I’m a first-time buyer and I’m more interested in spacious/affordable condos (which happen to be at older buildings), and I keep on being advised not to buy such condos as they won’t be such a good investment as the newer tiny condos. Am I really going in the wrong direction? 

Thinking about buying a Toronto condo? You may find helpful tips in these other posts from our blog. 

• What to do if Your Pre-Construction Condo is Delayed
• A Condo Buying Guide For Millenials
• Everything You Need to Know About Interim Occupancy in Toronto

My Answer

In my personal experience, I have bought two older Condos, renovated them, and done very well. I completely understand the appeal. For a lot of people, the extra size is very important. I think they will hold their value as you are usually buying them for less per square foot because they do not have the bells and whistles of the newer product.

That said, if you’re looking to renovate, there’s a lot to know before diving in.

Condo Renovation Tips

• Whatever your renovations look like, the Board of the Condominium Corporation must approve your plans. If they do not, future Boards could have the improvements or changes set back to the original materials.
• You must have extra Condo insurance to cover your upgrades. If you choose to add hardwood floors and the units originally came with broadloom, the Condo insurance would only cover broadloom and not the upgrade that you have added.
• For Sellers, the Agreement of Purchase and Sale must stipulate that the Buyer agrees and acknowledges that changes were made to the unit and accepts them as they are.
• For Buyers who offer on older Condominiums, I always suggest that the Buyer asks the Seller to stipulate that any changes were made with the approval of the Board of the Condominium.

Why Older Condos Are Different

The older Condos date back to the early 1980s when 1200-1400 square foot units were about the smallest Condominiums available and it was the mid and late 1980s when the laws changed and allowed for higher density and smaller units. The larger units are fewer and are usually cheaper than the newer product but I think they offer great value. They also allow you to put your own character in the finishing.

How Important Are Amenities?

On the hunt for more condo-buying tips? Check out these blogs.

• Buying a Condo? Here’s What You Need to Know About Status Certificates
• A Condo Buying Guide For Millenials
• How to Realistically Save For a Downpayment in Toronto

Downsizing With Extra Space

While condos are a great fit for many first-time buyers, they’re a popular choice among downsizers too. If you’re a downsizing that’s thinking of buying a condo but has concerns about the size, it’s worth pointing out that there are alternative, more spacious options.

Toronto’s housing landscape is diverse. For downsizers who are moving on from their long-time homes, smaller properties, townhouses, and even garden suites make great compact living spaces – with a little extra room to breathe.

We put together a short guide for downsizers who wish to explore options that aren’t condos. You can click here to read it.

As experts in Toronto’s dynamic real estate landscape, our team can help you find the perfect place for your needs. Ready to get started? Click here to get in touch.

With the market going through constant change, it is natural that Sellers would be thinking about selling privately to maximize their profit. This is a tough market and you have to be primed to sell, so here are some suggestions that might help:

First Things First

It might seem simple, but the truth is that selling a home is a remarkably complex transaction regardless of how active the market may be. Therefore, having an agent at your side will always be your best bet. Not only can they help you maximize your results, but they also take care of the logistical heavy lifting. Selling a home comes with a ton of paperwork, legal documents, and other processes, an agent knows exactly how to navigate this step.

If you’re fully committed to heading to the market on your own, here are a few small tips that can help you avoid headaches, setbacks, and selling for less than what you hoped for.

Want to know more about choosing the best real estate agent for selling your home? Check out these blog posts. 

• How to Read Between the Lines of Agent Reviews
• Why You Should Listen to Real Estate Referrals
• Rightsizing With Agents: How it Works

Get a Home Inspection

99% of homes in this market will be inspected for flaws, so you need a knowledgeable 3rd party to go through your home to make sure it will pass a home inspection. You might even want to hire a pre-selling Home Inspection by a certified Home Inspector.

Certain issues could prove to be an out for a Buyer at closing time if you knew them and did not disclose them at the time of the Offer. With that in mind, you’ll want to disclose in writing what the Home Inspector finds.

Get Rid of Clutter

I would suggest off-site storage rather than filling the basement or garage to the brim. This just broadcasts to the Buyer one of the shortcomings of your home.

