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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.

Jan 30
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four brown stools

The Importance of Home Inspections: Uncovering Major Hidden Issues

By Advice For Buyers

Buying a home in Toronto is a significant financial commitment and a life-changing decision. While the process can be exhilarating, it also comes with its fair share of stress and uncertainties. One crucial step in the home-buying journey that savvy buyers should never overlook is a comprehensive home inspection. In this blog post, we’ll delve into the reasons why home inspections are a vital investment for buyers, offering peace of mind and protecting your long-term investment.

1. Uncovering Hidden Issues During Home Inspections

A home might look perfect on the surface, but there could be hidden issues that only a professional home inspection can reveal. From structural problems to hidden water damage, electrical issues, or plumbing concerns, a qualified inspector can identify potential red flags that may not be apparent during a casual walkthrough.

2. Negotiating Power After Home Inspections

Armed with the findings of a thorough home inspection, buyers gain valuable negotiating power. If significant issues are uncovered, buyers can use this information to renegotiate the purchase price, request repairs, or even opt-out of the deal altogether. This step is crucial for ensuring that you are making an informed decision and not inheriting a host of expensive problems.

inspector or architect professional woman checking kitchen at construction site. Home improvement
Home inspector

3. Budget Planning

Understanding the condition of a home allows buyers to plan their budgets more effectively. By identifying necessary repairs or maintenance issues early on, buyers can factor these costs into their overall budget, preventing unexpected financial strain after the purchase.

4. Safeguarding Your Investment

A home is one of the most significant investments you’ll make in your lifetime. A home inspection serves as an insurance policy, helping to safeguard your investment by ensuring that you are fully aware of the property’s condition before finalizing the purchase. Investing in a home inspection can save you from potential financial pitfalls down the road. 

5. Compliance and Safety

A home inspection includes an assessment of the property’s compliance with local building codes and safety standards. This is particularly crucial for older homes that may not meet current code requirements. Ensuring that a home is up to code not only guarantees your safety but also avoids potential legal issues in the future.

Plumber man, maintenance document and clipboard for pipeline, home renovation notes or builder inst
Home inspection

6. Long-Term Cost Savings

While a home inspection does come with an upfront cost, it can lead to significant long-term savings. Identifying and addressing issues early on can prevent small problems from escalating into major, costly repairs later. In essence, a home inspection is an investment that pays off in peace of mind and financial security.

7. Informed Decision-Making

Ultimately, a home inspection empowers buyers to make informed decisions. Armed with a detailed understanding of the property’s condition, buyers can proceed with confidence, knowing that they are making a well-informed choice about one of the most significant purchases of their lives.

Conclusion

In the complex world of real estate, a home inspection is not just an optional step—it’s a crucial part of the home-buying process. By investing in a professional inspection, buyers can uncover hidden issues, negotiate effectively, plan their budgets, and ultimately make informed decisions that protect their investment for the long term. Don’t skip this essential step on your journey to homeownership; the peace of mind it brings is priceless.

Jan 29
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Mailbox and mail

How To Update Your Address When You Move

By Advice For Buyers, Advice For Sellers

Moving to a new home is an exciting and often hectic time in one’s life. Amidst the chaos of packing boxes, hiring movers, and coordinating logistics, it’s crucial not to overlook a seemingly mundane yet essential task: updating your address. Failing to do so can lead to missed mail, important documents going astray, and a host of other inconveniences. In this guide, we’ll walk you through the steps of updating your address seamlessly, ensuring a smooth transition to your new abode.

Step 1: Compile a List of Contacts

Before diving into the nitty-gritty details of updating your address, take some time to compile a comprehensive list of contacts. This list should include:

  1. Postal Services: Visit your local post office or go online to officially change your address with the postal service. This ensures that your mail is forwarded to your new address during the transition period. 

    Consider setting up a temporary mail forwarding service with your local post office. This service can be a lifesaver, ensuring that any mail sent to your old address is rerouted to your new one. Canada Post offers a simple program that’ll forward your mail to it’s new address.  You can learn more about it here. 
  2. Government Agencies: Update your address with government entities such as Service Ontario , (perfect for Drivers Licence, Health Card and OSAP to name a few) and the Canada Revenue Agency. This is crucial for tax purposes, driver’s license renewal, and ensuring you receive any important notifications.

