Good Job, Good Income, Still Can't Buy A Primary Residence In The GTA?
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Jun. 16, 2022•0 likes•170 views
Good Job, Good Income, Still Can't Buy A Primary Residence In The GTA?
Jun. 16, 2022•0 likes•170 views
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This will be a little bit different than our typical Investor Focussed Meetup. Definitely, we will be bringing our Investor Realtor lens and deep insights, but we will be focussing on a different pain point... In fact, we touch on some of this in the article that HGTV.ca wrote about Volition entitled: "Expert Tips That Will Help You Become a Homeowner Before 40". But in this Meetup, we are going to go much much deeper into actionable strategies & tactics that you can employ... and more importantly, HOW to do it. Far too often, we hear that aspiring home owners feel that they can't afford to buy a home in Toronto, or North York, or Richmond Hill, or Markham, or Sauga, or wherever they wish they could live. The odds are simply stacked against them – even if they have enough for a downpayment, they can't afford the monthly carrying costs! Instead, they move out to Hamilton, Windsor, St. Catherines, purely because of affordability. We are venturing out to change mindsets. Definitely, GTA is more expensive than outside GTA – there is no question – and yes, not everyone can realistically afford a home in the GTA. That said, we will offer a different perspective on how to "afford" a home in the GTA, and offer practical solutions and strategies on how to "make GTA work". Sure, it's not easy. Sure, it might take a bit more work. Sure, it still won't mean that you'll find your "dream home" for less than $1M (or $1.X M, actually!). But for those who are resourceful, purposeful, and willing to do what it takes, Volition's Advisory & Realty services may be able to help turn that dream of home ownership in the GTA into reality.
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Good Job, Good Income, Still Can't Buy A Primary Residence In The GTA?
- 1. @volitionproperties www.volitionprop.com Volition Real Estate Mastermind: Good Job, Good Income, Still Can’t Buy A Primary Residence in the GTA? June 2022
- 2. @volitionproperties www.volitionprop.com Monthly Meetup Agenda 6:30 - 7:00 pm Online networking (your network is your net worth!) And yes, the Meetup will be recorded and posted on our website! www.volitionprop.com/mastermind-meetup/ 7:30 - 9:00 pm The Main Event 7:00 - 7:30 pm Volition presentations including market updates and case studies
- 3. @volitionproperties www.volitionprop.com Legal Disclaimer Volition Properties and its members, officers, directors, owners, employees, agents, representatives, suppliers and service providers, provides this presentation for informational purposes only. This presentation and the information, materials, services, and other content available (“Content”) are subject to the following terms and by participating today you agree to these terms. ● The Content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained on within the presentation constitutes a solicitation, recommendation, endorsement, or offer by Volition Properties or any third party service provider on a property, for investment or otherwise. ● All Content is information of a general nature and does not address the circumstances of any particular individual or entity. Nothing within the presentation constitutes professional and/or financial advice, nor does any information within the presentation constitute a comprehensive or complete statement of the matters discussed or the law relating thereto. You alone assume the sole responsibility of evaluating the merits and risks associated with the use of any information or other Content before making any decisions based on such information or other Content. ● In exchange for participation at this event, you agree not to hold Volition Properties, its affiliates or any third party service provider liable for any possible claim for damages arising from any decision you make based on information or other Content made available to you. ● There are risks associated with investing in real estate involving risk of loss. Loss of principal is possible. Some high risk investments may use leverage, which will accentuate gains & losses. Foreign investing involves special risks, including a greater volatility and political, economic and currency risks and differences in accounting methods. ● Past investment performance is not a guarantee or predictor of future investment performance. OUR EXCLUSIVE REMEDY FOR DISSATISFACTION WITH THE CONTENT OF THE PRESENTATION IS TO STOP YOUR PARTICIPATION. VOLITION PROPERTIES AND ALL ASSOCIATED MEMBERS ARE NOT LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL OR PUNITIVE DAMAGES, UNDER ANY THEORY OF LIABILITY, INCLUDING WITHOUT LIMITATION, DAMAGES FOR LOSS OF PROFITS, USE, DATA, OR LOSS OF OTHER INTANGIBLES. IN PARTICULAR, AND WITHOUT LIMITATION, VOLITION PROPERTIES WILL NOT BE LIABLE FOR DAMAGES OF ANY KIND RESULTING FROM YOUR USE OF OR INABILITY TO USE THE CONTENT OF THIS PRESENTATION
- 4. @volitionproperties www.volitionprop.com Who is Volition?
- 5. @volitionproperties www.volitionprop.com Who is Volition? ● Mission Statement: To help people navigate the complex world of real estate and to be the team who has your back. ● Complete Solution Provider: Everything you need to be successful. ● We Figure It Out For You: Cutting-edge research, analysis, and (more importantly) synthesis in putting together solutions for the competitive Toronto market.
- 6. @volitionproperties www.volitionprop.com Who is Volition? Credentials: ● $32M+ personal holdings in Toronto Real Estate (55+ doors) ● Featured on HGTV, REIN, RISE, Property Profits Real Estate Podcast, etc, etc. ● Certified Real Estate Investment Advisors ● Michael Millenear Real Estate Investing Leadership Award nomination ● Realtor Awards: Chairman Award, President Award, Top Producer Award 5 years running
- 7. @volitionproperties www.volitionprop.com Frequently featured as EXPERT REALTORS on HGTV 1. Expert Tips That Will Help You Become a Homeowner Before 40 2. 15 Things You Need to Know Before You Buy Your First Rental Property 3. 15 Important Things to Look for When House-Hunting for Your First Property 4. How to Get a $100K Renovation for Free, According to the Experts 5. Top 15 Trends That Renters Are Looking for During the Pandemic 6. How to Make an Extra $50k When Selling Your Home 7. This Housing Trend is Taking Over the Toronto Real Estate Market Right Now 8. Expert Stager Shares Top Tips To Sell Your Home in a Snap 9. What to Look Out for in the Toronto Real Estate Market for Summer 2022 …and more to come!
