Real Estate Homes & Condos

Town Home for Sale Lakeshore/Parklawn

Maureen Reed — Tue, 14 Feb 2012 20:18:00 GMT

• 4 bath, 3 bdrm 3 story - MLS® $789,000

Lakeshore/Parklawn, Etobicoke - Spacious Luxury Newport Beach Townhouse Lifestyle. Picturesque Lake Views Setting. Larger Sunlight Corner Unit, Many Windows, Open Concept Living/Dining W/9Ft Ceilings, Crown Moulding, Gas Fireplace, Circular Oak Staircase & Balcony. Family Room Walk-Outs To Patio & Park. Has Access To Private Underground Garage. Master Bedroom Boats Marble Ensuite W/Oval Jacuzzi Bath, 2 W/I Closets, Gas Fireplace & Juliette Balcony Overlooking Lake.

Fridge, Stove, Washer, Dryer, B/I Dishwasher, Microwave, Security System, B.I In Sound System, Cavac, High Efficiency Furnace, California Shutters Thru-Out, Lighting, Pot Lights

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Great Value - One Bed plus Den - close to subway

Maureen Reed — Tue, 14 Feb 2012 13:20:00 GMT

• 795 sq. ft., 2 bath, 1 bdrm single story - MLS® $275,000

Islington Village, Etobicoke - Large South Facing 795 Sq Ft 1 Bedroom + Den At Port Royal Place In The Heart Of Islington Village. Spacious Open Concept Living & Dining Area, Plus Large Den. Open Balcony. Ideally Located Steps From Islington Subway, Islington Village & The Kingsway Shops & Restaurants. Minutes To All Major Routes, Downtown & Airport. Amenities

Include: 24 Hr Concierge, Billiards, Party Room, Bbq Area, Virtual Golf, Underground Visitor Parking

Extras: Stove, Fridge, Built-In Dishwasher & Microwave, Washer & Dryer, All Elfs

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Dalesford Condo - Located Stonegate Queensway

Maureen Reed — Mon, 13 Feb 2012 19:32:00 GMT

• 1 bath, 1 bdrm single story - MLS® $324,900

The Queensway, Etobicoke - Elegant Boutique Condo Building 'The Dalesford'. Stylish 1 Bedrm Plus Den,9Ft Ceilings,735 Sq.Ft,Kitchen With Upgraded Cabinets& Granite,Impressive Roof Top Terrace,Gardens With Skyline Views, Gym With T V's,Party Rm,1 Parking Space And Storage Owned,Great Location,10 Mins To Downtown,Close To Hwy's,T T C,5 Min Drive To Bloor W Village,Shops And More!

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Condo For Sale in High Park-Swansea - close to the Lake

Maureen Reed — Wed, 08 Feb 2012 12:55:00 GMT

• 2 bath, 2 bdrm apartment - MLS® $448,000

High Parkdale, Toronto - Sweeping Panoramic Views Of Lake, City And High Park From Floor To Ceiling Windows In This Corner Unit. Open Concept Principal Rooms with Hardwood Floors And Walk-Outs To Wrap Around Balcony. Privacy Offered By A Split Bedroom Layout, With With Ensuite; Master Has Walk-Out To Balcony. New Never Lived In Unit; Modern Building With Great Amenities. Best Value In The Building

Staineless Steel Fridge, Flat-Top Stove And Dishwasher; Stacking Washer/Dryer. Amenities Include Indoor/Outdoor Pool, Fitness Centre Completewith Tennis Court And Basketball Hoop; Guest Suites, Party/Meeting Rooms; 24 Hr Security And Visitor Parking.

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TWO Story LOFT For Sale in South Etobicoke

Maureen Reed — Fri, 03 Feb 2012 17:47:00 GMT

• 2 bath, 2 bdrm single story - MLS® $483,900

South Etobicoke, Etobicoke - Luxurious 2 Bedroom 2 Story Loft In Desirable South Etobicoke. South West Exposure, Beautiful View Of The Lake. Professional Upgraded Brick Feature Wall. Upgrades Include: Granite Counter Tops, Undermounted Sink, Cupboards/Handles Throughout. Rare Unit, Only 5 Like It. 2 Car Tandem Parking Spot, Private Storage Locker. Washroom On Each Floor. Stainless Steel Appliances. Close To Hwy, Ttc, Mimico Go. Priced

Extras: Extras Included: Fridge, Stove, Bi Dishwasher, Washer/Dryer. Over 1000+ Sq Ft Living Space! All Furniture Negotiable. **Thousands Of $$$ In Upgrades!**

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Investor Paul Hecht on buying Canadian foreclosures for 50 cents on the dollar.

Maureen Reed — Mon, 30 Jan 2012 21:03:00 GMT

"Foreclosures are all across the country as banks need to liquidate these non-performing assets off their books. Take advantage of these amazing bargains and buy them at 50 cents on the dollar. Most banks will take what is owed on the mortgage or less. Find out how through our foreclosure subscription."

Sounds great doesn't it? This is actually a headline from a database subscription company offering to show you how to buy foreclosures for 50 cents on the dollar. Unfortunately it is a U.S.- based service. You won't see those kinds of headlines in Canada since the foreclosure process here is much different than in the U.S.

