CITY24 - Thursday, May 23, 2024 - 12:00 a.m. (ET) - Segment #43

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(Hot Property theme) Voiceover: Hot Property, brought to you by Tribute Communities: A tradition of excellence. And by Al Sinclair: List, buy, sell, we make it that easy. And by MonsterMortgage.ca: Live a Monster life! >> Hey my friends, welcome to Hot Property. We're the interactive real estate show right here on CP24, very glad you're with us. I'm Teddy Wilson, and a lot to discuss on this episode. And as always, if you watch Hot Property, you know that we love your viewer questions, so you can get those to us by email, there's the address, HotProperty@CP24.com. And in just a little bit we'll be opening the viewer mailbag. But first up, here to discuss this week's topics and questions, three wise and wonderful folks from the world of real estate: Al Sinclair from RE/Max Hallmark Realty, Sean Curry of Monster Mortgage, and Tony Whittaker from Tribute Communities. Thanks for joining us! >> Al: Thank you, Teddy. >> Happy summertime in the city, too. Uh, let's get to this first story right out of the gate here. A proposal to allow townhouses and small apartment buildings of up to six stories and 30 units on designated major streets across Toronto was approved by a city committee about two weeks ago and is currently being debated by the wider Toronto City Council this week. Now, those in favour of the so-called 'Major Streets plan' say it will lay the groundwork for more new construction and increased housing supply in a city that desperately needs it. Some critics of the plan however argue there hasn't been enough consultation, and that the process of designating these major streets is flawed and does not accurately reflect access to transit and other factors. So Tony, and then, still, more critics on top of that say listen, this doesn't go far enough, we'd like to see a maximum unit allowance of 60 units. What do you think of this plan, and will it help address supply? And it's being debated by council basically as we speak, right? >> As we speak, yeah. Uh, first of all, I think defining what a major street is is a problem right off the bat. If it's gonna be on-- It should be on any streets, and let the builders decide to assemble the land and build the six story apartments or the townhouses. And I see no problem with that. You drive through the Annex in the city, North of Bloor between let's say, uh, Bedford and, uh, Spadina, or West of Spadina. You see lots of apartment buildings and lots of very expensive homes around them, so I see no problem with that, I'm disagreeing with the nimbyism that's going on with some councillors. So I think we have to see, we have to see more of it, we have to see more rental as well as for sale because the big issue is going to be, as a large builder, is being able to assemble the land. Let's go along the Danforth for example and say okay, how do I assemble a whole street block? I've got retail on the first floor, an apartment above. I've got to buy maybe 10 or 20 of those in a row before I can start to do this, this new construction. So it's expensive, it's time consuming, and I shouldn't be restricted-- We shouldn't be restricted as to which street we do it on; it should be any street in 416. >> Okay, and you know, Al, Tony referenced maybe some folks who don't want these types of bigger buildings in their backyard-- A lot of folks in communities do have some concerns, especially about infrastructure and transit. Where do you fall on this? >> Well, you're living in the city of Toronto and it's, you know, that picture behind you just, ahem, you know, look at the high-rise there, it's a big city. You know, we've always talked about Toronto becoming a world-class city. And if you've been to London, England, you see that there's-- Everywhere, they don't have the high-rises we have, but everywhere you look, they're, uh, six, eight, ten story on every street. Uh, the building that I own in the beaches, we're on the South side of Queen. And I'm on a block and we're not interested in developing 'cause I run my real estate company out of that. But the neighbours are interested. And we've talked to the councillors and they've just shut us down right away saying, "Absolutely no way, it only goes to four stories, end of story." Look, c'mon, six stories? On the North side you can go six stories, you can go higher, but not on the South side. It makes no sense, there's no logic in it. Uh, let's just get it done, I think it's a no-brainer, uh, if you're on a main street. I can see the, um, sympathy for the smaller streets. I don't necessarily like that idea, but they're saying no on major streets like Queen Street East! Uh, give me a break, that's ridiculous, let's just get it done. >> And the mayor is supporting this, and quite a few councillors as well at this point. Sean, what do you think? Will this help address the supply challenges that we talk about a lot on this show because it's an issue in the city. >> I think it would definitely help. Uh, as Tony alluded to, the most difficult thing is gonna be getting it approved. >> Teddy: Right. >> Um, there's so much red tape right now and, uh, I do believe it would help the supply issue tremendously, especially major streets. You probably have transportation, whether a street car, bus, subway. So I do believe it would help alleviate some of the supply issues that we're seeing right now and we're gonna see in the future. >> Right. Tony, are you

