London Real Estate Report for December 3, 2013

London Real Estate Report for December 3, 2013

Once again the Sales (conditional & firm) have outpaced the number of listing coming on the system. This sure helps the list to sell ratio for this month. Also 10 properties had a price change - likely down trying to catch the market.

December Deadlines for Condo Liens

December Deadlines for Condo Liens

Just got an interesting email from the Toronto Law Firm Fine & Deo reminding all their clients about the Christmas season and what should be done to make sure all liens are properly placed before the end of December. I hope all condo owners, boards and managers have given some thought to this matter.  Have a Merry Christmas!!

London Ontario Real Estate Summary - December 2, 2013

 A good opening day for the first week of December. Listings and sales are almost equal but what is interesting is the number of changes and price changes. As we always say a balance between - Location - Condition - Price sell homes. Thinking of sell give us a call. We love your referrals.

London Real Estate Report - ANNUAL ACTIVITY - SALES TO LISTINGS

November was a month where listings out paced the sales by a margin of 2.20 to 1. The data shows that the market is in the buyer market range. Three things sell a home: Location, Condition and Price. Which of these is affecting your sale?

LEST WE FORGET!

WHAT'S AHEAD FOR YOU IN 2014??

We know it seems a little early to be thinking about your plans in 2014. We know it is still November and Christmas is just a few weeks away. However many of our clients – past and present – are thinking about making some changes regarding their home – upgrading to that dream home or downsizing to a retirement home. We have attached a video RE/MAX ONTARIO Home Buying Trends 2013-2014 for you to view. 

 If you want to discuss you “what if’s” or “should we's” give us a call. (519-667-1800)

TO SEE THE RE/MAX ONTARIO Home Buying Trends 2013-2014 click here

GROWING UP: ONTARIO’S CONDOMINIUM COMMUNITIES ENTER A NEW ERA

The Ontario Condominium Act Review Stage Two -- Solutions Report :: Sept 2103

Canada's Public Policy Forum just releaseD their report on the recommendations for changes to the Ontario Condominium Act 1998.  There are over 131 suggestions - some being good and some not so good (my opinion).  You have to read the full report to form an informed opinion.  If you are concerned about any area contact your local MPP or Canada's Public Policy Form.

You can read the complete report by clicking here.

If you have any questions please let us know.

THE GRANTS

Take a Walk on the Boardwalk (or Sidewalk)

Take a Walk on the Boardwalk (or Sidewalk)

If you've played the game Monopoly then you've probably picked up the

Chance card that reads, "Take a walk on the Boardwalk. If you pass Go..."

That's good advice when shopping for a new home. When you see a property you like and you’re thinking of making an offer, spend some time walking around the neighbourhood. This will give you a better sense of what it's going to be like to live there.

After all, the last thing you want is to buy a dream home only to find out later that there are issues with the neighbourhood that make living there miserable.

If you have kids, see how far of a walk it is to local parks, playgrounds, schools and community centres.

If you commute, you might also check out the route from the neighbourhood to your place of work. Is there a left turn that is likely to get backed up in the mornings?

Also check out how well the neighbours take care of their properties. Homeowners tend to keep their homes looking good if they enjoy the neighbourhood.

As you walk, listen. Are there noises from nearby high schools, industrial areas, or highways that are going to be unpleasant for you? Find out if the neighbourhood is near an airport flight path, or if there is a railway in the area. (Your REALTOR® can find that out for you.)

If you get a chance, talk to some of the neighbours. Ask what they like most about living in the area. You're likely to get some candid – and useful – answers.

Finally, spend some time visualizing living in the area. Can you see yourself enjoying what the neighbourhood has to offer?

If so, then buying a home in that area will likely be a good choice for you. A good REALTOR® can help. Call today.

The Grants can always be reached at 519-667-1800 or sales@the-grants.com

Happy Canada Day

Happy Canada Day to everybody.  Enjoy a safe and fun filled weekend.

THE GRANTS
Connie Grant
Broker, ACCI, FCCI, CRES, CMOC
RE/MAX Hall of Fame
Fraser Grant
Broker, CPM, FRI, CMOC, CRP, ACCI, FCCI
RE/MAX Hall of Fame

RE/MAX Centre City Realty Inc., Brokerage
675 Adelaide St. N., London ON  N5Y 2L4

2014 Rent Increase Guideline Announced

2014 Rent Increase Guideline Announced

The Ministry of  Housing has announced that the rent control guideline for 2014 will be 0.8%.

