Competition Bureau chief Melanie Aitken wants to get rid of everything that’s private information about your home.

It appears that this tireless warrior won’t stop at anything until she is done modelling the real estate industry to her liking.

In many cases there is little if any evidence that she speaks on behalf of the public majority about buying and selling homes.

Most of the changes she has demanded have been adopted by TREB and the Canadian Real Estate industry.

The most recent change implemented by the real estate industry, allowed any homeowner access to the MLS system, without having to pay a listing agent a fee in the event of the sale of that home.

Her latest mission to save Canadian consumers from the real estate industry is not only unreasonable but of questionable legality.

Not long ago, real estate consumers spoke with a single voice about wanting to keep all information regarding the sale price of their homes private. Those requests were turned into law and are found in the Personal Information Protection and Electronic Documents Act, PIPEDA for short.

Ms Aitken appears to want to ignore such law and make all home sale price information available to anyone with internet access.

We believe Ms. Aitken is on the wrong side of the issue and the real estate industry has not accepted her order to change the current situation.

If this issue remains unresolved, Ms. Aitken’s only alternative appears destined for a hearing at the Competition Tribunal, which has the power to impose a ruling or drop the case.

We are John Carr and Rosalin Smith-Carr at primetorontoneighbourhoods.com

Is this a good time to buy or to sell a home in Toronto? Send us your questions in the form below, and we will give you an accurate opinion based on your individual needs.

Thank you for visiting and if you are so inclined we welcome your comments.

Your Private Home Information is at Risk – Toronto Homes is a post from: Toronto Real Estate-Toronto Homes For Sale

Here comes a bit of relief and some good news for a change for Canadian homeowners.

Ottawa is bringing back the ecoENERGY Retrofit Homes program, a program aimed at helping homeowners save on home improvements and energy costs.

Starting now until March 31, 2012, some homeowners trying to make their homes more energy-efficient, may be eligible to receive up to $5,000 in reimbursements from Ottawa.

In 2010 the Canadian Government provided incentives to more than 500,000 owners. Those who participated in the EcoEnergy program saved an average of 20 percent on their energy bills.

For more information, go online to ecoaction.gc.ca/homes or call 1-800-O-Canada (800-622-6232).

Grant amounts are listed online in the “Grant Table for ecoENERGY Retrofit – Homes.”

“The federal government has renewed the ecoEnergy Retrofit – Homes Program, which provides grants of up to $5,000 to eligible homeowners to make energy efficiency upgrades to their homes.

The renewed program is effective from June 6, 2011 until March 31, 2012.  Homeowners who participated in the previous version of the program before April 1, 2011, and who did not receive the maximum amount of $5,000 can submit another application for improvements purchased and installed after June 6, 2011.

There are two important changes to the program. First, there is a requirement for participants to register directly with the program before booking their evaluation. Second, homeowners will now be required to provide receipts to their energy advisor at the time of the post-retrofit evaluation to confirm eligibility for the grant.

How to Apply

Detailed information on the federal ecoEnergy Retrofit – Homes Program, including the application process, is available from the federal government web site, http://www.ecoaction.gc.ca/ecoenergy-ecoenergie/retrofithomes-renovationmaisons-eng.cfm

Ottawa Renews Federal EcoEnergy Retrofit Program – Homes in Toronto is a post from: Toronto Real Estate-Toronto Homes For Sale

Should a home seller have to disclose to a buyer that there is a sex offender living across the street? Apparently an Ontario court thinks so. A couple with two young children bought a home in Bracebridge, Ontario and a year later found out that a sex offender was living on the same street.

The couple who has two young children have sued the sellers (click here) and have since sold the house at a loss.

Legal experts are divided on this issue and some of them argue that the courts are stretching the law. Those who disagree are quick to point out that a home seller cannot possibly be aware of all potential drawbacks regarding their home.

What happens for example if the neighbour takes recreational drugs? Is it the seller’s responsibility to let buyers know? If the couple suing the sellers were to succeed, it could certainly open a Pandora’s Box for all potential home sellers in the future.

