Landlords: Is An Inspection Report Important On Move-In & Out Days?

“One Ontario resident learned the hard way about the importance of inspections. When she initially moved in, neither she nor her landlord formally inspected the property. When she moved out, she found herself legally and financially responsible for removing a wall that the previous tenants had constructed in the unit.”
It is critical that the condition of the rental unit be documented on moving day.
This will help:
  • Note previous damage
  • Establish a baseline to evaluate normal wear and tear
  • Decide who is responsible for paying for any potential damages that might occur in the future.
For tenants, it will also waive any liability for damages that existed prior to moving in.
Tenants and landlords should always conduct the move-in inspection together.
[call-out: Did you know? In some provinces, the security deposit is only repayable if the move-in inspection matches the one completed upon moving out.]
Located in British Columbia or the Yukon?  (not Ontario)
A Condition Inspection Report is required by law. Both the tenant and landlord should complete, sign and date the form at move-in and move-out.
Final inspections
When a tenant moves out, the Move-in Report will come in handy.  Refer to the initial inspection that was completed upon moving in, and compare it with the condition of each room on moving out.
We strongly recommend taking photos prior to move in, ever little bit helps to avoid confusion at move out.
Ask your Sutton Realty for any photos available from the time you listed the property.

Link Condos – Affordable Condos and Government Incentives

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Perfect For New Homeowners With Government Incentives!

For More Information, Give Sutton Realty A Call Today
905-896-3333 www.SuttonRealty.com

https://www.youtube.com/watch?v=jnqPIRfaRkk

 

What Is The “First Time Home Buyers Incentive”?

What is the First Time Home Buyers Incentive? And will it truly help Canadians who are ready to commit to buying a home?

It’s a system in place by the Canada Mortgage & Housing Corporation, however mortgage brokers in Toronto & Vancouver will tell you that this cause will only benefit first-time buyers with properties that are outside of Canada’s most expensive cities.

Here are the FTHBI facts the CMHC has shared so far:

  • It is expected that approximately 100,000 first-time home buyers would be able to benefit from the Incentive over the course of the program’s three years.
  • FTHBI is limited to households with a maximum combined income of $120,000. In addition, the program caps out at four times the applicant’s annual income, which means it can only help homeowners looking to buy properties where the mortgage value including the CMHC loan doesn’t exceed $480,000.
  • The maximum equity CMHC will take in a first home purchase is 10% of a newly built home and 5% of an existing home. It will also require borrowers to meet minimum insured mortgage down payment requirements.

Families will have lower monthly mortgage payments due to no ongoing payments however, they will still need to pass the B-20 stress test to prove they can handle the interest rates. Each buyer will also need to be pre-approved, qualify for a mortgage and prove they can carry that mortgage as well as keep up with their living expenses.

The CMHC says they are confident the program will work in all markets, despite the income and borrowing limits. Pointing out average market prices ($770,000 in Toronto) are well beyond the cap, but there is still 23% of transactions in Toronto for homes that were under $500k.

The Home Buyers Plan, which allows first-time home buyers to withdraw funds from an RRSP to purchase or build a home without having to immediately pay tax on the withdrawal. In 2019, the government increased to $35,000 from $25,000 per spouse or partner. Amounts withdrawn must be repaid to the RRSP over a 15-year period.

Over the next several months, first-time home buyers can top up their savings and start talking to their brokers and agents to prepare for the coming investment opportunity.

Are You A First-Time Home Buyer? Do You Have Questions And/Or Concerns?

No Better Brokerage To Call Than Sutton Realty! 

We Have Agents Standing By You Every Step Of The Way To Make Your Home-Buying Experience A Stress-Free Success!

Call Us Today:

Sutton Group Realty Systems Inc., Brokerage

416-896-3333 / 905-896-3333

 

Which Features Will Help To Sell Your Home Quickly?

With trends constantly changing these days, it’s hard to tell which new features and design improvements will actually benefit in the quick sale of your property.

Realtor.com has offered a few key features that have helped home owners sell their home the fastest and for the best price!

