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Condominiums coming soon.

Monday Aug 30th, 2021

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Toronto's most beloved area for a distinct lifestyle experience unlike any other. Enjoy unbridled vibrancy surrounded by the many boutiques and cafes of Bloor West Village, Perfect natural beauty with the endless greenspace of beloved High Park, and better still, the enticing waters of beautiful Lake Ontario. Address: 34 Southport Street, Toronto  Perfect location within walking distance to: High Park, Lake Ontario, Bloor West Village, and... [read more]

Would Installing a Pool Increase Your Property Taxes?

Monday Aug 30th, 2021

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A pool can make your backyard more inviting and give family members a place to relax, socialize and get some exercise. A pool can also be expensive, even after the installation process is complete, since it can increase the amount you’ll have to pay in property taxes. A Pool Can Increase Your Home’s Value Property taxes are based on a home’s assessed value, which is based on its size, condition, amenities and location. If you add an in-ground pool to your property, it will... [read more]

THE 2022 ONTARIO RENT INCREASE GUIDELINE IS 1.2%

Monday Aug 30th, 2021

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Every year, the Province of Ontario sets the maximum amount that landlords can raise market rents for most Ontario renters without approval from the Landlord and Tenant Board.  The guideline for 2022 is 1.2%. The rent increase guideline applies to rent increases between January 1, 2022 and December 31, 2022.  The guideline is based on the Ontario Consumer Price Index, a measure of inflation calculated monthly by Statistics Canada that reflects economic conditions over a 12-month... [read more]

TRREB Forecast Update

Thursday Jul 15th, 2021

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TRREB released its initial forecast for 2021 at the beginning of February in conjunction with its annual Market Year in Review and Outlook report. The outlook for 2021 called for 105,000 transactions reported through TRREB’s MLS® System with an average selling price of $1,025,000. The reasoning underlying the sales forecast was that an improving regional economy and very low borrowing costs would continue to fuel strong demand, but this demand would ebb somewhat in 2021 because of... [read more]

Backyard Pool Regulations

Tuesday Mar 23rd, 2021

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You are only required to have a fence on your property if you have a private swimming pool. An individual is required to keep the gate of a swimming pool enclosure locked at all times except when the enclosed area is in use. A pool enclosure fence is not required for a hot tub, whirlpool or spa if it has a cover permanently attached to it that can be locked to prevent access when it is not in use. A pool enclosure fence permit is required on private property. Other types of fences on... [read more]

Municipal Land Transfer Tax Increase NOT Implemented

Friday Feb 26th, 2021

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TRREB is applauding Toronto City Council for listening to the concerns we expressed, and deciding to not implement an increase to the Municipal Land Transfer Tax (MLTT) on homes priced over $2 million. City Council directed staff to conduct a comprehensive study of all revenue tools and options for Toronto, instead of just focusing on the MLTT. We told City Council that a potential MLTT increase could further constrain the supply of homes for sale in Toronto, thereby exacerbating housing... [read more]

What a Homebuyer Wants in 2021

Tuesday Feb 23rd, 2021

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Sparked by pent-up demand, the ability to work from anywhere, and the need for more space, real estate sales are on the rise across the country, making it a prime time for would-be sellers to consider listing their home. But many of today’s buyers are coming to market with a new set of criteria for their next home. Here are some of the features topping their lists: Home office. With an increasing number of work-from-home situations morphing from temporary to permanent, office... [read more]

The Ontario government has launched a new Residential Condominium Buyers' Guide.

Wednesday Jan 13th, 2021

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As of January 1, 2021, developers across Ontario must provide purchasers of new and pre-construction residential condos with a copy of the guide and the current disclosure statement.     Under the Condo Act, purchase agreements for new or pre-construction condos purchased from developers are not binding on purchasers until developers provide purchasers with a copy of the current disclosure statement containing vital information about the future or existing condo property... [read more]

Market News - December 2020

Thursday Jan 7th, 2021

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Despite an unprecedented year due to COVID-19, including necessary public health restrictions and uncertainty surrounding the economy, Greater Toronto Area REALTORS® reported over 95,000 home sales in 2020 – the third-best result on record. The average selling price reached a new record of almost $930,000. “The Greater Toronto Area housing market followed an unfamiliar path in 2020. Following the steep COVID-induced drop-off in demand during the spring, home sales roared... [read more]

Toronto’s real estate market isn’t all doom and gloom

Monday Nov 2nd, 2020

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Don’t believe the headlines—investing in Toronto’s real estate market is not a perilous venture. On the contrary, it’s a market ripe with opportunity.   Canada’s moratorium on immigration is largely to blame for housing demand contracting seemingly overnight, but, rest assured, the floodgates will when a COVID-19 vaccine is created and scaled. In fact, not only will pent up demand from immigrants suffuse Toronto’s real estate market, international... [read more]

Condo rents down 11%, the biggest decline on record

Thursday Oct 8th, 2020

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Toronto's thriving housing market is beginning to show signs of strain, particularly in a condo segment suddenly flooded with new listings. September data from the Toronto Regional Real Estate Board and research firm Urbanation Inc. show a surge of units for sale, the beginning of a weakening trend for condos, along with a sharp decline in rents. That’s in spite of a boom in other segments such as single-family homes in Canada’s financial capital. Active listings of condos... [read more]

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.