What are your thoughts on multiple representation in real estate? Are midrise developments good for Toronto? Keep yourself informed with Torontoism's weekly updates from Toronto's real estate market and make up your mind!
The discussion about the real estate agents representing both a seller and a buyer, the practice also known as double-ending or multiple representation, continues as the Ontario Liberal government plans to review the 2002 Real Estate Business Brokers Act (REBBA), the law and code of ethics that govern real estate agents' conduct.
Christopher Alexander, regional director for Re/MAX Integra, advocates for giving up the black-and-white vision when it comes to double-ending. In some situations, there are legitimate reasons for the buyer and the seller to use the same agent, he says. For Alexander, it all boils down to educating the consumers and they should know what they are getting into if they use the same agent.
The Metronews showcased the priciest home on Toronto market - a $35 million French chateau with more than 30,000 square feet of living area. Behind the gates is a home with 10 bedrooms and 14 bathrooms (including his and hers) and an indoor 50-foot swimming pool, which features a structural floor that converts to a ballroom. The home also features a luscious garden and a tennis court.
Its owners, Harold and Sara Springer, who lived there for the past 15 years, were inspired by the French chateau design of the front entrance and decided to transform the interior to match it. Now the Springers looking to downsize, as their both children have graduated and moved out.
Canadian poet and novelist Margaret Atwood wrote a letter pushing back against an eight-storey, 16-unit glass condo building slated for construction near her home in Annex, Toronto, drawing a line between those who support her and those who accuse her of having a NIMBY's (not-in-my-backyard) views.
Atwood’s letter raises concerns about privacy screens and potential damage to shared trees. She also offered an alternative to the project she objects to: "Annex is diverse now. A millionaires-only development would make it less so. Why not include some less expensive units instead of glass gem?".
Urban experts stay sceptical about Atwood's offer, insisting that the proposed condo project is adequate to the real estate market of Annex and that affordable housing is usually affordable because the land on which it is build on is cheaper, which is not the case of the Annex.
According to Christopher Hume, TorontoStar columnist, midrise development could well be this city’s saviour. The main advantage of the four- to 11-storey buildings is that they provide housing for thousands without overwhelming the neighbourhoods of which they are part.
However, many of the midrise projects meet resistance from the locals. One of the examples of such resistance is the mentioned before 8-storey condo in Annex. A similar story happened with the 109 Ossington Ave, a 6-storey, 85-unit condo, when the conflict ended up at the Ontario Municipal Board. Nevertheless, after some minor changes, the project was approved and now, says Hume, it is one of the best things to happen to Ossington this century.
Huffington Post: Average Greater Toronto House Now Back Below $1 Million
With a real estate slowdown gripping the city, Greater Toronto's average house price has fallen back below $1 million.The average price of a detached home in Toronto and its suburbs fell to $974,212 in the first two weeks of August, according to data from the city's real estate board, obtained and published by the Financial Post on Monday.
However, if you're a prospective homeowner waiting for affordability to return to Canada's largest metro area, you could be disappointed, experts say. A new report from TD Bank forecasts a "soft landing" for the city's housing market. The TD economists also expect the prices to return to the average level of mid-to-late 2016.