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Mark Savel

As a lifelong resident of the city, home has always been in midtown Toronto. In creating TorontoLivings, I wanted a place to share my experiences in the city, to educate our clients on the ever-changing market, and show people a side of the City that most don’t see every day.

Oct 28
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Couple of friends, keys and new home selfie for moving in together for real estate investment. Rent

Navigating Tenanted Properties in Toronto: Tips for Buyers and Sellers

By Toronto

Purchasing or selling a property can be a daunting task, even under the easiest circumstances. When you add a tenant into that mix, the complexities increase significantly. In this blog post, we delve deep into the intricacies of dealing with tenanted properties, unraveling what both buyers and sellers need to consider to ensure a smooth transaction.

Tenant Rights and Types of Leases

When it comes to tenanted properties, understanding tenant rights is the key starting point. There are typically two types of leases: fixed term leases, such as a one-year lease and month-to-month leases. With fixed term leases, the tenant has the right to stay until their term ends, which means the buyer cannot move in until the lease period is completed. On the other hand, a month-to-month lease offers more flexibility as the property owner can issue a 60-day notice if they plan to sell.

Challenges with Tenanted Properties

One of the significant challenges when dealing with a tenanted property is the unpredictability of the situation. For instance, even if you’ve set a closing date months in advance, issues may arise if the tenant refuses to leave. In such cases, the buyer is faced with three options: assuming the tenant, canceling the purchase, or negotiating for an extension on the closing date.

New Tenant Life: Young couple tenants, with cardboard relocation boxes, new apartment's living room

Cash for Keys: A Controversial Solution

A controversial yet sometimes necessary solution is the practice known as “cash for keys.” This involves compensating tenants to vacate the property, thus avoiding long legal battles or expensive delays. While this may expedite the process, it comes with its own set of ethical and financial dilemmas, making it a contentious strategy. VERY IMPORTANT TO ONLY TAKE THIS PATH WITH THE HELP OF AN EXPERT

Expert Advice for Buyers

If you’re considering buying a property that’s tenanted, make sure you’re clear about the type of lease the tenant holds. Request to see signed agreements such as an N11 or an N9, which show that the tenant has agreed to vacate. This reduces the risk involved and ensures a smoother transaction.

Tips for Sellers

For sellers, addressing the tenancy issue before listing the property might save a lot of headaches. Guidance from a real estate professional suggests having a candid discussion with the tenant well in advance, so they are aware of the impending sale and have time to find alternative accommodation. Sellers should aim to deliver the property vacant unless they are prepared to lower the selling price or face potential difficulties during the sale process.

Conclusion

Buying or selling tenanted properties demands an added layer of caution and planning. By understanding the rights of tenants, the type of leases involved, and the nuances of negotiation within this context, both buyers and sellers can mitigate risks and ensure a smoother transaction. Whether you are a buyer or a seller, being well-informed and prepared to handle tenant-related issues will facilitate a successful real estate experience.

Oct 23
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Kitec

Understanding Kitec Plumbing: A Guide for Toronto Condo Owners

By Advice For Buyers, Advice For Sellers, Real Estate

Introduction

Toronto condo owners beware – if your building was built using a Kitec plumbing system, you may have a big problem behind your walls! This blog post highlights everything you need to know about identifying, managing, and mitigating the risks associated with Kitec plumbing in your property.

What is Kitec Plumbing?

Kitec plumbing, a system developed as a more cost-effective alternative to traditional copper plumbing, uses plastic pipes with zinc fittings. Initially seen as a promising solution for residential construction, Kitec plumbing systems have since been linked to significant failures. These failures are not just minor inconveniences but can lead to severe water damage as the pipes are notorious for bursting.