Would sellers be obligated to reveal that the kids’ neighbours are rowdy and loud, or that their dog often barks for hours in the middle of the night?

What if the couple across the street have loud arguments that often to go late into the night? What if there was a violent death in the house (click here)?

At what point, both legally and physically, does a seller’s responsibility end? Is it at two or three homes on each side of their home and to the five houses directly across from the seller’s home?

It is easy to see how this issue could turn into a nightmare for sellers. They would be forced by law, to list every conceivable situation that may prove objectionable to any homebuyer.

Hopefully, we will not follow on the steps of our American neighbours, and end up suing each other at the slightest suggestion of injury or potential loss to our wellbeing.

What do you  think? We encourage you to give us your opinion on the form below.

Sex Offender Lived on the Same Street, Home Seller Charged – Buying a Home in Toronto is a post from: Toronto Real Estate-Toronto Homes For Sale

When I first heard this question, I wondered if this wouldn’t be a great way to bring down not only our current Tory government, but any government for that matter!

If you happen to be a frustrated first or second time buyer, this idea may sound very appealing to you.

Today a homebuyer, tomorrow a home seller

But remember, the moment you move into your new home you no longer belong to the buyer camp. This immediately raises the question – would you be as enthused if this law was passed just before you decided to sell your home?

In any event, I’m not sure that a having the Canadian government regulate home prices (click here) is anybody’s notion of a sane idea.

Home prices in Toronto have almost doubled in the last 10 years, now requiring 6.7 times the average family income. In 2001 that ratio stood at 4.3 times.

So why are Toronto home prices so high?

Take this short quiz and test your knowledge:

• Healthy employment levels
• Historically low interest rates
• A passion for home ownership
• High immigration levels
• Greedy real estate agents

If you answered yes to all the above bullet points, you are almost right. The Canadian economy was not hit as hard by the financial crisis as our neighbours to the south.  Our conservative banking system is now the envy of the world, and was instrumental in preventing our real estate market from committing the ‘unspeakable sins’ that took place in the U.S. 

Looking back, there is no doubt that the combination of good employment numbers and the lowest mortgage rates in almost 50 years did result in a powerful mix to send Toronto home prices through the roof.

Canadians are real estate insane!

A recent article in Canadian Business magazine called Canadian’s strong desire for home ownership ‘Real Estate Insanity’ (click here) . I doubt that the author of that article has more than a handful of friends.

And for the last two points, high immigration levels and greedy real estate agents, the first one is valid and only in cities like Vancouver. We have not experienced the same high numbers of investors in Toronto as they have in western Canada.

Greedy real estate agents

But what about those greedy real estate agents? Don’t they contribute to inflating prices by charging such outlandish commissions and sweet talking innocent buyers into paying too much for homes? For the most part, real estate agents can only react to the wishes and desires of homebuyers and sellers.

The real estate industry as a whole has no power to alter market forces. If this were the case, then we could put all future fears of a real estate bubble bursting to rest.

If real estate agents were so empowered, they could single handedly begin to sell homes to anyone, and in so doing stop the real estate market from collapsing.

What do you think? We encourage you to give us your opinion.

Is Government Intervention Needed to Stop the Rise of Canadian House Prices? Toronto Homes is a post from: Toronto Real Estate-Toronto Homes For Sale

“Last April, several transitory factors artificially boosted sales, including the impending tightening of mortgage rules, speculation about higher interest rates and the looming introduction of the HST in several provinces,” Gregory Klump, chief economist with CREA, said in a release. “This year, additional measures to tighten mortgage rules were implemented in March and the other transitory factors were absent.”

Sometimes it’s hard for us to look the other way and ignore some of the headlines in the media. The story you are now reading begins with a typically sensational headline, ‘Home sales plunge as mortgage rules bite’.A quick look at the facts shows that this headline is grossly exaggerating the real picture. Having sales drop by 4.4% can only be called a ‘plunge’ by those whose intention is to alarm and frighten the public.