- 8. @volitionproperties www.volitionprop.com Volition Services Mentorship, Education & Consultation Leasing & Property Management Toronto’s Leading Real Estate Investment Advisory & Realty Firm Realty Management Advisory Renovations Acquisition of Properties Design & Renovations
- 9. @volitionproperties www.volitionprop.com The Volition Team Toronto’s Leading Real Estate Investment Advisory & Realty Firm Matthew Lee Founder & Managing Partner Ming Lim Head of Construction and Realty Services Florence Lee Strategic Initiatives Manager Construction Project Mgmt Sam Ho Special Advisor Brian Li Construction Project Mgmt Alykhan Jinnah Realty Coordinator Chris Law Realty & Leasing Services Daniel Weng Realty & Leasing Services Alcina Sung Interior Design & Stager
- 10. @volitionproperties www.volitionprop.com Investor agents make the best “normal” agents! ● We can help you find your dream home and have it make financial sense ○ Does this property hold to long term appreciation fundamentals? ○ Does it require construction? How much are those things going to cost? ○ Can I have a secondary suite to help with cash flow? How much are rents? What tenant profiles will I get? ○ How can my primary residence help me qualify for investment properties in the future? HELOC? Secondary suites? ○ Advanced financing - B Lenders, Second Mortgages, Private Lenders ○ Top 1% of all agents ● We sell investor properties and single family homes ○ Active buyers / investor list, email marketing, social media marketing ○ Virtual 3D Dollhouse, Drone, Lifestyle video ○ Multiple languages, foreign investors Your home is the most important tool in your investment journey! We do a deep dive today!
- 11. @volitionproperties www.volitionprop.com The Volition Advantage The Volition Team!
- 12. @volitionproperties www.volitionprop.com Private Volition Inner Circle Whatsapp Group ● Exclusive to our clients ONLY! ● Talk about news, tenant issues, share contacts, basically help navigate the difficulty of the world of real estate! ● Become a Volition client today to get access!
- 13. @volitionproperties www.volitionprop.com Ming’s Market Minute
- 14. @volitionproperties www.volitionprop.com Sales Volume
- 15. @volitionproperties www.volitionprop.com Average Resale Home Price
- 16. @volitionproperties www.volitionprop.com New Listings
- 17. @volitionproperties www.volitionprop.com Sales to New Listings Ratio
- 18. @volitionproperties www.volitionprop.com Sales to New Listings Ratio vs Avg Home Price
- 19. @volitionproperties www.volitionprop.com Volition Market Data
- 20. @volitionproperties www.volitionprop.com Volition Metrics - Downtown municipalities
- 21. @volitionproperties www.volitionprop.com Volition Metrics - Downtown SF Detached
- 22. @volitionproperties www.volitionprop.com Volition Metrics - Condos
- 23. @volitionproperties www.volitionprop.com Volition Metrics - Toronto - Everywhere else
- 24. @volitionproperties www.volitionprop.com Volition Metrics - Uptown SF Detached
- 25. @volitionproperties www.volitionprop.com Rental Market Update
- 26. @volitionproperties www.volitionprop.com Rental Market Summary: Q1 2022
- 27. @volitionproperties www.volitionprop.com YoY Changes in Rental Prices One Bedroom-Avg Lease Price Q1 2022 (W02) $2,092.00 +13.45% Q1 2021 (W02) $1,844.00 One Bedroom-Avg Lease Price Q1 2022 (E01) $2,157.00 +12.23% Q1 2021 (E01) $1,922.00
- 28. @volitionproperties www.volitionprop.com YoY Changes in Condo Rental Prices- 1 Bdr
- 29. @volitionproperties www.volitionprop.com Leasing Market Update: Recent Examples 1 bdr condo (Bay & College) DOM: 1 14 showings in 1 day 5 offers submitted Leased for $2300 ($1800 in Jun 21) Occupancy: July 1, 2022 Tenant Profile: young professional couple 3 bdr/1.5 bath (Bloor & Dufferin) DOM: 5 15 showings over 5 days $3695 utilities extra ($3495 inclusive in Jun 21) Occupancy: June 1, 2022 Tenant Profile: Single professional with 2 kids 1 bdr/1 bath (Trinity- Bellwoods) DOM: 3 Open house: 10-12 viewings $2,495 utilities extra Occupancy: Jul 1, 2022 Tenant Profile: Doctor and her partner
- 30. @volitionproperties www.volitionprop.com The Main Event: Good Job, Good Income, Still Can’t Buy A Primary Residence in the GTA? We’ve solved the Toronto Housing Crisis 😂😂😂
- 31. @volitionproperties www.volitionprop.com Can’t Afford in GTA? You’re not alone… Who is this for? Define problem of “affordability” What do “solutions” entail?
- 32. @volitionproperties www.volitionprop.com Profiles of Pained Homebuyers Single Party ● Family ● One couple Two Parties ● 2 friends ● A couple and a friend Three Parties ● 3 friends Two Couples
- 33. @volitionproperties www.volitionprop.com 1 Party (Family, Couple)
- 34. @volitionproperties www.volitionprop.com Family (Problems) Mortgage Qualification is too low Can’t Afford Monthly Carry Costs If: Already own a condo/smaller house Then: Proceeds from sale is down payment If: Don’t own property yet Then: Need 20% down payment
- 35. @volitionproperties www.volitionprop.com Family (What Can Be Solved?) Mortgage Qualification is too low Can’t Afford Monthly Carry Costs
- 36. @volitionproperties www.volitionprop.com Family (Financial Comparison) Upgrade Option: SF w/ Secondary Suite ($1600 rental income) Main Option: SF Home BATNA: Condo (2bdrm) Cost $1,500,000 $1,400,000 $900,000 DP + Closing $357,000 $333,000 $211,000 Mortgage $1,200,000 $1,120,000 $720,000 Household Income Required for Mortgage $240,000 $224,000 $144,000 Household Income Required for Mortgage (after factoring in $1600 rental income) $200,000 N/A N/A Carry Cost (incl 10% M&R) $6,775 $6,404 $3,991 NET CARRY COST after Rental Income $5,175 $6,404 $3,991
- 37. @volitionproperties www.volitionprop.com Family (Features Comparison) Upgrade Option: SF w/ Secondary Suite ($1600 rental income) Main Option: SF Home BATNA: Condo (2bdrm) Overview 2 storey 1200sqft + 600sqft basement 3bdrm/1.5bath 1bdrm/1bath 2 storey 1200sqft 3bdrm/1.5bath Finished Basement 1 level 900sqft 2bdrm/2bath Backyard Yes Yes No Finishes Mid-grade Mid-grade Premium Condo Location A A A Family Friendly Yes Yes No Growth Potential Higher (e.g. 6%) Higher (e.g. 6%) Lower (e.g. 3%) 5yr Annual ROI (Equity Growth) 28.4% ($507,000) 28.4% ($473,000) 13.6% ($143,000) Why Do This? Rental income reduces carry costs, but need more DP. Entry level starter home, no tenants, highest monthly carry cost. Suitable for a couple, harder for family with kids. You own it yourself, but lower growth potential.
