New from @StatCan_eng this morning: share of properties owned by non-residents (by census subdivision) https://www150.statcan.gc.ca/n1/en/pub/39-26-0001/392600012018001-eng.pdf?st=b7pYY8QF …
When you own your home, things are going to break and, unless you want to spend your money on visits from a neighborhood handyman, you’re going to need to fix them yourself. Luckily, you don’t need an arsenal of tools to handle most home maintenance fixes. These five tools will cover most of your basic projects.
When you put your home up for sale, one of the best ways to determine the asking price is to look at comparable sales. There’s rarely a perfect apples-to-apples comparison, so a pricing decision often relies on comparisons to several recent sales in the area. Here are five criteria to look for in a sales comparison.
Negotiation is a subtle art in real estate, but skilled negotiators can usually find some common ground that satisfies all parties. On the other hand, using the wrong negotiation tactics can sink a deal pretty quickly. Here are some negotiation tactics buyers (and real estate professionals) should avoid:
Although title insurance is not a requirement in Ontario, I recommend that every buyer consider coverage when they buy a home.
“Title” refers to your legal ownership of a property, as registered in the government’s land registration system. Title insurance covers losses related to the property’s title or ownership, including:
Title insurance can also come in handy if title registration in your name can’t occur on the date your deal is supposed to close. The “gap” coverage in title insurance will allow your lawyer to close the sale of the property even if registration is delayed.
Another key protection is title fraud, which occurs when a criminal uses stolen or forged documents to transfer your home’s title into their name, without your knowledge. They can then obtain a mortgage on the home and disappear with the money. Although title fraud is relatively rare, it does happen, and title insurance may cover the legal costs of restoring the title to your name.
Some title insurance also includes coverage in case your lawyer makes an error while handling the real estate transaction.
I always tell buyers and sellers to thoroughly read and understand what they sign, and that applies just as much to a title insurance policy. Read the policy thoroughly and ask questions so that you understand the coverage you’re getting. If you’re not sure about something, ask your lawyer.
Although title insurance is a one-time fee, the coverage lasts as long as you own the property.
However, it’s important to remember that title insurance is not an excuse not to do your due diligence, nor is it a home warranty or home insurance. For example, theft, or damage due to fire, have nothing to do with the title, so they wouldn’t be covered.
In addition, title insurance typically won’t cover:
To learn more, the Financial Services Commission of Ontario offers a comprehensive guide to title insurance that is very helpful.
You can purchase title insurance through your lawyer, directly through a title insurance company or through an insurance broker.
Joseph Richer is Registrar of the Real Estate Council of Ontario (RECO). He is in charge of the administration and enforcement of all rules that govern real estate professionals in Ontario.
Following a recent property reassessment, many businesses in Toronto reported unsustainable property tax increases. As a result, on January 31, 2018, City Council adopted measures to provide a level of protection against these property tax increases. In 2018, properties in the commercial, industrial and multi-residential tax classes will see property tax increases limited (capped) to 10 per cent of the preceding year's annualized taxes, plus a portion of the Council's approved budgetary rate increase.
Council has asked City staff to explore additional tax policy options for businesses impacted by property tax increases and to report back on a policy direction to explore in 2019 and beyond. City staff held public consultations.
Given that many TREB Members work with business clients operating from commercial and industrial properties in Toronto, TREB submitted a letter to the City providing initial input, and requesting the opportunity to be involved in the process of developing any new policies on this issue.
TREB believes that a competitive property tax environment is critical for the City's economy and that making the City's business property tax rates more competitive should be a priority for City Council. With that said, TREB believes that some important questions must be answered prior to implementing any new policies: