Lawyer Bob Aaron wrote an interesting article recently about a home seller's obligations to disclose house defects to buyers. According to Aaron, the main criterion the courts apply to decide if a seller is responsible for repairs/defects is whether the defects are patent (obvious) or latent (hidden). Case in point: The buyers of a home in Leduc County, Alberta, inspected the house three times before signing on the dotted line. The only problems they found were minor wiring issues. Soon after they moved in, however, they discovered an infestation of carpenter ants in a bedroom ceiling and mould in the basement. Because of the ant infestation, the entire roof had to be removed and replaced with a metal one. But when the buyers took the matter to court, the judge ruled that they'd failed... 11/17/2008

New numbers released by the Japanese government indicate the country has entered a recession. Japan's economy, the second largest in the world, contracted by 0.1 percent in the third quarter, after shrinking 0.9 percent in the second quarter of the year. Japan has estimated that its Gross domestic product (GDP) contracted at an annualised rate of 0.4 percent. The Bank of Japan has also cut its key interest rate for the first time in more than seven years, lowering it to 0.3 per cent, joining central banks around the world in trimming borrowing costs. Japan joins Germany and Italy on the list of Group of Eight major economies that are officially in recession. The technical definition of a recession is two or more consecutive quarters of negative economic growth. Click Here to Subscribe t... 11/16/2008

With the explosion of the internet in users and websites, it would seem that real estate agents may be compared to being in the buggy whip business according to byowner websites. While agents are required and responsible to provide accurate property records, exact and post factual data on their listings. Professional experienced real estate agents are very careful in how they answer questions or make promises because they are held to a higher standard that is enforced by any of the 3 or 4 real estate boards they may belong to as well at RECO the provincial licensing authority. The FSBO sites are plentiful (and embellish their readership and success claims to help you part with your advertising dollars) and I even sponsor a dedicated space on one nationally based website to assist FSBO's... 11/16/2008

In this example, I would like to demonstrate to Realtors and Homeowners the importance that colour and decluttering has when marketing a property on line to get onto "The Must See List" of buyers. In this room all I did was paint a neutral colour, use bedding in a less busy pattern, hang appropriate artwork and declutterd. It's a well known fact that vibrant colours do not show well on listing photos. It is much more appealing to see a neutral backdrop in a room to allow the scale of the room to be highlighted. The second important step in marketing the space in a room is to declutter. Excess furniture should be stored off the premises to allow the buyer to see how they could live in this room. Does it have enough space for their things? To accomplish this you must show as much floor sp... 11/14/2008

In this example, I would like to show Realtors and Homeowners the importance of decluttering and storing items that are not essential to everyday living. By doing this, you allow buyers to see the scale of the room in the listing photos so they can see how they could live in your home. It allows the function of the room to shine through for all to see. This is a critical part of the Home Staging process to market the home and get it on the "Must See List" of buyers. In this room all I did was reposition the furniture to create a conversation area and ease of movement through the room, added lighting, an area rug and decluttered. In the before photo you cannot see how warm and inviting this living room was. It really needed to be decluttered to allow the ambience of the room to be featur... 11/14/2008

In this example, I would like to demonstrate the importance of addressing negative issues to stop offers from coming in from buyers in the main bathroom of this property. For some reason, when the previous owners renovated the main bathroom, they installed the sink on the wall below the window instead of on the opposite wall where they could have mounted a mirror and cabinet for storage. Moving the sink was out of the question, so I did the next best thing. All I did in this room was suggest installing a mirror on an expandable arm so the new owners could see their face to wash or shave. I also suggested that a storage cabinet be installed above the toilet for storing personal bathroom neccesssities. In this property in The Beaches in Toronto the before and after photos clearly show the... 11/14/2008

In this example, I would like to demonstrate how important it is to create a cozy retreat from the world in a Master Bedroom. The potential buyer must make an emotional connection to the home and there is no better way than to create an image of coming home to nest. In this property in The Beaches in Toronto the before and after photos demonstrate the dramatic difference that bedding and artwork play in creating this welcoming feel. Now the master bedroom has buyers saying I want to live here. In this room all I did was add bedding, lamps and artwork that tied in with the warm paint colour on the walls and the beautifull hardwood floors. The overall effect was one of a romantic getaway weekend in your very own home. And who wouldn't want that? Advantage Staging will market your property... 11/14/2008

