John Pasalis in Toronto Real Estate News After a slight decline in new listings in August, we saw new listings climb 19% over 2007 levels in September and 6% over the volume we saw in 2006. The total inventory on the market was 3.8% higher in September over 2006 levels and 28% higher than last year. Sales in the Greater Toronto Area dropped below 2007 and 2006 levels in both August and September. The sales-to-inventory ratio dipped to 23% in September.  The general consensus... Read Full Story

Bob Aaron in Legal A recent decision of the Superior Court of Justice highlights the risks of a buyer failing to close a transaction to buy a new home or condominium from a builder. Back in March 2003, Siavash Valizadeh signed an agreement to buy a Bay St. condominium, which was to be built as part of the Residences of College Park project. The purchase price was $303,400 and deposits totalling $30,340 were paid. The agreement set a tentative occupancy date of March 15, 2005, but... Read Full Story

John Pasalis in Toronto Real Estate News The average price for a home in the city of Toronto dropped 6% in September, the sharpest price decline we've seen in over ten years.  The average sale price dropped to $393,647 from the September 2007 average of $420,182.  During the first half of September prices were relatively flat compared to last year which means that the entire decline in September occurred in the last two weeks of the month.  I suspect that the negative economic outlook due... Read Full Story

Media Roundup Real Estate News Housing market could soften more but not crash: CIBC (Globe and Mail) Canadian house prices seen easing, not slumping (Reuters) No trigger for a Canadian house price crash: CIBC economist (CBC) Housing sales slow as market sags in Canada (Globe and Mail) Mortgage rates climb as squeeze tightens (Globe and Mail) What's the best strategy as mortgage rates rise? (Globe and Mail) Prudent Canada won't experience a U.S.-style housing collapse (Vancouver Sun... Read Full Story

John Pasalis in Real Estate Trends CEP News interviewed me several weeks ago for a story about a home buyer who decided to purchase a house with a rental unit as a way to spend a little more for his home than he qualified for without the rental income.    Income is one of the most important factors banks look at when qualifying you for a mortgage.  If you decide to purchase a home with a legal rental unit, lenders will typically take that rental income into account when qualifying you for... Read Full Story

Bob Aaron in Legal Back in 1998, brothers Faheem, Shaun and Narool Samad decided to purchase a house in Toronto for the three of them and their parents to occupy. At the time, they signed an agreement that set out the terms of the ownership, use, occupation and eventual sale of their interests. Things seemed to be operating smoothly until Shaun became involved in what is known as a "Nigerian letter scam" in 2001. He was duped into thinking that there was unclaimed money in a bank account... Read Full Story

Realosophy Team in Realosophy News     John Pasalis, our resident real estate blogger, will be participating in a live chat on the Globe and Mail website today, Friday September 26th at 1pm.  You can submit your questions to the Globe now or join in the chat at 1pm. John will be speaking to growing concerns about Toronto's real estate market, as well as sharing some insights into recent market developments in Toronto's neighbourhoods. We hope that you will be able to join John on Friday... Read Full Story

Media Roundup Real Estate News There are no shortage of opinions when it comes to Canada's real estate market.  Here's a look at the Bulls and the Bears in the news this week. The Bulls Why the housing market is not set to melt down (Globe and Mail) Canadian Real Estate Softening, Not Headed for U.S.-Style Collapse, Economist Says (CEP News) Harper Says Canada's Housing Industry Not at Risk (Bloomberg) U.S.-style meltdown won't happen here: Harper (CTV) The Bears Merrill Lynch's... Read Full Story

John Pasalis in Toronto Real Estate News Toronto’s real estate bubble in the late 1980’s left a grave mark on the city.  Those who didn’t lose money in the bubble probably knew someone who did.  We saw the lingering effects of the last bubble in 2002 when after just five years of modest price appreciation in Toronto’s real estate market (2.61% to 6.64% annually) fears of another real estate bubble loomed in the minds of many Toronto home owners and buyers.  Six years later the fear of a... Read Full Story

Team Realosophy in Urban Issues Given their nation's relative disinterest, Stephen Harper and Stéphane Dion would be better off attacking Barack Obama and Sarah Palin than each other.  But attack and unveil they must. This week, some highlights of platform commitments to homes and cities.  Visit us often for an ongoing tally. From the CBC: A re-elected Conservative government would offer first-time homebuyers a new tax credit of up to $5,000 to help cover closing costs, Conservative... Read Full Story