Buying, Selling, Leasing or Investing in real estate is sometimes a complex undertaking. Hiring me, a real estate professional will help save you time and money. steven@maislin.com
Update on the April Market
Dear Friend,
The Toronto real market
continued its torrid pace with the sale of 12,085 homes in April, the best
April in the 100 plus year history of the Board, and up 7.4% over April 2015.
While the average price in all
of the Toronto Real Estate Board marketing areas for all types of residences now
stands at $697,679, the price breakdown for local areas is as follows:
City of Toronto $718,682
(Detached Homes only in April $1,257,958)
York Region $896,476
Durham Region $494,643
Peel Region $582,496
Is there a real estate bubble? Will prices adjust? Is it too late to
buy? These are questions I am continually asked, and while everyone has an
opinion, no one, truly knows. Economic forecasts and weather forecasts are
similar. The systems are just too complicated and the experts are best guessing
with the information at hand, and that changes minute by minute.
Here is what I say to my clients.
People need to live somewhere. Our vacancy rate is near 0%. In other
words very low. Basement apartments in Newmarket are renting for $1,200 per
month. Downtown condos are renting for $1,800 -$2,200+ monthly! If you buy a
property to rent and hold, prices may adjust, but will always recover as the
population continues to grow. As long as you have a good tenant the price
fluctuations will not affect you.
If you are buying a property to live in, it’s your home, and prices may
fluctuate but as long as you live there, price is irrelevant, and will always
recover.
In 1975 the average price was $57,581
In 1995 the average price was $203,028
In 2015 the average price was $ 622,217
Who knows what the next 20 years will bring, but I do know Toronto will
continue to grow and people have to live somewhere!
Have a great May and don’t forget, I am never too busy for your
referrals!
Your Friend in Real Estate.
Steven
Steven
It’s still not too late to buy! March Update
March 2016.
Dear Friend,
What can I say other than the real estate market is crazy hot!
There were 7,621 homes sold in February – up 21.1% over February 2015. This brings the total sales for 2016 to 12,278, on the way to another record breaking year for Toronto. The average price jumped to $664,533, brought about by huge demand and a lack of inventory.
Sales were up strongly despite the new federal mortgage lending guidelines coming into effect that require at least a 10% down payment on the portion of purchase prices between $500,000 and $1,000,000.
The culprits causing this market? More immigration to Toronto from other parts of the world and other provinces, more investment from foreign sources, (Canada is 35% cheaper because of the strength of the US dollar), and a serious shortage of rental properties. All of this creates demand and the resulting increase in prices. None of these factors seem to have any reason to abate in the near future!
It’s still not too late to buy!
Call me and let me show you how I can help you create a great real estate investment portfolio!
Have a great March, and remember, I am never too busy for your referrals!
Your Friend in Real Estate
Steven
Steven
Steven Maislin, R.E.B.B., I.R.E.S., Broker
Direct:
(5478)
Text/Cell:
Office:
www.STEVENMAISLIN.com
Twitter: @stevenmaislin
5 Reasons You Should Partner with a Real Estate Agent
If you are thinking of selling your home, no doubt there are a thousand questions running through your head. Finding a new house, getting your current property set to sell, and deciding what your asking price should be are all daunting tasks. This is where a real estate agent comes in. They are licenced professionals and are able to maximize your home value. Leave the negotiating and paperwork to these professionals, and spend your time preparing for the next chapter of your life in your new home.
1. Getting the Right Price
Real estate agents are experienced negotiators that will fight to get you the price you deserve on both your current home and the property you intend to purchase. Agents have an in depth understanding of how deals get made and are able to close for the right price without risking a retraction of the offer. They also know what adds or detracts from the value of a property, and often have knowledge of the surrounding area and neighbourhood that could also affect the price.
2. Marketing Your Property
Realtors have access to large networks of buyers and sellers (including MLS). This helps connect you with people that are interested in your property as well as people selling what could be your dream home. Being able to make known what you have for sale and what you expect to as many people as possible makes it easier to find a buyer. Agents also use their networking skills to connect you to those selling their home, allowing you to find a place you will love.