Common Issues with Kitec Plumbing

There are three primary issues that lead to Kitec plumbing failures:

  1. Heat Sensitivity: Kitec pipes cannot withstand high temperatures. With a melting point of 82 degrees Celsius, they are unsuitable for the high-temperature hot water systems common in residential buildings.
  2. Zinc Corrosion: The brass fittings containing zinc corrode over time, leading to blockages and eventual pipe failures. This process is accelerated by fluctuating water temperatures and pressure, causing the plumbing system to degrade faster.
  3. High Water Pressure: Unfortunately, Kitec plumbing cannot endure the high water pressure typical in many buildings, leading to pipe bursts.

Identifying Kitec Plumbing

If your condo was built between 1995 and 2015, it might be at risk. The telltale signs include bright orange and blue tubing visible under sinks, typically in kitchens and bathrooms. However, these colors alone are not definitive indicators, as Pex plumbing shares similar hues. Check for the “Kitec” or “KTC” markings on pipes and fittings to confirm.

What to Do If You Have Kitec Plumbing

For those unfortunate enough to discover Kitec plumbing in their home, remediation is key. Buildings have generally followed one of two paths:

  1. Individual Remediation: Condo management may ask each unit owner to replace their plumbing. This approach leaves some units at risk, as not all owners may comply, potentially affecting neighboring properties.
  2. Building-wide Replacement: The more reliable option involves the entire building undergoing a comprehensive plumbing system overhaul, usually managed by a single contractor. While initially costly, this approach eliminates future risks and enhances resale value by addressing the systemic plumbing issues uniformly.

Protecting Your Investment

If you are in the market for a new condo, work closely with your realtor to ensure due diligence is performed. This includes:

  • Confirming the building’s construction dates and checking for any history of Kitec usage.
  • Asking management about any past remediation efforts.
  • Ensuring that your offer includes a clause requiring the seller to guarantee the absence of Kitec plumbing.

Conclusion

Living with Kitec plumbing is manageable but requires proactive steps to prevent catastrophic failures. By addressing these issues early and comprehensively, condo owners and buyers can protect their investments and ensure peace of mind, staying clear of the so-called “Danger Zone” of plumbing failures. Stay informed and work with knowledgeable professionals to steer clear of the pitfalls associated with Kitec plumbing.

Oct 17
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A Decade of Trust: Why This Family Keeps Choosing Mark Savel

By Testimonials

Thank you so much for all of your help in this transaction, Mark! We first worked with you when I was pregnant and now our daughter is turning 11 this summer! We really appreciate everything you’ve done for us. We have high expectations for professionalism and competence in a real estate agent and you’ve always exceeded it. I am sad to be in the real estate market outside of Ontario, without your support. No one compares.

 

Deb and Everett

Oct 17
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Forest Hill Loft Success | Mark Savel Review

By Testimonials
Another great and successful experience with Mark Savel and the TorontoLivings team. Mark is incredibly professional, knowledgeable and genuinely cares about ensuring his client(s) are in the best possible position to buy or sell a property. Mark ensured the process of our purchase was very smooth and at a price we felt comfortable with. Questions are always answered promptly and real estate concepts are explained so that we could easily understand. If you are looking to buy or sell real estate, please ensure you hire Mark and the TorontoLivings team. You will not regret it!!
 
 
Oct 09
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bird s eye view of rooftops

September 2024 Real Estate Update: Trends in Toronto’s Housing Market

By Monthly Market Updates

As we usher in the final months of 2024, Toronto’s real estate market continues to offer a medley of surprises and opportunities. While September wrapped up the third quarter, the dynamics of the market remain as intricate as ever. In our recent conversation, we dissected the trends and indicators that shaped September’s numbers. If you’re keen on understanding the market movements and getting some valuable advice, keep reading, or watch our latest podcast below!

Quarterly Trends and September Standstill

The third quarter traditionally provides a clearer picture of real estate tendencies, and while many hoped September would be a frontrunner, the month proved lacklustre. Despite the anticipation, the market remained in transition with slow movement. The contributors? A myriad of buyers remain on the sidelines, evaluating how low interest rates might dip. Consequently, we saw only marginal changes in market dynamics. Mark emphasizes that the market needs an aggressive rate cut from the Bank of Canada to shake things up.

