Monthly Archives: March 2016

Month: March 2016 450 Pape Ave, Toronto – Riverdale mansion Listed For One Dollar

A heritage mansion in Toronto’s Riverdale area is selling for the low, low price of one dollar. Please keep in mind that you also need to beat multilple offers over million dollars from hundreds of other prospective buyers willing to buy the same Riverdale mansion. The 130-year-old William Harris House is not in the best shape — in some of the listing photos, you can see actually see the walls crumbling. But the mansion is a whopping 25,000 sq. ft., in a city where prices are already high and keep rising. This house is listed for less than the price

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Month: March 2016 Closing costs should be included in condo prices, lawyer says

  There are calls for more protection for condominium buyers after a group of new Scarborough homeowners said they were surprised by tens of thousands of dollars in closing costs. Condo buyers caught off guard by sky-high closing costs Earlier this week, about 40 residents of 1328 Birchmount Road got together to compare the letters they had received outlining the closing costs on their new units. Some said they had been expecting costs of between $5,000 and $12,000. Instead, they received bills for between $20,000 and $30,000, and as high as $60,000, just days before their closing dates.   The

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Month: March 2016 Household debt rises to another record in Canada

  OTTAWA – Canadian household debt rose to a new record high in the fourth quarter of last year in 2015, fuelled in large part by mortgage growth. Statistics Canada said Friday that total household credit market debt, which includes consumer credit and mortgage and non-mortgage loans, increased 1.2 per cent to $1.923 trillion at the end of last year. The total included $573.6 billion in consumer credit debt and $1.262 trillion in mortgage debt. The growth helped drive the ratio of household debt to disposable income to a new peak of 165.4 per cent in the fourth quarter, up

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Month: March 2016 Buyer Representation Agreement (BRA) Is A Legal Contract

  Question – I am not getting along with my real estate salesperson and don’t think they’re going to lead me to a home I want and I would like to get out of my contract. Can I do that?   Answer: It is unfortunate you are not getting along with your sales representative. Because your agreement is really with the brokerage and not the individual salesperson, as a first step, I would encourage you to speak with the salesperson’s Broker of Record about your concerns and discuss what can be done to address them, before you get into trying

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Month: March 2016 Cardiac arrests and highrises a deadly combination, Toronto study shows

Cardiac arrests happen most often at home. Researchers knew that. What they didn’t know, until now, is this: If your home is a highrise, the higher your floor, the lower your chance of survival. A new study published today in the Canadian Medical Association Journal examined five years of health data from the City of Toronto and Peel Regions — selected because of high population density. Specifically, researchers wanted to see what effect “vertical delay” played on life and death when someone called 911 to report a cardiac arrest. Can floor level actually determine a person’s likelihood of survival? The

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Month: March 2016 5 Berkindale Crescent, Toronto – $5.5-million mansion that proves more house doesn’t mean more offers

  LISTED AT     $5,988,000 SOLD FOR      $5,520,000 Address: 5 Berkindale Crescent Neighbourhood:York Mills The property: This newly built home, with five bedrooms and a grand total of nine bathrooms, is certainly not lacking in space. It also features a gym, a sauna, a media room and a wine cellar. The history: The seller purchased several homes in the neighbourhood, tore them down and built large, luxurious houses. This property is just one of four that he owns in the area. The fate: The home was purchased by a family who plans to leave it largely unchanged—except, presumably, to fill the

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Month: March 2016 17 Harcourt Avenue, Toronto – $1.45-million Riverdale home with the appeal of a basement rental unit

  LISTED AT     $1,299,900 SOLD FOR     $1,451,000 Address: 17 Harcourt Avenue Neighbourhood:Riverdale   The property: A newly renovated detached home. The finished basement has its own separate entrance, making it usable either as a rental apartment or as a nanny suite. The history: The sellers, a couple who had lived in the home for a number of years, were looking to downsize. They left the neighbourhood for a condo elsewhere in Toronto. The fate: The buyers are a young family, who were already renting in the area and loved the neighbourhood. They were drawn to the house both because of

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Month: March 2016 25 Bernard Avenue, Toronto – $2.5-million Semi Detached Home In The Annex

  LISTED AT     $2,698,000 SOLD FOR      $2,496,250 Address: 25 Bernard Avenue Neighbourhood: The Annex The property: This renovated Victorian semi is big on whimsical charm, with floor-to-ceiling windows flooding the interior with light (even the basement) and built-in bookshelves to hold all the owner’s literature and bric-a-brac. The history: The seller, who had lived in the home for a number of years, is moving out of the area. The fate: The buyers are a family who fell in love with the home’s design. They plan to keep many of the original features intact. When they move in, they’ll be joining

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Month: March 2016 Foreign home buyers – How other countries limit money from abroad

  It was revealed this week that the Canada Mortgage and Housing Corporation is trying to keep tabs on foreign money in Canada’s residential real estate market. The national housing agency has come under fire in recent years for a conspicuous lack of reliable data about the money coming from abroad and how it may be contributing to soaring home prices in cities like Vancouver and Toronto. Our neighbours to the south, for example, keep detailed records of who is buying what and for how much. CMHC looks for new ways to track foreign money in Canadian real estate Real estate

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Month: March 2016 Rent or Buy – Global’s real estate calculator will help you decide

  To rent or buy?  That is a question Canadians across the country face as they weigh the pros and cons of making the leap into home ownership. Conventional wisdom says to buy property. We’re not making any more land, and with the Bank of Canada keeping interest rates low and mortgage rates falling it might seem like a good time to purchase that first property. Canadians should also consider that housing markets are regional. Outside of the red-hot real estate markets of Vancouver and Toronto, average home prices across Canada were actually down 0.3 per cent in January, to $286,911, according to

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