With a Bachelor of Commerce in Finance and over 12 years of experience in the banking sector, Bradley lends genuine care and a wealth of expertise to every interaction. This, coupled with multiple years of real estate investing experience, Brad truly understands the value of having a clear strategy and knowing your numbers. For him, it&rsquo;s about aligning each decision with his clients&rsquo; goals.Brad also understands that real estate decisions are personal and can be emotional - his personable nature, along with his ability to stay calm under pressure, make him quite adept at navigating complex transactions and keeping his clients informed throughout.Outside of work, Brad is always seeking ways to be involved in his community whether through volunteering or supporting local small businesses. He also loves live concerts and listening to personal development podcasts, always seeking growth and new perspectives.&ldquo;Real estate decisions are significant milestones. By understanding your unique goals, I&rsquo;ll help make your real estate plans achievable with the right knowledge and a personalized strategy.&quot;

Sales Representative

Bradley James

With a Bachelor of Commerce in Finance and over 12 years of experience in the banking sector, Bradley lends genuine care and a wealth of expertise to every interaction. This, coupled with multiple years of real estate investing experience, Brad truly understands the value of having a clear strategy and knowing your numbers. For him, it&rsquo;s about aligning each decision with his clients&rsquo; goals.

Given the thousands of condos that exist in the GTA, there are certainly a lot of impressive buildings known for their architecture, amenities, location and overall style. But what are the factors that raise the demand of any one condo?As an agent with the data-oriented brokerage, <a href="https://strata.ca/" target="_blank">Strata.ca</a>, I was given access to a real time report that ranks all of the condos in the GTA, from most to least popular.The algorithms the report uses to gauge a condo&rsquo;s popularity is based on the following aggregated statistics:1. Sale-to-list price ratio (a metric that determines whether homes are generally selling above or below the asking price in a condominium)2. Shortest time on market3. Highest building appreciation rate over the past two years, as compared to neighbouring condosMany real estate professionals assume that the &lsquo;most popular&rsquo; condos are usually the newest properties on the market. Some also assume that the most established buildings with recognizable names (i.e. The Ritz Carlton Residences, Tip Top Lofts) are the most popular. But the data actually shows these assumptions aren&rsquo;t always correct.<h2>Common Characteristics Among Most Popular Condos</h2>Let&rsquo;s look at some of the shared traits among the top-ranking properties:<ul><li>They offer the best value in that they&rsquo;re some of the most reasonably priced per square foot in otherwise unaffordable neighbourhoods.</li><li>Interestingly, every condo on this list is a low to mid-rise. There are no high-rises here. I can only speculate that this heightens interest as there&rsquo;s lower sales turnover and a great sense of &lsquo;exclusivity.&rsquo;</li><li>Some condos are loft-style properties, which are more rare than traditional condominiums.</li><li>Most of the buildings have low to average maintenance fees, which reflects positively on the quality of management in each building.</li></ul>So here are the 5 most popular (or in-demand) condos, all based on the data!<picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/157/The Richmond-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/157/The Richmond.jpeg"/><img src="https://media.strata.ca/article-images/157/The Richmond.jpeg" alt="null"/></picture>#5: <a href="https://strata.ca/toronto/313-richmond-st-e-the-richmond" target="_blank">The Richmond</a> &mdash; 313-323 Richmond St EastThe Richmond is an older building, but you&rsquo;d never know it if you stepped inside. Both the lobby and common areas have been through a modern renovation with an airy and minimalist feel that appeals to all tastes. The maintenance fees are also lower than the neighbourhood average, and include all utilities. Higher-floor units come with a stunning view of the water and Toronto skyline.The amenities here are also a hit. Residents get to enjoy a huge two-storey gym, complete with a basketball court and sauna. A party room and billiards table is perfect for hosting parties or entertaining guests. As if that weren&rsquo;t enough, you can also relax on the sprawling rooftop deck that comes with a whirlpool and four barbecues.The Richmond was built in 2000 by Tridel, one of the city&rsquo;s most reputable developers. But because the building is a bit older, the units tend to have more spacious layouts than those found in newer condos nearby. Despite that, a 550-square-foot one-bedroom here isn&rsquo;t much more expensive than a 420 square-foot one-bedroom in the neighbouring area. This building reached #5 on the list because it&rsquo;s impeccably maintained and offers excellent value.<picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/157/The Kings Lofts-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/157/The Kings Lofts.jpeg"/><img src="https://media.strata.ca/article-images/157/The Kings Lofts.jpeg" alt="null"/></picture>#4: <a href="https://strata.ca/toronto/800-king-st-w-the-kings-lofts" target="_blank">The Kings Lofts</a> &mdash; 800 King St WestBuilt in 1999, this condo is popular because it offers the highly sought after mezzanine-style loft unit. In the GTA, this is a particularly rare layout &mdash; I can think of fewer than 10 buildings featuring mezzanine-style spaces.Most mezzanine units feature soaring ceilings in the main living area &mdash; often up to 18 feet high &mdash; with the open concept bedroom on the 2nd level, perched over the living space. There are some drawbacks to this layout, though. Without an enclosed bedroom space, it can be disruptive for couples on different sleep schedules. The mezzanine-style unit is really ideal for single occupants.This low-rise only has 5 storeys, offering that heightened sense of exclusivity I noted earlier. This is likely what contributes to that intimate vibe you feel at The Kings Lofts. And if you like the industrial aesthetic of exposed concrete ceilings and lots of natural light, this building may be perfect for you.Aside from a solid list of amenities, my clients have loved that residents can barbecue on their private balconies. Most condos in Toronto do not allow for this, making it a very noteworthy detail!<picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/157/Summit-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/157/Summit.jpeg"/><img src="https://media.strata.ca/article-images/157/Summit.jpeg" alt="null"/></picture>#3: <a href="https://strata.ca/toronto/725-king-st-w-the-summit-iii-condos" target="_blank">The Summit III Condos</a> &mdash; 725 King St WestI know, I know. This building isn&rsquo;t going to win any beauty pageants. But our data ranked The Summit III Condos as one of Toronto&rsquo;s most popular because it offers unbeatable value in the otherwise expensive (and for many, unaffordable) King West neighbourhood.This three-building complex also has some of the best open-concept layouts in the area, featuring large units with floor-to-ceiling windows.When it comes to amenities, this is one of the few properties that have both indoor and outdoor swimming pools. A slight drawback though is that these pools would probably explain the higher than average condo fees &mdash; a notable strike against this building.Built in 1985, the overall complex is well-maintained and has definitely held up to the test of time. So if you want to live in trendy King West without dishing out a fortune, The Summit III is definitely worth a look.<picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/157/Trinity Park Lofts-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/157/Trinity Park Lofts.jpeg"/><img src="https://media.strata.ca/article-images/157/Trinity Park Lofts.jpeg" alt="null"/></picture>#2: <a href="https://strata.ca/toronto/901-queen-st-w-trinity-park-lofts" target="_blank">Trinity Park Lofts</a> &mdash; 901 Queen St WestJust like The Kings Lofts, this four-storey building also features those incredibly rare mezzanine-style units. It&rsquo;s also located inside a heritage property once known as the Farr House, which was constructed in 1847.The Trinity Park Lofts offer just the right amount of industrial aesthetic. For those who don&rsquo;t like the raw look of a true hard loft, these units are the perfect middleground.There are far less amenities here than in most condos. But this building&rsquo;s location, literally right across from Trinity Bellwoods Park, definitely makes up for it.<picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/157/Chelsea Lofts-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/157/Chelsea Lofts.jpeg"/><img src="https://media.strata.ca/article-images/157/Chelsea Lofts.jpeg" alt="null"/></picture>#1: <a href="https://strata.ca/toronto/1375-dupont-st-chelsea-lofts" target="_blank">Chelsea Lofts</a> &mdash; 1375 Dupont StreetCompleting our list is the famous Chelsea Lofts, one of the Junction&rsquo;s most desirable properties.This low-rise condo has just 72 units, spread out over 7 floors. Surrounded by traditional detached homes, the Chelsea Lofts can&rsquo;t help but be noticed, as one of the only condos in this neighbourhood. The building also features a more urban aesthetic, but with the relative peacefulness of living just outside the downtown core.Amenities include a well-sized party room, recreation room, and a spacious rooftop patio. Unfortunately, there&rsquo;s no gym or indoor swimming pool.The Chelsea Lofts is certainly a notable building, but there are many far more interesting low-rise condos and lofts in the city. So why did this soft loft rank #1 on this list? The reason is simple. If you want to live in this area, you&rsquo;re either buying a house, priced significantly over a million, or you&rsquo;re buying a condo in the Chelsea Lofts &mdash; this condo benefits from the scarcity of affordable homes in the neighbourhood and a lack of condo competition.<h2>Want to see the full list?</h2>These condos are among the top 5 most popular. But if you&rsquo;d like to see the full list of most in-demand properties across the GTA, get in touch! I&rsquo;m also happy to make other recommendations tailored to the qualities most important to you.Contact me for a no-obligation discussion about your criteria. You can call me at <a href="tel:647-808-1548">647-808-1548</a> or send an email to <a href="mailto:bradley@strata.ca">bradley@strata.ca</a>. I&rsquo;m always happy to help!

