Toronto average selling price up 16.7%

2017 – Here we go again.  ASP is up 16.7% over February 2019.  The market is hot – we have a dire shortage of listings, Bank of Canada just lowered the interest rate, and we have lots of buyers out there. If ever you’ve thought of selling, the right time is NOW!  Call me if […]

Risk of condo market overheating: CMHC

Unstoppable condo sales put Toronto market at risk of overheating: CMHC TORONTO STAR – JOSH RUBIN FEBRUARY 20, 2020 The real estate market in the Toronto area is in danger of overheating, with condos driving much of the momentum, according to a new report from the Canada Mortgage and Housing Corporation. The CMHC’s quarterly market assessment, […]

The market is hot, hot, hot…

The market is hot, hot, hot! February so far in the GTA: 77 offers, 43 offers, 28 offers, 14 offers, 17 offers, etc. etc.  Buyers are lined up. Here are the stats for the end of January. Single-family homes continue to be strong. Condos are holding and climbing, and condos in the downtown core are […]

Purple Bricks’ fake reviews

Forbes 2020/1/22 Purplebricks Canada has offered its employees paid days off in exchange for made up positive reviews on Facebook and Google. In an email sent by Purplebricks Canada marketing department to the company’s whole 200-people staff, exclusively obtained by this reporter, the online estate agent told employees to ask their family and friends to […]

Tarion failing new home buyers

Ontario’s home warranty agency ‘favoured the interests of builders at the expense of homebuyers’ Tarion, Ontario’s home warranty agency, has failed thousands of new homebuyers by placing the interests of builders ahead of theirs, according to a scathing report tabled by Bonnie Lysyk, the province’s auditor general. Tarion is supposed to ensure builders honour their warranties […]

Court rejects cancelled Cosmos buyers’ application

Buyers of Liberty Developments’ cancelled Cosmos condos have lost their application to have their purchase agreements on the pre-construction units declared unlawful by an Ontario Superior Court of Justice. In his ruling, Justice Michael Penny sided with the developers but found that voiding the contract would not be in the purchasers’ or the developers’ best […]

Top ten scams in Canada

March is Fraud Prevention Month and the Better Business Bureau has released the Top 10 Scams of 2018. 1. Romance Scams     More than $22.5 million lost Canadians were victimized financially, emotionally, psychologically and socially by this scam. Catphishing through online dating continues to be a very lucrative and seductive business for scammers. Never wire or […]

Reverse mortgages vs HELOC’s..

How does paying 6.59 per cent interest on a mortgage grab you? If that sounds high, it should, because Canada’s average five-year fixed mortgage is only 3.47 per cent. Yet thousands of seniors will pay that higher 6.59 per cent in a reverse mortgage, a loan secured against home equity where you make no payments […]

Tenants with pets just lost big time!

Under the old residential tenancy rules, a landlord could reject a prospective tenant if they had a pet.  I would suggest to clients that if they wanted the landlord to accept their pet, they could legally offer up a pet damage deposit to move the landlord from a “no” to a “yes”.  It was legal […]

Toronto council passes strict AirBnB rules…

Toronto City Council has passed new rules to crack down on short-term rental services such as Airbnb that will restrict listings to principal residences and ban homeowners from listing secondary suites such as basement apartments. The basement-apartment issue dominated what snowballed into a daylong debate at city hall. Banning them from short-term rentals was meant […]

Toronto prices may stabilize in 2018 but….

The good news is that the combined effects of higher interest rates and new mortgage rules will see Toronto’s housing market balance out over the course of 2018. The bad news? A serious lack of land supply coupled with a rapidly increasing population means it won’t last. At least, that’s what CIBC Senior Economist Benjamin […]

Buying pre-sale condos? Research first…

With a sigh and hesitant pause, Jason Paris confides that in retrospect he wishes he’d done more research before putting down a deposit on the now-defunct Museum FLTS condominium project in Toronto’s trendy Junction Triangle area. The 43-year-old television production manager is one of hundreds of would-be homeowners who recently had their money returned and […]

Toronto and Vancouver are rebounding….

The housing markets in Toronto and Vancouver could resume their previous upward trajectories amid conditions of tight supply and burgeoning demand, according to a new report from CIBC World Markets. The Canadian housing market, in general, is in an important transition period — especially Vancouver and Toronto, economist Benjamin Tal said in the report, which […]

CRA has court order for Paypal account holders…

PayPal has been ordered to provide the Canada Revenue Agency with information about its business account holders. The company says a Federal Court order requires it to supply information about business accounts that received or sent a payment between Jan. 1, 2014, and Nov. 10, 2017. It is not required to provide information about customers […]

1,000 planned rental units convert to condos…

More than 1,000 planned purpose-built rental units have instead been converted to condominiums in the Greater Toronto Area since Premier Kathleen Wynne’s government expanded rent control in the spring, according to a new report that warns the region’s rental supply crisis is poised to worsen. The report, which is to be released on Monday and was obtained […]