When selling a unit, the developer must provide the purchaser with a disclosure statement, which must have a table of contents and contain specific information concerning the unit and project including:
- General description of the property (see above).
- The number of units the developer intends to lease.
- The estimated completion date for the construction of amenities.
- A copy of the proposed declaration and by-laws.
This table of contents helps purchasers find information quickly and easily in the declaration (see definition above), by-laws, rules or disclosure statement about such things as whether a building on the property has been converted from a previous use or whether the building has any restrictions on pets. Purchasers are encouraged to review the purchase agreement and the disclosure document carefully with an experienced condominium lawyer before the end of the 10-day cancellation period.
Purchasers will want to look closely at the types of facilities and services that are offered. The Ontario Human Rights Commission has ruled that adult-only buildings discriminate against families. However, some condos do aim to meet the specialized needs of families with small children, for example, by providing playgrounds. Others may be built with seniors in mind.
Reserve Fund
The corporation is required to establish a reserve fund for the major repair and replacement of common elements including the roof, exterior of the building, roads, sidewalks, sewers, heating, electrical, plumbing, elevators, laundry and recreational facilities.
Before any of the reserve fund is spent, the corporation must ensure a professional (e.g. architect, engineer) conducts a reserve fund study. The corporation is required to conduct studies at periodic intervals to ensure that the fund is adequate. The act stipulates that a qualified person, such as an architect or engineer, must conduct the study.
A physical site inspection must be done to provide an estimate of the expected life of the major components of the corporation, together with an estimate of the replacement cost of each component. This study shall be presented to the board. Within 120 days of receiving the reserve fund study, the board shall propose a plan for future funding so that the fund will be adequate to meet the requirements of the study.
Within 15 days of proposing the plan, the board shall send a notice to the owners containing a summary of the plan and areas, if any, where the proposed plan differs from the study. The board shall implement the plan 30 days after sending the notice to the owners. New condominiums must complete a study within one year of registration and the fund must be fully funded by the end of the following fiscal year.
NEW CONDO BUYERS
Whether you’re a first-time buyer or have lived in your condo for years, the Condominium Act, 1998, is designed to protect your investment, improve the day-to-day operation of your condominium and allow for new kinds of condominium developments.
Quick Tips for Buying a Condominium
It’s often said that buying a condominium is buying a lifestyle. What does that mean?
- Condominium living is different from owning or renting a detached house, townhouse or apartment because condos have a dual nature. Condominium owners hold title to their units and share responsibility for the operating costs of the balance of the property (common elements such as lobbies) that makes up the condominium.
- There are many advantages to condominium ownership. It may be less expensive than other types of home ownership. It can provide an “instant†sense of community. While someone else is shoveling the snow, you can participate in community decision-making.
- But condominiums are not everyone’s cup of tea. Condominium corporations may set restrictions on such things as owning pets or having an outdoor barbeque.
Ontario’s Condominium Act
The act provides strong protection for buyers by setting out information (e.g. whether the developer intends to lease some of the units) to be provided when they buy a unit. It makes sure owners have a say in the way the corporation is run. It also establishes new types of condominiums.
If you want to change your mind and cancel the contract, the legislation gives you a 10-day “cooling-off†period from the time you receive a copy of the signed purchase and sale agreement or the disclosure statement (whichever comes later). In some circumstances, you may have additional time to cancel the contract if there has been a material change as defined in the act.
Making the Fine Print Clear When Buying a New Condo
First, you should remember that you have a 10-day cooling off period after receiving the disclosure package to cancel the deal if you change your mind. Here is the information you need to know as you make your decision:
A condominium as a corporation is formed when a declaration and description are registered at the Land Registry office of the jurisdiction in which the condominium is situated.
Description: Includes a detailed plan of layout and location of the development, surveys of land, location of the buildings, architectural plan of buildings and specifies boundaries of each unit.
Declaration: This is the founding document that details what constitutes common element vs. what constitutes each unit, establishes the percentage of ownership for each unit and the percentage each unit has to contribute to the common expense fees. This document is often referred to as the “constitution†of the corporation.You are probably aware of the new condo coming up in Brampton. For more information on it drop me an email.
The Developer and the Builder are one in the same in many subdivisions. In others the Developer sells lots to one or more Builders. Potential home buyers should research both the Builder and the Developer before buying a home.
The Developer enters into a subdivision agreement with the City to ensure that the construction of the subdivision meets the requirements of the City and other public agencies. The City holds financial securities to ensure the developer performs to the requirements of the agreement. Subdivision works include:
• Construction of roads and municipal services on lands to be conveyed to the City.