  3. Financial Institutions: Contact your bank, credit card companies, and any other financial institutions to update your address on file. This helps prevent any issues with statements, cards, or other financial documents.

  4. Utilities and Service Providers: Inform your utility companies (electricity, water, gas, internet, cable) of your move to ensure a seamless transfer of services.

  5. Employer and HR Department: Update your address with your employer to ensure that important documents, such as tax forms and other employment-related information, are sent to the correct location.

  6. Subscription Services: If you have magazine subscriptions, streaming services, or any other subscriptions, make sure to update your address to continue receiving these services without interruption.

Couple Celebrating Moving To House

Step 2: Online Platforms and Accounts

In our digital age, it’s crucial to update your address on various online platforms and accounts. Some key areas to focus on include:

  1. Online Shopping Accounts: If you frequently shop online, update your address on platforms like Amazon, eBay, and any other e-commerce websites.

  2. Social Media and Professional Networks: Update your address on social media platforms and professional networks to keep your contacts informed of your move.

  3. Online Banking and Financial Platforms: Ensure your address is up to date on online banking platforms, investment accounts, and other financial management tools.

Step 3: Inform Friends and Family

While it might seem obvious, don’t forget to inform friends and family of your change of address. Send out a mass email, create a social media post, or use good old-fashioned snail mail to ensure that everyone is aware of your new location.

Step 4: Plan for Delivery of Forwarded Mail

During the transition period when your mail is being forwarded, plan for the delivery of these forwarded items. Keep a close eye on your mailbox and update your address promptly with any entities that may still be sending mail to your old address. (That’s where that Canada Post link higher up in the article will come in handy)

Step 5: Update Local Services

If you’re moving within the same city or town, update your address with local services such as your library, gym, and any other memberships you may have.

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

Updating your address when you move might seem like a tedious task, but it’s a crucial aspect of a smooth transition to your new home. By following these steps and staying organized, you can ensure that your mail, documents, and services seamlessly make their way to your new address, allowing you to focus on settling into your new home without unnecessary hiccups. Happy moving!

Jan 28
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Empty white room with laminate flooring and french windows

Understanding Toronto’s Vacant Home Tax: A Closer Look at the New Initiative

By Advice For Buyers, Advice For Sellers, Video Blog

Toronto, like many other major cities around the world, is grappling with the challenges of urban housing. As the city continues to evolve and attract new residents, policymakers are exploring innovative solutions to address the housing shortage and ensure a sustainable and vibrant urban environment. One such solution that has gained traction in recent years is the Toronto Vacant Home Tax.

Understanding the Vacant Home Tax

The Vacant Home Tax (VHT) is a policy aimed at encouraging property owners to put their vacant properties into productive use by imposing a tax on homes that remain unoccupied for extended periods. Homeowners who choose to keep their properties vacant will be subject to this tax and VERY IMPORTANT TO NOTE: residents are required to declare the occupancy status of their property every year, even if they reside there.

In Toronto, this initiative represents a proactive approach to address the housing crisis, promote community engagement, and maximize the utilization of available housing stock. Revenues collected from the Vacant Home Tax will be allocated towards affordable housing initiatives, including the Multi-Unit Residential Acquisition (MURA) program.

How to Declare Your Homes Occupancy Status

Owners of properties in Toronto that are classified within the residential property tax class are required to declare occupancy status every year and can do so by visiting the City of Torontos Vacant Home Tax Portal. You’ll also need the following:

  • Assessment Roll Number, found on your property tax statement
  • Customer Number, found on your property tax statement
  • If applicable, documents required to show your Vacant Home Tax Exemption 

The whole process will take less than 5 minutes, and can save you thousands in unnecessary taxes each year!

Fees Fines and Penalties Related to the Toronto Vacant Home Tax

If the declaration is not submitted by the specified deadline, the property will be considered vacant and will become subject to the Vacant Home Tax. Starting January 1, 2024, a fee of $21.24 will be imposed for failing to submit the declaration of occupancy status by the designated deadline.

