homes: Is it too Late for the Spring Market?
- 04/18/11 12:04 PM
Maybe this is the "RIght" Time
Ontario Real Estate Source
Brian Madigan LL.B.
Frequently, real estate buyers and sellers wonder whether they have missed the market. Sometimes, they have.
So, what would you say about mid April 2011?
The market has shown steady growth and sales. The first quarter numbers show that the pace is steady and the more recent March numbers have been the second best on record. And, something which is particularly important for sellers, the sale prices have never, ever been higher.
Let's see what percentage of homes have sold in the first quarter of each … (0 comments)
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homes: GTA March Sales Up by 11% (Toronto)
- 04/18/11 08:23 AM
GTA March 2011 Second Best March Ever
Ontario Real Estate Source
Brian Madigan LL.B.
The sales in the GTA for single family homes are reported by the Toronto Real Estate Board to be the second best March ever.
March was a good month, but how good?
Let's see how many homes have sold in the month of March since 2004:
2004..........9,076
2005..........7,904
2006..........8,707
2007..........8,518
2008..........6,631
2009..........6,171
2010..........10,430
2011..........9,262
The average number of monthly sales in March is 8,337. That means that March 2011 is 11.09% higher than the average over the last eight years. It is risky to go … (2 comments)
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homes: GTA First Quarter Results (Toronto)
- 04/18/11 08:12 AM
GTA First Quarter Maintains Steady Pace
Ontario Real Estate Source
Brian Madigan LL.B.
How is the real estate market this year? That's a simple enough question. While many will respond by referring to the latest week or the latest month, the true measure of the 2011 market, at this time is to look at the first quarter numbers and compare that to other first quarters in previous years.
Sometimes, some of the February sales take place in January and sometimes some of them take place in March. Such "fine tuning" can distort the results and lead to erroneous conclusions.
… (0 comments)
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homes: Seller Property Information Statement ~ Weinman and Brinkman
- 04/15/11 10:56 AM
SPIS ~ Weinman and Brinkman
Ontario Real Estate Source
By Brian Madigan LL.B.This was a Small Claims Court decision in Toronto involving the use of the Seller Property Information Statement.Briefly, the purchaser acquired a real estate property (416 St. Clement's Ave.) in Toronto from the vendor pursuant to a standard form real estate agreement. The Offer was accepted on 30 May 2006 and the transaction closed on 4 July 2006. By 12 July 2006, the basement was leaking.The repair was expensive and the purchaser as plaintiff abandoned the claim in excess of $10,000 in order to bring the action … (3 comments)
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homes: Mortgage Rates ~ 13 April 2011
- 04/13/11 07:04 AM
If you require a referral to a mortgage broker, then please call me at 905-796-8888.
… (0 comments)
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homes: Seller Property Information Statement (Part 8)
- 04/12/11 02:26 PM
SPIS ~ Document Reviewed Part 8
ONTARIO REAL ESTATE SOURCE
By Brian Madigan LL.B.This is a further continuing review of the Seller Property Information Statement currently in use in Ontario.This section deals with final summary and general comments at the end of the document, sellers' liability, indemnity in favour of the agents, the truthfulness and accuracy of the statement.The regular print as underlined is the actual document. My comments appear in italics.Seller Property Information Statement ~ ResidentialADDITIONAL COMMENTS __________________________This is your opportunity to add anything else that may be relevant.Schedules(s) attached hereto and forming part of this Statement include:_______________________________________There would appear to … (0 comments)
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homes: Seller Property Information Statement (Part 7)
- 04/12/11 02:23 PM
SPIS ~ Document Reviewed Part 7
ONTARIO REAL ESTATE SOURCE
By Brian Madigan LL.B.This is a further continuing review of the Seller Property Information Statement currently in use in Ontario.This section deals with improvements and structural issues. It also deals with wood burning systems, heating systems, air-conditioning systems, water damage and damage by other causes, electrical and plumbing systems.The regular print as underlined is the actual document. My comments appear in italics.Seller Property Information Statement ~ ResidentialIMPROVEMENTS AND STRUCTURAL:YES NO UNKNOWN NOT APPLICABLE6. (a) Is the wood stove(s)/chimney(s)/fireplace(s)/insert(s) in good working order?Tricky question. You might think, "well, I haven't had any problems". … (1 comments)
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homes: Mortgage Rates ~ 10 April 2011
- 04/12/11 12:57 AM
If you require a referral to a mortgage broker, then please call me at 905-796-8888
… (1 comments)
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homes: Housing Affordability in Toronto and the GTA
- 04/07/11 03:05 PM
The ability to afford a house by a family has really never been better,
Have a look at this chart from the Toronto Real Estate Board
Please note, the chart does not appear as I had intended, I will check with the "techie" people at TREB and replace it as soon as I can.
