their wealth?
• Airbnb & tax reporting
• Reporting AirBnb income and HST implications?
• Other tips for real estate investors
• If someone wants to meet with James, what do they need to prepare?
Guest Speaker: Michelle Binette, an Interior Decorator
Michelle recently did all the décor and design for a 6-plex investment property in Prince Edward County that I co-own with some friends. We re-branded it the Mary Street Guesthouse to rent out all of the suites on AirBnB.
We were having a hard time finding a decorator who was interested in working on this project so I reached out to Michelle to see if she was interested.
• Her thoughts when she was first contacted.
• The first step she took when she decided the project was for her
• Her thoughts on first seeing the Mary Street Guesthouse
• Has she done a project this big before? Was she overwhelmed at all? How did she deal with it?
• So there were 4 of us with different tastes chiming in as to the colours that you wanted to use. How did she manage to deal with all of us?
• How did she put together a décor plan for the guesthouse?
• Was it ever confusing for her? How much time did she spend planning for it?
• What was it like when she first came on site to actually decorate the spaces?
• How did she make them unique?
• What does she wish that she would have done differently?
• Is there a difference to decorating for a person who plans to live there as opposed to an AirBnB?
As a real estate investor, I’m always looking for new opportunities to increase my revenues. Until recently, I was pretty set in my ways and only wanted properties in Toronto. I also only wanted long-term tenants. Well, for me, times have changed. Last year, I decided to invest outside of Toronto so I invested in Prince Edward County, a tourist region about 2½ hours east of Toronto. I purchased a 4-plex with a couple of friends. Compared to Toronto, the prices in The County (as it’s known) are super cheap. Here are all the tips I've learned along the way.
Guest Speaker: Dalia Barsoum, Mortgage Broker with Streetwise Mortgages
• At the Investor Forum Conference, Dalia shared with us some great ideas about how investors could increase their income so that they could improve their chances of being approved for a mortgage, what would she suggest they do about their income if they are self-employed?
• Would she suggest any changes to their amortizations on existing properties?
• How does she suggest balancing personal debt and home owner’s line of equity debt?
• What effects has she noticed in the market place as a result of the new mortgage rules requiring a stress test of anyone putting down more than 20% on a home?
• Are the bank's rules changing any time soon?
• Any predictions for Bank of Canada rate increases this year?
• Is there an urgency for people who want to take equity out of their homes and use it?
• How should people structure their mortgages?
• Suggestions for real estate investors trying to get financing?
• How can people make sure they are prepared when they come to see Dalia?
Guest Speaker: Alex Lukey, photographer extraordinaire
• How did you get started in the photography business?
• What was your first job?
• How did you break into editorial work for magazines?
• For a magazine editorial piece what makes a good picture?
• Is there a difference in what you need to do to photograph a house vs a person or outdoor space?
• What are some of the tricks of the trade to take a shot to make a room look bigger?
• In the city of Toronto, what are some of the coolest places you’ve shot?
• What was the most spectacular home that you’ve shot?
• How does colour affect your pictures for example shooting a room that is predominantly whites & greys vs one with some colour? What tends to look better in pictures?
• How does light throughout the year affect your indoor pictures for example summer vs winter or fall pictures?
• Are there certain colours or decorating styles that you’re noticing more of lately?
• In your own home, do you have anyone else’s pictures up or just your own?
• Who are your photography icons that have inspired your work?
Guest Speaker: Steven G, Interior Designer
• What the difference between and interior designer and a decorator?
• How does one choose the right interior designer?
• What project are you most proud of?
• How long can projects take?
• What do you think people like most about the homes you have created?
• What trends have you seen change over the years?
• What kinds of projects are you to hoping to work on next?
• What kinds of projects do you like working on the most?
• Can you tell us what kinds of challenges you face on a regular basis?
• What trends are you seeing in interiors?
Guest Speaker: Tony Iacoviello, Sales Representative with RE/MAX ESCARPMENT REALTY INC, in Hamilton, Ontario.
There's been a huge influx of real estate investments in Hamilton. Tony's here to give us the nitty-gritty details.
• What is the Hamilton area comprised of?
• Why should people purchase property in Hamilton? Why is now a good time?
• What kind of people are moving to Hamilton?
• What are the price ranges for property?
• The lifestyle in Hamilton
• The demographic of people and the industries in Hamilton
• The improvements coming down the road
• The areas Tony sees as better buys and places where there will be a lot demand
Guest Speaker: Patricia Ee, from Canaroma
Bathrooms are one of the most important rooms in a house. When people are looking to add significant value to their homes, doing a bathroom renovation is very important for resale value.
• What does Canaroma do?
• Whereabouts is Canaroma located?
• Are Canaroma's items at any of the shows in the city, like Interior Design show etc?
• What trends has Patricia noticed over the years when it comes to bathrooms?