3. Staging the Property for the Fastest Sale and Best Price
There is nothing worse than the limbo of a house for sale with little attention from buyers. A major factor in deciding whether to buy a house is first impressions, which can be difficult to gauge for prospective buyers. Real estate agents know what people want when it comes homes and can help you get it set up to appeal to a wide range of people. Sometimes it takes someone pointing out that although there is nothing wrong with your personal decorating taste, it may not be right for everyone. Making it easy for prospective buyers to see themselves living in the home is the key to a quick sell, and real estate agents know just how to do this.
4. Access to Professionals
During and after the sale, there are a host of professionals that the buyer may need to contact. Mortgage agents, building contractors, inspectors, and government agencies are just a few. The best person to connect you is your real estate agent. The added confidence that comes with knowing this is often a huge factor in helping a sale go through, as no one wants to purchase a new home and then be left to fend for themselves should something go wrong.
5. All the Negotiations and Paperwork
Selling a home is a big job, and there are a lot of things to keep track of and a lot of contracts and forms to fill out. Knowing all the ins and outs of the industry is a realtor’s job. Realtors have spent years studying and practicing to learn it all, making their expertise very valuable. When you work with an agent, he or she will be able to handle all of the tricky negotiating and complete all of the tedious paperwork for you. In a deal as big as selling or buying a home, one incorrectly completed form or misworded contract can void the entire agreement and produce potential legal action.
Posted by Greg Schryer
Dear Friend February 2016 Update
Dear Friend,
The weather in December and January was not the
only thing that was unseasonably warm! The Toronto real estate market continued
its hot pace with the sale of 4,672 residential transactions in January, up 8.2
% over January of 2015. The average price in January was $631,092, up 14.1%
over January 2015’s average price of $552,925.
This upward trend will continue in 2016 as a recent
polling conducted for TREB by Ipsos suggested that 12 % of GTA households were
seriously considering the purchase of a home in 2016. Buying intentions are
strong despite rising prices of homes. With low interest rates, home ownership continues
to be seen as an affordable long-term investment.
Here are some reasons why Canada is so popular
an investment opportunity for so many foreign investors.
#
Expensive in the world
|
City
|
Cost
of 1300 Apt
per sq. Ft
|
Monthly
Rental Rate of 1300 sq. Ft Apt
|
# 2
|
London
|
$3,227 US Dollars
|
$11,089 US Dollars
|
# 3
|
Hong
Kong
|
$2,132 US Dollars
|
$
6,431 US Dollars
|
# 4
|
New
York
|
$1,728 US Dollars
|
$
7,225 US Dollars
|
# 6
|
Moscow
|
$1,497 US Dollars
|
$
5,158 US Dollars
|
# 7
|
Singapore
|
$1,425 US Dollars
|
$
4,332 US Dollars
|
# 10
|
Mumbai
|
$1,070 US Dollars
|
$
2,540 US Dollars
|
# 12
|
Tel
Aviv
|
$950 US
Dollars
|
$
2,318 US Dollars
|
# 15
|
Toronto
|
$775 US
Dollars
|
$
3,047 US Dollars
|
I know the above are “averages”. Prices are
dependent on location, condition etc. However this gives you a general idea why
so many foreign investors are purchasing in Canada. We are a BARGAIN!
If you
or a friend are considering purchasing an investment property, (yes, 2016 is a
great time) please give me a call, there are some great opportunities in
Toronto!
Have a great February, your Friend in Real
Estate.
Steven
Steven
Happy New Year to all my Chinese friends and clients - 2016 is the Red Fire Monkey year and is the 4713th Chinese Year
Happy New Year to all my Chinese friends and clients celebrating Chinese New Year this weekend.
They know the information below but for the rest of you...
They know the information below but for the rest of you...
