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HOW TO BUYSMARTI N TORONTO. THE CONDO DOCUMENT

YOU CAN’ T I GNORE

MAI NTENANCE FEES:

W HAT’ S TOO HI GH?

HI DDEN PROBLEMS

BUYERS MI SS

We l c o m e t o My F  s t Ho m e Buyi ngyourf i r sthomei sexci t i ng,emot i onal , and,l et ' sbehonest ,al i t t l eover whel mi ng. yweekIspeakwi t hpeopl ewhoar easki ng Ever t hesamequest i ons:CanIact ual l yaf f or dt o buy?Shoul dIwai t ?HowdoIknowi fI ' m maki ngt her i ghtdeci si on?Wi t hsomuch i nf or mat i ononl i ne,i t ' seasyt of eell i keyou' r e get t i ngmor eopi ni onst hananswer s. That ' sexact l ywhywecr eat edMyFi r stHome. smagaz i nei sdesi gnedt ocutt hr ought he Thi noi seandgi veyoupr act i cal ,st r ai ght f or war d advi cef r om pr of essi onal swhohel pf i r st -t i me buyer sever yday.I nsi det hi si ssue,you' l lf i nd answer st osomeoft hemostcommon quest i onswehear ,l ear nwhyast at us t i f i cat er evi ewi ssoi mpor t antwhenbuyi nga cer condo,di scoverwhatf i nanci alst epst ot ake af t ercl osi ng,under st andt hedi f f er ences bet weenaco-si gnerandaguar ant or ,andr ead t hest or yofaf i r st -t i mebuyerwho successf ul l yf oundahomef orunder$400, 000 i nt oday' sTor ont omar ket . hebi ggestl essonsI ' vel ear nedaf t er Oneoft hel pi nghundr edsofbuyer si st hi s:buyi ngyour f i r sthomei sn' taboutf i ndi ngt he " per f ect "pr oper t y.I t ' saboutmaki ngasmar t f i r stst ept hatbui l dsyourf ut ur e.

T a b l e Co n t e n t s

04 Hel pi ngYourChi l dBuyaHome: Co-Si gnerorGuar ant or ? 08 WhyShoul dYouSi gnaBuyerRepr esent at i onAgr eement ? 12TheMoneyMovesEver yNewHomeownerShoul dMake 15CaseSt udy: Pat i encePaysOf ff oraFi r st -Ti meBuyer 19 Mai nt enanceFees: LoveThem orHat eThem? 23TheOneCondoDocumentYouCan' tAf f or dt oI gnor e 27BasementBasi cs: WhatEver yHomebuyerShoul dKnow 30Ki t ecPi pi ng-What ’ st heFuss? 33Fi r st -Ti meBuyerQ&A 36 AboutUs 38 BoughtYourFi r stHome?Don’ tMi ssThi s$1500TaxBr eak

Hel pi ng YourChi l d Buya Home: CoSi gnerorGuar ant or? J I MJ I ANG OUTLI NE FI NANCI AL

Ashousi ngaf f or dabi l i t ybecomesmor e chal l engi ng,manypar ent sar ehel pi ngt hei r chi l dr enqual i f yf oramor t gage. Somepr ovi dea downpaymentgi f t ,whi l eot her sbecomea co-si gner ,co-bor r ower ,orguar ant or . Al t hought heset er msar eof t enused i nt er changeabl y,t heycancr eat edi f f er ent l egal ,f i nanci al ,t ax,andowner shi p consequences. Lender smayal souset he t er mi nol ogydi f f er ent l y,sof ami l i esshoul d f ocusont heact ual mor t gage,guar ant ee,and t i t l edocument sr at hert hanr el yi ngsol el yont he l abel . NCOMMON? WHATDOTHEYHAVEI Bot har r angement scancr eat esi gni f i cant f i nanci al r esponsi bi l i t yf ort hepar ent . Dependi ngont hedocument s,aco-si gneror guar ant ormayul t i mat el yber esponsi bl ef ort he f ul l out st andi ngmor t gage,i ncl udi ngi nt er est andcer t ai nenf or cementcost s. i gat i onmayal soaf f ectt hepar ent ' s Theobl f ut ur ebor r owi ngcapaci t y. I tmayappearon t hei rcr edi tr epor t ,dependi ngont hel ender ' s r epor t i ngpr act i ces. Evenwheni tdoesnot ,t he par entmayst i l l needt odi scl oset heobl i gat i on whenappl yi ngf orf ut ur ef i nanci ng. Asar esul t ,hel pi ngachi l dmayr educet he ent ' sabi l i t yt or ef i nance,obt ai nal i neof par cr edi t ,pur chaseanot herpr oper t y,orassi st anot herf ami l ymember . MYFI RSTHOME

" Hel pi ngy our chi l dqual i f yf or a mor t gagecoul daf f ect y our own abi l i t yt obor r owi nt hef ut ur e. "

“ I ns i mpl et er ms : Aguar ant or maybe r es pons i bl ef or t hedebt wi t hout owni ngt heas s et . ”

REPAYMENTOBLI GATI ONS

TAX,ESTATE,ANDREBATECONSI DERATI ONS

Fort hi sar t i cl e,aco-si gnerr ef er st oapar ent whosi gnst hemor t gageasaj oi ntbor r ower .

entwi t hagenui neowner shi pi nt er estmay Apar f acet axconsequenceswhent hepr oper t yi s sol d,t r ansf er r ed,ordeemedt obedi sposedof upondeat h. Thepr i nci pal r esi denceexempt i on mayal soneedt obeconsi der ed,par t i cul ar l yi f t hepar ental r eadyownsanot herhome.

