Property prices are still strong for the month of April in Toronto. What this shows us is that for sellers the pandemic is not causing them to panic and drop prices. There is a lot of faith in the local market and the general feeling is that the economy will bounce back when it comes to real estate (not all sectors of the economy will be so lucky for example restaurants and entertainment businesses).
In Ontario, we are starting to get a sense that the coronavirus (COVID-19) pandemic is slowly being brought under control, as more businesses and parks starts to reopen, gas prices stabilize, and we see more property coming back on the market. Yes the number of cases per day is still significant and people are still dying from this terrible virus, however the key indicator is that the epidemiological curve is starting to flatten. The government has declared we are now entering “Stage 1” for “reopening the Ontario Economy”. There are 3 stages in this process.
Buying a new house or condo can be exciting but also overwhelming in many ways!
Be nonconventional when you buy
Between 1995 to 2007, Kitec plumbing was widely used in Canada. Chances are that Kitec can be found in houses built or extensively renovated during this time. It was sold for drinkable water pipes, as well as in-floor and hot-water baseboard systems. We stumbled upon Kitec twice when looking to buy both townhouses and condos. That is why we want to make sure our buyers know to avoid Kitec plumbing, or at least are aware of the potential risks and hidden costs. Having proper legal advice is key.
No matter how much you wish the purchase or sale of a property to be smooth sailing, there are many reasons why a transaction may not go forward. The failure to satisfy a condition like financing (mortgage approval), inspection, rezoning approval, or the sale of a buyer’s current home, can play a role.
So what happens if your deal goes awol?
A “laneway suite” is also known as a “coach house or laneway house” and it is essentially a secondary property at the back of the existing home or dwelling on the land. It is also called an “auxiliary housing unit”. Simply put, a laneway house is a secondary suite in the form of smaller detached building located where the garage would normally go on a single-family lot or even about the garage.
As a buyer or seller, knowing that you have a good realtor, doing your own research, asking lots of questions and understanding your rights are all critical factors in a successful outcome.
Shop around for a good sales representative
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