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Bank Of Canada Ending Pandemic Program That Helped Real Estate Prices Surge

On the day Canadian home sales and prices hit record highs, the central bank announces an end to the program partially responsible for the surge. The Bank of Canada (BoC) flooded the market with cheap mortgage credit in March. Yesterday, as market data showed a fever pitch had been reached during the “worst” recession in years, they committed to stopping the program. The bond buying program that helped drive rapid price growth, comes to an end this month.

Dispute over a property line fence stirs up a costly battle at the Superior Court of Justice

A very interesting read: 
A decision from Superior Court in Newmarket in May provides a compelling lesson about why disputing neighbours should keep their differences off the internet. The case ended with a $70,000 judgment against an online activist who interfered in the dispute.

Rising home prices amid a major recession have exposed the No. 1 crisis in Canada — podcast

Despite being in one of the worst recessions in recent history, home prices are rising across Canada. What’s going on?
This week on Down to Business, Benjamin Tal, deputy chief economist at CIBC, spoke about a report he authored earlier this month on whether this ‘housing friendly recession’ will last.

Unconditional offers to buy are binding, appeal court rules

An “unconditional” offer is one that is made without any conditions attached – such as the buyer first being able to obtain financing, obtain a satisfactory home inspection, sell their existing home and/or other stipulations.

Know your commitment about paying a real estate brokerage commission

A very interesting case:
Should home sellers have to pay commission on a sale if the transaction doesn’t close?
The Ontario Real Estate Association (OREA), an industry group representing realtors, thinks so. It publishes the listing agreement which is used in virtually every real estate transaction in Ontario.

Sold: Extravagant Bridle Path Home Listed for $28.8 Million

How about this deal?
A $28.8 million Bridle Path listing has officially become the most expensive MLS sale on record in the GTA; a tangible indication that even a pandemic can’t keep Toronto’s luxury real estate market down.

https://torontostoreys.com/93-bridle-path-sold-record-breaking-28-million/?fbclid=IwAR2yj58LjudSyn1YEyi4ln7J59SpJI6wukDkkCQLqcCRcCE4vSuK-qlMIJo

People living on a tiny street in midtown Toronto dread the arrival of two huge condo towers

Growing pains?
Development fights aren’t rare in the growing the GTA. What distinguishes their opposition, say the Montclair residents, is the unacceptable precedent this development presents in terms of its scale and intrusion on a narrow, low-rise street.
“What is different is this is a development proposal ideally suited to a major arterial roadway or the intersection of a major arterial roadway where the building can breathe,” said Gordon Harris, a veteran urban planner, and developer, who lives on Montclair.

Despite the pandemic, more Canadians want to buy a home

How long will this last?
The number of Canadians who expect to buy a home within the next year grew this summer, particularly among renters looking for more outdoor space and distance, says the second of a four-part survey by Mortgage Professionals Canada (MPC).
But the association’s chief economist Will Dunning said there are still too many unknowns to predict whether the summer’s hot housing market will continue through the fall.

Toronto’s hot condo market is cooling off. Is it a warning sign?

Toronto’s towering condo buildings have become almost as synonymous with the city as its red and white TTC streetcars. But just as the pandemic has touched every other aspect of our lives, there are signs that the city’s climbing condo market hasn’t been entirely immune.
For the first time since a year over year dip following the financial downturn in late 2008 and early 2009, real estate experts say there is a softening in the condo sector.

Liberals extend commercial rent-relief program for last time

Did you know this?
The federal government is extending its commercial rent relief program one last time.
The Liberals say the program that aims to help small businesses with their rent or lease costs will be extended for this month, unveiling the details one week after rent was due.
In a release, the government says the one-month lifeline is a "final extension" for the program and that officials are looking at other options to help small businesses.

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