Real Estate News from Popular Ontario Cities

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Real Estate News from Popular Ontario Counties

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Disclosure of a Death in the HouseQuestion:Do you have to disclose a death?What if it was a suicide?What if it was a murder?Answer:Sometimes you do and sometimes you don’t. It depends who you are!VendorThe Vendor is under an obligation to disclose material, latent defects which are known provided...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Adult’s Affirmation of Minor’s Contract (Ontario)Question:Buyer Adam reaches his 18th birthday (1st May) in one month , and he signed an Agreement of Purchase and sale with Seller Bob on 1st April, completion date is 1st June. But for some reason, Buyer Adam found out that he couldn't afford Sell...

By Gloria Valvasori, ASA, Quality Service, Exceptional Results, Since 1987
(Better Homes and Gardens Real Estate Signature Service)
Comments 0
GOING IT ALONE WITHOUT BENEFIT OF A PROFESSIONAL?IT COULD COST YOU $$$$'s AS WELL AS SOME LEGAL ISSUES   10 VERY IMPORTANT REASONS WHY YOU SHOULD HIRE AN KNOWLEDGEABLE PROFESSIONAL   Buying or selling a home is probably THE most important financial transaction you will make during your lifetime, ...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Ratification: Seller’s Agent It’s more difficult to come up with a proper Seller’s example, but the perfect example crossed my desk this week.A Condominium developer is conducting pre-sales at the Sales Centre.In house agents are paid $500.00, while those outside agents who bring a buyer are paid...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 1
Delayed Possession Date (Ontario)Question:How do you approach the issue of closing early but renting to seller for two months (something that would ensure they actually do leave on xx date)?Answer:While it seems initially attractive to prepare a simple 2 month Lease this provides the Seller with ...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Commercial Bond Yields   CMB         GoC         Floating RateInsured Cost of Funds 5 Year - 2.07%*CANHOU 06/15/23 [+0.03]       5 Year - 1.71%CAN 1.0 09/01/22 [+0.03]       1.37%                     [-]                       10 Year - 2.29%*CANHOU 03/15/28 [-0.01]       10 Year - 1.86%CAN 1.0 0...

By Danny Papadopoulos, Offering Private & Second Mortgages in Toronto
(Homebase Mortgages)
Comments 0
Ontario has the highest auto insurance premiums in Canada despite the province having low rates of collisions and deaths – a big factor to that is the prevalence of auto insurance fraud.Changes AheadOntario is looking into ways to push for changes in the auto insurance industry to help try to com...

By Dan Papadapoulis, Home equity loans, second mortgages Toronto
(Mortgage Central Nationwide)
Comments 1
Thousands of Canadians have fallen victim to scammers who pretend that they are from the CRA. Unsuspecting victims are usually contacted with threatening texts, emails, or calls telling them that a recent audit has uncovered that they owe a substantial amount to the Canada Revenue Agency. The CRA...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Exclusives Listings and Seller’s InterestQuestions:is there a reason a seller wouldn't be willing to see an offer from a co-operating broker if they don't have to pay commission - ie buyer pays (this is for an Exclusive Listing situation)?Also if the listing agent has a very strong potential offe...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 2
Fixed term best discounted & posted rates as of Dec 11, 2017 6 mos                                 3.10%         3.14%1yr                                     2.64%          3.04%2yr                                     2.54%          3.24%3yr                                     2.69%          3.44...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 1
 A Few Points About Joint Tenancy in OntarioIf two people acquire property as joint tenants, they must hold it 50/50. If there are three, then each must hold one-third.If it were to be 90/10, that's fine, but that's not joint tenancy, that's tenancy in common.The interest is an undivided interest...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 2
Root of Title Example (Ontario)Let's assume that A grants the right to B to sell his property. That right is evidenced by a Power of Attorney.A dies, and the POS is no longer valid.B sells A's property to C, using the invalid POS.On closing, this is discovered and there is no solution.C is not ob...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 1
Root of Contract and Root of Title (Ontario)Question:1) What is a good root title? I am referring to Clause 10 in te Agreement of Purchase and Sale?2) What is root to contract? Answer: The same term is used several times over with different meanings for each.When you are talking about something g...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 3
Sometimes the Last Day Doesn’t Count (Ontario)While it may sound to be a rather simple task, “counting” has some rules.Sometimes, the last day doesn’t count.Complete this in 5 days                    5 daysYou have 5 days to do this               5 daysNot later than 5 days                       ...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Commercial Bond Yields   CMB         GoC         Floating RateInsured Cost of Funds 5 Year - 2.05%*CANHOU 06/15/23 [+0.01]       5 Year - 1.66%CAN 1.0 09/01/22 [+0.01]       1.37%                     [-]                       10 Year - 2.30%*CANHOU 03/15/28 [+0.02]       10 Year - 1.86%CAN 1.0 0...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Extending the Closing Date with an Enforceable Term (Ontario) Question: Looking for a good clause for a flexible closing date that is mutually acceptable to both buyer and seller? Both Buyer and Seller want to have the option of moving the closing date if needed since both parties have a house to...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Counting the Conditional days in OntarioQuestion:The confirmation of acceptance was signed on Thursday at 1:30pm.According to this clause...what would be the last day?This Offer is conditional upon the Buyer arranging satisfactory financing within 5 banking days of the date of acceptance……Answer:...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Seller’s Furnace Warranty ExpirationQuestion:How you all interpret “completion of transaction” in this clause:“The parties agree that this representation and warranty shall survive and not merge on completion of this transaction, but apply only to the state of the property at completion of this t...

By Gloria Valvasori, ASA, Quality Service, Exceptional Results, Since 1987
(Better Homes and Gardens Real Estate Signature Service)
Comments 3
Here are the latest stats as posted from the Toronto Real Estate Board for the Mississauga area.  These stats compare November, 2017 to the stats from November, 2016.It clearly is a testament that we are back to stable market. Number of sale have decreased 4.19% from 787 last November to 754 this...

By Danny Papadopoulos, Offering Private & Second Mortgages in Toronto
(Homebase Mortgages)
Comments 0
It is often the case that politicians will clamor to take credit for new transportation improvements such as the opening of a new subway. Though certain figures and political  parties will surely benefit from having better access to cheaper and easier transportation, no one could be happier than ...

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