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Essential Analytics - May 2023

The Toronto Regional Real Estate Board has recently published its market report for May 2023. Let's take a closer look at some of the key metrics and our expert takeaways you need to know about:

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Essential Analytics - April 2023

The Toronto Regional Real Estate Board has recently published its market report for April 2023. Let's take a closer look at some of the key metrics and our expert takeaways you need to know about:

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Open House Etiquette

We host open houses to promote our listings to as many potential buyers as possible. It’s also an opportunity for some who are thinking about selling their home to meet and “interview" us to see how we market our listings to their fullest potential, and learn about our services.


Open houses are generally conducted on Saturdays and/or Sundays from 2-4 p.m. However, depending on the circumstances, we also may host weekday evening events from 5-7 p.m.


Each and every one of our open houses are conducted in a friendly and professional manner. However, it’s important to note that we do run a tight ship and we do keep a close eye on visitors. To this point, we follow the advice provided by Joe Richer, Registrar of the Real Estate Council of Ontario (RECO). He advises that it’s prudent to keep a log of all visitors who attend an open house. Most sellers feel more comfortable when they know who the strangers are that visited their home and that those with questionable motives are discouraged from entering.  With this protocol in place, we typically ask all visitors to show photo identification and complete a registration form which adds a level of security and comfort to the seller. We always explain why we are asking for identification and visitors can opt in or out (when signing the registration form) of receiving real estate information from us.


Some visitors refuse to provide photo identification. That is their right; however, it is also the seller’s right (via their salesperson) to refuse entry of anyone into their home who does not provide valid identification. We never like to turn anyone away and hope that all open house guests understand that we would do exactly the same thing if we hosted an open house to promote the sale of their home! Security and safety matters!


Interesting fact… I attended high school with a gal who was most unlikely to commit a crime. In 2006, and again in 2010, she and her husband were arrested and charged with theft. When police visited their GTA home they discovered over $500,000 in stolen goods, including items stolen from open houses! If you want to read the full story, let us know and we’ll send it to you.


As a rule of thumb, we generally allow two parties at a time into a home. This allows Dave and I to give our visitors our full attention. Therefore, visitors may encounter a sign at the door asking for your patience while we attend to other guests. We love to meet the neighbours (who may be just curious about home values), passers-by, potential buyers who have agents, and potential buyers who prefer to shop around by themselves.


Some kindly Do’s when you attend an open house.


*  please remove shoes

*  please provide photo ID for safety and security of the seller and the listing agent

*  please respect any requested Covid-19 protocols

*  please be prepared to be “softly” guided through the home

*  please be respectful to other guests

*  please ask us about the home and neighbourhood - we know the house and the hood!


Some kindly Don’ts


*  please comply with our (homeowner’s) house rules

*  please don’t take photos or videos without asking permission

*  please, keep your children with you, and don’t let them jump on beds or play with anything

*  please leave your pets at home

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Essential Analytics - March 2023

The Toronto Regional Real Estate Board has recently published its market report for March 2023. Let's take a closer look at some of the key metrics and our expert takeaways you need to know about:

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How Does Mortgage Fraud Happen?

The scheme typically involves a number of shady individuals who scour public records for properties that do not have a mortgage registered and may be listed for rent. Imposters, using stolen identification, pose as tenants in order to rent the home. From there, other imposters use the stolen identities of the homeowners to either mortgage the home or sell it.


If a home is sold, it is sold quickly and, according to CBC investigations, the money received from the sale is moved through fraudulent bank accounts and then out of the country in the form of cryptocurrency or gold bullion. The same is true for fraudulent mortgage money.


Imagine receiving a monthly mortgage statement in the mail for a home for which you had no mortgage, or learning that your home has been sold without your knowledge! Victims of title fraud lose the right to mortgage their own home or sell the home until they re-establish their title rights through the courts, which can be a lengthy and costly process.