• What are the current trends? In sinks, tubs, vanities, tiles?
• How much does it cost to outfit a new bathroom?
• How often does Patricia recommend that someone update their bathroom?
• Where does Canaroma source your merchandise from and where do your buyers find new items to stock?
• Are more people redoing their bathrooms these days? Is business strong?
- What are the details to make sure are working in the house?
- Why is painting the house in bright colours very important?
- Declutter, declutter, declutter
- My experiences with staging
- Why is the placement of the TV so important?
- Why the neighbours heavily impact the resale value
Guest Speaker: Ben Sammut, Mortgage Broker with Mortgage Architects
This episode is about the new mortgage rules and how homeowners who have no interest in buying or selling their home can help those looking to purchase a home.
• What is the new stress test is and how it will affect people?
• How will it affect self-employed people?
• Where else can people look if they get turned away from the banks?
• If you have a lot of equity in your home and have no plans to buy or sell for awhile, what can you do?
• Is that a secure investment?
• How does an investor get matched with someone who needs money?
• How does private investing work?
• What kind of return can someone expect on their money?
On this special episode of the Morrison Report podcast, I talk about the mortgage rules and what they'll mean for everybody.
- The details of the new rules
- Whom these new mortgage rules will affect
- What is a 'Stress Test'?
- Who will be affected by the 'Stress Test'?
- What does it mean for a home buyer's affordability?
Guest Speaker: Susan White Livermore, Real estate investor in Barrie, Ontario
• How Susan came to be a real estate investor
• What is compelling about Barrie and why does she think that people should invest there?
• What kinds of properties are available for people to invest in?
• What is the range of pricing?
• What kinds of rules or regulations exist for investors, such as student housing?
• How is the vacation rental market there? Do people use AirBNB?
• What demographic of people are generally in Barrie?
• What improvements are coming down the road there?
• The other areas Susan invests in
• How does she structure her real estate investments when she brings on partners? What kinds of agreements does she have in place? What if someone wants out?
• Her shift in investment strategies
Guest Speaker: Mark Purdy, Rental Rebate Tax Consultant
- What has Mark been up to?
- How Mark got started in this business
- How you can get your HST back on new construction
- How many claims on delays on new construction does Mark see?
- What most people don't know about claims on construction
- The fine line between closing and occupancy time for when to make a claim
- What lawyers don't know and won't tell you
- What happens when there are delays because of reasons that the builder cannot control?
Joining us today is Aziz Sidi, recently purchased an investment property in Prince Edward County. Thanks so much for joining us, Aziz. Welcome.
• Can you tell our listeners about your real estate & real estate investing experience? And was this your first investment property?
• How did you hear of Prince Edward County?
• Why did you choose to invest there?
• Do you think other investors should consider Prince Edward County?
• How long did it take you to make a purchase in the County?
• Can you tell us a little about the property that you purchased and how did you know when you had found the right property?
• Why did you decide to purchase a place in town vs on the water or in the country?
• How much did it cost?
• What renovations did you have to do to get it to your standards?
• How much did you have to spend on your renovations & furnishings?
• Where did you place ads to start renting it out?
• Did you promote your places anywhere else?
• How long did it take to get your first booking?
• How is it going now? How booked would you say your place is?
• From your experience how is the vacation rental market in Prince Edward County?
• How do you price your rentals to get the optimal dollars for them?
• Do you ever use the place yourself?
• How do you find the distance since PEC is 2 hours away from Toronto?
• What are some of the big challenges you’ve faced?
• Do you manage the property yourself or do you have a property manager?
• How much in rental income do you think you might pull in this year approximately?
• Would you recommend that others purchase a place in the County?
• Is there anything else you think my listeners should know?
• I always like to ask my interviewees instead of what’s your favourite book but do you rent or do you own and what part of Toronto do you live in?
Guest Speaker: IJ Schecter, one of my clients
I recently helped IJ purchase a condo for his family.
• Why did you decide to purchase a condo?
• After you decided to wanted to purchase place, how did you decide to select an agent?
• IJ, there are a lot of agents to choose from, why did you select me over all the other agents that you could have listed with?
• What kind of place were you looking for?
• Did you find that your expectations of what you wanted changed over time?
• How did you feel about the length of time it took to find you a place?
• What was the biggest surprise you had in purchasing a condo?
• What do you think I did as an agent that was must helpful in the sales process?
• How did you feel during the offer process?
• How did you feel when got the condo you wanted?
• How do you feel now that you have been living in your new place for a couple months?
• How do your kids like the space?
• What advice do you have for our listeners who are thinking of buying or selling?
Guest Speaker: Sean Galbraith, Principle and Owner of Galbraith & Associates
• What is an urban planner and what does his company do?
• Why do developers need to work with a professional like Sean?
• What’s involved in putting together a development application?
• How long does it usually take for a developer to put together and then build a project?