"There are far too many agents out there who don't specialize, who do just two or three deals a year. Would you use a part-time lawyer or a part-time dentist? We need to raise the bar." So says a high-profile executive of a prominent Toronto real estate firm, and I agree with him. More than 1,000 real estate agents and brokers gathered Monday for a general meeting of the Toronto Real Estate Board (TREB). They came to discuss the current market conditions and to brainstorm. The executive was one of several speakers, but his words hit home. Last year in Canada, there were close to 100,000 Realtors, up from 77,000 in 1987. This is simply way too many. And the majority of these newcomers are part-timers. Some time ago, TREB asked the province to restrict real estate licenses for part-timer... 11/12/2008

North York Condos For Sale: Current Inventory Yonge & Sheppard, Empress, Finch Below is the current inventory of resale condos and townhouses for sale, between highway 401 North to Sheppard along Yonge Street, on the Toronto MLS in district C07 and C14 as of November 12, 2008. This inventory includes Harrison Garden Blvd, Avondale Ave., Bales Ave., Everson Dr., and 33 Sheppard Ave East , Beecroft Rd., Empress Ave., Northtown Way, Byng Ave., Olive Ave., Finch Ave East, Bishop Ave and Pemberton Ave., Yonge St. There are other buildings in this area, feel free to request availability in any building in Toronto, not just North York The units include bachelors starting at $188,000 and 1 bedrooms starting at $219,000. Fill in the form below to receive a list of available condos including PHOT... 11/12/2008

With Toronto Real Estate softening and the prices showing signs of adjustment; It might be worthwhile to look at homes for sale that have an existing mortgage that could be assumed, as a marketing tool to get your home sold.  Consider interest rates; they have not increased dramatically in the short term but could and I believe will rise in light of global borrowing as the need to attract investors for bonds and certificates in financial markets becomes interest rate sensitive.  Mortgagors on a property most suitable for this kind of program are already high ratio and have paid the CMHC Insurance fees. (previously added to the mortgage balance) If this mortgage is assumed the NEW borrower is paying CASH to the existing mortgage. They would be required to qualify for the debt at the curr... 11/12/2008

Any commuter from the Mississauga Oakville corridor runs the gauntlet of traffic congestion that squeezes all the drivers onto the Gardiner Expressway or onto Lake Shore Blvd. With all the forethought and planning How did this happen? When the Humber Bay Shore Bridge was rebuilt, land was acquired from Palace Pier to permit the move of the bridge south. This restricted the traffic to be a single lane only on Lake Shore Bouldvard. Did no one notice all the buildings being constructed along the Lake Shore? Lets add to the mix the concentration of housing (condo units) at Mystic Pointe.They are affectionately named California Dreamin and ilofts but they are continuing to expand. The only access point is to Lake Shore or the Queensway via Grande Ave. South Beach condosis proposed for the st... 11/11/2008

In preparation for a listing presentation I made a graph of the last sales in a particular townhouse complex that is in a demand neighbourhood near the Islington Subway.What would you tell a Listing Prospect? The last sales in 2008 are 440.0, 458.0, 469.0 448.0, and 468.0 thousand.Human nature wants to have the highest value for their sale as their home is naturally the best in the complex. Since the last sale, we have had a stock market adjustment and a real devaluation of all capital assets. If we assess this based on the Toronto Market Watch reporting decline of 15% of VALUE y0y our new asking prices should be $399.0 This figure is inline with another complex offering similar values NEW directly from the builder with remaining inventory available. Why would an agent encourage Listing... 11/11/2008

We are bombarded with information and headines, they are not necessarily reflective of the real facts. A TEASER ad that ran on the CTV National News talked about the 39% drop in real estate in the Toronto Market.BUT... the drop was in sales activity, not the prices in that same year over year period.While materially correct, this follows on the heels of the stockmarket adjustments that happened in October. With a Canadian and American election within weeks of each other, everyone held their collective breath. Lets examine the individual statistics. The Greater Toronto Area resale housing market reported 5,155 sales in October, Toronto Real Estate Board President Maureen O'Neill announced today.This represents a 35 per cent decline from the 7,915 sales reported in October 2007 and a 25 p... 11/10/2008

Up Coming NeighbourhoodsLast night I had the pleasure to attend the Junction Residents Association bi monthly meeting. This is relatively new group that has formed in the Junction Triangle of West Toronto in addition to the Local BIA (Business Improvement Association).This meeting was organized, orderly, enthusiastic and informative. Held at the grass roots level of homeowners, the group is focused on their own neighbourhood issues that deal with parking, continued expansion (future development) Parks and playgrounds, shrinking school funding and boundary issues. They had considered their target audience well, in that they had provided a staff of five for child care during the meeting and served a lovely refreshment station for those needing a bite after work.The group quickly identifie... 11/06/2008