Aj oi ntbor r owerhaspr i mar yr esponsi bi l i t yf or t hemor t gagef r om t hebegi nni ng,eveni ft he chi l di sexpect edt omakeever ypayment . Aguar ant orgener al l ysi gnsasepar at e agr eementsuppor t i ngt hebor r ower ' s obl i gat i ons. Al t houghaguar ant eei s t r adi t i onal l yconsi der edasecondar yobl i gat i on, t hi sdoesnotnecessar i l ymeant hel endermust f i r stsel l t hepr oper t yorexhaustever yot her opt i onbef or er equest i ngpaymentf r om t he guar ant or . Theexactr esponsi bi l i t ydependsont he document s. MORTGAGERESPONSI BI LI TYAND OWNERSHI PARESEPARATE Aj oi ntbor r owerwi l l l i kel yber equi r edt ogoon t i t l e,dependi ngont hel enderandt r ansact i on st r uct ur e.

I ft hepar enti saddedt ot i t l e,t hef ami l ymust al soconsi derwhet herowner shi pwi l l be r egi st er edasj oi ntt enant sort enant si n common. Underj oi ntt enancy,t hedeceasedowner ' s l egal i nt er estmaypassaut omat i cal l yt ot he sur vi vi ngowner . Undert enancyi ncommon, eachper sonownsadef i nedshar et hatnor mal l y passest hr ought hei rest at e. Addi ngani nel i gi bl epar entasagenui neowner mayal sor educet hechi l d' savai l abl eOnt ar i o andTor ont of i r st -t i mehomebuyerl andt r ansf er t axr ebat es. Ther esul tmaydi f f erwher et he par enti sont i t l eonl yasat r ust eef ormor t gage pur posesandhasnobenef i ci al owner shi p i nt er est .

Aguar ant ori sgener al l ynotont i t l eand nor mal l yhasnoowner shi pi nt er esti nt he pr oper t y. Thi scr eat esani mpor t antt r ade-of f . Agenui ne ownermayhaver i ght st ot hepr oper t y' sequi t y, f ut ur eappr eci at i on,sal epr oceeds,andmaj or deci si onsi nvol vi ngasal eorr ef i nanci ng. Aguar ant ormayber esponsi bl ef ort he mor t gagewi t houthavi nganyaut omat i cr i ghtt o t hosebenef i t s.

HELPI NG YOURCHI LD BUYAHOME:CO SI GNERORGUARANTOR?

MYFI RSTHOME

FI NALTHOUGHTS Ther ei snosi ngl est r uct ur et hati sbestf orever y f ami l y. Aguar ant ormayavoi dcer t ai nowner shi pr el at edt axandest at econcer nsbutmayst i l l be r esponsi bl ef ort hemor t gagewi t houtowni ngor cont r ol l i ngt hepr oper t y. Aj oi ntbor r owerwhoi sal soagenui neowner mayhaver i ght st ot heequi t ybutcoul df ace addi t i onal t ax,est at e,r ebat e,andl egal consi der at i ons. Thest r uct ur eshoul dbebasedont hef ami l y' s l ong-t er m pl an—notsi mpl yonwhi chopt i on pr oducesamor t gageappr oval . Par ent sshoul dr evi ewt hear r angementwi t ha mor t gagepr of essi onal andobt ai ni ndependent l egal andt axadvi cebef or ecl osi ng. Thi sar t i cl ei spr ovi dedf orgener al educat i onal pur posesonl yandi snotl egal ,t ax,or account i ngadvi ce.

" Aco-s i gner maygai nowner s hi p r i ght s , whi l eaguar ant or mayas s ume r es pons i bi l i t ywi t hout anyowner s hi p at al l . " Ji m Ji ang

Emai l : j i m. j i ang@out l i ne. ca Phone: 416-708-6868

HELPI NG YOURCHI LD BUYAHOME:CO SI GNERORGUARANTOR?

MYFI RSTHOME

WhyShoul d You Si gna Buyer Repr esent at i on Agr eement ? DAVELLE & CO

Buyi ngyourf i r sthomei sexci t i ng,buti tal so comeswi t hi mpor t antdeci si ons. Oneoft hef i r st document syou' l l beaskedt or evi ewi st he RECOI nf or mat i onGui de,f ol l owedbyaBuyer Repr esent at i onAgr eement . TheRECOI nf or mat i onGui dei smandat or yi n Ont ar i oandexpl ai nsyourr i ght s,t hedi f f er ent waysyoucanwor kwi t har eal est at e br oker age,andwhatser vi cesyoucanexpect bef or eyour ecei veadvi ceorr epr esent at i on. I t al soexpl ai nsconcept ssuchasmul t i pl e r epr esent at i on,commi ssi ons,andwhat happensi fyouchooset or epr esentyour sel f . TheBuyerRepr esent at i onAgr eementi s f f er ent . I t ' sacont r actbet weenyouandt he di br oker aget hatconf i r mst heagenti swor ki ngi n yourbesti nt er est s. I tout l i nest heser vi ces you' l l r ecei ve,t hear eaandt i mef r ameoft he agr eement ,howcompensat i onwor ks,and eachpar t y' sr esponsi bi l i t i es. I mpor t ant l y, ever yt hi ngi snegot i abl e—i ncl udi ngt hel engt h oft heagr eementandt hegeogr aphi car eai t cover s.

“ ABuy er Repr es ent at i onAgr eement pr ot ect sbot hy ouandy our agent by cl ear l ys et t i ngexpect at i ons . ”

MYFI RSTHOME

Si gni nganagr eementi sn' taboutt aki ngaway yourf r eedom—i t ' saboutcr eat i ngcl ar i t y. I t ensur esyouragenti scommi t t edt oadvocat i ng f oryou,pr ot ect i ngyourconf i dent i al i nf or mat i on,negot i at i ngonyourbehal f ,and gui di ngyout hr oughoneoft hebi ggestf i nanci al deci si onsofyourl i f e. or esi gni ng,askquest i ons.Agood Bef REALTOR®wi l l t aket het i met oexpl ai never y sect i onsoyouunder st andexact l ywhatyou' r e agr eei ngt o. Davel l e&Co.

“ Ani nf or medbuy er i saconf i dent buy er . ”

WHYSHOULD YOU SI GN ABUYERREPRESENTATI ON AGREEMENT?

MYFI RSTHOME

WHYSHOULD YOU SI GN ABUYERREPRESENTATI ON AGREEMENT?

