November 25, 2017

Blog

Should Fines Should Double For Realtors Breaking Rules?

Sep 13, 2017

The Ontario Real Estate Association (OREA) says fines for rule-breaking realtors should be double so the potential penalties keep pace with rising housing market. Last year, realtors found guilty of violating the code of ethics faced an average fine of less than $6,000 from the Real Estate Council of Ontario (RECO), the industry regulator.  The existing penalties were set when the average resale Ontario home cost $211,000 compared to $619,000 today. OREA recommended fines be doubled for violating the Real Estate and Business Brokers Act (REBBA) Code of Ethics. That would put the maximum penalty for salespeople at $50,000, while…

Watch Out, Tighter Mortgage Lending May Still Be Coming

Sep 6, 2017

When will it stop!  After all the changes implemented to cool the housing market and reduce consumer debt, more tightening may still be coming.  Wouldn’t you think that the Ministry of Finance and OSFI would wait to see the impact before implementing more changes? The recent changes targeted insured mortgages.  Now the Bank of Canada has identified the uninsured mortgage market as the next place to make tougher regulations. The first measure that is likely being considered is related to Home Equity Lines of Credit (HELOCs). This is clear for two reasons. First, because the Bank of Canada believes that…

Should You Get A Status Certificate?

Aug 22, 2017

With the current situation of house prices in the Toronto area, chances are first time buyers (and those of us downsizing) will be looking at purchasing a condo.  What is a Status Certificate. Purchasing a condo or condo townhouse is very different from purchasing a detached home.  All condo buyers should be aware the unit’s status certificate as it provides important details about the unit you are interested in, as well as the condo corporation as a whole.  I strongly suggest you make your purchase conditional on a review of the status certificate. Sometimes the seller will offer to provide you…