All Posts in Tag: Legal Corner

Condominium buyers have launched a class action lawsuit against Emerald City Developments for a building at 70 Forest Manor Drive in north Toronto. The suit has been launched because the building does not having direct access to the Sheppard/Don Mills subway station and some buyers bought a unit based on the belief that it would be.

Spring means more people signing real estate deals. Besides the price to be offered, you also need to think carefully when choosing your closing date, so that your deal will close smoothly.

There is lots of confusion as to the rights of landlords and tenants in Ontario when a home is put up for sale. Landlords are trying to bully tenants into leaving and tenants are refusing to permit potential buyers to see the home.

Sellers and real estate agents will advertise the top-selling features of a home in order to attract the largest number of potential buyers. However, be careful what you say. If it turns out wrong later, you may have to pay for it. Here’s why: Hussain Al-Saffar bought a detached home at 68 Salem Ave. in…

New home buyers and owners renovating their own homes continue to be confused about the GST/HST rebate. There are different rules when you are moving into the home as your primary residence, when you are renovating an existing home, or whether you intend to rent your new home as an investment property.

A recent decision of the Ontario Superior Court should have a major impact on lease negotiations between landlords and tenants in Ontario. This could assist credit challenged tenants and tenants with pets from obtaining approval to their rental applications.

More and more Canadians are buying rental residential real estate for investment purposes. These properties offer in most cases, stable income that pays almost all expenses, with a real estate asset that will typically appreciate in value in the long term. However, there are many pitfalls with becoming a first time landlord. The good news is that with the assistance of a professional property manager, you can be protected and have peace of mind that your investment will be secure for the long term.

The real estate markets are going a little crazy in Toronto and Vancouver, with out of control bidding wars, primarily for detached homes under 1 million dollars. Experts say it is because there is not enough supply. In some cases, over 20 offers are received and the successful buyers are paying sometimes tens or hundreds of thousands of dollars over the asking price. What’s worse, many buyers are putting offers in without any conditions whatsoever, hoping this will sway the seller to accept their offer.

CMHC announced that it is raising their rates on mortgage insurance effective May 1, 2014, by an average of 15 per cent. Although this is not good news for homebuyers, it does not mean that the sky is falling either.

The provincial land transfer tax can add an additional 1 to 2 per cent on the cost of a home purchase if you live outside of Toronto. If you buy in Toronto, the amount is almost double. The Toronto Real Estate Board has been lobbying for five years to remove this tax, claiming that it penalizes buyers in Toronto, who already face record high prices.