The Chinese name of 2016 in the Chinese Horoscope calendar is Male Fire Monkey. Chinese apply Five Elements (Metal, Water, Wood, Fire and Earth) into the Chinese calendar. Male Fire is in the Fire group. The color of Fire is connected to Red. Monkey is the calendar character corresponding to Monkey. Therefore, 2016 is the Red Fire Monkey year.
2016 is the 4713th Chinese Year. According to Chinese Horoscope calendar, the first day of Red Monkey is on February 4, 2016. This day is not the Chinese New Year Day. Most of Internet Chinese horoscope sites use Chinese New Year Day to determine the Chinese zodiac sign, which is wrong. Chinese New Year Day of Red Monkey Year is on February 8, 2016.
Now is the time for U.S. buyers to buy real estate in Canada
The Canadian dollar is currently in the midst of its longest decline against the U.S. dollar since the 1970s. The loonie has fallen about 34 per cent since 2011 on the back of lower global oil prices, which have been falling in an environment that is seeing supply far outweigh demand. While the slumping loonie may be difficult for the country’s oil producers, it does provide an opportunity for a number of the country’s industries. As the purchasing power of our neighbours to the south grows, so does their interest in Canadian exports; many in the tourism industry are predicting an upswing in activity, and anyone who’s looking to buy a house in Canada would certainly see their dollar go further.
"I am finding that I am now hearing more from my U.S. clients looking to take advantage of the opportunity the dollar value presents," says Jamie Sarner, sales person. With the Canadian dollar sitting so low, it makes the prices of Toronto real estate much more affordable to U.S. buyers, according to Sarner. The disparity also opens up new opportunities for anyone in the city looking to sell their property.
Toronto real estate is very hot at the moment, and it seems like that trend will continue for the foreseeable future. But this comes at a time when housing prices south of the border are again on the rise. Some analysts are showing U.S. home prices have risen by about 20 per cent each year. That means that any Canadians looking to buy their own Florida vacation home may have missed their opportunity, but the sinking loonie presents a great opportunity for American buyers, and Sarner doesn’t think the high Toronto prices should turn off potential U.S. investors. "The more expensive the price of real estate is the less it attracts investors," says Sarner.
"That being said, the outlook on Toronto seems to be very positive long term and the U.S. dollar today most likely counters the increase in value that the Toronto market has seen. Its almost like buying property in a thriving market on sale." There are other reasons that the Toronto market should look appetizing to U.S. property buyers. Canada’s mortgage regulations make for a more stable market, one less likely to succumb to the pitch and wane of global economic trends. That provides a safer investment opportunity and a higher likelihood that buyers would see a positive return on their investment. "I think that the safeguards and policies in place in Canada try to inhibit the ability for purchasers to buy real estate to buyers who may not be qualified. This makes for a market that should be more stable over time which is important when the market takes a downturn. This makes the scenario of a crash a little less likely," says Sarner. Still, there could always be difficulties that arise from cross-border deals. Sarner says issues can always arise that could be harder to work through thanks to the inability to communicate face to face. "It would be harder to deal with a buyer from the U.S. on closing if there were legal issues to sort out a problem on closing," he says. Canadian lenders will finance home purchases of non-residents, but they usually require significantly larger down payments. Non-resident buyers should expect to pay as much as a 35 per cent cash downpayment. You’ll be expected to provide proof of income and have your credit verified. It’s possible mortgage interest rates might be higher than what Canadians would pay, but the rates should still look attractive to U.S. buyers. If the property is an income property, Sarner advises investors consult a tax accountant who has experience in Canadian/U.S. tax laws. During the sale of any property, taxes need to be paid to the Canada Revenue Agency, and funds from the proceeds of the sale will be held to ensure they payment is made. This shouldn’t act as too much of a deterrent though, according to Sarner. He says making sure you receive a good sized deposit will help smooth out any issues. "A seller should try to obtain a sizeable deposit upon accepting an offer. It would also be a good idea to ensure that the buyer has done their homework with respect to the requirements of a foreign buyer," says Sarner. Just like with any major transaction, you should always do your homework. If you’re considering buying real estate in Toronto as an investment, make sure you’re aware of all the regulations. Sarner says you should also carefully consider where you see the profit coming from, be it from finding tenants or from an eventual sale of the property down the road. No matter what though, he says you need to consider your options carefully. "Like any purchase of real estate, it is important to take your time finding the right investment in areas that you see upside short and long term," says Sarner. "This can be with regards to both the potential rental and sale ability. It's always nice to be able to get in to the market, but you also have to see how to get out. You often make your money on the buy side.
