Lisa Patel, President of the Toronto Regional Real Estate Board (TRREB), states that “the demand for condominium apartments has remained very strong.” Lisa goes on to state, “the increase in supply, largely attributed to investor selling as both the traditional and short-term rental markets softened along with the looming possibility of a City of Toronto vacancy tax, resulted in much more choice and bargaining power for buyers and a moderate decline in average selling prices.”

As enticing as condominiums look, potential owners must ensure that they are informed about every financial aspect of purchasing a condo, including recent statistics, condo fees, rules and by-laws, and hidden closing costs.

The following two charts show the trends through each quarter over the past four years for total condo sales and average condo prices in the GTA, with the exact values detailed in the table. Please note that COVID-19 has affected the real estate market and should be considered when interpreting the following data.

What Goes into Condo Monthly Maintenance Fees

Every condominium building will charge different monthly maintenance fees, depending on services offered, location, building age, and other factors. These fees are non-negotiable and must be paid regardless of whether the owner decides to use all the services provided. Here is a non-exhaustive list of things to expect to be paying for.

Common Elements

Common elements are frequently described as “any element that is not living space (i.e. individual units).” These may include amenities, parking lots and garages, lockers, balconies, lobby and reception areas, bike storages, maintenance rooms, garbage disposal and storage, hallways and walkways, elevators and lifts, automatic and manual doors, windows, storage areas, and green areas.

This also includes services for said common elements, such as maintaining, repairing, cleaning, disposing, updating, upgrading, and landscaping.

Condo Amenities

A significant component of monthly fees will go towards the upkeep of any amenities the condominium building offers. This can include meeting rooms, pools and saunas, exercise rooms, party rooms, game rooms, security and concierge services, property management, rooftop patios, barbecues, and tennis and squash courts.

Condo Parking & Lockers

The unit may include a parking space and/or a locker depending on the condominium building. However, there are two other means for owners to use parking and lockers that are popular within condominiums:

• Rent: Property owners can rent parking spaces and/or lockers from the condominium board and/or other property owners.
• Exclusive Use: Property owners may have been given the right to use a common element parking space and/or locker for their exclusive use. There may also be instances where the balconies attached to the units are for exclusive use and require prior approval from the condominium board for modifications.

Utilities

Electricity (hydro), heat, and water are all necessary for day-to-day life, especially in the modern era. However, utilities may be included, partially, or not in their monthly fees. A buyer who can estimate their utility usage may be much lower than the average user may be deterred by maintenance fees with included utilities, as their usage does not impact the cost.

Buyers must always ensure they know what utilities are included and what are extra.

Condominium Boards Rules & By-Laws

Not all considerations for purchasing a condo are strictly monetary. A board of managers and directors for each condominium corporation manages most, if not all, aspects of the condominium. However, some rules and by-laws may restrict some uses of property or amenities by condo owners. The list below includes some of the restrictions that may be imposed on condo owners.

• Pets: There may be a restriction on pets that limits them to specific sizes, breeds, and species. The condominium board may also deny all pets completely.

• Unit Modifications: Some renovation plans may be denied by the condominium board, restricting the owner’s enjoyment of the property. Additionally, if the previous owner of the condo performed an unapproved modification to the unit, the condo board may require that the current owner remove the modification at their expense.
• Amenities: In extenuating circumstances, some amenities may be restricted while requiring the property owners to pay for the upkeep and maintenance.
• Rent: The condo board may, in some instances, deny a condo owner from renting their property to a tenant.

Condo Closing Costs

The amount shown is rarely the final amount required. Closing costs typically add 1% – 5% of the purchase price, sometimes reaching as high as 10%. This may include, but is not limited to:

• Deposits

• Land Transfer Taxes
• HST
• Tarion Warranty Fee
• CHMC Insurance
• Legal Fees
• Builder Fees
• Title Insurance
• Utility Deposits and Adjustments
• Builder and Educational Levies

The buyer must always expect to pay more than they offer and retain a buffer between the offer price and the maximum budget.

Who Can Remember All This?

The team at BuyRealty.ca has the expertise and experience to handle every kind of condominium transaction. Our members have performed thousands of transactions and can navigate the pitfalls and loopholes others may overlook. We also make sure that every transaction is unique and specialized to fit your specific wants and needs. We can protect your best interests while making sure you find the property of your dreams.

