The Truth About Condo Vacancy Rates in

The Truth About Condo Vacancy Rates in Toronto

By | Toronto Housing Market | One Comment

Introduction: The “1.7%” Vacancy Rate

Are vacancy rates really 1.7%?

That’s the reported rate by CMHC – the Canada Mortgage Housing Corporation – as of the end of February, 2015.

This is a very important question, because many people have invested large sums of money into condo units in the hopes of renting it out.

The more I delved into this issue, the murkier it became.

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The Toronto Housing Market Insider Podcast

By | Toronto Housing Market | No Comments
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The Mission of the Toronto Housing Market Podcast

Welcome to the first episode of the Toronto Housing Market Insider podcast. This is a very exciting and also nerve-wracking time in the Toronto real estate scene. Housing prices are at record highs, bidding wars are common, condos are everywhere, and mortgage rates are dirt cheap but hard to access. What’s really going on here?

That’s the mission of this podcast: to cut through the clutter and shed real light on what’s happening.

So who am I, your host, Simon Park?

By day I’m a real estate lawyer and partner with the law firm of Park & Jung LLP in North York. I help clients close the purchase and sale of their homes, as well as refinance their mortgages.

So why am I doing this show?

Perhaps a little about my story will explain why.

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5 Things Potential Home-Buyers Should Consider After the Mortgage Rate Cuts

By | Uncategorized | No Comments

The action is just getting started after the Bank of Canada’s recent interest rate cuts.  The Royal Bank of Canada dropped its five-year fixed rate to 2.84 per cent, sparking talks of a mortgage price war.  In this episode of the Toronto Housing Market Examiner, we list 5 things that potential home buyers should consider in the wake of this news.

The recent bought of interest rate cuts have stirred a frenzy in the Toronto housing market and people are wondering whether this is the time to jump in.  This is a very personal and relevant question for me, because I’m expecting my first child in a few months, and we have to start thinking about a place to raise our family.  I’ve put together a list of 5 things that anyone considering buying a house in the Toronto area should consider.

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How the Interest Rate Cut Has Stirred a Frenzy in the Toronto Housing Market

By | Uncategorized | No Comments

If you haven’t heard, the Bank of Canada dropped a surprise bombshell by cutting its interest rate. This surprise news caught many people off guard, and it has created a whole new bought of speculation about what will happen to the Toronto housing market.

Welcome to the first edition of the Toronto Housing Market Examiner, brought to you by the law firm of Park & Jung LLP, your Toronto real estate lawyers. My name is Simon Park, and I’m the managing partner of Park & Jung. Our mission with the Toronto Housing Market Examiner is to bring meaningful perspective and insight on what’s happening in the Toronto housing market today. For links to all of the articles we mention, make sure to visit our website at www.parkandjung.com. Let’s get started.

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BL 003: How to Leave a Lasting Legacy Beyond Your Physical Assets

By | A Beautiful Life | No Comments

A BEAUTIFUL LIFE LESSON 3:

How to Leave a Lasting Legacy Beyond Your Physical Assets

In the final episode of this trilogy on wills for parents, we take you deeper into the meaning behind this whole process.  Most often the focus with wills is on physical assets and how they get passed down.  Our approach, however, is that the process is more than that.  We try to capture the meaning behind the decisions you make so that your children and beneficiaries will understand and appreciate your insights, and be guided by them.

In this 17-minute episode, you will learn:

What is often lacking in the will planning process
The three stages of grief a child goes through when a parent dies
Three short term actions that affect long term recovery
How a proper will can help a child through recovery and be guided by your memory
Our approach to the will planning process

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BL 002: How a Will Provides For Your Children and Guides Their Decisions

By | A Beautiful Life | No Comments

A BEAUTIFUL LIFE LESSON 2:

How a Will Provides for Your Children and Guides Their Decisions

Most parents want their kids to grow up feeling confident and equipped to pursue their dreams and hopes.  Our job is to instil in them a sense of core values that have been shaped by our unique life experiences and formative influences.  What happens, though, when we’re not around to instil these values in them ourselves?  And how will we provide for them if we’re not here to do so?

In this 14-minute lesson you’ll discover:

The powerful tool that determines how your child will be provided for
How to keep control of your assets away from the government
Five things that would happen to your assets if die without a will
And much more!

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BL 001: Three Ways a Will Protects Your Kids

By | A Beautiful Life | No Comments

A BEAUTIFUL LIFE LESSON 1:

Three Ways a Will Protects Your Kids

Why do I need a will?  I’m young.  I’m busy.  I don’t plan on leaving this world anytime soon, and to be honest, I just have so many more pressing priorities on my plate.  Do I really need a will?

In this 13-minute lesson you’ll discover:

The most important reason why all parents should have a will
The six steps to ensuring the right people take care of your children
The potential nightmare if you have no will
Potential conflict among relatives if you don’t plan properly

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Trusts for Young Families

By | Wills and Estates | No Comments

For many younger families, this is the time in our lives when we begin to intentionally plan for the future. As our earning power grows, we begin to invest our money, buy property, and generally acquire more assets. However, one thing we often fail to reflect upon is what will happen to everything should we meet an untimely death.

Establishing a trust is a way you can have greater input into how your assets are used and distributed even after death. A trust allows you to ensure that any resources you leave behind can be used to take care of your family, that it will be managed wisely, and that it will go to who or where you want it to. Having worked hard for everything you have, a trust can make sure it is not squandered needlessly or that it goes to the wrong people.
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Powers of Attorney

By | Wills and Estates | No Comments

For younger married couples with children, it can be a very exciting time in life. Each day brings new joys, experiences, and learning opportunities walking together with our family. However, alongside this happiness, one thing many of us have likely come to learn in life is to also expect the unexpected. Though the unexpected may come, this does not mean that you have to be left unprepared. Preparing powers of attorney is one tool that can help you prepare for the unexpected in life, especially related to issues where problems related to mental and/or physical health may arise.

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