📉 19th July 2024 - Canadian Condo Prices Are Falling Again, Close To A Correction!

💥 Friday 19th July 2024 💥 How To Sell A Home That Didn't Sell! Hot Property News: Daily Toronto Real Estate! "Navigate with Confidence: Free Home Reports & Coveted Listings!" "Hot Property News: Daily Toronto Real Estate" brings you the latest and most compelling updates from Toronto's dynamic real estate market. Each day, we curate essential insights, market trends, and expert analysis to keep you informed and ahead of the curve. Whether you're a prospective buyer, seller, investor, or simply interested in real estate, our daily updates ensure you stay connected with the hottest opportunities and developments. Stay informed and make smarter decisions with "Hot Property News: Daily Toronto Real Estate." Are there any legal or contractual implications for sellers associated with relisting a home that previously had an expired listing, such as contract extensions or termination clauses? Relisting a home that previously had an expired listing can involve several legal and contractual implications for sellers in Toronto, Ontario. Understanding these implications is crucial to ensure compliance and avoid potential disputes. Here are some key points to consider: 1. Contract Extensions and Renewals: Expired Listings: When a listing agreement expires, the contractual relationship between the seller and the real estate agent or brokerage typically ends. Sellers are no longer obligated to continue with the same agent unless they choose to renew or extend the contract. Renewing the Contract: If a seller decides to relist with the same agent, a new listing agreement must be signed. This agreement can either be a renewal of the previous contract or a completely new contract with potentially different terms and conditions. Terms and Conditions: Sellers should carefully review the terms and conditions of any new or renewed listing agreement, including the duration of the contract, commission rates, and any additional obligations. 2. Termination Clauses: Early Termination: If the seller wishes to terminate the listing agreement before it expires, they should review the termination clauses in the original contract. Some agreements may include penalties or fees for early termination. Mutual Termination: In some cases, the seller and the real estate agent may agree to mutually terminate the listing agreement without penalties. This should be documented in writing to avoid any misunderstandings. 3. Relisting with a Different Agent: Exclusivity Clauses: Sellers should check if the original listing agreement had an exclusivity clause that restricts them from relisting the property with a different agent within a certain period after the contract expires. Clear Communication: If switching agents, clear communication is essential to ensure that there are no overlapping obligations or misunderstandings between the seller and the real estate professionals involved. 4. Disclosure Obligations: Property History: Sellers may be required to disclose the history of the property, including previous listings and any offers received. Full transparency helps build trust with potential buyers and avoids potential legal issues. Condition of the Property: Any changes in the condition of the property since the previous listing should be disclosed. This includes repairs, renovations, or new issues that have arisen. 5. Market Considerations: Pricing Strategy: It’s important to reassess the pricing strategy when relisting. An expired listing may indicate that the initial price was too high, and adjusting the price could attract new interest. Marketing Approach: Changing the marketing approach, such as updating photos, descriptions, and staging, can help create a fresh impression and attract new buyers. 6. Legal Advice: Consult a Lawyer: Consulting with a real estate lawyer can provide valuable guidance on any legal implications and help ensure that all contractual obligations are met. This is especially important if there were any disputes or complications with the previous listing. Conclusion Relisting a home after an expired listing involves several legal and contractual considerations. Sellers should review their original listing agreement, understand any termination or exclusivity clauses, and ensure full disclosure of the property's history and condition. Consulting with real estate professionals and legal advisors can help navigate these complexities, ensure compliance, and set the stage for a successful relisting. By addressing these factors proactively, sellers can avoid potential disputes and improve their chances of attracting qualified buyers. Canadian Condo Prices Are Falling Again, Close To A Correction - Better Dwelling Canadian condo prices have been resisting a correction, but might be ready to give in soon. CREA data shows Canadian condo prices fell for a second consecutive month in June, wiping out most of the progress made this year. Condo prices have been relatively resilient despite rising interest rates, but historically weak demand and rising […] betterdwelling.com READ MORE ... A Peterborough couple has reduced their energy use by half by going fully electric | kawarthaNOW By GreenUP. Michael and Norma Doran have also reduced their greenhouse gas emissions by over 86% by getting rid of natural gas. kawarthanow.com READ MORE ... How a private bridge mortgage can save the day when your home hasn’t sold - Mortgage Rates & Mortgage Broker News in Canada Selling your home while purchasing a new one can sometimes feel like a balancing act, especially when the sale of your current home doesn’t align with your next purchase. canadianmortgagetrends.com READ MORE ... Will the Bank of Canada cut its lending rate in July? Here’s why TD Economics is predicting that the Bank of Canada might cut its overnight lending rate during its July announcement. stories.td.com READ MORE ... ‘Price reduction’: Whitby home drops for sale price significantly and now hits real estate market for under $1 million Zoocasa’s Lindsey Kwon says it's been a "quiet summer market." durhamregion.com READ MORE ... 