The Current Market Landscape

1. Transaction Analysis – Detached & Semi vs. Condos & Townhouses

September showcased diverging paths for different property types. Detached and semi-detached homes experienced a remarkable uptick in transactions with 23% and 35% increases, respectively. In stark contrast, townhouses and condos saw a dip, with transactions falling by 6%. Mark noted a clear market segmentation, underscoring that while semis and detached houses remain competitive, condos present more opportunities for buyers right now. Interestingly, September was the slowest month for condo transactions in 2023, reflecting a return to January levels.

2. Pricing Patterns

Pricing trends saw notable shifts as well. Condos, after experiencing a significant drop in August, have bounced back, breaking the trend with an average price of $707,000. However, these figures still reflect sentiment challenges in the condo market. On the other hand, towns and semis rose by 8% month-over-month, while detached homes hovered at an average of $1.685 million, showing no major changes.

3. Days on Market and Inventory Insights

Days on the market—a critical indicator of market health—remained telling, with averages back to Q1 levels, roughly 41 days. Despite three rate cuts since the year’s start, the time it takes to sell property remains lengthy, testament to the broader market stagnation. Inventory levels increased more than anticipated. As Joey notes, our September hopes for better performance veered off due to bolstering inventory, influenced by sellers holding back during the summer.

 

Predictions for the Winter and Beyond

Looking forward, many indicators point towards a potential rate cut by the Bank of Canada in late October, which could turn the tide come winter. There’s a shared belief that the dark days may be behind us; a moderate cut might deliver a pressing urge for buyers to jump in before the spring market. The conversation suggests shrewd buyers should act now, especially given the December holiday lull could provide an advantageous opening.

Opportunities in the Condo Market

For potential buyers, the condo market is ripe for transactions, especially in the face of looming rate cuts. Currently, the sentiment is unfavorable towards condos; however, Mark and Joey clarify that this presents a tremendous opportunity to purchase when other’s perceptions are negative. Deals abound, and there is optimism that once rent demand resurges, condos will quickly return to favor.

Conclusion

As the Toronto real estate market closes the year, it’s a time of opportunity and caution. Buyers need to tread carefully but boldly in a market ripe for strategic acquisition, particularly in the condo sector. Remember, every market shift is a step toward a new equilibrium. As we eagerly anticipate the next Bank of Canada announcement, the best advice is to remain informed and ready to act on market signals. Whether you’re ready now or inclined to wait, having a solid grasp on these market nuances will serve you well in navigating these evolving waters.

In essence, September’s insights give us valuable lessons and strategies to make the most out of a waiting game, promising that those proactive might just ride the crest of the upcoming wave!

Sep 11
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Famous landmark Toronto, Canada

August in Real Estate: A Month of Predictable Challenges and Golden Opportunities

By Monthly Market Updates, Toronto

Welcome to our deep dive into the real estate market’s August performance. This month, as predicted, played out with some key insights and opportunities that potential buyers should take seriously. Here’s what you need to know about August’s numbers and trends in the Greater Toronto Area (GTA).

 

August in Toronto Real Estate: A Recap

August has traditionally been a slow month for real estate, and this year was no exception. As many people took vacations and the hustle of preparing for the school year began, the real estate mindset took a backseat. The result? A predictably slow month in terms of transactions and new listings. Notably, August recorded less than 5,000 sales, the second slowest of the year, reminiscent of January. “Sales” here strictly refers to transactions, not a depreciation in property valuation. Realtors and potential buyers were difficult to reach, many being away in regions like Europe or cottage country. New listings witnessed a notable drop as well, aligning with the expected seasonal trend. With fewer realtors advising clients to list in August, this drop wasn’t necessarily a negative outcome. Instead, it created a strategic opportunity for those who did choose to list.

