Real Estate News from Popular Ontario Cities

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Real Estate News from Popular Ontario Counties

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 2
Be Sure to make Proper Use of Form 801For a considerable period of time, there was a concern about “phantom offers” in Ontario. A Buyer is looking at a property and just as they are about to submit an Offer, along comes another purchaser and suddenly they are in completion. Naturally, they increa...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Tenant Fails to Leave (Ontario)Question:The Seller had a rather difficult Tenant and has sold the house, and has delivered the appropriate notices to the Tenant to terminate the tenancy. The Tenant has refused to cooperate and will not move out in time. What will happen on closing? Can the Seller...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
 Renter is a RECO Registrant: No Loss of Rights (Ontario)Question:I have clients who bought a rented condo 2 years ago, we did not know that the seller’s real estate agent was the renter. The agent never disclosed it. My clients sent a notice to the renter (the real estate agent) to move out and ...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Time for Executing the AmendmentQuestion:Does an amendment have to be signed before a condition precedent timeline expires?Example: home inspection condition precedent until Monday at 2PM; amendment to extend home inspection condition signed/sent after 3PM Monday? Does this work?Answer:The Agreem...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
TERM POSTED Preferred RATES* Open 1 Year 6.30% 6.30% Fixed 1 Year 3.59% 2.69% Fixed 2 Year 3.74% 2.69% Fixed 3 Year 3.89% 2.69% Fixed 4 Year 3.94% 2.69% Fixed 5 Year 5.19% 2.64% Fixed 7 Year 5.80% 2.99% Fixed 10 Year 6.10% 3.04% Variable Rate 2.90% Prime Rate 3.95% Benchmark Rate 5.19% Cost per ...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Toronto and GTA Markets in July 2019This is the recently released report of the Toronto Real Estate Board concerning the July 2019 results:          GTA REALTORS® Release July 2019 Stats TORONTO, August 6, 2019 – Toronto Real Estate Board President Michael Collins announced that Greater Toronto ...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Term Posted Rate Preferred Rate Open 1 Year 6.30% 6.30% Fixed 1 Year 3.59% 2.69% Fixed 2 Year 3.74% 2.69% Fixed 3 Year 3.89% 2.69% Fixed 4 Year 3.94% 2.69% Fixed 5 Year 5.19% 2.64% Fixed 7 Year 5.80% 2.99% Fixed 10 Year 6.10% 3.04% Variable 2.90% Prime 3.95% Benchmark 5.19% Rates may vary provin...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
 No Delivering or Receiving Notices in Multiple RepresentationQuestion:"When brokerage represents both the Seller and the Buyer (multiple representation) the brokerage is not entitled or authorized to be an agent for either the Buyer or the Seller for the purposes of giving/receiving notices". Wh...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Use of Forms 300 and 310 (Ontario)Form 300 and Form 310 are both used to evidence the Buyer Contract.What is the relationship? If it’s agency, which is client services, then it’s Form 300.If it’s non-agency, then it’s customer services and this Form 310 is what is required.

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Commercial Bond Yields CMB 5 Year - 1.55%* CANHOU 12/15/24 [-0.04]   ‌ 10 Year - 1.62% CANHOU 09/15/29 [-0.03]   * denotes interpolated rate GoC 5 Year - 1.18% CAN 1.50 09/01/24 [-0.04]   ‌ 10 Year - 1.20% CAN 2.25 06/01/29 [-0.03] GOC Bonds are for reference purposes only Floating rate insured ...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
HIGH RATIO fixed term best discounted rates & posted rates as of August 8, 2019 Terms                           Posted Rates                 Our Rates6 mos                          3.34%                          3.30%1 year                          3.59%                          3.04%2 year      ...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
TERM POSTED Preferred RATES* Open 1 Year 6.30% 6.30% Fixed 1 Year 3.59% 3.04% Fixed 2 Year 3.74% 2.89% Fixed 3 Year 3.89% 2.79% Fixed 4 Year 3.94% 2.94% Fixed 5 Year 5.19% 2.74% Fixed 7 Year 5.80% 2.99% Fixed 10 Year 6.10% 3.04% Variable Rate 2.90% Prime Rate 3.95% Benchmark Rate 5.19% Cost per ...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Term Posted Rate Preferred Rate Open 1 Year 6.30% 6.30% Fixed 1 Year 3.59% 3.04% Fixed 2 Year 3.74% 2.89% Fixed 3 Year 3.89% 2.79% Fixed 4 Year 3.94% 2.94% Fixed 5 Year 5.19% 2.74% Fixed 7 Year 5.80% 2.99% Fixed 10 Year 6.10% 3.04% Variable 2.90% Prime 3.95% Benchmark 5.19%