• What is the OMB (Ontario Municipal Board)?
• What changes are about to happen to the OMB and how Sean feels about them
• What is the yellow belt?
• How Sean feels about the City of Toronto making use of the available land we have. Is there too much or not enough density?
• The impact of adding more density to our city
• What Sean thinks we should be doing to create more affordable housing
• Does Sean rent or own? what part of the city does he live in?
Guest Speaker: April Stewart, Owner of Landlord Legal which provides Professional Services for Landlords
• Why landlords need an advocate
• When landlords tend to call on April's services
• Why some of her clients are trying to evict their tenants
• When a sheriff should get involved in an eviction
• Does she ever run into professional tenants and who qualifies as a professional tenant?
• What April thinks about the new rent control rules that state that a landlord must pay the tenant one month’s rent if they want to move into their own place
• What she has to say to tenants who feel that landlords have too many rights
• Cases she has had to defend landlords in
• April's suggestions on how the Landlord & Tenant Board could be fixed to be more neutral to both landlords and tenants
Guest Speaker: Jean-Paul Bedard; Him and his wife are sharing a house with another couple.
As housing prices climb in the city many people really have to get creative as to how they can own a home in the city and Shared Ownership is a great option.
• How the Shared Ownership arrangement came about
• Was it difficult to get everyone on board with the idea?
• How they handled the finances and who they put on title
• Did they put together any kind of formal agreement for living together? How has it worked out?
• How they divided the snow-shovelling and exterior home maintenance
• How they decided on which part of the house each couple would live in
• Did it take them a long time to find a place?
• Were any renovations required?
• Do they have life insurance on each other?
• What kinds of contingencies do they have in place if one couple wants out or divorces?
• How much longer they'll continue with this arrangement
• Do they see shared ownership as a stepping stone to eventually owning a home or condo?
• Their biggest fear about shared ownership
• What they like best about the arrangement
• Would they recommend shared ownership?
• Have they built up equity in their home?
• Advice Jean-Paul has for those who are on the fence about doing a Shared Ownership arrangement
Guest Speaker: Oliver Dang, Him and his family share a house with another couple.
As housing prices climb in the city many people really have to get creative as to how they can own a home in the city and Shared Ownership is a great option.
• Was it difficult to get everyone on board with the idea?
• How they handled the finances and who they put on title
• Did they put together any kind of formal agreement for living together?
• How has it worked out?
• How do they divide the snow-shovelling and exterior home maintenance?
• How did they decide which part of the house each couple would live in?
• Did it take them a long time to find a place?
• Were any renovations required?
• Do they have life insurance on each other?
• What kinds of contingencies do they have in place if one couple wants out or divorces?
• How much longer will continue with this arrangement?
• Is shared ownership a stepping stone to eventually owning the home or condo?
• What was their biggest fear about shared ownership?
• What they like best about shared ownership?
• Would they recommend shared ownership?
• Have they built up equity in their home?
• Advice they have for the ones who are on the fence about doing a Shared Ownership arrangement
Guest Speaker: John Groe, Managing Partner at Accessible Daily Living
• Why people should engage in John's services
• Things he does to people’s homes to make them accessible
• The simple things people can do to make their homes more accessible
• The services he provides to people through this process
• Is this expensive? What are the price ranges for modifying homes?
• Why contact a contractor/consultant like John as opposed to a regular general contractor
• John's specific credentials
• How people finance these changes
Guest Speaker: Ellen Nightingale, Family Law Lawyer
• If Ellen had a friend who owns their home, what advice would she give them if their partner was thinking of moving in with them?
• The differences when it comes to property rights if someone is married vs in a common law relationship
• Does having kids or step kids change any of these dynamics?
• Does this all apply to same sex partnerships? Spousal and child support?
• What a pre-nuptial agreement should contain
• Are these documents full-proof to protect you? In what circumstances might the agreement be nullified?
Chris Spoke, Co-Founder of Housing Matters, joins us this week on the Morrison Report. Housing Matters is a community of urbanists, activists, and others working towards a growing dynamic and affordable Toronto. This episode dives into the Housing Matters initiative, 'Yes In My Backyard' (YIMBY), a departure from the 'Not In My Backyard' (NIMBY) movement.
• Why Chris felt the need to start Housing Matters
• How the 'Not in My Backyard' (NIMBY) movement affects Chris
• Is NIMBY only a concern for millennials?
• The reception of the Housing Matters organization
• How large of a movement Chris feels they have
• Do YIMBY groups exist elsewhere in North America? Do they have any connection to those groups?
• What Chris has to say to those critics who feel that millennials should stop spending their money on Starbucks and Avocado Toast
• What Chris would you like to see the leaders of our city do to increase the supply of housing
• Can the millennials get the support of their boomer parents on this to impact more changes?