Interest charges, amounting to 1.25 percent, will be applied to any outstanding Vacant Home Tax balance on the initial day of default and subsequently on the first day of each subsequent month until the outstanding taxes or charges are settled.

In case of payment default, the unpaid amount will be included in the property tax roll for the residential property and will be collected in the same manner as regular property taxes.

Any payments dishonored by a financial institution will incur a Dishonoured Cheque Processing/Non-Sufficient Funds (NSF) fee.

Failure to submit the declaration of occupancy status by the deadline may lead to a $250 fine. Additionally, making false declarations regarding occupancy status or failing to provide requested information may result in a fine of up to $10,000, in addition to the required tax payment.

 

Exemptions to the Vacant Home Tax

A property may be left vacant and be exempt from the Vacant Home Tax if one of the following criteria is met:

  1. Death of a registered owner – (need to show death cert.)
  2.  Major repairs – (submit work permits and contractor receipts.)
  3. The principal resident is in long-term care (hospital or supportive care facility)
  4. Transfer or Legal ownership (what we just talked about… submit a copy of deed)
  5.  Occupancy for full-time employment (proof of residency outside GTA and signed letter from employer 
  6. Court order – a court order is made which prohibits occupancy of the property 

Visit the City of Torontos Vacant Home Tax website for more details!

Key Features of the Toronto Vacant Home Tax

  1. Definition of Vacancy: The Toronto Vacant Home Tax identifies vacant properties based on specific criteria. Generally, a property is considered vacant if it is unoccupied for more than SIX MONTHS within a calendar year.
  2. Tax Rates: The tax rates are structured to incentivize property owners to either occupy or rent out their vacant properties. Higher tax rates are typically applied to properties that remain vacant for more extended periods, creating a progressive system that encourages swift action.
  3. Exemptions and Appeals: The policy also considers legitimate reasons for property vacancy, such as renovations or major repairs. Property owners can apply for exemptions, and there is an appeals process in place to address any disputes regarding the determination of vacancy.

Impact on Toronto’s Housing Landscape

The Vacant Home Tax is expected to have several positive impacts on Toronto’s housing market:

  1. Increased Housing Availability: By discouraging long-term vacancy, the tax aims to bring more housing units into the market, increasing the overall availability of homes for residents.
  2. Neighborhood Revitalization: The initiative is likely to contribute to the revitalization of neighborhoods by reducing the number of empty homes and fostering a sense of community.
  3. Revenue for City Services: The tax revenue generated can be used to fund essential city services and initiatives aimed at addressing housing challenges and improving the overall quality of life for Toronto residents.

Challenges and Criticisms

While the Vacant Home Tax is seen as a step in the right direction, it has not been without its challenges and criticisms. Some property owners argue that the tax unfairly penalizes them for circumstances beyond their control, such as personal or family reasons for keeping a property vacant.

Conclusion

Toronto’s Vacant Home Tax is a bold and necessary step in addressing the city’s housing challenges. By encouraging the efficient use of available housing stock, the initiative aims to create a more dynamic and inclusive urban environment. It’s important to remember that the deadline for declaring the status of your property is the last day of February and that the property status refers to the previous year’s history. 

You can get more information on the latest details of tax, as well as declare the status of your home by visiting the City of Torontos Vacant Home Tax Portal.

Jan 20
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body of water and high rise buildings under blue sky

Major Changes Coming to the Real Estate Industry in Ontario: Introducing TRESA

By Advice For Buyers, Video Blog

Today, I want to share some exciting news with you. If you have experienced the frustrations of competing offers, confusion over representation, or the complications of multiple representation in real estate transactions, I have some good news. Major changes are coming to the industry, effective December 1st, with the introduction of TRESA (Trust in Real Estate Services Act). In this blog post, I will explain the key changes and how they will impact buyers and sellers.

Competing Offers: More Transparency and Choice

One of the significant changes brought about by TRESA relates to competing offers. Currently, sellers and realtors are not allowed to disclose any information about competing offers, except for the number of offers received. However, with TRESA, sellers now have the option to choose between a blind bidding war or an open bidding war. In an open bidding war, sellers can disclose the price, contents, and dates of competing offers, except for the identity of the buyers. This change introduces more transparency and gives sellers the freedom to make informed decisions. It remains to be seen how this will impact real estate prices, but overall, more transparency and choice are positive developments for all parties involved.