I've purchased homes directly from owners who are facing foreclosure as well as represented major Canadian lenders as a Realtor selling their foreclosures (otherwise known in the lending world as "non-performing assets"). I can tell you first-hand that once a lender has taken control of a property through foreclosure in Canada, buying a Canadian foreclosure is not as lucrative as in the U.S. This is mainly due to the way Canadian lenders are regulated on how they are allowed to dispose of their "non-performing assets." Understanding the foreclosure process and lender regulations will help you realize why.

Foreclosure is the legal right of a mortgage lender or other third-party lien holder to gain ownership or the right to sell the property and use the proceeds to pay off the mortgage, legal fees, commissions, court costs, utilities, etc., when the mortgage or lien is in default. The process is different in Canada because the laws in Canada are different.

The way a mortgage or lien holder gains ownership after default varies from state to state in the U.S. as well as province to province in Canada. In Canada, there are two main methods that a lender can use. Without getting too far into the technical details, the first involves the lender taking title to the property and then selling it. The other allows the lender to control the sale of the property through a court order without having title.

Generally speaking, U.S. and Canadian banks want their "non-performing mortgages" off their books so that they can lend out their money again and collect interest from performing loans. They are not interested in becoming landlords or flipping property.

The lender's goal is to get back what they have lent out on the mortgage plus legal fees, commission, court costs and expenses. The objective is the same whether in the U.S. or Canada - to get their money earning interest again.

However in Canada, a lender must protect the homeowner's equity. Therefore, the lender must attempt to obtain fair market value. Herein lies the major difference. Regardless of how the lender goes about selling the property or what is owed on the property, under the Canadian Securities Act a lender is mandated to achieve fair market value. Therefore, buying direct through the lender's backdoor at a huge discount from residential lenders in Canada is unheard of.

The typical process a lender takes is to initially phone the borrower if a mortgage payment has been missed. If after 30 days, the lender still does not receive the mortgage payment, the lender's lawyer will send a Demand Letter stating that because the borrower is in default and has not made payment, they must now pay off the entire mortgage balance.

If the mortgage is not paid off immediately, the lender's lawyer will start the foreclosure process. At this point, the homeowner has a redemption period in which they can either refinance or sell the property to pay off the outstanding mortgage plus legal fees and interest, even though the foreclosure process has already started. The redemption period is typically six months during which the owner still retains control of the property.

Once the initial redemption period is over and depending upon the province, the homeowner or any other lien holder may request an extension of the redemption period of up to six additional months. If the homeowner has ample equity and acting cooperatively, the court will often grant the extension. If the homeowner has very little or no equity then the redemption period is not extended and the lender takes control through either a Final Order (becomes the owner) or by Conduct of Sale (takes control of the sale).

Once the lender has control either way, they hire a Realtor who provides the lender with a comparable market analysis. The lender also obtains an independent appraisal. The lender will often use the appraisal and set the asking price at or close to the appraised value.

Since the lender is mandated to get fair market value, they must prove in court that the home was properly marketed and seen by enough potential buyers to achieve a final accepted offer. A lender cannot accept an offer that is substantially lower, especially in the beginning, as there will not be enough proof that the lender attempted to obtain fair market value. As time passes and based on showing and market activity, the lender may lower the asking price every two to six weeks.

As the lender reduces the price, many buyers wait for the price to go even lower. Unlike many sellers, a lender will continue to reduce the price on a foreclosure until they get an offer. However, eventually the price is ripe enough that someone will make an offer. Depending whether the lender is the title holder or conducting the sale through a court order determines whether the offer requires court approval, or not.

If the lender has title, then no court approval is required. Therefore, once an offer is accepted and the buyer removes their conditions, the sale is final. If the lender is conducting the sale through a court order, an offer is accepted, the buyer's conditions are removed and then a court date is set for final court approval. The major difference is that other buyers can make unconditional offers at court and outbid the initial buyer. Therefore, understanding the way the lender has foreclosed is important when making an offer.

Since Canadian lenders have to ask fair market value and use a Realtor to sell the property, paying for a subscription to Canadian foreclosures in your area is a complete waste of money as you can get that information from any local Realtor for free.

If you want more information about buying Canadian foreclosures in your area, start by Googling the Canadian Bar Association for the correct legal facts about your provincial foreclosure laws. For foreclosure listings, ask a local Realtor to set you up on an automated email list of new foreclosed homes as they come onto the market.

As an investor, some of the best deals in Canada are made during the redemption period when the seller still has control. That's not to say that you cannot get a great property at a great price once the bank controls the sale either. However, foreclosures at 50 cents on the dollar are not likely in Canada anytime soon.

Condo For Sale in Humber Bay - Voyager

Maureen Reed — Mon, 30 Jan 2012 17:04:00 GMT

• 2 bath, 2 bdrm single story - MLS® $564,800

Humber Bay, Etobicoke - Welcome To The Voyager On Lake Shore! Views Of The Toronto Skyline And The Lake From 3 Separate Balconies; Pure Enjoyment! All The Comforts You Are Searching For; Granite Countertops, Hardwood Flooring, Custom Cabinetry In The Closets, Ceramic Tile Entranceway, Crown Moulding And 9Ft Ceilings. A Must See! ...Steps To Walking Trails, Minutes To Downtown With An Amazing Restaurant Just Steps Away. A Must See!

