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.

1)      Mississauga is rich in cultural diversity offering a wide range of neighbourhoods for all walks of life. No matter what stage of life you may be in, there’s something for everyone. You may chose to live by the water in trendy Port Credit or in upscale Lorne Park or near the bustling City Centre in a high rise condo like the iconic “Marilyns”.

2)      Location, Location, Location. Mississauga is home to Canada’s largest international airport, University of Toronto’s Mississauga campus, the Art Gallery of Mississauga, the Living Arts Centre and recreational parks such as the Riverwood Conservancy and Erindale Park.

3)      Home buyers in Mississauga enjoy the benefit of paying only the Provincial Land Transfer Tax without the addition expense of the matching Toronto Land Transfer Tax that is levied on those who choose to buy a home in Toronto.

4)      Mississauga’s close proximity to Toronto is a bonus for those who commute to downtown for work, to see the Maple Leafs,  the Raptors or the Argos compete, or attend major concerts in the big city.

5)      Square One Mall, in the City Centre, is a shopping mecca with anchor stores such a Hudson Bay, Walmart and Holt Renfrew; restaurants including two of our favs - MADO, a Turkish cafe (try the Turkish delight) and Reds Square One (try the cookies and the tarts); movie theatres, hair salons and more.

Mississauga is a great place to live with vibrant communities offering a wide selection of housing, shopping and schools.

Call us today to tour our new exclusive Mississauga listing at 3208 Cedartree Crescent! 

3208 Cedartree Crescent is nestled within the family friendly neighbourhood of Applewood Hills. Enjoy the 6 kilometre trail maintained year round or take the kids to the playground - both right behind the house. The home is also close (walking distance) to shopping at Creekside Crossing (Walmart, Costco), Mobilia, LA fitness, schools and a quick drive to premium malls (Square One, Sherway Gardens), Go Station, golf and international airport.

Book your tour and come see this renovated home boasting stunning views of landscaped grounds, pool and parkland.

Call 416-985-1486 (Nancy) or 416-894-4079 (Dave).

Now that we are in the midst of winter do you find yourself dreaming of summer? Are you considering purchasing a cottage or waterfront home? What do you like most? A secluded wooded lot? A sandy beach or a rocky shoreline like we see in the Muskokas?

We are fortunate to live in the GTA, where potential buyers have a variety of properties to choose from. The longest fresh water beach in the world lies just 1.5 hours north of Toronto boasting mostly sandy, shallow shores. The Muskokas, with stunning vistas within the Canadian Shield, are just 2.5 hours north of the city. Collingwood, just 1.5 hours north of Toronto is close to both water and the Blue Mountain ski hills.

The possibilities are endless and, waterfront, for many reasons, is a good investment. The benefits include improved air quality, gorgeous natural scenery, a more laid back life-style filled with serenity and improved mental and physical health aided by waterfront activities. We, personally, have enjoyed waterfront living for over 20 years and, speaking from our realtor’s perspective, we’ve seen the values of surrounding beachfront rise significantly over those years. 

Your initial considerations in looking for a recreational property may be your budget, how far how you want to drive to your vacation property and the type of property your prefer. We can help you figure out the rest.

There are many other things to consider. Places like Wasaga Beach and Collingwood offer city amenities such as city sewers and water, bike and ski trails, shops and services. The further up the Georgian Bay coastline towards Tiny Township and further up Highways 400 and 11 to the Muskokas, the properties tend to have wells and septic systems and you may have to drive for groceries.

No matter what your preferences are, this winter may be a good time to purchase waterfront property. Historically, sales tend to be slower in winter with fewer active buyers and less competition. We may see an even slower sales trend this year due to higher interest rates and costs of inflation. This leaves great opportunities for active buyers with purchasing power to snap up a waterfront home!

Although the number of listings are down, there are some great opportunities for you.

If you want to purchase a waterfront property give us a call and we’ll help you discover yours.

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:

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.

Just like lived-in properties, buying pre-construction developments come with a myriad of details and considerations. If you enter the market without a highly-qualified expert, you may have a stressful and less successful buying experience. 

In a wide housing market like the GTA, new options and developments are constantly emerging. Working with a Realtor® will not just help you locate and assess potential properties, but their knowledge, professional network and negotiation skills can support your buying goals all the way through. 

If you’re serious about buying pre-construction, you’ll want to work with an experienced, high-qualified Realtor®. Discover how to choose the best professional for your purchase here. 

More Selection Than Meets the Eye

Like lived-in homes, finding a pre-construction property that meets all your needs isn’t easy. By working with a Realtor®, you can make the process more enjoyable. In addition to doing the homework for you, a Realtor® can also increase the selection of properties available. 

