Simcoe County Offers $30,000 Forgivable Loan For Secondary Suites Program

Accessory Dwelling Units (ADUs) are helping address the housing crisis in several ways:

  1. Supply: They add supply of housing to the market. Without extra land permits, many ADUs can be built, adding units without requiring new development of land.
  2. Cost: They tend to be cheaper per square foot than normal homes, so that more people with lower cash flows could afford some of them.
  3. Flexibility Benefits for Homeowners: ADUs can provide a homeowner with financial stability by bringing in rental income if they were to rent out the ADU to help them afford their primary.
  4. Reduction of Space Waste: Having an ADU allows us to make better use of home space in all contemporary communities (urban, suburban).
  5. Stability of Community: Offering more dwellings in existing neighbourhoods, ADUs can help communities stay stable, and prevent displacement due to property value escalation and competing opportunities for development.

In conclusion, although the article failed to locate a study that quantifies the actual increase in housing availability and affordability resulting from ADUs, we expect the increase to be significant, considering the high housing shortage in those US areas where they are operating (Suggested Paraphrase: Overall, ADUs are a great solution to address housing shortage problems, in a simple, useful and above all cost-effective way.)

ARE YOU ELIGIBLE TO APPLY?

If you are interested in participating in the Program to create a secondary or garden suite, applicants must meet the following criteria:

  • Own a property in the County of Simcoe
  • Creation of secondary or garden suite must comply with all municipal/building regulations
  • Property taxes and mortgage payments up-to-date
  • Insurance coverage for the full replacement value of the home
  • You must be a Canadian Citizen, Landed Immigrant, or have Refugee Claimant Status and have no deportation order under the Immigration Act (Canada) against any member of the household or no departure order or exclusion order under the Immigration Act (Canada) has become effective with respect to any member of the household
  • Not be in the process of applying for bankruptcy or have an active bankruptcy filed
  • Total of all mortgages and any other encumbrances registered on title, plus the Program funding, cannot exceed the market value of the home

RENTAL UNIT REQUIREMENTS • Rents must be at or below the Average Market Rent as established by Canada Mortgage and Housing Corporation for a period of 15 years

  • Ingoing occupant(s) of the rental until must have a maximum household income below an amount as established by the Ministry of Municipal Affairs and Housing
  • Annual reporting of rental amounts is required
  • Units must be modest in terms of floor space and amenities
  • The use of energy-saving products and/or systems are strongly encouraged

LOAN FORGIVENESS

To earn loan forgiveness, you must maintain continued ownership of the property and adhere to all terms and conditions of the Loan Agreement. Loans for the creation of secondary/garden suites are forgiven at an equal rate over a 15 year period.

LOAN REPAYMENT : PROGRAM DEFAULTS

If any of the following occur, you will be deemed to be in breach and we may terminate this

Source:

Paraphrased from the human-sounding input while retaining quotes and citations. outstanding loan amount must be repaid:

  • The transfer, lease or selling of the home
  • Information was misrepresented to the County of Simcoe at any given time during the process
  • The loan is used for a purpose other than the repairs outlined in the scope of work
  • Property taxes and/or mortgage payments are in default
  • Rents and tenancies for secondary/garden suites do not meet Program Guidelines
  • Property is no longer insured to its full replacement value

For more information on this program click here. https://simcoe.ca/residents/housing/affordable-housing-programs/#SecondarySuitesProgram

Monaco Condominium Collingwood

In the Monaco condominium, residents enjoy a plethora of luxurious amenities. The moment you step into the grand and tastefully decorated residential lobby, you’ll feel a sense of arrival. Situated just a short distance from trendy shops and restaurants, the Monaco condominium building is surrounded by the year-round splendor of Southern Georgian Bay and the Blue Mountains.

The Monaco stands as a modern condominium project with six stories, 127 units & is located at the intersection of Hurontario St. and Hume St. Positioned in the heart of downtown Collingwood, this elegantly designed building includes such amenities as a rooftop retreat, rooftop party venue, fitness center, underground parking, storage locker facilities, bike racks, and retail spaces on the main floor.