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 3
Market Drops, Buyer Defaults, Seller Gets Summary Judgment We know that 2017 was not a good year for residential real estate. The general view that the real estate market is always going up is not necessarily true. In 2017, the market backfired and there were a host of defaulted deals. This is an...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
    TERM POSTED Preferred RATES* Open 1 Year 6.30% 6.30% Fixed 1 Year 3.59% 3.04% Fixed 2 Year 3.74% 2.89% Fixed 3 Year 3.89% 2.79% Fixed 4 Year 3.94% 2.94% Fixed 5 Year 5.19% 2.74% Fixed 7 Year 5.80% 2.99% Fixed 10 Year 6.10% 3.04% Variable Rate 2.90% Prime Rate 3.95% Benchmark Rate 5.19% Cost p...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Legal Non-Conforming Uses in OntarioThis is an issue under the zoning by-laws. It is important to note that all zoning by-laws are forward looking. They speak to the future and not the past. They regulate future uses of a property not existing ones. They are prospective not retrospective in natur...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Retrofit Clauses for AgreementsOne very significant problem was the real estate industry would encourage the sale of a building with a secondary unit in an area zoned simply for single family units.There would be a good deal of puffery associated with the marketing:         great place for the in...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Term Posted Rate Preferred Rate Open 1 Year 6.30% 6.30% Fixed 1 Year 3.59% 3.04% Fixed 2 Year 3.74% 2.89% Fixed 3 Year 3.89% 2.79% Fixed 4 Year 3.94% 2.94% Fixed 5 Year 5.19% 2.74% Fixed 7 Year 5.80% 2.99% Fixed 10 Year 6.10% 3.04% Variable 2.90% Prime 3.95% Benchmark 5.19%

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
 Forfeiture of Deposit: Is 12.5% too large?The size of a deposit and whether it should be relieved from forfeiture was the subject of a recent decision in the Ontario Superior Court of Justice in Greco v. Padovani (4 July 2019).Brief FactsPurchase Price:                                  $3,200,00...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 2
Code or Common Law Precedence (Ontario)Question:REBBA 2002 requires a written agreement but then Agency Law states that it is not necessary to have a written agreement. Which would take precedence? Answer:The Act does not actually refer to “agency”, only “representation”.The issues you raise are ...

By feeDuck - Low Commission Real Estate Agents, Serving Toronto and Vancouver
(feeDuck)
Comments 0
So many things have changed in Toronto in the past few decades. Just a little over 3 decades ago, Toronto didn’t have a city skyline, trolleybuses were still in some streets, and well-known hubs that we have today were still industrial zones that were up for renewal. If we’re going to imagine pos...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Title Transfer in Estate (Ontario)Question:If a husband has passed away and he left a will to his wife stating that all his assets will pass to her and then their children when she dies, who holds title? Does the wife hold title or does she simply have the right to use and the kids hold title? An...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Amendments and Changes to an Offer (Ontario)Question:With a conditional offer in which the conditions are about to come off, what is the correct form (with Notice of Fulfillment) to change the date and add the spouse of the client to the offer?Answer:The Notice of Fulfillment was drafted to enabl...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Defendant Cries Out “Family Matters” Too Many TimesAll too often, people will seek some kind of indulgence and not really offer a proper explanation. Once or twice, this might work, but after a while the request based on “family matters” presumably taking precedence just won’t work.Consider the c...

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