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Real Estate News from Popular Ontario Counties

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 1
HIGH RATIO fixed term best discountedrates & posted rates as of February 11, 2019 Terms                          Posted Rates             Preferred Rates6 mos                          3.34%                          3.30%1 year                          3.59%                          3.19%2 year   ...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Commercial Bond Yields CMB 5 Year - 2.21%* CANHOU 06/15/24 [+0.03]   ‌ 10 Year - 2.39% CANHOU 12/15/28 [+0.03]   10 Year - 2.42%* CANHOU 09/15/29 [+0.03] * denotes interpolated rate

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Getting the Deposit Back Quickly (Ontario)Question:A deal falls apart on financing.  As the Buyer’s Agent you send a mutual release right away as you want to get your buyers deposit returned to them. Five days go by and Listing Agent has not sent it back signed or submitted it to his office.. You...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Commission Clawback  (Ontario)Question:In Broker’s Remarks on an MLS, it states the following: “Cooperating Broker will pay Listing Broker a Referral Fee of 40% of the Cooperating Broker Commission if the Listing Broker has taken the Buyer through the property.”Will this work, legally?Answer:No. ...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Toronto and GTA Markets Accelerate in January 2019 This is the recently released report of the Toronto Real Estate Board concerning the January 2019 results: GTA REALTORS® Release January Stats TORONTO, February 6, 2019 – TREB President Garry Bhaura announced that Greater Toronto Area REALTORS® r...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
 Two Title Clauses in APS in Ontario8 Title searchClause 8 talks about searching title (the requisition date refers to this) and searching for non-tile issues (e.g., at the municipality).  These steps are completed for the buyer prior to closing and are done through their lawyer.  Clause 8 sets o...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
 Producing Form 801 in OntarioQuestion:Can a listing agent refuse to provide 801 form in multiple offers?Answer:No. The only person who can demand it is RECO. So if RECO asks, then it has to be produced.801 is a confusing Offer Summary Document. The Buyer doesn’t have to prepare one. The Seller c...

By Rosalind Nicholas, Toronto Condo Real Estate Agent, Toronto ON
(RE/MAX Condos Plus Corporation, Brokerage)
Comments 0
2240 Lakeshore Blvd. W. Toronto, ON. One bedrm Condo For Sale  Listed for $495,000;   Property Taxes S1,809.90 per annum;   Maintenance Fee $430.87 per month Welcome to ‘Beyond The Sea’, Phase 2 Condominiums.  This Spacious South-facing 1 Bedroom suite, In the South Tower is Approx. 607 Sq ft. It...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Commission Scoop by the Listing AgentQuestion:Broker comments today on a listing "Cooperating Broker Will Pay Listing Broker A Referral Fee Of 40% Of The Cooperating Broker Commission  If The Listing Broker Has Taken The Buyer Through The Subject Property." Is this appropriate?Answer:Be sure to a...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Commercial Bond Yields CMB 5 Year - 2.21%* CANHOU 06/15/24 [-]   ‌ 10 Year - 2.40% CANHOU 12/15/28 [-]   10 Year - 2.43%* CANHOU 09/15/29 [-] * denotes interpolated rate GoC 5 Year - 1.79% CAN 2.00 09/01/23 [-]   ‌ 10 Year - 1.89% CAN 2.0 06/01/28 [-] GOC Bonds are for reference purposes only Fl...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
    TERM POSTED Preferred RATES* Open 1 Year 6.30% 6.30% Fixed 1 Year 3.59% 3.19% Fixed 2 Year 3.74% 3.19% Fixed 3 Year 3.89% 3.49% Fixed 4 Year 3.94% 3.64% Fixed 5 Year 5.59% 3.49% Fixed 7 Year 5.80% 3.64% Fixed 10 Year 6.10% 3.89% Variable Rate 2.95% Prime Rate 3.95% Benchmark Rate 5.34% Cost p...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 2
Lawyer’s Review ClauseQuestion:Does the Lawyer’s review clause provide a free walk?Answer:No, the lawyer’s review clause doesn’t provide a free walk. There still needs to be something of substance. An important issue is whether or not this clause is interpreted widely to include “business terms” ...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 2
Offers for Leases in OntarioQuestion:Do I need an Offer for a Lease? If I just use the Government Lease Form, there’s no irrevocable.Answer:The Offer is actually unnecessary. Why tie things up with an irrevocable time? Most commercial contracts have no irrevocable provisions at all.The key docume...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 2
 Counting the days in Ontario is a question that has come up before. It’s important to get it right, because otherwise the consequences could be disastrous.There are calendar days, and everyone knows what they are. There’s no clear understanding today (not 30 years ago, but today) about the meani...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Tendering in OntarioQuestion:What is the meaning of “tender” in real estate transactions?Answer:Tender is a very specific term in a real estate transaction.Tendering is the process to demonstrate that a party is "ready, willing and able” to complete the transaction.So, even if there is going to b...

