Rental and purchase housing unaffordability will be the top-of-mind determining factor in our next provincial and federal elections. The federal political parties are indistinguishable when reviewing their respective solutions. None understand the core fundamental causes of unaffordability, nor do provincial housing ministries and CMHC.
https://www.realestatemagazine.ca/who-profits-most-from-unaffordable-housing/
The crazy year 2021 is gone and a new year 2022, probably crazier, is upon us.
I have attached the link with tonnes of information
Go through it at your leisure. Lots of interesting stuff ...
https://indd.adobe.com/view/ce62a7f5-525e-4321-a652-c15bb46bc88b
A decision of Ontario’s Divisional Court serves as a reminder that home buyers cannot rely on a published listing when it comes to the interior size of a home.
Michael Mitchell and Richard Bowring owned a bungalow in Mississauga. In July 2020, they listed it for sale through the Multiple Listing Service (MLS). The listing represented the interior of the house as having “Apx Sqft 2500-3000.”
In a recent decision, the Ontario Court of Appeal addressed the longstanding relationship in estate litigation between the enforceability of promises, unjust enrichment, and the remedy of the constructive trust. Parents who are considering transferring property to their children or other family members should know the possible legal implications of unfulfilled promises as shown in Tomek v. Zabukovec, 2021 ONCA 723.
In an attempt to cool the province’s relentlessly hot real estate market, British Columbia (BC) just announced the introduction of a cooling-off period come spring 2022 for home purchases in the notoriously pricey province.
https://storeys.com/british-columbia-housing-market-cooling-off-period-work/
GTA statistics:
There were 9,783 sales in October 2021 – down by 6.9 percent compared to October 2020.
The October 2021 average selling price for all homes combined was up by 19.3 percent year-over-year to $1,155,345.
Trend:
Asif Khan took a hard look into CBC’s hidden camera investigative report about “law-breaking” Canadian real estate agents. It’s a deep dive into the issues presented on the program and the specific listing that the story was based on. Where are the real estate associations on this? Crickets! It’s time for OREA, CREA, and TRREB to step up and join the conversation.
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.
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.
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?
