In this episode of the Toronto Livings Podcast, Mark and Joey dive into a detailed analysis of the November real estate market update for Toronto, debunking headlines and offering valuable context.
They discuss why sales were reportedly up 40 percent, explore the intricacies of different market segments, and highlight the importance of understanding the numbers behind the headlines.
Beyond the market talk, they share personal stories, including Mark’s experience with virtual ER, Joey’s homemade remedies, and their fun outing to a Korean BBQ restaurant.
They also highlight the vibrant city culture, focusing on a memorable holiday party and the legacy of the El Macombo. If you’re interested in Toronto’s real estate scene and enjoy a blend of insightful data and engaging anecdotes, this episode is for you.
Chapters
(00:00) Introduction and Episode Overview
(00:04) Debunking the November Market Update
(02:11) Virtual ER Experience
(04:01) Candlelight Performance and Coldplay
(05:27) Korean Barbecue Adventure
(11:41) Sage Christmas Party at El Macombo
(20:01) Viewer Comments and Feedback
(24:10) Vacant Home Tax Announcement
(25:08) Filling Out Property Tax Forms
(26:06) Toronto Tempo: New WNBA Team
(26:54) November Market Update
(28:27) Debunking Market Headlines
(36:48) Analyzing Market Transactions
(41:32) Condos: The Market Anomaly
(48:22) Economic Indicators and Predictions
(51:57) AI and Market Predictions
(53:44) Shoutouts and Wrap-Up
Show Notes
Restaurant name: TAKJA BBQ House
Website: https://www.takja.ca/
Location: 962 College St, Toronto, ON M6H 1A5
Restaurant name: The Elmocambo
Website: https://elmocambo.com/
Location: 464 Spadina Ave. Toronto, ON M5T 2G8
Vacant Home Tax Declaration: https://www.toronto.ca/services-payments/property-taxes-utilities/vacant-home-tax/vacant-home-tax-declaration-of-occupancy-status/
Welcome to our in-depth guide on the Toronto Vacant Home Tax for the years 2024-2025. As Toronto continues to grapple with the rental housing crisis, the city council has reinforced its commitment to the Vacant Home Tax. Let’s delve into what this means for property owners in Toronto.
Understanding the Vacant Home Tax
Introduced during a housing crisis in 2022, the Vacant Home Tax aims to address the issue of unoccupied properties in Toronto. Originally set during John Tory’s term, this tax requires property owners to declare any residences left vacant. While the rollout was initially forgiving due to the strains of COVID, it’s now an essential annual requirement.
Why This Year Is Crucial
For 2024, the stakes have been significantly raised. While the tax initially started at 1% of the home’s assessed value, this year it jumps to 3%. This change underscores the importance of correctly declaring your property status to avoid hefty fines.
How to File Your Declaration
Anyone owning a residential property in Toronto must submit a declaration by April 30th. Here’s a simplified process on how to proceed:
Check Your Property Tax Bill: This will provide the assessed value necessary for your declaration.
Submit Your Declaration: This can be done online, via phone by calling 311, or in-person at designated city locations.
Receive and Keep Confirmation: Email confirmations serve as proof and protection against unforeseen complications.
Vacancy Defined and Exemptions
A property is considered vacant if unoccupied for more than six months within the year. However, it’s critical to note certain exemptions, which include:
Principal Residence: If your property is your declared main residence, it is exempt even if unoccupied for over six months.
Medical Care: Long-term medical treatment needs provide an exemption with appropriate documentation.
Legal and Ownership Changes: Includes death of the owner, renovations, and legal disputes.
Special Considerations for Multi-Unit Residences
For owners of properties like triplexes, as long as at least one unit was occupied for six months or more, your declaration should indicate the property is not vacant.
Tax Increase and Rollout Changes
This year marks a pivotal increase from 1% to 3% tax on assessed property values. Don’t lay this blame at Mayor Olivia Chow’s feet, as this was pre-determined.
Handling Property Sales
Property sales involve a critical step: the vacancy status stays with the house, not the owner. It is crucial for sellers to declare the vacancy status to protect buyers from unexpected taxes.
Fines and Compliance
Failure to declare or deliberate misinformation can lead to hefty penalties, including a $10,000 fine. Thus, abiding by these regulations is not just advisable but essential.
