OCTOBER NEWSLETTER

Pets and Condos

Find out the rules on pets before you move into your new condo

 By:  TODD FRYER

 

If you are a pet owner and are planning to move into a condo, it’s best to check whether Fido can move in with you, too. 

 

The condominium corporation's bylaws or declaration or rules will stipulate whether pets are permitted and, if so, what kind (whether goldfishes, dogs, birds, cats, etc.), how many, and other restrictions.  While your realtor may have some insight into the pet restrictions in your new condo, inquire yourself or have your lawyer check into it, just to be completely sure.

 

Just as in life, exceptions can be made to the rules. If the owners of 80 per cent of the units consent in writing to amend the bylaw and the condo board supports the change, then you may be able to have Fido move in after all. 

 

According to the Condominium Act 1998, condo boards may pass rules that condo owners must follow, as long as they are reasonable and abide by the Ontario Human Rights Code. In the past, courts have determined that issuing a blanket 'No Pets' rule is unreasonable and unenforceable because it's too vague. Service dogs, such as those trained to help people with physical or mental disabilities, are exempt from pet bans. Residents must be sure to have the proper medical documentation to support this claim.

 

Those condominium corporations that enforce their no-pets rules to the letter, with no history of making exceptions to other unit owners, typically win court cases. Those condo boards that are lax or haphazard in enforcing their no-pets rules may find themselves on shakier territory. 

 

Either way, at this point the final decision will rest with a judge. So if you are a pet owner or are considering getting a pet once you become a homeowner, just make sure the condo you intend to buy allows for pets, present and future.

 

Any Questions?

Give me a call

Todd Fryer

Century 21 Aberwin Realty Inc.

905 869 3473

Pre-Approval for Self the Employed

Tips to get approved for a loan or mortgage for the self-employed

 

Lenders and the self-employed go together a bit like oil and vinegar. It’s not that small business owners, entrepreneurs and freelance professionals can’t qualify for a mortgage. It’s just that they are deemed more risky and scrutinized more rigorously thanks to their lack of a regular pay cheque.

 

When the federal government tightened up mortgage rules last year, that made it even tougher for the self -employed, the numbers of which have been growing in Canada due to a shaky economy. According to Statistics Canada, in 2011 there were more than 2.6 million Canadians or about 15 per cent of the workforce working for themselves.

 

Lenders commonly look at average incomes for the field the self-employed applicant is in, comparing it to their earnings and income history. Banks also study tax documents and take a close look at tax write-offs in an attempt to reconcile true income from reported income.

 

Typically, financial institutions will want the last two or three years of your Notices of Assessment. These spell out your reported income, what you’ve written off and how much you owe in taxes. 

 

Make sure your credit is up to snuff. Check your credit status to find out if you have any negative marks against you that you can correct or improve upon before applying for a mortgage. Pay outstanding income and property taxes and try to pay your bills on time so your credit history stays strong.

 

Try to have a sizable down payment for your new house. It will likely improve your odds of getting approved and it could help you get a better interest rate. Because your income usually fluctuates from one month to the next, try to build an emergency fund that will also help you qualify for a mortgage.

Any questions give me a call
Todd Fryer
Broker 
Century21 Aberwin Realty
905 869-3473

Fall Festivals and Fairs

Hamilton and Burlington are bringing the fun with greats fall festivals and fairs

By Todd Fryer
Broker, Century 21 Aberwin Realty

 

September brings fairs, festivals and great ways to herald in the first days of autumn. Hamilton and Burlington offer some of the area’s best outdoor, family fun options. So this September, be sure to take in a Hamilton or Burlington festival or fair.

159th Binbrook Fall Fair

Sept.13-15

The Binbrook Fall Fair offers many things for the whole family to do and see including taking in Canada's #1 Demolition Derby, visiting with farm animals, birds of prey, commercial exhibits, midway rides, live entertainment for all ages and more. Plus Sunday is family day!

www.binbrookagriculturalsociety.org/

11th Anniversary Hamilton Pagan Harvest Festival

On Sept. 15, visit for an hour or spend the whole day. It is a time for Pagans, families, friends and the community to gather and celebrate. Open 9 a.m. – 5 p.m. at Gage Park, there will be acts at the Bandshell, workshops and lectures, rituals, vendors, live entertainment, children's activities and more. Admission is free.

 

163rd Annual Ancaster Fair

Sept. 19-22

Come visit the Ancaster Fair for games, midway rides, animals, contests and more.

www.ancasterfair.ca

 

Open Streets Hamilton

Sept. 23

Open Streets Hamilton is a community-based partnership dedicated to promoting active, healthy and inclusive lifestyles by temporarily transforming streets into a shared space for everyone to experience. Shuttle buses ran regularly between two locations or you can walk, ride and roll any day along the Waterfront Trail, take a trip on the Waterfront Trolley, or simply hop on the Hamilton Street Railway (HSR) as you explore the city. Visit McMaster University’s campus, Westdale Village shops and the Ainsle Wood/Westdale neighbourhood at Open Streets Hamilton. 

www.openstreetshamilton.ca

 

 

Battlefield Apple Festival

Sept. 28

Enjoy a pancake breakfast, games, pumpkin decorating, demonstrations, entertainment, and don't forget to enter the Battlefield Bake-Off from 9 a.m. - 4:30 p.m. at the Battlefield Museum in Hamilton. Regular admission rates apply to the museum. Contact 905-662-8458 or visit battlefield@hamilton.ca or www.hamilton.ca/museums.

