Time is everything! To save you some, we are keeping you posted on the latest real estate news in GTA.
CBC News: Toronto-area couple loses $30K deposit after bad advice from double-ending real estate agent, lawyer says
A couple from Toronto area fell victim to a double-ending real estate agent and lost a $30,000 deposit. The situation started in April when the couple viewed a condo in Mississauga and the agent representing the seller offered to represent them too. The agent then encouraged the couple to put a higher offer and pay $30,000 non-refundable deposit. When the Canada Mortgage and Housing Corporation (CMHC) got involved to finalize financing, they found out a number of legal issues, the transaction failed and the seller kept $30,000 deposit. The couples’ lawyer insists that the couple was misinformed about the condition of the status certificate. The seller agreed to settle without going to court and the couple got their deposit back, but the whole process became quite a shock for them. The whole story raised concerns about double-ending and The Real Estate Council of Ontario (RECO) hopes the government will modernize the rules for real estate agents.
Research for the Ontario Real Estate Association (OREA) revealed that 37 per cent of Ontarians believe housing affordability should be on the upcoming provincial election agenda and 30 per cent saying they are more likely to vote for a party that addresses the issue. The problem of affordable housing for millennials is related to the “missing middle” in the real estate market, the issue that was widely discussed in the last month. The millennials were satisfied with living in downtown condos before but as they move towards family life, they start to look for a kind of house their parents used to have. Meanwhile, the baby boomers seem to occupy the kind of housing millennials want to have, refusing to downsize. OREA’s CEO Tim Hudak holds that the long-term solution would be increasing housing supply and the diversity of this supply. The meeting of about 120 government officials and academics devoted an entire panel to the millennials’ struggle to afford a mortgage.
The listing site The Red Pin released a map of Toronto properties indicating the average price by subway station. According to the data, it’s still possible to find a one-bedroom condo for $150,000 at the far east end of the Bloor-Danforth line. The priciest spot on the map is Lawrence Station, where you would spent an average of $2.7 million to buy a home. Due to the recent cooling of the market, there is a hope for buyers that the properties around more subway stations will become affordable in the future.
Better Dwelling: Toronto Sees A 64% Increase In New Detached Listings
Toronto sees a great number of new listings and they are mostly from detached homes, the number of detached listings increased by 68 per cent compared to last year. Despite the general market cooldown, according to TREB, the detached home prices also increased with 28 per cent compared to the same time last year. Unlike the listings, the sales dropped by 26 per cent. It is quite usual that when the prices go up the sales go down, but the fact that inventory is increasing in this situation is still unclear and needs to be explained.
Torontonians will only be able to list short-term rentals for the property they live in, if city hall approves new recommendations released Monday. The new rules recommend banning people from listing units where they don’t live, licensing companies like Airbnb, registering and regulating short-term rental units. Critics suggest, that people buy multiple properties with no intention to leave there and renting them like “ghost hotels”, reducing the number of opportunities available for people for long-term rentals or buying a home. These recommendations are still awaiting approval from the City council. Airbnb maintains that the short-term rentals provided an opportunity for many hosts to pay their bills and purchase property on a hot housing market, while bringing millions in tourism revenue for Toronto.