Conclusion: Take Action Now
In summary, all Toronto property owners must engage with this annual duty. Ignorance or procrastination can lead to severe financial repercussions. Completing the whole process is straightforward and supported in multiple languages via 311 for assistance. By understanding and acting upon these guidelines, you’ll avoid unnecessary penalties and contribute positively to alleviating the city’s housing struggles.
Podcast Episode Breakdown (00:00) Introduction and Episode Overview (00:13) Vacant Home Tax Announcement (00:47) Podcast Introduction and Hosts (01:15) Casual Catch-Up and Personal Updates (03:03) Food Adventures and Reviews (06:12) Buffalo Trip Highlights (13:39) Current Real Estate Listings (17:27) Vacant Home Tax Deep Dive (24:53) Speculations and Initial Reactions (25:08) Understanding Property Tax Assessments (25:37) Calculating Your Vacant Home Tax (26:33) Exemptions and Special Cases (27:30) Declaration Process and Deadlines (30:17) Principal Residence and Vacant Home Tax (32:58) Exemptions Explained (38:57) Change of Ownership and Responsibilities (42:32) Final Thoughts and Summary (44:10) Shoutouts and Closing Remarks
Show Notes
Vacant Home Tax Toronto Portal: https://www.toronto.ca/services-payments/property-taxes-utilities/vacant-home-tax/
Toronto Vacant Home Tax 2024-2025: Complete Guide & Important Changes: https://www.torontolivings.com/toronto-vacant-home-tax-2024-2025-complete-guide-important-changes
For the Best Pizza in Buffalo: La Nova https://lanova-pizza.com/ 5151 Main St. Williamsville, NY 14222 Phone: (716) 634-5151
Bar-Bill North Address: 8326 Main St, Williamsville, NY 14221, United States Phone: +1 716-710-9464 Menu: barbill.com
Join Mark Savel and Joey Virgilio in Episode 73 of the Toronto Livings Podcast for a comprehensive market update, focusing on the exciting stats and trends from October.
They discuss a surprising jump in home transactions and prices, share insights on the city’s real estate landscape, and celebrate Joey’s birthday with a rundown of all the food spots visited, including experiences from Mars Diner and Sugo.
Get ready for some laughs, references to popular social media trends, and a deep dive into the local housing market. Don’t miss the important reminders about the vacant home tax declaration and a special shoutout to various places and events!
Chapters
(00:00) Market Update: October’s Numbers (00:14) Joey’s Birthday Bash: Food Adventures (00:49) Toronto Living Podcast: Hosts Introduction (01:28) Market Stats: October Insights (02:37) Call to Action: Engage with Us! (04:20) Birthday Week Recap: Joey’s Food Journey (07:04) Comedy Night: Improv Fun (08:49) Food Extravaganza: Mars Diner and Sugo (11:54) Costco Adventures: Double Chocolate Chunk Cookie (17:25) Vacant Home Tax Reminder (22:45) Superb Acting and Character Building (23:22) Filming Locations in Toronto and Hamilton (23:43) Donald Trump’s Origin Story (24:45) Market Overview: Toronto Showing Signs of Life (25:17) Spring Market Revival (25:31) Sales and Inventory Analysis (27:01) October Transactions and Price Trends (39:21) Impact of New Mortgage Rules (42:09) Months of Inventory Breakdown (46:39) Shoutouts and Closing Remarks
Shoutouts
Restaurant name: Mars Diner Website: https://www.facebook.com/marsuptown/ Location: 2363 Yonge St, Toronto, ON M4P 2C8
Restaurant name: Casa Portuguesa Location: 180 Bentworth Ave, York, ON M6A 1P7
Restaurant name: Sugo Website: http://www.sugotoronto.com/ Location: 1281 Bloor St W, Toronto, ON M6H 1N7
Where You Can Find Us
🏡 For all your Toronto Real Estate Needs: TorontoLivings.com/
🖥️ Instagram Mark Savel: https://www.instagram.com/torontolivings/ Joey Virgilio: https://www.instagram.com/joey_torontolivings/
In this episode of the Toronto Living’s podcast, Mark Savel and Joey Virgilio, realtors with Sage Real Estate, dive deep into the intricacies of condo status certificates.
They break down the critical components, including checking the legal numbers, parking, maintenance fees, reserve funds, legal proceedings, and insurance. The hosts also discuss the importance of using experienced real estate lawyers for thorough reviews.
