Archive for February, 2010

What’s In A Status Certificate Anyway?

By on February 25, 2010 in Condos/Lofts, Offers/Contracts with 0 Comments

What's In A Status Certificate Anyway? Photo

     When working with a new buyer client, part of my job is to educate them as to the elements of an offer.  Different types of properties require different clauses and conditions.  If they’re in the market for a resale condominium then chances are we’ll be including a condition that allows for the buyer’s lawyer to review the Status Certificate.

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Toronto Real Estate Market Report: February 2010 Mid-Month Statistics

Toronto Real Estate Market Report: February 2010 Mid-Month Statistics Photo

     Greater Toronto REALTORS reported 3,555 sales through the Multiple Listing Service during the first two weeks of February.  This represented a 74 per cent increase compared to the 2,044 sales recorded during thesame period in 2009 when resale transactions had dipped due to the recession. The  February mid-month sales total was also 7.7 per cent above the previous high set in 2006.

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Federal Government Changes Mortgage Rules

Federal Government Changes Mortgage Rules Photo

     Jim Flaherty and the Government of Canada announced yesterday three changes to the standards involved in Government backed mortgages:

  • Buyers must now qualify at the 5-year rate
  • Home owners can now refinance up to 90% of their home’s value (down from 95%)
  • Speculative buyers must now come up with at least 20% down (up from 5%)

It’ll be interesting to see the effects these rule changes have.  Certainly the tightening will be felt by those looking to purchase and flip.  It’s also possible that the changes (to be implemented April 19th) will add to the push already felt by some buyers/sellers to make a move before the HST comes into effect this summer. 

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Spotlight: “MOZO” In The St Lawrence Market Area

MOZO In The St Lawrence Market Area Photo

     Upon its completion in 2003, condo critic Christopher Hume wrote a review of MOZO (“Modern Living Zone”) in his Toronto Star column.  He gave the building an A+.  To this day realtors are fond of quoting Mr Hume’s article in their marketing materials (he called it, “One of the most beautiful buildings in Toronto”).  And rightly so.  MOZO is one of the most sought-after buildings in the St Lawrence Market area.

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Is A Home Inspection Condition Always Necessary When Purchasing A House?

Home Inpection Condition Always Necessary When Purchasing A House? Photo

     I showed a property to some clients of mine a few weeks ago, a fixer-upper in the Parkdale area.  We all agreed that the house had plenty of character but that it would potentially need plenty of work as well.  There were 16+ offers on the table come offer night and it sold FIRM for more than $100,000 over asking.  The thing to note here is that the property sold FIRM – no home inspection condition.

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Toronto Real Estate Market Report: January 2010 Statistics

Toronto Real Estate Market Report: January 2010 Statistics Photo

     Greater Toronto REALTORS® reported 4,986 transactions through the Multiple Listing Service (MLS®) in January 2010. This result represented a large increase over the 2,670 sales in January 2009 when the home sales were in a recessionary trough. Last month’s sales were slightly higher than the January average in the five years preceding 2009.

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