Property Brothers, Finances and Status Certificat​es

So Many Things to Say…I don’t know where to begin!

Ok, so fun stuff first! The Property Brothers TV show is coming to Toronto and they are looking for home buyers willing to renovate their home purchase and be part of the show. If this is something you may be interested in contact me and I’ll provide you with the full details.

Now on a NOT so fun note…I’ve been seeing some concerning things in the preconstruction condo market lately. Please, if you are going to purchase a condo off plan do not walk into the sales center without me or a Realtor you trust. I’m seeing more and more situations where buyers have purchased a condo off plan and were not fully informed or represented properly by their Realtor and they are PAYING (literally!) for it now. Buying preconstruction is not the same as it use to be – the days of flipping and seeing big profits are OVER. Know what you are getting yourself into.

This brings me to my next topic… badly managed condos. I received an email from a seller last week saying asking for help with the sale of her condo  and asked me what I would do to sell the unit if she gave me the listing.  Now, this condo in the east end of the city is in some hot water. CMHC will not insure any mortgages for this building, meaning buyers must have at least a 20% down payment – some banks are outright blacklisting the condo project all together. With this being said, there are many condo buildings in Toronto that are not insured by CMHC either. I cannot reiterate this enough; if you are purchasing a condo, make the offer conditional upon lawyer review of the status certificate and get the help of a someone who knows the market!

Wishing You Real Estate Success,

Joy Paterson, Broker

Comments

  1. Printing Factory owner says

    Hey there, Just wanted to give you some information about what is going on in the printing factory as there are many assumptions being thrown around about our building. I agree wholeheartedly that status certificates are very important and in our case for the printing factory the 20% down payment is necessary in order for the mortgage to be insured however this is not abnormal for loft conversions and we are not in “HOT WATER”. The reason why our building has issues is because the builder left deficiencies that many new builds have and instead of waiting for a lawsuit to take care of them the building took out a loan to fix them. Any agent looking into this matter would see that this is a good thing. Things will be fixed before the lawsuit has finished and then we recoup the loan to be paid.

    If someone wanted to buy in our building yes they need 20% down but this has not stopped other buyers from buying in our building in the last year and they knew everything going on as listed in the status certificate.
    Slandering our building does not help anyone, knowing the facts when DECIDING to buy in our building is what is important

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