When a new home or condo has been purchased with the intention to flip it (sell it without actually occupying it), the seller must register the property with Tarion.
The seller must also now provide the buyer with a letter agreement stating that the sale is a resale deal, the start date of the warranty and the remaining warranty info along with the contact info. This letter agreement should be provided by the seller, at the seller's expense to the buyer. The form must be picked up in person from Tarion and has a cost of $350.
TORONTO REAL ESTATE MARKET "SPRINGING" BACK
April was great news for the Toronto Real Estate Board. With 8,107 real estate sales is the Toronto Real Estate Market "springing" back?
The answer is Yes! Sales in April were only down 7% from the same time last year and up 26% from March ‘09. The average price is also down 3% compared to same time last year so it seems like buyers are taking advantage of the low interest rates being offered by banks and also the lower real estate prices in Toronto.
* all stats from Market Watch, TREB, April, 2009
JUST CALL ME JOY HOLMES!
Call me crazy but I've always wanted to learn how a home is built and constructed. As a Realtor I sell homes, but I really don't know too much about how they are actually constructed. So on May 22nd, I went to a build site in Scarborough to "help out" for Habitat for Humanity. I say this with a bit of hesitation as I wasn't really sure I actually had anything to offer. I was pretty sure I would be more of a liability on a construction site than anything. With great surprise I was wrong.
The build site was located at Hainsford Street and consisted of 16 semi detached energy star homes. Habitat for Humanity provides budget friendly housing to families who qualify. I was in a group of about 8 other volunteers - funny enough I was on the older side. Apparently Habitat for Humanity is a great way for students looking to get into the industry to get their co-op hours. I kind of felt like the odd duck, as these 17 years old all knew the construction lingo and were teaching me how to use a hammer, climb scaffolding etc. We put on our hard hats, steel toed boots and tool belts and spent most of the day nailing plywood to the outside of the home and taking down scaffolding. I must say I had a great time, learned a lot and felt good helping out. I look forward to doing it again soon.
Toronto Condos & Real Estate Articles
TORONTO REAL ESTATE MARKET UPDATE: THE SKY IS NOT FALLING!
I am sure you are just as tired as I am about hearing how terrible the current state of the Toronto real estate market is, but is it really that bad?
No, the sky is not falling but there is not doubt that the Toronto Real Estate Market has been affected by the US economic slowdown and because of this consumer confidence has also been affected...and some Realtors have had to look for a "real job" :). more...
TORONTO POWER OF SALES: BARGAIN OR NUISANCE?
The year 2007 in Toronto was a crazy year in terms of real estate sale and skyrocketing prices. Many buyers bought during this frenzy and paid top dollar for a property. As reality sets in and property values start to decline, these home owners are now struggling to pay off their financial obligations, forcing the bank to take over the mortgage on their home. Because of this, home buyers and investors see it as a great time to buy Toronto real estate. With low interest rates and with homes being sold under power of sales, it may seem like a good deal, however you may want to look at the hidden details before moving ahead.more...
TORONTO CONDOS WITH LOW MAINTENANCE FEES Buying a condo essentially means buying into a low maintenance way of living. Condos can be an affordable and stress free way to live as each month the owner pays a maintenance fee to cover certain common costs of the building. While having a low maintenance fee is ideal there are other factors to consider such as what is included in the monthly maintenance fee and the financial health of the buildings condo corporation. more...
FUTURE OF THE TORONTO CONDO MARKET
It's no secret that 2007 (and the beginning of 2008) was a red hot year for the Toronto condo market with week long line ups to purchase pre construction condo units and record breaking sales numbers. With the current state of the economy south of the border, it's inevitable that the Canadian economy will be affected by the US's slowdown. Many people are wondering what this means for the Toronto condo market and are we in a condo bubble ready to pop? more...
TORONTO'S BUYERS MARKET
In today's economy, owning real estate in Toronto has become a more affordable option than ever before. With low interest rates and declining prices, it's a good time to buy Toronto Real Estate.
Interest rates are at an all time low - the lowest they've been in the past 10 years and they are expected to remain low for the next year or so (and then increase by 2 or 3 %*). more...
THE PRICE OF LUXURY TORONTO CONDOS
Luxury Toronto condos are actually quite affordable when comparing them to condo prices around the world. Luxury Toronto condos range on average from approx $850 to $1500 per square foot. Other cities such as London and New York run from $3,600 to $8,400 and $2,100 to $6,000 respectively. more...