Additionally, Mark and Joey share personal stories, recommended eateries like Paris Bakery, and celebrate Joey’s 33rd birthday with a surprise treat.
Don’t miss out on the valuable insights for condo buyers and fun moments from Episode 72!
Chapters
(00:00) Imaginary Cap and Dream Condo (00:32) Introduction to Status Certificates (00:59) Podcast Introduction and Hosts (01:44) Bruce Springsteen and Listener-Inspired Episode (03:28) Food Adventures and Shoutouts (06:16) Sound Bath Experience (08:18) News You Can Use: Renoviction Bylaw (11:30) Joey’s Birthday Surprise (13:54) Deep Dive into Status Certificates (21:05) Understanding the Seller’s Financial Status (22:19) Importance of the Reserve Fund (23:31) Special Assessments and Their Impact (29:36) Legal Proceedings and Claims (34:01) Agreements with Other Buildings (34:59) Leasing of Units and Insurance (37:33) Reviewing the Status Certificate (41:35) The Role of a Real Estate Lawyer (45:37) Conclusion and Final Thoughts
Join hosts Mark Savel and Joey Virgilio, dressed as Paulie Gaultieri and Mankind, for a spooky Halloween episode of the Toronto Livings Podcast! 🎃👻
In this special episode, they explore Toronto’s most haunted spots, including Gibraltar Point Lighthouse, Keg Mansion, Old City Hall, Casa Loma, Mackenzie House, and the eerie Don Jail. Get ready for spine-chilling stories, lighthearted banter, and local shout-outs to Toronto eateries and realtors. Don’t miss this haunted Toronto tour, perfect for Halloween enthusiasts and ghost hunters alike!
(00:00) Introduction to the Spooky Episode (00:03) Meet the Hosts: Paulie Gaultieri and Mankind (01:47) Halloween Costumes and Preparations (06:09) Zombie Wrestling and Food Adventures (10:44) Iron Maiden Concert Experience (14:40) Bank of Canada Rate Cut Announcement (20:09) Paranormal Experiences and Haunted Locations (22:38) Toronto Ghost Resources (23:24) Gibraltar Point Lighthouse Haunting (25:55) The Haunted Keg Mansion (28:51) Massey Hall and Theaters (29:56) Old City Hall’s Ghostly Past (32:25) Casa Loma Mysteries (36:43) Mackenzie House Hauntings (39:28) The Don Jail’s Dark History (40:42) Bonus: The ‘It’ House in Toronto (43:43) Shoutouts and Closing Remarks
Shoutouts
Restaurant name: Mikaku Udon Bar Website: Instagram @mikaku_udon_bar_carlton No website, but they did have an order page. Location: 229 Carlton St
Restaurant name: Latin World (5 locations) -Also a store to buy various ingredients and paraphernalia Website: https://www.instagram.com/latinworld.toronto/?hl=en (no website) Location: 1262 Bloor St W
Restaurant name: The John: On Bloor – Craft Beer and Bistro Website: https://thejohnbar.ca/ Location: 1174 Bloor St W, Toronto, ON M6H 1N1
SuperKickd Wrestling https://www.superkickd.ca/ 66 Fraser Ave, Toronto, ON M6K 1Y6
Where You Can Find Us
🏡 For all your Toronto Real Estate Needs: TorontoLivings.com/
🖥️ Instagram Mark Savel: https://www.instagram.com/torontolivings/ Joey Virgilio: https://www.instagram.com/joey_torontolivings/
In episode 70 we cover the pitfalls and perks of buying a tenanted propery in Toronto!
We tackle the complexities of purchasing tenanted properties, offering vital advice on handling tenant-related risks, the importance of lease agreements, and strategies for smooth transactions.
The episode also delves into economic changes, predicting Bank of Canada interest rate cuts, and how these changes impact landlords and tenants.
Beyond real estate, Mark and Joey share their latest culinary discoveries in Toronto, from fiery Diavola pizza at Speducci to the pan-fried beef at Momo House. Listen in for a mix of invaluable real estate insights and mouth-watering foodie escapades!
