Clear definitions of property types are important for any new development. For example, detached houses and commercial properties have different regulations by which they must abide. In Vaughan, Ontario, city regulators are making a change to which properties fall under condominium law. While the term "condominium" traditionally refers to a unit in shared building, the GTA is introducing the concept of a detached home condo in order to encourage real estate development.
The Internet has changed the way that many Canadians buy and sell real estate. But would an eBay style auction for homes ever be adopted by Ontario residents? One Vaughan real estate brokerage is hoping their online auction platform will increase transparency and fetch the highest price for properties.
The Ontario government is keeping a close eye on the new rent control measures after a new report showed a negative impact from recent changes. Ontario's housing minister has defended the measures, though he assures concerned parties that he is paying attention to the real estate market in light of new rules. According to the Federation of Rental-Housing Providers of Ontario, the expanded regulations may be connected to the 1,000 rental units being cancelled or converted into condos over the summer.
Foreign investment is often considered a major factor in high housing prices across Canada, especially in its major cities. Ontario recently began charging additional taxes for foreign real estate buyers. According to statistics from Toronto and the Golden Horseshoe, these steps may be working.
Neighbours in Ontario can live in peace and harmony for many years -- until one decides to cut down a tree that is shared by both. Real estate issues such as this can lead to costly litigation and, along with ending a friendship, may cost thousands of dollars in legal fees. One such dispute arose between neighbours over a maple tree and ended in a court battle in 2012.
Many homebuyers struggle financially to qualify to purchase a home. Often I see this with younger clients. Many young people need a little bit of help to get that first home. If they are lucky, they will have generous parents who are prepared to help them financially by providing all or part of the down payment (that portion of a purchase that is not funded by the Lender).