Key Observations and Trends

Active listings did show a downturn for the first time this year, decreasing by a thousand to 22,600. While not significant, this drop is noteworthy as the first sign of potential shifts in market absorption. It is an aspect we’ll keep an eye on moving forward. What caught our attention was the average price movement, especially for condos. August saw a substantial decline in average prices to $1,074,425, marking a return to figures equivalent to early 2023 or even late 2022. This rollback presents a noteworthy purchasing opportunity for those in the market.

A Golden Opportunity for Buyers

Condos, surprisingly, had the least drop in transactions at 7.25%, despite their price adjustment. In contrast, semi-detached homes faced a 22% drop. This disparity highlights a classic case of supply impacting market value, offering condo buyers a prime chance to enter the market at a relatively lower price point. For sellers, this market requires flexibility. It’s not the most favorable time to sell unless necessary, so navigating current conditions with an open mind to negotiation is crucial.

Why Now is the Time to Buy

For the potential buyers on the sidelines—now is a great time to consider stepping into the real estate market. Prices have reset to a point reminiscent of less competitive market conditions, providing an entry level that might not last long. While the market remains tight for sellers, the flexibility and potential for negotiation create a compelling case for buyers.

Conclusion

Overall, August reaffirmed some of the traditional patterns we associate with this end-of-summer month. While sales slowed due to seasonality, the reduction in condo prices signals a window of opportunity. As we move forward, keeping an eye on September’s performance will be essential in detecting emerging trends and preparing for market shifts. Remember, the key in real estate is timing and preparation, and for buyers, this August may have laid a golden path forward. Stay informed, stay strategic, and you might just find your ideal opportunity in today’s dynamic market.

Aug 12
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photo of toronto cityscape at night

Toronto Real Estate Market Update for July: Summer Slump & Predictions

By Monthly Market Updates

The Toronto real estate market is a dynamic entity, subject to the ebb and flow of economic trends, interest rates, and seasonal changes. In Episode 62 of “Toronto Livings Real Estate Podcast” hosts Joey and Mark delve into the complexities of the market’s current state, offering insights and forecasts based on recent data.

The Summer Slump and Market Trends

Mark and Joey open the episode by reflecting on the typical seasonal slowdown observed in the summer months of July and August. Historically, these months see a dip in activity as potential buyers and sellers step back, often traveling during the warmer months. This year, the downturn has been exacerbated by high interest rates, which have stymied market activities.

Interest Rates and Their Impact

A significant theme of the discussion is the impact of interest rates on purchasing decisions. The duo addresses the dilemma faced by potential buyers: Should one buy at a lower price with a higher interest rate or wait for a lower rate, potentially at a higher price? They suggest that in a turbulent market, purchasing when others are hesitant can position buyers favorably when the market rebounds. Mark emphasizes the benefits of buying now at a lower historical price, asserting that the assumption that rates will dramatically drop back to historical lows may be misguided. Predictably, a three-to-five-year period with somewhat elevated rates will still likely result in higher competition and prices.

Evaluating the Condo Market

The conversation shifts to the condo market, which has been particularly volatile. Headlines have painted a grim picture, suggesting a market downturn, yet Mark and Joey argue that condo prices have remained relatively stable within a $50,000 range for the past two years. They posit that the current state presents a prime opportunity for first-time buyers to enter a market that has been financially inaccessible to many.

Market Performance and Predictions

Reflecting on past trends, Mark notes that June and July saw average price declines across all segments. However, condo prices have held steady despite a surge in inventory. They predict that as interest rates slowly decline, as they have begun to do, the market will see a revival, especially if significant rate cuts occur.

Conclusion: A Time for Calculated Moves

The episode concludes with a cautious optimism about the future. Mark and Joey suggest that while the market remains challenging, strategic buying—especially in the currently undervalued condo segment—could yield benefits. They urge prospective buyers to consider the long-term potential and to prepare for a more favorable buying landscape as rates continue to adjust. In navigating the tumultuous waters of Toronto’s real estate market, staying informed and strategically positioning oneself is crucial. As the city continues to evolve, so too will its market, promising unique opportunities for those willing to brave the uncertainties.