The Toronto real estate market has been on a record setting trend for more than 12 years. We all knew that sooner or later, home sales would inevitably slow down. Therefore having a 4.4% percent drop can hardly be labelled a ‘plunge’.

No consolation for home buyers
Having said all this, none of these numbers offer any consolation to potential home buyers. In spite of the slowdown in sales, the average sale price continued to climb by 8%, compared to a year ago. The only bit of relief for buyers came in the form of new listings which showed a 1.3% increase. Areas such as central Toronto are still suffering a marked listing shortage adding fuel to bidding wars and ever climbing home prices.

Slowdown in home sales to continue
Having the opportunity to speak to homebuyers daily, we see a lasting decline in home sales in central Toronto. Buyer fatigue, higher land transfer taxes, rising interest rates, tougher mortgage rules, and declining listing inventories create a powerful mix for a lasting soft landing in real estate sales.

Posted on Toronto Real Estate-Toronto Homes For Sale

Home Sales Plunge as Mortgage Rules Bite – Toronto Home Sales is a post from: Toronto Real Estate-Toronto Homes For Sale

Mortgage rates in Canada have been at record lows the past few years, with the variable rate much lower than the fixed. Rates are slowly beginning to rise as predicted by economists and we will see an increase in both variable and fixed over the next few years.

Prime rate to go up by 1% – TD Bank
There is a tendency for those who are currently in a variable-rate mortgage to lock in to the best five-year rate available today when we start to see an increase in the prime rate in the latter half of 2011.  At the time of writing, the prime rate was 3% and the best five-year rate mortgage was 4.05%. A recent TD Economic report suggests that prime would go up by 1% by the end of 2011 and they anticipated a further 1.5% increase by the end of 2012.  

Until the U.S. and global economies start to show signs of sustained growth, the Bank of Canada will be limited in terms of how much they can raise rates – not to mention the impact on the Canadian dollar from higher rates. So there will be a slow yet steady rise of the variable rate in the next few years.

Historically in Canada, anyone who has taken the variable-rate mortgage over the fixed-rate mortgage has been further ahead 88% of the time over the last 20 to 30 years. That starts the question now that we have just come out of historically low rates as a result of the global recession – are we now in that ’12%’ period of time where it makes sense to choose a fixed rate?

Will prime rate double over the next 5 years?
At the end of the day, the numbers do not lie. Let’s assume that the prime rate in Canada will double to 6% over the next five years. I then compared a client with a $300,000 mortgage and 25-year amortization who locked in today for a five-year mortgage at 4.05 to a client who chose to float in a variable rate at prime minus 0.75%. Keep in mind, the monthly payments the same for both clients and compared where they were at the end of the five years.

The client who chose to stay floating at prime minus 0.75% over the five-year period ended up saving over $5,000, even though their interest rate at the end of the five-year term was 5.25%.

Best strategy for saving the most money on your mortgage
If you are looking to save the most money on interest over the next 5 years then variable is what is predicted to be the best route. It is a gamble, but given the history and the math I like to think of a variable rate mortgage as a sure bet.

For those who are not the gambling type and like to sleep at night, then I always recommend the safety net of a 5 year fixed mortgage. To go fixed or variable on your mortgage is a personal choice.  

Jessica Magno
Manager, Residential Mortgages
TD Canada Trust
C: 416-880-7065
F: 647-438-1218

Have any questions? Let us know in the form below.

How to Save the Most Money on Your Mortgage – Fixed or Variable? Toronto Mortgages is a post from: Toronto Real Estate-Toronto Homes For Sale

Author Michael Port Book Yourself Solid, tells a great tale about an old man, a boy and a donkey.

After reading Michael Port’s story, I was reminded of the type of audience and viewers who come to our real estate website. Generally speaking, our audience is made up of readers who have either sold or bought a home in the past and are looking for fresh ideas to help them tackle a new home buying project.

Many of them realize their knowledge is not sufficient or up to date, and want a bit of help from an experienced professional.