"I am finding that I am now hearing more from my U.S. clients looking to take advantage of the opportunity the dollar value presents," says Jamie Sarner, sales person. With the Canadian dollar sitting so low, it makes the prices of Toronto real estate much more affordable to U.S. buyers, according to Sarner. The disparity also opens up new opportunities for anyone in the city looking to sell their property.
Toronto real estate is very hot at the moment, and it seems like that trend will continue for the foreseeable future. But this comes at a time when housing prices south of the border are again on the rise. Some analysts are showing U.S. home prices have risen by about 20 per cent each year. That means that any Canadians looking to buy their own Florida vacation home may have missed their opportunity, but the sinking loonie presents a great opportunity for American buyers, and Sarner doesn’t think the high Toronto prices should turn off potential U.S. investors. "The more expensive the price of real estate is the less it attracts investors," says Sarner.
"That being said, the outlook on Toronto seems to be very positive long term and the U.S. dollar today most likely counters the increase in value that the Toronto market has seen. Its almost like buying property in a thriving market on sale." There are other reasons that the Toronto market should look appetizing to U.S. property buyers. Canada’s mortgage regulations make for a more stable market, one less likely to succumb to the pitch and wane of global economic trends. That provides a safer investment opportunity and a higher likelihood that buyers would see a positive return on their investment. "I think that the safeguards and policies in place in Canada try to inhibit the ability for purchasers to buy real estate to buyers who may not be qualified. This makes for a market that should be more stable over time which is important when the market takes a downturn. This makes the scenario of a crash a little less likely," says Sarner. Still, there could always be difficulties that arise from cross-border deals. Sarner says issues can always arise that could be harder to work through thanks to the inability to communicate face to face. "It would be harder to deal with a buyer from the U.S. on closing if there were legal issues to sort out a problem on closing," he says. Canadian lenders will finance home purchases of non-residents, but they usually require significantly larger down payments. Non-resident buyers should expect to pay as much as a 35 per cent cash downpayment. You’ll be expected to provide proof of income and have your credit verified. It’s possible mortgage interest rates might be higher than what Canadians would pay, but the rates should still look attractive to U.S. buyers. If the property is an income property, Sarner advises investors consult a tax accountant who has experience in Canadian/U.S. tax laws. During the sale of any property, taxes need to be paid to the Canada Revenue Agency, and funds from the proceeds of the sale will be held to ensure they payment is made. This shouldn’t act as too much of a deterrent though, according to Sarner. He says making sure you receive a good sized deposit will help smooth out any issues. "A seller should try to obtain a sizeable deposit upon accepting an offer. It would also be a good idea to ensure that the buyer has done their homework with respect to the requirements of a foreign buyer," says Sarner. Just like with any major transaction, you should always do your homework. If you’re considering buying real estate in Toronto as an investment, make sure you’re aware of all the regulations. Sarner says you should also carefully consider where you see the profit coming from, be it from finding tenants or from an eventual sale of the property down the road. No matter what though, he says you need to consider your options carefully. "Like any purchase of real estate, it is important to take your time finding the right investment in areas that you see upside short and long term," says Sarner. "This can be with regards to both the potential rental and sale ability. It's always nice to be able to get in to the market, but you also have to see how to get out. You often make your money on the buy side.
