If your building went up between 1995 and 2007, chances are you have Kitec or KTC piping (usually blue & orange colors, but may be black, grey, red & blue), also called PlumbBetter, IPEX AQUA and WarmRite. This inexpensive "flexible aluminum pipe between an inner and outer layer of plastic pipe (PEX pipe) with brass fittings" last between 10 to 15 years before it fails (bursts, floods). It needs to be replaced with copper plumbing. And you may want to look into class action settlement compensation ...
Hurricane/wind and/or Flood Insurance for Canadians may not be available to Canadians who own Florida property.
A Canadian who owns property in Florida, unless they have dual citizenship, a green card, are permanent residents, or have a US work VISA, may not have federally backed insurance on their property. They may not qualify for federal flood insurance under the National Flood Program. Unless they obtained private insurance at least 30 days prior to the event, they may be uninsured.
Advice: call your property manager or a neighbour to assess the damage and secure your property. Go there if needed. As with all insurance, call your insurer immediately to report damage. Mitigate damages. Keep all receipts. Ask your insurer if you qualify for any other funding.
For Snowbirds who still love Florida coast and are interested in investing, this may be a time to buy inexpensive land as others may be looking to unload it.
Examining average weekly sales for the time period 5 weeks before and after the government intervention April 20th, detached house prices are not up or down in the midtown area, averaging $2.73M for both time periods. However, examination uncovered some things that should give sellers pause to think about strategies that have become common place in past years, that is, holding offers. Today, there is more choice for buyer's therefore seller's have to be realistic in pricing (listing price to sale price closer to 100%).
Weekly average sold stats for detached homes in what I call “Classic Midtown Toronto”* illustrate there are 2 1/2 times more homes available for sale now (as of June 4th/17) than at the end of March. We still have pent up demand for homes, so prices are holding steady in spite of this added supply. In the 5 weeks before Apr. 20 (government intervention day) compared to the 5 weeks after, list price to sale price decreased from 117 to 102% of asking. What does this mean? Agents are now pricing sellers homes closer to what they are actually selling for; Agents are reconsidering hold-offer-strategies in favour of offers anytime, and advising sellers it may take a few more days to sell your home. One more attractive thing about living in midtown is that the days it takes to sell your home is about the same as before, 11-13 days on average.
Now let’s compare detached sold homes to another area. I recently listed and sold a detached Richmond Hill home for a Leaside client’s mom’s estate - just as the Apr 20th Kathleen Wynn announcements were implemented to slow the market. I manually did the stats for this area as well. Similarly, list to sold price dropped from 117 to 105% on average. Here in Richmond Hill, different than in midtown, those who didn’t take the time to do the detailed analysis between TREB’s reports coming out (I was doing weekly stats) exposed their clients listings to not selling on offer date. They missed noticing the impact a 65% increase in listings would have on buyers, and didn’t realize the number of sold listings went from over 50 per week to less than 20 per week. Prices dropped nearly $300,000. from mid-March to end of May as the talk of the government intervention frightened would-be-sellers into listing … and then suspending or terminating many listings (60% of the New Listings not selling). Listing Agent’s job at this point is to educate would-be-sellers that their Richmond Hill home is still up 33% from last year April average sold prices; it’s just down from last month. Midtown Toronto compared to Richmond Hill shows great differences in how the market reacted to the intervention.
*(see attached map which takes in most of East of Bathurst, South of York Mills & Wilson, West of the East Don River to the Science Centre, following the CP Rail Line to Bayview and following the Don Valley to Bloor, following Bloor to Bathurst — Moore Park, Rosedale, Deer Park, Summerhill, Yorkville, Forest Hill, South Hill, Rathnelly, Casa Loma, The Annex, Davisville, Chaplin Estates, Allenby, North Toronto, Lawrence Park, Lytton Park, Bedford Park, Wanless Park, Teddington Park, East York’s Leaside, Bridle Path, Hoggs Hollow, Cricket Club, Ledbury Park, and Caribou Park.
Home insurance can feel like a drag...till the day comes where you need it. Here are 3 tips for saving money while protecting your home.
The down payment is one of the most critical elements of financing your home. Before you begin applying for your mortgage you need to have saved sufficiently for this initial expenditure on your home.
The first step is determining what you can afford to spend on your home. Calculate what total monthly payments you are able to make (mortgage payments, maintenance fees, heat, hydro, taxes). Use this to determine the cost of the home you can afford to purchase.
Next you need to determine how much you are required to put down on your future home. The required down payment is different for homes of different values. For homes less than $500,000, a minimum of 5% of the value is required. For homes between $500,000 and $1 million 10% is required. If your home costs over $1 million, or if you want to avoid paying the mandatory Canada Mortgage and Housing Corporation (CMHC) mortgage insurance, you will need to put down 20% of the value of your home. Mortgage insurance is lender (bank) protection against borrower default (you not being able to pay back your loan). See CMHC for more detailed consideration of insurance.
Remember that the more money you put down on your home when you purchase it, the less money you will need to pay back on your mortgage (with interest!). The more money you can put down up front, the better off you will be in the long run.
Are you itching to buy? Home ownership is an exciting and wonderful experience. The trick is being able to afford it! Here are some simple tips to help you save for that critical down payment.
Go with what feels right to you. Like Papa Bear, Momma Bear and Baby bear choosing porridge, a chair or a bed, each of their needs were different. You want the Realtor who is just right for you. Marie is a no-nonsense analytical, leave no stone unturned in your search for the best home for you kind of Realtor. Marie demonstrates strong negotiating skills; this is when Marie shows the work to be most fun. Is this the kind of person you want on your side?
You want a Realtor who is not the biggest name (think too busy for you -- you will most likely be passed off to a junior assistant for much of your transaction); You want a Realtor who is not the newbie (they may not have enough skills or money to serve you). You want experience with references, and you want to take note of what those references say.
You will trust the Realtor who shows up on time, listens to what you want, does diligent research on your behalf, and cares as if it were their own purchase. You will trust the Realtor who puts the tools in your hands, shows you the searches so you are confident in the numbers decided on, and the steps taken. A Realtor needs to be competent with technology, but know how to pick up a phone according to your preferred method of communication.
Marie's clients, surprised by her investment in their outcome, recommend you to her with words like "clearly explained everything to me" & "I knew I could trust her, but I didn't know how many questions she would teach me to ask about things I didn't realize I needed to know."
You will do your own search on RECO.on.ca to make sure that your chosen Realtor has an up to date liscence, and has no posted infractions against them.
Choose a Professional Realtor, like Marie, who is a Broker, part of organized Real Estate, belonging to a great brokerage -- Royal LePage Signature has the best managers and team of service providers, member of the Toronto Real Estate Board (TREB), member of Ontario Real Estate Association (OREA), member of the Canadian Real Estate Board (CREA). A professional within organized Real Estate offers you insurance when you travel with them, and the brokerage offers insurance on deposit money placed in the company trust account against loss.