“Title” is known as legal ownership of a property. Title insurance can help protect homeowners from fraudulent claims on their property and typically covers legal fees that would be required to restore the true homeowner’s legal title. Title insurance also protects buyers who unwittingly purchase a home that has been fraudulently sold to them. In this scenario, although the buyers would not be entitled to the property, they should get their money back.


As Realtors® it boggles our minds how these criminal schemes happen. It is certainly brazen. 


On a personal note, my daughter narrowly escaped a fraud scheme when she found a flat to lease in London, UK. An imposter, posing as the owner of the Air BnB flat, attempted to lease it using forged identification, utility bills and passports! The forged documents looked real except for one minor flaw that was noticed by my daughter’s UK boyfriend and was reported to authorities. This can be a very quick and lucrative scheme as the fraudsters bank first and last month’s rent from the unsuspecting tenant, leave the Air BNB and move on to their next target. The owner of the Air BNB and the duped tenant know nothing of the scheme until the tenant shows up to occupy the unit which is unavailable for rent. The tenant is out of pocket for quite a sum of money, may have insufficient cash to cover the deposit on a replacement rental, and could have nowhere to live.


We are not experts on any of the above, and can only advise our BLOG readers to be vigilant in protecting their identities; to talk to their real estate lawyers about title insurance and be cautious as landlords or as tenants.


Please feel free to reach out to us any time if you think that we can assist you in any way with your real estate goals.

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Essential Analytics - February 2023
The Toronto Regional Real Estate Board has recently published its market report for February 2023. Let's take a closer look at some of the key metrics and our expert takeaways you need to know about:
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Top Paint Color Trends for 2023

It’s a new year and you may be thinking of a renovation or a refresh of your home. If you are considering selling and want to create an updated look without huge costs, a trending paint colour is a quick and simple option.


The right colour can make a big difference in your space. Tried-and-true white is still trending - I personally love Sherwin Williams “Origami White” and, preferring a monochromatic look, chose it for both my kitchen and walls in my condo. Soft greys are still trending - usually a safe choice and there are bolder colours trending in the top paint colours of 2023 such as Benjamin Moore’s “Raspberry Blush” or Sherwin William’s “Redend Point”. Would you go bold?

Courtesy of Benjamin Moore


Courtesy of Sherwin-Williams


I have to admit, if I discover a bold coloured wall in a client’s home we are about to list for sale, I ponder, “should it be painted more neutral?” However, recently we listed a home with burnt orange coloured walls that gave the room a rustic, New Mexico look - cactus and all - and it worked to set the mood of the room and is right on trend this year with earthy, more natural tones.


Let us know which colours you would choose. We are interested in discovering what home owners are choosing to do with your space - are you a follower of trends or do you boldly roll with your own inspirations. It  must be difficult for some to buck the trends when every designer and real estate agent tells you to “paint in neutral tones” to appeal to the masses.


Viva la Paint - it can be transformative and defines the spaces we live in - the choice is yours!


If you don’t wish to tackle painting yourself, we’d be happy to provide references for trusted professionals.


Please reach out to us for more information or assistance.

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Essential Analytics - January 2023

The Toronto Regional Real Estate Board has recently published its market report for January 2023. Let's take a closer look at some of the key metrics and our expert takeaways you need to know about:

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New legislation enacted to cool the housing market - Will it work?

As of January 1, 2023, two new government programs came into effect with the intent to cool the housing market and provide more affordable housing.


The first program is Toronto’s Vacant Home Tax which is an annual tax that will be levied on vacant residences. A property is considered vacant if it is not used as a principal residence, occupied by a permitted party or is left vacant for 6 months or more during the previous calendar year. Those residences subject to Vacant Home Tax will be taxed at a rate of 1% of the property’s 2022 Current Value Assessment (CVA).


The intent of the Vacant Home Tax is to increase the supply of housing by discouraging owners leaving any secondary residences that they own vacant, rather than leasing them. All residential property owners in Toronto will be required to declare the status of their property (s) annually, even if they live there. Residences should have received notice in the mail from Toronto revenue Services. The declaration must be submitted by February 2, 2023.


