New Mortgage Rules

Effective January 1, 2018, Canadians who may be renewing, refinancing and those looking to obtain a mortgage have to show they can pay any new interest rate substantially higher than the current rate they have.  This routine is called a stress test which is applicable to our Canadian Banks however many Credit Unions do not follow the same path.  The new Canadian federal financial regulator announced that even Borrowers having 20% down payment or more will still have to face a stress test for qualifying,    During 2017, this method only applied to those applicants with smaller down payments and also those who were either obtaining Mortgage Insurance from Canada Mortgage and Housing Corporation CHMC or from Genworth.  Credit Unions are regulated provincially so they do not have to adopt those rules.

Canada Mortgage and Housing Corporation

Genworth

Get a Better Mortgage

Credit Scores

What’s in force

1. Mortgage Stress Tests determines how much house you will be able to buy
2. Meant to ensure that Consumers can withstand a rise in interest rates.  
3. The higher of either the bench mark mortgage rate 4.9% or the current rate plus 2%  percentage points.    
4. The Banks want to make sure that if you find a home, you do not run the risk of not qualifying in the new year.
5. Renewing Mortgage - with your current bank you do not have to qualify, only if you are changing financial institutions
6. Refinancing - you have to qualify because you are taking on new debt so the stress test applies

Get a Better Mortgage  

A variety of the types of Mortgage Financing you will need

1. Buying your home whether your First Home or Next Home
2. Buying an investment property
3. Buying a second home
4. Self Employment
5. Debt Consolidation
6. Private Mortgages

CHIP Reverse Mortgage

Understand more on Reverse Mortgages is the first Step

1. You always maintain title ownership of your home
2. You have the ability and freedom at any time when and if you move or sell
3. Clients can quality up to a 55% of your homes appraised value however an average is 33%
4. It is tax free money and allows your retirement savings to last a little longer
5. Help to free up cash

Why use a Mortgage Broker

Enjoy qualified personal services

1. Brokers primary expertise is locating funding for mortgage financing
2. Brokers are not employed by lending institutions and are not limited to services
3. Brokers are paid by lender but represent the Buyer
4. Brokers work with over 25 lending institutions
5. Enjoy better negotiating power   

ABOUT THE CONDO OWNERS ASSOCIATION (COA)?

The Condo Owners Association is a reg. non profit Association representing the best interest of all Condo Owners in Ontario with Chapters in each City across the Province.

ARE YOU ON THE BOARD OF DIRECTORS IN A CONDO CORPORATION?

Condominium Board of Directors who have approved "Membership" into the Condo Owners Association (COA)  understand the importance of managing the affairs of your Condo Corporation in compliance to the Provincial Condominium Act, 1998.

Click Here for: Introduction Letter & Request for Membership COA (PDF)

Click Here for: Application Membership Form For Condo Corporation (PDF)

CONDO OWNERS

IS YOUR CONDO CORPORATION A MEMBER OF CONDO OWNERS ASSOCIATION?

If your Condo Corporation is not a member of COA;  ask your Board of Directors "WHY NOT?

The cost is only $1.00 per unit owner (per year)  per building   ie. If you have 300 Unit Owners;  the cost is only $300.00 per year

If your Board of Directors refuses to join COA,  then their Condo Owners can join on their own at $10 per year. 

ARE YOU A PROPERTY MANAGER?

All Property Managers should tell their Board of Directors about Condo Owners Association (COA) and support its membership.

RETURN TO JOIN COA MEMBERSHIP

COA - Condo Owners Association Ontario

BYLAWS AND PROCEDURE

a)  The Chapters and Local Districts must make a commitment on behalf of their Chapter or District  and pass resolutions of their dedication and commitment to COA.

b)  The Chapters and Local Districts must agree to follow the policies, procedure and protocol of COA Ontario and adopt their Code of Ethics for COA Directors.

c)  The Chapters and Local Districts must sign acceptance of the By-law to govern COA Ontario which embodies all COA Chapters and Districts.

MEMBERSHIPS, MEMBERSHIP DRIVE, SPECIAL EVENTS AND SEMINARS

The Chapters and Local Districts must submit a formal request to COA Ontario for the following:

1)  A plan for their membership drive in their local District

2)  A plan for potential seminars and potential locations for same

3)  The COA Mentor program will be contacted for assistance at any time

4)  All COA membership fees msut be payable to COA Ontario

ADDRESS AND BANKING

1)  The Chapters and Local Districts must create an address to serve the new Chapter and/or District, a post office box is recommended to avoid address changes

2)  Set up a bank account in the name of the Local Chapter and/or District.  Identify two or three of the organizing committee to have signing authority

Please proceed to:   "Maintaining Certification" for all details

GETTING STARTED

1)  Set a date for your first meeting with the first order of business to adopt the COA By-Laws of the local Chapter and COA Ontario.

2)  The organizing committee shall be deemed the new Board of Directors for the local District.  The Board of Directors shall vote amongst themselves for the following positions:

President; Treasurer;  Secretary and if more than three Directors; a Membership and Communications Director.