MYFI RSTHOME

TheMoneyMovesEveryNew HomeownerShoul d Make BRAD KELSEY

Yousi gnedt hepaper s,gott hekeys,andt he champagnei sl onggone. Nowcomest hepar t noonewar nsyouabout : f i nanci al l y, homeowner shi pdoesn' tendatcl osi ng—i t ' s j ustbegi nni ng. Get t i ngt hehomewasn’ tj ust aboutsavi ng; i t ’ sanewf i nanci al r hyt hm t hat you’ l l needt oadj ustt o. Her e' swher et of ocus yourener gyf i r st .

depl et edsavi ngsaccount . Bef or eanyt hi ng el se,pr i or i t i zer ebui l di ngt hr eet osi xmont hs' wor t hofl i vi ngexpenses. Homeshaveawayof t est i ngyourr eser vesear l y,sobegi npr epar i ng f ort heunexpect ed.

REBUI LDYOURSAFETYNET.

BUDGETFORTHECOSTSBEYONDTHE MORTGAGE.

Af t ert hedownpayment ,cl osi ngcost s, i nspect i onf ees,and,i nmyf i r sthome, occupancyf ees( t hatwasaneye-opener ) , mostbuyer sar r i veatmove-i ndaywi t ha

" Fi nanci al l y , homeowner s hi pdoes n' t endat cl os i ng—i t ' sj us t begi nni ng. "

Pr oper t yt axes,homeowner si nsur ance, mor t gagedef aul ti nsur ance( i fyouputdown l esst han20%) ,andut i l i t ybi l l sal l addup. I t ’ s al wayswi set ogi veyour sel ft i met oseehow MYFI RSTHOME

t heseexpensesmat er i al i z e.Tr ackt hesecost sas t heyar i se,t hencr eat eat r uebudgetofwhati t act ual l ycost st ooper at eyourhome.Yourhome i sl i keabusi ness—t r eati tassuch. Resi stt heur get or enovat eorout f i tyourhouse r i ghtaway. nst i nctt omakeever yt hi ngi nyournewhome Thei exact l yt hewayyouwanti t ,especi al l ywhenyour savi ngsaccounti st hi n,canbeacost l yf i nanci al mi st ake.Gi veyour sel ft i met oact ual l yl i vei nt he space.Not i cehowt hel i ghtmovest hr ought he r ooms,whi chwal l syouact ual l yuse,andwher e t het r af f i cf l owsdur i nganor malweek. ni t ur eandf i ni sheschosent ooqui ckl y,j ustt o Fur " makei tl ookgood"f orguest s,ar en’ tal wayst he wi sestchoi ce.Thesmar t erappr oachi st obui l d val uei nt oyourhomegr adual l yandi nt ent i onal l y — maki ngi nvest ment st hati mpr ovehowi twor ks f oryourl i f e,notj usthowi tphot ogr aphsonday one. emembert hati nmyf i r sthome,webought$5 Ir paperbl i ndsf orever ywi ndowandl i vedwi t h mi smat chedf ur ni t ur eunt i lwef i gur edoutwhat wewant edandcoul daf f or di tsensi bl y.Don’ tbe

af r ai dt or ockt hatpl ai dcouchf r om your par ent s'basementort hatbeanbagchai rf ora whi l eunt i lyougetyourf oot i ng.Pat i enceher e pr ot ect sbot hyourcashr eser vesandyour l ong-t er m sat i sf act i onwi t ht hespace. UPDATEYOURPAPERWORK. sof t ent hel ar gestassetmostpeopl ewi l l Ahomei everown,yetest at edocument s,benef i ci ar y desi gnat i ons,andl i f ei nsur ancecover age f r equent l ygount ouchedaf t erapur chase.Take anaf t er noont or evi ewandupdat eyourwi l l . i psar en’ tt hemostexci t i ng,Iknow,but Theset t hey’ r ewhatsepar at ehomeowner swhot hr i ve wi t hl essst r essf r om t hosewhospendyear s pl ayi ngcat ch-up. Br adKel sey Fi nanci alAdvi sor br ad@wf gt or ont o. ca

" Don' t r us ht or epl acet hepl ai dcouch. Your f ut ur es el fwi l l t hanky ou. "

THEMONEYMOVESEVERYNEW HOMEOWNERSHOULD MAKE

MYFI RSTHOME

CASESTUDY

Pat i encePaysOf f f ora Fi rst Ti me Buyer DAVELLE & CO

Ever yyear ,wehostt hr eet of ourFi r st -Ti me BuyerSemi nar s,wher eat t endeesheardi r ect l y f r om amor t gagebr oker ,ar ealest at el awyer ,and ourt eam aboutwhati tr eal l yt akest opur chasea homei nt oday' smar ket . t endeecamet ooneofoursemi nar sabout Oneat ayearago.I nst eadofr ushi ngi nt ot hemar ket , t heymadeat hought f uldeci si ont opr esspause. Theyspentt henextyeareval uat i ngt hei rgoal s, st r engt heni ngt hei rf i nances,andbui l di ngupa l ar gerdownpayment . heywer er eady,t heycamebackt ouswi t h Whent abudgetof$400, 000. THECHALLENGE Fi ndi ngadownt ownTor ont ocondounder $400, 000i sn' ti mpossi bl e—butf i ndi ngonewi t h at r uebedr oom wi t hadoor ,af unct i onal l ayout , andst r ongl ong-t er m val uei smuchmor e f f i cul t . di t unat el y,t oday' scondomar ketof f er sbuyer s For mor eoppor t uni t i est hanwe' veseeni nyear s.We t our edawi der angeofpr oper t i esand,t obe honest ,Iwaspl easant l ysur pr i sedbyhowmany opt i onsexi st edwi t hi nt hei rbudget .Seei ngso manydi f f er entbui l di ngsandl ayout shel pedour cl i entqui ckl yi dent i f ywhatr epr esent edr eal ue—andwhatdi dn' t . val