Do you have an axe to grind?
Amongst these visitors there is also a small group who are unhappy with the services they have had from real estate agents. These viewers have an axe to grind, and our website is as good as any other to help them vent their prejudice and frustration.

Both my partner and I fully understand and  genuinely sympathize with their situation. Real estate sales is a challenging profession and our industry has made great strides in improving the level of service agents provide to the public. However, we are unable to rid some viewers of their entrenched prejudice and anger.

With all due respect to those viewers, please understand that we cannot assist everybody who needs help. Our goal is to give assistance to anyone with an open mind, who also acknowledges that we have a valuable service to offer. If you are dissatisfied with the level of service you believe you can receive from us and you still need help, we will be glad to help you locate an agent who can work with you.

Enjoy the tale about the old man, the boy and a donkey

You can’t please everyone

An old man, a boy and a donkey were going to town. The boy rode on the donkey and the old man walked. As they went along they passed some people who remarked it was a shame the old man was walking and the boy was riding. The man and boy thought maybe the critics were right, so they changed positions.

Later, they passed some people that remarked: “What a shame, he makes that little boy walk.” They then decided they both would walk!

Soon they passed some more people who thought they were stupid to walk when they had a decent donkey to ride. So, they both rode the donkey.

Now they passed some people that shamed them by saying how awful to put such a load on a poor donkey. The boy and man said they were probably right, so they decided to carry the donkey. As they crossed the bridge, they lost their grip on the animal and he fell into the river and drowned.

The moral of the story? In sales as in any other pursuit, if you try to please everyone, you might as well… Kiss your ass (donkey) good-bye,

This Website is Not for Everybody! – Real Estate in Toronto is a post from: Toronto Real Estate-Toronto Homes For Sale

In one of his latest articles, Rob Carrick’s best advice is “don’t listen to agents”. “Do not base your thinking about your ability to afford a house strictly on what lenders or real estate agents tell you.

They may have useful guidance, but their goal is to sell mortgages and houses.

That’s why the affordability measures they use pretend you live a world where there are no claims on your household cash flow other than those related to your home and other debts”.

Don’t listen to your Doctor
Carrick’s statement is not only wrong, but it also carries as much logic as saying ‘Don’t listen to your doctor’. Her job is to prescribe pills that the pharmaceutical companies want you to buy. Or worse yet ‘Don’t listen to lawyers, their job is to collect fees’.

Here is a piece of advice you should consider very carefully and may serve your home buying needs a lot better, “don’t listen to most journalists”.

These are the right facts; NEITHER real estate agents NOR mortgage brokers qualify home buyers, the banks do.

Reporters advice you can rely on!
Their job (journalists) consists mostly of distorting and sensationalizing the facts in order to attract a larger audience. And whatever you do, don’t ever criticize or accuse a journalist of false or biased reporting.

Most of them are self-appointed broadcasters of the truth, the whole truth, and nothing but the truth, Amen!

Many reporters will take shots at anything or anybody, regardless of the consequences such inaccurate reporting may have on the lives of the accused. Most journalists’ general approach to reporting is whatever they print must be taken at face value and without reproach by all of us. After all, it’s in the paper, in black and white. Laughable Rob Carrick, simply laughable.

By saying ‘don’t listen to agents’ Carrick is implying that agents will sell you a house whether you like it or not, whether it meets your needs or not, or whether you are able to afford the payments or not. It also assumes that buyers and sellers do not seek advice from others, beyond the scope of their real estate agents.

Homebuyers ignore advice
But there is more. His ridiculous statement also implies that these innocent homebuyers and sellers will ignore all feedback from their lawyers, friends, relatives, neighbours, bank officials, mortgage brokers, home inspectors and many others. In other words, it appears that we as real estate agents have such highly developed persuasive and selling skills, allowing us to sell homes to anybody. Isn’t that a ludicrous, laughable and biased statement?