'Magnificent' home in Innisfil on sale for $11 million the most expensive home in Simcoe real estate market, includes 10 bathrooms, 11 bedrooms and 15 parking spots A luxury property in Innisfil is listed for $11 million. simcoe.com READ MORE ... Wave of mortgage renewals drives owners to list homes, analysts say | Globalnews.ca Rising inventories with anemic sales show a high degree of stress in Canada's biggest property market, real estate consultants said. globalnews.ca READ MORE ... Many young Canadians are looking to pursue homeownership without a partner | insauga Even while the current real estate market in Ontario continues to be unfriendly to consumers, many renters within the province and nationwide are considering taking the plunge into home ownership.  According to recent information collected on behalf of Canadian real estate experts at Point2, a large margin of renters in Canada are still keen on […] insauga.com READ MORE ... Canada selling one of its Manhattan apartments to cover cost of new $9M condo OTTAWA — Canada is selling one of its apartments in New York City to cover the cost of a brand-new luxury condo it recently purchased for $9 million. The Canadian government owns two apartments at a Park Avenue building in Manhattan, one of which is used as the official residence for the consul general in […] toronto.citynews.ca READ MORE ... Canadian luxury real estate outperforms amid market shifts: Engel & Völkers Discover the performance of Canadian luxury real estate in Halifax, Ottawa, Toronto and Vancouver. Learn how these markets outperform... realestatemagazine.ca READ MORE ... Condo renovations: How far can you go?  Rules intended to protect the structural integrity and resale value of the entire building nationalpost.com READ MORE ... I’m a lifelong Toronto renter. I live in constant fear of being forced onto the street The average person on disability receives $1,133 a month. A studio apartment built under Toronto city council's affordable housing initiative will cost $1,088. Using those numbers, rent would take up thestar.com READ MORE ... Amid housing debate, one landlord gets bluntly honest: 'I'm a profiteer' A London landlord's public comments that he's a "profiteer" opposed to tougher rules to protect renters has riled city politicians lfpress.com READ MORE ... Sales of new and presale condos plummet in the GTHA, data firm says | CBC News Sales of newly completed and presale condo units in the Greater Toronto and Hamilton Area fell 66 per cent year-over-year in the second quarter of 2024, real estate data firm Urbanation says. cbc.ca READ MORE ... ‘Modern farmhouse’ in Niagara-on-the-Lake for sale at $6.5 million the most expensive home on Niagara real estate market for July with 6 bathrooms, gym, sauna, 9 parking spots Other pricy homes in the region. toronto.com READ MORE ... 'It was like a movie': Some Toronto homeowners facing flooded basements in wake of record-breaking storm Toronto is still drying out after a storm dropped more than a month’s worth of rain on the city earlier this week, leaving some residents to deal with flooded basements and property damage left in its wake. cp24.com READ MORE ... Significant savings and energy bill cuts coming for Canadians The federal government has rolled out its new strategy to improve energy efficiency in buildings across the country, claiming it will result in sig... blogto.com READ MORE ... Toronto condo market in turmoil as sales plummet to 27-year low A new study conducted by a Toronto-based real estate research group found that the Greater Toronto Hamilton Area (GTHA) saw condo sales drop to a 2... blogto.com READ MORE ... CIBC calls on BoC to end or fix quantitative tightening Distortions in short-term funding markets are keeping interest rates higher, bank says mpamag.com READ MORE ... Gifted downpayments in Canada – when are they a good idea for your clients? Family assistance increasingly common for first-time buyers mpamag.com READ MORE ... Editor's Note "Welcome to my Newsletter Page! I am a professional Real Estate Agent in Toronto GTA with an Architectural background from India. With a unique combination of design and real estate knowledge, I am dedicated to helping clients find their dream home. My expertise in both fields allows me to understand the potential of a property and how to best showcase it to potential buyers. I am committed to providing excellent service and going above and beyond for my clients. Let me help you navigate the real estate market and find your perfect property in the Greater Toronto Area & Surroundings. Contact me today!" Click Here For Hot New Toronto Regional Real Estate Board [TRREB] MLS® Listings. Call | Email me for more Info on any GTA Listings, Buying, Selling, Investing or Homebuyer's queries. Click Here to View Listings like Real Estate Agents. Click Here For HOMES & CONDOS In Toronto. Click Here For PRE-SALE CONDOS in Toronto. How does Rent-To-Own Homes works? Click Here for Power of Sale Listings. Manoj Atri, REALTOR®  Experienced Toronto GTA Sales Representative with Architectural Background. My forte: Power of Sale | Bank Foreclosures | Fixer-Upper | Rent-To-Own Homes All types of Credits Low or Zero down With Bank Cash-Back + Cash For Renovations Info & Much More... 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