Self-Represented Party: Avoiding Confusion

Another significant change TRESA brings is the introduction of the self-represented party. Previously, buyers and sellers had the option to choose whether to be a client or a customer of a realtor. However, the terms client and customer often caused confusion. Now, by opting to be a self-represented party, individuals can clearly indicate their decision to navigate the real estate process on their own, without formal representation. This change eliminates the ambiguity and ensures that individuals understand the level of support they can expect from a realtor. It also provides a distinction between those who choose full representation and those who prefer to handle certain aspects independently.

Designated Representation: Clearer Roles in Multiple Representation

Lastly, TRESA addresses the complexities of multiple representation, where a brokerage represents both the buyer and the seller in a transaction. Under TRESA, brokerages have the option to choose designated representation or brokerage representation. In designated representation, each agent within the brokerage exclusively represents either the buyer or the seller. This ensures that the best interests of each party are upheld and avoids conflicts of interest. This change brings clarity to the roles and responsibilities of agents within a brokerage, providing a more optimal experience for all parties involved.

These are just a few of the major changes being introduced by TRESA on December 1st, 2024. The real estate industry is constantly evolving, and these changes aim to enhance transparency, clarity, and choice for buyers and sellers. Whether you are currently navigating the real estate market or planning to do so in the future, it is essential to stay informed about these changes and understand how they may impact your real estate journey. To hear more about these topics and join the conversation, tune in to Episode 31 of the Toronto Living’s Real Estate Podcast. 

Jan 20
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Modern apartment building facade

Condos and Apartment Heating Systems

By Advice For Buyers, Video Blog

Today, I want to share some valuable insights with you about the different types of heating systems found in condo buildings. Instead of diving into the technical details, I’ll focus on what’s important to condo buyers and the questions they should ask before making a decision. So, if you’re interested in learning more, keep reading

Types of Heating Systems in Condo Buildings:
In the city of Toronto, there are three commonly found heating systems in condo buildings: fan coil system, heat pump system, and package system.

Fan Coil System:
The fan coil system works by heating or chilling water in a main boiler and chiller. This water then runs through pipes that are spread throughout the entire condo building. In each unit, these pipes are connected to a fan, which blows air over the pipes, either heating or cooling the unit. When you walk into a condo unit, you’ll notice the white panels with filters – these are where the fan blows air over the pipes.

Heat Pump System:
The heat pump system, specifically the water source heat pump system, is the most common heating system inside the condo units. Similar to the fan coil system, it also utilizes hot or cold pipes and a fan to blow air into the unit for heating or chilling. The difference lies in how the water in these systems is heated or chilled. However, the important aspect to consider is whether the system operates as a two-pipe or a four-pipe system.

Two-Pipe vs. Four-Pipe System:
In a two-pipe system, there are separate pipes for sending and returning hot or cold water throughout the building. This means that the entire building is either in heating or cooling mode, determined by condo management. As a unit owner, you have to wait for management to switch between the two modes during transitional seasons. On the other hand, a four-pipe system runs both heating and cooling simultaneously. This provides you with control over the system and the ability to switch between modes at any time of the year, without waiting for management. When considering a condo building, it’s essential to know whether it operates on a two-pipe or a four-pipe system to ensure it aligns with your preferences.

Package System:
In low-rise buildings, you may come across a packaged unit, also referred to as a magic pack unit. These systems combine the functions of a furnace and an AC into one unit that is placed within the unit itself. When viewing units, you can identify a packaged unit by checking for a large mechanical closet with a furnace that burns natural gas or uses electricity. If you encounter a packaged unit, it’s crucial to inquire about your responsibilities as an owner. Find out what maintenance tasks you would be responsible for if the system breaks down.

Conclusion:
Now that you’re aware of the different types of heating systems commonly found in condo buildings, along with the essential questions to ask, you can make a more informed decision as a condo buyer. Remember to inquire whether the building operates on a two-pipe or a four-pipe system, as this will determine your control over heating and cooling. Additionally, if you encounter a packaged unit, make sure to clarify your responsibilities regarding maintenance.