optimistic this will pass, whether in its current form or at a revised status of maybe 60 units? >> Well, let's get on with it. We've been talking about this for four, five, six years. Let's get going. And whether it's six stories with 30 suites or 60 suites, let's, uh, set some parameters this week and let's, let's get building. >> Yeah, it'll be interesting to see what happens and we'll keep reporting on it. Uh, Al, you've got a few great properties on the market to discuss this week, we're gonna start with 79 Wembley Drive. We're in Toronto for this one? >> Al: Yeah, this house really excites me, I think it's a really cool house. It's 79 Wembley. This is Upper Beaches. And it backed on to a ravine. How many houses in the Beaches back on to a ravine? >> Teddy: That's cool. >> Al: This is also a legal duplex. And it's, it's got three units. It's got four bedrooms all together, four baths. Potential parking. Right now, you know, there's potential for parking on this property. It's got, like I said, a finished basement with a walkout to a, to a beautiful ravine. And it's, it's one of the quieter streets, Wembley Drive-- 79 Wembley Drive in the Beaches. We're out at $999,000. We're gonna be open housing it Saturday, Sunday 2 PM to 4 PM. I'm not sure where the, you know, the pricing will go on this one but we priced it pretty aggressively, pretty low. But you, you've gotta treat yourself to 79 Wembley-- legal duplex, $999,000 backing on to a ravine. The backyard is 150 feet deep and the frontage on this is 25 feet so it's a, it's a beauty. Treat yourself. Give me a call and I'll get you in. >> Teddy: Alright, I've always dreamed of owning a cottage and I really like Peterborough. It's a fast growing city. You've got a cottage in Peterborough, right? >> Al: Yeah, this is on Big Bald Lake and it's, it's a real cool property. When I met (Unclear) there. They were, they were really excited about owning it. And I think, you know, they were-- their lifestyles changed a little bit and their business so that's why they're moving it, but they're a little sad to see it go. And it's got four bedrooms, two baths. The lot size is 128 by 100 and it's on two sides of the street so you have waterfront on both sides, and it's, it's really cool. So you can, you can entertain a lot of people. It's, it's a really spacious main cottage with 1,700 square foot of waterfront living and then you've got another bunkie on the other side, a single boathouse, a beach-size gazebo and private dock access on both sides of the, of the road. So it's really a cool place. I put it out at $1,119,000. I think that's, that's an aggressive price but we are not holding back offers on this. And give me a call, I'll get you in there. We're up in Peterborough. We're all over Ontario now so we're in Peterborough. And myself or, or-- we'll get you-- one of my agents will get you in there. And it's-- it'll be a great property to see. >> Teddy: Awesome. Yeah, a very unique property. Cool, alright. Let's head back to the GTA, Brampton. Let's got to 59 Jezzberry Road. >> Al: Yeah, this is in Rosedale, which you see our commercials all the time. This is, this is a huge property. It's 2,027 square feet. It's got two bedrooms, three baths. It's a, it's an adult lifestyle community so that's why this one's on one floor, although it does have a loft so I should say it's got a second floor loft as well, but a huge unfinished basement which you can do. Maintenance fees are $507 and that includes your-- the gym, outdoor pool, recreation centre, golf course, tennis court, pickleball. Like, it's, it's like a membership. And we're out at $1,262,000. And this is a vacant property. We've priced it well. But give me a call and myself or Janet Sinclair will get you in there to see it. >> Teddy: Awesome. I know you're a big pickleball fan, right? >> Al: I'm a fan. Not much of a player. >> Teddy: Okay! Alright, AlSinclair.com for more info. Okay, up next! Unless you're sitting on a cartoonishly large pot of cash or gold, obviously buying a home means getting a mortgage and after the break we've got your mortgage 101; advice, tips, pitfalls and more! You don't wanna miss it. Plus, we wanna hear from you with your real estate questions. HotProperty@CP24.com is the address. We'll be back right after the break. (Dramatic music) I am Paul Atreides! Duke of Arrakis! Let me fight beside you. I'll show you the way. Where Tribute really makes a difference is in the quality. My Tribute The Warranty's there but you won't need to use it. My Tribute Outstanding quality for complete peace of mind. My Tribute Quality that exceeds the standards. My Tribute Winner of the J.D. Power Award for highest in customer satisfaction with new homebuilders in the GTA. A tradition of Excellence for over 40 years, visit mytribute.ca. Febreze! Your bathroom... Needs Febreze Small Spaces... The always-on, odor-fighting air freshener

