By: Thomas Cook

What Is A Bully Offer In Toronto Real Estate?

You may have heard the term "Bully Offer" in many articles about the Toronto Real Estate Market. Bully offers are something that a seller does in order to make more money, but it can also come back to haunt them. It begins when sellers offer their listing and hold open houses, but won't look at any bids until a set date. This can also be termed as sellers holding-back offers until a specified date. If a buyer cannot wait until this date because the property is just that perfect, they place what is called a preemptive or "bully" offer. This offer usually comes with the catch that it must be accepted right away and forgoes any waiting until the set date. ...Read More

By: Thomas Cook

Toronto Average Selling Price Up By 9.4% Mid-August

The Toronto Real Estate Board has released its mid-August statistics for homes sold through the TorontoMLS Listings.   The average selling price of a home in Toronto has increased by 9.4 per cent to $538,530 in the first 14 days of August compared to the same time last year. Detached homes had the highest rate of price growth year-over-year, up 12.3 per cent.   Paul Etherington, the president of the Toronto Real Estate Board, said, “Sales were up strongly for all major home types across the GTA through the first two weeks of August. This means that many different types of buyers were active in the marketplace, including first time buyers purchasing newly listed condominiu...Read More

By: Thomas Cook

Toronto Experienced The Second-Highest Sales For July Ever!

Sales recorded through the Toronto MLS Listings in July 2014 were the second-highest for July on record. Sales were 10% above average for July with 9,198 houses and condominiums changing hands in all the districts. Condo townhouse and high-rise suite share of the market increased slightly to 31.6% with 2,904 units being sold. The July average sale price for all GTA homes came in at $550,700– up 7.3% from 2013. The active listing inventory is one of the strongest indicators of how smooth or outrageous the market is going to be. We had a 7.2% decline in inventory for the month of July compared to historical numbers and lower by 4.7% from last year at this time. The sa...Read More

By: Thomas Cook

Toronto Real Estate Lawyer: Who Owns That Tree On Your Property Boundary?

Toronto is full of beautiful tree lines. Many of these tree lines directly intersect your property and your neighbour's property, and it can be difficult to come to a decision about a sick tree if both neighbours don't agree. It’s a common question: Who owns a tree that’s on the boundary of a property between neighbours? According to the law as per the Forestry Act, a tree that’s directly on the boundary, meaning the trunk of the tree is growing on the boundary, is common property. If someone wants the tree removed, both neighbours must agree. The fact that the law does not define what is a trunk was brought up in the provincial Superior Court accor...Read More

By: Thomas Cook

Toronto Average Home Prices Increase 8% Mid-July 2014

According to the latest from the Toronto Real Estate Board, the average selling price for homes sold through the TorontoMLS listings in the first two weeks of July, 2014, were up by 8 per cent compared to July of last year, bringing the average selling price for a Toronto home to $549,174. “There are two key takeaways from the July mid-month results,” said Paul Etherington, Toronto Real Estate Board president. “First, given the strong continuation of strong sales growth, it is clear that buyers are still attracted to affordable home ownership options in the GTA. Second, if new listings growth begins to outpace sales growth, we could start to see an improvement in th...Read More

By: Thomas Cook

Highest Sales For June Since 2009 - Average Up 7.1% Year-Over-Year

Sales were 19% above average for June with 10,180 houses and condominiums changing hands in all the districts. Condo townhouse and high-rise suite share of the market increased slightly to just under 30% with 3,040 units being sold. The June average sale price for all GTA homes came in at almost $569,000– up 7.1% from 2013. The active listing inventory is one of the strongest indicators of how smooth or outrageous the market is going to be.  We had a 7.2% decline in inventory for the month of June compared to historical numbers and lower by 6.8% from last year at this time. The sales-to-listings OR percent-chance-of-selling ratio is how we determine what type of m...Read More

By: Thomas Cook

Average Home Price In Toronto Up 8.6% In June

According to the latest announcement from the Toronto Real Estate Board, the average selling price of a Toronto home sold through the Toronto MLS listings has increased by 8.6 per cent to an average of $582,100 in the first two weeks of June 2014 compared to the same time last year. “If the first two weeks of June are any indication, we may be seeing a turnaround in the supply of homes for sale in the Greater Toronto Area,” said Dianne Usher, the president of the Toronto Real Estate Board in a media release. “New listings were up on a year-over-year basis for most major home types in the City of Toronto and surrounding regions. However, sales growth outpaces growth ...Read More

By: Thomas Cook

Record Sales For May Toronto Home Sales With Average Sale Price Up By 7.9%

May 2014 Toronto Real Estate Market Report Sales were over 20% above average for May with 11,079 houses and condominiums changing hands in all the districts. Condo townhouses and high-rise suites had a reduced 27.5% share of the market with 3,046 units being sold. The May average sale price for all GTA homes came in just over $585,000– up 7.9% from 2013. I’ll show you a graph of the average sale prices over the past several years in just a moment. The active listing inventory is one of the strongest indicators of how smooth or outrageous the market is going to be. We had an 10% decline in inventory for the month of May compared to historical numbers and lower ...Read More

By: Thomas Cook

Toronto Residents Want Mayoral Candidates That Support Toronto Land Transfer Tax Relief

A survey by the Toronto Real Estate Board conducted last month has shown that more than half of Toronto residents would prefer mayoral and councilor candidates that support some kind of Land Transfer Tax relief. Some highlights of the survey include: 67 per cent of Toronto residents who are planning to buy a home in the next 24 months will consider buying it outside of the city to avoid paying the tax. 58 per cent support a reduction in the Toronto Land Transfer Tax. 51 per cent are more likely to vote for a candidate (mayoral or councilor) that supports removing or reducing the Toronto Land Transfer Tax. According to Diane Usher, the preside...Read More

By: Thomas Cook

Downtown Toronto Condo Market Strengthens As Average Reaches $442,000

April 2014 Toronto Real Estate Market Report Sales were almost 12% above average for April with 9,706 houses and condominiums changing hands in all the districts. Condo townhouses and high-rise suites had a 28.6% share of the market with 2,778 units being sold. The April average sale price for all GTA homes came in at $577,898– up 9.8% from 2013. The active listing inventory is one of the strongest indicators of how smooth or outrageous the market is going to be. We had a 3% decline in inventory for the month of March compared to historical numbers and lower by 8% from last year at this time. The sales-to-listings OR percent-chance-of-selling ratio is how we determine w...Read More