 

 

Applefest Fall Fair – Burlington

Sept. 29 

Visit the Ireland House at Oakridge Farm in Burlington - admission is by Donation – for an  outdoor Pancake Breakfast to start the day at 9 a.m. And if you love the country-style home-made pancakes and specialty syrup, you will love Applefest Fall Fair. It’s a fun event for the whole family with exciting activities and attractions of a country fair. Bigger and better than ever, Applefest will celebrate the changing of the seasons with fantastic games, crafts, free live musical entertainment and delicious “Harvest Fare” food such as country-style BBQ, delicious apple treats including apple blossoms with caramel sauce, apple cider and of course, apple pie.

 

 

36th Annual Family Fun Fair

Sept. 21

If it is family fun and good food you are looking for, you won’t want to miss this year’s 36th Annual Fun Fair at Countryside Camp & Conference Centre in Cambridge. From 10 a.m. – 3 p.m., enjoy auctions, games, super Jump n Bounce rides, Animal Train, and Dutch, Canadian, and Hispanic inspired foods. For more information call 519-623-4860 or 1-888-226-7722 or vist www.countrysidecamp.com.

SEPTEMBER NEWSLETTER

Before you buy, be sure you understand – and can afford - your condo fees

By Todd Fryer

Condominium maintenance fees are a monthly charge the owner of a unit must pay to cover the costs of items such as building insurance, upkeep, repairs to common areas including the grounds, the heating and cooling system, water and sewer pipes and property taxes. A portion of those monthly fees are also set aside and put in a reserve fund, or rainy day savings account, for future expenses like a new roof or furnace.  

In Ontario, when you buy a condo, your maintenance fee is predetermined by the developer and is outlined in the Schedule of Declaration. Based on the size of each unit, a percentage of the common expenses is allocated to each unit so that the sum of the whole adds up to 100 per cent. 

A budget is then drawn describing and adding up all expenditures that the condo corporation will incur for a year. Each suite is then assessed its annual proportion of these expenditures. For example, if your annual fee is determined to be $2,000 a year, that’s $166.67 to be paid on the first of every month.

If the budget does not change, the maintenance fee stays the same. But if costs increase by two per cent then all owners’ fees will increase by two per cent.

Special assessments could also drive up maintenance fees. It’s an additional payment a condo board imposes on unit owners when there’s an unexpected shortfall or expense to be covered and there’s not enough in the savings to pay the bill. For example, a flood in the basement or wind damage to the grounds could prompt the extra payment. Just like monthly maintenance fees, condo owners must pay special assessments. Owners can’t vote on whether or not to levy that assessment.

Like maintenance fees, special assessments are proportional.  A smaller suite will pay less than a larger one. 

In Ontario, special assessments are more commonly enacted in condos built before 2001, when the Condo Act didn’t enforce boards to do reserve fund studies, which, like a home inspection, roots out potential problems in the future and ensures there’s enough money saved to cover those costs.

Before you purchase a condo, be sure you know how much you will have to pay in condo fees. Your realtor and lawyer will help you decide if the fees are reasonable and if the condo fund appears to be managed properly.

Any questions give me a call
Todd Fryer
Broker
Century21 Aberwin Realty
905 869-3473

Pros and cons of buying a condo before it’s built

By Todd Fryer:

There are several pros and cons to buying a condo before its foundation is poured or during construction. Here is a list to help you decide the best way for you to go:

 

Pros:

• You can customize your unit and make it your own.
• Buying early in the development is generally the time when prices are the lowest. Typically they appreciate over time. 
• You only have to put down a 15-20 per cent deposit on the market value and when you sell, you reap 100 per cent of the value. 
• More time to save or downsize while the project is under construction. 
• A longer closing period means more time to save for the downpayment.
• Lower maintenance fees. Buying new means the monthly maintenance fee will likely stay the same as the day construction was completed and remain so for about 10 years. 

 

Cons:

• On the investment front, your money is tied up for a few years until it's built - with no return on that until you sell and hopefully the value has appreciated by then.
• You’ve paid out cash for an intangible, something that’s a floor plan layout and artist renderings.  
• Potential delays in completion. Time delays can occur due to weather, labour shortages, supplier problems, inspection problems, etc.
• Layout plans may alter without you having any say in it, as the developer has the right to do so. The hefty sales contract is riddled with phrases like “more or less” and “subject to change without notice,” giving the developer free reign to change the plans on which you initially signed.
• The market may change by the completion date bringing a drop in market value and interest rates may rise or your personal situation may change that would make condo life less appealing. 
• There may be additional costs on closing.
• When you finally get the keys to your condo you don’t own it, yet, until the building is registered, and that could take up to a year. Meantime, you have to pay an occupancy fee to the developer. It’s much like paying rent on a condo you own.

 

Before you buy, make sure you’ve weighed all of the pros and cons of buying a condo on spec so that when you’re ready to move in years later, you love the place and have made a wise investment.

Any questions give me a call
Todd Fryer
Broker
Century21 Aberwin Realty
905 869-3473