Title insurance is supposed to provide comprehensive insurance coverage for the certain of the title-related risks associated with home buying. Risks such as zoning issues, claims of mental incapacity, lack of an up-to-date survey and the legal services provided by your lawyer (i.e. title certification). It insures against such defects in title, which may occur from conflicting ownership claims, liens, undischarged mortgages, consents and the like. It will cover compliance and access issues i.e. work orders, permit violations, fences, boundaries, tenancies, rights of way, certain easements etc. It is supposed to be in force for as long as the purchaser or his/her heirs own the property. Title insurance will, purportedly, outlive the certification of your lawyer, whose insurance stops if he or she dies or stops practice.
OK, first of all title insurance provides an insurable title not necessarily a marketable one. What does this mean? It means that if something is wrong and a prospective purchaser will not accept a new title insurance policy at no cost, and provided the insurer does not go broke (this has happened in recent memory), the insurer will pay out in accordance with the policy or will, if possible, repair the defect. In the great scope of life I guess eventually it won’t matter what the title says if people are content to rely on insurance coverage. I sure wouldn’t be happy, but then again most people are very cost conscious and why pay for all the expensive parts of a full search if you can just buy a policy. Most, if not all, of the title insurance companies currently operating in the GTA are the same U.S. title insurers that dominate the market south of the border and have seen the possibilities and moved to Canada.
One of the big advantages to title insurance relates to older homes registered under the registry system, where a 40-year search to a good root of title and adjoining property search is still required (certain searches such as corporate status, escheat and in some instances zoning and executions can be eliminated with title insurance) and for certain new-home deals. In addition TitlePlus has made arrangements with certain builders to insure whole subdivisions. TitlePlus then took on as many of the certified user lawyers as wished to participate and set a low priced, title insurance deal with an all-in disbursement figure. All of the lawyers had to take a bunch of courses and go through a long, long, long seminar before we were able to get the software to be part of this.
Title insurance has its place, but I personally would only take the TitlePlus insurance offered through the Law Society of Upper Canada. Their loyalty and mandate is to protect the public and to govern lawyers. As a consumer, these two facts would certainly make me feel better.
In conclusion every lawyer has an obligation to make you aware of your title insurance options so you can choose which way you want to go. Think through your options carefully and choose wisely.
Listing your home with an agent who specializes in your area is the best ticket to getting maximum exposure of your house to buyers. Agents who have worked a locale for several years are going to be well versed in the area’s price trends, recent comparable sales history, the neighborhood’s strengths and weaknesses, and how to work these factors to your advantage. Also, local agents tend to support one another by bringing buyers to the listed properties of colleagues. As area specialists, they have a strong interest in making as many local sales as possible. Because out-of-town listing agents are not part of the local sales network, your property could be at a marketing disadvantage. To find a good local agent, interview several candidates.
- Ask how many homes the agent has sold in the neighborhood in during the past year
Get a list from the agent; it is a good measure of the agent’s familiarity with the area and should include list price, sales price, square footage, number of bedrooms and bathrooms, and time on the market.
- Gauge the depth of the agent’s knowledge of neighborhood price and marketing trends
Scary Godmother: The Revenge of Jimmy buy Knowing where local prices have been can help you set an appropriate listing price. A non-local agent may suggest a higher list price. But if it doesn’t match prices of comparable homes in the area, and isn’t backed by marketing that fits local custom and current prices, you could lose potential buyers.
- Ask to contact the agent’s last three to five sellers
Find out if they were satisfied customers and if not, why not. Good agents will be happy to let former clients add ballast to their sales pitches.
TORONTO, January 9, 2009
–Toronto Real Estate Board Members reported 2,577 sales in December 2008, compared to the 4,646 recorded during the same month in 2007, and the 4,447 recorded in December 2006, TREB President Maureen O’Neill announced today. “Sales for the whole of 2008 were 74,552, compared to the 93,193 recorded in 2007, and the 83,084 recorded during 2006.”
The average price in December of 2008 came in at $361,415, compared to $394,931 in 2007, and $336,217 in December of 2006. For 2008 as a whole, prices averaged $379,347, compared to the $376,236 recorded in 2007, and the $351,941average recorded in 2006.
The City of Toronto (416) recorded 1,105 sales in December, compared to 2,302 in December 2007 and 1,827 in December of 2006. For all of 2008, there were 29,878 sales, compared to 39,052 in 2007 and 34,404 in 2006. The average price in the city was $387,482 compared to the $425,842 recorded in December of 2007 and the $350,139 recorded in December 2006. For all of 2008 the average was $410,271. In 2007 the comparable figure was $412,480, and in 2006 $378,776.
The 905 area saw 1,472 sales in December, from 2,344 in December of 2007 and 2,620 in December of 2006. For all of 2008, there were 44,674 sales in this region, versus 54,141 in 2007 and 48,680 in 2006. The average price in the 905 was $341,847 in December, compared to $360,307 in 2007 and $326,509 in 2006. For all of 2008, the average was $358,665, as compared to $350,092 in 2007 and $332,976 in 2006.
Breaking down the total, 993 sales were reported in TREB’s 28 West districts and averaged $338,855; 473 sales were reported in the 14 Central districts and averaged $479,095; 491 sales were reported in the 23 North districts and averaged $381,975; and 620 sales were reported in TREB’s 21 East districts and averaged $291,488.
Median Price
The median price for December was $305,000, compared to $320,950 in 2007 and $290,000 in 2006.
The Median for the year as a whole was $325,000, as opposed to $318,200 in 2007 and $299,000 in 2006.