Expanding on that insane logic, it’s only fair to say that we won’t ever see anymore ups and downs in the real estate market. For example, should home sales slowdown, all that needs to happen is for agents to begin selling homes to those who can hardly afford them or cannot find a home that suits their needs, and voila! the real estate slowdown is over! You be the judge!

Give us your two cents worth. We will be happy to hear you comments.

Globe and Mail’s Rob Carrick Advises … Don’t Listen to Real Estate Agents – Toronto Home Buying is a post from: Toronto Real Estate-Toronto Homes For Sale

This is a fair question to ask, especially if we look back and realize that there has been a continuous housing boom in Toronto for 12 years now.

Are there any buyers left?
Most active real estate agents will confess to having at least three or four buyers ready to act the moment they see a home they can afford. The thing is, just like a nasty cold that just won’t go away, there’s a constant listing shortage as well.

What is a listing shortage?
To the untrained person a “severe listing shortage” sounds like a gross exaggeration. If you take the time to visit Realtor.ca and look at the number of homes available for sale in any Toronto neighbourhood, there seems to be plenty of homes for buyers to choose from.

However, when taking a closer look at some of those homes, it becomes clear that the asking price is above what most homebuyers are willing to pay, even in this market where we are still seeing homes selling above the asking price.  Consequently, the vast majority of those homes have been on the market for months now, just ‘sitting there’.

Is this a buyer or sellers market?
Home sales in February 2011, were 50 per cent higher when compared with February of 2009, during the recession.  In the first half of March of this year, sales in the Greater Toronto Area were down by 5 per cent when compared with the same time in 2010.

For the month of February 2011, the average selling price transaction was $454,423, which was more than five per cent higher than the average selling price reported in February of 2010.

Will Toronto home prices ever drop?
So far, the Toronto market seems immune to the effect of rising oil prices, high levels of unemployment and ever-increasing taxes, just to name a few. Naturally, some of our buyer clients are hoping that the tables will soon turn and we will return to a buyer’s market with a full selection of more affordable homes.

Is This the Last Good Spring Housing Market? Toronto Homes for Sale is a post from: Toronto Real Estate-Toronto Homes For Sale

James Altucher, a Forbes magazine writer, had an eye-opening article recently about the next generation of home buyers and how many of them may decide to avoid home ownership.
On his laundry-list for not buying one’s own home, Altucher provides plenty of information that might convince some buyers why it would make logical sense to give up their dreams of owning a home.

As a result of 50 years in combined real estate work however, my partner and I inevitably end up smiling, even chuckling somewhat, when we discuss one of these types of articles.

Buying a home is not a logical decision
Our reasons for grinning wryly are because Altucher has failed to consider that, for the most part when it comes to purchasing a home, the defining factor has more to do with emotions than logic.

The sacrifices made, and often indulgences that are foregone, if even temporarily, are the trade offs that you make when deciding that you want to own, rather than renting that box-in-the-sky or a house with a yard. You’re looking for a place that you can truly call “your home” and it’s for that primary reason that buying your home is not the most “logical and highly calculated rational decision”.

The stork has arrived and the family needs a home
If you’ve just graduated from university, gotten married or landed a job that has you travelling a fair bit, often there is no glaring reason to think of wanting to possess your own home. However, when you’re at that stage where you’re longing for the pitter-patter of little feet, then in all likelihood, condo living is not the most ideal place to raise a family.

What will the Gen Y buyers do?
It remains to be seen whether the Y Generation will not necessarily settle for the previous generations’ dream of owning a home with a “white picket fence”. In spite of wars, financial hiccups, fluctuating employment and economic uncertainty, the dream of home ownership has endured and owning a few square meters of real estate of your own is still very much alive.

Click here to read Forbes article

Many people have said to me in the past month, “I’m going to buy a home.” Or, “What do you think of the idea of me buying a home?” I like the second batch of people. They are my friends and it seems like they are sincerely asking for my advice. And I’m going to give it to them. Whether they meant it or not.

Why I Am Never Going to Own a Home Again – Buying a Toronto Home is a post from: Toronto Real Estate-Toronto Homes For Sale