• Housing Matters' next event
Guest Speaker: Mark Purdy, Rental Rebate Tax Consultant
• Mark's background and how he got started in this business
• Once a pre-construction condo has been purchased, who pays the HST and how to avoid paying it?
• Do international buyers qualify for the rebate?
• Details about the 15% foreign buyer’s tax
• Does it matter whether it’s the principal residence or a rental property?
• Is HST owed on a resale condo?
• How does HST work in a new-build home with a Tarion warranty?
• What can Mark do for us on the HST front if renovations have been done?
• What’s involved in filing for an HST rebate?
Guest Speaker: Darcia Armstrong, one of my clients
I recently helped Darcia and her husband sell their condo and find a rental.
•Why Darcia and her husband decided to sell their condo
•How Darcia decided to select an agent after selling her condo
•Why she selected Davelle over all the other agents with whom she could've listed with
•How she you felt about her condo taking some time to sell and how she remained positive
•The biggest surprise she had in selling her condo
•What she thinks Davelle did as an agent that was must helpful in the sales process
•What she was looking for when it came to finding her new rental
•What she thought about looking for a new place
•How she felt during the offer process
•How she felt when she got the condo she wanted
•How she feels now that she has been living in her new place for a few months
•The advice she has for our listeners who are thinking of buying or selling
Guest Speaker: Katherine Gross, one of my clients
I recently helped Katherine sell her condo and buy another one.
• After she decided to sell you condo, how did she decide to select an agent?
• Why Katherine selected me over all the other agents that she could have listed with
• Her condo sold very quickly, then deal fell through. It that happened a second time until it finally sold. How did she feel when that happened? How did she remain calm?
• Her biggest surprise while selling her condo
• What she thinks I did as an agent that was most helpful in the sales process
• The biggest challenge or surprise in the sales process
• What she was looking for when it came to buying your new condo
• How did she find it was when we were looking for a new place?
• How did she feel during the offer process?
• When we lost out on our first offer, how did she feel then?
• When we continued to look for a place, was she still thinking about the condo that we didn’t get?
• We almost put in an offer on another place too, what stopped her?
• How she felt when she got the condo you wanted
• How she feels now that she have been living in your new place for a few months
• Advice she has for those who are thinking of buying or selling
Part 2 of Shared Ownership is from a legal point of view. As housing prices in Toronto climb, we have to find creative solutions to home ownership. I’m a big advocate of friends buying houses together.
• Recommendations for people contemplating on sharing a property with a friend, a stranger, anyone really.
• Should they write those goals on paper together?
• Should they have a legal agreement between them?
• Do they each need to have their own lawyer go through the agreement?
• They always say that you should prepare for your divorce before you get married as the rationale for pre-nup agreements so how would you suggest people considering a shared ownership relationship prepare for what might happen if one partner wants out?
• How long would it take to put together an agreement like this?
• The cost of an agreement like this
• What other items do you think should be part of a shared ownership agreement?
• What if one of the owners is a first time home buyer? How does this affect their ability to use the first-time home buyer credit for the land transfer taxes?
• What other closing costs should they be thinking of?
• Should they be concerned about the legality of a basement apartment on the property?
Guest Speaker: Ben Sammut, Mortgage Broker with Mortgage Gate
This episode is about Shared Ownership from the mortgage broker’s point of view. As housing prices in Toronto climb, we have to find creative solutions to home ownership. I’m a big advocate of friends buying houses together.
• Recommendations for people contemplating on sharing a property with a friend, a stranger, or anyone else
• The benefits to combining incomes on paper
• Do the parties have to share their intimate financials with each other?
• What if one party loses their job? Or becomes ill, how does the mortgage get paid?
• What if one of the partners wants out of the ownership?
• The structure of mortgage payments if the partners aren’t equal
• How would it work if one partner has more money than another partner?
• How much would the 2 parties have to put down as a downpayment if the house was less than $1 million? What about over $1 million?
• Purchasing a duplex with a legal basement apartment
• What happens if that basement apartment is not legal? How does that affect financing?
• What if the partners need to do renovations to create 2 separate spaces in the house? How can they finance those renovations?
• What if they have a renter in a third unit?
• Should they form a corporation in order to buy a place together?
Guest Speakers: Sam Simone & Monica Klingenberg, Sales Representatives with Chestnut Park Real Estate Limited, Brokerage in Prince Edward County, Ontario.
• Where is Picton, Prince Edward County area?
• The areas that make up Prince Edward County
• What’s compelling about the area and why people should purchase or visit Prince Edward County
• The reasons Sam and Monica moved there
• Buying in Prince Edward County: A good investment?
• What about for downsizers or people looking for a vacation property?
• How is the vacation rental market there? Do people use AirBNB?
