Dated Archives: July 30, 2016

Day: July 30, 2016 Renters are causing demand in new Toronto highrise construction

  In Toronto real estate, a study by real estate consultant Urbanation and obtained by CBC News shows much of Toronto’s high rise construction in 2016 is being fuelled by demand from renters who are either unable or unwilling to pay record prices for real estate. It’s a significant change from the previous decade’s boom, which was spurred primarily by demand from would-be owners. According to the city of Toronto planning department, there were 28 highrise development applications in the first six months of 2016. That’s just slightly behind the pace for 2015, when the city received 59 applications for the year overall, and well above

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Day: July 30, 2016 Real estate transparency law, how it works

  In real estate law, confidentiality rules mean bidders can’t see contents of other bids, but Ontario legislation has transparency rules, too.   In toronto real estate, when you’re involved in a bidding war for a home and you lose, it can be frustrating and discouraging — even heartbreaking. Especially when you find out that the house was sold for an amount that was only a little bit more than your offer. However, in Ontario’s real estate market, there are legal rules that brokerages and salespersons must follow when a seller receives multiple offers. One of the rules is that

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Day: July 30, 2016 SPIS real-estate document could induce a path to court

  In toronto real estate, the Seller Property Information Statement (SPIS) continues to be the single most dangerous document in current use in the real estate market. Since 1997, when the form first came into use, there have been 94 reported Ontario court cases centred on the document. Across the country, the total exceeds 250. Many more have been settled or are unreported. More than one judge has written that the SPIS presents a ripe ground for litigation.   In a 2007 decision in the case of Kauffman v. Gibson, Justice Gordon Killeen wrote, “It seems that, in the past

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