Hey pet lovers! If you’re considering buying a condo but also own a pet or plan to have one in the future, this blog post is for you. I’m Joey Virgilio, a Realtor at Sage Real Estate and co-host of the Toronto Living’s Real Estate Podcast. In this blog post, I’ll explain the important aspects of pet restrictions in condo buildings, and what you should consider before making a purchase.

The Importance of Checking Pet Restrictions

When you own or plan to own a pet, it’s crucial to inquire about the pet policies in the condo building you’re interested in. Each condo will have its own set of rules and regulations regarding pets, and you want to make sure you’re aware of them before committing to a purchase. Pet restrictions can vary from building to building, so let’s dive deeper into the three main documents that dictate these rules.

Understanding the Hierarchy of Pet Rules

1. Declaration: The declaration is the primary document that establishes the condo building as a registered condominium. Some condos may have limitations on the number of pets per unit or impose weight restrictions.
   
2. Bylaws: Bylaws are secondary to the declaration and provide more specific guidelines and restrictions regarding pets. For example, they may require dogs to be on a leash when outside the unit or forbid leaving pets unattended in common areas.
   
3. Rules: The rules set out further details on how pet owners should navigate their pets within the condo building. They may be based on past incidents or to ensure the safety and comfort of all residents.

Seeking Clarification and Guidance

When buying a condo, it’s essential to ask your realtor for a copy of the status certificate, which includes information on the building’s rules and regulations. Additionally, reach out to the property management to inquire about the pet restrictions and clarify any concerns you may have. It’s also recommended to involve a lawyer who can thoroughly review the status certificate and provide legal advice.

Consequences of Breaking Pet Rules

What if a condo has a pet ban, but you decide to bring your furry friend anyway? In such cases, the consequences can be severe. The worst-case scenario might involve having to remove your pet or even being forced to move out of the condominium. It’s crucial to respect the rules set forth by the condo building to avoid any legal issues and ensure a harmonious living environment.

Pet-Friendly Condos in Toronto

Fortunately, in Toronto, most condos allow pets, particularly dogs and cats. However, there are often weight restrictions, especially for larger dogs. It’s important to thoroughly research and confirm that the condo you’re interested in permits the type and size of pet you have or plan to have.

Conclusion

In conclusion, if you’re a pet owner or planning to become one, understanding the pet restrictions in condo buildings is crucial. Always inquire about the pet policies, review the declaration, bylaws, and rules, and seek professional guidance during the purchasing process. By doing so, you can ensure a smooth transition into a pet-friendly condo and avoid any unnecessary complications. If you have any further questions or want to join the conversation, feel free to leave a comment or reach out to me using the provided links.

Today, I want to share some exciting news with you. If you have experienced the frustrations of competing offers, confusion over representation, or the complications of multiple representation in real estate transactions, I have some good news. Major changes are coming to the industry, effective December 1st, with the introduction of TRESA (Trust in Real Estate Services Act). In this blog post, I will explain the key changes and how they will impact buyers and sellers.

Competing Offers: More Transparency and Choice

One of the significant changes brought about by TRESA relates to competing offers. Currently, sellers and realtors are not allowed to disclose any information about competing offers, except for the number of offers received. However, with TRESA, sellers now have the option to choose between a blind bidding war or an open bidding war. In an open bidding war, sellers can disclose the price, contents, and dates of competing offers, except for the identity of the buyers. This change introduces more transparency and gives sellers the freedom to make informed decisions. It remains to be seen how this will impact real estate prices, but overall, more transparency and choice are positive developments for all parties involved.

Self-Represented Party: Avoiding Confusion

Another significant change TRESA brings is the introduction of the self-represented party. Previously, buyers and sellers had the option to choose whether to be a client or a customer of a realtor. However, the terms client and customer often caused confusion. Now, by opting to be a self-represented party, individuals can clearly indicate their decision to navigate the real estate process on their own, without formal representation. This change eliminates the ambiguity and ensures that individuals understand the level of support they can expect from a realtor. It also provides a distinction between those who choose full representation and those who prefer to handle certain aspects independently.

Designated Representation: Clearer Roles in Multiple Representation

Lastly, TRESA addresses the complexities of multiple representation, where a brokerage represents both the buyer and the seller in a transaction. Under TRESA, brokerages have the option to choose designated representation or brokerage representation. In designated representation, each agent within the brokerage exclusively represents either the buyer or the seller. This ensures that the best interests of each party are upheld and avoids conflicts of interest. This change brings clarity to the roles and responsibilities of agents within a brokerage, providing a more optimal experience for all parties involved.