" Somet i mest hebes t oppor t uni t i esar e t hel i s t i ngsev er y oneel s ehas ov er l ooked. " MYFI RSTHOME

Let ' sj ustsay. . .weal sosawsomecondost hat wer ebestl ef tf or got t en. THEOPPORTUNI TY Event ual l y,wef oundt heone. Thesel l erhadbeent r yi ngt osel lt hecondof or overayear .Thepr i ci nghi st or yt ol dt hest or y: •Or i gi nal l yl i st edat$519, 000 o$489, 000 •Reducedt •Then$475, 000 •Then$463, 000 •Then$399, 900 •Fi nal l yr educedt o$368, 000 uckwoul dhavei t ,t hesel l err educedt he Asl pr i ceagai nont hever ydaywevi ewedt he pr oper t y. Recogni z i ngt hesel l er ' smot i vat i on,we negot i at edanevenbet t erpur chasepr i ce, al l owi ngourcl i entt osecur eanout st andi ng f i r sthomeatexcept i onalval ue.

PATI ENCEPAYSOFFFORAFI RST TI MEBUYER

THELESSON Oneoft hebi ggestmi sconcept i onsbuyer shavei s t hatt heyshoul donl yl ookathomesl i st edwi t hi n t hei rexactbudget . I nt oday' smar ket ,t hat ' sof t ent hewr ongst r at egy. hemar ketandunder st andsel l er Whenweknowt mot i vat i on,we' l l f r equent l yshowcl i ent s pr oper t i esl i st edsl i ght l yabovet hei rbudget becauseweknowt her emayber oom t onegot i at e. Somet i mest hosehomesul t i mat el ybecomet he bestval ueofal l . Ourcl i entendedupwi t hacondot heyl oved, st ayedcomf or t abl ywi t hi nbudget ,andpur chased atapr i cet hatwoul dhaveseemedi mpossi bl ej ust acoupl eofyear sago.

" Knowl edgei sbuy i ngpower —andt hat ' s exact l ywhat our Fi r s t -Ti meBuy er Semi nar sar edes i gnedt opr ov i de. "

MYFI RSTHOME

APl um ber’ sAdvi ce f orFi rst -Ti m eBuyers PRI CEHI STORY

ERI C DAY

Or i gi nal Li stPr i ce $519, 000 Fi r stReduct i on $489, 000 SecondReduct i on $475, 000 ALLDAYPL UMB NG T hi r dRI e duct i on $463, 000 Four t hReduct i on $399, 900 Fi f t hReduct i on $368, 000 Negot i at edPur chase $364, 000

Tot al r educt i onf r om or i gi nal aski ngpr i ce: Over$150, 000( pl usaddi t i onal negot i at ed savi ngs) .

PATI ENCEPAYSOFFFORAFI RST TI MEBUYER

MYFI RSTHOME

Mai nt enanceFees: LoveThem or Hat eThem? DAVELLE & CO

Formanycondobuyer s,mai nt enancef ees ar eabi tofal ove-hat er el at i onshi p. You knowt hey' r enecessar yt okeept hebui l di ng r unni ngsmoot hl yandt opayf orr epai r s,but wr i t i ngt hatchequeever ymont hcanst i l l st i ng. ememberl i vi ngi nmyf i r stcondoand Ir t hi nki ngt hati fIboughtahouse,I ' df i nal l y escapemai nt enancef ees. WhatIevent ual l y r eal i z edi st hathousessi mpl yhave mai nt enancef eesbyanot hername. I nst ead ofpayi ngamont hl yamount ,you' r e r esponsi bl ef orever yunexpect edexpense sel f —anewr oof ,al eaki ngbasement ,a your

f ur nacer epl acement ,orr epai r i ngacr acked f oundat i on. Thosecost scanar r i veal l atonce. Wi t hacondo,ever yownercont r i but est oar eser ve f undt hat ' st her ef ort hosei nevi t abl er epai r s. Rat hert hanonehomeownerf aci nga$20, 000bi l l , t hecost sar eshar edamongever yonei nt he l di ng. bui

" Hous esdon' t el i mi nat emai nt enance cos t s —t heys i mpl yr epl acemont hl yf ees wi t hunexpect edr epai r bi l l s . " Onet r endI ' venot i cedovert hepastf ewyear si s t hatmai nt enancef eescont i nuet or i se. Thedat a MYFI RSTHOME

Mai nt enanceFees: LoveThem or Hat eThem? DAVELLE & CO

cer t ai nl ysuppor t st hatobser vat i on. Aver age mai nt enancef eeshavei ncr easedf r om appr oxi mat el y$0. 75persquar ef ooti n2021 t oanest i mat ed$0. 95persquar ef ooti n 2026.

" Hous esdon' t el i mi nat emai nt enance cos t s —t heys i mpl yr epl acemont hl yf ees wi t hunexpect edr epai r bi l l s . "

Today,mostcondosf al l bet ween$0. 60and $0. 80persquar ef oot ,al t houghagr owi ng numberofol derbui l di ngsandl uxur y condomi ni umsnowexceed$1. 00persquar e f oot . ngchar ti l l ust r at esbot ht he Theaccompanyi f i ve-yeart r endandt hecur r entdi st r i but i on ofmai nt enancef ees,gi vi ngbuyer sabet t er under st andi ngofwhat ' st ypi cal i nt oday' s condomar ket . ByDavel l e&Co.

MAI NTENANCEFEES:LOVETHEM ORHATETHEM?

MYFI RSTHOME

CONDO FEESBYTHENUMBERS

MAI NTENANCEFEES:LOVETHEM ORHATETHEM?