Source: Toronto Real Estate Board
Ask any buyer’s agent who has been practicing real estate for a while, and you’ll hear sad stories from those buying agents who wished they had signed a buyer to a buyer’s broker agreement In defense of buyers, however, it’s rarely the buyer’s fault. It’s the agent’s fault for not explaining how the business works.
What often happens is an agent will work with a buyer for a few weeks to several months or longer. This effort includes:
- Introducing the buyer to lenders for financing
- E-mailing listings that fit the buyer’s requirements
- Calling listing agents to determine availability
- Making appointments with sellers before showing homes
- Driving the buyer from one neighborhood to the next, sometimes touring up to 10 homes a day
Then one day the buyer calls, in breathless excitement, to announce that he and his wife had driven by a new subdivision, stopped to look at a model home and signed a contract to buy a new home from the builder. Sometimes they add, “Isn’t that fabulous?” It’s not fabulous from the agent’s perspective.
Think about it from the agent’s point of view. He has just spent weeks showing the buyer homes and investing his time and gas money in the hopes of a cheque at the end of it all. Now he’s got nothing to show for his efforts. It does not cost anything to a buyer to have his own agent but still there are some buyers who will shop with multiple agents or look around privately.
I can understand the buyer’s position as well. They sometimes worry that the agent might not be showing them all the homes that fit their criteria or they worry the agent might not be available at a critical time when a hot listing comes up. If these are things that concern you then it might be a good idea to let that agent know upfront. Just tell them you will be shopping with 2-3 agents at a time. At that time the agent can decide if he wants to work with you. I’d expect a good agent at this point will ask you to sign a buyer agency agreement or decide to walk. If he still decides to show you houses atleast your conscious is clear and he is also aware of the potential risks.
For questions on the Brampton real estate market drop me an email.
To read more on the Buyer agency agreement click here.
If you’re interested in buying or selling a Brampton condo please click here to contact me. I provide huge savings to both buyers and sellers while offering top quality service.
The MLS system divides up Brampton into two districts. w23 and w24. w23 is anything west of Hwy 410 and w24 is anything east of Hwy 410.
Most of the condos located in w24 are either by Queen st and Hwy 410 or close to the Bramalea City Centre. Most of the condos located in w23 are by Shopper’s World (Hwy 10 / Steeles Ave) generally.
Statistics for w24 condos:
- In 2008, a total of 307 condos were sold.
- Lowest priced condo was by Brampton City Centre and a 1 bedroom unit there sold for $103,000.
- Most expensive condo was located by Queen St / Goreway Rd and it went for $312,000.
- As of January 10th, 2009 there are currently 70 condos available for sale in this area of Brampton.
- $130,000 can buy you a 2 bedroom condo by Bramalea City Centre.
Statistics for w23 condos:
- There are currently 26 condos up for sale in this area of Brampton.
- In 2008, 130 condos were sold in this district.
- Lowest priced condo went for $130,000.
- Highest priced condo went for $369,000 and was located at 1 Belvedere court.
For questions on the Brampton condo real estate market drop me an email.
January 10, 2009:
Currently there are 1,864 houses available for sale in Brampton (houses and condos included). 288 of those listings have come up since January 1st, 2009.
The lowest price is for a 1 bedroom condo by Bramalea City Centre at $119,000.
In Georgetown there are currently 274 houses up for sale. 38 of those were listed after January 1st of this year. I’ll be posting end of month statistics in the first week of February.
To see monthly and yearly statistics for the Georgetown or Brampton real estate market click on “Brampton real estate statistics”on the right hand menu.
Below are some Brampton homes I sold recently where I represented the sellers and saved them a bundle of money! If you have Brampton real estate to sell or looking to buy a home in Brampton please click here to contact me for great service and affordable commissions. I return all calls within 15 minutes!
Brampton real estate by Mclaughlin / Wanless. It sold for 98% of asking price in 17 days. Owners saved $5,820.
Brampton real estate by Sunny Meadow / Sandalwood. House sold for 99% of asking price in 2 days.
Owners saved $4,920.
Brampton real estate by Edenbrook / Bovaird. It sold for 98% of asking price in 33 days. Owners saved $4,600.
Brampton real estate by Edenbrook / Sandalwood. It sold for 99% of asking price in 12 days. Owners saved $5,400.
Brampton real estate by Main St / Queen St. It sold for 97% of asking price in 25 days. Owners saved $4,575.
Brampton real estate by Chinguacousy / Wanless. It sold for 98% of asking price in 28 days. Owners saved $4,695.
Brampton real estate by Rutherford / Williams Pkwy. It sold for 102% of asking price in 16 days. Owners saved $4,220.
Brampton real estate by Creditview / Wanless. It sold for 99% of asking price in 38 days. Owners saved $5,430.
Brampton real estate by Hwy 7 / Mcvean. It sold in 4 days for 97% of asking price. Owners saved $4,575.
Brampton real estate by Torbram / Sandalwood. It sold in 2 days for 99% of asking price. Owners saved $5,475.
Savings are based on 5% commission. Important note: These were all my listings where I was representing the sellers.
Click here for more past sales
This house is located by Edenbrook and Sandalwood in Brampton. It is approx 1500 sqft with ceramics and hardwood on the main floor. 5 appliances are included along with the Central A.C unit. The 3 bdrms are very spacious and the master bedroom comes with a 4pc ensuite and a walk-in closet. Premium paid by sellers to be right in front of a park.
This is one of the most sought after neighbourhoods of Brampton – very family oriented. Walk to schools and parks. Asking only $305,000. Identical house few months ago was sold for $315,000. House is vacant and ready for immediate possession. Virtual tour and more pics to follow very soon.
For more info on this great Brampton house drop me an email. Thanks.