Extras: All Beautiful Light Fixtures, S/S Fridge, Stove, B/I Dishwasher, Custom Closet Organizers, Separate Tub/Shower In Master And Semi-Ensuite To 2nd Bedroom, Grand Spacious Entranceway Into The Condo, 2 Walkouts To 3 Balconies

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Bungalow For Sale in Rexdale

Maureen Reed — Mon, 23 Jan 2012 20:39:00 GMT

• 1 bath, 3 bdrm single story - MLS® $379,900

Rexdale, Etobicoke - Large,Sunny 3-Level Backsplt On Quiet Street Lined With Flowering Crabapple Trees.Family-Oriented Kipling Heights. Spacious House Features An Addition(1968), Prof Landscaped Grdns,Newly Refinished Hdwd Flrs Thruout(2011),Kit W/Tons Of Cupbrds,W/O To Huge Backyard,Breakfast Rm..Updated Bthrm(2011).3 Bdrms.Spacious Rec Rm(Now Being Used As A Sewing Rm.Just Move In&Add Your Personal Touches) Close To Shopping,Schools,Ttc,Maj Hwys Dishwasher(2012),Fridge,Stove,Washer&Dryer,Grdn Shed.Excl:Freezer,Wine Bottle Holders In Wine Cellar/Cantina,Small Maple Leafs Fridge&Wdw Coverings In Mstr&2nd Bdrms.Landscaping(2010),Water Tank Owned.Other Rm Is Crawl Space.

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Home Renovation Bedroom design ideas to create a Beautiful Master Bedroom

Maureen Reed — Mon, 23 Jan 2012 19:34:00 GMT

The lack of a master bedroom can be a sticking point for both buying and selling a home. Many older style homes do not have a master bedroom and as a result many home owners are looking for bedroom ideas for home renovation projects to give their home a new look and feel.

Adding a master bedroom or expanding your current bedroom will give you the luxurious and spacious bedroom that you have always wanted. There is no shortage of bedroom ideas that homeowners can implement.

The following are a list of home renovation bedroom ideas and designs homeowners can and have implemented in their homes. These will not only give you the bedroom you have always dreamed of, it will also be a great selling feature and increase the value of your home if you choose to sell in the future.

Walk-in closets: Adding a walk in closet is a very attractive feature for any bedroom. Having that extra closet space makes a huge difference, especially for those that have a large wardrobe.

Additions: To add a master bedroom to your home, many homeowners are expanding their homes through construction additions. This way they can control the exact construction and size of the master bedroom and can customize it anyway they want.

Add a fireplace: Enhance the overall look and feel by adding a fireplace to your bedroom. This will give your bedroom a unique look and will definitely come in handy during the winter months.

Sliding doors: Depending on the set up of your home, you may have the ability to add a sliding door off your master bedroom that can access your back deck or patio.

Ensuite bathrooms: Probably the most popular bedroom idea is adding an ensuite bathroom. This renovation project is very flexible. His and hers sinks and vanities are popular, as are separate tubs or showers. Incorporate some fun by adding things like a jetted tub or heated towel racks. If you have the space to spare, the possibilities are endless.

Create a nook: Master bedrooms with extra space allow homeowners to create a unique space within their bedroom. Turning a corner of your bedroom into a reading area can be great to help you relax, especially if you don’t have the room for an attached living room.

Homeowners can do a lot with a little expendable income, sometime for a home renovation project, and the space to do it.

5 Home Security and Safety Tips for Seniors

Maureen Reed — Mon, 23 Jan 2012 19:33:00 GMT

As of last year, the average lifespan of Canadians hit 80.4 years of age. That’s almost 10 years longer than 20 years ago, when the average lifespan of a Canadian in 1991 was 70.9 years of age. Unfortunately, the state of elder care in Canada isn’t the greatest - with long wait times for care. Older Canadians may not always have nearby family or friends who are able to check on them, so increasing the security for your home is key to home safety.

Be aware. Scams that prey on seniors are extremely popular with crooks. Some ways to increase your home safety is to check the identification of anyone you let into your home who isn’t a friend or family member - whether they are a repairman or door-to-door canvasser. Never give your SIN number or any personal information to these people, even if they’re offering prizes or money. If they say you’ve won a contest, check with their employer to be sure.

Lighting. Increasing your outdoor home lighting can instantly increase your house security. Motion detector lights are easy and inexpensive to install outdoors for dark, hard-to-see locations such as driveways, and your outdoor porch lights should be left on at night to deter burglars.

Security systems. Many house security systems are available complete with great features specifically for seniors. These features include calling for help in case of a fall, allowing you to remotely arm the system from anywhere in the home and keeping you safe by arming your doors and windows while you’re sleeping. Choose a house security system that covers fire, floods and burglary so that the proper authorities are alerted during any problems.

Schedule check-ins. Scheduling regular check-ins is a vital component of home safety for independent seniors - ensuring someone checks on you regularly to make sure you’re okay. A check-in can be as simple as having a friend or family member call you once a day to chat.

Lock your doors. Always keep your windows and doors locked when not in use, even doors leading from the basement and garage, to increase your house security. Make sure your locks are in good condition and can be opened from the inside in case of an emergency

The Top Renovation Projects That Yield Most Return on Investment

Maureen Reed — Mon, 23 Jan 2012 19:30:00 GMT

There is no doubt that homeowners want to get the biggest return on their investment (ROI) when they decide to sell their home. You can easily increase your home’s value by performing a few renovations.

These renovations can vary widely depending on the type of home that you have and the amount of money you are willing to spend to boost the appeal and value of your home.

Even the slightest amount of change to your home will help. It is a consensus among real estate agents that renovations prior to selling your home absolutely impacts your return on investment. However, there are definitely some renovation projects that will be more fruitful than others.