MYFI RSTHOME

TheOneCondo DocumentYou Can' tAf f or dt oI gnor e DI MI TRIKANAVAS

So,you’ r ei nt hemar ketf oracondo,aPOTL ( Par cel ofTi edLand) ,oraco-op,andyou’ ve beent ol dast at uscer t i f i cat er evi ewi s r equi r ed?Tof i r st -t i mehomebuyer sor anyonenewt or eal est at e,t hi smaybe f or ei gnandsoundcompl i cat ed; however , i t ' soneoft hemosti mpor t antdocument s,i f nott hemosti mpor t antdocument ,r egar di ng yourcondopur chase. Buyi ngacondo,POTL,orco-opcomeswi t h uni quer i skst hatar enotobvi ousont he sur f aceandr equi r emor er esear chand ut i nyi nt owhati sact ual l ybei ng scr pur chased. Thi si swhyar evi ewoft hest at us

cer t i f i cat ei scr uci al . Yourr eal est at eagentwi l l i ncl udeacondi t i oni nyourpur chaseagr eementt o havet hest at uscer t i f i cat er evi ewedbyar eal est at el awyersot hatt her ei sapr operanal ysi sand r evi ewoft hei nt er nal oper at i onsoft hecondo cor por at i onandi t smanagement . l l r ef ert ocondo,POTL,andco-oppr oper t i es Iwi as" condos"i nt hi sar t i cl ef orsi mpl i ci t y,ast heyal l shar et hechar act er i st i cofhavi ngast at us cer t i f i cat easpar toft hedi scl osur eatt het i meof pur chase.

" What y oudon' t knowabout acondo cor por at i oncancos t y out hous ands . " MYFI RSTHOME

SO,WHATEXACTLYI SASTATUS CERTI FI CATE?

WHATARETHEI MPORTANTPARTS?WHATDOES I TCONTAI N?

Ast at uscer t i f i cat ei sadocumentt hat ai nsi nf or mat i onaboutacondomi ni um cont cor por at i on’ sf i nanci al andl egal heal t h,as wel l asi nf or mat i onabouti t smanagement , f ut ur epl ansandout l ook,t hecor por at i on’ s asset s,l i abi l i t i es,andspeci al r ul est hatmay beuni quet ot hecondocor por at i ont hatar e i mpor t antf ort hebuyert oknowandbe awar eofi ft heypur chaset hepr oper t y.

Accor di ngt ot heCondomi ni um Act ,ast at us cer t i f i cat emustcont ai n( amongmanyot her r equi r ement s)t hef ol l owi ngi mpor t anti t emsof di scl osur e: 1.Thecur r entcommonexpenses; r ear sorunpai df eesbyt heuni towner ; 2.Anyar 3.Ast at ementoft hei ncr eases,i fany,i nt he commonexpensesf ort heuni tt hatt heboar d hasdecl ar edsi ncet hedat eoft hecor por at i on' s budgetf ort hecur r entf i scal year ,andt he r easonf ort hei ncr ease; 4.Det ai l sr egar di ngongoi ngorpendi ngl egal act i onsi nvol vi ngt hecondomi ni um ori t s cor por at i on; 5.Rul esandr est r i ct i onsr egar di ngt heuni t ; 6.Thecor por at i on’ scur r entf i nanci al st at ement s; and 7.Acopyoft hecur r entdecl ar at i on,by-l aws,and r ul es. . . andmor e.

Acommonmi sconcept i oni st hatast at us cer t i f i cat emustbepr ovi dedaut omat i cal l yat t het i meofpur chaset oabuyer ; however , t hi si sunt r ue. I ti s,however ,common pr act i ceandi sdonei nvi r t ual l yever ycondo t r ansact i on. Pur suantt osect i on76( 1)oft he Condomi ni um Act ,1998,S. O. 1998,c. 19,a st at uscer t i f i cat emustbepr ovi dedbyt he condocor por at i ont oanyonewhor equest s one.

" At hor oughs t at uscer t i f i cat er ev i ew hel psuncov er pr obl emsbef or et hey becomey our pr obl ems . "

ti scr uci al t hatyourr eal est at el awyeranal yz es I t hesei t ems,asi tal l owsf orapr opereval uat i onof t hekeyaspect soft hecondoandhowi ti sbei ng managed. I tcani ndi cat eanyser i ouspr obl emsand f l agt hem i ft heyexi st . Forexampl e,i ti si mpor t ant t oknowi ft hecommonexpensesar eexpect edt o i ncr easei nt henearf ut ur e,i ft her ear eanyspeci al assessment sr equi r i nguni towner st opay addi t i onal f ees,ori ft hecondocor por at i onhas l awsui t sorcour tj udgment sagai nsti t ,t onamej ust af ewexampl es.

THEONECONDO DOCUMENTYOU CAN' TAFFORD TO I GNORE

MYFI RSTHOME

I na2023deci si onoft heOnt ar i oSuper i orCour t , Br ucev. Wat er l ooNor t hCondomi ni um Cor por at i onNo. 26,2023ONSC2995,t heowner ofacondomi ni um uni twasnotr equi r edt opaya speci al assessmentl evi edagai nstt heuni t becauset hecondomi ni um cor por at i onhadf ai l ed t oi ncl udeadequat edi scl osur ei nt hest at us cer t i f i cat eaboutt hepossi bi l i t yoft hespeci al assessment . Thi scasehi ghl i ght st hei mpor t ance ofpr operdi scl osur ei nt hest at uscer t i f i cat e,asi t canmeant hedi f f er enceoft housandsofdol l ar s. NOTI CEOFFUTUREFUNDI NGOFTHERESERVE FUND ncl udedi nt hest at uscer t i f i cat ei sal sowhati s I knownasFor m 15,t heNot i ceofFut ur eFundi ngof t heReser veFund. Thi sdocumenti sessent i al f or i nf or mi ngt hebuyeraboutt heengi neer i ngf i r m' s r epor tandout l ookr egar di ngf ut ur emai nt enance andr eser vef undal l ocat i ons. I tspeci f i cal l y out l i nesandf or ecast sanyi ncr easesovert henext 30year sormor ef orpl annedr epai r sandi dent i f i es si t uat i onswher et her eser vef undshoul dbe i ncr easedandhowsubst ant i al t hosei ncr eases maybe. I NSUMMARY Ast at uscer t i f i cat ei sanessent i al di scl osur e ngacondo,al l owi nga documentwhenbuyi pur chasert of ul l yunder st andwhatt heyar ebuyi ng andenabl i ngt hei rr eal est at el awyert oi dent i f yand f l aganypr obl emsf ounddur i ngt her evi ew. I t pr ovi dest hepur chaserwi t hasnapshotoft he managementandf i nanci al heal t hoft hecondo cor por at i on,gi vi ngt hem acl earunder st andi ngof anyunder l yi ngpr obl ems,managementi ssues,or evenspeci al r ul est hatabuyermaynotwantt obe subj ectt o. Di mi t r i Kanavas r i st er&Sol i ci t or Bar ( 416)509-8107 dkanavas@kanavasl aw. com