• Co-ordination of the installation of utilities (hydro, gas, telephone and cable).
• Construction of sidewalks and walkways.
• Paving of the portion of the driveway on public land.
• Construction of privacy and acoustic fences.
• Construction of stormwater management facilities, such as stormwater management ponds. These naturalized ponds are designed to collect runoff after a heavy rainfall, treat it for impurities and discharge cleaner water into rivers and creeks.
• Boulevard tree planting and landscaping of public areas (such as walkways, fences and boulevards).
All homes in Brampton’s new communities are required to observe architectural guidelines approved by the City. The guidelines are intended to ensure that the exterior appearance of each home in the community is in keeping with the overall vision for the community. The developer is required by the City to retain an independent “Control Architect†to review the plans for all new homes to ensure that they are in keeping with the approved guidelines. The guidelines are not intended to control the delivery of special features or upgrades.
The Builder is responsible for obtaining building permits before construction of the dwelling unit commences, for construction of the dwelling unit and for the grading and sodding of the lot, paving of the public portion of the driveway, and maintaining clean roads and a clean building site.
Â
Â
Â
Â
IMPORTANT NOTES TO HOME BUYERS
• Applications for building permits cannot be submitted until the subdivision is registered. Contact the Planning Department or the Building Division at the City of Brampton to confirm whether the plan is registered.
• Builder’s Deposits – New home purchasers should review their purchase and sale agreement to confirm what deposits and payments the builder requires and when, and how they can get their deposit back. If the deposit is returned upon Assumption, the date of assumption can be obtained through the Clerk’s office or the Engineering Services office at the City of Brampton.
• Assumption of the subdivision by the City occurs when the municipality assumes responsibility for the maintenance of all municipal services (except for mowing of boulevards). This usually occurs within 3 to 5 years after the registration of the subdivision or when the City is satisfied that the Developer’s obligations have been fulfilled (typically after the final coat of pavement has been installed throughout the subdivision). Until Assumption, the Developer is responsible for all municipal services and the upkeep of the street (except snow clearance).
• A consulting professional engineer on behalf of the Developer will be required to certify that the final grading of the lot is in conformity with the drainage plan approved by the City. This certification is carried out after the property has been graded and sodded, which is to occur generally within 12 months of the date building occupancy inspection is completed.
• The Builder cannot legally sell homes until a subdivision is draft approved by the City. Purchasers will know if a subdivision has been draft approved because the Builder is required to post a coloured copy of the signed and approved version of the Homebuyers Community Information Map in a prominent location in the sales office. A black and white reduction of this map must be attached to all purchase and sale agreements. An agreement of purchase and sale should not be signed until confirmation of draft approval has been provided or obtained.
TORONTO, December 04, 2008 — Greater Toronto REALTORS recorded 3,640 transactions last month, from 7,313 sales in November 2007, Toronto Real Estate Board President Maureen O’Neill announced today.
Year-to-date sales figures for the Greater Toronto Area show 72,086 transactions in 2008, from 88,695 sales recorded in the same January to November period a year ago. By contrast, the 2008 year-to-date average price in the GTA is $379,489, from $375,445 in 2007.
Its important for the public to understand that while sales activity has moderated in 2008, due to current economic conditions, the average price of homes has increased from 2006 still making real estate a solid long term investment, said O’Neill.
In the 416 area, 1,523 transactions took place last month, from 3,426 sales recorded in November 2007. From a year-to-date perspective, there have been 28,806 sales in the 416 area this year, from 36,804 transactions a year ago.
In the 905 Region 2,117 homes changed hands last month, from November 2007′s 3,887 sales. The 905 Region’s year-to-date figures show 43,280 transactions this year, from 51,891 sales recorded during the same period in 2007.
Homeownership in the Greater Toronto Area continues to be an affordable, stable and secure investment, said Ms. O’Neill. Home buyers and sellers should be confident about their bricks and mortar investment which provides shelter and a place to raise a family.
Home prices are affordable, interest rates are at historical low levels and the supply of homes for sale is good providing additional reasons for buyers thinking of entering the market, added O’Neill.
The average price of a home in the GTA last month was $368,582, from $393,747 noted in November 2007. In November 2006 the average price was recorded at $355,727.
In the 416 area, last month’s average price was $390,225, from $433,859 noted in November 2007. The average price recorded in November 2006 was $381,188. From a year-to-date perspective the 2008 average price in the 416 area is $411,155, from last year’s $411,640.
In the 905 Region, the average price recorded last month was $353,012, from $358,391 recorded in November of 2007. In November 2006 the average price was $335,522. The year-to-date average price in the 905 Region this year is $359,245, from $349,774 in 2007.