Focus on the outside first

Over the past few years there has been a growing trend in the housing market. Homeowners, who invest in exterior renovation projects have seen a greater return that interior renovations.

Therefore, homeowners need to take a careful look at the exterior of their home and seriously consider some of the options they have. What can you do to improve the overall look of your home?

Does your driveway need to be redone?

Do you need to do some landscaping?

Does the deck need to be refinished?

Does the house need to be painted?

Does the roof need to be replaced?

Surprisingly, one of the best things homeowners can do to improve the exterior of their home and experience a good return on their investment is to replace their doors.

In particular, many homeowners are replacing their front door with a steel entry door. This alone will recoup more money than homeowners paid for the renovation project.

There are also a number of other outdoor renovation projects that are definitely worth their while. They include:

Replacing or painting your garage door

Replacing aged siding

Replacing old wood windows with more modern and efficient windows

Interior investments that will provide ROI

When it comes to interior renovations that will help improve your home value, creating additional space is one of the most popular. Potential buyers want homes that are finished. They want finished basements and attics so they can maximize the amount of space they have in their home.

But beyond this, there are a number of renovation projects that will all have a positive impact on your ability to sell your home:

Painting: One of the least expensive renovation ideas, painting will yield probably the most significant return on the investment. Painting your home with fresh and vibrant colors will completely transform its look.

Adding a fireplace: A fireplace is one of the most sought after entities in homes today. And, for a reasonable price, you can easily add one to your home and increase its overall value.

Bathroom upgrade: Modern and sleek looking bathrooms are a great selling feature. While the project will be fairly expensive, it is definitely worth the investment.

Kitchen upgrade: Kitchens sell homes. Therefore, if you either have an older style kitchen or really want to give your home that wow factor, consider a kitchen renovation. While it will be costly, it has one of the best ROI in terms of renovation projects. And, you can do as little or as much as you want. Kitchen renovation projects have many options.

Window replacement: Replacing your windows is a practical project because of the amount of money they can save in terms of energy costs.

These are only a few of the many renovations projects that can be done to improve your home’s value. However, before embarking on any project, it’s always a great idea to check with your real estate agent to see if the renovation will yield a good return on investment in your housing market.

Condos For Sale in Islington Village

Maureen Reed — Wed, 18 Jan 2012 16:33:00 GMT

• 795 sq. ft., 2 bath, 1 bdrm apartment - MLS® $284,900

Islington Village, Etobicoke - Large South Facing 795 Sq Ft 1 Bedroom + Den At Port Royal Place In The Heart Of Islington Village. Spacious Open Concept Living & Dining Area, Plus Large Den. Open Balcony. Ideally Located Steps From Islington Subway, Islington Village & The Kingsway Shops & Restaurants. Minutes To All Major Routes, Downtown & Airport. Amenities Include: 24 Hr Concierge, Billiards, Party Room, Bbq Area, Virtual Golf, Underground Visitor Parking

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Staging your Home for a Virtual Tour

Maureen Reed — Tue, 10 Jan 2012 14:14:00 GMT

Selling your home has changed substantially over the past decade. The internet has changed not only the real estate market but also how people buy and sell homes.

More and more people are turning to the internet as the primary means to look for homes. While many people still rely on traditional real estate methods such as listing their home and open houses, they are also using new technologies to help sell their home.

In additional to posting photos of your home online, many people are now using virtual tours. A virtual tour shows buyers a 360-degree view of the interior of a home. Buyers can get a better sense of what a home looks like without having to actually go see the home.

This is a great benefit for buyers that are looking to buy a home from a remote location. Buyers can narrow their home search conveniently from their personal computer before going in person to see a home.

With a new approach to selling your home, homeowners have to take a new approach to staging their home and preparing it for potential buyers. Potential buyers sort through hundreds of photos and now virtual tours add another element to the process. Therefore, it is important to understand how your home looks in photos online.

Tips for staging your home for a virtual tour

Staging your home is very similar to preparing for an open house. You want to have your home looking its best and in prime condition. Follow these tips and you will definitely garner some interned for buyers once they take the virtual tour of your home:

Get rid of clutter: Nothing will prevent people from coming to see your home more than removing excess stuff in your home. Donate anything you don't want.

Have proper lighting: Lighting will impact the quality of images you post online. Make sure your lighting is right so people can get a clear view of your home.

Focus on quality: High quality digital photos are a must. Use a digital camera to take your photos and set up your virtual tour

Highlight main selling features: Don't waste photos on things that will not help sell your home. For on taking photos of rooms and items that buyers are looking for in a home.

Have a unique perspective: Try and take photos from a unique point of view. Avoid cookie cutter photos. Spice things up and get buyers excited to come and see your home.

FREEHOLD Townhouse For Sale in Altona - SOLD

Maureen Reed — Fri, 25 Nov 2011 13:03:00 GMT

• 2 bath, 3 bdrm townhouse "2 storey" - MLS® $299,900

Altona, Pickering - Beautiful maintained FREEHOLD townhome with 3 bedrooms & two washrooms. Gas fireplace in living room. Eat-in kitchen with walk-out to deck. Skylight above stairs. Second walk-out to beautifully landscaped garden with shed. Loads of upgrades including New Enclosed Porch 2010, New Deck 2011, New Shingles 2011, Kitchen updated with new stainless steel appliances 2009. Walk to Altona Forest Trails, Rouge Park Trails & Chickadee Park. Close to highway 401.

