New 4B townhouse lease in Vaughan!

Ricky Lau

118 Wascana Rd, Vaughan, ON L4H 5G9
Vaughan; Elder Mills
List price: $3,950

Hwy 27 & Rutherford Rd

Possession: Immediate
Pine Valley Estates

Property features: library, park, rec centre, school

Be the first to enjoy life in the largest (2,178ft²) model in the Urban Green community by Pine Valley Estates! With four bedrooms, two bathrooms (one five-piece ensuite), two powder rooms, 10ft ceiling on the main floor, along with quality finishes, this corner lot townhome will offer comfort and luxury living in the serene neighbourhood of Kleinburg.

LevelRoomLength (m)Width (m)
GBedroom 44.73.05ClosetBroadloom
2Family5.053.51Walkout to deckHardwood
2Kitchen4.272.95Centre islandQuartz counter
2Dining32.95Hardwood
2Living5.053.28Hardwood
3Primary bedroom4.323.43Walk-in closetClosetBroadloom
3Bedroom 23.23.05Walkout to balconyClosetBroadloom
3Bedroom 33.23.05ClosetBroadloom
3Bathroom5-piece ensuite
3Bathroom3-piece
2Bathroom2-piece
GBathroom2-piece
GLaundryTile floor

Not intended to solicit an individual who is currently under contract with a real estate brokerage.

1B+D condo with parking sale in Toronto!

Ricky Lau

518-10 Deerlick Crt, Toronto, ON M3A 0A7
Toronto C13; Parkwoods-Donalda
List price: $599,990

York Mills Rd / Don Valley Pkwy

Possession: November 2024
Urban Capital and ALIT Developments; The Ravine

Property features: greenbelt/conservation, park, public transit, ravine
Building amenities: concierge, exercise room, party/meeting room, rooftop deck/garden, security system, visitor parking

Spacious and upgraded one-bedroom-plus-den suite with bright and unobstructed southern view towards the greenery surrounding Deerlick Creek. Open concept. One parking included. South of Hwy 401, the building is located on a grand 13-acre site in the Parkwoods-Donalda community. Downtown/Don Valley Express TTC bus stop at your doorstep. Convenient access to parks, restaurants, Don Valley Pkwy and more!

Nine-foot smooth ceiling. Wide plank laminate wood flooring. Stainless steel appliances. Upgrades galore! Quartz countertop in kitchen and bathrooms, roller shades with bedroom blackouts, frameless mirrored closet doors, capped ceiling outlet!

RoomLength (m)Width (m)
Den2.642.44
Kitchen7.093.02Quartz counterStainless steel appliancesCombined with living room
Living7.093.02Windows floor to ceilingWalkout to balconyCombined with kitchen
Bedroom3.632.94Windows floor to ceilingMirrored closetLaminate flooring
Bathroom3-piece ensuiteQuartz counterPorcelain floor
Bathroom3-piece bathroomQuartz counterPorcelain floor

Not intended to solicit an individual who is currently under contract with a real estate brokerage.

1B condo lease in Toronto!

Ricky Lau

8 York St, Toronto, ON M5J 2Y2
Toronto; Waterfront Communities C1
List price: $2,480

York St & Queens Quay W

Possession: Immediate
Kolter Group

Property features: arts centre, clear view, lake/pond, library, public transit, rec./commun. centre
Building amenities: concierge, games room, indoor pool, outdoor pool, party/meeting room, rooftop deck/garden

Vibrant city, lake, and park view from the Waterclub Ⅰ at Waterfront Toronto! Efficient and spacious one-bedroom, one-bathroom, 605ft² suite with an open kitchen, granite counters, appliances and panoramic southeastern balcony. 24/7 concierge, billiard room, gym, indoor and outdoor pool, and more!

Not intended to solicit an individual who is currently under contract with a real estate brokerage.