Jun 05
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The Heathview

Relocating Made Easy with Joey Virgilio – Trusted Toronto Realtor

By Testimonials

Relocating to a new country is daunting for many reasons – finding a new home being on top of the list. What can you accomplish on a week-long recce trip?

Turns out quite a lot if you have a great realtor to work with. Joey was an absolute star from pre-trip prep emails to organizing showings and accommodating last minute requests! He is both well knowledgeable and thoughtful. Throughout the process Joey demonstrated great patience and understanding of my situation.

We were able to cover a lot of ground in a short span of time and he also drove us around to get us acquainted with neighborhoods I wasn’t familiar with, which I greatly appreciated. The pace at which he works is brilliant – highlight for me being his call as I was boarding my flight back that my application was approved and documents waiting for me to sign as I landed. It speaks both for time and efficiency of working with him.

Without a doubt, Joey is the guy to work with – he is reliable and trustworthy. Overall great work ethics! Thank you very much, Joey! I wish you all the success.

Sheryl D.

Apr 30
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Living in a Hotel/Condo in Toronto: Exploring the Pros and Cons of a Unique Lifestyle

By Advice For Buyers, Toronto

Toronto, a city known for its diversity, energy, and cultural richness, offers an array of housing options. One intriguing choice gaining popularity is the hotel/condo lifestyle. Blending the comforts of a hotel with the conveniences of a condo, this unique living arrangement comes with both advantages and challenges. In this blog post, we’ll explore the pros and cons and take a closer look at what living in a hotel/condo is all about!

Pros

Amenities Galore:

  • Luxurious Facilities: Hotel/condo living often provides access to upscale amenities such as fitness centers, spa services, concierge services, and sometimes even housekeeping. The spas are a big perk for us, as many hotel/condos have some of the best in the city!
  • Restaurants and Bars: Some developments feature on-site restaurants and bars, offering residents the convenience of dining options right in their building

Convenience and Services:

  • Concierge Assistance: The presence of a concierge can simplify daily tasks, from handling packages to making reservations or arranging for maintenance.
  • Housekeeping Services: Depending on the arrangement, residents may have the option to avail themselves of housekeeping services, reducing the burden of chores (at an extra cost)

Central Location:

  • Prime Locations: In Toronto – Hotel/condo developments are situated in prime, downtown locations within the city, offering easy access to entertainment, business districts, and cultural attractions.

Security:

  • 24/7 Security: Enhanced security measures, including 24/7 concierge and surveillance, provide residents with a sense of safety and peace of mind.

Cons

Cost:

Limited Personalization:

  • Decor Restrictions: Residents may face restrictions on personalizing their living spaces due to furnished units or condominium rules, limiting the ability to make the space truly their own.

Potentially Transient Environment:

  • Changing Neighbors: The nature of short-term leases and the transient nature of hotel/condo living may result in a constantly changing community, potentially affecting the sense of neighborhood and community. Remember, you’re in a hotel so naturally there will be higher amount of turnover.

Noise and Crowds:

  • Busy Common Areas: Shared amenities and common areas, while convenient, can sometimes be busy and noisy, especially during peak hours or events hosted within the building. For most hotel/condos in the city, residents have their own private access.
Lobby Lounge

Conclusion

Living in a hotel/condo in Toronto is an enticing option that combines luxury, convenience, and a central location. The decision to embrace this lifestyle depends on individual preferences, budget considerations, and the desire for a unique living experience.

Whether you prioritize the amenities, services, and central location or value the personalization and stability of a traditional home, carefully weighing the pros and cons will help you determine if hotel/condo living aligns with your lifestyle in the vibrant city of Toronto.