- 38. @volitionproperties www.volitionprop.com Family (What You Get, Bloor/Dufferin)
- 39. @volitionproperties www.volitionprop.com Family (Requirements) Down payment ● Min 20% + closing costs ($350k for $1.5M property) Mortgage Qualification ● Min Household income $200k ● If 2 people: Could be $100k per person ● No other significant debts Carry Costs ● $5175/mo (instead of $6404/mo) vs. $3991 for condo
- 40. @volitionproperties www.volitionprop.com 2 Parties (2 Friends)
- 41. @volitionproperties www.volitionprop.com 2 Friends (Problems) One Person Mortgage Qualification is too low One Person Can’t Afford Monthly Carry Costs One person doesn’t have enough down payment One Person Mortgage Qualification is too low One Person Can’t Afford Monthly Carry Costs One person doesn’t have enough down payment
- 42. @volitionproperties www.volitionprop.com 2 Friends (What Can Be Solved?) Combine Mortgage Qualification ability Similar Carry Costs to a Condo Combine down payment and increase purchase power
- 43. @volitionproperties www.volitionprop.com 2 Friends (Financial Comparison) Upgrade Option: Entry Level Triplex ($1600 rental income) Main Option: Entry Level Bungalow Duplex BATNA: 1 Condo each (1bdrm) Cost $1,500,000 $1,200,000 $600,000 DP + Closing Per Person $179,000 $142,000 $138,000 Mortgage $1,200,000 $960,000 $480,000 Income Required for Mortgage Per Person $120,000 $96,000 $96,000 Income Required for Mortgage Per Person (after factoring in $1600 + $2100 = $3700 rental income)* $80,000-$100,000* $76,000 N/A Carry Cost Per Person (incl 10% M&R) $3,388 $2,776 $2,719 NET CARRY COST Per Person after Rental Income $2,638 $2,776 $2,719
- 44. @volitionproperties www.volitionprop.com 2 Friends (Financial Comparison) Upgrade Option: Entry Level Triplex ($1600 rental income) Main Option: Entry Level Bungalow Duplex BATNA: 1 Condo each (1bdrm) Overview 2 storey Upper: 600sqft 1bdrm/1bath ($2100) Main: 600sqft 1bdrm/1bath ($2100) Lower: 600sqft 1bdrm/1bath ($1600) Bungalow Upper: 800sqft 2bdrm/1bath ($2400) Lower: 700sqft 1bdrm/1bath ($1600) 1 level 600sqft 1bdrm/1bath Each Party Lives Above Grade? Yes No Yes Backyard Yes Yes No Finishes Mid-grade Entry-level condo Entry-level Condo Location A B A Family Friendly Yes Yes No Growth Potential Higher (e.g. 6%) Higher (e.g. 6%) Lower (e.g. 3%) Annual ROI (Equity Growth Per Person) 26.9% ($254,000) 28.5% ($203,000) 13.8% ($96,000) Why Do This? Rental income reduces carry costs Each person gets a unit Suitable for 1 person, you own it yourself, but lower growth potential.
- 45. @volitionproperties www.volitionprop.com 2 Friends (What you get, Danforth/Woodbine )
- 46. @volitionproperties www.volitionprop.com 2 Friends (Requirements) Down payment EACH ● Min 20% + closing costs ($142k for $1.2M bungalow) Mortgage Qualification EACH ● $96k per person ● No other significant debts Carry Costs EACH ● $2,776/mo
- 47. @volitionproperties www.volitionprop.com 3 Parties (3 Friends)
- 48. @volitionproperties www.volitionprop.com 3 Friends (Problems) One Person Mortgage Qualification is too low One Person Can’t Afford Monthly Carry Costs One person doesn’t have enough down payment One Person Mortgage Qualification is too low One Person Can’t Afford Monthly Carry Costs One person doesn’t have enough down payment One Person Mortgage Qualification is too low One Person Can’t Afford Monthly Carry Costs One person doesn’t have enough down payment
- 49. @volitionproperties www.volitionprop.com 3 Friends (What Can Be Solved?) Combine Mortgage Qualification ability Similar Carry Costs to a Condo Combine down payment and increase purchase power
- 50. @volitionproperties www.volitionprop.com 3 Friends (Financial Comparison) Upgrade Option: Fourplex ($1600 rental income) Main Option: Entry Level Triplex (Each live in 1 unit) BATNA: 1 Condo each (1bdrm) Cost $2,100,000 $1,500,000 $600,000 DP + Closing Per Person $168,000 $119,000 $138,000 Mortgage $1,680,000 $1,200,000 $480,000 Income Required for Mortgage Per Person $112,000 $80,000 $96,000 Income Required for Mortgage Per Person (after factoring in rental income)* $85,000-$100,000* ($1600 + $2400) $67,000* ($1600 rental income) N/A Carry Cost Per Person (incl 10% M&R) $3,037 $2,258 $2,719 NET CARRY COST Per Person after Rental Income $2,504 $2,258 $2,719
- 51. @volitionproperties www.volitionprop.com 3 Friends (Financial Comparison) Upgrade Option: Fourplex ($1600 rental income) Main Option: Entry Level Triplex (Each live in 1 unit) BATNA: 1 Condo each (1bdrm) Overview 2.5 storey 3rd: 550sqft 1bdrm/1bath ($2100) 2nd: 700sqft 2bdrm/1bath ($2400) Main: 700sqft 1bdrm/1bath ($2400) Lower: 600sqft 1bdrm/1bath ($1600) 2 storey Upper: 600sqft 1bdrm/1bath ($2100) Main: 600sqft 1bdrm/1bath ($2100) Lower: 600sqft 1bdrm/1bath ($1600) 1 level 600sqft 1bdrm/1bath Each Party Lives Above Grade? Yes (and bigger units) No Yes Backyard Yes Yes No Finishes Mid-grade Mid-grade Entry-level Condo Location A A A Family Friendly Yes Yes No Growth Potential Higher (e.g. 6%) Higher (e.g. 6%) Lower (e.g. 3%) Annual ROI (Equity Growth Per Person) 28.2% ($237,000) 28.4% ($169,000) 13.8% ($96,000) Why Do This? Each person gets a unit, nicer units (no basement), better location, similar carry costs vs $1.5M Each person gets a unit. Suitable for 1 person, you own it yourself, but lower growth potential.