Price Correctly

Make sure that you know what the most recent sales are (not listings, as they may be overpriced) and then reduce your house to reflect that you are not using an agent. If you are offering your house privately, the buyer must perceive a benefit to them. The biggest mistake private sellers make is pricing their house within the market range and not reflecting that there is no commission.

Selling your home in order to downsize? Check out some of these helpful articles from our blog. 

• Selling to Rent: What Downsizers Should Know
• Our Complete Guide to Downsizing
• Uncovering Hidden Wealth in Your Home

Create a Web Presence For Your Home

Very few people buy anything today without searching on the Internet so your home-sale website must be viewable by the largest market out there. Remember that your competition is National, Regional and Local MLS that have spent years and thousands of dollars to be in the top positions, not to mention the Brokers and Franchises.

Additionally, it can be helpful to post your home on Kijiji.com. This site offers great visibility. However, make sure that you re-post often as they keep the newer posts at the top or on Kijiji you can pay to have your post on the front page for a period of time.

Hire a Professional Photographer

Buyers want as much information as possible before they even view the property. I believe in these photo formats so strongly that I even pay for these photos of vacant houses or ones needing major renovations. Don’t waste your time or the Buyer’s time by alluding to qualities that are not there or could-be-maybe-potentially there.

Don’t Leave Buyers Hanging

This means answering any calls, emails, or text messages as soon as you receive them.

Unless I am in a business meeting, I respond as soon as I can. Buyers, mostly come from a generation that views microwaves as slow cooking….you must be prepared to respond ASAP.

Expect Calls From Agents

You will get a lot of phone calls from Buyer-agents who will tell you that they have clients that would be perfect for your property.

They may be right, so allow them to show your house. Remember they, like you, will not work for free so your pricing should take that into account.

Host an Open House

Open Houses are the way that a lot of Buyers surf the marketplace to buy. Make sure that you use proper signage.

The City of Toronto mandates that all Open House signs show the address and time of the Open House. Make sure that you have visited the local stock of houses in your area with a Buyer’s eye. To be noticed you will have to be the best on the market that day.

Want to know more about the value of Open Houses? Explore our blog post on the topic here.

Have Your Lawyer on Standby

If you receive an Offer on your property you should have a knowledgeable 3rd party (Lawyer) lined up and ready to take you through the contract, explain the clauses and watch for conditions or timing that could pose future problems.

When I sit down with clients, their first thought is price, mine is the terms and conditions. I have seen too many times when sellers became so obsessed with the price that they forgot other “small” issues that by closing became “huge” ones. The job of the 3rd party is to make sure that those issues are not missed in all the excitement.

If that 3rd party is also giving you pricing advice make sure they know the market and have a grasp of negotiation skills and can view the issues from the Buyers side.

Note: when I have bought or sold for myself I have always run through my offer with an Office Manager or Lawyer for that important 3rd party viewpoint. Sometimes they have presented my own offer for me so I can have the proper emotional distance to make the right decisions.

Beyond managing the listing process of your home, real estate agents provide other services to support your goals. Explore these blog posts to learn more. 

• How Toronto Real Estate Experts Collaborate (and Why it Matters!)
• REALM: Next-Level Luxury Real Estate Technology 
• How Drone Tech Helps Agents Sell Houses

Keep Records of Communication

After completing the Agreement of Purchase and Sale, perform all communication that occurs between Buyer and Seller by email rather than phone. Keeps these conversations in an online folder until closing and up to 6 years after just in case.

Make sure that all parties in the transaction disclose, in writing, their relationship to either you or the Buyer. REALTORS must always disclose their fiduciary duty in writing at the time of the offer.

Be Prepared For Buyer Visits

In most transactions, the Agreement will allow the Buyer to visit your property for a Building Inspection and other purposes.

Make sure these are stipulated in the contract by both the number of visits and the length. If you don’t,  you could be in for a big surprise when all the 20 long-lost buyers’ family members visit with three contractors looking to compete for quotes.

I usually suggest two or three visits of no more than one hour at mutually agreeable times. Once again, keep all questions and answers in writing (via email) so there are no misinterpretations later…the old he said-she said.

