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
“More or Less” in the Legal Description: The MeaningThe Ontario Court of Appeal dealt with the issue of the determination of an 11 foot deficiency on a 172 foot depth in Bouskill v. Campea,1976.Ms. Bouskill was the owner of a piece of property in Mississauga which she listed for sale with a real ...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 2
Terms                           Posted Rates                 Preferred Rates 6 mos                          3.34%                          3.10%1 year                          3.59%                          3.19%2 year                          3.74%                          3.19%3 year           ...

By Roch St-Georges, Real Estate Agent | Agent Immobilier
(EXIT Realty Matrix LTD., Ottawa, ON)
Comments 1
Ottawa is seeing nice price growth with low inventory and buyers competing for homes and condos Ottawa has seen the average price of properties increase to $449,005 in October of 2018. This is a 5.7% increase over October of 2017 which is in line with the province average shown in the graph below...

By Roch St-Georges, Real Estate Agent | Agent Immobilier
(EXIT Realty Matrix LTD., Ottawa, ON)
Comments 1
Ottawa's real estate market has seen a strong year. The average price of a residential-class property in Ottawa has increased by 6.6% year over year. This increase is led by a 7.4% increase in prices of two-storey single-family homes. The graph below shows the price increase since 2005.If you are...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Purchaser Must Pay Damages for Repudiation of ContractThe Ontario Court of Appeal dealt with the repudiation of a contract arising out of a boundary issue by a Purchaser in LeMesurier v. Andrus, 1986.The purchasers (Andrus) submitted an Offer for 9 Dinnick Crescent described as:"having a frontage...

By Roch St-Georges, Real Estate Agent | Agent Immobilier
(EXIT Realty Matrix LTD., Ottawa, ON)
Comments 0
The Ottawa real estate market is seeing a low inventory of homes and condos. The City has seen good price growth in most urban and suburbans neighbourhoods since January. Although most homes are selling quickly with the average days on market for condos 51 days which is a 13.3% decrease from Nove...

By Roch St-Georges, Real Estate Agent | Agent Immobilier
(EXIT Realty Matrix LTD., Ottawa, ON)
Comments 0
Looking to sell your Ottawa home or condo this winter? Here are 3 reasons to sell this winter or during the Holidays season.Low InventoryThis year has been a difficult year for buyers in Ottawa. Low inventory in the $500,000 and under price range in many neighbourhoods has forced buyers to recons...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Remedies for Damaged but Brand New Appliances (Ontario)Question:Brand new “damaged” appliances were included in a Newly Built Home.The second Buyer moved into the house when it was about 4 months old. The Seller had bought brand new appliances about 3 months previously but they were never used be...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Expert Witness Testified about Value of PropertyIn Bouskill v. Campea (1976) the Ontario Court of Appeal noted the testimony of an Expert WitnessAs noted in the decision:“An expert witness testified at the trial that the deficiency would be significant to a purchaser contemplating subdivision.”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% 3.19% Fixed 2 Year 3.74% 3.19% Fixed 3 Year 3.89% 3.39% Fixed 4 Year 3.94% 3.64% Fixed 5 Year 5.59% 3.49% Fixed 7 Year 5.80% 3.74% Fixed 10 Year 6.10% 4.04% Variable 2.90% Prime 3.95% Benchmark 5.34%