- 52. @volitionproperties www.volitionprop.com 3 Parties (What you get, Lansdowne/Dundas)
- 53. @volitionproperties www.volitionprop.com 3 Friends (Requirements) Down payment EACH ● Min 20% + closing costs ($119k for $1.5M triplex) Mortgage Qualification EACH ● $67-80k per person* (depending on rents) ● No other significant debts Carry Costs EACH ● $2,258/mo
- 54. @volitionproperties www.volitionprop.com 2 Couples
- 55. @volitionproperties www.volitionprop.com 2 Couples (Problems) One Couple Mortgage Qualification is too low One Couple Can’t Afford Monthly Carry Costs One Couple doesn’t have enough down payment One Couple Mortgage Qualification is too low One Couple Can’t Afford Monthly Carry Costs One Couple doesn’t have enough down payment
- 56. @volitionproperties www.volitionprop.com 2 Couples (What Can Be Solved?) Combine Mortgage Qualification ability Similar Carry Costs to a Condo Combine down payment and increase purchase power
- 57. @volitionproperties www.volitionprop.com 2 Couples (Financial Comparison) Upgrade Option: Luxury Duplex Main Option: Better Duplex (Each couple lives in 1 unit) BATNA: 1 Condo for each couple (2bdrm) Cost $2,100,000 $1,800,000 $900,000 DP + Closing Per Person $126,000 $108,000 $106,000 Mortgage $1,680,000 $1,440,000 $720,000 Income Required for Mortgage Per Person $84,000 $72,000 $72,000 Income Required for Mortgage Per Person (after factoring in rental income)* N/A N/A N/A Carry Cost Per Person (incl 10% M&R) $2,278 $1,986 $3,991 NET CARRY COST Per Person after Rental Income N/A N/A N/A
- 58. @volitionproperties www.volitionprop.com 2 Couples (Financial Comparison) Upgrade Option: Luxury Duplex Main Option: Better Duplex (Each couple lives in 1 unit) BATNA: 1 Condo for each couple (2bdrm) Cost $2,100,000 $1,800,000 $900,000 DP + Closing Per Person $126,000 $108,000 $106,000 Mortgage $1,680,000 $1,440,000 $720,000 Income Required for Mortgage Per Person $84,000 $72,000 $72,000 Income Required for Mortgage Per Person (after factoring in rental income)* N/A N/A N/A Carry Cost Per Person (incl 10% M&R) $2,278 $1,986 $3,991 NET CARRY COST Per Person after Rental Income N/A N/A N/A BONUS OPTION: Triplex or Fourplex with Rental Income to Bring Carry Costs Down to $1353-1568 Per Person (at the sacrifice of smaller units)
- 59. @volitionproperties www.volitionprop.com 2 Couples (Financial Comparison) Upgrade Option: Luxury Duplex Main Option: Better Duplex (Each couple lives in 1 unit) BATNA: 1 Condo for each couple (2bdrm) Overview 3 storey Upper: 1200sqft 3bdrm/2bath ($3600) Lower: 1200sqft 3bdrm/2bath ($3600) 2.5 storey Upper: 1000sqft 3bdrm/2bath ($2800) Lower: 1000sqft 3bdrm/2bath ($2800) 1 level 900sqft 2bdrm/2bath Each Party Lives Above Grade? Yes (and bigger, luxury living) Yes Yes Backyard Yes Yes No Finishes Premium Luxury Mid-grade Premium Condo Location A+ A A Family Friendly Yes Yes No Growth Potential Higher (e.g. 6%) Higher (e.g. 6%) Lower (e.g. 3%) Annual ROI (Equity Growth Per Person) 28.2% ($178,000) 28.4% ($152,000) 13.6% ($72,000) Why Do This? Each couple gets a unit, luxury living, premium location. Each couple gets a unit, should be a nicer place. Suitable for a couple. You own it yourself, but lower growth potential.
- 60. @volitionproperties www.volitionprop.com 2 Couples (What you get – Main Option, Dundas/Dovercourt)
- 61. @volitionproperties www.volitionprop.com 2 Couples (What you get – Upgrade Option, Queen/Ossington)
- 62. @volitionproperties www.volitionprop.com 2 Couples (Requirements) Down payment EACH ● Min 20% + closing costs ($108k for $1.8M duplex) Mortgage Qualification EACH ● $72k per person ● No other significant debts Carry Costs EACH ● $1,986/mo
- 63. @volitionproperties www.volitionprop.com Summary
- 64. @volitionproperties www.volitionprop.com Where does this work? Only in Prime Investment Neighbourhoods? vs.
- 65. @volitionproperties www.volitionprop.com No One-Size-Fits-All. Lots of options. We can design a custom solution for you.
- 66. @volitionproperties www.volitionprop.com How Volition Can Help. As Agents. As Advisors. ● Family – Volition Primary Residence Plus ○ We can help you find your dream home and have it make good financial sense ○ Legal Secondary Suite? What is req’d to create basement unit? ○ Rents, Tenant Profiles, Transit, Gentrification, Econ Fundamentals, etc. ● 2 Friends, 3 Friends, 2 Couples – Volition Co-Ownership ○ Design Divorce In Advance - Your JV prenup ■ Joint Venture Structures, Agreements, Exits, Equity Splits, Different Ownership Splits ■ Different Amounts of Cash, Different Mortgage Qualification ■ Etc, etc. ○ Living Arrangement Guidelines ■ Refi, Legal ownership structure, What If scenarios, Independent Legal Council ■ R&M, Major Repairs, Renos, Reserve Fund, Bank Accounts, Decision Making Authority ■ Disagreements, Where do you make the $, Ownership splits ■ What if one person lives in the basement, Garbage Removal ■ Etc, etc.