TORONTO CONDOS BUILDER INCENTIVES: ARE THEY REALLY INCENTIVES?
There is no doubt that the pre-construction Toronto condos market has definitely changed over the past 6 months. It was only a few months ago that eager buyers lined up for weeks to purchase condos in select condo projects in the city. From 1Bloor to Aura at College Park, there were just too many buyers and not enough units.
TORONTO HARD LOFTS & SOFT LOFTS: WHAT'S THE DIFFERENCE
Today, Toronto Loft apartments have become a trendy style of living. The term loft is used to describe a large open concept living space with high ceilings and large windows. Lofts were originally popular amongst artists and bohemians because of their affordability and versatility. Now that lofts have become so popular, Toronto loft living is anything but affordable. more...
PET FRIENDLY TORONTO CONDOS
One of the things that people overlook when purchasing a Toronto condo is whether their beloved pet will be allowed to accompany them to their new home. With more and more people choosing the condo lifestyle in Toronto, it can sometimes be very difficult to find a building that will accommodate your pet which in turn makes your condo search a more challenging and more frustrating task. more...
TORONTO CONDOS GOING GREEN
Toronto is going green. I'm sure you've noticed a large majority of Grocery stores in Toronto are now encouraging shoppers to bring their own recyclable grocery bags. As well, Torontonians took part in the earth hour which demonstrates that they are becoming more aware of our environment. Did you ever think about living your every day life more green? Well now you can as Toronto has jumped on green band wagon with over over 2,000 green Toronto condo units. more...
HOW TO PREPARE YOUR TORONTO CONDO FOR SALE
When selling your condo, it is extremely important to show it at its potential. Here are a few simple things you can do to increase the attractiveness of your condo unit to potential buyers while still keeping within a budget. Some of these items are do-it yourself projects and some require the help of a professional. Either way these changes will help you get top dollar for your condo unit and also have a great return on investment.more...
CONDO APARTMENT OR FREEHOLD HOME?
With Interest rates at an all time low, it is a great time to buy Toronto real estate. Home owners are upgrading and first time home buyers are taking the plunge. As a Realtor, a common question asked by many of my buyer clients is what route to should take; purchase a Toronto condo apartment or a freehold home. My answer...well it depends. more...
ASSIGNING A PRE CONSTRUCTION TORONTO CONDO
A common question raised during the pre construction condo buying process is assignments. For those who are not familiar with assignments, it is simply a sales contract entered into by two parties at an earlier date. It is essentially a transfer of the right to purchase a condo unit from the original purchaser to a new purchaser prior to the condo closing. more...
BUYING A TORONTO CONDO: RE SALE OR PRE CONSTRUCTION?
When it comes to purchasing a Toronto condo unit, many of my buyer clients ask me which is the better choice, buying a re sale or pre construction / new construction unit. The difference between the two being that one already physically exists and the other one does not. Deciding which route to take depends on a few factors such as timeline, motive and capital. more...
CHOOSING A CONDO FLOOR PLAN
So you've made the decision to purchase a Pre-construction Toronto condo. Congratulations! Now here comes the hardest, but also more important decision -choosing the right floor plan. It is important to choose a layout that will accommodate your personal needs but will also prove to be attractive to potential buyers in the future. more...
St. Lawrence Market - The Spire, Market Wharf, Market Square, The Bentley, The Indigo, Mozo, The Esplanade, The Flatiron.
Yorkville - 1Bloor, 1 St. Thomas, The Florian, Four Seasons, 18 Yorkville, The Lotus, The Villas, Maxmus, The Prince Arthur, The Bellagio on Bloor, 100 Yorkville, New Hazelton Lanes, 8 Park Rd, 102 Bloor St W, No. 10 Bellair, Renaissance Plaza, Domus in Yorkville, Uptown Residences.
Distillery District- Gooderham, The Derby, Clear Spirit, Pure Spirit
Did you know?
MANDATORY HOME ENERGY AUDITS IN TORONTO
GOOD BYE TO LAND TRANSFER TAX?
Did you ever wonder how energy efficient your home is? Well now you are required to find out. The provincial government has passed Bill 150: the Green Energy Act, forcing Ontario residents to add another task to their to-do l
With the slow down in the economy and the constant implementation of taxes by the government, the real estate industry is starting to suffer. With the City of Toronto scheduled to vote on the City's proposed Budget on March 31, 2009, 65% of Torontoni
