A buyer of a condominium was hit with a $34,000 special assessment shortly after purchasing a condominium and the judge ruled the buyer is exempt from paying his share because the possibly of the special assessment wasn’t properly disclosed in the status certificate.   The case of Adam Bruce v Waterloo North Condominium Corporation No. 26, they buyer Adam Bruce purchased a condominium in 2021. The buyer received the status certificate package including the status certificate... [read more]

February 2024 update. After going into receivership, the property retained Sam Mizrahi’s company as the project manager, this is no longer the case, Mizrahi’s will no longer oversee the construction of this condo. Original blog. The One, the landmark condominium at 1 Bloor Street West, is now in receivership. The development started in 2015 and 8 years later (initial timeline for completion was December 2022) out of 91 planned storeys (initial plans were for 85 floors,... [read more]

You have found a nice and inexpensive piece of land and decided this is where you want to live, perhaps not only is it a great place for you to call home but also a fantastic investment. Great, now slow down, a lot of research should go into the decision making before dumping your hard-earned money into it, as there will be many hurdles to overcome, and many questions to answer: Question 1. Can I build a house on this piece of land? This will depend on several factors, there... [read more]

When discussing the condominiums, we often hear terms special assessments and loans, in this blog we will explain what they mean and why they are often a sign of the existing issues. Both loans and special assessments are a form of financing where funds aren’t readily available. Loans – this is pretty self-explanatory, the corporation would apply and receive a loan which would be repaid over an extended period of time and collected via, likely increased, monthly common fees.... [read more]

This topic is often brought up on various online forums and opinions vary, from don’t bother it’s not worth the paper it’s written on to it’s a must and everything in between. Most home buyers are not lucky enough to be purchasing a property without financing and will need a mortgage. Let’s start with the basics. What is mortgage pre-approval. A mortgage pre-approval means the financial institution has qualified you for a certain amount of mortgage based... [read more]