Ask For a Substantial Deposit

During negotiations, be sure to ask for a deposit of 5-10% of the purchase price. This will be held by your lawyer in Trust until everything is finalized. As a seller, a deposit of this size will give you a sense of the seriousness of the Buyer.

Be Wary of On-Sale Conditions of the Buyer’s Property

You may have sold your property conditionally for a great price and find that the Buyer decides to overprice their home. In essence, your home is pulled from the marketplace with little guarantee that the Buyer will get a satisfactory offer and start the ball rolling. You might want to ask the Buyer to have a Professional appraisal of his property before agreeing to this Condition.

Do Not Accept Cash

Do not under any circumstances accept cash as part of the transaction. FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) is keeping an eye on suspicious movements of cash and I am authorized to ask for and retain the personal information of all Sellers and Buyers.

Be Careful of Scam Artists

Sometimes Scam Artists hunt for Private Sellers because they think that there will be less scrutiny in the transaction.

A client of mine whose brother helped her sell privately accepted a long conditional offer. A week after it fell through we listed at $399,000. Imagine our surprise when a Bank called to say they had an offer sitting on the desk of their fraud department for $540,000 of the property. The conditional Buyer was trying to finance a house for $150,000 more than the value. Thankfully, the transfer was held up by the Bank’s scrutiny.

Looking for an experienced real estate team that can take the hassle out of your home sale? Click here to get in touch.

Unfortunately, the steadily climbing cost of real estate in Toronto and many other Canadian cities has made homeownership much more difficult for many people. While these prices are in part due to the high demand from traditional buyers, for-profit investors are playing a role as well. 

In the face of these rising costs, Canada has introduced new legislation in the form of an Anti-Flipping Tax which changes how capital gains are taxed following the sale of a home.

These new rules not only carry significant implications for investors but some everyday homeowners may also be impacted as well.  

So whether you’re actively searching for an investment opportunity in the Toronto market, or are planning on selling your current home, you’ll want to be up-to-speed on how this new tax will affect your returns. 

Cooling an Active Market

It’s no doubt that Toronto’s famously competitive market was influential in the introduction of the anti-flipping tax. Although the market has seen more neutral conditions over the past 18 months, Toronto real estate still has a reputation for being expensive. 

In addition to the federal government, the City and Province have both spearheaded various initiatives in an attempt to make homes more attainable for this generation of buyers in recent years. However, it has become increasingly difficult for these efforts to stay on pace with rising costs.

Want to make the most of your home sale? Explore these related readings for advice on how to do exactly that. 

• Selling a Home? Here’s Why Choosing The Right Agent Matters
• Why You Should Never Skip Out on Staging
• Why “Now” is a Great Time to Sell Your Home

Anti-Flipping Tax

So what is the anti-flipping tax and who will it impact most? Let’s take a closer look. 

Speaking generally, ‘flippers’ are home buyers who purchase a property with the specific intent of re-selling it for a profit in a short period of time. Under the new legislation, any Canadian who sells a home they’ve owned for less than 12 months will be viewed as a flipper and will face the anti-flipping tax following their sale. 

Here’s the major detail: Flippers will be subject to taxation on 100% of capital gains earned from their sale. They’ll also be ineligible for the Principal Residence Exemption, meaning that there’s no way of getting around it. 

As a brand-new initiative, this tax only applies to homes purchased on or after January 1, 2023. 

Long Term Goals

The government has two primary goals with the enforcement of the anti-flipping tax. The first is to ensure that investors who are operating with the intent to earn a profit are paying appropriate taxes on what is ultimately a business actively. 

The second is to potentially dissuade new investors from entering the market by curbing profit potential. With fewer active investors, the hope is that housing prices in Toronto won’t rise as quickly. Additionally, buyers who are looking for a place to call home will face lesser competition on the market and have a better chance of finding something within their budget. 

One thing to keep in mind is that the anti-flipping tax is still fairly new. As a result, it will still be some time before we witness a larger-scale market impact. However, home sellers in Toronto should be aware of this new legislation as it could affect them come tax season. 

Looking for more helpful tips on navigating the various rules and regulations of real estate? Check out these blog posts. 