• The difference in purchasing a place in town vs on the water
• The price ranges in the County
• The lifestyle in Prince Edward County
• The demographics of people in Prince Edward County
• The improvements coming down the road there
• The areas that are better buys or places where there will be a lot demand
Guest Speaker: Andrew Sorbara, Co-Founder, Lanescape
• What Lanescape is and how it started
• Would Laneway housing improve the rental supply in Toronto?
• What stopped Toronto from having more laneway housing in the past
• Are there other cities with laneway housing?
• Pushback from homeowners who feel their neighbourhood would become too crowded
• The cost for a home owner to change a garage into a laneway house and what would be involved in the conversion
•How many Laneway houses could we have in the city if they were allowed?
• The steps of getting the City of Toronto to allow laneway housing
• Has Andrew had any support from council on this?
• Andrews results from the survey about laneway housing
• What other roadblocks are there to making laneway housing possible?
Join Tracey Cook, Executive Director, Municipal Licensing & Standards, City of Toronto discuss the city's plans for the short-term rental market
• What the City of Toronto will be doing with respect to Airbnb
• Why Tracey and her team felt it was necessary to look at the impact of short-term rentals in the city
• The feedback process from the various stakeholders
• Are the hotels in losing out on revenue because of AirBNB and other short-term rental providers?
• How much home owners are making from having their place on AirBNB
• Are AirBNB rentals taking away units from an already low rental pool in Toronto?
• Will the City end up taxing the end user or create some kind of short term rental license for home owners?
• The ideas that Tracey has learned from other cities around the world dealing with AirBNB
• When will the City of Toronto decide what it wants to do?
• How can listeners have their say and be a part of the City’s AirBNB consultation process?
Join me as I speak with Rob Palm, Resort Marketing & Sales Specialist with the Whistler Real Estate.
• What is compelling about Whistler and why should people purchase there?
• The lifestyle in Whistler
• Whistler's landscape for real estate investors
• Landscape for downsizers and people looking for a vacation property
• How is the vacation rental market there? Do people use AirBNB?
• The projects in Whistler that Rob likes
• Price ranges in real estate
• The demographic of people you would generally find in Whistler
• The upcoming improvements
• The areas for better buys and places with high demand
Guest Speaker: Patrick Egan, Broker, Royal Lepage Locations North in Collingwood, Ontario.
• Where is Collingwood?
• What is compelling about the area and why Patrick thinks that people should purchase in Collingwood
• Is Collingwood good for real estate?
• Advice for downsizers and people looking for a vacation property
• How is the vacation rental market there? Do people use AirBNB?
• Quarter-share rentals in the village
• The price ranges in Collingwood & Thornbury
• Patrick's take on the lifestyle in the area
• The general demographic of people in Collingwood
• The upcoming improvements
• The areas for better buys or places where there will be a lot demand
Guest Speaker: Murtaza Haider
Associate Professor, Ted Rogers School of Management, Ryerson University in Toronto , Director of consulting firm, Regionomics Inc. and a regular contributor to the Huffington Post.
His Insights:
• What the Toronto market can learn from other cities around the world with respect to housing
• Are our city officials are doing enough to increase the housing supply through permits and innovative thinking like condos in houses & laneway housing?
• Is the city doing enough to ensure our infrastructure can keep up with the pace of condo development in the 416 with respect to transit & sewers?
• Murtaza's advice for first-time home buyers
• Purchasing now before prices get too high vs. waiting for reprieve in the market
• How that will ease the housing supply in Toronto
• Should developers be able to build taller buildings in order to meet the housing demands we face in Toronto?
• What city officials should be doing to build better transit for people making decisions based on transit infrastructure.
• Where the transit should go
Guest Speaker: Daniel Toma, Chartered Accountant
• Write-offs for people with basement apartment or another suite in their home they rent out
• What percentage of their home expenses can they write-off and how is that determined?
• Write-offs for real estate investors that own 1 or more property
• What is depreciation and how does it work when you sell your property?
• Depreciation of principal residence if it includes a rental component
• Are there any differences if someone is renting their place out on AirBNB?
• How long do you need to live in your home for it to be considered a principal residence?
• How HST works for purchase of a new condo when you are planning to live there vs an investor
• How HST works if you are purchasing a home built by a builder
• Should an investor form a corporation to purchase real estate? What are the advantages or disadvantages of it?
• Do investors need separate bank accounts for each property?
• Should parents consider buying a rental property in their child’s name?
Michelle Binette, Interior Decorator, guides us through the 8 finishing touches you need to finish off your home.
• Do you really need the right colour, patterns, textures or even wallpaper for your home?
• Does the amount of light you have in your home matter?
• Is black really back?
Josh Sherman, real estate report from online real estate portal BuzzBuzzHome gives us his market insights.
How do you come up with your story ideas?
Do you find it easy to pull information from your sources? Do you ever find inconsistencies with the information you’re receiving from them?
Do you think a foreign buyer tax is a possibility and what your sources saying?
What other impacts do you think this may have in the market?