These are just a few of the major changes being introduced by TRESA on December 1st, 2024. The real estate industry is constantly evolving, and these changes aim to enhance transparency, clarity, and choice for buyers and sellers. Whether you are currently navigating the real estate market or planning to do so in the future, it is essential to stay informed about these changes and understand how they may impact your real estate journey. To hear more about these topics and join the conversation, tune in to Episode 31 of the Toronto Living’s Real Estate Podcast. 

Today, I want to share some valuable insights with you about the different types of heating systems found in condo buildings. Instead of diving into the technical details, I’ll focus on what’s important to condo buyers and the questions they should ask before making a decision. So, if you’re interested in learning more, keep reading

Types of Heating Systems in Condo Buildings:
In the city of Toronto, there are three commonly found heating systems in condo buildings: fan coil system, heat pump system, and package system.

Fan Coil System:
The fan coil system works by heating or chilling water in a main boiler and chiller. This water then runs through pipes that are spread throughout the entire condo building. In each unit, these pipes are connected to a fan, which blows air over the pipes, either heating or cooling the unit. When you walk into a condo unit, you’ll notice the white panels with filters – these are where the fan blows air over the pipes.

Heat Pump System:
The heat pump system, specifically the water source heat pump system, is the most common heating system inside the condo units. Similar to the fan coil system, it also utilizes hot or cold pipes and a fan to blow air into the unit for heating or chilling. The difference lies in how the water in these systems is heated or chilled. However, the important aspect to consider is whether the system operates as a two-pipe or a four-pipe system.

Two-Pipe vs. Four-Pipe System:
In a two-pipe system, there are separate pipes for sending and returning hot or cold water throughout the building. This means that the entire building is either in heating or cooling mode, determined by condo management. As a unit owner, you have to wait for management to switch between the two modes during transitional seasons. On the other hand, a four-pipe system runs both heating and cooling simultaneously. This provides you with control over the system and the ability to switch between modes at any time of the year, without waiting for management. When considering a condo building, it’s essential to know whether it operates on a two-pipe or a four-pipe system to ensure it aligns with your preferences.

Package System:
In low-rise buildings, you may come across a packaged unit, also referred to as a magic pack unit. These systems combine the functions of a furnace and an AC into one unit that is placed within the unit itself. When viewing units, you can identify a packaged unit by checking for a large mechanical closet with a furnace that burns natural gas or uses electricity. If you encounter a packaged unit, it’s crucial to inquire about your responsibilities as an owner. Find out what maintenance tasks you would be responsible for if the system breaks down.

Conclusion:
Now that you’re aware of the different types of heating systems commonly found in condo buildings, along with the essential questions to ask, you can make a more informed decision as a condo buyer. Remember to inquire whether the building operates on a two-pipe or a four-pipe system, as this will determine your control over heating and cooling. Additionally, if you encounter a packaged unit, make sure to clarify your responsibilities regarding maintenance.

I hope this blog post has provided you with valuable insights about condo heating systems!

Let’s tackle a common question in the world of homeownership: Should you be looking at resale or pre-construction projects? This decision can have a significant impact on your wallet, lifestyle, and timelines. 

In today’s blog post, we’re diving deep into the world of heating systems. We’ll answer all your burning questions and help you make an informed decision. So, if you’ve ever wondered whether a furnace is better than a boiler system or the benefits of electric baseboard heating, you’re in for a treat. Let’s get started!

Section 1: Overview of Heating Systems:
To start, let’s familiarize ourselves with the four main heating systems commonly used in homes:

1. Furnaces: The most popular choice, furnaces distribute heat by burning fuel and blowing the hot air through ducts.
2. Boiler Systems: These systems heat water instead of air and distribute the hot water through pipes and radiators.
3. Electric Baseboard Heating: A cost-effective option, electric baseboard heating uses enclosed boxes along the baseboards to heat rooms individually.
4. Heat Pumps: A versatile and eco-friendly choice, heat pumps extract heat from the outside or underground and distribute it where needed.

Exploring Furnaces:
Furnaces take the spotlight as the most commonly used heating system. They are easy to install and relatively affordable compared to other options. However, regular maintenance and filter replacements are necessary. We’ll delve deeper into the pros and cons of furnaces.

Boiler Systems:
Boiler systems offer a longer lifespan and operate silently without blowing air. If your home already has radiators, installing a boiler system can be a smart choice. We’ll discuss the advantages and considerations of using boiler systems.

Electric Baseboard Heating:
Looking for a budget-friendly solution? Electric baseboard heating might be the answer. We’ll cover the benefits of this system, such as zone heating and dust pollution prevention. However, higher running costs and potential safety hazards are important factors to consider.

The Versatile Heat Pumps:
Heat pumps provide a two-in-one solution for both heating and cooling, making them an excellent alternative for traditional furnace and AC systems. We’ll explore the environmental advantages, cost considerations, and specific considerations for colder climates.