  1. Gourmet Kitchens/Chefs’ Kitchens
    Open kitchen designs have exploded onto the real estate market, becoming a centerpiece for each home. Luxury is important to buyers, especially when it comes to hosting friends and dinner parties. Dark palettes like black & navy have taken precedent over the more traditional white and neutral shades. Open shelving, double doors, lots of windows, quartz counters, stainless steel appliances – these are all adding to the popularity and success of home-selling!
  2. Specialty Rooms Whether it be a home office, theatre, gym or mudroom – buyers are asking “why go out when you can stay in?”. While not as popular as they were in the beginning, design experts are saying that homes which come equipped with any type of specialty room usually go for about twice as much as the national median!
  3. Outdoor FeaturesSolar panels have become a really hot commodity thanks to the demand from climate-conscious buyers and those who are looking to cut down their electricity bills. Built-in pools (whether shared or private) have always been consistently popular, but while they attract some buyers in warmer parts of the globe, some buyers may repel due to maintenance and liability issues. Bottom line for pools is to install it for your own enjoyment first, resale value second.
  4. Smart Home Features and Electronics Anything from interconnected appliances or internet-controlled thermostats to fully-wired homes. This can be an expensive addition, but the trend is booming thanks to Amazon Echo and Google Home. These electronic home features are so easy and convenient to use – there is almost no reason these additions will go out of style. With this technology, homeowners can now pick up a simple smart home security system for pricing as low as $150, vs. having a technician come in and install a system which could run a bill over $1000! People really like having an app on a phone to know if someone’s at home or not.
  5. Indoor FeaturesNo matter where you go – fireplaces are always welcome and will never go out of style, however there are definitely more modern approaches to the classic fire place, such as being built into the wall. Another key indoor feature is the walk-in closet; not as popular as they once were due to the de-cluttering movement.

Whether you are looking to sell your home at an amazing price or are looking to purchase a home which includes any of the above upgrades, please give us a call!

We have agents waiting by the phones to answer your questions and help you with all of your buying and selling needs – each step of the way!

Sutton Group Realty Systems Inc., Brokerage

416-896-3333 or 905-896-3333

www.SuttonRealty.com

Can You Guess How Low These Mansion Rentals Are In Vancouver?!

Suddenly there are hundreds of multi-million dollar mansions on the rental market in Vancouver for insanely low prices!

“The first day we moved in, me and my family were like, ‘What? Is this real?'” said a UBC Student who moved from Toronto into a 6,000 sq.ft home in West Vancouver.

It could be a combination for the city’s empty home tax or the province’s speculation tax that are dropping the rental rates for these mega-homes.

Some numbers for thought… One $4.64 million home with 5 bedrooms is being offered at $5,900 per month, and another $7.23 million dollar mansion with eight bedrooms for $7,000 per month! With these astonishingly low prices, the City of Vancouver may have the cheapest real estate in Canada right now.

However, these low rental prices definitely put landowners in a difficult position when you think about the tax rate on such a large home. Taxes can add up to 1% of the home’s assessed value, and if the landlord declares less than 50% of their combined household income for the year, the minimum tax rate will be 2%.

One of the reasons landlords are renting at low rates is not to make a profit, but rather to hang onto the property until they are ready to retire and move back to Vancouver. If they don’t rent it out, they’ll need to pay hundreds of thousands a year. If you rent out a building, it saves hundreds of thousands per year, even if the renter does not may any rent.

Many of the renters for these properties feel fortunate to have such an affordable and large home. A lot of them are being asked “How much are you paying?” and “Are you rich?!”… One can only hope that Toronto will see such rental prices for fabulous properties in the near future.

Are you looking for a great rental property in the GTA area? We have thousands of condos, houses and townhomes for lease right now! 

Give us a call any time, we have real estate agents standing by waiting to help answer your questions and find you a perfect rental!

Sutton Group Realty Systems Inc., Brokerage

416-896-3333 / 905-896-3333

www.SuttonRealty.com

Which Canadian Province Is Leading In Multi-Family Building Permits?

New statistics show an increase of 1.6% per month in relation to permit value for residential buildings in Canada, with Ontario as the clear leader for both single-family & multifamily permits since January. In Toronto, the value for multi-family dwellings rose from 26.5% to $871 million which was the second highest value on record!

Since December, multi-family permit approvals have increased by 3.5%, totalling to 21,192. Single family home approvals decreased by 2.3% from the previous month.

As for non-residential permits, the drop was pretty significant with a total of $3.0 billion down 15.8% from December, which resulted from lower construction intentions from commercial buildings. The total value for all permits issued in January for both residential & non-residential was $8.4 billion in January, down from 5.5% from December’s record high.

Whether you are looking to invest or to buy the perform home for you and your family, do not hesitate to call us! We have agents standing by to answer any of your questions.

Sutton Group Realty Systems Inc., Brokerage

416-896-3333 / 905-896-3333

www.SuttonRealty.com

 

 

 

Severe Housing Downturn in Canada is Unlikely

 

Royal Bank has stated that a widespread real estate downturn is unlikely and that the probability is “still low but has increased somewhat in recent months”. Mortgage stress tests and rising rates are making it harder for buyers to get a foot in the door.