Top 5 Most Popular Condos in Toronto — Based on Data

Lofts have become among the most desired real estate among Toronto homebuyers. Although not everyone enjoys the look of exposed brick, concrete pillars and wooden beams &mdash; there is still considerable demand for this type of property; enough so that lofts tend to be notably more expensive than their traditional condo apartment counterparts.So what makes lofts so unique? For starters, it&rsquo;s their distinctive style. Hard lofts, often known as conversion lofts, are among the most desirable because of their rare aesthetic. These units have been transformed from historical buildings that traditionally served as industrial spaces. Examples of hard lofts are the <a href="https://strata.ca/toronto/43-hanna-ave-toy-factory-lofts" target="_blank">Toy Factory Lofts</a>, <a href="https://strata.ca/toronto/637-lake-shore-blvd-w-tip-top-lofts" target="_blank">Tip Top Lofts</a> and <a href="https://strata.ca/toronto/1100-lansdowne-ave-foundry-lofts" target="_blank">Foundry Lofts</a>.In Toronto, the first neighbourhood to see industrial buildings converted into residences was in Bloor West in the 1980s. But lofts originated much earlier than that in other major cities. Let&rsquo;s explore the evolution of lofts, beginning in Europe.<h2>From Paris&hellip;</h2>Considering the fashionability of lofts, it&rsquo;s no surprise that the concept actually originated in Paris. Artists, particularly painters, required the space to make massive works of art. Thus they discovered they could take advantage of the high ceilings found in industrial buildings.<h2>To New York&hellip;</h2>While Parisian artists needed those high ceilings for utilitarian purposes, free-spirited types in New York City continued on with the trend. Lofts became very popular in the 1940s and 50s, particularly in SoHo. This neighbourhood lent itself well to conversion lofts, given it was once a manufacturing area.But don&rsquo;t be fooled. Although today&rsquo;s lofts may seem quite glamorous, they weren&rsquo;t at all back then. Until the 1970s, loft residences were actually illegal. So these spaces lacked basic necessities, like heat and hot water. Although artist-tenants like Willem de Kooning and Jackson Pollock got away with barely paying any rent, they were actually considered squatters living in unsafe areas.Later in the 1970s, there was a massive shift in the way people thought about lofts. Their popularity forced the New York City government to change its laws. Spaces that were once zoned for commercial use were eventually rezoned to residential.Once lofts became legal, trendy Manhattanites became obsessed with them. But not for the usual reasons you might assume.The &lsquo;white cube&rsquo; art gallery was inspired by the loft concept. In 1946, Betty Parsons opened a gallery. But her&rsquo;s was the first to move away from dark walls, heavily carpeted floors, and paintings in ornate frames. Instead, she embraced the undecorated, bare loft aesthetic that matched the industrial environments in which the art had been created. As rich art buyers stepped into her gallery, they started to desire that same aesthetic for their own private homes.<picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/156/ASP0287-Compress-600.jpg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/156/ASP0287-Compress.jpg"/><img src="https://media.strata.ca/article-images/156/ASP0287-Compress.jpg" alt="null"/></picture><h2>And finally to Toronto.</h2>It took a bit of time for lofts to become popular in Toronto. And as noted earlier, the first residential lofts weren&rsquo;t created until the 1980s in the Bloor West neighbourhood. The Bartlett Lofts were among Toronto&rsquo;s first hard lofts, converted from a former factory that was once home to a twine mill, auto garage and a manufacturer of fishing tackles.Over the next two decades, developers went on to convert many old industrial spaces in the city. But even after converting most of the available structures, the demand for lofts still outpaced the supply &mdash; something I&rsquo;ve personally witnessed, as my clients looking for hard lofts often wait three to six months for the right one to come along.Developers, however, took notice of the supply demand gap, and found a clever middle-ground. They went on to develop purpose-built low to mid-rise condos with a similar aesthetic to the hard loft. These are now referred to as &lsquo;soft lofts&rsquo; (or if you&rsquo;re a critic, an &lsquo;imitation loft&rsquo;).Soft lofts are a good compromise for those who like the loft style, but are on a tighter budget, don&rsquo;t have the time to wait for the right one to come along, or who want something a little more &lsquo;modern&rsquo; and a bit less &lsquo;industrial&rsquo;.I hope this article has been informative! If you&rsquo;d like to learn more about lofts, reach out anytime for a no-obligation discussion about your property search.You can call me at <a href="tel:647-808-1548">647-808-1548</a> or send an email to <a href="mailto:bradley@strata.ca">bradley@strata.ca</a>. I&rsquo;m always happy to help!

