Husking Corn That's Uncooked Is Made Easy With Diane Plant

Toronto Beaches and Boardwalk at Queen St East

Toronto Beaches and Boardwalk at Queen St East

Millenials turn to Mom & Dad For Help in Buying a Home

Young Canadians are increasingly receiving help from their parents in order to become first-time buyers in Vancouver and Toronto.

A study by lender HomEquity Bank shows that parents are keen to find out about reverse mortgages to release equity in order to give their kids a downpayment.

"Ten years ago, this topic rarely came up as most seniors were more concerned with remaining self-sufficient. And, first-time homebuyers were purchasing houses on their own. That's changed. Up to 30 per cent of my clients aged 60+ now want to discuss to what degree they can help their adult children financially," explains Rona Birenbaum, financial planner and founder, Caring for Clients.

HomEquity says that by using a zero-rate mortgage registered in the home, the parents’ funds are protected and they can later choose to cancel the mortgage with the funds considered as a gift.

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Using A Real Estate Broker Just Makes Good Sense-Diane Plant, Broker Agrees

Using a Real Estate Profession Guides Would-be Buyers through the Process

Aside from ensuring that a sale goes smoothly, the broker fulfills the crucial duty of guiding would-be buyers through Canada’s complex and rapidly-changing housing market in the first place.

 

As discussed by the Guelph Mercury staff in a recent piece published on their website, a real estate broker is uniquely positioned to assist “with all the details, including buying rules and the best neighbourhoods to choose in her key markets.”

 

The piece noted that an intimate knowledge of the industry is the best thing that a housing professional can bring to the table.

 

“[A broker] can help potential buyers … make the most of the buying experience when moving to the country by answering questions such as which features [are needed] nearby and how many family members plan to live in the property,” Guelph Mercury wrote. “There are some properties that already have separate living spaces set up, but you'll need to consider the rules of each region about adding separate dwellings for others.”

 

Aside from familiarity with existing regulations and tax laws, a real estate professional can navigate clients to the exact property that they need.

 

“[A broker] can collect all of your information and help you find a home that fits the description of what you're looking for, and within the amount of money you have to spend,” the article said. “If you're new to Canada and buying a home, [he or she] can help you break down any barriers that are standing in your way of becoming a homeowner.”

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Mortgages Are Getting Harder To Attain

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It’s become harder to secure a mortgage from Scotiabank for homebuyers in Vancouver and Toronto. The lender’s CEO Brian Porter says that it has cut back its lending in Canada’s two hottest housing markets.

Expressing concern over high prices, Brian Porter told Bloomberg TV: “We just took our foot off the gas the last couple quarters in terms of mortgage growth… in terms of Vancouver and Toronto."

Bank of Nova Scotia is the latest of the big banks to announce a rise in funds it is setting aside for bad loans in the energy sector but Mr Porter said that, for residential mortgages, the bank is in a good position.

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Bathroom are #1 in Home Renovations

More Owners Spruce Up Bathrooms, Kitchens

Home owners are taking on larger remodeling projects, according to a survey conducted by the National Association of Home Builders Remodelers, an arm of the NAHB.

Whole house remodels and both large and small scale additions are returning to levels not seen since prior to the downturn, while bathroom and kitchen remodels remain the most common renovations, basements

Notable increases since 2013 are: whole house remodels rose by 10 %; room additions rose by 12 %; finished basements increased by 8 %; and bathroom additions jumped 7 %.

Bathrooms have topped the list of most common remodeling jobs since 2010 in the survey. Eighty-one % of remodelers report taking on a bathroom remodeling project. Seventy-nine% report taking on a kitchen remodel.

The following were the most common remodeling jobs in 2015, according to NAHB’s Remodeling Market Index Survey:

1.    Bathroom remodeling: 81% of remodelers reported job as common

2.    Kitchen remodeling: 79%

3.    Whole house remodeling: 49%

4.    Room additions: 47%

5.    Windows/door replacement: 36%

6.    Finished basement: 30%

7.    Bathroom additions: 28%

8.    Repairing property damage: 27%

9.    Decks: 26%

10. Roofing: 25%

11. Handyman services: 20%

12. Siding: 20%

13. Second story additions: 17%

14. Enclosed/added garage: 16%

15. Enclosed/added porch: 16%

16. Historic preservation: 10%

17. Finished attic: 4%

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What You Need to Know About A Stigmatized Home-RECO

RECO'S POSITION ON DISCLOSURE ABOUT STIGMAS

Stigmatizing Issues – New

February 3, 2015

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 BUYER

Accordingly, 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 remediated 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.

Attachments:

Registrar-Bulletin_Stigma-Updated-February-4-20151

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Record Breaking Toronto Homes Sales in March

March Hit Record Breaking Home Sales

Canadian home sales posted their third month-over-month increase on the way to breaking March’s previous record.

Driven by activity in the GTA and Vancouver, home sales increased 1.5% month-over-month in March, and 12.2% year-over-year, according to the Canadian Real Estate Board.

The GTA is heading into the spring home buying season with soaring demand and a shortage of listings,” CREA President Cliff Iverson said. “Meanwhile, other major urban markets in Canada are well balanced or are amply supplied.”

Sales were up month-over-month in nearly 60 different markets, according to CREA.

“Single family home sales in the GTA set new records for the month of March in the range between a-half and one-million dollars – as did sales above a million dollars,” Gregory Klump, CREA’s chief economist, said. “Meanwhile, sales below a half-a-million dollars, which were not subject to recently tightened mortgage regulations, are being increasingly restrained in these markets by a short supply of listings.

“If current sales and listings trends persist, price gains may pick up further this spring.”

Newly listed homes, meanwhile, fell by 1.4% month-over-month and the MLS Home Price Index increased 9.1% year-over-year.

The national sales price increased 15.7% year-over-year.

This is a good time to get into the home and condo market as prices will continue to go up and mortgage rates continue to be low.

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Homes Have Changed a great Deal Since the 50"

Home have evolved drastically since the 1950s. Indeed, what excited home buyers decades ago may be in stark contrast to what gets today’s generation excited.

Here are 10 Homes That Changed Canada
A new interactive graphic from Fielding Homes documents some of the following changes over the last few decades in homes:

1950s: Homes in the 1950s tended to have more bathrooms (an average of 2.35) than bedrooms (1.5).

1960s: The average home size grew to 1,200 square feet as the bedroom and bathroom ratio flipped (an average of 2.5 bedrooms to 1.5 bathrooms).

1970s: One of the most popular trends were appliances in bold colors, like avocado and harvest gold.

1980s: More neutral tones entered into appliance color schemes with almond and beige. This decade also brought the first Macintosh 128K into homes.

1990s: The average home square footage (2,080) climbed 21 percent this decade compared to the  1980s , the number of rooms in the home remained the same. 

2000: The kitchen takes on a futuristic feel with stainless steel appliances growing in popularity.

2010: Lot sizes mostly stay the same prompting more architects to build upwards with more floors and higher ceilings.

2016: Buyers show a preference for flexible spaces (wanting to customize spaces to fit their individual needs) and greater connectivity between indoor and outdoor living areas.

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Real Estate Prices continue to soar in Toronto

I live and breath real estate. This is just a smattering of what is going on in prices as multiple offers continue to prevail.

Sold on Carmichael Ave in the Bathurst/Wilson Area


List:$1,115,000 

SOLD at 155% of asking-you figure the math

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