Sorry for the inconvenience
… (6 comments)
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homes: Seller Property Information Statement (Part 5)
- 04/07/11 01:30 PM
SPIS ~ Document Reviewed Part 5
Ontario Real Estate Source
By Brian Madigan LL.B.This is a further continuing review of the Seller Property Information Statement currently in use in Ontario.This section deals with environmental issues, conservation authorities, buried wells, tanks and pools, as well as the growth or manufacture of illegal substances.The regular print as underlined is the actual document. My comments appear in italics.Seller Property Information Statement ~ ResidentialENVIRONMENTAL: YES NO UNKNOWN NOT APPLICABLE1. Are you aware of possible environmental problems or soil contamination of any kind on the property or in the immediate area?e.g.: radon gas, toxic waste, underground … (1 comments)
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homes: Seller Property Information Statement (Part 4)
- 04/06/11 03:15 PM
SPIS ~ Document Reviewed Part 4
Ontario Real Estate Source
By Brian Madigan LL.B.This is a fairly controversial statement. It is relatively commonplace is some jurisdictions and among the members of different real estate boards. There is no standard practice in Ontario. So, over the next few days I propose to go through the document line by line. This section deals with local projects, heritage designations, appliances and equipment, warranties and the HST.One simple word of caution at the outset: the is the best document available in a plaintiff's counsel's toolbox. We'll discuss that later.The regular print as underlined is the … (5 comments)
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homes: Seller Property Information Statement (Part 3)
- 04/05/11 03:13 AM
Seller Property Information Statement ~ Document Reviewed Part 3
Ontario Real Estate Source
By Brian Madigan LL.B.This is a fairly controversial statement. It is relatively commonplace is some jurisdictions and among the members of different real estate boards. There is no standard practice in Ontario. So, over the next few days I propose to go through the document line by line. This section deals with zoning, land use restrictions, and deficiency notices.One simple word of caution at the outset: the is the best document available in a plaintiff's counsel's toolbox. We'll discuss that later.The regular print as underlined is the actual … (2 comments)
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homes: Mortgage Rates are Rising
- 04/05/11 02:59 AM
Mortgage Rates are Rising
Three major banks, Royal Bank, Bank of Montreal and TD Canada Trust are raising their fixed rate mortgages today.
For those who wish to ensure "peace of mind" in the buying process, this will raise the price of a property.
If the trend extends to variable rates, and across the board to other institutions, this could have a negative effect on the Spring market.
If you are planning to purchase then you should lock-in a mortgage rate today. If the rate goes up before closing you are protected. If the rate goes down, then you get the … (0 comments)
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homes: Mortgage Rates ~ 4 April 2011
- 04/04/11 02:47 PM
f you require a referral to a morgage broker, then please call me at 905-796-8888
… (2 comments)
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homes: Seller Property Information Statement (Part 1)
- 04/04/11 10:02 AM
Seller Property Information Statement ~ Document Reviewed Part 1
Ontario Real Estate Source
By Brian Madigan LL.B.This is a fairly controversial statement. It is relatively commonplace is some jurisdictions and among the members of different real estate boards. There is no standard practice in Ontario. So, over the next few days I propose to go through the document line by line.One simple word of caution at the outset: the is the best document available in a plaintiff's counsel's toolbox. We'll discuss that later.The regular print as underlined is the actual document. My comments appear in italics.Seller Property Information Statement ~ ResidentialANSWERS MUST … (6 comments)
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homes: Mortgage Rates ~ 29 March 2011
- 03/30/11 02:47 PM
Brian Madigan LL.B., Broker is an author and commentator on real estate matters, if you are interested in residential or commercial properties in Mississauga, Toronto or the GTA, or you would like a free market evaluation of your home in Erin Mills, Credit Mills, Credit Woodlands, Sheridan Homelands, Sawmill Valley, Bridlepath, Pheasant Run, Sherwood Forrest or Mississauga Oakridge, you may contact him through Royal LePage Innovators Realty, Brokerage 905-796-8888www.OntarioRealEstateSource.com
… (5 comments)
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homes: Mortgage Rates ~ 28 March 2011
- 03/29/11 02:40 AM
If you require a referral to a mortgage broker, please call me at 905-796-8888.
… (0 comments)
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homes: Earth Hour in Toronto was a Bust
- 03/27/11 12:17 PM
Earth Hour in Toronto was a Bust
Ontario Real Estate Source
By Brian Madigan LL.B.
You would think that with all the energy conservation talk these days, that something like Earth Hour would be a remarkable success.
Well, not in Toronto.
It started two years ago, an realized savings of 15% in 2009, that dropped last year to 10%, and it dropped in half this year to 5% savings.
Some Toronto homes were photographed during Earth Hour, and they appeared to be quite illuminated. They included the house of the former Mayor, the present Provincial Energy Minister, and (this is very, … (5 comments)
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homes: Historical Development of Fee Simple Ownership
- 03/26/11 10:41 AM
Historical Development of Fee Simple Ownership
Ontario Real Estate Source
By Brian Madigan LL.B.It's actually quite difficult to understand the concept of fee simple ownership when it comes to real property without looking at some of the history.We have to go back to England in the pre-feudal days. That would be 1065 and earlier. At that time, there really was no particular concept of private property. People definitely farmed the lands, but their rights were not well-established or well-recognized. Some contemporary historians might argue with this point.In 1066, William arrived from Normandy and defeated King Harold in the Battle … (5 comments)
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homes: Maintain Good Financial Records if You want to Sell your Business
- 03/26/11 04:50 AM
Maintain Good Financial Records
Ontario Real Estate Source
By Brian Madigan LL.B.If you are in business you should keep good financial records. It just makes sense, but so many small businesses neglect this tedious and somewhat time-consuming task. Careful records take time. And, if you don't really have the time yourself then you should retain a bookkeeper and an accountant.Why? It will simply pay big dividends in the future. I'm not really talking about all the tax deductions that you don't miss because you have proper receipts, or even the warranty claims that you can present … (1 comments)
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