Courtesy of: John Zinati, B.A., L.L.B. - Zinati Kay, Barristers & Solicitors As you may have heard, as part of its reform of the Residential Tenancy Laws, the Government of Ontario has passed a law requiring all leases to be on a Standard Form Lease Agreement (“Standard Lease”). Fortunately, the requirement is not retroactive and does not automatically invalidate OREA or other Lease forms, but there are consequences to be aware of. This issue of Title Tips will explain what this means to you and go over some other changes to Residential Tenancy Laws that you should be aware of ...
Ontario’s New Standard Lease – Use it or lose it.
May 8, 2018
Real Estate Buying Habits Starting To Change Across The GTA
May 4, 2018
Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 7,792 sales through TREB’s MLS® System in April 2018. The average selling price was $804,584. On a year-over-year basis, sales were down by 32.1 per cent and the average selling price was down by 12.4 per cent. The year-over-year change in the overall average selling price has been impacted by both changes in market conditions as well as changes in the type and price point of homes being purchased. This is especially clear at the higher end of the market. Detached home sales for $2 million ...
The Greater Toronto Area Real Estate Market Slows in the First Quarter of 2018
April 13, 2018
Condominium price appreciation continues to outpace all other housing categories Baby boomers downsize to help their children afford a home According to the Royal LePage House Price Survey released today, sales activity and price appreciation across the Greater Toronto Area continued to slow in the first quarter of 2018 compared to the heightened pace witnessed during the same time last year. All housing segments studied depreciated on a quarter-over-quarter basis, especially in areas such as Richmond Hill, Markham and Pickering where appreciation was strongest a year ago. During the quarter, the aggregate price of a home in the Greater Toronto ...
Greater Toronto Real Estate Market Still Sluggish in March
April 4, 2018
Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 7,228 residential transactions through TREB’s MLS® System in March 2018. This result was down by 39.5 per cent compared to a record 11,954 sales reported in March 2017 and down 17.6 per cent relative to average March sales for the previous 10 years. The number of new listings entered into TREB’s MLS® System totaled 14,866 – a 12.4 per cent decrease compared to March 2017 and a three per cent decrease compared to the average for the previous 10 years. “TREB stated in its recent Market ...
Consumer Confidence Shaken Due to Proposed Taxes in BC
March 29, 2018
Major impact to B.C. real estate market expected from proposed taxes New tax policies put pressure on Canadians to sell their secondary properties within the province Albertans anticipated to look within their own province and to the United States for secondary properties According to a Royal LePage advisor survey, which consolidated the views of 535 real estate professionals in British Columbia and Alberta, the implementation of new housing taxes outlined in British Columbia’s 2018 budget have the potential to significantly impact the province’s residential real estate market. While previous provincial measures have targeted foreign homebuyers, the implications of the new ...
Fair Housing Plan & Stress Test Still Affecting the Greater Toronto Market
March 19, 2018
Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 5,175 residential transactions through TREB’s MLS® System in February 2018. This result was down 34.9 percent compared to the record 7,955 sales reported in February 2017. The number of new listings entered into TREB’s MLS® System totaled 10,520, a 7.3 per cent increase compared to the 9,801 new listings entered in February 2017. However, the level of new listings remained below the average for the month of February for the previous 10 years. “When TREB released its Outlook for 2018, the forecast anticipated a slow start ...
Strong Average Rent Growth Continued in Q4 2017 Across The Greater Toronto Area
February 7, 2018
Toronto Real Estate Board President Tim Syrianos announced that average rents for one-bedroom and two-bedroom condominium apartment rents were up very strongly on a year-over-year basis in the fourth quarter of 2017, based on transactions reported by Greater Toronto REALTORS® through TREB’s MLS® System. The average rent for one-bedroom condominium apartments in the TREB market area was up by 10.9 per cent on an annual basis to $1,970 in Q4 2017. The average two-bedroom condominium apartment rent was up by 8.8 per cent over the same period to $2,627. “As the population in the GTA continues to grow, so too ...
As predicted, a slow start to 2018 across the Greater Toronto Area
February 6, 2018
Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 4,019 residential transactions through TREB’s MLS® System in January 2018. This result was down by 22 per cent compared to a record 5,155 sales reported in January 2017. The number of new listings entered into TREB’s MLS® System amounted to 8,585 – a 17.4 per cent increase compared to 7,314 new listings entered in January 2017. However, it is important to note that the level of new listings was the second lowest for the month of January in the past 10 years. “TREB released its outlook ...
Seller's Market Conditions Continue in the Condo Market in the 4th Quarter of 2017
January 24, 2018
Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 5,773 condominium apartment sales through TREB’s MLS® System in the fourth quarter of 2017. This result was down by 15.4 per cent compared to the last three months of 2016. Over the same period, new condominium apartment listings were up by 9.8 per cent to 8,186. While sales were down relative to listings, market conditions still remained tight, with a sales-to-new listings ratio of 70 per cent. “Demand for condominium apartments remained strong relative to listings in the fourth quarter. Even with the uptick in listings ...
CEO of Royal LePage named to Swanepoel Power 200 for the fifth consecutive year
January 23, 2018
CEO of Brookfield Real Estate Services, which owns Royal LePage, Johnston & Daniel, Via Capitale and Proprio Direct brokerage brands, ranked 14th overall on Swanepoel’s list of the 200 most powerful people in residential real estate For the fifth year in a row, Swanepoel Power 200 (SP200) has named Phil Soper, President and CEO of Brookfield Real Estate Services, the most influential person in Canadian residential real estate. The SP200 is the definitive ranking of residential real estate leaders across North America. Soper was ranked 14th overall, rising two positions from last year. “I am fortunate to know many of ...