(00:00) Introduction and Episode Milestone (00:26) Food Adventures: Momo House and More (02:01) Molly’s Scottish Trip (04:59) More Food Experiences (11:49) Justin Timberlake Concert (13:19) Sexy Rabbi and Relationship Tips (17:07) Upcoming Rate Cut (17:37) Inflation and Bank of Canada Predictions (18:59) Landlord and Tenant Board Revamp (22:21) Tenant Rights and Lease Types (26:17) Navigating Tenanted Property Purchases (40:45) Challenges and Solutions for Sellers (44:34) Conclusion and Upcoming Episodes
Show notes and Shoutouts
Tolbooth Tavern https://www.tolboothtavern.co.uk/
Himalayan Momo House 2655 Yonge St Second Floor, Toronto, ON M4P 2J6
Speducci Mercatto 46 Milford Ave, North York, ON M6M 2V8 https://speducci.com/
Where You Can Find Us
🏡 For all your Toronto Real Estate Needs: TorontoLivings.com/
🖥️ Instagram Mark Savel: https://www.instagram.com/torontolivings/ Joey Virgilio: https://www.instagram.com/joey_torontolivings/
In Episode 69 of the Toronto Livings Podcast, hosts Mark Savel and Joey Virgilio delve into the issues surrounding Kitec plumbing, a common but problematic system found in many condos. The episode covers the basics of Kitec, including its history, signs of failure, and what condo owners can do to mitigate risks.
Listeners will also enjoy lively discussions on Toronto food hotspots, recent city news, and the hosts’ varied interests from Coldplay concerts to hockey team sponsorship. Whether you’re a prospective condo buyer or a homeowner dealing with Kitec, this episode offers valuable insights and practical advice.
(00:00) Introduction and Episode Overview (00:27) Meet the Hosts (01:09) The Kitec Plumbing Issue (02:54) Weekly Food Adventures (09:15) Thermo Spa Controversy (11:43) Dave Ramsey’s Wisdom (14:26) Coldplay Concert Announcement (17:09) Hockey Season and Sponsorship (18:56) Getting into Kitec (19:06) Introduction to Kitec Plumbing Issues (19:46) History and Failure of Kitec Plumbing (24:08) Identifying Kitec Plumbing in Your Condo (28:19) Steps to Take if You Have Kitec Plumbing (29:16) Remediation and Replacement Options (31:40) Impact on Insurance and Resale Value (35:10) Final Thoughts and Recommendations (40:08) Shoutouts and Closing Remarks
Shoutouts and Links
Everything you EVER wanted to know about Kitec Plumbing https://www.canadianhomeinspection.com/home-reference-library/plumbing/kitec-plumbing/
Zesty Burger 1051 Bloor St. West http://zestyburgers.ca/
Himalayan Momo House 2655 Yonge St Second Floor https://www.instagram.com/himalayanmomohouse/
Revolver Pizza 968 St. Clair Avenue West http://www.revolverpizzaco.com/ Where You Can Find Us
🏡 For all your Toronto Real Estate Needs: TorontoLivings.com/
🖥️ Instagram Mark Savel: https://www.instagram.com/torontolivings/ Joey Virgilio: https://www.instagram.com/joey_torontolivings/
In this lively episode, hosts Mark Savel and Joey Virgilio delve into Toronto’s real estate scene, focusing on September’s market stats and providing insights into the city’s culinary gems. They explore varying market dynamics between condos and houses, touching on inventory levels, average prices, and transaction trends.
The episode also features delightful discussions around favorite eateries like the Himalayan Coffee House and Belly Busters, while also touching on personal anecdotes, recent concerts, and upcoming events. Join Mark and Joey as they provide a blend of real estate insights and entertaining stories in this engaging Toronto Living podcast episode.
(00:00) Introduction and Episode Overview (00:05) Musical References and Market Stats (00:43) Food Recommendations and Personal Stories (00:57) Toronto Livings Podcast Introduction (01:29) Market Update and September Insights (02:00) Restaurant Reviews and Personal Anecdotes (08:41) News and Budget Discussion (11:42) Water Bills Rant and Market Trends (26:14) Predicting December Rate Changes (26:51) September Market Overview (27:04) Condos vs. Houses: Market Dynamics (29:26) Price Trends and Consumer Concerns (32:10) Inventory Levels and Market Balance (34:30) Opportunities in the Condo Market (37:02) Shoutouts and Personal Stories (40:13) Upcoming Events and Plans (47:01) Music and Concert Experiences (48:03) Conclusion and Podcast Information
Shout Outs
Himalayan Coffee House 2552 Yonge St, Toronto, ON M4P 2J2 https://www.instagram.com/himalayancoffeehouse
The Rushton (740 St. Clair West) http://www.therushton.com
Tools You Can Use – Essential Gadgets for Home Buyers & Realtors
In Episode 67 of the TorontoLiving’s Real Estate Podcast, hosts Mark Savel and Joey Virgilio dive into the chaotic yet insightful world of essential tools for home buyers and realtors.