" Ther i ght l egal r ev i ewt odaycanpr ev ent expens i v es ur pr i s est omor r ow. "

THEONECONDO DOCUMENTYOU CAN' TAFFORD TO I GNORE

MYFI RSTHOME

BasementBasi cs: WhatEvery HomebuyerShoul d Know LI SA SI MKI NS

Whenyouar el ooki ngathouses,i t ’ s i mpor t antt ot hi nkaboutt hehome' sspacei n t er msofi t scur r entcondi t i on,whatyouneed t omai nt ai novert i me,andal sowhatyou wantt odowi t ht hehomemovi ngf or war d. kar oundt hebasementasmuchasyou Wal woul dt heupperpar toft hehouset ogeta f eel f ori t . One-t hi r dofyourhome' sspacei s of t encont ai nedi nt hebasement ,andt hi si s wher ehomei nspect or sspendal otofour t i mel ooki ngatsyst emsandst r uct ur e,and r oot i ngar oundf i ndi ngst uf f ! I fyouar epl anni ngonr enovat i ngan unf i ni shedbasement ,l ookatt hedr ai nsand ot hert hi ngssuchasvent i l at i on,el ect r i cal , andheat i ngbef or eyousl apupdr ywal l and newf l oor i ng. We' veal l hear dst or i esofa br and-newbasementr enovat i ont hatget s f l ooded!

Dr ai nsar eavi t al butof t enover l ookedpar toft he home. I fyoudon’ tmai nt ai nt hedr ai ns,youi ncr easet her i skofwat erbackupst hatcancause damage. Bl ockagescanbui l dupoverl ongper i ods oft i me—t r eer oot s,t heaccumul at i onofgr ease f r om cooki ng,andot hert hi ngst hatgetf l ushed down. I t ’ sagoodi deat ohaveyourmai ndr ai ni nspect edandcl eanedundert hebasementf l oori fi t hasneverbeendone,i deal l ydur i ngyourf i r styear ofl i vi ngt her e. Themai nt hi ngi st obepr oact i ve wi t hyourmai nt enance.

" Bef or ey ouf i ni s habas ement , i ns pect t he dr ai ns , v ent i l at i on, el ect r i cal , andheat i ng s y s t ems . " Whenyouar evi ewi nghomes,l ookf oraf l oordr ai n i nt hel owestpar toft hebasementf l oor . I fyou don’ tseeone,askwher ei ti s. I ft her ei sn’ tone,or youcan’ tf i ndi t ,youmayhavet opul l upf l oor i ngor di gupt heconcr et ef l oort oi nst al l one. Oneoft he

MYFI RSTHOME

bi ggestmi st akesIseei swhent hef l oordr ai nhas beencover edbynewf l oor i ng,andnownoonei s cer t ai nwher ei ti s.Sur e,t her emaybeasel f ai ni ngf l oorunder neat ht hatcandi r ectwat ert o dr t hedr ai n,butwhathappenswhent hedr ai nneeds t obecl eaned?Whati ft hedr ai nbacksup?A si mpl edr ai nopeni ngwi t hagr at ei nst al l edi nt he f l oor i ngi sneeded.I st her easumppump,and doesi twor k? I fyouar er enovat i ngandt hedr ai npi pesar eol d, r epl aceanypi pi ngi nt hebasementandundert he f l oor ,andi nst al l abackf l owpr event ert ost op f ut ur esewerbackupsandpr ot ectyourbr and-new l i vi ngspace. Anot hert hi ngyoushoul ddobef or eabasement r enovat i oni saddr esssour cesoff oundat i on dampnessbyf i xi ngt heout si decausesand wat er pr oof i ngi fneeded.Thehomei nspect i onwi l l hel pgui deyouoni t emsr el at i ngt or ai nwat er ar oundt hehouse. nspect i oncani dent i f ymanymor et hi ngs, Ahomei suchasvent i l at i on,heat i ng,andwi r i ng,t hatcan bei mpr oved,somet i meswi t hsi mpl ef i xesor upgr adest hatcanber ol l edi nt oabasement r enovat i on. Ast heysay," Ast i t chi nt i mesaves ni ne. " Li saSi mki ns,RHI l si mki ns@super i or homei nspect or s. ca 647-287-1962

" Fi xf oundat i ondampnessbef or eyou r enov at e—not af t er . "

BASEMENTBASI CS:WHATEVERYHOMEBUYERSHOULD KNOW

MYFI RSTHOME

Ki t ecPi pi ng What ’ st he Fuss? ERI C DAY

Wat erpi pi ngi sessent i al i nyourhomet oensur e wat erget st oal l t her i ghtpl aceswhenandwher e youwanti t . het echnol ogysur r oundi ngPEXpi pi ngi s Nowt hugei nouri ndust r y. I tof t encut si nst al l t i mei n hal f ,aswel l ast hemat er i al andf i t t i ngsar el ess. Wi t ht hesesavi ngsal one,PEXi st hemor e at t r act i veopt i ont ouse. Thet r adi t i onal wayhouses wer ebui l twaswi t hcopper ,butwi t ht hepr i ceof coppert hesedays,i t ’ sahugesavi ngsf or consumer s. n1995,abr andofpi pi ngcameoutcal l edKi t ec. I Thi swasr evol ut i onar yi nt hepl umbi ngwor l dasi t wast hef i r stki ndofpi pi ngofi t ski nd. I tgave pl umber st hef l exi bi l i t yt omovepi pi ngar ound, easyt omaneuver ,andonceyoubenti tacer t ai n way,i twoul dkeepi t sf or m. Pl umber sl ovedt hi s pr oductandusedi ti nmanyhouses,condo t ownhomes,andcondos. Thi swast hef ut ur eand pl umber swer eal l overi t .