Deciding When to Sell
If you are considering making a transition to your next home in the coming months you’re not alone. This past year more than 101, 290 Greater Toronto Area residents made the decision to lay down new roots.
With the home ownership rate close of 71.4 per cent in Ontario, a lot of these people were buying a home, and at the outset of nearly every one of these transitions indecision was likely a common hurdle. If you’re faced with a similar stumbling block, as a first step toward deciding when to sell consider the data.
Long Term Factors
Since those who achieve strong selling prices typically also buy when the market is driving such conditions, your decision shouldn’t be based primarily on prices. Instead, consider factors that will allow you to carry a new mortgage for the long-term such as interest rates and employment statistics.
Demand
Demand in your local area is another important factor to keep in mind. If the house three doors down is also for sale you might mistakenly prefer to avoid direct competition when in fact, nearby available properties serve as an ideal opportunity for exposure to a larger pool of potential buyers.
Needs vs. Wants
It’s important to make a thorough assessment of your reasons for wanting to move in order to avoid the possibility of sentiment affecting your judgment once the process begins, and to have a clear idea as to your future needs. In fact, being able to envision your next home and view your existing dwelling as a product being taken to market are key indications that you’re prepared to make the transition.
Consider whether your current home’s square footage and features are right for your needs, whether you are close enough to work and schools, and whether your neighbourhood truly reflects your lifestyle preferences. If any of these key factors aren’t in line, that’s a signal it’s time to move.
Closely examining your personal finances. It’s important to consider factors such as your mortgage balance and any penalties for breaking your current financing agreement. As part of this process it’s wise to hash out a rough budget that includes the approximate purchase price of your next home, applicable taxes, professional fees and moving expenses. As well, a REALTOR® can offer you insight into recent selling prices of comparable homes in your area.
Once you’re armed with all of this information ask yourself if you’re ready to make the transition. The way you live in a home and the way you show a house can be very different: be sure that you have the time needed to get your home ready for market and that you have enough flexibility to allow for viewings.
To get an objective perspective on whether now is the right time to make your next move, talk to me for more information on the process of buying and selling a home.
The outlook for 2016
Dear Friend,
Toronto Real Estate Board members sold 4,945 homes in December, bringing the 2015 calendar year total to 101,299. This 9.2 % increase over 2014’s 92,782 sales, marked 2015 as the best year in the history of the Board. The average selling price for 2015 as a whole was $622,217 – up 9.8 % compared to $566,624 in 2014.
City of Toronto Average price $659,270
Aurora Average price $746,715
King Average price $1,006,701
Markham Average price $803,357
Newmarket Average price $618,498
Richmond Hill Average price $886,773
Vaughan Average price $797,377
Stouffville Average price $789,730
Pickering Average price $530,413
Whitby Average price $488,304
The outlook for 2016 appears to be more of the same if not better! We have several factors occurring that will impact the market. First is the weak Canadian dollar. That has two immediate consequences. One, investors from around the world can buy Canadian real estate at 30% off. (Real estate sales in the USA are slowing down as foreign investors are not buying due to the strong US dollar.) Two, American companies are now buying Canadian, whether its goods or holidays or consultants as its 30% cheaper! Secondly, with worldwide humanitarian crises continuing and Canada accepting more refugees, demand for housing will increase tremendously!
All in all, a strong real estate market with increased demand, low interest rates and people who can afford the mortgage payments. A sure fire recipe for increasing prices.
Have you bought your land yet, we are not making any more! If you have questions about how to invest in real estate, give me a call, I would love to help you create a great investment/retirement strategy.
Have a great 2016!
Your Friend in Real Estate
Steven
416-782-8882
Toronto Real Estate Board members sold 4,945 homes in December, bringing the 2015 calendar year total to 101,299. This 9.2 % increase over 2014’s 92,782 sales, marked 2015 as the best year in the history of the Board. The average selling price for 2015 as a whole was $622,217 – up 9.8 % compared to $566,624 in 2014.