They discuss a range of gadgets including tape measures, flashlights, moisture meters, and EMF readers, sharing practical tips and personal anecdotes. The episode also features lively banter about their week, with foodie adventures in Yorkdale’s food court and a reminder about the importance of the vacant home tax. Tune in for useful advice mixed with humor and real-life stories.
3. Electric Outlet Tester – https://www.homedepot.ca/product/klein-tools-gfci-receptacle-tester/1001012662?eid=PS_GO_140203__ALL_PLA-526641&pid=1001012662
4. Moisture Meter – https://www.amazon.ca/General-Tools-Instruments-MMD4E-Moisture/dp/B00275F5O2?source=ps-sl-shoppingads-lpcontext&ref_=fplfs&psc=1&smid=A3DWYIK6Y9EEQB
5. Sound Meter – https://www.amazon.ca/Tadeto-Digital-Sound-Level-Meter/dp/B09G6HLNVV?source=ps-sl-shoppingads-lpcontext&ref_=fplfs&psc=1&smid=A22D7Q75YKXJL2
9. Home Styler App – https://www.homestyler.com/room-design-app
10. Door Shim – https://www.homedepot.ca/product/everbilt-brown-rubber-door-stopper-2-pack/1000100117?eid=PS_GO_140203__ALL_PLA-526641&pid=1000100117
(00:00) Introduction and Episode Overview
(00:43) Meet Your Hosts: Marc and Joey
(02:22) Weekly Catch-Up: Food Adventures
(10:04) Real Estate Tools and Tips
(12:14) Toronto News and Updates
(19:53) Bank Competition and Renewal Season Tips
(20:19) Lightening the Mood with a Hilarious Zoo Story
(22:20) Apps, Hacks, and Gadgets for Home Buyers
(23:11) Essential Tools for Realtors and Home Buyers
(26:46) Advanced Gadgets for Home Inspections
(32:17) Fun and Unusual Tools for Home Buyers
(40:10) Practical Tips and Final Thoughts
(43:11) Shoutouts and Closing Remarks
Where You Can Find Us
🏡 For all your Toronto Real Estate Needs: TorontoLivings.com/
🖥️ Instagram
Mark Savel: https://www.instagram.com/torontolivings/
Joey Virgilio: https://www.instagram.com/joey_torontolivings/
This episode, unofficially dubbed the 'News You Can Use Double Edged Sword,' also covers European COVID, fine dining experiences, Joey's big decision to delete food delivery apps, and how Gordon Ramsay ties into all of this. Celebrate their anniversaries and discover effective health tips like Joey's immune-boosting ginger tea recipe. Tune in for an engaging conversation about all things real estate, culture, food, and more!
Join Mark Savel and Joey Virgilio in episode 66 of the Toronto Livings Podcast as they delve into significant changes in the real estate market, particularly the return of 30-year amortization mortgages and increase in price cap for insured mortgages to $1.5 million.
(00:00) Introduction and Episode Overview
(00:26) European COVID Experience
(03:01) Concerts and Music Talk
(05:34) Joey's Health and Lifestyle Changes
(09:28) Mark's Birthday and Food Adventures
(15:27) Mortgage News and Market Changes
(18:52) First-Time Homebuyers and 30-Year Amortizations
(20:22) Increasing the Price Cap for Insured Mortgages
(25:53) Government's Role in Housing Affordability
(30:48) Inflation and Interest Rates Update
(35:50) Market Activity and Buyer Sentiment
(38:31) Anniversary Reflections and Shoutouts
Where You Can Find Us
🏡 For all your Toronto Real Estate Needs: TorontoLivings.com/
🖥️ Instagram
Mark Savel: https://www.instagram.com/torontolivings/
Joey Virgilio: https://www.instagram.com/joey_torontolivings/