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
New Funds for an Extended Closing DateFrom time to time, the Seller agrees to extend the closing provided the Buyer agrees to pay an additional fdeposit. But, this time, the Seller keeps it if the deal doesn’t close on the extended date.Here’s what that clause might look like:“The Buyer agrees to...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
The Two Parts of Every Legal Decision If a Judge has issued “Reasons for Judgment”, then you will find that there are two parts: 1.     Ratio, and 2.     Obiter. In relying upon the case, as a precedent in future cases, you must make the distinction. Meaning of "Ratio Decidendi"When it comes to t...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Lot Falls Short of “more or less”: Deposit ReturnedThe Ontario Court of Appeal just released a decision about a deposit on 12 December 2018 in Hosseinzadeh v. Pringle.The case is rather straightforward. The parties were troubled over the description of the property. The Purchaser was a Builder an...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Agreements: Residential and Commercial (Ontario)Question:What are the differences between Form 100 (residential) and Form 500 (Commercial).Answer:Look at Clause 7 which deals with the HST.In Form 100, it’s included in the purchase price.In Form 500, it’s in addition to the purchase price.There ar...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Commercial Bond Yields CMB 5 Year - 2.50%* CANHOU 06/15/24 [-0.01]   ‌ 10 Year - 2.66% CANHOU 12/15/28 [+0.01]   10 Year - 2.69%* CANHOU 09/15/29 [+0.01] * denotes interpolated rate GoC 5 Year - 2.06% CAN 2.00 09/01/23 [-]   ‌ 10 Year - 2.12% CAN 2.0 06/01/28 [+0.01] GOC Bonds are for reference ...

By Roch St-Georges, Real Estate Agent | Agent Immobilier
(EXIT Realty Matrix LTD., Ottawa, ON)
Comments 0
When talking about design trends we often talk about the colour of the year. In 2019 this colour is the Nightwatch Green.Be prepared to see this shade of green in magazines, on websites, restaurants and shops as well as people homes. Nightwatch Green is a strong and dark colour so it must be used...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Deposit of 5% Forfeited notwithstanding Profit on ResaleThe issue of the deposit came up once again in the Superior Court of Justice before Justice Shaw in Sinha v. Shabestari, 16 January 2018.                                                                       Summary of the Deal         vendo...

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% 3.19% Fixed 2 Year 3.74% 3.19% Fixed 3 Year 3.89% 3.39% Fixed 4 Year 3.94% 3.64% Fixed 5 Year 5.59% 3.49% Fixed 7 Year 5.80% 3.74% Fixed 10 Year 6.10% 4.04% Variable 2.90% Prime 3.95% Benchmark 5.34%

By Gloria Valvasori, Accredited Senior Agent, REAL Experience | REAL Commitment | REAL Results!
(BETTER HOMES AND GARDENS REAL ESTATE SIGNATURE SERVICE)
Comments 0
Here is a breakdown of what the real estate market looked like in November, 2018, witha year over year comparison as well as seasonally adjusted. 

By Victoria Carter, TwoMoveYou
(TwoMoveYou)
Comments 1
 Sometimes you know a desirable street when you see one. For example, it’s obvious that a home on a cul-de-sac is enticing mainly because there isn’t any through traffic.What are the other characteristics of a desirable street that may not be as obvious? Here are just a few:A sidewalk in front of...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Automatic Forfeiture of Deposit Clause (Ontario)Question:Is there a clause that says if the Buyer firms up but fails to close that the deposit will automatically go to the Seller? Answer:It's ineffective, if someone opposes it. But, that's the effect if you call it a deposit. If you call it a par...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 1
Commercial Bond Yields CMB 5 Year - 2.51%* CANHOU 06/15/24 [+0.02]   ‌ 10 Year - 2.67% CANHOU 12/15/28 [+0.05]   10 Year - 2.70%* CANHOU 09/15/29 [+0.05] * denotes interpolated rate GoC 5 Year - 2.04% CAN 2.00 09/01/23 [+0.03]   ‌ 10 Year - 2.11% CAN 2.0 06/01/28 [+0.05] GOC Bonds are for refere...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Specific Performance Ordered for Commercial Transaction The Ontario Court of Appeal recently looked at a case involving Specific Performance in a real estate transaction for commercial property in THMR Development Inc. v. 1440254 Ontario Ltd., 28 November  2018. The purchaser, THMR Development In...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 3
Cancellation Price: Tax Arrears Certificate (Ontario)Question:I have a questions regarding paying the cancellation price on Tax Arrears Certificate.What does it mean by another person paying the taxes owed have a lien with priority? What type of individual might that be?A tax cancellation certifi...

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