you set and forget. No outlets used, no batteries needed, no effort required. So your bathroom stays continuously fresh for 45 days. That's the power of Febreze Small Spaces. Do you feel like banks prioritize their record profits over your mortgage needs? Fear not. One of our trusted advisers is here to help you reach your real estate goals. At MonsterMortgage.ca We have helped thousands of Canadians with their mortgage needs. Now is the time to get the monster working for you. Visit MonsterMortgage.ca to learn more. (Dynamic music) (Dynamic music) >> Hey again, my friends. Welcome back to Hot Property. Thanks for tuning in. We'll be taking your viewer questions a little later in the show. But before that is this. In under two weeks the Bank of Canada will announce its next decision on interest rates. And with the recently released inflation figures for April coming in a bit lower than expected at 2.7% some analysts predict the central bank may opt to decrease its key overnight rate. Whether on June 5th or at the subsequent announcement on July 24th. So if you've been waiting for rates to start trending downwards before jumping into the market and you've questions about mortgages we've got you covered here on Hot Property. Let's do a bit of a mortgages 101, shall we? So Sean, obviously we'll start with you. You and your colleagues from Monster Mortgage field calls from all sorts of buyers and perspective buyers. For somebody who maybe hasn't gotten a mortgage before what do they need to know right outta the gate? >> First off, right outta the gate they gotta know what they qualify for. So qualification comes down to a multiple of factors. Things such as credit score, income and the down payment that you have available. So those three factors will really determine on what would allow you to qualify for in terms of a mortgage and effectively your purchase price that you are able to get to. >> Teddy: Got it. What other issues should people consider when they're starting to go through this process? >> Not so many issues. I guess just kind of have your ducks in a row I guess is the biggest thing, you know. Have what you have available for a down payment. Make sure your credit score is in a stable position. I usually say anything really about 680, 700 is kind of the ballpark if you wanna be with the banks. And just make sure that you have the funds available, whether it's an RRSP, first-time homebuyers plan available, tax free savings account, the first-time homebuyers savings account as well. So there are multiple different aspects that you can approach the down payment aspect of it. So yeah, you just gotta make sure everything's in line for you to be able to, you know, call us or call a mortgage broker to be able to give you the best advice. >> And just lastly, another big question on everybody's mind, variable or fixed? This is a lot up to kind of personal taste, risk tolerance, and these sorts of things, right? >> It's a great question, and... Honestly we've been getting it quite a bit now with the inflation report that came out as you mentioned, 2.7%. It's been below three now for the last four months I believe. So that is in anticipation of a rate decrease hopefully come June. There's no guarantee but most economists are believing that a rate cut is gonna be coming in June. So with the variable you're probably gonna be sitting around 6%. The most common fixed rate now you're probably gonna be sitting around 5% or at 5%, depending on the transaction that you're doing. So you know, are we gonna see a full percent decrease in the next year, that's the question you gotta ask yourself. As well as can you afford the higher payments now with the anticipation of the rate decrease coming down the road. >> Got it. Alright well in two weeks on Hot Property we'll report on the Bank's next decision. Tony, quickly from your perspective, in terms of new builds and new construction, anything people should be looking out for in terms-- >> Well when you're buying a new home from us, from Tribute, you'll come to our sales office and we'll have a mortgage representative there from probably one of the major banks. Usually one of the banks. And so the purpose for them to be there is to get you qualified for that mortgage, because we need to have a qualified purchaser before we can say we've got a firm sale here, we can go to the bank and finance to build the home or build the project. So that's the key. And the good thing about dealing with the banks that we deal with is they'll often give you a capped rate on your mortgage. So it's like an insurance policy. If rates come down in the future before you close, you'll get the lower rate. If rates go up in the future, you're capped at the rate you're approved at. So given certain time frame involved, you know, two, two to three years kind of thing in the future. So these are all things to consider. But basically we are looking for purchaser to be approved-- you know, to come in, get approved, we know we've got a bona fide customer, and we're ready to go. >> Teddy: And Al, you've worked with countless buyers and sellers over the years. Any kind of consistent themes or maybe even pitfalls that you've seen? >> Well over the years, since I started, it was different. A client would come in and as a real estate agent, I'd have to qualify them. And two of my favourite mortgage brokers were Sean's parents Leslie and Dave Curry. And so I'd qualify them, then I'd send them off to Dave and sometimes Dave would look at me and go what the heck are you doing, Al? (Laughing) I thought I qualified them. But we're real estate agents,