- 67. @volitionproperties www.volitionprop.com How Volition Can Help. As Agents. As Advisors. ● You’re a real estate investor now! Volition can help you do it properly! ○ It's more than just “buying a house that happens to have a basement suite”. ○ Ensure that it will do what you intend for it to do: basement ceiling height, side/rear setbacks, zoning, minor variances, lot size, separate entrances ○ Investor stuff: Accounting, lawyers, taxation, corp structures, write offs, depreciation, rental income, bookkeeping ○ Safety considerations: egress, legality, insurance. ○ Financial: taxation, tax deductibility, optimization ○ Mortgages: how to get higher more qualification (rents to help you qualify) ○ Education: areas, pros/cons, what to consider, important “investor lens” considerations such as Tenant profiles, rents, renovations, real estate development, gentrification, transit, infrastructure improvements ○ Analysis: High level financials, Advisory, planning, and cash flow analysis ● Volition has helped investors buy hundreds of these types of properties! Your home is the most important tool in your wealth building journey!
- 68. @volitionproperties www.volitionprop.com Reduce Monthly Carry Costs Even Further!
- 69. @volitionproperties www.volitionprop.com Creative Financing Solutions ● Reduce Monthly Carry Costs By ~$1000 by using HELOCs ($1.5M Property) Scenario A: Mortgage $5050 (80% LTV, 3%) Carry Costs: $6775 Scenario B: HELOC $3250 (65% LTV, 4%) Mortgage $950 (15% LTV, 3%) Carry Costs: $5830 Reduce Carry Costs by $945
- 70. @volitionproperties www.volitionprop.com Creative Financing Solutions ● Pros: ○ Lower Monthly Carry Costs ○ Extreme Flexibility ○ Pay HELOC down using additional cashflow, redraw it when required (rainy day fund). ● Cons: ○ No principal paydown, so you don’t own more of the property over time. ○ Ever-so-slight lower overall ROI due to higher interest rate (but doesn’t make a huge difference in the overall picture) ○ Doesn’t work for B-lenders (HELOC rates are too high) Scenario A: Mortgage $5050 (80% LTV, 3%) Carry Costs: $6775 Scenario B: HELOC $3250 (65% LTV, 4%) Mortgage $950 (15% LTV, 3%) Carry Costs: $5916
- 71. @volitionproperties www.volitionprop.com Creative Financing Solutions ● Notes: ○ Do NOT pay down the mortgage principal, since it will not free up on the HELOC due to 65% LTV limit. ○ (Hugo says: one lender will go up to 80% LTV HELOC). Don’t quote me on that. Scenario A: Mortgage $5050 (80% LTV, 3%) Carry Costs: $6775 Scenario B: HELOC $3250 (65% LTV, 4%) Mortgage $950 (15% LTV, 3%) Carry Costs: $5916
- 72. @volitionproperties www.volitionprop.com At The Other End of the Spectrum: Retirees Looking For a “Pension”
- 73. @volitionproperties www.volitionprop.com Boomers… Unhappy Boomers with Paid Off Homes but No Income Stream Happy Boomers Using Equity in Their Homes To Create An Income Stream
- 74. @volitionproperties www.volitionprop.com Use Equity In the Home…
- 75. @volitionproperties www.volitionprop.com …To Turn It Into This…
- 76. @volitionproperties www.volitionprop.com …with this much as an Income Stream Home Value: $1.5M Equity Takeout (up to 50%): $500k Renovation: $500k Rents: $3600, $2800, $2200 = $8600/mo Expenses: $1200/mo Mortgage: $0/mo Cashflow: $7400/mo Annual Cashflow: $89,000/yr And you can still… Pass asset down to the next generation via your estate No Mortgage Qualification Required! No Monthly Mortgage Payments Required!
- 77. @volitionproperties www.volitionprop.com Now what?
- 78. @volitionproperties www.volitionprop.com 3 Key Takeaways or 3 Top Things You Learned Tonight… GO! Raise your hand or put into chatbox.
- 79. @volitionproperties www.volitionprop.com What is my next step #1? Book a complimentary 30-min Advisory session ● If you are an individual: ○ …and have 1-2 friends, you are good to go. Reach out to Volition together. ● If you are a couple ○ …and you know of another couple, you are good to go. Reach out to Volition together ● If you are a family ○ …and have the down payment but need help on the mortgage qualification & carry costs, you are good to go. Reach out to Volition. ● Come prepared with: ○ Which model: Primary Residence Plus OR Co-Ownership ○ The other people you will be doing this with ○ How much down payment funds available from each person ○ What are the salaries of each person ● Book Here: https://calendly.com/volition-matt/complimentary-advisory-session-30-mins Do you wish to be put on the Volition Co- Ownership placement list? Let us know!
- 80. @volitionproperties www.volitionprop.com What is my next step #2? Attend the next Meetup! ● Topic: In-Person Real Estate Investing AMA with the Volition Team! ● Where: Withrow Park (Danforth & Carlaw) ● Date: Jul 20, 2022 ● Time: 6:00pm-9:00pm (NOTE THE TIME!) ● RSVP for free: www.meetup.com/volition What do YOU want to learn about?? (Zoom Poll, Put into Zoom Chatbox, or info@volitionprop.com)
- 81. @volitionproperties www.volitionprop.com
- 82. @volitionproperties www.volitionprop.com THANK YOU!