City of Toronto Average price $659,270
Aurora Average price $746,715
King Average price $1,006,701
Markham Average price $803,357
Newmarket Average price $618,498
Richmond Hill Average price $886,773
Vaughan Average price $797,377
Stouffville Average price $789,730
Pickering Average price $530,413
Whitby Average price $488,304
The outlook for 2016 appears to be more of the same if not better! We have several factors occurring that will impact the market. First is the weak Canadian dollar. That has two immediate consequences. One, investors from around the world can buy Canadian real estate at 30% off. (Real estate sales in the USA are slowing down as foreign investors are not buying due to the strong US dollar.) Two, American companies are now buying Canadian, whether its goods or holidays or consultants as its 30% cheaper! Secondly, with worldwide humanitarian crises continuing and Canada accepting more refugees, demand for housing will increase tremendously!
All in all, a strong real estate market with increased demand, low interest rates and people who can afford the mortgage payments. A sure fire recipe for increasing prices.
Have you bought your land yet, we are not making any more! If you have questions about how to invest in real estate, give me a call, I would love to help you create a great investment/retirement strategy.
Have a great 2016!
Your Friend in Real Estate
Steven
416-782-8882
Stigmatizing Issues
When representing a buyer, it is the obligation of a registrant to use their best efforts to identify properties that meet the buyer’s criteria and to generally promote and protect the interests of the buyer.
REPRESENTING THE BUYERAccordingly, a registrant representing a buyer must obtain as much information as possible from them before beginning the process of searching for a suitable property and representing them with third parties. Registrants must discuss in detail the buyer’s needs and wants regarding property requirements, including constraints or restrictions, and any other issues or concerns the buyer may have with respect to the purchase of a property.
Communication is a two-way street, of course, and RECO encourages buyers to be proactive and provide information to their representative and to ask questions regarding issues of specific importance to them and their families. Nonetheless, registrants are encouraged to communicate extensively and frequently with their buyer clients to best understand their wants, needs, priorities and concerns. For the purpose of consistency and record keeping, a registrant should consider documenting their inquiries through the use of a questionnaire or similar tool.
DEALING WITH “STIGMA”
In the context of real estate, a “stigma” is a non-physical, intangible attribute of a property that may elicit a psychological or emotional response on the part of a potential buyer. There may have been an event or circumstance that occurred in or near the property that does not affect the property’s appearance or function, but might be considered by some as emotionally disquieting. Unlike a latent or patent defect, which may exist at a property, there is nothing physically observable or measurable associated with a stigma.
The Real Estate and Business Brokers Act, 2002 (REBBA) does not define “stigma”, but examples may include:
• the property was used in the ongoing commission of a crime (e.g., drug dealing, chop shop, brothel);
• a murder or suicide occurred at the property;
• the property was previously owned by a notorious individual (e.g., organized crime leader, known murderer);
• there are reports that the property is haunted;
• a former grow-op which has been re-mediated according to the local health or building authority.
The relevance and impact of a potential “stigma” or any other such non-physical circumstance will be
determined by a buyer’s personal values and perceptions, ethnic background, religion, gender, age
and other individual concerns. Given all the possible occurrences or circumstances that might exist
for a given buyer to consider a property to be “stigmatized,” it is impossible for registrants to
determine in advance what these might be. Again, communicating openly and early is key.
Registrants representing the buyer are advised to discuss their specific needs or requirements and any concerns and issues related to purchasing a property. In its communications to consumers, RECO advises buyers to carefully consider the areas of concern they may have and to discuss them with their real estate professional to ensure the necessary inquiries will be made to avoid purchasing a property they will not feel comfortable living in.
STIGMAS ARE DIFFERENT FOR DIFFERENT PEOPLE
The following questions and responses may demonstrate the difficulty, in practical terms, of defining a stigma. For example, think about the possible responses to this question: Would it matter to you if a death had occurred in a property you were interested in buying? Some would say “Yes, absolutely!” However, consider the following situations:
• Would it matter if the death was from natural causes, or accidental, versus being caused by a violent act or suicide?
