Bob Aaron in Legal The home inspection industry in Canada may never be the same again following the decision of the British Columbia Supreme Court last week in the case of Salgado v. Toth*. Back in September 2006, Manuel Salgado and Nora Calcaneo signed an agreement to buy a house in North Vancouver for $1,095,000. The contract was conditional on financing and a home inspection. At the recommendation of their real estate agent, the buyers hired Imre Toth and his company HomePro Inspections... Read Full Story

Media Roundup Real Estate News Three views on a housing bubble (Globe and Mail) Why the housing market is on fire even in a recession (Globe and Mail) Canada's housing rebound sparks fear of bubble (Globe and Mail) New home buyers take risks with low mortgage rate (Globe and Mail) Why soaring home prices fail to budge inflation rate (Globe and Mail) Recovery to strengthen house sales (Globe and Mail) In Toronto, a battle for the 3-bedroom condo (Globe and Mail) Family-size condos urge... Read Full Story

John Pasalis in Toronto Real Estate News From the Toronto Real Estaet Board: In the first two weeks of November, Greater Toronto REALTORS® reported 3,666 sales – up 84 per cent compared to the first two weeks of November 2008. The average price for these transactions was up 10 per cent year-over-year to $415,066. Increased interest in ownership housing has been widespread throughout the GTA and across all housing types,” said Toronto Real Estate Board President Tom Lebour.  “However, it is im... Read Full Story

Bob Aaron in Legal There's a common misconception that the best way to avoid Ontario's 1.5 per cent probate fees on the value of an estate is to place the family home and other assets into joint ownership with a child or children, so that the property will automatically transfer to the survivor after death of the parents. Unfortunately, making transfers like this doesn't always work out as intended, and the consequences can be disastrous. That's what happened in the case of Bergen v. Bergen... Read Full Story

Media Roundup Real Estate News Realtors edge toward MLS alternative (National Post) Canada Real Estate May Be Good Investment, Watsa Says (Bloomberg) Canada new home prices jump most since Jan 2008 (Reuters) Sept. new home prices down 2.7% on the year (CBC) Mortgage lender warns of housing bubble (Toronto Star) HST has builders sprinting (Toronto Star) Real estate recovery will be weak in Canada due to limp demand, report shows (Canadian Press) Caution helped Canadian real estate mark... Read Full Story

Bob Aaron in Legal As many as 244 purchasers received a nasty surprise at the end of September when they got hit with thousands of dollars in "fictitious" charges on final closing of their new condominium units. The development in question is a 244-unit medium-rise building near Warden Ave. and Enterprise Dr. in Markham. The builder's agreement of purchase and sale contains an escalation clause typical of those used by local builders. The clause contemplates that prior to final closing, th... Read Full Story

Bob Aaron in Legal As many as 244 purchasers received a nasty surprise at the end of September when they got hit with thousands of dollars in "fictitious" charges on final closing of their new condominium units. The development in question is a 244-unit medium-rise building near Warden Ave. and Enterprise Dr. in Markham. The builder's agreement of purchase and sale contains an escalation clause typical of those used by local builders. The clause contemplates that prior to final closing, th... Read Full Story

John Pasalis in Toronto Real Estate News, Real Estate Trends In case you missed the headlines earlier this week, after a two-year investigation into Canada’s real estate brokerage industry, the Competition Bureau concluded that Multiple Listing Service (MLS) rules established by the Canadian Real Estate Association (CREA) restrict consumer choice and limit the scope of alternative business models. To really understand what this decision means we need to step back a few years to see how this i... Read Full Story

Media Roundup Real Estate News Is a condo a good investment? (Globe and Mail) Condo research can keep you from a 'time bomb' (Globe and Mail)   They don't pay off their houses like they used to (Globe and Mail) Easy credit, soaring prices raise new housing fears (Globe and Mail)   Housing market hot, but will it last? (Toronto Star) Toronto home prices to keep rising (Toronto Star) Sales of GTA luxury homes inch higher amid recession (Toronto Star) Pricey homes ride out recession (Toron... Read Full Story

Media Roundup Real Estate News Is a condo a good investment? (Globe and Mail) Condo research can keep you from a 'time bomb' (Globe and Mail)   They don't pay off their houses like they used to (Globe and Mail) Easy credit, soaring prices raise new housing fears (Globe and Mail)   Housing market hot, but will it last? (Toronto Star) Toronto home prices to keep rising (Toronto Star) Sales of GTA luxury homes inch higher amid recession (Toronto Star) Pricey homes ride out recession (Toron... Read Full Story