Editor's Notes
- Why list with us? Investor advantage! Scotiabank HELOC, right now no An actual ACTIVE list of investors/buyers. Unlike an agent who claims to have 1000s of emails to their list, adds everyone under the sun even if he doesn’t know them, and actually hits no one. Personally reaching out to 10-20 of our active buyers is a helluva lot better than spamming 1000 emails that no one will read or pay attention to. REIN Investor Database. As senior REIN members, we have access to REIN’s investor MLS. It has the ability to get your property in front of the eyes of investors from not only all over Toronto, not only across Canada, but overseas as well. Exclusive Toronto Investor Realtor for REIN Buyer’s Group…. Being able to showcase your property at REIN meetings in Toronto and across the country, and with our relationships with Keyspire, we can get your property showcased to Keyspire members as well. Our photography and virtual tour services are second to none. There is both an art and a science to it. Knowing what to show, what to leave to the imagination. Using specialized techniques such as filtering and lighting, and close ups of key features, in order to appeal to the demographic that we are targetting, can do leaps and bounds for driving more traffic. So we can get more eyeballs on a listing, drive more showings, and drive more interest, ultimately we will get you a higher price. If you have a tenant, oh man, be prepared to deal with that fallout. Because of our investment experience, we have the expertise and knowhow in dealing with tenant situations, especially with sales. Knowing how to list it properly, how to minimize impact on tenant, N12 and affidvaits to protect you as the seller, setting tenant expectations, can they stay or will they have to move out, etc.? How to get top dollar. Maybe you need staging, maybe you don’t, or maybe you just need to declutter/depersonalize and they we can bring in light staging and work with what’s there. Maybe you need very specific and targetted renos, maybe you don’t. Maybe your target will be a builder or renovator or a developer. We walk you the entire process. Do you live there? Our approach will be different and tailored. Are you planning to sell this and buy and move into a new property? We know how to discuss with your mortgage broker to get you bridge financing, if you’re going to be carrying both properties, and how to line up and get the right closing date for the sale and for the purchase. Do you purchase first or sell first? We have answers. Staging? Our very own can help you there, and even coordinate everything viz a viz design & key targeted reno upgrades as well. And we haven’t even talked about our super Investor ability to decipher data and read trends. We analyze comps better than anyone else, we track pricing better than anyone else, and therefore can more accurately predict your outcome better than anyone else. And with that, combined with the most appropriate listing strategy, will ultimately give you confidence in being able to make your next move (i.e. how much capital you’re going to have for your next place, etc.). And we’ll be able to help you determine your capital gains, based on your tax returns and your building depreciation, etc. And if it’s actually an investment property? There’s no question. You’ll depend on our assistance to build detailed financial reports, knowing what to provide to the potentially interested buyer (lease agreements, tenant acknowledgements), whether or not to provide utility bills. What if we could get you a higher price, but you provide a VTB to the seller (i.e. you make more overall because of a higher selling price AND you make interest just like the bank, but you don’t collect it all at once… and it defers your capital gains taxes). Man, there are just SO MANY STRATEGIES and ways to optimize. All the services you need under one umbrella. The point being, because we are Investor Realtors and because of Volition, we do everything that a regular run of the mill Realtor does…. Just much, much, much better. We are in the top 1% of all Realtors in Toronto (Out of 50,000 agents in Toronto), which puts us in the "Super Agent" category (like Ari Gold from Entourage). Only 500 agents are in our segment. And only about 50 of those Realtors are "Investor Grade" realtors. We know who they are, and they know who we are! Personal Residence. Like it or not, your personal residence will probably be the most expensive purchase you’ll ever make in your life Like it or not, it’s an investment. A really big one. With our investor abilities and background, we can help you look for things that are not only important to you, and check off the things on your needs list, but also ensure that we can coming at it with our investor eye as well. Perhaps there are ways to make your personal residence work for you. Or perhaps we are looking for floorplans that give you the flexibility to easily put in a second unit Or perhaps we can help advise you on how to not JUST make your personal residence a money black hole, but make it work for you as well. House hacking, Maybe we would suggest a 2bdrm and renting out the other room. Is it worth spending extra to get a 2bdrm instead of 1bdrm condo? We have answers for you. Because we know the financials and economics, and we can also read the trends. We also know the trends and know how to analyze them in a meaningful way to be able to answer key questions, like “is this the right time to buy?”, or help provide you with relevant information from related topics such as financing/mortgages (Should I amortize longer or shorter? Should I get variable/fixed? Should I get a HELOC? Should I break my HELOC into two components so I can keep my books straight for the CRA? Should I register a collateral mortgage so I can reduce my legal fees later?) We know which segments are trending up and down, and we know which areas are providing more value. We also have the in house design capabilities to help you identify something that is under-utilized, but where it creates the opportunity for you to get it undervalued and create the value/opportunity thru targetted design & renovations. We have helped clients with very high-end (as well as obviously tenant grade), so we can cover the entire spectrum. We also know the value in using leveraging your personal residence in order to further your investment business. They are often intrinsically linked, and so this provides opportunities for us as Investor Realtors to add additional value in order to help paint the picture of how your Principle Residence Let’s say you were moving out of a house and into somewhere else (like a condo or you were renting or something). Did you know that you can keep your house as your primary residence for up to another 4 years? Florence?? Or… maybe you’re looking for a combination Primary Residence AND investment property (i.e. triplex and you live in one of the units). We can help you analyze various scenarios to see what works best for you.
- http://trreb.ca/index.php/market-news/housing-market-charts The brakes! Reminds me of 2017. Unlike 2017 when it was simply ideas that scared people off, through that 16-Point Plan, this time around, it’s interest rates. I find this a little amusing, to be honest. We’re sitting at an overnight lending rate of 1.5%, which is still crazy low. And yet, so much of the existing buyer pool was thrown off by the 100-basis-point increase in the past two months that they’re simply paralyzed and can’t make a decision. That, in my opinion, is why sales were down so dramatically last month.
- http://trreb.ca/index.php/market-news/housing-market-charts It’s come down, but we’re still no where close to the market falling off a cliff
- http://trreb.ca/index.php/market-news/housing-market-charts Inventory still good But good inventory and slow sales means…..
