Real Estate Fraud, Vacant Home Tax & Foreign Buyers Tax (Dimitri Kanavas – Real Estate Lawyer)

Real Estate Fraud, Vacant Home Tax & Foreign Buyers Tax (Dimitri Kanavas – Real Estate Lawyer)

Dimitri Kanavas, Real Estate Lawyer, joins us to talk about the recent fraud cases in Toronto, the implications of the new Vacant Home Tax and changes to the Foreign Buyers Tax. www.morrisonreportpodcast.com/

Dimitri Kanavas, Real Estate Lawyer, joins us to talk about the recent fraud cases in Toronto, the implications of the new Vacant Home Tax and changes to the Foreign Buyers Tax.


Upcoming New Mortgage Changes in Ontario (Jim Jiang – Mortgage Agent)

Upcoming New Mortgage Changes in Ontario (Jim Jiang – Mortgage Agent) #TheMorrisonReport

Jim Jiang, Mortgage Agent from Outline Financial, joins me as we chat about the proposed rules from Office of the Superintendent of Financial Institutions (OSFI) and what the upcoming mortgage rule changes might mean for buyers.

Jim Jiang, Mortgage Agent from Outline Financial, joins me as we chat about the proposed rules from Office of the Superintendent of Financial Institutions (OSFI) and what the upcoming mortgage rule changes might mean for buyers.



Where Is Toronto’s Real Estate Market Right Now? (Toronto Today with Greg Brady AM640)

Where Is Toronto’s Real Estate Market Right Now? (Toronto Today with Greg Brady AM640)

Here’s what I’m seeing in Toronto’s real estate market right now. There isn’t a lot of inventory on the market and buyers are looking!

Here’s what I’m seeing in Toronto’s real estate market right now. There isn’t a lot of inventory on the market and buyers are looking!


Toronto Property Tax Increase – The Good & The Bad (Toronto This Weekend with Maggie John)

Toronto Property Tax Increase – The Good & The Bad (Toronto This Weekend with Maggie John)

I join Maggie John on AM640 to talk about the City of Toronto’s recent announcement of the increase of property taxes. Here’s what I think of it.

I join Maggie John on AM640 to talk about the City of Toronto’s recent announcement of the increase of property taxes. Here’s what I think of it.





Findings on Condos from the Auditor General of Ontario

The Auditor General of Ontario (AGO) examines government programs, agencies, certain public-sector organizations receiving government grants and Crown-controlled corporations to see if their administrators have spent money with due regard for economy and efficiency and have satisfactory procedures for measuring and reporting on effectiveness.

Here is a brief summary of their findings:

  • The initial developer-set condo maintenance fees (for pre-construction condos) were typically understated
  • Those responding to their survey, “experienced significant increases in condo fees, ranging from 10% to over 30% in the first 2 years after the condo’s registration”
  • The majority of condo boards surveyed were required to increase reserve fund contributions by an average of 50%.
  • The Ministry of Government and Consumer Services would like to implement a set of standard terms and forms for key documents relating to the purchase of new condo units, such as the agreement for purchase and sale, declaration and disclosure statement. The AGO found there has been little to no progress on this initiative.
  • Require developers to place money in trust to be available to condo corporation if the developer understates common area expenses, or that developers have to pay a penalty if they were found to understate condo expenses by a set percentage compared with their budget statements. The AGO found there has been little to no progress on this initiative.
  • Extend reserve fund studies of condo buildings to include the cost of repairs and replacements looking forward 45 to 60 years, instead of 30 years. The AGO found there has been little to no progress on this initiative.
  • Looking into removing the option of developers basing reserve fund contributions on 10% of operating expenses and replacing this option with a requirement to have the contributions be supported by a third-party reserve fund study. The AGO there has been little to no progress on this initiative.

The AGO has made some very interesting observations. Many of these recommendations that have had little to no progress would greatly help the transparency for consumers buying pre-construction condos. It’s something the industry desperately needs.


Affordable Housing in Toronto (Mark Richardson – HousingNowTO)

Affordable Housing in Toronto (Mark Richardson – HousingNowTO) #TheMorrisonReport

Mark Richardson, Technical Volunteer Lead at HousingNowTO.com and Chief Technology Officer at Rich Analytics, joins us to talk about affordable housing in Toronto. and We dive into duplexes, triplexes, laneway housing, garden suites, increased density and rooming houses. We also look at the overall landscape of housing in Toronto and where it’s headed.

Mark Richardson, Technical Volunteer Lead at HousingNowTO.com and Chief Technology Officer at Rich Analytics, joins us to talk about affordable housing in Toronto. and We dive into duplexes, triplexes, laneway housing, garden suites, increased density and rooming houses. We also look at the overall landscape of housing in Toronto and where it’s headed.