What percentage of the market do you think represents foreign buyers?
Have you seen any effects on the Toronto market from the foreign buyer tax in BC?
Do you think a Toronto real estate correction is coming soon?
Do you think other markets would be impacted by a correction in the Toronto market?
I’ve noticed over the years that the major print publications like The Globe, Macleans etc spend a lot of time generating negative headlines about the real estate market. What are your thoughts about that? Is it fear mongering?
What do you think is the most affordable area across Canada?
How much did Canadians spend on their homes in 2016?
Has there been an affect on the Canadian market given the US election?
Can you let us know what kinds of stories you’re working on now?
Chris Kiely, Associate Broker, Breckles Insurance highlights the importance of having insurance whether you are a home or condo owner, renter or landlord.
Alan Carson, Owner and President of Carson Dunlop Home Inspection discusses some of the important things you need to know about home inspection.
Who is Carson Dunlop and how long have they been around?
What does a home inspection do?
Why should someone consider getting a home inspection?
Should a buyer have their own home inspection or is it okay if the sellers have one?
What are the worst things that a homeowner can find on an inspection?
How can you tell if there has been moisture in the home?
How can you tell if there is knob and tube wiring and what’s so wrong with it?
How can you tell if there are issues with the foundation?
Would you ever buy a house without a home inspection?
Alan Carson, Owner and President of Carson Dunlop Home Inspection discusses the importance of home inspections for condos.
Why should you consider getting a home inspection for a condo?
What kind of systems exist in a condo that need inspection?
What is kitec plumbing?
How can an inspector find kitec plumbing?
Lucie Brand, co-owner of Toronto Condo Staging and Design discusses why it is important to stage a property before putting it on the market.
Why should you stage a house or condo?
What paint colours can make the biggest difference in a sale?
What paint colours can turn buyers off?
How much of a difference can staging make to the actual sale price?
Do buyers really need to see staging?
What are some of the biggest faux pas that you see sellers making with their decorating?
Connie Parsons, owner and a Financial Planner at Portfolio Clinic gives us some tips and insights into the financial planning world.
What does a financial planner do?
Why should people do up a will?
How many people do not have a will?
How often should someone update their will?
Why would somebody need disability insurance?
What is the difference between having mortgage insurance than life insurance?
Are mortgage insurance is essentially just to make sure that the mortgage gets paid off if you die?
How can you help someone save for a down payment on a home if they are wanting to get into the market?
What is a Tax Free Savings Account?
How can a financial planner help people budget their money more effectively?
Davelle Morrison, Sales Representative at Bosley Real Estate discusses some of the things that buyers need to know before buying a condo.
How is location important in your decision to buy a condo?
Which is better older condos or newer condos? What are the positive and negatives of both of both buildings?
How does the size of the condo play a factor in determining whether you pay a high or a low maintenance fee?
Why should you create a wish list of what your priorities are when you are buying a condo?
Are fixer upper a really great way to get value for your money in the condo market? What are the positive and negative aspects of buying a fixer upper condo?
What is a conditional purchase?
What is a Status Certificate?
Why is it important to go see the parking spot a head of time?
Why is it important to buy a unit in building where the percentage of renters are below 30%?
Why is it important to consider the demographic of the building when you choose to buy a unit?
How is the price fluctuation for a condo on a bidding war night different from the price fluctuation you would see on a house on an offer night?
What is a bully offer or preemptive offer?
Which is better preconstruction condo or a resale condo?
What is the percentage of investment you have to put down up from for a preconstruction condo?
What is the percentage of investment you have to put down up from for a resale condo?
Why is it important to hire a lawyer in your decision to buy a preconstruction condo?
Which is better coop condo or a regular condo?
Which segment of the market loves the coop condo?
Why is it important to look out the window of the condo you intend to buy?
Michelle Senayah, Co-Founder and Director at The Laneway Project walks us through some of the ways laneways could be utilized.
What technically is a laneway?
What city rules or by laws do you need established for the laneway projects?
What are some of the things that could be done in the laneway?
When it comes to doing something like a murals, how do you determine what kind of artwork suits the community and all the neighbours for that particular laneway?
Who foots the bill for some of these special projects?
What kinds of events would have been done in the past?
What is done in the greening front?
How did The Laneway Project get started? Where did that come from?
How many people are working at The Laneway Project?
How has the support been in the city?
Has other cities been utilizing their laneways?
Are their considered to be high profile laneways in Toronto? Is there an ultimate laneway you would really love to do a big project with?
Do you have a couple of ideas that you have in regards to the laneways you would love to see enacted and any one of laneways you have not done yet or you would like to do? What are your big dream or ideas you really want to do in a laneway?
Do people donate to help fund some of these projects? Do you fundraise?
When it comes to your corporate donors who would want some exposure on the other end. How do you give them the exposure without compromising what you are doing in the specific laneway?