Just a brief walk to the Gayety theatre, shops, the shipyard and numerous excellent dining establishments within our downtown core, make the Monaco an exceptional option for embracing your optimal lifestyle! Check out what is currently listed for sale at www.collingwoodmonaco.com and to book your personal viewing today. Indulge in the luxury lifestyle that awaits you!

Want To Retire In Collingwood? Here’s 10 Reasons Why You Should!

Retiring in Collingwood, Ontario, Canada, or any location, depends on a variety of factors that are personal and unique to each individual. Collingwood is a popular destination for retirees due to its appealing qualities, but whether it’s the right place for you to retire depends on your preferences, priorities, and circumstances. Here are some potential reasons why some people might choose to retire in Collingwood:

  1. Natural Beauty: Collingwood is situated in a picturesque area near the shores of Georgian Bay and is surrounded by the stunning landscapes of the Blue Mountains and other natural attractions. If you enjoy outdoor activities like hiking, skiing, and water sports, Collingwood’s natural beauty could be a major draw. Check out the many trails & parks. Trails & Parks Collingwood Golf Courses Ski Resorts Recreation Programs

2. Recreational Activities: The region offers various recreational opportunities, including golfing, boating, fishing, and skiing in the winter months. If staying active and enjoying outdoor pursuits is important to you, Collingwood has a lot to offer.

3. Small-Town Charm: Collingwood has a small-town atmosphere that can be appealing to retirees looking for a slower pace of life. The community often fosters a sense of belonging and provides opportunities to get involved in local events and organizations.

4. Cultural and Artistic Scene: Despite being a smaller town, Collingwood often has a vibrant cultural and artistic scene. There are galleries, theaters, and festivals that can provide entertainment and enrichment for retirees who appreciate cultural activities. Collingwood is home to many fantastic restaurants offering the most delectable cuisine. Some of my favourite places to dine are:

5. Proximity to Toronto: Collingwood is relatively close to Toronto, which is about a two-hour drive away. This proximity allows retirees to access big-city amenities and services while still enjoying the benefits of living in a smaller community.

6. Healthcare Facilities: Collingwood has healthcare facilities, including hospitals and medical clinics, to cater to the healthcare needs of its residents. Access to quality healthcare is often an important consideration for retirees.

7. Retirement Communities: There are retirement communities and senior living options in Collingwood that provide a range of housing and care services for older adults who want to be part of a community specifically designed for retirees. Real Estate: Depending on the housing market and your preferences, you might find a variety of housing options in Collingwood, from cozy cottages to modern condominiums. The real estate market can influence your decision to retire in a particular location. Homes for sale in Collingwood

8. Peaceful Lifestyle: Many retirees are drawn to the tranquility and peacefulness of Collingwood. If you’re looking to escape the hustle and bustle of city life, the serene environment could be a major benefit. Seniors are outside walking their dogs, bike riding and taking in the nature trails daily. A small town with a hip and upbeat vibe this town is a great option for retirees.

9. Golfing Opportunities: Golf enthusiasts will appreciate the various golf courses in and around Collingwood. The area’s scenic beauty adds to the charm of golfing in the region. While there are many golf courses in the area here are just a few on the list: Cranberry Golf Course, Monterra Golf Course in The Blue and Osler Brook Golf & Country Club/private

10. Friendly Community: Smaller towns often have tight-knit communities. Collingwood is known for its friendly residents, fostering a sense of community and belonging. The close-knit nature of Collingwood contributes to a sense of safety and security. Residents often feel comfortable and confident in their community, knowing that they are surrounded by familiar faces who look out for one another!

Ultimately, the decision to retire in Collingwood or any other location should be based on your personal preferences, needs, and circumstances. It’s recommended to visit the area, explore the community, and consider factors such as cost of living, climate, healthcare access, and proximity to family and friends before making a decision. Life is Collingwood is an awesome lifestyle choice for so many reasons!