• Would it matter if it was a crib death of an infant?
• Would you be as concerned by a death that occurred 20 years ago as you would with a recent one?
These examples illustrate how difficult it is to clearly define what constitutes a “stigma.” What one person might find completely unacceptable may not be of any concern to another.
SELLER DISCLOSURE OF STIGMA
Under the doctrine of caveat emptor (“buyer beware”), buyers are ultimately responsible to satisfy themselves that the property they are acquiring is suitable for their purposes. However, many buyers and their representatives will look to the seller and his or her representative to provide them with information about the property.
It is important for registrants to know that while sellers are required by law to disclose material latent defects affecting a property that are known to them (an obligation which also exists for the seller’s representative if the material latent defect is also known by the representative), there is no legislation or case law in Ontario to suggest that a seller, or his or her representative, is required to disclose the existence of stigmas to buyers. Registrants representing sellers should advise their clients to seek legal advice if they believe that stigmatizing issues may become a factor in selling the property.
If a registrant is representing a buyer who is concerned about specific types of stigmas, it is highly recommended that the registrant and buyer conduct their own investigation, which could include an internet search and also making direct inquiries of the seller or registrant representing the seller. To further protect the buyer, the registrant could include in any offer a representation/warranty regarding the status of the property. For example, “The seller represents and warrants that to the best of his/her knowledge and belief the property has not been the site of a murder.”
All registrants have an obligation to act with fairness, honesty and integrity when dealing with others in a real estate transaction. Similarly, registrants must use their best efforts to prevent error and misrepresentation while still promoting and protecting the best interests of their clients. Therefore, when the registrant representing the seller is asked about the existence of specific stigmas that might affect the property, that registrant may either answer the question and provide the information without qualification, or in the alternative, refuse to answer the question and suggest the buyer ascertain the answer for themselves.
The approach to be taken should be based on a detailed discussion with, and instructions from, the seller. Registrants are expected to use reasonable care and skill to ensure the accuracy and completeness of the information conveyed to the buyer and/or his or her representative, and should consider documenting such responses.
TREAD CAREFULLY
A registrant cannot anticipate all the areas of sensitivity that an individual buyer may have. This fact, combined with the fact that a seller may refuse to answer questions about potential stigmas, means that registrants must approach this subject carefully. They should keep in mind that a seller may have no knowledge of events that occurred before he or she owned the property, or the property may have been rented out and the seller may not know of the events that occurred during the rental period.
Registrants representing sellers should have a full and frank discussion with the seller regarding stigma. If it is determined that there may be stigmatizing issues associated with the property, the registrant should advise the seller to seek legal advice regarding their rights and obligations related to the issue, and get written instructions regarding the disclosure of the stigma to buyers. Registrants representing buyers should have detailed conversations with the buyer to identify relevant stigmatizing issues, and be prepared to do some additional investigation or research if the buyer indicates sensitivity to one or more such issues.
In a multiple representation scenario, the issues become a little more complicated. Before a seller is asked to consent to multiple representation, it must be explained that any information about stigma will have to be conveyed to the buyer, as part of the brokerage’s duties to the buyer. If the seller objects to this, they should be advised that they do not have to consent to multiple representation. If consent is not given, the registrant must inform the buyer of this fact and the brokerage will have to release the buyer to seek alternative representation.
Taking a proactive, communicative and well-documented approach to stigmatizing issues will minimize the risk of buyers being uncomfortable with their home and filing a complaint, failing to complete a transaction or initiating a lawsuit.
Acknowledgement: This bulletin makes use of information originally published by the Real Estate Council of Alberta (RECA). RECO is extremely grateful to RECA for its consent to adapt its publication.
Holiday Décor and Your Listing
Having a home listed for sale during the holiday season can be challenging for sellers. Schedules are busy with social events and shopping, and financial stresses are at a high. Your GTA REALTOR® can help relieve you of these stresses, and is experienced enough to show how to get the most out of your listing this time of year.