Toronto, Vancouver & Alberta are currently at risk due to the high interest rates put on the high-priced areas, and affordability is a major at a crisis level. “Regulatory changes made the market healthier – it is now balanced, well supported by economic and demographic fundamentals, and while condo building activity is elevated we see few signs of overbuilding,” says RBC.

Montreal remains one of Canada’s stronger markets at the present time, says RBC. Elevated levels of apartment construction in Montreal, Vancouver, and Toronto is a potential long-term concern, however unsold inventories are low.

 

For more on this article, visit: https://ca.sports.yahoo.com/news/severe-housing-downturn-canada-unlikely-rbc-190257940.html

 

Canada Considers Applying Mortgage Stress Test Rules To Private Lenders

Canada is considering subjecting private lenders to the same mortgage stress test rules faced by banks to prevent housing markets from being destabilized by the lenders’ rapid growth, three sources with direct knowledge of the matter said.

Private lenders currently account for approximately one-tenth of Canada’s $1.5 trillion mortgage market, and are still dwarfed by banks but their growth has accelerated since the new rules have been introduced. The B-20 rules that were introduced last January require banks to test the borrower’s ability to make repayments at 200 basist points above their contracted rate, and have resulted in more applications for loans being rejected.

As of now, private lenders are not subject to the B-20 rules because they are supervised by provincial regulations rather than the Office of the Superintendent of Financial Institutions, the federal regulator. Bringing them under federal supervision would require a change in the law.

Two options were discussed, either the federal government would have to ask provinces to apply the B-20 guidelines themselves, private lenders would then also need to provide stress tests the same as the banks’, or the less severe alternative – to recommend provinces ensure private lenders run tighter checks on the ability of their borrowers to repay loans but stop short of imposing the actual stress test. A final decision has yet to be made.

Mortgage investment companies (MICs), have been the main driver of private lenders’ growth, picking up borrowers spurned by the banks. Lending up to 90 per cent of a property’s value, they typically charge borrowers an annual rate above 10 percent, sometimes as high as 15-20 compared with the 3-5 percent offered by banks.

For more on this article visit: https://business.financialpost.com/real-estate/mortgages/exclusive-canada-mulls-measures-to-curb-private-lenders-growth

 

 

10 Canadian Housing Charts That Show How Out Of Whack The Market Is

After years of booming times, Canada’s housing markets are at a turning point. Interest rates are rising, and the new mortgage rules have taken some steam out of the market.

Below are 10 charts illustrating just how out of whack things have become.

Canadians have never had to shell out more of their income to own a home:

Condo construction is at an all-time high:

Young families are not wanting to live in said condos:

You need to be a one-percenter to own an “average” Vancouver home:

Vancouver homes are comically overpriced:

Vancouver’s new distinction: Worst housing market:

There aren’t enough new residents to prop up Vancouver’s market:

Toronto has as much as it can handle:

Mortgage growth is at historic lows:

Investment condos are now often losing money:

 

Liberals Look To Make Home-Buying More Affordable For Millenials

 

Finance Minister Bill Morneau gave a speech in Aurora, Ont., where he asked if Ottawa has any plans to help first time-buyers. Morneau said the Trudeau government is looking for ways to make home-buying more affordable first-time buyers.

Housing is expected to be a prominent campaign issue ahead in October’s federal election. The Liberal government has focused on three housing-related issues: Canada’s shortage of affordable housing, a run-up in real estate prices and ensuring millenials can afford homes.

He stated that the Federal government has already taken steps to increase the supply of affordable housing and to cool the hottest markets by introducing stress tests that limit some people’s ability to take out big mortgages.

According to the Toronto Real Estate Board, the average price for all types of housing there was $810,000 in December. Detached homes were going for more than $918,000. Conservative MP Karen Vecchio argued in a statement Tuesday that Trudeau government policies, including it’s carbon tax, have made housing less affordable.

NDP Leader Jagmeet Singh proposed measures he insisted will help build 500,000 new affordable housing units across Canada over the next 10 years. He said Ottawa should stop applying GST to the cost of building new affordable units, provide a subsidy to renters who spend more than 30 per cent of their incomes on housing and double a tax credit for first-time home-buyers from $750 to $1,500.

In 2015, Liberals promised to enhance the popular Home Buyer’s Plan which enables first-time buyers to borrow up to $25,000 tax-free from their registered retirement savings to purchase a new home. The amount musst be repaid within 15 years. And in 2017, they unveiled a 10-year, $40-billion national housing strategy which the government has billed as a plan that will provide more social housing and affordable renting units.

 

For more on this article, visit:  https://www.princegeorgecitizen.com