Intro to Condos - CCI Course

By: Ashley Lamb

Intro to Condos - CCI Course

Tags: Condominiums, learning, courses, seminars, CCI Huronia, Barrie, Intro to condos

Own a condo and want to learn more about condo living? Come join the Canadian Condominium Institution (CCI) at their 2 hour introductory course for condo directors and owners. Participants will be provided with an introduction to and basic knowledge of condo terminology, the Condominium Act, 1998, various condo documents, property management and the role and responsibilities of condo directors. ...Read More

Renting vs. Buying? That is the Question!

By: Ashley Lamb

Renting vs. Buying? That is the Question!

Tags: renting vs. buying, renting vs. owning, forced savings, building equity, downpayment, monthly costs, monthly payment, monthly rent

 Subject Property: 2 Bedroom Condo Sale Price: $300,000 vs. Rental Price: $1500/mo Down-payment: 5% ($15,000) Mortgage of: $285,000 Interest Rate: 4% (5 year fixed with 25 year amortization)   Monthly Mortgage Payment: $1500/mo Property Taxes: $2710/yr ($225/mo) Condo Fees: $280/mo   Total cost per month when you purchase: $2005 Total cost per month when you rent: $1500 *Do note tha...Read More

Why it's not good to price too high

By: Ashley Lamb

Why it's not good to price too high

Tags: pricing real estate, pricing high, over market value, real estate pricing, stale listings, over priced listings

This week I’ve decided to discuss why it's not good for sellers to list their home over market value. Many sellers think that they should start their price really high in hopes they will get ‘lucky’ and if they don’t, they can simply reduce over time and still get a good price. The problem with this strategy is that buyers are very educated in today’s market and...Read More

By: Ashley Lamb

UPDATE: New Down Payment Rules

Tags: mortgages, buying property, real estate, financing, Down Payments

Effective February 15 2016: New tiered minimum down payment rule applies for mortgage applications: 5% on the first $500,000 and 10% on anything above $500,000. Example: If the sale price is $700,000, the minimum down payment is $45,000 ([5% of $500,000 = $25,000] + [10% of $200,000 = $20,000]). What this means for the buyer: As prices continue to rise in the Barrie area buyers might have a hard...Read More

By: Ashley Lamb

10 Day Cooling Off Period

Tags: buying a condo, purchasing a condo, pre-construction condos

Planning on buying off a developer?  Do you know what the 10 day cooling off period is? From the day you receive your signed copy of the Agreement of Purchase and Sale you have 10 days to reconsider the purchase of the condominium unit.  You have to provide a deposit, normally a couple thousand, to secure your unit.  During these 10 days, you should take advantage of this opport...Read More

By: Ashley Lamb

Occupancy Fees – The “Phantom Mortgage”

Tags: occupancy fees, costs, ownership, phantom mortgage, interm occupancy

When purchasing a pre-construction condominium you will be able to occupy your unit, interim occupancy, before the building is fully complete and the developer is able to transfer legal ownership to you.  During this period the developer may charge the purchaser a monthly occupancy fee.  This occupancy fee is like paying rent as the monies are not paying off your own mortgage.  You ...Read More

By: Ashley Lamb

Occupancy Fees – The “Phantom Mortgage”

Tags: occupancy fees, costs, phantom mortgage, interm occupancy

Enter Blog Post Here...Read More

By: Ashley Lamb

Become a Member of the Canadian Condominium Institution!!

Tags: condo owners, buying a condo, condo network, CCI, membership

Own a condo, live in a condo, member of a condo board? Want to surround yourself with experts in the condo sector? Become a member of the CCI today!! Mission Statement The Canadian Condominium Institute (CCI) leads the condominium industry by providing education, information, awareness and access to expertise by and for our members. Coast to Coast… we are your condo connection. A Brief ...Read More

By: Ashley Lamb

Condo Law – Q & A

Tags: condo law, reserve fund study, common elements, condominium corporations

Q: Several months ago two of the three directors of our condo corporation resigned. The remaining director called an owners’ meeting to elect new directors but a quorum wasn’t achieved. Subsequently, the property manager wrote to owners setting out an increase in the monthly common expense contributions. Can the property manager do that in the absence of a board? A: Unless the board p...Read More

By: Ashley Lamb

Different Properties = Different Rates

Tags: buying, buyers, financing, mortgages

You are a buyer and you are interested in putting in an offer on a property.  A lender has already  pre-approved you so you don’t feel it is necessary to put a condition in your offer on financing.  Once you understand the approval process, you might change your mind. There are two parts of the equation.  The lender needs to approve you as an individual to see if they f...Read More