Will speculative real estate investors sell their vacant properties? In February 2021, the Toronto Regional Real Estate Board (TRREB) released a report in which 40% of investors surveyed indicated that a Vacant Home Tax would prompt them to sell their investment properties. However, we have seen a strengthening in the rental market and higher rents, which may encourage investors to hold onto their properties throughout 2023 and wait for sales market prices to regain strength. Therefore, there may not be an influx of homes or condos listed for sale, and rent prices may continue to increase due to lack of affordable inventory to purchase - not the results many had hoped for. Foreign investors may just absorb the tax costs as part of doing business and live with the Vacant Home Tax just as every Toronto home purchaser has learned to live with the Toronto Land Transfer Tax, which is paid in addition to the Ontario Land Transfer Tax, as part of closing costs associated with choosing to live in the city.


The second program is the Federal Prohibition on the Purchase of Residential Property by Non-Canadians Act. This legislation will restrict anyone who is not a Canadian citizen, permanent resident or foreign commercial business from purchasing a residential property for the next two years. This marks the start of the federal government’s attempt to cool speculative foreign purchasing that is believed to be responsible for driving up the housing prices across the country, particularly in larger cities like Toronto and Vancouver.


Restrictive measures have been utilized in the past with limited results. In April 2017, the Ontario government implemented the Ontario’s Fair Housing Plan (HFP), a comprehensive package which included measures intended to help more people find affordable homes, increase supply, protect buyers and renters and bring stability to the housing market. It included a 15% Non-Resident Speculation Tax (NRST) on the prices of homes in the Greater Golden Horseshoe (GGH) purchased by individuals who were not Canadian citizens, permanent residents of Canada or were foreign corporations. This was meant to discourage speculative purchasing by non-residents. The implementation of this plan did result in a reduction of foreign buyer purchases from approximately 5-10% in 2017 down to 1.8% by 2019, varying from region to region. In October 2022, the NRST increased to 25% to further discourage foreign buyers.


What overall impact did the FHP have on house sales and sales prices? TRREB postulated that the psychological effect associated with the FHP contributed to an 18% decline in home sales in 2017. There was, in fact, a flattening of home sales through 2017 with the average sale price for a home coming in at $750,000. However, that did not last long. The previous upward trend in prices returned in 2018 and accelerated during the pandemic in 2020, hitting an average peak price of approximately $1.2 million in early 2022. It took a huge turn of events such as the war in Ukraine, rising interest rates and inflation to stall the climb in prices. In December 2022, TRREB reported that the average home price was $1,079,000.


Given that the real estate market has already experienced a reduction in non-residential purchases, there may be very little further impact on the housing market as a whole. Also, we cannot lose sight of further implications that the Purchase of Residential Property by Non-Canadian Act may have on our overall economic wellbeing. The Canadian Real Estate Association (CREA) stated, “Parliamentarians that supported the introduction of these measures need to recognize they will have a detrimental impact of Canada’s reputation, labour market, economy and severely hinder our ability to attract global talent”.


These two new legislative measures may not significantly impact housing availability or affordability. Time will tell.


If you have further questions about any information discussed in our BLOG please reach out to us and we will be happy to answer your questions.
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Toronto Garden Suites Approved

gtaselling Garden suites can now be legally built in Toronto backyards thanks to a recent decision by the Ontario Land Tribunal.


A garden suite is a smaller, separate dwelling built behind the main residence and is typically utilized as a rental unit.


These suites may be a great opportunity to house aging parents or provide rental income to offset your mortgage payments.


Garden suites will remain under the same ownership as the main house with no option to sever the property. The suites will be serviced with utilities through a connection to the main house or to the street.


Proposed garden suites will need to meet building criteria regarding height and bylaw standards to obtain a building permit. Minor variance applications may be approved.


Do you think this is an exciting new development for Toronto?

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