1B condo assignment sale in Downtown Toronto

Ricky Lau

162 Queens Quay E, Toronto, ON M5A 1B4
Toronto C08; Waterfront Communities C8
List price: $850,000

Lower Jarvis St & Queens Quay E

Possession date: January 23, 2025
Empire Communities

Property features: arts centre, park, public transit, rec./commun. centre
Building amenities: BBQs allowed, bus ctr (WiFi bldg), concierge, exercise room, gym, party/meeting room, recreation room

Efficient 556ft² floor plan with a locker unit between Harbourfront and Distillery District by Empire Communities. The luxurious suite features laminate flooring, nine-foot smooth painted ceiling, composite stone countertop with under mount sink in kitchen, and over $6,000’s worth of upgrades including baseboards and casing, blinds, television mount outlet, and Calacatta Primo countertop! Enjoy life in the Harbourfront with easy access to Toronto’s most iconic landmarks, including David Crombie Park, Museum of Illusions, Scotiabank Arena, Sugar Beach Park, and countless more!

RoomLength (m)Width (m)
Dining4.983.86LaminateStainless steel appliancesCombined with living
Living4.983.86LaminateCombined with dining
Bedroom2.892.85LaminateWalk-in closet
Bathroom3-piece bathroomTile floorPot light
LaundryCeramic floor
Balcony

Assignment sale. Possession date is January 23, 2025. BONUS: a credit of 4% of the original purchase price (net of HST, excluding locker, parking, and upgrades) on the statement of adjustment on final closing date! Taxes not yet assessed. Buyer and representative to verify information. Please contact for further information.

Not intended to solicit an individual who is currently under contract with a real estate brokerage.

Condo lease at Unionville

Ricky Lau

One bedroom plus den 650ft² suite with one bathroom at Unionville, Markham. One locker unit and one parking space included. Open balcony. Hardwood floor throughout. Modern open concept kitchen. Building amenities include concierge, exercise room, guest suites, gym, media room, and party/meeting room. Steps to historic Main St, Toogood Pond, art gallery, library, bus stops, restaurants, shops, and more. Easy access to Hwy 404 and 407.

Extras: dishwasher, existing light fixtures, fridge, range hood, stove, washer and dryer, and window coverings. Closet rack optional.

Minimum 1 year lease term.

Available on September 7, 2020!

Please contact for showing.

Not intended to solicit individuals currently under contract with a brokerage.

Maverick Condos

Ricky Lau

Located in the entertainment district, the heart of downtown Toronto, opposite to TIFF, with a 100% walk score to Rogers Centre, restaurants, business district, and more. Prices start at high $600,000s. Size ranges from 451 to 1,664ft². 1 to 3 bedroom suites available. $0.82/ft² maintenance fee. Occupancy date estimated March 15, 2022. Excellent investment opportunity.

Exclusive bonuses include:
• Extended deposit structure of 15% within 18 months
• Free assignment
• Right to lease during occupancy
• Capped closing costs
Please contact for more information. Not intended to solicit individuals currently under contract with a brokerage.

 

Bayview/St. John detached house

Ricky Lau

12-room
4-bedroom
4-bathroom

Mattamy’s finest and award-winning model, with over 3,800ft² of finished living area. Located in one of Aurora’s most desirable neighbourhoods. Main and second floor both feature 9ft ceiling and upgraded hardwood floor. Kitchen includes stainless steel appliances, quartz counters, marble backsplash, and full cabinets. Closet organizers. Finished basement with cold cellar. No sidewalk. Close to community centre and parks. Minutes to Highway 404. Listed at $1,388,000.

Not intended to solicit individuals currently under contract with a brokerage.


Era at Yonge

Ricky Lau

Happy new year! Hope you had a wonderful holiday with your family and friends!

Era at Yonge

Coming soon:
Bantry Avenue and Red Maple, Richmond Hill (by Yonge and Highway 7)
Anticipated ​storeys/suites: TBA
Anticipated occupancy: TBA
Builder: Pemberton
Suite types: 1 bedroom, 2 bedroom, 2 bedroom+den
Maintenance fees: anticipated at $0.54/ft², excluding hydro
Amenities: 24/7 concierge, party room, terraces with barbecue, fitness centre, yoga/pilates area, extensively landscaped grounds and walkways
Price: estimated at $730/ft²