3)  Create a list of District Directors to include their Position, Name, Address, Contact Numbers and Email Address.  Provide a copy to the local Chapter and COA Ontario.

4)  Prepare a Strategic Planning seminar

The Strategic Planning Seminar should define:

• Names of board and positions (i.e. President, Treasurer, etc)
• Possible list of committees (i.e. newsletter, education, website, etc) and names of each committee chair
• A List of Chapters and contact information of same
• A List of COA Ontario Executive Directors contact information of same
• A committee for media, press, newsletters and other means of communication
• Name and address of bank where District account is held

District to work with Local Chapter for all Press and Media Functions and also to include:

• Public seminars
• Membership recruitment booths
• Education Courses
• Newsletter or print, TV and Radio press

5)  Certification and recertification of a COA Chapter will allow the chapter to use the COA name and logo. However upon de-certification, that right will end.

6) The COA Board of Directors shall have the right to vary any of the requirements for certification or recertification based upon the special circumstances of any chapter, from time to time.

7) COA Ontario Board of Directors shall have the right to change and/or adjust requirements for certification or recertification based upon the circumstances of any chapter and/or District from time to time.

8)  COA Ontario Board of Directors shall have the right to implement related costs for membership of the related Chapters and Districts.

9)  Websites:  Please Note: COA Ontario will include a Chapter web site page for new Chapters upon certification and the local Chapter will include a District site page for new Districts.  The chapter will be responsible for adding content and monitoring the site for all Districts associated with that Chapter.   A Chapter can create its own web site at any time but must obtain approval from COA Ontario and ensure the design is in keeping with the layout and standards of COA Ontario.  In the event that a Chapter creates its own web site, that Chapter will be solely responsible for any costs.  COA Ontario is to have full right to link directly to all associated Chapters and if applicable their websites.

Districts Websites:  A District can create its own web site at any time but must obtain approval from their local Chapter and COA Ontario to ensure the design is in keeping with the layout and standards of COA Ontario.  In the event that a District creates its own web site, that District will be solely responsible for any costs.  COA Ontario is to have full right to link directly to all associated Districts and Chapters (if applicable

Please proceed to:   "Bylaws & Procedures" for all details

COA ONTARIO - CHAPTERS BY COUNTIES

COA is accepting applications from Condo Owners in these areas.

Please refer to: How to Apply Chapter

Working Together with the COA 

The Condo  Owners Association structure was designed to embrace a voice for Condo Owners at the Provincial level and with local MP's and MPP's in each Riding and the local Councillors in each Ward of the City.  COA also works directly with the Mayors and City Staff and other Representatives relating to various issues and new regulatory process/changes relating to condominiums



MP's  - The Members of Parliament

1. MP's are elected to the Canadian House of Commons
2. Each COA Districts (Ridings) works with MP representative
3. ie Ottawa has 308 seats in the Canadian House of Commons
4. View MP Seats at Parliament Hill 

1. 107 Seats for MPP's who serve the Legislative Assembly of Ontario 
2. MPP's have a Toronto office at Queen's Park and a constituency office. 
3. View MPP seats in your riding

1. Represent their Local Wards within their City.
2. These Wards represent the COA Districts. 
3. List of Ontario Municipalities - Ministry of Municipal Affairs and Housing

COA TORONTO Division and Related District

There are 26 COA Divisions across the Province of Ontario located in various Cities and Towns.   Each of these have various Districts also known as their Political Riding and/or Municipal Ward.

COA Districts Design  Click for City of Toronto Districts Graph
 

1. Districts are known by their Political Riding and Municipal Ward. 
2. Example:  COA Toronto has 44 Districts
3. Each Toronto District has a Councillor, MPP and MP
4. MPP's on the Provincial level at Queen's Park
5. MP's on the Federal level at  Queen's Park and Parliament Hill  
6. Councillor represents City/Municipal issues at City Hall.

   COA TORONTO - GTA       

   (reg. non-profit Association)

   Click here for: www.COAToronto.com     

COA Ontario and all COA Chapters throughout the Province to include COA Toronto formed to address the shortfalls of the Condo Act as per Bill 186 and to advocate change by creating a strong and persuasive voice in the community to all levels of Government.  

The Condo Owners Association (commonly known as COA) represents all Condo Owners registered through their independent Condo Corporations.  

COA TORONTO was established under the umbrella of COA Ontario.  To represent Condo Owners Province wide it became necessary to create districts within each City.    In the City of Toronto there are 12 COA Districts representing 44 Wards as per the Federal and Provincial Political Ridings. 

COA Toronto Districts are broken down by Districts aligning the areas in conjunction with each particular Ward to develop a close working relationship with the local Counsellor, MPP and MP.  The same structure defines the City's around the Province within the Condo Owners Association for Ontario. 

 Click to View COA Districts of Toronto Chapter below:

 They parallel with the local wards from the map below

COA TORONTO Districts

ITMayDay

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