Conclusion:
In this comprehensive guide, we’ve discussed the four main heating systems – furnaces, boiler systems, electric baseboard heating, and heat pumps. Each system has its own set of advantages and considerations, so it’s crucial to evaluate your needs and budget before making a decision.

Thank you for reading, and we’ll catch you in the next blog post!

Today, let’s dive into the topic of hot water tanks. Are you in the market for one? Have you been wondering whether it’s better to buy it outright or rent it? In this blog post, I’ll break down the financial aspects to help you make an informed decision.

The Benefits of Renting a Hot Water Tank:
When it comes to renting a hot water tank, there are a few advantages worth considering:

1. No Upfront Cost: Renting a hot water tank means you don’t have to worry about a large initial investment.

2. Servicing and Repairs: If anything goes wrong with the rented hot water tank, you won’t have to deal with the hassle and expenses of repairs or replacements. The responsibility lies with the rental company to ensure everything works smoothly.

3. Monthly Payments: Rental contracts for hot water tanks usually come with reasonable monthly payments. This option allows you to budget your expenses effectively.

The Financial Side:
Let’s now take a closer look at the numbers. Purchasing a hot water tank outright can range from as low as $500 to $1,500 or even $1,800-$1,900 for top-of-the-line models.

On the other hand, rental contracts can range from $20 to $50 per month. Let’s consider a mid-range example: $35 per month. In one year, you would have spent $420 on the rental. Within one to three years, you’ve likely already surpassed the cost of buying the hot water tank outright.

Long-Term Considerations:
While renting may seem enticing due to the lack of repair and maintenance worries, it’s important to understand the long-term implications.

Hot water tanks typically have a life expectancy of around 15 years or more. If you were to continue renting for the entire 15 years, the total cost would be $6,300 (15 years x $35 per month).

On the other hand, if you purchase a hot water tank for $1,200, you’ll have ample room for repairs or even buying a new one if needed. This way, you save a significant amount of money in the long run.

Final Thoughts:
Unless you anticipate moving within the next year or two, buying a hot water tank outright is generally the smarter financial choice. It allows you to save money, especially over the span of 15 years or more.

If you have any further questions or would like to add to the conversation, please feel free to reach out!

Are you diligently saving up to purchase your very first home? Are you looking for a new tool that can help you achieve your goal more quickly? Well, look no further. In this blog post, we’ll discuss the First Time Home Savings Account (FHSA) recently introduced by the Government of Canada.

The FHSA is a tax-sheltered account specifically designed to assist first-time homebuyers in saving for their down payment. It combines the best features of the Registered Retirement Savings Plan (RRSP) and the Tax-Free Savings Account (TFSA) into one powerful tool.

Learn How the FHSA Can Help You Save for Your First Home in Video

https://www.youtube.com/watch?v=wKoexrSwrn0

Contributions and Limits of the First Time Home Savings Account

The lifetime contribution limit for the FHSA is $40,000. However, you cannot deposit the entire amount at once. You are allowed to contribute up to $8,000 per year until you reach the maximum limit. So, if you open the account tomorrow with $40,000 saved up, you can contribute $8,000 in the first year.

The First Time Home Savings Account is Income Tax Deductible

One of the key benefits of the FHSA is that it is income tax deductible, similar to the RRSP. Let’s say you make $68,000 in a year and you contribute the maximum $8,000 to your FHSA. When you file your taxes, you can deduct your income as if you only made $60,000. This deduction can result in a lower tax liability or a larger tax return.

Tax-Free Investments

Like the TFSA, any investments made within the FHSA are tax-free. If you invest the $8,000 in stocks, bonds, or GICs, any returns or interest earned on that investment will remain tax-sheltered. Additionally, any profits you make on your investments will not affect your contribution room. You can continue to contribute $8,000 per year until you reach the maximum limit of $40,000.

No Tax on Withdrawals

The FHSA offers a unique advantage when it comes to using the funds for your first home purchase. Unlike the RRSP, which requires you to repay the withdrawn amount over a 15-year period, the FHSA does not require repayment. Once you have used the funds for your down payment, you will not be taxed on it or have to pay it back.

Restrictions and Eligibility of the First Time Home Savings Account

To open an FHSA, you must be a Canadian citizen and at least 18 years old. The home you are purchasing must be your first home or be more than four years since you last owned a home. Additionally, the home must be your primary residence. You cannot use the FHSA for an investment property.

In conclusion, the FHSA is a valuable tool provided by the Government of Canada to assist first-time homebuyers in saving for their dream home. With its income tax deductibility, tax-free investments, and no repayment requirements, the FHSA offers unique benefits that make it a worthwhile option to explore. Take advantage of this opportunity and start building your path to homeownership today!

If you have any further questions or would like to discuss the FHSA in more detail, feel free to reach out in the form below.