The 2013 guideline is 2.5%. The 2014 guideline applies to rent increases between January 1 and December 31, 2014. The guideline does not apply to vacant residential units or residential units first occupied on or after November 1, 1991.

The new guideline will also mean:

·        There will be a change to the threshold for what qualifies for an extraordinary operating cost increase in 2013.  According to the regulations, “an increase in the cost of municipal taxes and charges or utilities is extraordinary if it is greater than the guideline plus 50 percent of the guideline”. That means that the threshold for extraordinary operating costs will be 1.2% for 2013.

·        The interest rate on last month’s rent deposits also changes in accordance with the Residential Tenancies Act which requires interest to be paid to the tenant annually at a rate equal to the guideline.  The interest rate on last month’s rent (LMR) deposits for 2014 will be 0.8%. Note that landlords will be able to use the interest earned on a last month’s rent deposit to top up the tenant’s last month’s rent deposit, as required, to keep this deposit up-to-date with the current monthly rent.

Increasing Your Rent by the Guideline
The rent for a unit can be increased up to the guideline limit if at least 12 months have passed since a tenant first moved in, or if at least 12 months have passed since the last rent increase.

A tenant must be given proper written notice of a rent increase at least 90 days before the rent increase takes effect. The written notice should be on the N1 Form, “Notice of Rent increase”, available from the Landlord Tenant Board website, www.ltb.gov.on.ca, under the section “Notices of Rent Increases”. There is no requirement for approval by the Landlord Tenant Board

Data supplied by;

London Property Management Association
460 Berkshire Drive, Unit 102
London, ON  N6J 3S1 Ph. 519-672-6999 Fax 519-672-6462
info@lpma.ca www.lpma.ca

Winning Our Battle With Blogging Platforms

Our technical partner is gaining ground on getting us back up and running. We now have most of our past blogs recorded.  Thanks for your patience.

The Grants

Are Your Condo Documents Up To-date?

The current Ontario Condominium Act of 1998 is a distant cousin of the first Ontario Condominium Act of 1967.  So what is 31 years + 15 years that the current Act has been in place?  Ontario is currently operating on its second revision of the original Condo Act of 1967.  Unfortunately some of the condominium corporations are trying to operate under the documentation of the 1967 Condo Act.  The Condominium Act and the subsequent documents that flow from it are complicated enough.  Lets add to that the complication of having documentation written 46 years ago without ever being updated to reflect the current Condo Act of 1998.  Too add to the confusion - lets not follow the documentation - but just do what we think is right???  Can you see a disaster in the making?  We sure can.  I can just the heart beat of the litigation lawyers picking up!

Recently we had the opportunity to review a Status Certificate for a condominium corporation.  On reviewing the Status Certificate documents a couple of issues surfaced.

Firstly - The By-laws call for 3 directors but 7 are listed on the Status Certificate.  Are we missing a by-law changing the number of directors?  Apparently not as the owners/board just decided to have more directors.  It is important to note that it does not matter whether the Condominium Corporation is BOARD MANAGED or CONTRACT MANAGED as the Board is ultimately responsible.  This raises the question of who are the real board of directors.  Is the Directors and Officers liability insurance affected?

Secondly - One of the by-laws had not been signed or at least the copy we saw was not signed.

Thirdly - The condo documents that we saw were original from the time the condo was registered. They had never been updated. There was a Standard Unit By-law which was good.

As a unit owner or a director you must make sure that your condo documents are up to-date with the current Condo Act of 1998 ( Ontario ). It is imperative that the condo is managed according to the registered documents and not just as the owners, board or manager see fit. Enough legal cases have been lost by condos following the rules let alone not following the rules governing the condo.  It may not seem  important at this point in time but it can and will at some point cost not only the Board of Directors alot of money but the individual owners as well.  Court cases are expensive win, loose or draw. 

Property values are governed by the current real estate market and the current reputation of a condominium corporation. Rumors can and will drive prices down in a condominium not being properly managed or that is underfunded. Don’t let your largest investment loose value by not having your condominium corporation properly managed and funded.

If you are not sure give us a call and we will review your documents for you and suggest what needs updating at no cost to you. We can be reached at 519-667-1800 or sales@the-grants.com.

THE GRANTS

Our Blogging Platform Has Been Sold and Shut Down

Hi

Well our previous blog platform has been bought out by Yahoo and shut down.  We are experiencing a delay in getting a new blog platform up and running.  We have tapped into an old platform we originally had with Google and are looking to see if it will work with our web page.  Something is better than nothing. We hope to be up and running again by Wednesday May 28, 2013 with our new platform. Thanks for your patience.

The Grants