- http://trreb.ca/index.php/market-news/housing-market-charts Average for the last 30 years 55% Sales to listing ratio What does S2L ratio mean? Basically it’s the speed at which new inventory is being absorbed How can be over 100% Listings older than 30 days Low right now, just under 40% Why do we care, it’s often a leading indicator on where the market is going See how it dropped through Jan to May
- http://trreb.ca/index.php/market-news/housing-market-charts Here’s some back tested data showing how the S2N Ratio is often a leading indicator. We don’t have a crystal ball, but this is probably as close as it can get
- Further zoom out We know Toronto and the downtown is important - but as you might have heard many times before, all real estate is local. Hyperlocal - neighborhood by neighborhooh, street by street We use the HPI What is the HPI? Like for like properties 3 bedroom detached to 3 bedroom detached Average doesn’t tell us anything Lots of activity in high end of market avg price is high Vs for lots of activity at the low end of the market. We can see in these charts what is happening at a granular level Allows us to contrast neighbourhoods and test our theories Downtown vs. everywhere else Matt
- Update this spreadsheet https://docs.google.com/spreadsheets/d/1n6zSaB-nPiClTnw-ZA0IhXX-v-kGlGdmmCdovIuCZHM/edit#gid=0 We know Toronto and the downtown is important - but as you might have heard many times before, all real estate is local. Hyperlocal - neighborhood by neighborhood, street by street We use the HPI What is the HPI? Like for like properties 3 bedroom detached to 3 bedroom detached Average doesn’t tell us anything Lots of activity in high end of market avg price is high Vs for lots of activity at the low end of the market. We can see in these charts what is happening at a granular level Allows us to contrast neighbourhoods and test our theories Downtown vs. everywhere else
- We know Toronto and the downtown is important - but as you might have heard many times before, all real estate is local. Hyperlocal - neighborhood by neighborhood, street by street We use the HPI What is the HPI? Like for like properties 3 bedroom detached to 3 bedroom detached Average doesn’t tell us anything Lots of activity in high end of market avg price is high Vs for lots of activity at the low end of the market. We can see in these charts what is happening at a granular level Allows us to contrast neighbourhoods and test our theories Downtown vs. everywhere else
- We know Toronto and the downtown is important - but as you might have heard many times before, all real estate is local. Hyperlocal - neighborhood by neighborhood, street by street We use the HPI What is the HPI? Like for like properties 3 bedroom detached to 3 bedroom detached Average doesn’t tell us anything Lots of activity in high end of market avg price is high Vs for lots of activity at the low end of the market. We can see in these charts what is happening at a granular level Allows us to contrast neighbourhoods and test our theories Downtown vs. everywhere else
- We know Toronto and the downtown is important - but as you might have heard many times before, all real estate is local. Hyperlocal - neighborhood by neighborhood, street by street We use the HPI What is the HPI? Like for like properties 3 bedroom detached to 3 bedroom detached Average doesn’t tell us anything Lots of activity in high end of market avg price is high Vs for lots of activity at the low end of the market. We can see in these charts what is happening at a granular level Allows us to contrast neighbourhoods and test our theories Downtown vs. everywhere else
- Over the past year, we have seen an upward trend in average condominium apartment rents. Substantially less listings (-42.6%) which could be contributing to the stronger price growth; could be more owners sold last year so less rental stock available. Demand for rental accommodation is expected to remain strong this year and beyond, as job growth continues, immigration and non-permanent migration continues to support housing demand, and higher borrowing costs see some young people put their decision to purchase a home on hold,” Immigration will be at or near record levels over the next two years. The number of nonpermanent residents, including students, will also increase.
- I just took W02 (Dovercourt Wallace Emerson) and E01 (Leslieville, Greenwood/Coxwell, blake/jones) as quite a few of our clients have holdings in these neighbourhoods. Based on recent experiences we do feel Q2 will show continued strong growth in demand and price growth.
- The average one-bedroom condominium apartment rent increased by 17.8 per cent to $2,145 in Q1 2022, from $1,820 in Q1 2021. The average two-bedroom rent was $2,867 in Q1 2022 – up by 17.2 per cent year-over-year compared to the average of $2,446 in Q1 2021. For perspective, the pre-pandemic peak in average rents was in Q3 2019, with the average one bedroom rent at $2,262 and the average two-bedroom rent at $2,941.
- 1 bdr condo (Bay/College) 15 showings in 1 day 5 offers submitted $2300 3 bdr/1.5 bath 15 showings over 4 days $3695 utilities extra 1. Little Italy main floor 1 bed, 1 bath around 600 sf - kitchen and bath renovated 5 years ago and everything else largely “original charm”, shared laundry, listed at $2,095 and bid up to $2,150 2. Trinity-Bellwoods second floor 1 bed, 1 bath 640 sf and 120 sf private deck - our owners’ unit. Moved out on Thursday, cleaning came Fri, showings over the weekend and leased to a doctor and her partner for $2,495 + utilities moving in Friday Both were mid-May leases, one moved in May 20 and the other for July 1 The key messages for my leases are 1. Higher rent than expected and 2. Rented out faster than expected, and now that I think about it I did get multiples for Roxton (the little Italy one) I used the property management company (Landlord) for both, it was private channel only and had 10-12 showings via open house and not sure about # of offers
- Who is this for? Millennials Feel… angry, discouraged, Feeling like you're stuck and You feel like you can't afford a house in Toronto or GTA? You have a good job, solid income, saved up some down payment… but feel like you're priced out? First home home buyers…Maybe you think that you only have enough for a condo, and that a condo is your only option? Younger people in Toronto, Millennials who are currently renting Own a condo, but don’t feel like you can ever “upgrade” to a house? Don't want to have to move to Hamilton, Windsor, St. Catherine’s, etc. Even if you have enough for the down payment, continued affordability of the monthly carry costs are exorbitant. Define problem of affordability 3 problems to solve for What do solutions entail? YOU DON’T GET SOMETHING FOR NOTHING NEEDS SACRIFICE BUT THESE MIGHT BE PALATABLE SACRIFICES Willing to make some sacrifices, willing to do what it takes. How to generate money from your home. Turn your biggest liability into an income generating asset. Co ownership. You and other like minded people can purchase and live together. Vs. buying a condo. Obviously not SOLVING THE HOUSING CRISIS…but what we ARE doing is making home ownership more accessible to a certain subsegment of the population (i.e. professional millennials… essentially our tenant profile, actually!) who feel like they have no options.