I hope this blog post has provided you with valuable insights about condo heating systems!

Jan 20
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Heating Central Gas Furnace

Explaining the Different Heating Systems in a Home?

By Advice For Buyers, Video Blog

In today’s blog post, we’re diving deep into the world of heating systems. We’ll answer all your burning questions and help you make an informed decision. So, if you’ve ever wondered whether a furnace is better than a boiler system or the benefits of electric baseboard heating, you’re in for a treat. Let’s get started!

Section 1: Overview of Heating Systems:
To start, let’s familiarize ourselves with the four main heating systems commonly used in homes:

  1. Furnaces: The most popular choice, furnaces distribute heat by burning fuel and blowing the hot air through ducts.
  2. Boiler Systems: These systems heat water instead of air and distribute the hot water through pipes and radiators.
  3. Electric Baseboard Heating: A cost-effective option, electric baseboard heating uses enclosed boxes along the baseboards to heat rooms individually.
  4. Heat Pumps: A versatile and eco-friendly choice, heat pumps extract heat from the outside or underground and distribute it where needed.

Exploring Furnaces:
Furnaces take the spotlight as the most commonly used heating system. They are easy to install and relatively affordable compared to other options. However, regular maintenance and filter replacements are necessary. We’ll delve deeper into the pros and cons of furnaces.

Boiler Systems:
Boiler systems offer a longer lifespan and operate silently without blowing air. If your home already has radiators, installing a boiler system can be a smart choice. We’ll discuss the advantages and considerations of using boiler systems.

Electric Baseboard Heating:
Looking for a budget-friendly solution? Electric baseboard heating might be the answer. We’ll cover the benefits of this system, such as zone heating and dust pollution prevention. However, higher running costs and potential safety hazards are important factors to consider.

The Versatile Heat Pumps:
Heat pumps provide a two-in-one solution for both heating and cooling, making them an excellent alternative for traditional furnace and AC systems. We’ll explore the environmental advantages, cost considerations, and specific considerations for colder climates.

Conclusion:
In this comprehensive guide, we’ve discussed the four main heating systems – furnaces, boiler systems, electric baseboard heating, and heat pumps. Each system has its own set of advantages and considerations, so it’s crucial to evaluate your needs and budget before making a decision.

Thank you for reading, and we’ll catch you in the next blog post!

Jan 20
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CONDO-LOFT

Hard Lofts vs. Soft Lofts: Which One is Right for You?

By Advice For Buyers, Lofts, Video Blog

Are you interested in living in a loft but confused about the differences between a hard loft and a soft loft? In this blog post, we will break down the distinctions between these two types of lofts to help you make an informed decision.

Hard Lofts: A Glimpse into History

A hard loft is a residential building that was originally industrial, commercial, or a warehouse but got converted into living spaces. These buildings often have a rich history, and moving into a hundred-year-old building can be a unique experience. The authenticity of hard lofts appeals to many people as they get to live in a space with exposed ceilings, floors, and brick, showcasing the building’s historical charm.

Moreover, hard lofts offer unique layouts that you won’t find in regular condo buildings. With high ceilings of 14 to 15 feet, these spaces provide a sense of grandeur and openness. The appreciation potential of hard lofts is also higher due to their scarcity and demand. Even during downswings in the real estate market, these buildings retain their value.

Despite their allure, hard lofts come with a few downsides. Firstly, they tend to be expensive. The uniqueness and sought-after nature of these buildings result in higher prices per square foot. Additionally, since these buildings are older, they often require higher maintenance fees. The absence of as many amenities as you would find in a soft loft is another factor to consider.

black flat screen tv mounted on white wall

Soft Lofts: A Balance between Modernity and Comfort

Soft lofts, on the other hand, were always intended to be residential spaces but were designed to mimic the aesthetic of hard lofts. One of the key advantages of soft lofts is the abundance of amenities. With new construction, developers plan for modern amenities like underground parking, which can be lacking in hard lofts. Additionally, balconies are more common in soft lofts, offering outdoor space that factories were not originally built to accommodate.