Includes: fridge, stove, microwave, washer, dryer, all electric light fixtures, garage door opener, all broadloom where laid, furnace & equipment & central air.

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2 Story Loft For Sale in South Etobicoke - SOLD

Maureen Reed — Wed, 09 Nov 2011 21:47:00 GMT

• 785 sq. ft., 2 bath, 1 bdrm 2 story - MLS® $329,900

South Etobicoke, Etobicoke - Two storey condo that’s seldom available with one bedroom and large den. $20,000K in upgrades. From the top of the ceiling right down to the beautiful hardwood maple floors this home has been upgraded beyond belief with the Eurostyle kitchen cabinetry from Scavolini, Italy’s leading name in kitchens. All the details have been covered with the quartz countertops, pull-out spray faucet, glass backsplash, stainless steel range hood, rainfall shower head and two body spray fixtures, upgraded doors and handles and floor tiles, frontloading washing machine and electric dryer just to name a few. WALK TO SUBWAY. Includes: one parking space and locker.

On the seventh floor of the building awaits the Kingswood Club, a private and thoughtfully designed exercise room featuring men’s and women’s showers and change rooms, and a full range of state-of-the-art fitness equipment. Also available is the party room, games room, concierge and a 7,000 sq ft landscaped terrace.

This eleven storey condominium sits along Bloor with its fashionable shops & restaurants. Conveniently located within walking distance to subway and major highways are easily accessible with Downtown Toronto just minutes away.

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Equifax Addresses Privacy Concerns with New Oneline Tenant-Screening Tool

Maureen Reed — Mon, 07 Nov 2011 18:48:00 GMT

Equifax launched an online, tenant-screening system last week that removes the need for landlords to pull the credit reports of tenants, who are increasingly refusing to provide this sensitive information as concerns grow about privacy and identify theft.

“There is more pushback from tenants, indeed, when it comes to providing sensitive information, like one’s credit report,” John Russo, chief privacy officer at Equifax Inc., told CRE Online.

“And there has been a more privacy-centric movement, especially in Ontario, where people are declining to provide that information, even though the landlord is allowed to view it under the various legislation, like the Ontario Consumer Reporting Act,” he added.

To use Equifax’s Tenant Selector online software program, landlords registered with the credit bureau simply have to log online and enter their tenant or tenants’ information into the system. The landlord can then run a search and the Tenant Selector will return a simple “accept” or “decline” based on the tenant’s credit history.

For a landlord to view a tenant’s credit report or use Equifax's new program, two conditions must be met: first, the consumer must give his or her consent and, second, there must be “permissible purpose,” like in the case of renting out a home.

With the old way of doing things, once a landlord has a tenant’s credit report he or she can view all the applicant’s credit history, which includes the past use of credit cards, lines of credits and mortgages. But a growing number of tenants worry that their credit report could be misplaced, stolen or disposed of improperly, leaving sensitive information exposed to identity thieves.

That’s where Equifax’s Tenant Selector comes in, Russo said.

The program can be customized to allow landlords to still receive “reason codes,” which could state a general reason why the prospective tenant should be declined, such as a past bankruptcy, potential bankruptcy or past instances of fraud.

The system does not allow landlords access to consumers’ full credit reports, which alleviates concerns that a paper copy of the report will end up getting into the wrong hands.

The increased security for tenants’ sensitive information will help landlords market their units as a more secure option for prospective renters, Russo said, adding that the system as a whole will contribute to the efficiency of real estate investors’ general business model.

“This product will open up a bigger market to landlords because it’s a faster more cost-efficient service than them having to train their staff to look for a credit file and having to understand Equifax 101,” Russo said. “Landlords will be able to make decisions easier, faster and cheaper while at the same time being able to attract more consumers.”

Source: By Shane Buckingham, Canadian Real Estate Magazine (CRE)

Understanding Property Taxes

Maureen Reed — Mon, 07 Nov 2011 18:32:00 GMT

Property taxes can be a major expense for investors, but understanding how this tax works could save you thousands of dollars in the long run.

The first thing to learn about property tax is that property is divided into two categories: real and personal. Real property includes land, buildings and permanent property attached to land— such as a well. Personal property is everything else, including clothes, books, electronics, furniture and financial holdings. Personal property is further divided into either tangible property or intangible property. Tangible property is anything you can touch, such as a sofa or a blender and intangible property includes abstract possessions like stocks, bonds and patents.

Methods for calculating property tax vary from city to city. Smaller cities send an appraiser from house to house every one to five years and this appraiser calculates the property’s value. Larger cities use an automated valuation method. Whichever method is used, you should look over your property’s valuation for mistakes or miscalculations. Property owners generally have a small amount of time to appeal the assessed value of their property and mistakes do occur, especially in automated processes.

Knowing the correct value of your property is important not only for paying property taxes, but also for purchasing insurance. To insure your property and possessions against damage or theft, first check for cheap insurance quotes online. Cheap insurance is readily available: There is no need for you to leave your property vulnerable.

If there is an obvious flaw in your property’s valuation, you should register your complaint with the city immediately. The city can repossess your property if you simply choose not to pay your property taxes without first registering a complaint. In contesting the valuation of your property, it is important to do research and have hard evidence as to why you think a mistake has been made. Realtors can provide you with the figures on recent sales of comparable properties and professional appraisal firms are available to evaluate the value of your possessions. These services cost up to $500 but they can catch mistakes in your city’s valuation process that could cost you much more in taxes over the years.