• Your Questions About Garden Suites Answered
• What Happens If I’m Ghosted by My Agent?
• The Legal Implications of Buying a Home With a Spouse or Partner

Potential Exemptions 

Of course, not every homeowner who chooses to re-sell a home they purchased less than twelve months ago will be doing so with the intention of earning profit. With that in mind, the Canadian government has listed a few specific circumstances in which exemptions apply. Such as – 

• Divorce or separation (more than 90 days prior to selling)
• Severe unforeseen damage to the home
• Relocation to another city or province
• The home does not have ample room for new family members
• A homeowner has become critically ill, disabled, or passed away
• The seller has recently been fired or declared bankruptcy

The relatively limited scope of these exemptions is intentional. The government is hoping that by reducing any potential wiggle room they can ensure these taxes are paid. 

Thinking about selling? Our industry-leading strategies and guidance can ensure you get the best possible result in Toronto’s ever-shifting market. to get in touch, or click here to send us an email. 

Whether you’re in the market to purchase a home or sell one, your best pathway toward success will always be working with a real estate agent. 

However, finding the perfect agent is easier said than done. Particularly in Toronto – a city with over 70,000 registered real estate agents, both buyers and sellers alike are tasked with sorting through the seemingly endless options to find the right help for their unique needs. 

Unfortunately, these searches don’t always end in a match made in heaven. While less common, some clients do find themselves stuck with a real estate agent who isn’t living up to expectations. In some cases, they may even stop hearing back from their agent altogether. 

So what can you do if you’re unhappy with your real estate agent? It depends. Even if they’ve outright ghosted you, there could be certain regulatory or legal hurdles to be mindful of. 

When seeking out the perfect real estate agent, listening to personal referrals can help you streamline your search. Click here to read our blog post on the topic.

Preventing Disappointment 

The best way to ensure your agent holds true to their word is by doing your due diligence in the first place. It may seem obvious, but it’s one hundred percent true. When it comes to finding the best possible agent for your personal goals, you’ll want to research your options carefully ahead of time. In addition to exploring a potential agent’s website and social media pages, be sure to look at reviews and testimonials provided by past clients. 

Want to know exactly how you can find the top real estate agent for you? Visit these blog posts for helpful tips. 

• How to Read Between the Lines of Agent Reviews
• Why Choosing the Right Agent Matters For Sellers
• How Many Real Estate Agents Should You Interview Before Choosing One?

Step One

If you’re not happy with the service you’re receiving from your real estate agent, you may have an idea of how to fix the situation – whether it be filing a formal complaint, attempting to fire your agent, or simply hiring someone else. That being said, breaking a buying or listing agreement, can be a long and complex process. Therefore it’s better to try and make your concerns heard before you attempt to escalate the situation. 

If you’re unable to get in touch with your agent directly, try contacting their brokerage. They may be able to connect you to another agent on the same team or help your existing agent reassess your needs. In some cases, they may even offer to void the contract themselves with certain stipulations.

Understanding Your Buying or Listing Agreement 

When you work with a real estate agent to buy or sell a home they will ask you to sign a representation agreement which outlines (among other details) the terms of their services, applicable fees, and the degree of exclusivity applicable to their representation. 

As these agreements are legally binding, you’ll need to take a close look at the document before considering any changes to your representation. If you’ve signed an agreement and it has not yet expired, you may have limited options with how you can proceed. 

If your agent has not lived up to their responsibilities or promises outlined in the representation agreement and you have been unsuccessful in contacting them or their brokerage, you can contact the Real Estate Council of Ontario or your lawyer. They’ll help you make sense of your legal obligations and can provide the best possible guidance for setting things right. 

While they will be the main partner in your real estate journey, your agent will also call on other industry professionals to support your goals. Check out these blog posts to learn more. 

• How Toronto Real Estate Experts Collaborate (and Why it Matters!)
• Agent Connections When Buying or Selling Outside of Canada?
• REALM: Next-Level Luxury Real Estate Technology 

Re-entering the Market With a New Agent

If you’re currently under a binding representation agreement with a real estate agent, you should not hire another agent until you’ve received confirmation that the contract is void or expired. 

