Finding a Real Estate Bargain in a Changing Market in Toronto

Starting in the late 1990’s there have been few good real estate buys in most real estate areas. Inventories of homes for sale (listings) have been at record low numbers. And there have been large numbers of buyers willing to pay “almost” anything for their dream home.

Now in mid 2008 the picture is changing. Buyers have plenty of choice. Listing inventories are up and the number of sales has dipped by as much as 70 percent in some major real estate markets.

Bidding wars are fast becoming a thing of the past and buyers can feel confident they are not paying too much for their home.

However, having ample supply of homes to choose from does not mean that sellers are prepared to expect substantially lower prices. Having spent over 25 years in residential real estate sales, I have observed that most sellers do not have to sell. The key to getting a bargain is in finding a seller who has to sell.

Regardless of what is happening in the market, there are always personal situations that require that some home owners do have to sell or need to trade to a more affordable home.

So, how do you as a buyer go about spotting one of these real estate bargains?

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Prevent Gas Line Explosions When Doing Work Around Your House

You have bought your new home and have decided to make some improvements. The good weather seems like an invitation to go ahead. All you want to do for now is replace the small fence and plant a few trees for privacy.

In the majority of cases the contractor will proceed and begin digging giving no thought to all those utilities buried in your yard or under your front lawn, such as water, phone company and cable TV lines and of course natural gas pipelines.

Last year a woman died in her home in the Moore Park neighbourhood near Mount Pleasant and St. Clair Avenue when a pipe fitter, working for a contractor hired by Enbridge Gas, was removing an old gas line which was in the basement of the house. The worker was rescued by neighbours and received second-degree burns. 

You may already know that before doing any digging you must make a call to  “Ontario One Call” (www.on1call.com, or 1-800-400-2255) to ensure you would not be hitting your gas line running along the side of your home.

But what if your neighbours are about to dig on their lot?

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New Law Requires Two Lawyers When Buying or Selling a Home

Up until recently both the home buyer and seller could use the same lawyer in the purchase and sale of a home. Personally I never thought this was a good idea. Regardless of how smooth the home buying and selling transaction may appear, the seller and the buyer have totally different goals and interests.

The new rule does allow two lawyers from the same law firm to represent the buyer and the seller in the same transaction, as long as the rules on conflicts of interest are observed.

There are also certain limited circumstances where one lawyer may represent both parties as long as there is no violation of the conflicts of interest rule.

For example:

• a transfer where the seller and buyer is the same person and the change is being made to effect a change in legal tenure;
• a transfer being registered to give effect to a severance of land prior to the expiry of a consent under the Planning Act or pursuant to a municipal by-law;
• a transfer from an estate trustee to a person who is beneficially entitled;
• a transfer where the seller and buyer are spouses or common-law partners or are otherwise related persons as defined in section 251 of the Income Tax Act (Canada);
• the lawyer practices law in a remote location where there are no other lawyers that either the seller or the buyer could retain for the transfer without undue inconvenience.

The changes to the Rules of Professional Conduct took effect March 31, 2008