Gym of Era at Yonge
Outdoor terrace of Era at Yonge
Party room of Era at Yonge
Located in the highly sought after Highway 7 and Yonge Street Community in Richmond Hill.
Steps to the Langstaff GO Transit, VIVA, and York Regional Transit (YRT).
Short drive to Highways 407 and 404, and Highway 7.
Trusted developer, The Pemberton Group, with over 50 years of experience.
Richmond Hill remains one of Ontario’s fastest growing communities and has become a family friendly community with strong growth in property value.
Close proximity to entertainment, big-box stores, retail, restaurants, and more including Hillcrest Mall, South Hill Shopping Centre, Cineplex, The Home Depot, Walmart, Canadian Tire, Best Buy, The Brick, Sears, Winners, Staples, Toys”R”Us, Urban Barn, Kitchen Stuff Plus, Indigo, Milestones, Starbucks, Montana’s, Kelseys, Milestones, and more.
In terms of employment, Richmond Hill is home to the headquarters of Lexmark, Rogers Communications, BMW Canada, Compuware, Staples, York Region Transit/VIVA Head Office and more.
A brilliant place to live, eat, shop, work and play.

Site map of Era at Yonge

Charisma Condominiums private VIP sales event

Ricky Lau

Charisma Condominiums west tower brochure

Starting from low $400,000s!

Deposit structure
$5,000.00 on signing;
Balance to 5% in 1 month;
5% in 6 months;
2.5% in 12 months;
2.5% in 18 months;
5% on occupancy.

Tentative occupancy date
October 2020.

Taxes
Estimated at approximately 1% of purchase price.

Maintenance Fees
Estimated at $0.50/ft²; hydro and water separately metered.
Parking maintenance: $50.00.
Bicycle locker maintenance: $15.00.
High-speed internet: $28.25.

Purchase price includes one parking unit and one bicycle locker unit.

By appointment only.

All prices and specifications subject to change without notice. All areas and state room dimensions are approximate. Floor area measured in accordance with Tarion Bulletin 22. Actual living area may vary from stated floor area. Premiums may apply. E&OE.

Please contact Ricky Lau by November 19, 2017.


OSFI reinforces regulation for residential mortgage underwriting

Ricky Lau

Office of the Superintendent of Financial Institutions Canada

The Office of the Superintendent of Financial Institutions Canada (OSFI) published the final version of Guideline B-20 − Residential Mortgage Underwriting Practices and Procedures. The revised guideline applies towards all federally regulated financial institutions, and will be enforced on January 1, 2018.

Alterations of Guideline B-20 reinforce OSFI’s expectation of which federally regulated mortgage lenders remain vigilant in its mortgage underwriting practices. The final guideline emphasizes the minimum qualifying rate pertaining to uninsured mortgages, expectations towards loan-to-value (LTV) frameworks and limits, as well as restrictions to transactions that circumvent LTV limits.

OSFI introduces a new minimum qualifying rate, the “stress test,” for uninsured mortgages.
• Guideline B-20 now requires the minimum qualifying rate for uninsured mortgages to be the greater of the five-year benchmark rate published by the Bank of Canada or the contractual mortgage rate +2%.

OSFI requires the enhancement of LTV measurement and limits so that they will become dynamic and responsive to risk.
• Under the final Guideline, federally regulated financial institutions must establish and adhere to appropriate LTV ratio limits that are reflective of risk and are updated as housing markets and the economic environment evolve.

OSFI places restrictions upon lending arrangements that are designed to circumvent LTV limits.
• A federally regulated financial institution is prohibited from arranging with another lender a mortgage, or a combination of a mortgage and other lending products, in any form that circumvents the institution’s maximum LTV ratio or other limits in its residential mortgage underwriting policy, or any requirements established by law.


Condominium Act will offer new protections

Ricky Lau

Ontario

The Minister of Government and Consumer Services, Tracy MacCharles, announced new protections for condominium communities that will take effect during the fall of this year. Changes include:
• mandatory periodic updates pertaining to the condominium corporation to improve the communication between the board and owners;
• improving condominium corporation governance and addressing conflicts of interest via the introduction of new disclosure requirements pertaining to directors, including whether the director is an owner or occupier of a unit in the condominium, or whether he has interests in contracts involving the corporation;
• mandatory training for a condominium director to improve the management and operation of a condominium;
• clearer rules to ease an owner’s access to the records of condominium corporation;
• new notices, quorum, and voting rules to ease an owner’s participation in meetings; and
• mandatory education requirements for a condominium manager who applies for a general licence.