Once you’ve been able to move on from your previous agent, finding the right professional to work with next can feel even more daunting. After going through a very stressful situation, it’s completely natural to feel worried about repeating the process. However, even if you’ve had a bad experience with a real estate agent before, it’s important to not attempt to navigate the market on your own. 

The reality is that there are plenty of great agents out there who are eager to help you make your dreams come true. With the right research and due diligence, you’ll be able to find a fantastic and compassionate agent who can ensure you accomplish your real estate goals. 

Searching for a knowledgeable Toronto real estate agent who will make you their top priority? Silver Burtnick & Associates would love to work with you. Click here to get in touch with us. 

When you declutter your home, there will be a lot of stuff you’ll want to throw away, donate, or give to a friend. While it’s easy to get caught up in the process, you may be literally throwing money away. 

In fact, many homeowners are sitting on unique, rare, or highly-desirable items that can fetch top dollar on the market or at auction – whether they know it or not. So how can you tell?

If you’re planning on clearing out your belongings in the near future, working with an experienced, well-connected real estate team is the most efficient method of uncovering and taking advantage of hidden wealth in your home. 

To us, Rightsizing means taking a proactive approach to creating a living space that’s perfect for you, at any stage of life. Click here to download our ultimate rightsizing guide. 

A Refined Approach to Decluttering   

Whether you’re merging households with a partner, downsizing to a smaller place, or simply making more room in your home, decluttering is a simple yet effective way to optimize your space. For some homeowners, this process is accompanied by other tasks and responsibilities, such as getting ready for a move. During these busy life events, it’s easy to rush through the process of decluttering with little thought for what is being thrown away, donated, or added to the garage sale pile.

The process of sorting, itemizing, and clearing out your belongings can be enjoyable and even cathartic. That being said, decluttering also provides a unique opportunity for identifying high-value items well-suited for a formal auction. A patient and refined approach to bestowing or discarding your belongings can ensure you don’t accidentally get rid of something that may be holding equity. 

Ready to begin your rightsizing journey? Explore these blog posts for helpful real estate tips. 

• A Guide to Interim Occupancy in Toronto
• Top 5 Toronto Neighbourhoods For Empty Nesters
• What to Expect From Rightsizing

Uncovering High-Value Assets

While your home is undeniably your largest investment asset, you may be holding other items of notable equity too. During the decluttering process, effectively discerning which of your possessions are fit for auction or resale is an important step in uncovering hidden wealth in your home. Common high-value items include watches and timepieces, works of fine art, rare automobiles, wine, pottery, and other relics. 

In our years of working with Toronto homeowners, we’ve helped a great deal of our clients identify untapped equity in previously under-considered belongings. In addition to items you’ve personally invested in over the years, you may be sitting on other expensive non-purchased possessions such as gifts or chattels. Particularly in Toronto, where many homes are more than a century old, you may find unique antiquities hiding in plain sight. In this same vein, heirlooms, hand-me-downs, keepsakes, and other items passed onto you may also hold strong market value. 

Sotheby’s International Realty Canada + Silver Burtnick & Associates

In conjunction with our exclusive affiliation with Sotheby’s International Realty Canada, Silver Burtnick & Associates has a close-knit relationship with Sotheby’s Auction House. A global icon in curating, selling, and marketing luxury items, Sotheby’s Auction House is the forefront name in luxury. 

Should you identify an item of interest during your decluttering process, we’re able to leverage this relationship to ensure you reap and recover any previously underutilized wealth in your home.  

Beginning with a strategic appraisal, our discerning experts provide market-informed estimates and guidance. Using these insights we’ll put together an action plan to help you maximize your return, whether that be a public auction, private market transaction, or another method of sale. 

Searching for more investor-focused resources that can help you build personal and generational wealth? Check out these blog posts. 

• Building Equity in Luxury
• Best Toronto Neighbourhoods to Invest In
• Maximizing Your Return on Investment With Staging

Guiding You Into Your Next Chapter 

As an experienced and collaborative real estate team, we can help you navigate the process of decluttering your home. We’ve helped countless clients strategically clear out their belongings and capitalize on the sale of high-value items, on top of achieving their overarching real estate goals. Whether you’re looking to downsize, upsize, buy, sell, or do something different, we can help you find success. 