but now the industry's evolved so much that we've got people like Sean Curry here who can qualify someone for me. So when I get that client in my office, I've sent them to Sean, they come back to me and they're pre-qualified. And it's been done properly, not by a sales rep. It's been done by a mortgage broker and a professional. So we get it now, so the business has evolved into a very positive-- it's very efficient the way it is right now. But some of the things, you know, from doing it back in the day, and things I've learned over the years, is if you are looking for a mortgage there's a few things that you don't want to do. One is when you get on it, you want to stay on it. You don't want to, you know, get on it, waste some time, go on a vacation, come back to it. You've got to stay focused and get qualified right away. The other thing is don't make any major purchases while you're getting qualified. I've seen people, you know, they're all qualified, they come in and then we go to do something and then they go geez, I can't qualify for the same amount. Well they just bought a car. And so it's changed everything. So that's one of the things, but the main thing is get pre-qualified. Call me and I'll set you up with the proper mortgage broker if you don't have one already, and then we'll go from there. >> Great, okay, yeah, awesome discussion. Tony, let's go back to you, you've got a great Tribute Community to highlight on the show. We're talking about Viewpoint Condominiums Tower 2 in Pickering. >> Tony: We're in Tower 2 and again, when you come to our sales office and meet with Rhonda our salesperson there will be a mortgage rep there that will get your qualified for the mortgage and this is important. We have a new promotion on right now where we're actually offering below market rates on mortgages, which Rhonda can tell you all about when you come to the sales office. It's a great package, great promotion right now. Viewpoint Condominiums. You're right in the middle of Pickering, you're right at Pickering Town Centre, right at the 401, Liverpool Road. You've got the GO Train, you've got the shopping, you've got the casino if you want it just down the road. So you've got great access on the 401 into the 416 from there. And we have-- we're on the second tower. The first one is mostly sold out now, so we're now marketing the second one. And the uniqueness about this building is most of the suites or just about all of the suites have balconies or they all face the lake. So they're facing I guess that's southwest from where we are. And so you've got great views of Frenchman's Bay and all the way down towards Scarborough Bluffs, you could see down there on a clear day. So again, we've got one bedrooms, we've got two bedrooms, we've got three bedrooms, so wide range of suite styles available, all with great specifications. We've got the 24-7 concierge. We've got great outdoor terraces for outdoor space for barbecues. We've also got the work stations if you want to work from home. Podcast studio, I think we've talked about before. There's even a kids room there, so if you've got a small family and you put the kids in there while you go out shopping or whatever you're doing, is great. So we've got a 10% deposit situation right now, which is payable up until the end of 2024. And then you're not closing until 2028, so you've got almost four years. Three and a half years before you close to save up any more down payment you might have. So it's a great location, we've got a great mortgage package, mortgage rate package on the suites there now. Go to MyTribute.ca and make an appointment with Rhonda to come and see what we've got to offer there. >> Teddy: Awesome, beautiful. Thanks, Tony. MyTribute.ca for more info. Okay, up next we're opening the viewer mailbox. Our panel will answer a few of your real-estate questions. You can always get those to us. HotProperty@CP24.com. See you in a minute. Do you feel like banks prioritize their record profits over your mortgage needs? Fear not. One of our trusted advisers is here to help you reach your real estate goals. At MonsterMortgage.ca We have helped thousands of Canadians with their mortgage needs. Now is the time to get the monster working for you. Visit MonsterMortgage.ca to learn more. To give your teeth a dentist clean feeling... start with a round brush head... add power... and you've got Oral-B. Round cleans better by surrounding each tooth... to remove 100% more plaque... for that just-left-the-dentist clean feeling. Oral-B ( ) ( ) In my book, saving while shopping is a no-brainer. So, I use Rakuten to get Cash Back while I'm book clubbing. Cha-Ching! So, how does that work? Well, stores pay Rakuten to send them shoppers. Rakuten shares that money with us, in a check or PayPal payment. It's free and easy. Menopause can change your hair. 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