The Evolution of Lofts in Toronto

When purchasing a home in GTA&rsquo;s real estate market, it&rsquo;s not uncommon for buyers to find themselves competing against other buyers. Also known as an &lsquo;offer presentation&rsquo; or when a seller &lsquo;holds back offers&rsquo;, this happens when several buyers compete for the same property at the same time.Let&rsquo;s explore how an offer presentation typically comes about, and how best to navigate one should you end up in this scenario.<h2>What&rsquo;s an offer presentation?</h2>An offer presentation occurs when a seller first acknowledges they have a property that&rsquo;s in high demand. They then put their property on the market with a set offer date, usually 5 - 8 days after putting the home on the market.In the actual listing, the seller&rsquo;s agent will typically include the following: &lsquo;Offers to be reviewed on Thursday the 26th of October at 6:30pm. Please register your offer by 5:30pm.&rsquo;Aside from the seller, nobody wants to get into a multiple offer situation. And if you&rsquo;re unprepared, the process can be quite stressful for a buyer.<h2>How do seller&rsquo;s pull off an offer presentation?</h2>Let&rsquo;s look at some of the reasons why offer presentations occur:1. It&rsquo;s a seller&rsquo;s market, meaning, there are simply more buyers in the market than available properties.2. The market is balanced, but the property&rsquo;s asking price is at a popular price point. In most cases &mdash; the lower the price, the higher the demand.3. The market is balanced, but a seller&rsquo;s property is on a particularly desirable street or within a desirable condo.I&rsquo;ve often seen frustrated buyers blame the listing agent for inciting offer competition. But in my experience, most sellers are sharp enough to know when they own a property that can successfully create offer competition. Those sellers will then hire a realtor who is skilled enough to successfully facilitate the process.<picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/155/steven-ungermann-vvah86ql8iM-unsplash-600.jpg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/155/steven-ungermann-vvah86ql8iM-unsplash.jpg"/><img src="https://media.strata.ca/article-images/155/steven-ungermann-vvah86ql8iM-unsplash.jpg" alt="null"/></picture><h2>Can offer presentations benefit the buyers?</h2>Yes, because offer dates provide everyone with a fair chance to view the property.There&rsquo;s a common scenario I&rsquo;ve witnessed time and time again: A home comes on the market that&rsquo;s well-suited for one of my clients. But the property does not have an offer date, meaning the seller will entertain offers at any time.It&rsquo;s a competitive seller&rsquo;s market, so I advise my client that we should look at the property as soon as possible. Although my client is very eager, they have work commitments and can&rsquo;t view the home until tomorrow afternoon. I book the showing, but later that day, I get an email stating the property is now sold.This is exactly why offer dates can still benefit buyers. It provides a fair opportunity for all interested parties to see the listing in person, and then decide if they want to pursue it. Offer dates allow everyone to do their homework and prepare their best offer.On the other hand, when a home is listed without an offer date, it can make buyers anxious. They will feel pressured to drop whatever they&rsquo;re doing, and see the property before someone else swoops in with an offer.<h2>What if an offer date backfires for the seller?</h2>You&rsquo;d be surprised how often this strategy can fail. And it&rsquo;s usually a case whereby the seller got greedy, or their agent misjudged the temperature of the market.A failed offer presentation usually looks like this: The seller lists with an offer date. But the offer date eventually comes and goes &mdash; with zero offers in sight. The listing agent nervously calls all of the agents who brought potential buyers to see the place. And each agent says similar things: &lsquo;My client wasn&rsquo;t interested enough to compete&rsquo; or &lsquo;My client bought something else&rsquo;.This is why listing with an offer date is a risky move. The seller and their agent must be absolutely certain that market demand is strong enough for this strategy to succeed.Because other agents can see a listing&rsquo;s full history, a failed offer date can be devastating to the seller. Their property becomes stigmatized, since future buyers now know the home failed to sell. Many will think, &lsquo;There must be something wrong with the home if no one wanted to buy it.&rsquo;What are some strategies for competing buyers?The strategy you choose as a homebuyer will depend on a couple of things: Your overall tolerance level for risk, and the expected competition.An experienced agent should be able to provide a solid sense for the amount of offers a property will receive, and at what price it will likely sell. When talking about this though, make sure your agent provides you with relevant data to support their position. This includes market trends for the neighbouring area, plus comparable properties that have recently sold.Aside from the price you&rsquo;re willing to pay, a seller will also look at the following to determine the strength of your offer:<ul><li>Deposit amount</li><li>Conditions, if any (an offer without conditions, such as financing, will be much stronger)</li><li>Proposed closing date</li></ul>Those factors individually may not be as important. But when combined, they can easily make the difference between an accepted or rejected offer. When the top two offers are almost identical in price, the seller will always assess the more peripheral details, such as the closing date, conditions and the deposit amount.<picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/155/pexels-mark-mccammon-2724749-600.jpg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/155/pexels-mark-mccammon-2724749.jpg"/><img src="https://media.strata.ca/article-images/155/pexels-mark-mccammon-2724749.jpg" alt="null"/></picture><h2>Final thoughts</h2>I always tell my clients we must determine how much they&rsquo;re willing to pay before entering an offer presentation. That way, I can assess the likelihood we secure the property against the competition.Remember: An agent&rsquo;s priority should be more than just ensuring you&rsquo;re the buyer who scores the home. But rather, that you secured the home with the smallest price difference between your offer and the 2nd highest-ranking offer.As I said earlier, always set your price cap before the offer date. This way, you don&rsquo;t risk acting irresponsibly with your budget. I can help you choose a price cap based on logic (such as market temperature and past comparable solds), not emotion.And if you end up losing out in offer competition, not to worry. Just know you did your best, and there will be other properties out there. When navigating a competitive market, securing a property is always a process. It can take time, but it always works out in the end.I hope this article has been informative! If you&rsquo;d like to learn more, reach out anytime for a no-obligation discussion about your property search.You can call me at <a href="tel:647-808-1548">647-808-1548</a> or send an email to <a href="mailto:bradley@strata.ca">bradley@strata.ca</a>. I&rsquo;m always happy to help!

How to Navigate Offer Competition

Purchasing real estate can be a very emotional process. So much so that many homebuyers can often be swayed by properties that are visually alluring. I see it happen all the time. This has, not surprisingly, led to the popularity of &lsquo;staging&rsquo; among sellers.Staging is when the listing agent hires an interior decorator to enhance the aesthetics of a property. They&rsquo;ll usually bring in tasteful furniture, beautiful artwork, and curated accent pieces to turn the home into a model suite.But the question is, who does staging actually benefit? The buyer or the seller? Let&rsquo;s explore the influence this strategy can have on either party.<picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/154/sidekix-media-I58Xjx0zzBQ-unsplash (1)-600.jpg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/154/sidekix-media-I58Xjx0zzBQ-unsplash (1).jpg"/><img src="https://media.strata.ca/article-images/154/sidekix-media-I58Xjx0zzBQ-unsplash (1).jpg" alt="null"/></picture><h2>What is the benefit to sellers?</h2>I always tell my seller clients that the value of their property is not one single number, etched in stone somewhere. If you ask 5 appraisers for the value of your home, you&rsquo;ll get 5 different numbers.The benefit of staging to the seller is simply that it maximizes the chances they receive the absolute highest selling price for their property. It&rsquo;s that simple.A beautifully furnished home will enchant potential buyers when they come to see the home. But even leading up to that moment, staging will also ensure stunning photographs for the online listing &mdash; swaying buyers before they even step inside.With help from an expert designer, sellers can create an atmosphere that buyers will fall in love with. A beautifully staged dining area, for example, can invoke thoughts of hosting fun dinner parties. Or an ensuite bath can be made to look like a spa, so that buyers can picture themselves relaxing there after a long day.Ultimately, staging helps sellers unlock the dreams that come along with homeownership. It makes it easy for buyers to imagine a world of possibilities, should they purchase that particular property.<picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/154/spacejoy-A4Kf_chf5dU-unsplash-600.jpg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/154/spacejoy-A4Kf_chf5dU-unsplash.jpg"/><img src="https://media.strata.ca/article-images/154/spacejoy-A4Kf_chf5dU-unsplash.jpg" alt="null"/></picture><h2>What is the benefit to buyers?</h2>Contrary to what many buyers think, staging can actually be of tremendous benefit to them, but only if they can temper their emotions. I always warn my clients not to be seduced by staging, as its sole purpose is to elicit an emotional response.Although it&rsquo;s fun to dream about the fancy dinner parties you&rsquo;ll host and all those luxurious baths you&rsquo;ll take &mdash; a beautifully furnished home can provide more valuable information.For example, staging can help buyers determine the best use of space. Perhaps the decorator put a small writing desk in the master bedroom, showing you that it can double as your home office. Or maybe you really like how the stager created a small reading nook in that awkward space by the kitchen. Even something as simple as the right paint colour will help you see that a very small room can actually feel bright and airy.When I take a buyer client to a well-staged home, it&rsquo;s immediately clear what potential the home offers, as well as the home's spatial limitations. Whereas, when visiting a vacant property, buyers often struggle to determine the best furnishing options, or what the space really offers.In short, the benefits of staging to sellers is quite obvious. But for buyers, this strategy is only useful if you don&rsquo;t allow your emotions to take over. So next time you visit a staged property, be sure to take in all that beauty with an objective mind. By doing so, you&rsquo;ll position yourself to make purchasing decisions that aren&rsquo;t clouded by the superficial.I hope this article has been informative! If you&rsquo;d like to learn more, reach out anytime for a no-obligation discussion about your property search.You can call me at <a href="tel:647-808-1548">647-808-1548</a> or send an email to <a href="mailto:bradley@strata.ca">bradley@strata.ca</a>. I&rsquo;m always happy to help!