- 63 Armstrong You are couple/family/with kids, looking for a Family home: SF House with a separate basement suite as a mortgage helper (Primary Residence Plus). Rent out the basement, up to $2000 in rent, depending on the area and the unit Helps out a lot in the beginning, eventually as your life situation changes and financial situation changes, you can reclaim that space Can be a nanny suite, in-law suite in the future, etc. Variants of this: You are an individual or a couple, with a more flexible living situation: Triplex, live in one of the units House hack a single house… live in one room, rent out the other rooms House hack each unit in a triplex (2bdrm units)
- 220 Woodmount Ave
- 220 Woodmount Ave
- 50 Shirley
- 220 Woodmount Ave
- 220 Woodmount Ave
- 42 Coolmine Rd
- 50 Foxley
- Boost your cashflow by $1000 by using HELOCs. Entry-level Triplex. $1.5M, Rent $5750, Expenses $1100. Scenario A: Mortgage $4900 (80% LTV, 2.75%), Cashflow -$250. Scenario B: HELOC segment $3000 (65% LTV, 3.7%), Mortgage segment $900 (15% LTV, 2.75%), Cashflow $750. Pros: MASSIVE CASHFLOW BOOSTER Extreme flexibility Pay it down using additional cashflow, redraw it when required. Do NOT live off this cashflow. Do NOT pay down the mortgage principal, since it will not free up on the HELOC due to 65% LTV limit. Use it as a “rainy day” fund Solves the problem of “being able to hold the property for the long term”. Good for temp renos when trying to minimize outflow when no rental income, etc. (Hugo says: one lender will go up to 80% LTV HELOC). Don’t quote me on that. Cons: No principal paydown, so you don’t own more of the property over time. Ever-so-slight lower overall ROI due to higher interest rate (but doesn’t make a huge difference in the overall picture) Doesn’t work for B-lenders (HELOC rates are too high) 2. Reamortize existing mortgages out to 30yrs, bring down payments. If you’ve owned the property for a few years. 3. Fixed payment for variable interest rate mortgages. NOTE: TD is one lender (there might be others) that allow. Check to see if yours is. It means that the payment is fixed, but the ratio of interest to principle changes. This continues until you hit the “trigger” rate (payment isn’t enough to cover the interest) 4. General rate stuff: Variable is still generally the better choice for most people, unless you have a VERY specific reason. Some clients are opting for fixed, because they managed to get good deals on them Fixed: 3.2% and 3.37% Rate holds: Client is getting 1.79% CIBC (from an application started 2 months ago) for primary res Current rates: Scota is low 4% 5yr fixed P-.52% on variable (Prime=3.2% so rate is 2.68%) B lender rates 4.25-5% 1yr Keep in mind: possibly BoC rate hike of up to 1% next June.
- 3. Fixed payment for variable interest rate mortgages. NOTE: TD is one lender (there might be others) that allow. Check to see if yours is. It means that the payment is fixed, but the ratio of interest to principle changes. This continues until you hit the “trigger” rate (payment isn’t enough to cover the interest) 4. General rate stuff: Variable is still generally the better choice for most people, unless you have a VERY specific reason. Some clients are opting for fixed, because they managed to get good deals on them Fixed: 3.2% and 3.37% Rate holds: Client is getting 1.79% CIBC (from an application started 2 months ago) for primary res Current rates: Scota is low 4% 5yr fixed P-.52% on variable (Prime=3.2% so rate is 2.68%) B lender rates 4.25-5% 1yr Keep in mind: possibly BoC rate hike of up to 1% next June.
- Cons: No principal paydown, so you don’t own more of the property over time. Ever-so-slight lower overall ROI due to higher interest rate (but doesn’t make a huge difference in the overall picture) Doesn’t work for B-lenders (HELOC rates are too high) 2. Reamortize existing mortgages out to 30yrs, bring down payments. If you’ve owned the property for a few years. 3. Fixed payment for variable interest rate mortgages. NOTE: TD is one lender (there might be others) that allow. Check to see if yours is. It means that the payment is fixed, but the ratio of interest to principle changes. This continues until you hit the “trigger” rate (payment isn’t enough to cover the interest) 4. General rate stuff: Variable is still generally the better choice for most people, unless you have a VERY specific reason. Some clients are opting for fixed, because they managed to get good deals on them Fixed: 3.2% and 3.37% Rate holds: Client is getting 1.79% CIBC (from an application started 2 months ago) for primary res Current rates: Scota is low 4% 5yr fixed P-.52% on variable (Prime=3.2% so rate is 2.68%) B lender rates 4.25-5% 1yr Keep in mind: possibly BoC rate hike of up to 1% next June.
- 3. Fixed payment for variable interest rate mortgages. NOTE: TD is one lender (there might be others) that allow. Check to see if yours is. It means that the payment is fixed, but the ratio of interest to principle changes. This continues until you hit the “trigger” rate (payment isn’t enough to cover the interest) 4. General rate stuff: Variable is still generally the better choice for most people, unless you have a VERY specific reason. Some clients are opting for fixed, because they managed to get good deals on them Fixed: 3.2% and 3.37% Rate holds: Client is getting 1.79% CIBC (from an application started 2 months ago) for primary res Current rates: Scota is low 4% 5yr fixed P-.52% on variable (Prime=3.2% so rate is 2.68%) B lender rates 4.25-5% 1yr Keep in mind: possibly BoC rate hike of up to 1% next June.
- Another segment: Boomers who want to generate an income from their paid off (or nearly paid off) home in Toronto. Boomers who want a retirement plan, and can use their house to help them do that. Boomers who don’t need all that space in their home. Not part of the scope here, but reach out to us if you want to talk about it further. Even if you’re a boomer, or your parents are boomers…. You can’t eat equity, right? RIGHT??? Wrong. With our creative solutions, you can turn equity into cashflow. Let us show you how. Interested? REMEMBER, this is specifically for Boomers with a lot of equity in their homes… you don’t need anything else: don’t need cash, don’t need mortgage qualification, don’t need.
- Run second poll
- Take action If you fit into this profile we discussed today, if this resonates with you, if you are interested in home ownership, and you have the min requirements, your next step is to contact Volition Advisory. If you an individual: and have 1-2 friends, you are good to go. Have them all reach out to Volition either together. If you are a couple and you know of another couple, you are good to go. Have them all reach out to Volition either together. If you are a family and have the downpayment but need help on the mortgage qualification & carry costs, you are good to go. Reach out to Volition. how much money do you have what is your salary what is your mortgage qualification what is the name of the other parties are you interested in this co-venture/co-owership with do you with to be put on the Volition placement list, Advisory booking: If you book within the next 24 hours, get extra 15 mins. Turn off link afterwards. Applies to EVERYONE (one entity vs 2 or more entities, No JV).
- Run the polls!