The government will also designate two new administrative authorities:
• When designated on September 1, 2017, the Condominium Authority of Ontario (CAO) will educate and promote awareness of condominium owner rights and responsibilities, as well as provide information pertaining to condominium corporations. On November 1, 2017, CAO will also be responsible for managing the Condominium Authority Tribunal, which will resolve disputes pertaining to the access to condominium records. Going forward, Ontario will consult the public to identify other disputes that the Tribunal could resolve; and
• When designated on November 1, 2017, the Condominium Management Regulatory Authority of Ontario (CMRAO) will regulate and license condominium managers and providers.


HK ad promotes inclusion of foreign buyers tax

Ricky Lau

BNN

Fleur Condos advertisement in Hong Kong.

A print advertisement by a third-party real estate brokerage seen in a Hong Kong MTR (Mass Transit Railway) station, while promoting Fleur Condos by Menkes Developments Ltd. by illustrating features including the future condominium apartment’s neighbouring universities, financial district, and metro system, also claims that the first 30 buyers would have included in the purchase price the rent pertaining to the initial year as well as the foreign buyers tax.

While the identity of the third-party remains undisclosed, Menkes Developments Ltd. clarifies that the print advertisement was not produced nor authorized by Menkes. Menkes spokesperson says that the developer “did not instruct the brokerage to make any offers regarding the ‘foreign buyers tax’ recently introduced by the Ontario government, nor authorize any incentives to avoid or obfuscate measures meant to govern the purchase of real estate in the province by non-residents”.

According to Toronto Real Estate Board (TREB), in April 2017, the Ontario government introduced the 15% non-resident speculation tax (NRST) and 15 measures aimed at cooling Toronto’s hot real estate market. In the same month, overall sales in the Greater Toronto Area (GTA) declined, but condominium sales increased, with an 8% increase in the 416 region. Prices and the number of new listings increased significantly.

“Offering this kind of incentive to prospective buyers is permitted but developers are still better off to selling to Canadian citizens and permanent residents rather than paying the NRST for a foreign buyer,” says the Ontario Ministry of Finance. “We’ve seen throughout many industries that businesses use promotions including ‘pay no tax’ to encourage sales of their product. Regardless of these promotions, the tax is still paid to the government. If it isn’t, violators are subject to fines, penalties or imprisonment.”

Menkes noted that a third-party brokerage is essential in the successful sale of a condominium suite in today’s market. However, the brokerage’s marketing activities are not directed nor approved by the developer. “We are continuing to investigate the actions taken by the Hong Kong-based brokerage, and will remind them that any unauthorized claims or misrepresentations on behalf of the developer will not be tolerated,” Menkes said.


Fair Housing Plan

Ricky Lau

Ontario

Ontario’s Fair Housing Plan is an attempt to promote the affordability of homes, supply, protection for buyers and renters, as well as stability of the real estate market.

If the legislation passes, a Non-Resident Speculation Tax (NRST) of 15% will apply onto the price of a home in the Greater Golden Horseshoe (GGH) purchased by an individual who is not a Canadian citizen, permanent resident, nor corporation. The NRST helps address the unsustainable demand via promoting the availability and affordability of housing, while welcoming new residents. The proposed tax will apply to the transfer of land that contain one to a maximum of six single family residences, including the detached, semi-detached, condominium and townhouse. The NRST will not apply to the transfer of other types of land, including the multi-residential rental agricultural land, apartment building, or commercial/industrial land. The NRST will be effective as of April 21, 2017, upon the enactment of the amending legislation.

Rent control is also expanded to all private rental units in Ontario, including those built after 1991. This will ensure that increases in rental costs can only increase at the rate posted in the annual provincial rent increase guideline. In the past decade, the annual rent increase guideline has averaged 2%. The increase is capped at a maximum of 2.5%. Under these changes, a landlord will still be able to apply vacancy decontrol and seek above guideline increases where permitted. If passed, the legislation will enact this change, effective April 20.‎


Ontario passes home inspection legislation

Ricky Lau

Ontario

Ontario passes Bill 59, Putting Consumers First Act, thereby strengthening consumer protection via new rules pertaining to home inspection, door-to-door sale, and payday loan.

The Putting Consumers First Act:
• Allows the banning of unsolicited and door-to-door sale on prescribed household appliances including the air conditioner, furnace, as well as water filter and heater;
• Reinforces consumer financial protection via alternative financial services, including expanded rules against unfair debt collection practices, extended repayment periods and time between loans, and payday loans;
• Regulates the home inspection industry through mandatory licensing and qualifications for home inspectors, as well as minimum standards for contracts, home inspection reports, disclosures, and the performance of home inspections.