Property taxes are an unfortunate fact of life, but reducing its burden on your wallet is sometimes possible. Diligently reviewing the paperwork on your property’s valuation, knowing the value of items in your house and keeping receipts and records to prove these values can save you from overpaying on property taxes. Part of being a responsible property owner is keeping up to date with all of your taxes, along with properly insuring your property and possessions.

Finally, make sure that the money you’re paying on property taxes isn’t wasted in the event of a burglary, fire or flood by shopping for cheap insurance quotes to cover your valuables and possessions. With so many types of cheap insurance available today, leaving your property uninsured is foolish when you’ve already paid for debt service and taxes on it.

Source: Norada Real Estate Investments - by Marco Santarelli

Do renters need insurance?

Maureen Reed — Wed, 28 Sep 2011 13:02:00 GMT

Jennifer Brown
SPECIAL TO THE STAR

Contents insurance is something most renters don’t put too high on their list of priorities.

In the grand scheme of expenses, many feel it’s a cost they can do without, believing the likelihood something bad will happen is slim.

According to the Insurance Bureau of Canada, about half of all renters don’t have insurance, especially young people. They also fail to appreciate the full value of their clothing and personal belongings.

But there are other factors to consider, such as a tenant’s legal liability.

For example, you could be liable if your toaster oven causes a fire and it affects other units, or if you accidentally leave a tap on in the bathroom and the water causes damage.

The building owner could charge you for the cost of the damages, but they would be covered under your contents insurance policy. Without insurance, it would come out of your pocket.

But can a landlord make renting a unit conditional on having contents insurance?

Francis is a Toronto tenant who was looking to sublet her apartment. Her landlord met with the people interested in subletting and insisted they would be required to have contents insurance.

Francis and her roommate were never asked about contents insurance and she has never owned any in the 10 years she’s been renting. Although she understands she won’t be covered in the event of a fire or theft, she doesn’t think her furniture and possessions are worth the expense of insuring — especially since the odds of anything happening seem quite low.

Barrie-based paralegal April Stewart says contents insurance isn’t required under Ontario’s Residential Tenancies Act. However, landlords do have the right to insist on seeing proof of insurance prior to accepting a tenant or a sublet.

“Landlords who wait until after giving possession can try to evict based on no insurance, however there are inconsistent decisions on the matter,” says Stewart.

In the 2005 case of Stanbar v. Joseph Rooke, the Ontario Superior Court of Justice upheld that tenant insurance coverage, if required in the lease, is enforceable and can be grounds for eviction.

The decision states, “The Act is silent about whether or not a landlord has the right to demand that tenants maintain insurance, or that they provide proof of coverage to their landlords. However, if the parties agree to it, it, too, becomes a contractual issue….”

Based on her own experiences, Stewart says tenants can be evicted, depending on who the adjudicator is, as there is little consistency in decisions.

Stuart Henderson of the Ontario Landlord Association says landlords try to educate tenants about the benefits of contents insurance.

He insists it’s a good investment at a low cost. Premiums are typically based on the value of the contents, and can range from $100 to $500 per year. Luxury items like jewellery can cost more to insure.

Stewart knows the value of having contents insurance. She recently experienced a break-in at her own rented Barrie home and lost $10,000 worth of possessions.

“They didn’t damage anything and, in that regard, we were relieved. My daughter lost all of her jewellery though — not overly expensive, but sentimental value, which upset her a lot.”

The single mom adds her daughters still feel quite vulnerable. “I’m not comfortable leaving them home alone now, even though they are old enough. Clearly, someone snoops around and I don’t want anything else to happen.”

“Tenants may wish to look at it another way: insurance is a small investment that provides real protection. I can attest to that. I’m a tenant, I have insurance, and was very happy about that several weeks ago when I came home to find my home burglarized,” says Stewart.

Contents insurance also provides for additional living expenses – up to 20 per cent of their contents amount if there was a fire and they had to leave the building.

Renters should also consider estimating replacement value of goods, especially furniture and electronics, not what they think is the value of their aging recliner and sofa.

To determine the value of contents, the Insurance Bureau of Canada suggests making a list which can include writing everything down, but faster ways include using a camera or video recorder, or using a digital or tape recorder. It’s also a good idea to keep receipts, warranties and instruction manuals for things like televisions and computers in case you need to make a claim down the road — they serve as proof of ownership and value. Store these items in a safe deposit at a bank, at another location or in a fireproof box.

Torontonians Feeling the Pinch More Than New Yorkers

Maureen Reed — Wed, 28 Sep 2011 12:58:00 GMT

By Eric Lam, Financial Post

It is now more expensive to live in Toronto than in New York City the latest UBS rankings of the world’s most expensive cities said Wednesday.

However, both Toronto and Montreal have fallen in the rankings compared with last year as currency gains against the weakening U.S. dollar in countries such as Australia and Sweden outpaced that of the loonie.

Toronto, the largest city in Canada, slipped one spot in the rankings to ninth while Montreal tumbled all the way to 17th, compared with its ninth-place ranking last year.

The list, based on the relative cost of a weighted basket of 122 goods and services, excludes rent.

Vancouver and other Canadian cities did not make the list.

Surprisingly New York City, the benchmark city used in the index, has fallen out of the top 10 completely, losing its No. 6 ranking from last year.

The city, while still the most expensive in the United States, is now 14th.

“Typically, New York was featured in the top 10 in the past. This can be attributed to the general depreciation of the U.S. dollar,” UBS said.