Does Staging Benefit the Buyer or Seller?

In a real estate market like Toronto&rsquo;s, the thought of buying a home may feel overwhelming and saving up for a down payment can be stressful. But with a realistic perspective, some patience and a bit of discipline, it&rsquo;s still possible to gather enough money to purchase a property you love.Let&rsquo;s look at how much money you&rsquo;ll need to put down, based on the home&rsquo;s purchase price.<ul><li>Up to $500,000: Minimum 5%</li><li>Between $500,000 - $999,999: Minimum 10% on the portion over $500,000</li><li>$1M and up: Minimum 20% on entire purchase price</li></ul>Anyone putting less than 20% down will also have to pay mortgage insurance, which is provided by the Canada Mortgage and Housing Corporation (CMHC). Your insurance premiums will be highest if you&rsquo;re only putting down 5%.Aside from winning the lottery, the truth is that most homebuyers will have to make some sacrifices in order to save up for a solid down payment. The following list has suggestions on how to do this, from the most modest to the most aggressive. But as with anything in life &mdash; the more daring the method, the bigger the payoff tends to be.<picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/153/lex-sirikiat-EjbQQ0fgkFE-unsplash-600.jpg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/153/lex-sirikiat-EjbQQ0fgkFE-unsplash.jpg"/><img src="https://media.strata.ca/article-images/153/lex-sirikiat-EjbQQ0fgkFE-unsplash.jpg" alt="null"/></picture><h2>Modest Commitment, Modest Payoff</h2>Stop the small purchasesThat Grande Caramel Macchiato may not seem pricey in the moment. But add those up 5 days a week over 52 weeks a year, and you&rsquo;ll see that&rsquo;s a good chunk of cash you could&rsquo;ve spent on your down payment. When you&rsquo;re trying to save up for something big, all those little things add up. Instead of buying coffees each day, get a coffeemaker and make your own at home. If that doesn&rsquo;t sound appealing, then try limiting your coffee shop visits to once a week. Same goes for books. Instead of buying new ones, borrow them from the library instead.Cancel subscriptionsDo you really need that Netflix, Disney + or Spotify Premium subscription? If the answer is yes, that&rsquo;s okay. But at the very minimum, determine how many monthly subscriptions you&rsquo;re actually paying for and cancel the ones you seldom use.Automate your savingsSet up your bank account so that a portion of your paycheques are automatically diverted to savings. Not sure how much money to divert each month? Well for starters, the money you&rsquo;re no longer spending on coffees and neglected subscriptions can now be funneled to your down payment fund.Take advantage of your TFSAIf you&rsquo;re over 18 with a valid social insurance number, the government allows you to open a Tax-Free Savings Account (TFSA). Any interest you earn in this type of account is 100% not taxed. Just remember there&rsquo;s a maximum amount of money you can contribute each year. So before making large deposits, check with your bank first.<picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/153/compare-fibre-YS_FCbcD5KM-unsplash-600.jpg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/153/compare-fibre-YS_FCbcD5KM-unsplash.jpg"/><img src="https://media.strata.ca/article-images/153/compare-fibre-YS_FCbcD5KM-unsplash.jpg" alt="null"/></picture><h2>Moderate Commitment, Moderate Payoff</h2>Begin a side hustleNo doubt your day job may be stressful, so the thought of taking on anything else may seem unreasonable. That&rsquo;s why this suggestion may not be for everyone. But if there&rsquo;s something you&rsquo;re good at or enjoy doing, can you monetize it? Maybe there&rsquo;s an opportunity to sell your artwork, or even your delicious pastries. There are also lots of easy side jobs out there, such as cat-sitting or dog-walking.Consider all the time you spend after work scrolling through social media or texting with friends. It may seem like just a few minutes here or there. But these activities are likely adding up to hours per week, which could be better spent on making extra money.Change the way you get aroundThis one may feel like a bigger commitment because it involves a major lifestyle change. But if you have two cars, consider going down to one. If you already have one vehicle, switch to biking or walking (if it's geographically feasible). You&rsquo;ll not only save on gas and insurance, but you won&rsquo;t have to pay for parking. And if you own a parking spot, you can even rent it out to someone else.<picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/153/isaac-martin-wH2aFGo-Rt0-unsplash-600.jpg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/153/isaac-martin-wH2aFGo-Rt0-unsplash.jpg"/><img src="https://media.strata.ca/article-images/153/isaac-martin-wH2aFGo-Rt0-unsplash.jpg" alt="null"/></picture><h2>Large Commitment, Large Payoff</h2>Rent out an extra roomDo you have a spare bedroom you&rsquo;ve been using as an entertainment den or home gym? If you can sacrifice that space and rent it out to a roommate, that&rsquo;s a good chunk of passive income right there.DownsizeSplurging on that larger apartment may have seemed like a good idea when you weren&rsquo;t saving up to buy a home. But now that your priorities have shifted, consider if you really need all that space. Moving to a smaller apartment can save you thousands on rent each year. And if the thought of downsizing makes you cringe, remember it&rsquo;s only temporary. After all, your ultimate goal is to purchase a home. To maximize savings even further, see if you can live rent-free with your family for a short period.I hope these suggestions have been helpful! If you&rsquo;d like to learn more, reach out anytime for a no-obligation discussion about your property search.You can call me at <a href="tel:647-808-1548">647-808-1548</a> or send an email to <a href="mailto:bradley@strata.ca">bradley@strata.ca</a>. I&rsquo;m always happy to help!