By Dan Papadapoulis, Home equity loans, second mortgages Toronto
(Mortgage Central Nationwide)
Comments 0
It is undeniable that fraud can happen to anyone, including businesses big and small. When it is discovered that you or your business was a victim of fraud, accepting that fact and finding out that someone you trusted chose to steal from you is definitely challenging to deal with, not just financ...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Structure the Good Faith Deposit Cautiously Let’s assume that you are a Buyer submitting an Offer on a million dollar property. The expectation is that you will come up with a good faith deposit in the amount of $50,000.00 representing 5% of the purchase price. But, is that entirely fair? If the ...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Three is Better Than Two (Ontario)The City of Toronto does have a plan for intensification. That means “squeeze more people in”.Neighbours object, “just leave things the way they way” by the NIMBYs.The Planning Department agreed to oppose. The owner seeking the re-division of the two properties i...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Seller Take Back and “Not More Than” (Ontario)Question:When a seller take back exists the mortgage clause on the first mortgage should state not more than rather than not less then. So if there is a seller take back mortgage does the mortgage clause on the first mortgage always say “not more than...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 4
 Minor or Major Easements (Ontario)Question:Are there any criteria to decide what kind of easement to allow the buyer to terminate the agreement? If they are related to the government, then the buyers cannot terminate? If they are related to very personal factors ( such as the right of way for so...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Term Posted Rate Preferred Rate Open 1 Year 6.30% 6.30% Fixed 1 Year 3.59% 3.19% Fixed 2 Year 3.74% 3.19% Fixed 3 Year 3.89% 3.49% Fixed 4 Year 3.94% 3.64% Fixed 5 Year 5.59% 3.49% Fixed 7 Year 5.80% 3.64% Fixed 10 Year 6.10% 3.89% Variable 2.95% Prime 3.95% Benchmark 5.34%

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 0
Commercial Bond Yields CMB 5 Year - 2.23%* CANHOU 06/15/24 [+0.05]   ‌ 10 Year - 2.41% CANHOU 12/15/28 [+0.04]   10 Year - 2.44%* CANHOU 09/15/29 [+0.04] * denotes interpolated rate GoC 5 Year - 1.83% CAN 2.00 09/01/23 [+0.04]   ‌ 10 Year - 1.92% CAN 2.0 06/01/28  [+0.04] GOC Bonds are for refer...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 2
By Brian Madigan LL.B. Why are some contracts “sealed” and others are not? In order to have a contract, you need to have an “agreement” that the Courts will enforce. Not all statements that are made, result in enforceable promises. Remember, all the promises made at election time! Sometimes, it i...

By Brian Madigan, LL.B., Broker
(RE/MAX West Realty Inc., Brokerage (Toronto))
Comments 2
Seller Successful in Damage Award following Defaulted Transaction The Ontario Court of Appeal dealt with a rather simple and straightforward case in Vatcher v. Quazi on 7 January 2019. The Buyer, Quazi purchased a property from the Seller, Vatcher for $730,000.00 closing in August 2017. After the...

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