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Another Reason To Have Title Insurance When Buying A Home In Toronto

A recent column by Toronto Real Estate Lawyer Bob Aaron highlights why it is so important to purchase title insurance when jumping into a real estate transaction.   He tells of a case where a couple had purchased title insurance and bought a home in 2006, finding seven years later that a load-bearing wall had been taken out by the previous owner while renovating. This rendered the whole second storey unsafe, and repairs would be needed.  A work order was issued by the City of Toronto, and the couple filed a claim with the title insurance company for the costs of these repairs.   The insurance company refused. A city work order is technically an off-title issue, and this was he...Read More

Toronto Real Estate Board Calls For Fairness In Land Transfer Taxes

The Toronto Real Estate Board recently made a presentation to the City of Toronto’s Budget Committee, touching on the Municipal Land Transfer Tax and fair property taxes. At the end of December, the government of Ontario announced it would not be granting power to cities across Ontario to implement their own land transfer taxes, while Toronto’s land transfer tax remains in place.   “Like everyone, Realtors want to see City costs on homeowners minimized. We believe this budget does that with a fair proposed inflationary property tax increase,” said Mark McLean, president of the Toronto Real Estate Board in a media statement. “Realtors also understand the ben...Read More

Bully Offers

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Breaking News: Homebuyers Purchasing Houses Over $500,000 Will Require Larger Down Payment

On Friday, December 11, the government of Canada announced that home buyers who are purchasing a home worth over $500,000 will be required to pay a 10% down payment, instead of the 5% down payment they’re required to pay now.   This 10% down payment is only applicable to the portion of the home’s price that is over $500,000.   In a statement, Finance Minister Bill Morneau said, “The government’s role in housing is to set and maintain a framework that is equitable, stable and sustainable. The actions taken today prudently address emerging vulnerabilities in certain housing markets while not overburdening other regions.”   The changes will come into...Read More

Closing Costs Every Toronto Home Buyer Should Know About

When buying a home in Toronto, the purchase price of a home is not the only cost involved. Most home buyers have heard the term "closing costs", but aren't actually aware of what exactly that entails. Here are some examples of closing costs to consider when buying a home: Appraisal or property survey   Most people are surprised that this is something they need to do when buying a home, but it’s actually required by some lenders before they finance the sale of the home in order to confirm its value.   Land Transfer Tax   In Toronto, home buyers pay a land transfer tax of up to 2 per cent on top of the Ontario land transfer tax of up to 2 per cent.   Ho...Read More

More Protection May Soon Be Available For New Home Owners In Ontario

Approximately 50,000 new houses and condominiums are enrolled in the Tarion Warranty program every year, a program that protects new home buyers by making sure builders follow the legislation in the province of Ontario. A retired associate chief justice has recently been tapped to look into the Ontario New Home Warranties Act as well as Tarion to ensure consumer protection is at its maximum.   Toronto Real Estate lawyer Bob Aaron’s most recent Toronto Star Column lists the protections he thinks can be improved.   Mr. Aaron, a past Tarion board member, says that among the things he thinks should be considered for improvement include the disclosure of unit size, who sells the u...Read More

Average Sale Price Hits Almost $623,000 – up 9.4%

  Here is our November 2015 Toronto real estate market report.   It’s getting quite repetitive now that November was another near-record month for sales in the Toronto Real Estate Board.   I’ll comment more on that in this broadcast as we go through the market report.   So… let’s review some of the Toronto Real Estate Board statistics and see what’s happened.   Sales were up 13.7% for November compared to last year with 7,385 houses and condominiums changing hands in all the districts.  This was the second best November on record, just barely behind 7,446 sales back in 2009!  Sales are actually up almost 23% above the last...Read More

Did You Know That Disruptive Condo Owners Can Be Forced To Move In Toronto?

Neighbourly disputes are never pleasant, and the close quarters present in a condo building can make owners feel even more helpless if there are problems. However, it is not unheard of for condo owners to be forced to sell and vacate their units if they are terrible neighbours, and the courts even have the power to order such under the Ontario Condominium Act.   This may be surprising, but it can also be a welcome relief to condo owners who have less than desirable neighbor situations. The court does, however, have many different remedies available, and actually removing someone from their unit is a last resort.   But what does it really take for someone to be forced to leave a con...Read More

Government Of Ontario May Double Land Transfer Taxes Across Province

The Ontario Real Estate Association has launched a campaign to highlight the negative aspects and impact of the Municipal Land Transfer Tax, something that Toronto has had in place since 2008. This tax can add thousands of dollars to the cost of buying a home in the city.   Research by the Ontario Real Estate Association has found that a considerable number of people who plan on buying a home in the next two years are considering buying a home outside of the city of Toronto – such as other parts of the GTA that do not have the Land Transfer Tax – specifically to avoid the tax, resulting in the possibility of fewer homes sold in the city.   Now, the Ontario government ha...Read More

How To Renovate Your Toronto Home To Sell For The Best Price

Renovating a home before listing it is an idea many home sellers have, but they’re not often sure where to start. Which renovations on your home will get you the best ROI? The answers might surprise you!   Here is a list of the best renovations you can do on your home before listing to increase it’s value and earn the highest return on your investment.   Kitchen Remodel: 79.3%   While a kitchen remodel can be among the most expensive of the renovations you can do to sell your home, the return on your investment is quite decent and an updated, beautiful and modern kitchen is something that will attract buyers like nothing else.   Window Replacement: 77.5%  ...Read More