The average number of days a home currently remains on the market in the GTA is 41, from an average of 32 days last November. There are currently 27,037 homes listed on the TorontoMLS system compared to 18,309 available properties in November 2007.
Source: Toronto Real Estate Board
For questions on the Brampton or Georgetown real estate market drop me an email.
A study by Point2 Technologies, a provider of website and listing syndication software for real estate professionals, says home buyers are more attracted to online listings that have lots of photos.
Â
The study set out to examine the impact of photos in driving real estate transactions, as part of a broker’s or agent’s online marketing efforts. Point2 Technologies says the results strongly suggest that adding more photos generates a better response to real estate listings.
Â
Listings that did not include any photos performed very poorly, generating little consumer response and business, says the company. The study showed that listings with zero photos attract, on average, 0.02 per cent of the detailed listing views that listings with 21 to 36 photos enjoy. Listings that featured a single photo fared significantly better.
Â
“Once again the data indicates that online home shoppers want rich content, specifically in the form of more photos, otherwise they intend to move on to the next listing,†says Carey Tufts, director of marketing, Point2 Technologies. “Especially in today’s market, home sellers and their agents do not have to take this risk. The data sends a powerful message. With more than 80 per cent of home buyers continuing to do their research online, agents must attach more photos to their listings for them to stand out and attract more potential buyers.â€
Â
Compared to listings with only one photo, those with 21 or more photos generated more than triple the number of detailed views, more than double the amount of interest, and double the number of leads, says the study. Compared to listings with no photos, those with 21 or more photos generated more than 55 times the number of detailed views, nearly 27 times the amount of interest, and 898 times the number of leads.
I provide virtual tours and atleast 30 photos with all my listings at no extra cost. If interested in finding out more drop me an email.
Brampton consists of both condo townhouses and freehold townhouses. Up until December 4th 2008, 614 freehold townhouses have been sold. That’s compared to 770 in all of 2007. There have been 529 condo townhouses sold so far this year and 653 condo townhouses sold in all of 2007.
Freehold Townhouses price breakdown for 2008
Number of solds in each price category:
$150,000 to $200,000 = 19
$200,000 to $250,000 = 172
$250,000 to $300,000 = 339
$300,000 to $350,000 = 93
$350,000 to $400,000 = 6
$400,000 to $600,000 = 0
Condo townhouses price breakdown:
$100,000 to $150,000 = 10
$150,000 to $200,000 = 272
$200,000 to $250,000 = 170
$250,000 to $300,000 = 87
$300,000 to $350,000 = 10
$350,000 to $400,000 = 0
$400,000 to $600,000 = 0
These stats are only for Brampton townhouses. If you are interested in staying up to date on the Brampton or Georgetown real estate market drop me an email.
In 2007, 855 condos were sold in Brampton. Up until December 3rd 2008, 423 condos have been sold. The prices have ranged from $110,000 all the way to $369,000. The lowest priced condo, however, in this area of Brampton was sold for only $100,000! The most expensive building on average has been 1 Belvedere court (Queen St / Main St). The least expensive condos are located around Bramalea City Centre.
The condos around the Bramalea City Centre are generally around $140’000′s to $160’000 for a 2 bedroom unit that is over 1000 sqft. This is great location as it is close to the Brampton’s biggest mall, the library, grocery stores, bus stations, GO station, and highways. There are also rental buildings in that neighbourhood.
Another very affordable neighbourhood is the one by the Shopper’s World. The 2nd mall of Brampton, located by Hurontario and Steeles Ave, is surrounded by condos and rental buildings. This year, so far, 127 condos have been sold in that area. The lowest priced unit went for $130,000 in a condo located by Mclauglin and Steeles Ave. It was a 1 bedroom plus den with a maintenance fees of $375/month. This building is generally for the retired community.
Price Breakdown:
Number of condos sold up until December 3rd, 2008 in each price category:
$75,000 to $100,000 = 1
$100,000 to $125,000 = 29
$125,000 to $150,000 = 128
$150,000 to $175,000 = 79
$175,000 to $200,000 = 83
$200,000 to $225,000 = 72
$225,000 to $250,000 = 46
$250,000 to $275,000 = 6
$275,000 to $300,000 = 0
$300,000 to $325,000 = 3
$325,000 to $350,000 = 0
$350,000 to $400,000 = 1
$400,000 to $600,000 = 0
These stats are for Brampton condos only. If you are interested in staying up to date in the Brampton or Georgetown market drop me an email.
Page 4 of 7 « First ... « 2 3 4 5 6 » ... Last »