Sydney, on the other hand, has rocketed into the top 10, landing at seventh thanks to a 19% gain in the Australian dollar compared with the greenback.

Elsewhere the Swedish krona has jumped 21% compared with the U.S. dollar, the Swiss franc 20%, and the Hungarian forint by 19%. Overall currencies are up 9% against the greenback.

“Sydney has suddenly become a much more expensive place due to the strong Australian dollar, but income levels have also risen accordingly,” the survey said.

Oslo, Zurich and Geneva remain the top three most expensive cities, followed by Copenhagen, Stockholm, Tokyo, Sydney, Helsinki, Toronto and Singapore.

Unfortunately, the high rankings for Toronto and Montreal do not extend to salary as the two cities sit 14th and 15th respectively in gross wages.

Zurich tops this list, followed by Geneva and Copenhagen. New York is seventh.

How a basement apartment helps pay the bills

Maureen Reed — Wed, 28 Sep 2011 12:52:00 GMT

By Mark Weisleder

Many first-time buyers need income from a basement apartment to help carry the costs of their home. So it’s important that buyers understand their rights and obligations affecting these units or any other second suite that they create in a home.

The main benefit of a legal basement apartment is that it can provide you with additional income and likely increase the overall value of your home. But it must comply with the local zoning by-laws and fire code. If it doesn’t comply with both, the apartment is not legal. Some homeowners have had to pay up to $25,000 to bring their basement apartment up to code, after complaints from neighbours, or work orders placed on their property by the fire or building department.

You need to check with the city municipal standards department or the Fire Department to see if your basement apartment is registered as a second unit. If it is, then it is legal and it complies with the fire code. If it is not registered, then you have to conduct further research.

The city zoning bylaw will tell you if your area permits a basement apartment. In Ontario, if the basement apartment in your home has been rented since October 31, 1995, then it is legal even if the zoning by law now does not permit it.

A City of Toronto “second suites bylaw passed in 2000 permits second suites in all single-detached and semi-detached houses throughout the city with certain conditions. They include:

The second suite must be self-contained with its own kitchen and bathroom
the house, including any additions, must be at least five years old

the floor area of the second suite must be smaller than the rest of the house

in most cases, a home with a second suite must have at least two parking spaces

all existing second suites must comply with the Ontario Fire Code, zoning and property standards.

If you do not meet these conditions, you must apply to the City for permission to create your new basement apartment unit. In other cities, such as Brampton, Mississauga and Vaughan, zoning by-laws do not permit basement apartments, so unless you had a unit created prior to November 1, 1995, you will need to apply to create any new basement apartment.

If you want to apply for a new unit, you will need a building permit that satisfies the provisions of the fire code.
The Fire code has four basic requirements:

There must be adequate fire separation – this means that if a fire starts upstairs, it must take at least 30 minutes to reach the basement;

There is a separate exit;

There are smoke alarms;

and an electrical inspection must be completed to ensure that there is sufficient electricity to service all occupants in the home. In Toronto this is done by the Electrical Safety Authority.

In addition, the basement apartment must also have a minimum ceiling height of 1.9 metres, a door that is 0.8 metres wide and 1.9 metres high. The bathroom must also have a window or exhaust fan.

When you are looking at a property, if the basement apartment is being advertised as a “nanny suite”, or “in-law apartment”, do not be fooled. This unit is most likely illegal. If any neighbor complains about your unit to the City and an inspection occurs, you will be required to pay the money to upgrade your unit to proper standards.

You must advise your insurance company if you intend to rent out your basement apartment as this will increase your insurance risk. By not disclosing this information, the insurance company may refuse to pay a claim if for example, a fire occurs later.

It is very important to conduct the proper research in advance before renting your basement to a residential tenant. Being careful in advance can save you unnecessary lost rent, repairs and legal costs.

Besides advertising in a local newspaper or at a nearby university for students, consider joining the following websites, which are visited by hundreds of thousands of potential tenants: viewit.ca, kiijii.com or gottarent.com.

You must also be very careful when interviewing any potential tenant that you do not inadvertently violate any sections of the Human Rights Code by asking any inappropriate questions.

You are permitted to ask a tenant on a rental application if they smoke, whether they have pets and how many people will be living with them in the apartment. You can also ask for references and their rental history. You cannot ask about their ethnic background, religious or sexual preference or marital status.

Be very diligent to check the tenant’s credit, employment references, and prior landlords.

You can join a website such as tenantverification.com or rentcheck.ca where for fees as low as $50, you can conduct a credit check on a potential tenant.

Check phone numbers of all references in the phone book to make sure they are who the tenant says they are.

Ask for a current pay stub from where they work.

By not doing careful research in advance, you will find out later that trying to evict a tenant who is damaging the premises or interfering with the enjoyment of the other tenants can typically take two months, and that’s when there are no significant delays. Unfortunately, professional tenants who know how to work the legal system can delay proceedings by up to six months. Such tenants can cause severe financial hardship for landlords.

There are also of course responsible tenants who take excellent care of their home, in many cases better than even an owner would. By making sure that you find these tenants in advance, you will not have to worry about the difficulties or the costs that will be incurred if you later need to evict them.

Basement apartments, if created and rented out properly, can give you peace of mind and additional income to assist you in both carrying the costs of your home and increasing its long term value.

Real estate lawyer Mark Weisleder is the author of Put the Pen Down! What homebuyers and sellers need to know before signing on the dotted line.