Looking to capitalize on high-value antiquities, art, automobiles, or other assets in your possession? As experts in all things luxury, our team would be happy to advise you. Get in touch. 

Whether buying, selling, or investing in Toronto real estate your market power is only as strong as the agent you choose to work with.  

In our decades of experience working in Toronto’s dynamic real estate world, we’ve cemented an unparalleled market presence. As local real estate leaders, our position is amplified and backed by a collaborative ethos and connection to a diverse range of industry professionals who allow us to provide an experience for our clients that is unmatched, proven, innovative, and successful.

Here’s a look at our vast professional network, localized connections, and collaborative values and how they allow us to offer industry-leading knowledge, innovative strategies, and unparalleled client support. 

When it comes to navigating unique factors within the market, seeking out expert advice is the best approach. We spoke with Michael Oziel from Sherwood Mortgage Group about how rising interest rates are impacting Canadian real estate. Click here to read. 

Sotheby’s International Realty Canada 

Our connection to Sotheby’s International Realty Canada is paramount. It allows us to provide a seamless experience, access to unique resources, and an international network that is truly unique and unprecedented in scope.

In sum, they afford us the opportunity to provide a concierge experience to buyers and sellers alike, no matter their price point or where they find themselves in the city. It is our advantage, and we use it to help.

Our team is also members of the SIR Exceptional Agent Network. An international community of real estate professionals who have made real connections to their communities, we rely on this network to help connect clients with professionals across the globe under the same brand.

If you’re planning on buying or selling a home, choosing the right professional for the job is absolutely essential. Check out these blog posts to learn more. 

• Selling Your Home? Here’s Why Choosing the Right Agent Matters
• How to Read Between the Lines of Real Estate Agent Reviews
• Why You Should Listen to Real Estate Referrals

Inman

Inman is real estate’s leading source of information, known for its award-winning journalism, coverage of leading technology, and meaningful educational resources. Agents from all over the world rely on Inman for accurate, innovative, and timely business information. Our very own Richard Silver serves as a Global Brand Ambassador for Inman. 

The Inman Ambassador program has blossomed in both reputation and global reach since its inception more than a decade ago. The program has fostered relationships that have launched industry startups, elevated the Inman community, and served as a catalyst for raising brand awareness for the leaders, disruptors, and organizations in real estate through Inman events, publishing, and creative social media influence.

Through our well-connected partnership with Inman, Silver Burtnick & Associates will always be at the forefront of advancing technologies, new practices, and greater industry trends. By keeping our fingers on the pulse of real estate, we are able to pass along our expert observations, strategy-driven mindset, and cutting-edge tips to our clients. 

Are you looking for up-to-date insights about Toronto’s vibrant housing market? Explore these resources from our blog. 

• Has Toronto Real Estate Killed the “Asking Price”? 
• Toronto Neighbourhoods Young Professionals Love
• Best Toronto Neighbourhoods For Downsizers

Our Connected Heritage 

Our determined team, Silver Burtnick & Associates was built on strong principles of collaboration and lasting relationships. Founded by a partnership of two passionate real estate experts who share unwavering core values, advanced market knowledge, and the drive to continually elevate and innovate the real estate experience. 

The first half of this partnership is Rochard Silver, Sales Representative, Senior Vice President – Sales and Certified International Property Specialist. A past Director-at-Large for the Canadian Real Estate Association, as well as a past President of the Toronto Regional Real Estate Board, Richard is adept in the market and brings an unmatched level of expertise. 

Along with Richard Silver, Silver Burtnick & Associates is led by Jim Burtnick, Broker, Senior Vice President –  Sales and Certified International Property Specialist. Jim’s approach to real estate is grounded in financial strategy, providing both buyers and sellers with a nuanced view of their purchase or sale. In pairing that with a custom-tailored service, Jim has cultivated lifelong relationships with his past clients in the luxury home, condominium, and investment markets. He was elected, by his peers, as the Director of the Toronto Real Estate Board. 

It was at the Toronto Real Estate Board where Richard and Jim would build a prosperous working relationship, planting the seeds of what would eventually become Silver Burtnick & Associates.

Interested in unlocking our Toronto expertise to accomplish your real estate dreams? We would love to hear from you. .