Contractors Going Bankrupt Mid-Renovation a “Nightmare” for Homeowners

Great article in www.TheStar.com 

A contractor going bankrupt mid-renovation is a “nightmare” situation for homeowners, experts say.

If a construction company goes bankrupt mid-project, homeowners aren’t likely to see their money again, said Toronto real-estate lawyer Mark Weisleder.

“As far as going after the contractor, there’s very little (homeowners) can do,” he said.

The problem can get even worse for homeowners if subcontractors haven’t been paid. Once an independent contractor has worked on someone’s land, they have an automatic right to register a lien — a type of security interest granted over an item of property to secure the payment of a debt — against its owner, Weisleder said.

“(Homeowners) know (subcontractors) are doing work on their property, and that’s why they’re responsible for payment,” he said.

Weisleder said he has seen homeowners lose double the money or even the property itself when faced with the cost of both their lost payments and liens.

Employees working for a bankrupt company are protected under Ontario’s Employment Standards Act, said Toronto employment lawyer David Whitten. Under the act, directors of a bankrupt company are personally liable for unpaid wages for up to six months. If the company has no money, the directors’ personal assets will be seized.

The act does not cover independent contractors, forcing them to file a lien, he said.

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David Stoddard Buyer Planning Sessions

 

 

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Toronto Condo Hot List for the Week of February 16, 2015

Here are my Top Picks for the Week:

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8 The Esplanade Ave #2508

Price: $469,000 Beds: 1 Baths: 1 Sq Ft: 650

Assignment Sale. Just Built. The Esplanade L Tower. Spectacular Views Of The City. Hardwood Floors.Granite Counters. Gourmet Kitchen. Open Concept. Terrific Natural Light. Inclusions: Stainless Steel: Stove, Fridge, Dishwasher, Microwave/Hood Fan. W…

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1 King St W #2001

Price: $279,900 Beds: 1 Baths: 1 Sq Ft: 545

The Residences at One King West. Architecturally inspiring and ideally located. Tastefully Renovated Suite. Fully Furnished. Corner Suite. Windows In Every Room. Natural Light Galore. Terrific Floor Plan. City Views. 10′ High Ceilings. Shower an…

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1169 Queen St W #414N

Price: $439,000 Beds: 2 Baths: 1 Sq Ft: 850

The Bohemian Embassy Condos. Beautiful And Bright With Amazing Split Floor Plan. Floor To Ceiling Windows So That You Can Enjoy The Bustle Of Being In The Heart Of Queen Street West. Juliette Balcony. Laminate Flooring. Kitchen Island. Granite Count…

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650 King St W #605

Price: $408,000 Beds: 1 Baths: 1 Sq Ft: 689

Located In Toronto’s Trendiest Spots, King West! Spacious 698 Sq Ft Open Concept Corner Unit With 111Sqft Terrace. 9 Ft Ceilings. Floor To Ceiling Windows. Hardwood Floors Throughout. Granite Counters. Center Island. Spa Style Bathroom With Larg

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Please contact me direct at or by email, David@DavidStoddard.ca

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Five Condo Renos That Add Value

Great article in www.TheGlobeandMail.com

It was a horror show. The condo kitchen was fitted with expensive cabinets by the high-end Italian company Scavolini – coloured hot pink. In another condo, the back splash behind the stove top was made of a metal – impossible to clean.

These are disasters for condo owners looking to sell. They are upgrades so bad, they downgrade the property’s value. And while most owners obviously want to maintain their condos’ worth, there are differing views on how to do so.

For people buying new condos with the expectation of reselling only a few years from now, Leslie Richardson, a real estate agent in downtown Toronto with Property.ca Realty Inc., recommends selecting the best package of appliances and fixtures right off the bat from the builder. This goes both for people buying a condo to live in and those buying it as an investment to rent out.

“You want to be purchasing from a quality builder. And when you’re doing that, your standard package that’s included in the price should be fairly decent and require very few, if no, upgrades,” she said.

However, “if you’re buying from a builder where we’re still seeing carpeted bedrooms and laminate counter tops, in that situation we would want to spend money on upgrades,” she adds.

Some, though, believe a condo should be continually upgraded. Even for condos only two or three years old, upgrading is key in order to keep pace with the market, said Renee Didiano, a Toronto agent with Condos.ca and also affiliated with the brokerage Property.ca. “I think now more than ever people need to be upgrading, and I’ll tell you why.

“When I bring people around and show them different spaces, you’ll find that there have been a lot of new buildings coming up,” she said. “[Builders] have been able to get better appliances, more state of the art. Because of that, you’ll find that condos built only three years ago will start to look dated.

“There are things you can do to change the look, but on a decent budget,” she added.

