Category Archives: resale homes

Detached home prices in Toronto rising by $550 per day

cabbagetown-house

Want to earn $550 a day, literally from the comfort of your own home? All you need to do is buy a detached home in Toronto.

That’s according to Huffington Post Canada, who analyzed the latest report from the Toronto Real Estate Board (TREB) to calculate the stunning figure.

The data comes from a TREB home sales and price report released last week. The board reported that the sale price for a single-detached home hit $1,257,958 in April, up 18.9 per cent over the same time last year. Huffington Post Canada crunched the numbers to find that the price increase translates to growth of $16,820 per month. That’s $550 on a daily basis.

“Or put another way, every day you delay buying a house in Toronto will cost you another $550,” wrote Huffington Post’s Daniel Tencer.

Huffington Post also calculated the price growth for the city’s condo market, which saw the average sale price hit $436,545 in April, a 7 per cent increase over the previous year. That works out to $2,411 per month or $79.26 per day.

April was a record breaking month for Toronto home sales. The 12,085 sales in the Greater Toronto Area were the most ever recorded in the month of April, according to TREB.

In a statement, TREB’s market analysis director Jason Mercer indicated that he expects prices to continue to climb through the spring.

“As we move into the busiest time of the year, in terms of sales volume, strong competition between buyers will continue to push home prices higher,” he said.

Source: BuzzBuzzHomeNews  | MAY 9, 2016

 

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Conrad Black selling $21.8-million, nine-bedroom family mansion in Toronto

Conrad Black is putting his Toronto estate up for sale.

TORONTO — Former press baron Conrad Black is looking to sell his 23,000-square-foot home in Toronto’s exclusive Bridle Path neighbourhood.

Nestled on a 6.6-acre lot, the nine-bedroom property that includes a caretaker suite and a converted coach house will hit the auction block on March 8.

It has an estimated value of $21.8 million, according to an online listing.

Black’s house was built and renovated by New York architect Thierry Despont, who has also designed and built homes for Calvin Klein, Bill Gates and the late Greek shipping tycoon Stavros Niarchos.

The building features two, two-storey libraries, an indoor swimming pool with skylight, a carved granite Jacuzzi and a copper-domed chapel consecrated by two cardinals.

Toronto real estate agent Barry Cohen is handling the sale in partnership with New York-based Concierge Auctions.

Source: The Canadian Press | February 4, 2016

Conrad Black is putting his Toronto estate up for sale.

 

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The danger in dropping a home inspection…

Most sale agreements in Ontario include a clause that has the seller guarantee that, to the best of their knowledge, there is not and never was any UFFI in the home.

In its reminder, RECO says listing agents must explain the implications of this clause. Namely, sellers must only agree to the warranty based on what they know. For instance, a seller must disclose that UFFI once existed in the home, but was removed.

Also, agents must ensure that the home inspection matches what the seller describes in the warranty.

The reminder comes as a growing number of buyers are expressing a willingness to forgo the home inspection clause when confronted with a multiple-bid situation.

In the case of UFFI disclosure, it is important to note that this warranty extends beyond the transaction’s close. Both the seller and the agent could face litigation if the warranty turned out to be false.

The best way to protect your seller clients is to educate them regarding the implications of a UFFI warranty. Those agents representing buyers, on the other hand, would be wise to insist that a full inspection is completed, particularly for homes built before 1980.