Happy Canada Day to all of my Canadian Friends and my American Friends Who Love Beer.

Market Update For The Week Ending April 7th

You’d never know it from stepping outside, but the weather is improving and while we are still waiting for that one last snow fall (yes, you know it’s coming), we know the general trend points to warmer temperatures ahead and that can only mean one thing....more listings. Hallelujah!

Buyers were relieved last week as listings of freehold homes in the core improved by slightly over 11%. The number of sales remained unchanged but with more homes on the market, the number of multiple offers retreated 4% off the historic high of the week before (70%). The west core was the only area where available listings dropped yet sales increased signifying a tightening in that market. In the east core, the opposite held true. There we saw a significant increase in available listings (up 34%) and a 20% decrease in sold properties. It is often interesting to see how the tide in buyer habits shifts east to west and then back again, while the central core remains relatively constant.

The condominium market saw a significant increase in the number of new listings coming to market last week. This was most notable in the entry level and move up markets ($200k-$400k and $400k-$700k) in the central core where 148 suites where added to those categories. Both the east and west core saw little change to their availability levels. The good news is that, across the core, the number of suites selling at or over the list price has remained consistent over the last three weeks at 25%.

Bosley Real Estate Ltd. is a full service boutique brokerage operating in Toronto and Niagara-on-the-Lake since 1928. We have four centrally located offices and over 220 sales representatives selling and leasing homes and condominiums in all the vibrant communities we work in. Our brand is well recognized thanks to our unique affiliation with Leading Real Estate Companies of the World. Our sales teams meet weekly to discuss market conditions, trending topics, and anecdotes that more accurately report on the true temperature of the real estate market.

Here Are The Top Five Trending Stories Of The Week:          
  

TD CEO Backs Ottawa's Hands-Off Approach To Mortgage Rate Cut

Toronto-Dominion Bank’s chief executive officer has given his approval to Ottawa’s reaction to recent mortgage rate cuts.

BMO's Mortgage Rate Cut Won't Have Big Impact On Housing Market

The amount of chatter that the Bank of Montreal’s mortgage rate cut generated this week is more proof that Canadians are not yet sick of talking about real estate. But it's unclear how much of an effect the new 2.99 per cent five-year rate will have in terms of driving new buyers to the market.

Too Little Known About Health Of Housing Market: Economist

OTTAWA -- One of Canada's foremost experts on the housing trends and household debt says what we don't know about the market could hurt us.

Too Many Questions Around Canada's Housing Market: CIBC Economist

The lack of public data around Canada’s housing market is “mind-boggling” and could leave the country, and the economy, especially vulnerable when interest rates start to rise, says a leading bank economist.

Home Sales, Prices In GTA Jump In March

Sales of existing homes picked up in the Toronto area during March after a sluggish winter, coming in 7.2 per cent higher than a year earlier.

                      

Use 2 deposits for buyer protection

Mark Weisleder

November 11, 2013

  

Unfortunate occurrences are taking place in the Toronto real estate market when buyers have a change of heart after inspecting a home. The sellers are refusing to return the deposit.

Here's what is happening:

Most real estate offers in the GTA today contain substantial deposits, in many cases $25,000 or higher. The accepted offer is conditional on the buyer being satisfied with the results of a home inspection report, completed by a professional home inspection company. The buyer conducts the inspection and then says they are not satisfied with the home, and ask for their money back. The sellers are upset, because if other buyers hear about this, they will ask what is wrong with the house. The seller can't answer because the first buyer does not have to give them a copy of the inspection report.

In general, the courts have indicated that when buyers are trying to satisfy any condition, including a home inspection condition, they must act honestly, reasonably and in good faith. Unfortunately this will have to be proven in court, and the result is that a buyer's deposit could be held up for up to 2 years while this is being argued.

Sellers are not entitled to a copy of the inspection report unless it says so in the clause itself. In my opinion, sellers should always include a clause in any offer that if the buyer wants to negotiate a reduction or cancel the deal because of problems in the inspection report, then the buyer must give the seller a copy of the report. This will give the seller the opportunity to check this for themselves, with their own inspector or contractor, and will be able to explain it to any future buyer.

If the buyer does not conduct the home inspection at all, or perhaps brings in an unqualified person to conduct the inspection, then I believe that these might be examples of not acting reasonably and in good faith and it would thus be difficult for a buyer to try and cancel the agreement and argue that they acted in good faith. It is thus very important that buyers always use qualified home inspectors to conduct any inspection of a home.

If a buyer is not in a bidding war, I advise that you consider 2 deposits, a small deposit when the deal is accepted, and a larger deposit once you are satisfied with all of your conditions. That way, if you are not satisfied, there is not much of a deposit that will be worth fighting over. It is very important for buyers to understand all their legal rights and obligations relating to conditions before signing any offer to buy a home. 

Cabbagetown Toronto; Toronto's Hidden Gem

Open Letter to Mayor Rob Ford

Dear Mayor Ford,

It is with great concern for our wonderful city that I am writing this open letter to you.

I listened to your response today about the allegations that have been made about your possible substance abuse and was very disappointed with your public statement.  While you addressed the crack cocaine issues, you completely avoided the broader issue of possible substance abuse, or other personal issues, that may be of concern to the citizens of Toronto.  These are concerns not only raised by the media, but also by members of your council and your inner circle.

You, as the Mayor, should be representing our city in a professional and positive manner.  You are not doing this by being evasive.  You are only creating more questions, and in doing so, are doing a great disservice to our city.

Further to this point, you have not been representing us, your constituents, in a positive manner for quite some time.  You always look completely dishevelled and often look like you have had too much to drink, or have some other problem that creates that appearance.

There is no excuse for a person in your position of importance to not be well dressed, and to present themselves in best light, when publicly representing the city of Toronto.

You are a person of reasonable wealth, so there is no excuse for you to not have clothing that fits properly and looks good.  Quite frankly, your public appearance is a disgrace.

If you want to continue to represent our city it should be your duty to ‘clean up your act’ both in the way you look and in the way that you behave.

I am proud of Toronto, but I am not proud of the Mayor, neither the ways he looks nor the way he behaves.

Your obligation should be to clean up your act, or quit!

Sincerely,

Armand Gilks

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Georgian Bay/Muskoka Cottage

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