The cooler months present a unique opportunity for a favorable transaction. Homes take on a warm, inviting feel at this time of year, which can be enhanced by holiday decorations, if done right.
Here are a few tips that can help you determine where to draw the line on holiday décor when your house is for sale.
Moderation is Key
The rule of thumb when deciding how much décor to use is less is more. Keep decorations to scale, so if you live in a small home or condo always use less. Clutter can be a deterrent for buyers. However, that being said, living in a larger home doesn’t mean you should add more. It’s all about strategic placement. Never let a tree or large décor piece block the flow of the room or a doorway. If you have an oversized foyer or rooms with cathedral ceilings consider using a large tree to fill the space to emphasize your homes grand features.
The Good Stuff
Over years of use, some of the ornaments or decorations that have been collected may have seen better days. With this in mind, only bring out the “good stuff” to display. Leave any broken, kitschy or old items in storage. Remember, although some decor may have sentimental value for you and your family, when selling you want to be able to appeal to a broader audience.
Neat and Tidy
Keeping your home orderly during the holidays may prove to be a challenge but it is necessary for showing your home. Be sure that storage bins and boxes are neatly stored away in the basement or in a designated storage area. Tidying up immediately after use has proved to be an effective method to ensure all the ribbons, bows and wrapping is cleaned up in time for a showing.
Also, try to avoid too many outdoor lights, outdoor inflatable characters and too many presents under the tree. Remember to keep it simple, this will accentuate all the right features of the home, while winning the hearts and minds of any potential buyers.
Moreover, buyers who are searching for a home at this time of the year tend to be serious about making a purchase and as such, ineffectual showings are not the norm. To give your home a competitive edge and get it looking its holiday best, you may wish to consult with a home staging professional. Regardless of your approach to decking the halls, be sure to talk to a Greater Toronto REALTOR®. They can give you insight into recent transactions in your area, present various marketing strategies and tap into a vast network to bring potential buyers to your door. For the latest updates on the GTA resale housing market and more call me at 416-445-8170.
All the best in the Holiday Season, Peace, Health and Happiness throughout 2016!
Dear Friends,
As we enter the Holiday Season, all is well on the real estate front. November's record 7,385 sales through the first eleven months of 2015 brought the year to date total to 96,401, a new calendar year record for home sales, eclipsing the previous record set in 2007.
As we enter the Holiday Season, all is well on the real estate front. November's record 7,385 sales through the first eleven months of 2015 brought the year to date total to 96,401, a new calendar year record for home sales, eclipsing the previous record set in 2007.
Demand for ownership fuelled by low interest rates, job opportunities and immigration, (foreign and domestic) and a limited supply of homes for sale and rent has put upward pressure on home prices. The average price of a home sold on the Toronto Real Estate Board has increased about 10% since January 2015.
It's been a hectic year for me. Lack of inventory, multiple offers, and homes selling overnight have taken a toll on my clients.....and me as well! As you know, I am committed to my clients and always do my best for them. These high pressure times are not pleasant for any of us. However, as Rudyard Kipling wrote in his poem If,
If-
If you can keep your head when all about you
Are losing theirs and blaming it on you
............
............
Yours is the Earth and everything that's in it,
And-which is more-you'll be a Man, my son! (My apologies to the ladies!)
So, I have kept my head, my sense of humour, helped my clients keep the right perspective, and assisted them in buying the homes of their dreams..... and had a great year! (Mr. Kipling would be proud of me!)
Thank you all for your many referrals and your help in making 2015 a great year. I could not have done it without you!
All the best in the Holiday Season, Peace, Health and Happiness throughout 2016!
Your friend in Real Estate,
Steven
PS. I am working in December, so please do not hesitate to call if you or a friend have some Real Estate needs, I am here to help!
PS. I am working in December, so please do not hesitate to call if you or a friend have some Real Estate needs, I am here to help!
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