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Canadian Realestate Magazine | 13 Feb 2015, 06:34 AM Agree 0
Oil capitals heading for correction says TD… Genworth expecting losses from Alberta mortgages… US mortgage rates increase from a 20-month low… Co-operatives offers alternative condo ownership model…
  • Ron Graner | 13 Feb 2015, 12:59 PM Agree 0
    I recently acted as buyer's agent for a co-ownership (not a co-op, but similar in ownership structure) apartment in a converted 1921 hotel in the beaches area of Toronto. The buyer had to meet the board's executive to be approved and sign a non-smoking in the unit & anti-noise agreement (no loud parties) before being approved. Financing was not available from any of the major banks, but DUCA and Creative Arts Savings and Loan -a bank for performing arts practitioners, offered competitive rates. The buyer, who had been approved by TD Canada Trust for a mortgage to purchase a home at twice the amount, was shocked when he learned they wouldn't approve a mortgage for a co-ownership unit. We had to scramble to find other financing or abandon the purchase.
    Since the new owner smokes, what would happen if, instead of smoking outside, he lit up within the unit and annoyed the neighbours who share common heating ducts? There is nothing in the agreement against cooking odors.
    Since many condos have policies against smoking, how are such restrictions enforced? In my mother's condo dogs are not allowed, but existing pets were grandfathered in. As a result, now all owners can have pets, even new owners, despite the rules. As realtors what are we to make of such regulations?
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