When someone’s got a laneway in mind in their neighbourhood and they really want to get their laneway involved. How do they apply? Do they go to your website? Do they fill out an application? How does it work?
Shaun Hildebrand, Senior Vice President of Urban Nation walks us through some of the trends in the condo market.
What does Urban Nation do?
What has been the trend in the market over the years in terms of the size of the condos?
What kind of price points are the larger units coming in at?
Why are more developers going with rental buildings now?
Why it is not a big concern that there are so many condo building going up in a particular area?
Why we are not over building condos?
Why the volume of completions have gone down this year?
Why will investors not be impacted at all by the number of purpose built rental buildings that are coming up?
In terms of the preconstruction condos, what are the percentage in the preconstruction market who are end users, foreign investors and local Canadian investors?
Rachael Stafford, Owner of Order in the House, provides us tips and advice on getting organized.
What does Order in the House do?
What services does Order in the House provide?
How does Order in the House help home owners unpack, when they have listed their property or settling in?
What are some of the things that some people have too much off? Or don’t want to let go off?
What are some of the things people in different age groups struggle to let go off?
What was the longest that has taken Order in the House to pack somebody up? What was the size of the property that Order in the House had to work with?
What are the rules of thumb of things people should get rid of and not have in their home?
What are the seasonality to clutter?
What are some of the age groups that use Order in the House services?
Who were some of Order in the House’s difficult clients?
What are some tips for unpacking a kitchen, living room and bedroom?
Karen Shinn, Cofounder of Downsizing Diva walks us through the services that are available to seniors looking to downsize.
What services does Downsizing Diva provide?
How is Downsizing Diva different from a traditional moving company?
What are some of the age groups that have used Downsizing Diva services?
How is an objective viewpoint important when deciding which items to take with you and leave behind?
How does a floor plan assist you in deciding which furniture’s to take with you?
If thinking of downsizing, why is it important to make the move sooner rather than later?
How does residences like condos, senior apartments and retirement residences have a higher appeal for people with reducing mobility?
What signs should you be aware of for you to seriously consider downsizing?
Why is social isolations common in seniors who lost a spouse?
Why is there an increase in the phone calls for downsizing in September, October or before winter?
How does neighbourhoods play a factor in choosing to downsize?
How have the notion of retirement homes changed over the years?
How does retirement homes help prevent social isolation and increase enthusiasm for life?
Joe Sammut, Mortgage Broker at Mortgage Architect walks us through some of the changes the new mortgage rules passed by the Bank of Canada will bring, and how it will affect homebuyers with 20% down.
What is the Bank of Canada benchmark rate?
What is the purpose of this new mortgage rule?
What is the new qualification rate? What was the old qualification rate?
What is the element of the stress test that has to do with debt servicing or percentage of debt servicing?
What is a TDS ratio?
What is the credit score you need to qualify for a bank mortgage?
What is in the qualifying ratios of a GDS of 35%?
Why are there now more competition in the condo market?
Which segment of the population will be affected by the new mortgage rule?
What is the default rates for mortgages?
Who are some of the lenders that have bulk insured mortgage portfolios?
How are people with more than 30% down affected by new mortgage rule?
Why homeowners who wish to refinance the home to take equity out are affected under the new mortgage rule?
How are the new mortgage rules meant to slow down the real estate market rather than crippling it?
How real estate investors are affected by the new mortgage rules?
Why is it better to own a condo rather than renting somewhere else?
Why is it in every body’s best interest to own something?
Michelle Binette, Interior Designer talks about the top five design mistakes people make in their home when it comes to decorating their space.
What are the top five design crimes common in every home?
What are the two main guidelines you could keep in your back pocket when you are hanging your art?
Why should you hang an art 8-10 inches above a furniture that is more than 30 inches?
How would extending the rod 3-6 inches on either sides of the window frames could make your room look bigger?
How could creating a floor plan make your decision process easier about buying the right size furniture’s?
How could living in a house for a while aide you in buying the appropriate furniture’s?
What is the mindset behind most people’s decision to buy a whole furniture set?
How could blending different textures, elements, scales and proportions make you feel like living in a home put together by a designer?
How could having a statement piece in your home personalize your space and draw people in?
Why should you avoid asking other peoples opinion on your home décor?
Joe Sammut, Mortgage Agent at Mortgage Architects talks about the importance of maintaining a good credit score.
How important is the credit report?
What are some of the things you could be doing in your 20’s to make sure you have a good credit rating?
Why is it important to make the minimum payments, if you cannot afford to pay the full amount on your credit card?
What is a credit score out of?
Why is it important to pay of your credit card balance sooner than waiting for the statement?
What is a good beacon score? What is bad beacon score?
Paying in cash vs. taking a loan? Which is better in the eyes of the credit score?
How does using payday loans negatively affect your credit rating?
How often should you check your credit rating?
