When the market is hot, homes are scarce and hungry buyers abound. Getting caught up in a spiral of competing offers quickly becomes a stress-filled, high-stakes game, leaving bidders exhausted, hopeless or saddled with a bloated mortgage. What's a buyer to do? Our post this week looks at a few tips that may help pre-empt a bidding frenzy and strike a reasonable deal quicker.
Lawmakers often pass legislation to protect consumers, though sometimes the laws they pass can be controversial to business interests. In Ontario, a new business law prevents door-to-door sales of items, including furnaces, air conditioners, air purifiers, water heaters, water filters and duct cleaning. The government says the legislation is in response to approximately 4,000 complaints from consumers across the province about deceptive door-to-door sales practices related to these products.
The availability of land and construction costs can be a challenge for developers in Ontario, especially in high-density cities. In Toronto, recent reporting suggests that condominium builders may have an advantage compared to other types of developers. According to real estate consulting group Altus Group Ltd, those building residential units have an advantage because of how much people will pay for space.
In Ottawa, discussions over the fate of LeBreton Flats have been a much-discussed news issue. The valuable real estate plot in the core of the Ontario city has long been considered as a potential home for a hockey arena. A former mayor of Ottawa has said that he believes the arena will be built, but that residents may remain skeptical until they actually see the project start and finish.
While most legal activities are allowed within private homes, some landlords take issue with certain activities within their buildings. The upcoming marijuana legalization has become a topic among Ontario owners of rental real estate. Some landlords would like the right to change tenants' leases to ban the drug from their properties as soon as it is legalized. However, marijuana users argue that this would infringe on their rights and limit their ability to find housing.
The Canadian real estate market often fluctuates, and the first part of 2018 is no exception. In January, Canadian home sales fell by 14.5 per cent compared to the month prior. The decrease in real estate transactions is led by a slow down of 26.6 percent in Toronto, Ontario according to the Canadian Real Estate Association (CREA).
The decision to purchase a business is a complicated one. Ontario business people who are considering buying an existing franchise should be aware of franchise law before making this decision. They should also ask four key questions before deciding whether the sale is right for them.