Creative Ways to Save for Your Down Payment

Condo fees, also known as maintenance fees, are a necessary evil. Like taxes, no one likes paying them. But with those taxes come many benefits, like free education and health care. The same goes for condo fees. Building residents get to enjoy a clean building, 24/7 concierge (usually), as well as a number of amenities that offer convenience and positively impact the value of the units.It&rsquo;s worth remembering that a condo board is a non-profit entity. This means that no matter how much money it receives in condo fees, no board member can legally pocket any of it. Additionally, board members are owners within the condo, meaning they are personally incentivised to maintain the lowest fees possible for all residents.<h2>What do condo fees cover?</h2>The money that a building collects each month is pooled into a fund, which is then used to pay for certain endeavours. These can be broken down into four categories, so let&rsquo;s explore them.<h3>1. Amenities</h3>Condo fees are used to repair, clean and generally maintain the building&rsquo;s amenities, which can include the gym, party room, guest suites, games room, etc. Snow removal, grass cutting and landscaping are also included in the amenities.<h3>2. Capital projects</h3>These are larger undertakings that either increase the value of the condo or offer some utilitarian improvement. Capital projects can include the installation of energy-efficient lighting, repainting of the entire building, or security system upgrades.<h3>3. Utilities</h3>Most condominiums will cover at least some of your utilities, which is why monthly condo fees can be used to pay for water and gas.<h3>4. Unforeseen repairs &amp; deficiencies</h3>Condo boards will always have what&rsquo;s known as a &lsquo;reserve fund&rsquo; to deal with unexpected circumstances. For instance, the elevators may suddenly break down or there could be a flood in the parking lot. In cases like this, money will be pulled from the reserve to deal with costly emergencies.<h2>Why do some condos have very low fees?</h2>Sometimes you&rsquo;ll find a property with condo fees much lower than the neighbourhood average. Maintenance fees can be lower for two reasons: The building has very few amenities, or the condo board is excellent at managing the building.Conversion lofts tend to have lower condo fees. That&rsquo;s because many of these structures date back to the late 1800s, so developers weren&rsquo;t able to create space for an indoor pool or fitness centre. For example, a building like <a href="https://strata.ca/toronto/110-hepbourne-st-hepbourne-hall" target="_blank">110 Hepbourne Street</a> has extremely low maintenance fees because there are no elevators or shared amenities.Meanwhile, residents at the <a href="https://strata.ca/toronto/43-hanna-ave-toy-factory-lofts" target="_blank">Toy Factory Lofts</a> in Liberty Village also enjoy low condo fees thanks to their savvy condo board. After a lot of deliberation in 2015, the board was able to reduce maintenance fees by 30%. This is despite the building having a gym, party room, guest suites, and so much more.<h2>How can I tell if fees are reasonable?</h2>A realtor with expertise in the GTA condo market will be able to tell you if a building&rsquo;s maintenance fees are reasonable. But generally speaking, 65 to 70 cents per-square-foot is considered fair. And that&rsquo;s regardless of the condo&rsquo;s location, as fees are not influenced by the neighbourhood.When assessing condo fees, watch out for red flags. If the building has any &lsquo;special assessments&rsquo; or if their fees have been rising by more than 4% per year, ask your agent why. A condo specialist should know these details, and can provide advice accordingly.I hope this article has been informative! If you&rsquo;d like to learn more, reach out anytime for a no-obligation discussion about your property search.You can call me at <a href="tel:647-808-1548">647-808-1548</a> or send an email to <a href="mailto:bradley@strata.ca">bradley@strata.ca</a>. I&rsquo;m always happy to help!

Condo Fees: Why Do We Need to Pay Them?