1. Hardwood floors throughout

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David Stoddard Buyer Planning Sessions

 

 

 

 

 

 

 

 

 

Please contact me direct at 416-520-6746 or by email, David@DavidStoddard.ca

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Condo Sales and Average Price Up in Q4 2014

 

Greater Toronto Realtors reported 4,975 condo apartment sales through the MLS in the 4th quarter of  2014. The number of transactions represented a 8.3% increase compared to 4,594 transactions reported in Q4 2013.

In the City of Toronto, which accounted for 72% of condo apartment sales in the GTA, sales were up by 9.4%. The average selling price in Toronto was $390,989 up 2.6% from Q4 2013.

The number of new listings in the GTA reported in Q4 was up by 4.7% compared to the same period in 2013.

“Demand for condominium apartments remained strong in the fourth quarter of 2014. While the supply of condominium apartments listed for sale grew in the fourth quarter, including a large number of completed units, the number of sales grew at a faster pace. Competition between buyers increased in the condo market over the past year,” said Toronto Real Estate Board President Paul Etherington.

Interest in ownership housing in the GTA , including demand from first-time buyers in the condo market, is extremely strong. The majority of households understand that a home purchase represents a quality long-term investment,”said Mr. Etherington.

The average selling price grew in Q4 up by 3.8% from the same time last year to $367,199.

“Despite very strong condominium completions over the last two years, we have not experienced a glut in inventory. The number of buyers has more than kept up with the number of units available for sale. This is why we continued to experience above-inflation average price growth in the condo segment,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

 

 

Other notable statistics include the average days on the market for Q4 at 35 days. Active listings were 4,468 in Q4-down 0.3% from Q4 2013.

Sellers are looking for market value for their property. I prepare a comparative market analysis (CMA) for all of my Buyer clients prior to submitting an offer to determine the property’s market value range.

Real estate is very building  specific. The numbers as reported above are averages. Results in one building do not indicate that all other buildings  are experiencing the same results.

There was an increase in the number of condo apartment downtown core rental transactions in Q4 along with the number of units listed for rent.

Average rents for popular one-bedroom and two-bedroom units were little changed on a year-over-year basis.

The condo apartment vacancy rate for Toronto was 1.3% which is very low.

 

 

Here is what you can do next:

 

David Stoddard Buyer Planning Sessions

 

 

 

 

 

 

 

 

 

 

 

Please contact me direct at 416-520-6746 or by email, David@DavidStoddard.ca

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Third-Best Year Ever for GTA New Condo Sales 2014

Urbanation Inc. (www.Urbanation.ca) , the leading source of information and analysis on the Toronto condominium market since 1981, released its fourth quarter and annual 2014 market results today.

A total of 21,605 new condominium apartments were sold across the Greater Toronto Area during 2014, representing the third best year for the market behind 2011 and 2007 and a 51% rebound from a 10-year low in 2013. Sales in the fourth quarter increased 25% year-over-year to 5,510 units.

Inventory levels in active development projects were reduced by 10% during the year to a total of 17,972 unsold units. Measured against absorptions, the level of supply on the market fell to 10 months by the end of 2014, down from 16.5 months a year earlier and marking a return to balanced conditions.

A record 20,809 condo apartment units were completed in 2014, bringing down the under construction count to 52,446 units from a high of close to 59,000 units a year ago. Remaining units under construction were 86% pre-sold at the end of the year. An additional 28,447 units were in pre-construction projects, of which 69% were pre-sold. Standing builder-held inventory increased to 1,550 units from 1,020 units a year ago.

“After taking a break in 2013, new condo buyers were enticed back into the market as pricing and incentives became more competitive across a greater selection of available units. The strengthening resale market and tight rental conditions, combined with lowered expectations for interest rates, should keep the new condo market humming in 2015,” said Shaun Hildebrand, Urbanation’s Senior Vice President.

The index for average selling prices reached $560 psf in the fourth quarter, up 3.6% year-over-year, the strongest rate of growth in two years. Pricing for unsold units grew at an annual pace of 2.5% to an average of $579 psf.

On the resale front, sales of condo apartments grew by 14% in 2014 to reach a record high 17,819 units. Average prices were up 3.8% year-over-year in the fourth quarter to an average of $431 psf, or $389,000. Condo rental apartment results recently reported by Urbanation also show a record amount of activity, with the number of units rented in 2014 rising 15% to a total of 22,765, while rents grew by 1% annually in Q4 to an average of $2.39 psf, or $1,816.

 

 

Here is what you can do next:

 

David Stoddard Buyer Planning Sessions

 

 

 

 

 

 

 

 

 

Please contact me direct at 416-520-6746 or by email, David@DavidStoddard.ca

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CityLights Is Now Available….VIP Prices

Citylights on Broadway

 

 

 

 

 

 

 

Citylights on Broadway is now available.