Municipal Land Transfer Tax

Ricky Lau

Toronto Real Estate Board

The following changes to Toronto’s Municipal Land Transfer Tax (MLTT) were considered and approved by the Toronto City Council on February 15, 2017. The changes are effective as of March 1, 2017 and apply towards real estate transactions closing on or after March 1, 2017:
• Added an additional LTT of 0.5% of the value of a residential or non-residential property from $250,000 to $400,000 (an additional $750);
• Added an additional LTT of 0.5% of the value of a residential property above $2,000,000;
• Added an additional LTT of 0.5% of the value above $400,000 of a non-residential property;
• Increasing the maximum allowed First-Time Home Buyer Rebate to $4,475, up from $3,725;
• Amended the first-time home buyer rebate program eligibility rules to restrict rebate eligibility to Canadian citizens or permanent residents of Canada.


Market Year In Review & Outlook Report 2017 Summary

Ricky Lau

Toronto Real Estate Board

2016 market year in review
• Record home sales and accelerated annual sales growth in 2016;
• The key drivers of record home sales include population growth, low mortgage rates, low unemployment, and above-inflation income growth;
• Strong demand and very low inventory resulted in robust price growth;
• Record home sales in 2016 were largely based on domestic demand;
• Foreign buying activity in the GTA represented a minimal 4.9% of transactions. The majority of foreign buyers purchased a property either as a primary residence, to rent out, or for the residency of a family member.

2017 market outlook
• The Ipsos Home Buyers Survey suggests a decline in the number of possible home buyers from 2016;
• Sales on TREB’s MLS System are expected to range between 104,500 and 115,500, with a point forecast of 110,000;
• Despite the possibility of a decline in sales, first-time buyers will continue to account for greater than half of the home sales in the GTA. Strong first-time buyer activity points to confidence in home ownership as a quality long-term investment;
• 2017 will continue to have a shortage of listings, especially in the case of low-rise home types, which remain popular with intending buyers;
• A probably range for the average selling price in 2017 is between $800,000 and $850,000, with a point
forecast of $825,000. This suggests an approximate calendar year growth rate ranging between 10% and 16%.

Transit and affordability
• The Canadian Centre for Economic Analysis’s (CANCEA) study on transportation infrastructure’s effects on housing affordability focused on the introduction of the Metrolinx Regional Express Rail (RER) in the Greater Golden Horseshoe (GGH), and concluded that whether people changed their mode of commuting between locations was the key determinant in whether the RER would impact affordability.

Housing supply and affordability
• TREB believes that the supply issue in the GTA will not be solved without innovative solutions from the
public, private, and non-profit sectors.

Commercial report
• The amount of space leased in 2016 was up for the first three quarters of the year, compared to 2015;
• The Bank of Canada Business Outlook Survey predicts improved business confidence in the future, which foreshadows demand for commercial real estate;
• Continual tightness in market conditions brought about increases in average lease rates for all major market
segments;
• Total commercial property sales in the MLS system correlated with the number of deals reported in 2015;
• Average sale prices, on a per square foot basis, were up for all three major market segments.


Continual education

Ricky Lau

Your Community Realty Real Estate Academy class
Your Community Realty Real Estate Academy class

In the dynamic industry of real estate, it is crucial to remain constantly updated. Ricky Lau periodically attends classes hosted by Your Community Realty to remain refined and ready to efficiently help his clients in achieving their real estate goals.


Home sales up from November to December

Ricky Lau


Canada Real Estate Association

Ottawa, ON, January 16, 2017 – According to statistics released today by The Canadian Real Estate Association (CREA), national home sales were up on a month-over-month basis in December 2016.

Highlights:
• National home sales rose 2.2% from November to December;
• Actual (not seasonally adjusted) activity in December was down 5.0% from a year earlier;
• The number of newly listed homes dropped 3.0% from November to December;
• The MLS Home Price Index (HPI) in December was up 14.2% year-over-year (y-o-y);
• The national average sale price climbed 3.5% y-o-y in December.

The number of homes trading hands via Canadian MLS® Systems rose 2.2% month-over-month in December 2016.