O P E N     H O U S E : SATURDAY, NOVEMBER 8; 1:00 - 3:00 p.m. SUNDAY,     NOVEMBER 9; 1:00 - 3:00 p.m.   COME HOME FOR CHRISTMAS! 129 Cedric Avenue, Toronto  - Oakwood and Holland Park This home has been lovingly maintained and is totally renovated and decorated.  It has had numerous upgrades, including most recently central air, and Pella windows.The home features hardwood floors and a finished basement with family room, bath and laundry facilities.     12x18 studio; built with permits; totally insulated and sound-proofed; wired and has its own heat and air unit ... use as separate office space, artist's studio; music studio, etc.   For additional information call Sylvie Conde at 416-966-0300     Toronto Real Estate by Sylvie Conde, Broker, Sutton Group-Associates Realty Inc., Brokera... 11/03/2008

OPEN HOUSE DATES: SATURDAY, NOVEMBER 1; 1:00 - 3:00 p.m.     129 Cedric Avenue, Toronto  - Oakwood and Holland Park - Hillcrest Village This home has been lovingly maintained, it has been totally renovated and decorated.  It has had numerous upgrades, including most recently central air, and Pella windows.The home features hardwood floors and a finished basement with family room, bath and laundry facilities.     12x18 studio; built with permits; totally insulated and sound-proofed; wired and has its own heat and air unit ... use as separate office space, artist's studio; music studio, etc.   Move in before Christmas!!   For additional information call Sylvie Conde at 416-966-0300     Toronto Real Estate by Sylvie Conde, Broker, Sutton Group-Associates Realty Inc., Brokeragewww.sylviecon... 10/31/2008

As a homeowner for a few years now, you have had the time to evaluate the choices that you made as a first time buyer. Now you're looking at the market, you realize that you can get substantially more for your home and yet slip into something more comfortable for a few dollars more per month. What can you expect as a second time buyer?Your biggest advantage is that you have a greater sense of confidence in sailing your way thru a home purchase. Having had the experience with the lawyers, agents, inspectors, bankers and movers, you know what to expect from most of the people involved. This must make your decision all the easier to make.Many First Time Buyers made their choice in haste, or perhaps their family situation soon had additions just after the move, or the available space is jus... 10/30/2008

Let's take a closer look at Markland Wood in EtobicokeThis is a wonderful upscale mature neighbourhood that was built out in 1962 - '63 containing prestigious homes and ravine properties bordering the Etobicoke / Toronto boundary approaching Mississauga.With the total number of residences being 1,200, a normal balanced market should see an aggregate of 3.8 to 4.2 % of residences sold in any one year period. This should translate into a gross number of units for sale/sold at 45 to 60 units traded in any particular calendar year, for a mature neighbourhood of over 25 years in age.The sales in Markland Wood over the last 12 month period are only showing 28 units having sold thru the Toronto MLS System. This leaves the remaining number of units sold on an average basis well below what would... 10/30/2008

A new RBC study conducted during the market turmoil in October finds overall intentions to purchase a home in the next two years remain steady at 22 per cent and have not changed since January 2008. As well, renovation intentions are slightly higher than last year - up four percentage points as 70 per cent of respondents are planning to renovate or make home improvements in the next two years."Despite recent economic events, we've noted that Canadians still believe a home is a good investment and many are continuing with their home improvement plans," remarked Catherine Adams, RBC Royal Bank's vice-president, Home Equity Financing.According to RBC's 5th Annual Renovation Survey, given the choice, most Canadian homeowners would opt for hammers and paint brushes, rather than packing tape ... 10/29/2008

Iceland raised interest rates to a record 18 per cent from 12 per cent yesterday as a condition of a proposed $2bn loan from the International Monetary Fund to help rescue the stricken country. Iceland applied for the emergency loan after its banking system collapsed and is seeking another $4billion from other central banks. Following the collapse of their banking system, some economists forecast that Iceland's economy unemployment to rise around 8 percent and inflation to hit 20 percent or more. Despite the ongoing crisis in the US and Canada, things could be worst.... when you look at what's going on in Iceland!     Gina Burgio, Mortgage Agent VERICO Designer Mortgages Inc. Toll Free: 1-877-345-6265 Fax: 1-877-345-6256 Email: gina@ginaburgio.comwww.ginaburgio.com Each VERICO Broker is... 10/28/2008