The dust is now settling from Premier Wynne's photo op on the 16 point Fair Housing Plan from last Thursday, April 20th. We call it a 'vote getting plan' for the next election. In reality, there are only two points that impact the real estate market today. The First is the 15% non-resident buyer tax and the second is rent controls. We don't believe the non-residential buyer's tax is a big factor in our market. We have far fewer non-resident buyers than Vancouver. When you look at Vancouver, sales and prices did drop initially, but today, prices are back to last year and sales are picking up. In Toronto, we expected a similar, but smaller 'pause' in the market. We expected some price softening, then prices to regain their upward momentum. This is because Toronto has lots of buyers and very little product.

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  • Remax-Condos-Plus
  • 21 April 2017

Why the Government’s sudden preoccupation with rent controls? The media has reported two cases where the landlord doubled the rent from $1600 to get rid of a tenant. The current rules of the Rental Tribunal make it very difficult to evict a tenant for non-payment of rent or for carrying out illegal activities. This is the only resort for landlords to get a speedy resolution. In both instances, the landlord needed to sell the unit as vacant. We can tell you that landlords value good tenants and want to keep them. By keeping a good tenant, you avoid vacancy costs and you save on leasing commissions. Good tenants can usually get rents below market for these reasons. But there are more tenant voters than landlords. Hence, we have rent controls which will not be good for tenants in the long term.

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  • Remax-Condos-Plus
  • 21 April 2017

Paranoia seems to have set in with the rapid rise in real estate prices over the past year – almost 30% year over year.

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  • Remax-Condos-Plus
  • 11 April 2017

"Coming soon", what is that suppose to mean?! I've heard of "for sale" and "sold" and even "sold conditionally", but "coming soon"? Coming Soon means a listing has been signed, it's coming to MLS, but no one can do anything but look at the sign. Does this work for the Listing Agent? Absolutely, they're hoping for sign calls. The Agent wants to line up potential buyers, maybe even take them through the property when no one else can. Does this help the Seller; after all, this is what it's all about? Not really. Do you think potential Buyers will see the "coming soon" sign and stop looking at other properties? Not likely. If I was a Seller, I would get it on the market right away, or I would get my ducks in a row and make a big splash putting my property on MLS.

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  • Remax-Condos-Plus
  • 04 April 2017

In a hot real estate market, Bully Offers are the biggest problem, not just for Buyers, but for Agents too. In every listing primed for multiple offers the Broker remarks say, "no offers until 7pm on such-and-such a date" then… guess what? A Bully Offer arrives 10 days early and the Seller wants to consider it. Now the Listing Agent has to race around to phone every other Agent who has booked an appointment to tell them the good news, or the bad news. We feel that if a property is primed for multiple offers, then that is the way it should be sold. Listing Agents complain that they did not want to entertain Bully Offers, but the Seller changed their mind. However, there is now a specific OREA form to solve the problem. It's called Form 244: A Sellers Direction in Property Offers.

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