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What is “Power of Sale” and What Does it Mean to Toronto Home Buyers?
The recent stormy financial atmosphere across Canada, including Ontario and Toronto, has led to an increase in homes sold by the bank, sold under what is called “Power of Sale”. Homes sold by the bank are typically ones in which the former homeowner unfortunately could not pay their mortgage.
"Power of Sale" homes require extra caution on the part of Toronto homeowners.
The agreement may have a lot more clauses included in a schedule to the agreement of purchase and sale than the average home buying transaction, such as:
The buyer is responsible for their own inspection and appraisal, as well as accepting the property as is with regards to the state of repair.
Any information provided by the seller/lender should be verified by the buyer or their representatives and it is the buyer’s responsibility alone.
If at anytime prior to closing the original owner can pay their mortgage back up to date, the transaction is voided.
It’s no secret that a lot of these homes have some heartache attached, but headaches can be abundant too. It’s very wise to have your lawyer look over the lengthy, complicated document to ensure that you’re okay with the many clauses involved in these power of sale homes. You are also within your rights to make the offer conditional on your obtaining a mortgage, being happy with the home inspection, checking up on what the seller has told you, and having your lawyer approve the lender’s schedule to the agreement.
The Greater Toronto Area 5-Day Build Project
Over 5 days, one Greater Toronto Area builder is going to attempt to build an entire 2,300 square-foot home, to be sold with proceeds going to support a new intensive care unit at the Bowmanville Memorial Hospital.
An artist's rendering of the Greater Toronto Area 5-Day Build Project home.
According to Halminen Homes, the home is expected to sell for over $400,000.
The home is being built in the town of Courtice (pronounced “Curtis”), Ontario, which is located only 70 kilometers east of Toronto, just past Oshawa. Building begins at 6 a.m. on Monday, August 9th and will last until Friday afternoon with the builders are working over time, 24 hours per day.
A team of over 100 people with Halminen Homes will build the home. Normally, a home of this size can take anywhere from 45 to 60 days to be built. The 5-day build also includes landscaping, furnishing, interior decor and a complete double-car attached garage.
If you’re interested in going to see the build, visit the builder’s blog.
July Toronto Real Estate Market Showing Signs Of A Traditional Summer (For A Change)
Since starting in real estate back in 1980 I’ve seen many ups and downs of the Toronto market over the years – booms, busts and lots of in between.
Almost New Downtown Toronto One-Level 2-Bedroom Suite
In the ‘old days’ before the early 2000’s a traditional Toronto summer house and condo market meant a slow-down of activity and sales… listings would decline, buyers would relax on vacation or stay in because of the heat.
That all changed over the past several years as increased buyer activity kept the market momentum going strong through the traditional ’slow periods’ of summer and December/January.
However I think buyer fatigue from all the manufactured multiple offers and market frenzy of this spring has caused us to revert to a more traditional summer market!
As of mid-July the Toronto Real Estate Board reported 2,790 sales, down 37% from the same period in 2009. The average sale price for the period was $427,931 – up a modest 8% from a year ago and down 1.7% from the June 2010 average price.
The listing inventory is 22,886, down slightly from June but up 27.4% over July 2009.
Critically the bellweather ratio of sales-to-listings dropped into neutral market territory for the first time since March 2009 – at mid-month it was at 25.4% (24-28% is a neutral market, below 24% is a buyer’s market and above 28% is a seller’s market).
Thus, for the first time in 15 months buyers have a much better opportunity to negotiate an excellent price for themselves. Sellers who are moving up or down in the market still benefit on their buying side of the move.
The Bank of Canada moved the bank rate up 0.25% this past week bringing the regular bank’s prime rate up to 2.75% – still very modest. With many institutions offering Prime minus 0.6% for a variable mortgage, that rate now sits at just above 2%. Five-year fixed mortgages can easily be had in the low 4’s.
Over-Sealing Your Toronto Home to Conserve Energy? Get An Indoor Air Test
It seems Toronto is never going to get a break from this heat. Sure, the Weather Network promises a nice thunderstorm with torrential downpours day after day, but she’s just teasing. Many Toronto homeowners will take to using air conditioning in order to cool off or get a decent night’s sleep. Smart homeowners also know that the smallest crack or opening will seriously lessen the efficiency of their air conditioning unit, and will seal up their homes to prevent their precious cold air from slipping out through drafty windows.
Hidden mold found after a Toronto homeowner started feeling ill, right after shutting all the windows and turning on the air conditioner.
If within weeks of sealing up your home and cranking up the air conditioning, you begin to feel a little funny… you might have a mold problem. You can’t see it, but it might be hiding within the walls, especially if they’re made of drywall and your home has experienced any kind of leaks, flooding or water damage in the past. Older homes, new homes and impeccably spotless homes – mold does not discriminate.
Symptoms of a mold infestation can vary greatly from person to person. You may have traditional allergy symptoms like watery eyes and a runny nose, or very serious symptoms that don’t make any sense, like a very sore throat and trouble breathing.
An indoor air quality test can help you determine whether you have a problem or not. Some mold can be toxic, while some is merely an irritant or is completely harmless. If air quality testing is done and finds mold, samples can be sent to a laboratory to determine what you’re dealing with and what kind of action needs to be taken.
It’s important to act on your intuition if there seems to be a problem, because repeated exposure can lead to asthma or extremely severe allergic reactions that require hospitalization.
Indoor air quality testing also has another added bonus for home sellers: home buyers are becoming increasingly concerned about their indoor air quality, and it’s one of the criteria required for LEED certification in new buildings. A recent indoor air quality assessment (whether it comes up clean or you can show action has been taken to rectify any problems) will tell prospective buyers that you and your home are on the “green” side. Mold is also a hidden defect that needs to be disclosed to future buyers to avoid serious problems down the road.
Toronto: Boring Architecture? Never.
In a recent Downtown Toronto condominium-naming contest, “That Big Steel Thing Downtown” was a contender, chosen by the community to be voted on as the next possible name of a new downtown Toronto condominium development.
Toronto's Hockey Hall of Fame. Just one example of stand-out, beautiful architecture in the city.
The suggested name seemingly lends a bit of credibility to one of Toronto’s mayoral candidates vision for a “prettier” downtown, without as much “boring, glass, concrete blocks,” according to Sarah Thomson.
She said she would create a new service that would let developers fast-track building concepts in which they’ve put effort into designing, as opposed to going through the regular process of having developers get approved, which can take years.
This is a very interesting idea for sure, although the buildings in and around the Greater Toronto Area are far from boring, stale and unimaginative. The city is filled with beautiful heritage buildings, innovative sky scraper designs and a wide variety of home styles.
The Hockey Hall of Fame, ChumCity/CTV building on Queen Street, Ontario Place, the CN Tower, the Rogers Centre, Nathan Philips Square, the Royal Ontario Museum, Old City Hall, Union Station and Casa Loma are just a tiny sampling of the intriguing, diverse and unique architecture found within the city limits.
Without the addition of a new program to benefit developers, condominium and other building designers are already competing to bring Torontonians something better with each building constructed. Just look at the Five Condos at 5 St. Joseph, which uses a heritage building as its own facade. One also only has to peek around a corner to find Chinatown, Greek Town or Little Italy, where building and community styles from around the world are making homes within the city.
Our skyline is booming, but it’s certainly not boring in Toronto.