In the GTA, a well-established Realtor® will have access to new or upcoming pre-construction developments that aren’t yet available to public buyers. This gives you the opportunity to maximize your chance of finding a property that checks every box on your wishlist. 

A Realtor® will assess your individual “must haves” and “want to haves”. Next, they’ll analyze all on-market and off-market developments to zero in on the best properties for you. 

Dreaming of buying a condo in the GTA? Read these helpful blog posts before you navigate the market. 

• Buying in Toronto: Will it Get Less Expensive This Year?

• 3 Tips For Buying a Home in Mississauga

• 4 Qualities to Look For When Purchasing Etobicoke Real Estate

Understanding Access Levels

One important factor of pre-construction purchases that all buyers should understand is access levels. As a buyer, your transaction will change depending on the access level you buy at. In most cases, earlier access levels mean a better price and other property-specific advantages. Access levels come with a myriad of details and can be difficult to assess. This is especially true if you are looking at or considering properties from a multitude of developers. 

An easy way to navigate through the various access levels is by working with a Realtor®. They can summarize the crucial details of each access level and frame the information in a way that works for you.

In some instances, a Realtor® may even be able to offer you an earlier or exclusive access level based on their relationship with the developer or greater industry network. This is just another example of how working with a Realtor® makes a big difference during a pre-construction purchase. 

Buying Power

Most buyers don’t realize that pricing on pre-construction properties isn't always cut and dry. Just like the traditional real estate market, there’s an opportunity for negotiations during a pre-construction transaction. As a buyer, you’ll want to use every advantage you can to make the purchase as successful for you as possible. Working with a Realtor® can help you do just that. 

During the transaction, a Realtor® can present you to the developer as a qualified, preferred buyer and if necessary, reference nearby or past developments to help you get the best price. They may also utilize their existing relationship with the developer to secure additional bonus perks, such as a parking space or upgraded appliances.  

With rising interest rates It’s more important than ever to consider each detail of your mortgage. To know more, have a look at these blog posts. 

• What’s the Normal Term of a Mortgage in the Toronto Area?

• A Guide to Mortgages if You’re Self Employed

• When is a Good Time to Refinance?

Your Dedicated Advocate 

If you live in the GTA already you know that construction projects can often take longer than expected. As a buyer, there’s a small chance you may experience delays with your pre-construction property. If you find yourself in this situation, it’s helpful to have a Realtor® at your side. 

With your experience as their top priority, a Realtor® can guide you through the delay period step by step. In most circumstances, you will be entitled to financial compensation, and they’ll work exhaustively to ensure you receive every penny and perk you’re owed. A Realtor® can also assist you in finding temporary rental housing should a delay conflict with your sale or lease. 

Are you thinking about buying a pre-construction home and in need of a trusted Realtor®? We can help you! Get in touch.

Overview of Greater Toronto Area housing market activity during July 2022.

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?

Overview of Greater Toronto Area housing market activity during June 2022.

2022 Summer Solstice Update

The bank rate increases have certainly had a cooling effect on the housing market. We are seeing fewer frenzied bidding wars and some homes sitting on the market for a while longer.

Buyers are sitting back waiting to see how the next bank rate hike will affect the market.

More available inventory has provided buyers with more choice. This is a good time to buy.

This is the more balanced market that frustrated buyers have longed for, yet they are reluctant to make the move, perhaps because they fear that they will not be able to sell their current home at an acceptable price.

The key is for everyone to have realistic goals and make educated choices. A balanced market means just that - equal opportunity for everyone. Buyers will be less likely to overpay for a home and sellers will learn to accept current market value for their home. It’s a win win.

Real estate is key to a vibrant economy. Not only are jobs created when new homes and condos are built, but spending ripples throughout the entire home buying process. Painters, contractors, stagers and photographers are employed to prepare and sell properties.  Also, homeowners traditionally spend money on new furnishings, minor fixes or larger renovations. This continuing cycle drives the housing market’s overall impact on the economy.

The Takeaway

Buyers have more choice and more time to get pre-approved for a mortgage to know exactly what they can afford and more time for home inspections to know what they are purchasing.

Home prices, although down from the February 2022 peak, are still on average higher than this time last year. Sellers can still get a good fair price for their home when it is priced correctly and presented in good shape to discerning buyers.

Housing is still one of the best investments you will ever make!

Please contact us for more information about market trends.

Free Home Evaluations and Staging Consultations are available.

Nancy 416-985-1486

Dave 416-894-4079