Maintenance fees in soft lofts are generally more affordable compared to hard lofts. These buildings often combine the best of new condominiums and hard lofts, resulting in lower fees while still providing attractive amenities. Soft lofts also offer a more modern and updated living experience, with newer building materials and designs.

Affordability is another advantage of soft lofts. While condos may come at a premium compared to soft lofts, opting for a soft loft can still provide a better price point. However, it’s important to note that soft lofts may not offer the same level of history and unique features as hard lofts. The spacious layouts and high ceilings commonly found in hard lofts may be sacrificed in favor of a more contemporary living space.

brown wooden table and chairs

Choosing the Right Loft for You

When deciding between a hard loft and a soft loft, consider your lifestyle preferences. If you appreciate the rich history of a building, unique finishes, and features, a hard loft might be the perfect choice. On the other hand, if modern amenities, balconies, lower maintenance costs, and a newer building appeal to you, a soft loft could be the better fit.

It’s crucial to assess your priorities and requirements before making a decision. If you’re still unsure, consult with a real estate professional who specializes in lofts to get personalized advice.

In conclusion, hard lofts offer a glimpse into the past and provide an authentic living experience, while soft lofts provide a balance between modernity and comfort. Understanding the differences between these two types of lofts will help you make an informed decision based on your preferences and lifestyle.

We hope this blog post has clarified the distinctions between hard lofts and soft lofts. If you’re looking to purchase a Loft in Toronto, reach out, we’d love to help!

Jan 20
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Residential Hot Water Tank Closeup

Does It Make More Financial Sense to Buy or Rent a Water Tank In Your Home?

By Advice For Buyers, Video Blog

Today, let’s dive into the topic of hot water tanks. Are you in the market for one? Have you been wondering whether it’s better to buy it outright or rent it? In this blog post, I’ll break down the financial aspects to help you make an informed decision.

The Benefits of Renting a Hot Water Tank:
When it comes to renting a hot water tank, there are a few advantages worth considering:

1. No Upfront Cost: Renting a hot water tank means you don’t have to worry about a large initial investment.

2. Servicing and Repairs: If anything goes wrong with the rented hot water tank, you won’t have to deal with the hassle and expenses of repairs or replacements. The responsibility lies with the rental company to ensure everything works smoothly.

3. Monthly Payments: Rental contracts for hot water tanks usually come with reasonable monthly payments. This option allows you to budget your expenses effectively.

The Financial Side:
Let’s now take a closer look at the numbers. Purchasing a hot water tank outright can range from as low as $500 to $1,500 or even $1,800-$1,900 for top-of-the-line models.

On the other hand, rental contracts can range from $20 to $50 per month. Let’s consider a mid-range example: $35 per month. In one year, you would have spent $420 on the rental. Within one to three years, you’ve likely already surpassed the cost of buying the hot water tank outright.

Long-Term Considerations:
While renting may seem enticing due to the lack of repair and maintenance worries, it’s important to understand the long-term implications.

Hot water tanks typically have a life expectancy of around 15 years or more. If you were to continue renting for the entire 15 years, the total cost would be $6,300 (15 years x $35 per month).

On the other hand, if you purchase a hot water tank for $1,200, you’ll have ample room for repairs or even buying a new one if needed. This way, you save a significant amount of money in the long run.

Final Thoughts:
Unless you anticipate moving within the next year or two, buying a hot water tank outright is generally the smarter financial choice. It allows you to save money, especially over the span of 15 years or more.

If you have any further questions or would like to add to the conversation, please feel free to reach out!

Nov 22
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Trusted Toronto Realtor | 9 Years of Exceptional Service with Mark Savel

By Testimonials

We first met Mark Savel about 9 years ago and he helped us buy our first property (condo) in Toronto. He was with another brokerage at the time and we followed him to Sage when he moved over. We never even considered going with another agent!

He recently helped us sell that same condo and buy our first detached house and true to form, he was so knowledgeable, helpful and communicative throughout the process. He made everything so easy for us and for that, we are very grateful! He truly went above and beyond. We relied heavily on him for advice and information throughout the process. His patience always helps to make us feel comfortable and confident in our decisions.

We can’t recommend him enough!

Nadia and Derek