According to census data, there are over 25,000 licensed cats and nearly 55,000 licensed dogs in Toronto. And those are only the ones that the city officially knows about! Those stats don&rsquo;t include the birds, reptiles and rodents (such as hamsters) that many residents also keep as pets.Given our love for animals, pet regulations come up very often when looking for a condo. About one in four of my clients are pet owners. So I understand the struggles of looking for a property when there&rsquo;s a furry friend we must also consider.<h2>What are the most common pet regulations?</h2>Fortunately, very few condos have a building-wide ban on pets. Based on my last count, I&rsquo;d say fewer than a dozen. But for the majority of condos that do allow pets, they virtually all have some restrictions.They&rsquo;re usually:<ul><li>A cap on the number of pets; maximum of 2 cats and/or dogs</li><li>Restrictions on &lsquo;high-risk&rsquo; breeds, such as Pit Bulls</li><li>Maximum size; usually around 25lbs - 50lbs</li><li>No breeding allowed inside a unit</li></ul>And then of course, you have general rules in place to ensure common courtesy towards fellow residents. These rules include picking up after your pet, using a leash, and preventing excessive barking.<picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/151/izabelly-marques-Ytp_K5bwa0Q-unsplash-600.jpg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/151/izabelly-marques-Ytp_K5bwa0Q-unsplash.jpg"/><img src="https://media.strata.ca/article-images/151/izabelly-marques-Ytp_K5bwa0Q-unsplash.jpg" alt="null"/></picture><h2>Are these regulations enforceable by law?</h2>This is a tricky one. The answer is yes and no. All pet-owning condo owners should strive to maintain a courteous and comfortable atmosphere for their neighbours. But how condos enforce their pet by-laws can differ from building to building.Some condos are very stringent, while others don&rsquo;t enforce their pet rules at all. For instance, I once asked a property manager how her building enforces pet weight restrictions. She looked at me with a bit of a grin and replied, &ldquo;Do you see me walking around with a weight scale?&rdquo;Meanwhile, the majority of condos that do enforce the rules using a &lsquo;warning&rsquo; system instead, whether it's verbal or written. It&rsquo;s usually after three warnings that management will try to evict your pet from the condo. But the question is &mdash; can they even do that?Yes, they can actually. If they&rsquo;re really motivated, they can. And that&rsquo;s especially true if they get lawyers involved. It should be noted that this is a time-consuming route. But if they win, they may be entitled to a monetary settlement. For example, a condo owner may be required to pay the board&rsquo;s legal fees. The building could also register a lien against the owner&rsquo;s unit.Long story short &mdash; a condominium cannot legally force you to sell your unit. But if they win a court case, you&rsquo;ll have to move out or find your pet another home.<h2>What if I purchase a unit in a &lsquo;no-pet&rsquo; condo?</h2>Let&rsquo;s say you&rsquo;ve bought a unit in one of those (very few) condos that ban all pets. So what happens if you already have a pet, or plan to own one in the future?Some of my clients with animals will simply live with them, and pray for the best. The only issue with this is if you have a nosey neighbour who reports you to management. In this case, you will likely receive a written statement that you&rsquo;re violating condo regulations. You&rsquo;ll then have two options:<ul><li>Appeal to the board to lift the pet ban altogether</li><li>Seek legal action</li><li>If eligible, apply for an emotional support or service animal certification</li></ul>That last bullet offers a lot of pet owners a bit of a loophole. If you can secure an emotional support or service animal certification for your pet, that certification should legally supersede a condo by-law that stipulates your pet does not qualify to live in the condo.<picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/151/tran-mau-tri-tam--81lVsfM4gQ-unsplash-600.jpg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/151/tran-mau-tri-tam--81lVsfM4gQ-unsplash.jpg"/><img src="https://media.strata.ca/article-images/151/tran-mau-tri-tam--81lVsfM4gQ-unsplash.jpg" alt="null"/></picture>Overall, because most condos do allow pets, it&rsquo;s simply not worth the hassle to purchase in one of the few condos that have a blanket ban. Would you really want to buy in a building that turns away the approximate 25% of interested buyers and renters that have pets? That would only serve to lower demand for a condo, and thereby lower the property values. A blanket pet ban, in my opinion, suggests the condo board is shortchanging the entire building.My best advice is to seek out condos that don&rsquo;t discriminate against your pets. You can be certain of this by asking your agent to verify through management or the condominium status certificate.I hope this article has been informative! If you&rsquo;d like to learn more, reach out anytime for a no-obligation discussion about your property search.You can call me at <a href="tel:647-808-1548">647-808-1548</a> or send an email to <a href="mailto:bradley@strata.ca">bradley@strata.ca</a>. I&rsquo;m always happy to help!

Are Pet Restrictions Enforceable in Toronto Condos?