I am a HUGE fan of the Yonge/Eglinton neighbourhood. I have lived there for 18 years.

The completion of the Eglinton LRT in 2017 will bring people and businesses.

As per usual with any VIP offerings it is first come, first served.

VIP pricing is available to the Client’s of select Realtors ONLY.

The next stage of pricing for the pre-sales will be to online registrants and through the Builder’s sales office once constructed.  At these stages you will see higher prices and floor plans that did not sell in the initial stages of selling.

So….are you ready???

Click HERE for the Brochure

Click HERE for the Floor Plans

Click HERE for the Price List

Click HERE for the Reservation Worksheet

If you are interested in reserving a unit, you have two options:

a) REQUEST A CONSULTATION: We are booking meetings and phone consultations with clients to go over this project.  If you are interested in speaking or meeting with us to discuss this project, David@DavidStoddard.caor call David at (416) 520-6746.

b) RESERVE IMMEDIATELY: If you know which unit you are interested in reserving, kindly download the Suite Reservation Form, and fill out the details (note, we take privacy very seriously and your information will only be shared with the developer).  You may e-mail the worksheet back to us or fax it to 1-866-248-2303. Note the builder has asked that you provide your top THREE selections in case your other choices are sold out.

Toronto Condo Hot List for the Week of February 2, 2015

David Stoddard Condo Tours

 

 

 

 

 

 

 

 

 

Here are my Top Picks for the Week:

 

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1 King St W #2001

Price: $279,900 Beds: 1 Baths: 1 Sq Ft: 545

The Residences at One King West. Architecturally inspiring and ideally located. Tastefully Renovated Suite. Fully Furnished. Corner Suite. Windows In Every Room. Natural Light Galore. Terrific Floor Plan. City Views. 10′ High Ceilings. Shower an…

View this property >>

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625 Queen St E #205

Price: $459,000 Beds: 1 Baths: 2 Sq Ft: 850

Natural Light. 10Ft Ceilings. Master Bedroom With Private Ensuite And Double Closets.Open Concept Floor Plan. West Balcony. Powder Room. Polished Concrete Floor. Inclusions:Stainless Steel : Fridge, Stove, Dishwasher And Microwave/Range Hood. Washer…

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775 King St W #431

Price: $399,900 Beds: 1 Baths: 1 Sq Ft: 727

Spacious 727 Sq Ft With 53 Sq Ft East Balcony. Open Concept Design. Granite Counters. Hardwood Floors. Inclusions: Stainless Steel: Fridge, Stove, Dishwasher, Microwave. Washer/Dryer. All Window Coverings. All Light Fixtures. Parking. Locker. Mainte…

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FOUR Condo Launches to be Excited About in 2015

Below are FOUR projects we are excited about as we get started in 2015.

We select the projects we send to our clients very carefully. ie. location,  pricing, suite floor plans, amenities, Builder reputation.

Our selections sell out very fast.

Please have a look at the list below.

If you are interested in any project simply reply to this email and indicate your preference.

Once I have the pricing, floor plans, brochures etc I will then forward them on to you.

 

Citylights on Broadway

THE PEMBERTON GROUP

Two 34 storey towers coming to 99 Broadway Avenue at Yonge + Eglinton. 392 and 496 units respectively. Developed by The Pemberton Group. Priced from $199,990. Details coming this week.

 

 

                                The Art Shoppe Condos

FREED DEVELOPMENTS

Freed Developments is building three towers above the city-famous Art Shoppe at Yonge + Eglinton. The towers will be 28, 12, and 6 storeys. Two floors of retail and a 12,000 sq. ft. linear park. Pricing starts in the $200,000s.

 

Daniels Waterfront Condos

THE DANIELS CORPORATION

The Daniels Corporation plans to gentrify a 2.8 acre parcel of waterfront property into a mixed-use community. Two towers, expected to be 42 and 32 storeys respectively. A 5 storey podium will house a new George Brown College campus. Official site address is 132 Queens Quay East.

 

Rosedale on Bloor

EASTON’S GROUP OF HOTELS

Easton’s Group is bringing 49 storeys and ~600 units to Bloor + Mt. Pleasant. This is the same builder who developed Dundas Square Gardens, one of our favourite projects in 2014. Rosedale on Bloor will benefit from a $1 Billion gentrification project occurring along Bloor East.

Please contact me direct at 416-520-6746 or by email, David@DavidStoddard.ca

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1758 Esterbrook Dr.

1758 esterbrook dr

1758 esterbrook dr

$618,800

MLS: E3108753

GRANDVIEW by Great Gulf Homes is an exceptional neighbourhood.

