Spencer Group Inc., Realty Brokerage

Phone:
905-206-1010
Contact Us

Spencer Group Inc., Realty Brokerage's blog

Open Bidding: Let’s Hire a “Puffer”

The Liberals were elected federally and one of their platforms was a change to real estate transactions eliminating “blind bidding”. This means that every Buyer would know what the competing Buyers have bid.
Constitutionally, there is a question as to whether the federal government has any jurisdiction to legislate in this area. Property and civil rights fall within provincial jurisdiction.

‘Informational inspection’ doesn’t impact the offer

There’s a new home inspection trend emerging that could be a great solution for the buyers when it comes to buying/selling properties – and, in particular, during a sellers’ market. By changing the offer language to an “informational inspection” from a traditional “inspection contingency” condition, the deal is firm – the buyer is waiving their right to cancel the transaction based on the outcome of the informational inspection.

Fulfilling purchase agreements in good faith

In Tsui v. Zhuoqi, Ontario’s Superior Court of Justice addressed two complex issues. First, what duties do sellers owe purchasers when damage to a property may be substantial, and second, what constitutes substantial damage to property?

The Vatican Inc.?

The Vatican released information on its real estate holdings for the first time on Saturday, revealing it owns more than 5,000 properties as part of its most detailed financial disclosures ever.

https://nationalpost.com/news/world/vatican-owns-over-5k-properties-worldwide-in-real-estate-holdings-revealed-to-public-for-the-first-time

Pay attention to your sales rep's choices

When entering into an Agreement of Purchase and Sale (APS) for a property, buyers and sellers must remain cognizant of the precise language used and conditions they need to follow for an offer to be binding. If they neglect to do so, they run the risk of seeing their purchase or sale voided because they failed to meet certain obligations.

Toronto condo rents rise

Apartment rents increased for the first time in a year and a half in Toronto during the second quarter and also rose in Calgary as the impact of the pandemic receded, new studies show.

https://financialpost.com/real-estate/toronto-condo-rents-rise-for-first-time-in-18-months-as-impact-of-pandemic-recedes

Absolutely interesting - it is about commissions.

In the real estate industry, relationships between buyers and their real estate agent are often governed by a written Buyers Representation Agreement (BRA). A BRA usually contains a series of standard form terms, including a term that the buyers will not use the services of any other real estate agent during the time period that the BRA is in effect. The specific time period that a BRA is in effect can be negotiated by the parties.

Will this mansion be demolished?

A very interesting case:
A multimillion-dollar home in Aylmer must be demolished because it was built too close to the street, a Quebec judge has ruled.
The decision by Quebec Superior Court Judge Michel Déziel comes after an eight-year saga that began when the city of Gatineau granted the homeowner permission to build the house even though it ran afoul of zoning bylaws.

Is this a sign of market correction?

Have a look at the following stats:
The price of the average Canadian home that sold in June was $679,000, an increase of 25 percent in the past year. While sales have risen sharply, too, both figures were lower last month than in the month before.
The Canadian Real Estate Association said in a release Thursday that home sales have now fallen for three months in a row after setting an all-time high in March 2021.

Pros and cons of swimming pools

Things have changed in the hot Toronto pandemic market.
They’re fun in the sun but swimming pools haven’t always been a top-selling feature when it comes to real estate. They don’t appeal to every homebuyer, who doesn’t necessarily want the cost, maintenance, and safety concerns of a seasonal amenity.
But demand for swimming pools is just one more way the real estate market has changed during the pandemic.
Vacation and entertainment venues have been curtailed at the same time demand for bigger homes with more outdoor space has skyrocketed.

Syndicate content

Have Questions?

By submitting this form, you are providing express consent to receive commercial electronic messages from www.spencergroup.ca. You may unsubscribe at any time.