Home for sale in Alderwood

Maureen Reed — Mon, 26 Sep 2011 19:38:00 GMT

• 2 bath, 3 bdrm single story - MLS® $379,000

Alderwood, Etobicoke - A Fabulour opportunity in much sought after Alderwood. Tons of Potential to renovate or rebuild. 3 bedroom bungalow with attached 2 car garage and private driveway. Excellent Location Close to Hospitals and Shopping, within minutes of downtown and highway, parks including Marie Curtis Park, TTC, GO Train, School, Mastercard Hockey Arena

Includes: All Electric Light Fixtures, Window Coverings, Two Stoves, Two Fridges, Washer & Dryer.

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Humber Valley Condo for Sale

Maureen Reed — Fri, 23 Sep 2011 14:48:00 GMT

• 1 bath, 2 bdrm single story - MLS® $339,900

Humber Valley, Etobicoke - Edenbridge-Humber Valley! Immaculate Two Bedroom Unit, Spacious And Sun Filled. Exceptionally Well Maintained. Georgeous South East View Of The Humber River. Large Kitchen, Open Concept Living/Dining Rooms, His And Hers Closets In The Master Bedroom. Desirable Location, Golf Course, Parks. A Must See!! In Perfect Move-In Condition!

Extras: Fridge,Stove,Dishwasher,Stacked Washer & Dryer,Parking,Locker, Rough In For Second Bathroom,Ensuite Laundry.Excellent Well Maintained Building,Fantastic Amenities,Indoor Pool,Security/Concierge,Exercise Room.Exclusions:Lr & Br Light Fixtures.

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Voyager Condo For Sale

Maureen Reed — Wed, 21 Sep 2011 14:01:00 GMT

• 2 bath, 2 bdrm single story - MLS® $559,000

Humber Bay, Etobicoke - Executive Corner Penthouse. 1262 Sf. Open Concept Layout. Wrap Around Floor-To-Ceiling Windows. 3 Large Balconies Totalling 375 Sf. Crown Mouldiungs. High End Laminate Floors. Large Bedrooms. 5-Piece Ensuite In Master With 2 Showers. Upscale Designer Decor & Finishes. Panoramic Views Of The Lake & Toronto Skyline. Quick Access To Highways & Express Transit. Short Walk Or Bicycle To High Park & Bloor West Village. Make Your Move To Waterfront Lifestyle.

Extras: Stainless Steel Appliances: Fridge, Stove, Microwave & Built-In Dishwasher All From August 2010. Washer & Dryer. Hunter Douglas Window Coverings. All Electric Light Fixtures. Private Parking In Separate Area On P1 Close To Elevator.

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5 Reasons Why It Makes Sense to Buy a Home Now

Maureen Reed — Mon, 08 Aug 2011 14:05:00 GMT

As the market heads toward stabilization, some home buyers may still be uneasy about deciding to purchase a new home. However, there are plenty of reasons why buying a home now is more beneficial than waiting until later. Buying a home remains a wise long term economic decision for most of us because:

1. Homes can provide an excellent return on investment (ROI). Although historic annual home appreciation rates are modest, the purchase is usually highly leveraged. If you put 10% down, a modest 3% annual increase in your home’s value represents a 30% ROI.

2. There are many opportunities to gain sweat equity. For example, a well landscaped home can be worth thousands more than a home with a barren landscape. You don’t have to spend that much to get such a return. Buy a shovel and a bunch of small $5-$20 shrubs and trees, and wait a few years. Do your own remodeling (or some of the finish work, such as painting and trim) and those projects can add more to your home’s value than they cost.

3. A landlord can (and will) raise your rent, but a lender can’t raise your mortgage interest rate (assuming that it is a fixed rate mortgage).

4. Many people pay off their mortgage by the time they retire. With no more mortgage payments, they are able to live comfortably on modest retirement income sources. The equity is also transferrable—many homeowners who move to different locales after retirement simply roll the equity from their old home into a paid-off retirement home. A lifelong renter may well have paid more in aggregate for housing over their career, but they will still have to pay rent and many find that this additional expense severely cramps their retirement lifestyle.

5. Most owner-occupied neighborhoods have a sense of community that results from a relatively stable set of residents. That rarely happens in rental environments, where the residents of the neighboring apartments may come and go before you even meet them.

Key to a smart decision on whether or not to buy a home now is research into your current market outlook. There is plenty of research data on the Internet regarding the likely market direction of your area. Experienced real estate agents can also provide very useful local market insight.

Gorgeious 4 Level Side Split For Sale in Etobicoke

Maureen Reed — Tue, 02 Aug 2011 14:37:00 GMT

• 3 bath, 3 bdrm single story - MLS® $589,900

Etobicoke, Toronto - Gorgeous 4 Level Side Split With Numerous Updates And Upgrades. 3Bdrms. Spacious Liv-Dining, New Open Concept Kit With Walkout To Deck And Private Fenced Perennial Garden. Large Main Floor Family Room/Wood Stove And Wallk-Out To Patio. Huge Rec Rm. Great Entertainers' Home. Quiet Family Neighbourhood. Walk To All Levels Of Schools, Plaza, Ttc & Mississauga Buses.

New Furnace, Cac, Shingles, Kitchen, New Hardwood In Liv-Dining, Baseboards And Doors, New Fridge, Stove, B/In Dishwasher, Microwave. Exisiting Washer And Dryer. Patterned Concrete Driveway & Walk-Way. Hot Tub (Not Connected)

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