Thomas Shibata's blog

Potential Red Flags in status certificates!

In the world of real estate, most realtors do not want to lose a deal. However, there are some situations when a realtor must tell the client to walk away from a deal because it is in their best interests to do so.  I have written some articles that deal with status certificates, a document that tells how well a condo is being managed. This article will deal with situations or red flags that will force a client to not buy the property. As always, when buying a condo, or townhouse, I cannot emphasize enough the importance of obtaining and...

Understanding the reserve fund study

Understanding the status certificate is very crucial to determining how well the condo corporation is managing the finances. Part of the status certificate is the reserve fund study, which can be a hard document to understand. Reading the reserve fund study with the help of a real estate lawyer with help you understand this document. This article will help you understand things to look for when reading the reserve fund study and will reveal clues in what could happen when buying the condo.   

A status certificate is a critical document in the...

Attached is a presentation for investors who are interested in preconstruction. It deals with something you should do when buying preconstruction.

We hear it all the time in the news and social media, the Bank of Canada and the overnight rate. But what is the overnight rate and how is it different from the prime rate? This article will explain that in brief detail.

The overnight rate and the prime rate are two distinct interest rates in Canada, each serving different purposes and affecting borrowers and savers differently:

1. Overnight Rate:
   - The overnight rate is the interest rate at which major financial institutions in Canada lend or borrow funds among themselves for very short periods, typically just overnight.
   -...

As a realtor, I talk to numerous buyers and sellers, and they always ask me where interest rates are going or colloquially where the markets are going. After all, interest rates are the cost of borrowing money, so it is of great concern for most people.

Buying a home is a dream for most people and like most people, they must finance to buy a home for many years. Therefore, the level of interest is of utmost importance in determining whether people will buy a home and take on a huge financial responsibility.

Since March of 2022, the Bank of Canada has risen rates ten time to 5.00%....

Buying a home in "as-is" condition means that the property is being sold in its current state, and the seller is not willing to make any repairs or renovations before the sale. This approach has its own set of advantages and disadvantages:

**Pros:**

1. **Potential Cost Savings:** The most significant advantage of buying a home in as-is condition is the potential cost savings. Typically, homes listed as-is are priced lower than similar properties in better condition. This lower price can give you the opportunity to purchase a property in a desirable location that might otherwise be...

Buying a detached home is a significant investment, and asking the right questions can help ensure that you make an informed decision. Here's a list of important questions to consider asking when buying a detached home:

1. **Property and Location:**
   - What is the exact address and legal description of the property?
   - What is the size of the lot and the square footage of the house?
   - Is the property located in a flood zone or prone to other natural hazards?
   - What is the neighborhood like in terms of safety, amenities, schools, transportation, and future development...

Choosing hardwood flooring involves considering various factors to ensure that the flooring not only matches your aesthetic preferences but also meets your practical needs. Here's a step-by-step guide to help you choose the right hardwood flooring:

1. **Determine Your Budget**: Hardwood flooring comes in a wide range of prices, so establish a budget that you're comfortable with. Keep in mind that factors like the type of wood, grade, and finish can affect the cost.

2. **Choose the Type of Hardwood**: There are several types of hardwood to choose from, each with its own...

Renovating cabinets on a budget requires careful planning and creative solutions. Here are some tips to help you achieve a cabinet makeover without breaking the bank:

1. Paint or Refinish: One of the most cost-effective ways to transform cabinets is by painting or refinishing them. A fresh coat of paint can give cabinets a new look. Sand them down, apply primer, and then paint in the color of your choice. Similarly, refinishing involves stripping off the old finish and applying a new one, such as stain or clear varnish.

2. Change Hardware: Swapping out old knobs and handles with...

The Status Certificate

Toronto homes have become so expensive and far out of the reach of the average buyer. Therefore, buyers are opting for a condo or a townhouse instead. However, there are some differences between buying a condo/townhouse compared to a detached home.

For brevity we are going to focus on condos and I will discuss townhomes in a future article. Over the past 30 years condos have become very popular with home buyers due to soaring housing prices of detached properties.

What is a condo?

In simple terms, a condo is homeownership with other owners. You own your...