Not every condo is created (or managed) equally. And I say that as someone who has seen a lot of condos.When working with my condo buyer clients, my number one priority is that they purchase from a reputable development.There are a lot of red flags to look out for &mdash; some more explicit than others, that can speak to the quality of a building. Below is a list of 5 red flags that I look for when helping a client assess a condo. Keep an eye out for these during your condo search!<h2>Red Flag #1: Problems in the status certificate</h2>Before committing to a property, it&rsquo;s crucial to get access to the condominium status certificate. I always make sure my clients have an opportunity to see this document as it sheds light on the legal, structural and financial integrity of the building. In addition, there&rsquo;s no need to worry that a status certificate is biased, as it&rsquo;s generated by third parties, such as accountants, lawyers and engineers.Sometimes, there will be issues highlighted that no potential buyer should ever ignore. For instance, the reserve fund may be remarkably low. This could indicate that the residents&rsquo; maintenance fees aren&rsquo;t being properly managed. In some cases, there may even be something known as a &lsquo;special assessment&rsquo;. This is when the property needs money to address a problem, such as a structural repair; but doesn&rsquo;t have enough in reserve to cover it. That&rsquo;s when owners are required to pay a certain amount to make up for the shortage of money. Although special assessments sound very concerning, they are very rare.Ultimately, you should have your real estate lawyer review the status certificate before finalizing any purchase.<picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/150/enis-yavuz-JhcQHSBMask-unsplash-600.jpg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/150/enis-yavuz-JhcQHSBMask-unsplash.jpg"/><img src="https://media.strata.ca/article-images/150/enis-yavuz-JhcQHSBMask-unsplash.jpg" alt="null"/></picture><h2>Red Flag #2: Amenities are always under construction</h2>There have been times when I&rsquo;ve taken clients to see certain condos, and I notice a pattern: The building&rsquo;s gym or swimming pool always appears to be under construction. This could be a red flag as there&rsquo;s nothing more frustrating for residents when the amenities are constantly &lsquo;closed for renovations&rsquo;.Amenities are paid for through the maintenance fees, so you shouldn&rsquo;t be dishing out money for things you never get to use. If you notice that a condo&rsquo;s amenities always seem to be under repair, ask your realtor to find out why. Worst case scenario, this could be a warning the building is poorly managed.<picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/150/point3d-commercial-imaging-ltd-UckQpkm5yDM-unsplash-600.jpg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/150/point3d-commercial-imaging-ltd-UckQpkm5yDM-unsplash.jpg"/><img src="https://media.strata.ca/article-images/150/point3d-commercial-imaging-ltd-UckQpkm5yDM-unsplash.jpg" alt="null"/></picture><h2>Red Flag #3: Damaged common areas</h2>This red flag is an extension of the point above. Potential condo owners should be on the lookout for broken elevators, deteriorating common areas and an understaffed concierge desk. Is building management just a bit behind, or are these things not being addressed because there&rsquo;s little money in the reserve fund?A high-quality condo should feel somewhat like a hotel, whereby things are orderly and clean. In older buildings, cosmetic renos on the common areas are usually performed every 10-15 years. This could include new flooring in the hallways, a fresh coat of paint, or upgraded light fixtures.So next time you&rsquo;re viewing a condo, swing by the common areas. Check for bulletins posted in the mail room, for example, stating that a 10th floor unit is undergoing a bathroom reno and apologizing for any disruptions. This is a good sign that management is putting residents first, and taking their role to serve the community seriously.<h2>Red Flag #4: Higher than average rental ratio</h2>There are some condos, particularly in Toronto&rsquo;s downtown core, that have a very high rental-occupancy rate. This means that many of the units were purchased by investors, solely to be rented out.The reason why this is a red flag is because the general belief is that condos with higher ownership rates tend to be of higher quality &mdash; whether or not that&rsquo;s true is very debatable, as most tenants treat their homes with respect. The theory, though, is that the higher the ownership ratio, the greater the &lsquo;pride of ownership&rsquo;, meaning the residents have a vested interest in how the building is managed and maintained.In any average Toronto condo, about 35% to 40% of the units are occupied by renters. The rent to ownership ratio is something that can be found in the condo status certificate. However, a knowledgeable realtor should have a pretty good sense for the rent to ownership ratio, depending on the location of the condo and the developer&rsquo;s reputation.<h2>Red Flag #5: Suspiciously high number of resale units</h2>Sometimes I&rsquo;ll run into a condo that has, say, 20 or more units up for sale. And not surprisingly, my client will ask why. Could it be that the building has a lot of unhappy owners, so they&rsquo;re all trying to get out? The good news is that this isn&rsquo;t always the case. What really counts is the ratio of available units to total units in the condo development. But it&rsquo;s still worth asking your agent why that particular condo has so many resale units on the market.A high ratio of units available for sale is often a red flag, however, there are some exceptions to keep in mind. When a condo is less than 5 years old, there will typically be a higher than average turnover rate. People who bought into a new development several years before it was completed will often sell immediately upon completion, or within the first few years. That&rsquo;s because those initial buyers are usually investors, or they&rsquo;re people whose life circumstances changed during the years of construction.In general, it&rsquo;s normal for 2% to 3% of a building&rsquo;s total inventory to be on the market for sale at any given time. If that number is closer to 5% or 6%, my immediate concern is that there may be a special assessment on the horizon, or the maintenance fees are about to go up dramatically. As noted above though, the answer is usually in the status certificate, which I always recommend my clients have a qualified real estate lawyer review.With thousands of condos across the Greater Toronto Area, it can be tough to separate the good condos from the bad. That&rsquo;s why it&rsquo;s important to work with a realtor who has intimate knowledge of the condo market, and always has your best interests in mind.I hope this article has been informative! If you&rsquo;d like to learn more, reach out anytime for a no-obligation discussion about your property search.You can call me at <a href="tel:647-808-1548">647-808-1548</a> or send an email to <a href="mailto:bradley@strata.ca">bradley@strata.ca</a>. I&rsquo;m always happy to help!

Welcome To
Bradley James
Strata Real Estate Brokerage

Downtown Toronto's East-End Expert

Featured Listings

Sell With Bradley

Featured Articles

Welcome To Bradley James Strata Real Estate Brokerage

Downtown Toronto's East-End Expert

Featured Listings

Sell With Bradley

Featured Articles

Welcome To
Bradley James
Strata Real Estate Brokerage