Click here to learn more about BuyRealty.ca and the members that realize their buyers’ potential.

Every year, PricewaterhouseCoopers (PwC) and Urban Land Institute (ULI) release a report that highlights emerging trends that shape the real estate industry across North America, specifically Canada.

This year, the report focuses on COVID-19 and how it will affect the industry in 2021 by analyzing the changes it caused in 2020.

Below is a snapshot of the key themes unveiled in the report.

Congratulations, you’ve finished your courses and are ready to get licensed as a real estate agent! You’ll quickly realize that the real estate industry isn’t the “easy money” most people think it is. Some of the obstacles you’ll face include the sheer amount of competition in the industry and lack of loyalty from customers.

On a personal level, three significant barriers stop Real Estate Agents from being successful. They are as follows, lack of education, the hard work perseverance required to do the job right and the most prominent factor – following up with your clients.

The three things that will get you to the top are: getting a proper and thorough real estate agent education, not giving up on acquiring new clients and continually nourishing the ones you have.

Which Brokerage to Join?

An important decision how should one a brokerage? Meet with many different brokerages and get to know their Brokers of Record, Managing Brokers, Training managers and anyone who will overlook your development as a Real Estate Agent. This allows you to interview them while they interviewed you. Learn what some brokerages offer what others don’t.

Jay Frenkel, our Broker of Record at BuyRealty.ca, wants to give you the best successful start possible. By offering educational courses through a hands-on approach directly overlooking the process while teaching you everything from lead generation to building your sphere of influence to sales and marketing, technology and everything in between. Jay will help you make valuable networking connections and teach you through weekly meetings, monthly events, and ongoing training. Choose the right brokerage, and you are well on your way to success. Join our family at BuyRealty.ca and get ahead start on your fellow Real Estate Agent. Then bring them on board too!

Make it your passion.

The next step is learning who you are as an agent, what you liked doing and what business you want to build for yourself. One of the best things about this industry is that you can tailor your career to your dream lifestyle. If that’s networking with people through sports and events, or a more direct marketing style, you can build your business that way, too. Whether you like pounding the keyboard or the pavement, you can find success in this business.

We must always continue to learn and grow.

That’s why the next stage of your career is education, learning and focusing on your passions. If what you do to earn a living is something you love, you won’t work a day in your life.

Jay says, “I played off the fact that I love to talk about Real Estate, Construction and Technology. I also learned that I love inspiring successful agents to achieve their full potential. If you play off your passions, it won’t ever feel like work.”

Find Licensed Real Estate Agent who inspire you.

Next, and honestly, one of the most important things, is finding people who inspire you in the industry. Find who’s building a successful business with that strategy and learn everything you can about them. The people that encourage you don’t just have to be in the real estate industry to teach you valuable lessons and things that can work for your business.

Train yourself every day.

After you’ve completed the initial training at BuyRealty.ca and found your passions and inspirations, now it’s time to train yourself in the areas you’ve decided to focus on – every single day. You need to get your 6,000 hours under your belt. That’s when you truly become the master of what you’re learning, and don’t forget to influence others.

Train to Succeed

This can be practicing and role-playing, researching and reading. Most importantly it needs to be doing. Get out there every day and teach yourself what you can. It helps to set miniature goals like handing out 10 business cards daily.  Just make sure you don’t fall victim to analytical paralysis. Get out there and actually do something! Your actions will set you apart from the heard. Don’t give up, practice every day, and you’ll be successful. If others can do it, so can you! We’re here to help and look forward to building a successful strategy catered to you.

Licensed Real Estate Agent as a accountability partners.

The single most significant thing that helps Real Estate Agents stay motivated and focused is the people who surround them. It’s easier to procrastinate and give up when it’s just yourself you have to face.

Your calendar, friends, and family hold you accountable for the dreams and ambitions you are working towards. Tell everyone you can what you’re planning and work hard for it. These accountability partners will give you a jolt when you need it and shall inspire you to work hard every day.

Make them proud and make yourself proud. Join us at BuyRealty.ca

A Brokerage worried about the success of its Real Estate Agents BuyRealty.ca growth through inspiration