Feel free to reach out to me at 705-994-7117 or via email at simcoerealtor@gmail.com for any of your community or real estate questions.

Ever wondered what it would be like to be a top-producing REALTOR® who specializes in luxury real estate and waterfront properties?

kimberlee diamond and chassity cook

A day in the life of a top-producing REALTOR®

Tapping into Kimberlee Diamond’s years of knowledge and expertise

With over 25 years in real estate, Kim Diamond knows all too well what goes into a typical day as a successful realtor. We sat down with her to get the inside scoop.

How would you describe what your day?

Real estate agents are licensed to sell and buy properties and their primary job is to assist clients (buyers and sellers) through a real estate transaction. Being self-employed, strong organizational skills are needed to manage our business and our schedules.

There is a perception that all realtors do is show homes and list homes but in reality, it requires many more skills than most people realize.

What’s a typical day on the job like?

A typical day starts with exercise and then coffee. I’m in the office by 8:30 am, answering emails. I call new prospects that have come to us through our advertising, then follow up the phone calls with an email. There’s also the juggling of contracts to be looked over, negotiating prices with other realtors, and following up on inquiries.

In the afternoon I tend to do property visits of the local inventory; I like to see what other places have listed. We inspect most homes on the market in our area to understand the competition, as well as to gather the most knowledge we can for our clients.

I work with existing clients, getting their home sold for them, and follow up with clients and buyer agent showings to gather feedback on listings. I also support clients with closings. That might include being present for inspections, sending contract documentation to lawyers, and addressing any concerns that may arise as a result of the closing.

I usually use the evenings to stay on top of all our marketing, whether that’s social media, newspapers, or all of the platforms online.

How do you measure a successful day?

It’s always unique and exciting, and no two days are ever the same. You expect the unexpected. A great agent knows the potential pitfalls of a transaction and can look around the corner and fend off most issues before they arise. Ensuring our clients’ absolute satisfaction is key for us! Juggling the day in the most effective way is key to our success.

I absolutely love it and thrive on the madness most days. For the most part it’s pretty great: we have amazing clients. I love seeing people get their first place—that’s so exciting! Or helping older people: sometimes they’ve lost their partner, or they can’t maintain their home any longer.

In order to handle your workload, you must need help. Do you have a team, how many of you are there and what role does each member play?

To help keep up with all the work, I brought on Chassity Cook, a soon-to-be newly licensed REALTOR®. She has assisted in managing the many duties required throughout the day. If I don’t have the answer to a question, Chassity will do the research and get the information for our clients as fast as possible.

So far, it’s just Chassity and myself. However, we see that changing as we are getting super busy and are looking now to add a few more stellar agents to our team.

Does your job require you to work 7 days a week?

To be successful, realtors need to be disciplined. The reality is that most realtors work long hours and that also means working evenings and weekends. For the most part, that means being available to service our clients 24/7.

The day doesn’t end at 4 or 5 pm like it does in an office. While most days we take the time to enjoy our family meal, it’s generally back into the office for a few hours afterward. Chassity and I can easily be up until 11 pm closing deals and answering client calls. 

What is your view on staging?

We do what we call a ‘soft stage’ with our inventory of staging furniture and accessories making the home stand out from the rest. If a home needs a few things moved around or just spruced up, we’ll spend a good half-day to get it all staged and have the property looking as minimalist, modern and inviting to a vast array of purchasers as possible. It puts a fresh spin on the property!

Depersonalization and staging a home make it easier for a buyer to visualize the property as a future home. The Georgian Realty Team provides this service complimentary to their clients.

https://www.collingwoodtoday.ca/spotlight/a-day-in-the-life-of-a-top-producing-realtor-5713829

Disclosure: This article was written and published by Collingwood Today. and does not necessarily reflect the views of the editorial staff.