Built in 2008 on a 4800sf lot, the CRYSTAL MODEL is 3180sf of fantastic living space with thousands $$$ in upgrades. Terrific layout. Sun-light galore with windows in every room. Hardwood flooring. Crown moulding, upgraded trim. Two gas fireplaces.

Chef’s kitchen with a decorator’s touch: Granite counter-tops, tall rich expresso-brown cupboards, two pantries, doubler sink, kitchen island/breakfast bar, designer back-splash, computer station/desk and a gas stove for your cooking pleasure.

Walk-out from your designer kitchen into your fully fenced, professionally landscaped sunny backyard and relax on your interlock patio. Enjoy a dip in your private, heated, salt-water in-ground swimming pool and the convenience of a gas BBQ hook-up .

Two beautiful hardwood staircases to the second floor. The master bedroom has a large walk-in closet with custom built-ins. Spacious 4-piece ensuite master washroom with his and her sinks.

All bedrooms have an ensuite washroom and closets.

Pull up in your double driveway and park in your double car garage. Access from the garage to the house into a main floor laundry room/wet room with sink and storage.

Inclusions: Stainless steel: gas stove, fridge, dishwasher, microwave/hood fan. Front loading washer and dryer. CVAC and attachments. Tankless water heater (rental). All light fixtures. All window coverings including California Shutters. All swimming pool attachments. All patio furniture . Storage box. Custom built backyard storage shed. Rogers smart home technology with remote monitoring and smartphone access to security, thermostat, lighting and two remote cameras. Two gas fireplaces ( master bedroom and main floor floor family room). Central AC. FAG furnace. .

Located in the heart of Oshawa, this exceptional neighbourhood is just minutes from a superb array of amenities and services. Starting with the Legends Centre just minutes away on Harmony Rd. This state of the art complex features a multi-pad arena, swimming pool, water slide, fitness centre, library and more.

Excellent schools and educational amenities, places of worship and support services of every kind. Shopping. Health and Go Transit nearby.

For more information please visit www.1758Esterbrook.com

Please contact me direct at 416-520-6746 or by email, David@DavidStoddard.ca

GTA Real Estate Market Report December,2014

Near Record Sales in 2014

 

Greater Toronto Realtors reported 92,867 residential sales through the Toronto MLS system in 2014 including 4,446 residential sales through the MLS in December 2014. The number of transactions in 2014 represented a 6.7% increase over the 2013 sales figure of 87,049 and was just short of the record set in 2007. The number of transactions in December represented a 9.6% increase compared to 4,058 transactions reported in December 2013.

The number of new listings reported in December were down by 9.5% compared to the same period in 2013. Active listings were 10,230 in December-down 10.4% from December 2013.

“TREB’s 2014 sales figures are a testament to the importance GTA households continue to place on home ownership. GTA households realize that home purchases have been a quality long-term investment. While home prices certainly increased substantially in 2014 , the purchase of an average priced home remained affordable, in terms of the average household’s ability to comfortably cover their monthly mortgage payments,” said Toronto Real Estate Board President Paul Etherington.

The average selling price continued to grow on a year-over-year basis in calendar year 2014 with an 8.4% increase over calendar year 2013 to $566,726.

The average selling price in December was up by 7.0% from the same time last year to $556,602.

“The strong price growth we experienced in 2014 can be explained with two words:listings shortage. The constrained supply of listings was especially evident for low-rise home types like singles, semi’s and town houses. The number of households looking to purchase these home types increased, while the number of homes from which they could choose decreased. This situation resulted in more competition between buyers and more aggressive offers,” said Jason Mercer, TREB’s Senior Manager of Market Analyses.

Sales of Toronto (416 area code) condominium apartments increased by 16.1% from December 2013. The average selling price of a Toronto condo increased  by 5.4% from the same time last year to $387,612.

 

 

Condominium apartments accounted for 29.1% of total sales in the GTA for December 2014 while detached homes accounted for 44.4% of the total sales.

Other notable statistics include the average days on the market for December at 32 days, down 3.0%. The sales-to-listings ratio for December was 43.5% which is classified as a seller’s market. A ratio from 24%-28% is considered a balanced market.

Sellers are looking for market value for their property. I prepare a comparative market analysis (CMA) for all of my Buyer clients prior to submitting an offer to determine the property’s market value range

Real estate is very neighbourhood specific, building specific  and even very street specific in some areas. The numbers as reported above are GTA averages. Results in one neighbourhood , on one street or in one building do not indicate that all other neighbourhoods, streets or buildings are experiencing the same results. We are still seeing multiple offers in some areas for the best homes and condos.

Please contact me direct at 416-520-6746 or by email, David@DavidStoddard.ca

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