“ Ki t ecwasonceseenast hef ut ur eof pl umbi ng—unt i l l eaksandf ai l ur es changedev er yt hi ng. ” I n2007,Ki t ecpl umbi nggotdi scont i nued. I ft he pr oductwassosuccessf ul ,whyal l t hesuddendi d i tbecomedi scont i nued?Thi swasbecauset he pi pehasdef ect ,i tst ar t edcausi ngmassi vef l oods andl eaksi ncondobui l di ngsduet ohi ghwat er pr essur esneededi ncondobui l di ngs. Thei ssue wi t ht hepr oducti st hatbr assf i t t i ngscont ai ned hi ghl evel sofZi ncwhi chcausedt heAl umi num Sheat hi ngi nsi det hepi pet oer odeandbur st . KI TECPI PI NG WHAT’ STHEFUSS?

MYFI RSTHOME

Thecompanyhadacl assact i onl awsui t agai nstt hem whi chcostt hecompany mi l l i onsandmi l l i onsofdol l ar s. Some condos,condot ownhouses,andhousesst i l l havet hi spi pi ngi nst al l ed. Thi si sal waysr ed f l aggeddur i nghomei nspect i onduet o hi st or y. Manuf act ur esofnewPEXpi pi ng havet akenpr operact i onsnowt omakesur e whathappenedwi t hKi t ect oneverhappen agai n. Al l pexpi pi nghaswar r ant i esupt o20 year st oensur et hei rpr oducti st hebestand t heyst andbehi ndt hei rwor k. fyou’ r ebuyi ngapr oper t yandi thasKi t ec, I whatdoyoudo? Yourr eal est at eagentknowsbestonhowt o handl ei t . Howeveri t ’ sgoodt ogetquot es f r om 3separ at epl umbi ngcont r act or st o ensur et hepr i ceyougeti sanhonestpr i ce. Theseki t ecwat erl i ner epl acement sar ever y ext ensi veandi nt r usi veasmanyhol eswi l l obecuti nor dert or emoveal l t he needt Ki t ec. Usi ngt hequot esyour ecei ve,youcan havet hatpr i cet akenof ft hesal eofyournew homet oof f setsomeoft hecost . Keepi n mi ndbeyondt her epl acementoft hepi pes, dr ywal l pat chi ngandpai nt i ngwi l l needt obe i nvol ved.

I fyourhomei nspect orever yi dent i f i esanyKi t ecat yourhome,youcancal l mysel foranypl umbert o comeandi dent i f yt hepi pi ngandnextst eps. I fyoueverhaveanypl umbi ngquest i onsr egar di ng yourf ut ur ehomepur chases,mycont acti nf oi s bel ow! Er i cDay 416-993-2663 er i c@al l daypl umbi ng. ca www. al l daypl umbi ng. ca

“ Ki t ecpi pi ngi sal way sar edf l agdur i nga homei ns pect i onbecaus eofi t shi s t or yof l eaksandf ai l ur es . ”

“ I fy ou’ r ebuy i ngapr oper t ywi t hKi t ec, don’ t pani c—but knowexact l ywhat y ou’ r eget t i ngi nt o. ” Howdoyoui dent i f yKi t ec? Thepi pi ngi sor angeandwi l l usual l yhave Ki t ecwr i t t ensomewher eont hepi pi ng. I fyourhomei nspect orever yi dent i f i esany Ki t ecatyourhome,youcancal l mysel for anypl umbert ocomeandi dent i f yt hepi pi ng andnextst eps.

KI TECPI PI NG WHAT’ STHEFUSS?

MYFI RSTHOME

Fi rst Ti meBuyerQ&A

Realquest i onsweheareveryday,answer ed si mpl y.

Q:Shoul dIbuyanol dercondooranewer one? nmanycases,you' l l getmor ebangf or A:I yourbuckbypur chasi nganol dercondo. Newerbui l di ngst ypi cal l ysel l f oramuch hi gherpr i cepersquar ef oot ,whi chmeans yourbudgetof t enbuysyoul essspace. SowhatdoIconsi deran" ol der "condo? Gener al l y,anyt hi ngt hat ' smor et han10 year sol d. Thesebui l di ngsof t enof f erl ar ger f l oorpl ansandmor ef unct i onal l ayout st han manynewerdevel opment s. Thatsai d,don' tf ocusonpr i ceal one. Be sur et or evi ewt hebui l di ng' smai nt enance f ees,r eser vef und,andover al l condi t i on bef or emaki ngadeci si on.

Q:Wi l l t hi scondobeeasyt osel l i nf i veyear s? A:Oneoft hebi ggestmi st akesbuyer smakei s choosi ngacondobasedonl yonwhatt heyl ove. I nst ead,t hi nkl i keyourf ut ur ebuyer . Feat ur essuchasabal cony,par ki ng,anda f unct i onal f l oorpl anappeal t ot hewi destr angeof buyer sandcanmakeyourcondoeasi ert osel l whent het i mecomes. Nat ur al l i ghtal somat t er s. Br i ghtsui t eswi t hl ar ge wi ndowsar eal waysi ndemand. Andi ft hepr i mar y bedr oom hasapr operwi ndowandenoughspace f oraqueen-si zedbed,you' r eal r eadyaheadof manynewercondol ayout s. Buywi t hr esal ei nmi nd,eveni fyoupl ant ost ayf or year s.

