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What Homebuyers Want: Practicality and Energy Savings

Friday Sep 4th, 2020

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What Homebuyers Want: Practicality and Energy Savings What’s the key to today’s homebuyer’s heart? Well, move over hardwood floors, granite countertops, mudrooms, and media rooms, and kiss living rooms and formal dining rooms goodbye. Welcome energy efficiency and a good layout. According to a recent study, more than 40 per cent of Canadians look for energy efficiency over a home with updated finishes such as stone countertops and stainless appliances. Slightly more than... [read more]

ASSIGNMENT FACTS

Tuesday Jul 28th, 2020

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What all negotiations can one make in an assignment sale?  • Original terms and conditions with the builder • Usual risks of pre-construction – time delays, changes to unit/ building etc. • Finishes and upgrades – Can new buyers choose? • HST impacts • Consent of Builder • Restrictions on assignment? • Assignment fees • Land Transfer tax savings • Review of original APS by a new... [read more]

CMHC tightens mortgage insurance rules starting July 1

Friday Jun 5th, 2020

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The COVID-19 pandemic is affecting all sectors of Canada’s economy, including housing. Job losses, business closures and a drop in immigration are adversely impacting Canada’s housing markets, and CMHC foresees a 9% to 18% decrease in house prices over the next 12 months. In order to protect future home buyers and reduce risk, CMHC is changing its underwriting policies for insured mortgages. Effective July 1, the following changes will apply for new applications for... [read more]

TRREB RELEASES MAY RESALE HOUSING MARKET REPORT

Friday Jun 5th, 2020

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TORONTO, ONTARIO, June 3, 2020 – Toronto Regional Real Estate Board President Michael Collins released the following key housing market statistics for May 2020: TRREB MLS® System Sales and New Listings • Greater Toronto Area REALTORS® reported 4,606 sales through TRREB’s MLS® System in May 2020. This result was down by 53.7 per cent compared to May 2019. • While the number of sales was down substantially on a year-over-year basis due to the continued... [read more]

GTA REALTORS® Release April 2020 Stats

Wednesday May 6th, 2020

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Toronto Regional Real Estate Board President Michael Collins released the following key housing market statistics for April 2020: Home Sales and Listings Greater Toronto Area REALTORS® reported 2,975 residential transactions through TRREB’s MLS® System. This result was down by 67 per cent compared to April 2019. Weekday sales remained within a relatively steady range during the month, averaging 130 per day. New listings amounted to 6,174 in April 2020 –... [read more]

March 2020 Stats

Thursday Apr 9th, 2020

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Toronto Regional Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 8,012 home sales through TRREB’s MLS® System in March 2020 – up by 12.3 per cent compared to 7,132 sales reported in March 2019. However, despite a strong increase in sales for March 2020 as a whole, there was a clear break in market activity between the pre-COVID-19 and post-COVID-19 periods. For the purposes of this release, the start of the... [read more]

Price Outlook

Thursday Feb 13th, 2020

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    Market conditions tightened throughout 2019 and continued to do so in January 2020 as well. With little to no relief forecast on the listings front over the next year and demand expected to increase, it is difficult to forecast anything but further increases to average home prices for all major home types in 2020. The point forecast for the overall average selling price in 2020 is $900,000, close to a 10 per cent increase compared to the average of $819,319 reported for... [read more]

Ontario Changes Real Estate Rules For The First Time in 20 Years

Thursday Feb 13th, 2020

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Long outdated real estate legislation is being revamped to reflect today’s housing market . The new bill updates the regulations for realtors which includes more disclosure of competing bids for homes, new means of enforcement for ethical breaches, and various rules on business structures. The bill’s also being renamed from the 2002 Real Estate Business Brokers Act (REBBA) to The Trust in Real Estate Services Act. Practically speaking, it allows for more transparency in... [read more]

Market News - January 2020

Tuesday Feb 11th, 2020

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TORONTO, February 6, 2020 - TRREB President Michael Collins announced that Greater Toronto Area REALTORS® reported 4,581 home sales through TRREB’s MLS® System in January 2020 – up by 15.4 per cent compared to January 2019. On a preliminary seasonally adjusted basis, sales were up by 4.8 per cent compared to December 2019. “We started 2020 where 2019 left off, with very strong growth in the number of sales up against a continued dip in the number of new and available... [read more]

What Can Sellers Do Before a Home Inspection?

Saturday Feb 1st, 2020

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Buyers want to know they're purchasing a property not only that they love, but that's safe and well-maintained. A home inspection is designed to reveal any potential problems with the property. So sellers should try to make the buyer's inspection as smooth as possible to avoid red flags that might scrap the purchase. Clean, then tackle tasks you might overlook in your day-to-day life. Change the furnace filter. Replace light bulbs. If you haven't yet, replace smoke detector... [read more]

Do I Need to Stage My Home?

Saturday Feb 1st, 2020

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Home staging prepares a private residence to make it appealing to the greatest number of potential buyers. The goal is to help the home sell as quickly as possible at the best possible price. With this in mind, it is often a good idea to stage your home. A professional stager will recommend what items should be removed and what décor and furnishings should be added. Staging removes distracting clutter or personal items and creates a clean, inviting atmosphere. The stager's finishing... [read more]

What You Need to Know before Becoming a Landlord

Saturday Feb 1st, 2020

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Thinking of becoming a landlord? While this can be financially and personally rewarding, you must do your homework before you take the leap. To help you learn the ropes and avoid any costly missteps, here are some handy tips of the trade. It cannot be overstated how important it is for landlords to do their pre-closing homework. During the home inspection, remember to take a thorough look at the property to see what will need to be repaired or replaced. For example, you might want... [read more]

Do You Need a Property Manager?

Saturday Feb 1st, 2020

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If you already own a rental property, or you're looking to get into the business, the idea of having to deal with tenants and managing the property might be daunting. But that's where property managers step in. A credible property manager will take over the responsibilities that rental owners might not want to handle. This could include surveying the market and area to determine a reasonable and competitive rate to charge for rent. Property managers can also help you sell a home... [read more]

When is the best time to sell my home?

Saturday Feb 1st, 2020

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Sellers logically want to put their homes on the market when they will sell quickly and for the best price. To achieve this, they must find the busiest home-selling season - for their market. In most areas, this season is spring. For many regions, this time of year offers warmer weather and more daylight for shopping. It's also prime time for families to buy if their goal is to get settled in before the next school year begins. Launching in spring, the busy season typically peaks in June,... [read more]

Increase Property Value by Avoiding These Landscape Blunders

Saturday Feb 1st, 2020

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Everyone knows the importance of making a good first impression. It's no different when it comes to your home’s curb appeal, which refers to your property’s overall appearance from the street. To make your home's "frosting" as appealing as possible, you’ll definitely want to think about planting stunning blooms and making sure your landscaping is well manicured and maintained. Implementing a long-term landscaping plan can help increase your property value... [read more]

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Ontario Changes Real Estate Rules For The First Time in 20 Years

Long outdated real estate legislation is being revamped to reflect today’s housing market . The new bill updates the regulations for realtors which includes more disclosure of competing bids for homes, new means of enforcement for ethical breaches, and various rules on business structures.
The bill’s also being renamed from the 2002 Real Estate Business Brokers Act (REBBA) to The Trust in Real Estate Services Act. Practically speaking, it allows for more transparency in real estate transactions for both home buyers and sellers
Specifically, home sellers would have the option of revealing the exact details of competing bids in a multiple buyer situation.
Up until now, sellers could only tell prospective buyers the number of bids that had been submitted.
Government and Consumer Services Minister Lisa Thompson said new legislation was urgently needed.