What are the two credit reporting agencies in Canada?
What is a revolving debt?
How does filing for bankruptcy or getting under consumer protection affect your credit rating?
Davelle Morrison, Sales Representative at Bosley Real Estate helps clients invest in real estate who are looking to bolster their retirement plans.
How do you get a deal in this market?
How to find that diamond in the rough, add value to it and add tenants in it?
Why is it important to have an existing principle residence?
What are the best months to scour for investment properties?
Why is it important to work with the best contractors, architects and engineers?
Why is it important to hire the best accountants or financial planners?
Investment properties vs. the stock market? Which is better for long-term gain?
What financial options do you have at 65?
What are the disadvantages of an RSP portfolio vs. an investment property portfolio?
Why is it important to buy an investment property with a basement apartment?
David Wenger, Certified Residential Appraiser at Ridgepoint Appraisals talks about the importance of doing an appraisal and the different types of appraisals that are out there.
Why do banks consider appraisals as an insurance policy?
What are the different types of appraisals?
Why is it important to disclose about the renovations done on the home, since purchasing it last to the residential appraiser?
Which types of improvements done on the home are valuable? Which are non-valuable?
What are the major trends in the marketplace right now?
How are builders getting priced out of building a new home?
Why are more appraisals done by banks these days?
What is a drive by appraisal?
What are the different things an appraiser could be used for?
How are appraisals used by private companies, government and in state settlements?
Senior VP Market Research & Analytics at Fortress Real Developments which helps to finance various condo developers.
Is there too much supply of condos in the market?
Is there an impending crash coming?
What are the trends in the sizes of condos? Will families be expanding into condo?
What's happening with foreign investors?
Matthew Slutsky co-founder of real estate new site & resource BuzzBuzzHome shares with us their 2017 plans to allow buyers to purchase pre-construction condos online with their credit cards.
BuzzBuzzHome covers real estate and developments across many cities including Toronto, New York, Miami. Boston, Chicago, Los Angeles, San Francisco and more.
Carolyn Ireland has been a reporter with the Globe and Mail for 20 years. She writes the Next Move column in the Globe and Mail's real estate section and covers market movements and trends in the marketplace.
A look at Toronto millennials and real estate
Do they want to purchase a property?
How are they using the bank of mom & dad?
What does the real estate future look like for millennials?
What's a fauburb?
Commentary on Toronto Life's Young, Rich & Totally Not Buying a House article
How is the sharing economy affecting real estate?
Mortgage Broker, Joe Sammut takes us through the ins and outs of renovation financing.
- How to use the bank's money to finance your renovations when you buy a house
- How can a first-time home buyer have their renovations financed?
- What is Purchase Plus Improvements?
- How can the bank help you finance major renovations?
- What kind of downpayment do you need?
- What's the process for renovation financing?
- How can you use your line of credit?
Lawyer, Author, Speaker, Columnist
Important tips for first-time home buyers about re-sale & pre-construction condos
The importance of the status certificate & what is it?
Why is the reserve fund important?
How can you avoid any surprises when you make a purchase?
Why its important to use a lawyer when you purchase a pre-construction condo
How does HST factor into your condo purchase?
How do Assignment purchases work?
What do real estate investors need to know?
How will tenants factor into your purchase?
How to screen tenants well?
In this episode I take listeners through my favourite methods of winning at the bidding war game.
You'll learn what a bully or pre-emptive offer is and how you can win them to get the home you want.
You'll learn what you need to do before you compete in a multiple offer situation
An interview with Brian Torry, General Manager, Bosley Real Estate Ltd., Brokerage who discusses the Toronto Real Estate Market. It's strength and the unprecedented increases we have seen in 2016. Brian also highlights why real estate is important to him.
Michael Siskind, Principal, Decade Group, which is building Yorkdale Village by Yorkdale Mall & Midtown Lofts in Kitchener/Waterloo
- Michael discusses why delays happen in the pre-construction industry such as strikes, building inspections, the registration process etc
- things to know when purchasing pre-construction condos
- state of Toronto condo development
Julie Mitchell, Owner, Parcel Design & Torq discusses what makes a great neighbourhood & how she chose Leslieville as a place for her family & business before Leslieville was cool.
What to look for a selecting a great neighbourhood
Why Leslieville is great?
Why its important to support small business owners in your area
Michelle Binette is an interior designer who works with budget-conscious homeowners
An insight into today's decorating trends
Favourite decorating stores to shop in Toronto
Michelle's 5 step process to kick-start your decorating plan
Mistakes homeowners make in decorating
What millennials need to know about getting a mortgage
How to accept family gifts for down payments
How to buy a house in this competitive market
- why first-time buyers should still buy real estate
- advice on how they can get more bang for their buck
- the importance of having a basement apartment
- why having a real estate lawyer, mortgage broker & home inspector as part of your team is important