" Buyf or t henext owner , not j us t f or y our s el f . "

MYFI RSTHOME

Q:Howmuchdomai nt enancef eesr eal l y mat t er ? A: Mai nt enancef eesmat t ermor et hanmany f i r st -t i mebuyer sr eal i ze. Gener al l yspeaki ng,bui l di ngswi t h si gni f i cant l yhi ghermai nt enancef eest endt o sel l f orl owerpr i cesbecausebuyer sf act or t hosemont hl ycost si nt owhatt heycanaf f or d. t ' sal soi mpor t antt ot hi nkl ongt er m.I ft he I mai nt enancef eesseem expensi vet oday,ask your sel fwhatt heymi ghtl ookl i kef i veort en year sf r om now. Ri si ngf eescanaf f ectbot h yourmont hl ybudgetandyourcondo' sr esal e val ue. Thatdoesn' tmeanyoushoul daut omat i cal l y avoi dhi gherf ees.Somebui l di ngsi ncl ude ut i l i t i esorof f erexcept i onal ameni t i est hat j ust i f yt hecost . Thekeyi sunder st andi ngwhat you' r epayi ngf orandwhet hert hosef ees r epr esentgoodval ue. l e' sTi p:Bef or ef al l i ngi nl ovewi t ha Davel condo,askyour sel fonequest i on:" I fIhadt o sel l t hi si nf i veyear s,woul dot herbuyer sbe j ustasexci t edabouti tasIam?"Thi nki ngl i ke bot habuyerandaf ut ur esel l erwi l l hel pyou makeasmar t erpur chase.

" Thebest condoi sn' t al wayst he newest one. I t ' st heonet hat of f er st he best v al ue. "

FI RST TI MEBUYERQ&A

MYFI RSTHOME

$1, 750, 000

AboutUs DAVELLE& CO

St eveandIf i r stmeti ngr adesi x,r econnect edyear sl at er ,andwer emar r i edi nOct ober2024,so yes,we’ veknowneachot her( andTor ont o)f oral ongt i me. Davel l ehasspentover14year shel pi ngcl i ent snavi gat eTor ont o’ sever -changi ngmar ket . Known f orhermar keti nsi ght ,shar pnegot i at i on,andst r at egi cmar ket i ng,shespeci al i z esi nhel pi ng buyer sandsel l er smakeconf i dentdeci si ons,whi l eal sogui di ngcl i ent sonhowt obui l dl ong-t er m weal t ht hr oughr eal est at e. Bor nandr ai sedi nTor ont o,St evebr i ngsdeepl ocal knowl edgeandar el at i onshi p-f i r stappr oach t oever ycl i ent . Wi t hi nt er nat i onal exper i encei nl uxur yr eal est at e,hecombi nesst r ongnegot i at i on ski l l swi t ht hought f ul st r at egyt oensur eeacht r ansact i oni sef f i ci ent ,seaml ess,andal i gnedwi t h hi scl i ent s’ besti nt er est s.

Davel l eMor r i son BROKER

St eveCook REALTOR

MYFI RSTHOME

Toget her ,asDavel l e&Co. ,we’ vehel pedhundr edsoff i r st -t i mebuyer st aket hei rf i r stst epi nt o t hemar ket . Ourmi ssi oni ssi mpl e: t ogui deyout hr ought henoi se,hel pyoumakesmar tdeci si ons,and posi t i onyout owi n,nomat t ert hemar ket . Becauset hebestt i met obuyi sn’ tt i mi ngt hemar ket …i t ’ swhenyou’ r er eady. Thi nki ngaboutbuyi ngorsel l i ng? Cal l ,t extoremai l usanyt i me: Davel l e–416-509-3286|davel l e@bosl eyr eal est at e. com St eve–647-200-2568|scook@bosl eyr eal est at e. com

Whi l emostf i r st -t i mehomebuyer sar eawar et hatat ax cr edi texi st s,manyar eunsur eofwhocanqual i f y,whent o appl yf ori t ,andhowt heycanbenef i tf r om l et t i ngt hei rt ax pr of essi onal knowaboutt hei rhomepur chase. Thef eder al HomeBuyer ’ sAmountl et sel i gi bl ebuyer s( f i r st home,orper sonwi t hadi sabi l i t y)cl ai m af eder al t axcr edi t of$10, 000,whi chcanr educef eder al i ncomet axf ort he year ,byupt o$1500. -Qual i f yi nghomei si nCanada,andr egi st er edi nyourname orspouse/ par t ner -Qual i f yi ngper sonhasnotl i vedi nownedhome( i norout ofCanada)f oryearofpur chaseorpr evi ous4year s, unl essyouar eaper sonwi t hadi sabi l i t y I ft woormor eel i gi bl ebuyer spur chaset oget her ,t heycan spl i tt hecl ai m anywayt heyl i ke-t oamaxi mum t ot al of $10k. Mustbei nt endedt obecomeyourpr i nci pal r esi dencewi t hi n 1yearofpur chase. Ar eyou,ort heper sonyou’ r ebuyi ngahomef or ,aper son wi t hadi sabi l i t y?I fyou( ort hey)ar eel i gi bl ef ort he Di sabi l i t yTaxCr edi ti nt heyearofpur chase,t henyoudo NOThavet obeaf i r st -t i mehomebuyert ocl ai mt heHome Buyer s’ Amount . Thepur chasej ustneedst obemadet o al l owt heper sonwi t ht hedi sabi l i t yt ol i vei nahomet hati s mor eaccessi bl e. Debbi eHor ovi t ch t axf ai r ygodmot her . ca 647-633-9950

KI TECPI PI NG WHAT’ STHEFUSS?

MYFI RSTHOME

Buyi ngyourf i r st home?St ar tsmar t . Getf r ee,pr act i cal advi cef orTor ont o f i r st -t i mebuyer s— f r om savi ngand i nanci ngt of i ndi ngt her i ghthome.I f f youknowsomeoner eadyt ot aket he nextst ep,f or war dt hi si ssueandhel p t hem buywi t hconf i dence.

Subscr i bef r eet oday.

BOSLEYREALESTATELTD. ,BROKERAGE,RESPECTS THECONTRACTSOFI TSCOMPETI TORS.

My First Home: How to Buy Smart in Toronto (Fall 2026)