• Remax-Condos-Plus
  • 22 March 2017

ebruary sales on the Toronto Real Estate Board were up by 5.7% over February of last year – a slower increase than any month in almost a year.

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  • Remax-Condos-Plus
  • 15 March 2017

Every offer usually has some sort of conditions and they're all written for the benefit of the buyer. Take financing for instance, why is it written as "financing satisfactory to the buyer"? What does that mean, a 0% interest rate or 100% financing? No, the clause should state what type of financing is being arranged, not a clause that's open ended for the buyer to change their mind and walk away. What about a status certificate? It usually reads "to be approved by the sole option of the Lawyer". You know, most Lawyers can't even read a Status Certificate. I had one Lawyer tell me that he did not want his client to buy a condo, so he would not waive it. Once again, the clause is not to be used as an 'out clause', but rather to insure that the Condo Corporation can meet its financial obligations.

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Everyone is talking about our crazy real estate market, and in particular prices, they're up 20% in just 4 months. You know I've been in this business for over 30 years (can't you tell) and I've never seen anything like this. But, I'm not alarmed about the level of today's prices, rather the rate of increase. Toronto prices are not out of line with other major cities in the world. Will prices level off? Yes, they always do. Will prices fall? No. The only time prices fall are when people are forced to sell when they can't afford their mortgage and mortgage rates are not rising anytime soon. If you think individuals have a problem with their debt levels, just look at our Governments, they're in even worse shape. We live in a high tax country.

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