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Saturday , 25 March 2017

Category Archives: Greater Toronto Scene

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Special coverage of the GTA Condominium and lifestyle scene.

Toronto’s financial services industry growing in importance: report

More people work in banks and other financial services in Toronto than have bank accounts in some of the world’s poorest countries. How can people live without a bank account, one might ask? Where do they keep their money? How do they pay their bills? The questions wouldn’t mean much, though, if you were one of the 2 billion or so, living in countries like Cambodia, the Democratic Republic of Congo, Turkmenistan and Yemen, who earn just $2 a day. The questions should be, “What money, what bills?” Even in this country, it is estimated that 13 per cent of Canadians either have no bank account or have no money ... Read More »

Non-profit housing group celebrates National Housing Day with ground-breaking on new condos

November 21–25 is National Housing Week, five days during which housing advocates focus attention on the problem of the lack of affordable housing in Canada. Tomorrow, November 22, is National Housing Day, and it is expected that the federal government will release its National Housing Strategy, the fulfillment of a promise made during last year’s election campaign. One component of the strategy that housing advocates want to see strengthened is government commitment to funding the non-profit housing sector, funding that has diminished over the past two decades. One Toronto-based non-profit group plans to participate in this week’s events in a special way. Options for Homes will host a ground-breaking ceremony ... Read More »

Toronto startup aims to disrupt real estate market, save consumers money

That perennial irritant for home sellers, the real estate agent’s commission, is back in the news. As described by a new start-up company that invites homebuyers and sellers to join the real estate “revolution” and take control of the process themselves, commissions in Toronto are a “black hole” into which more than $1 billion of homeowners’ equity is lost each year. Why should this continue to happen in a world that is so connected, so willing to embrace disruptive technologies in other areas, like Uber and Airbnb? Why pay tens of thousands of dollars for realtor services when you could pay mere thousands instead? Seizin, just launched in Toronto, says ... Read More »

Changes likely in Ontario real estate act after corruption exposed among realtors

Can a single real estate agent fairly represent both a buyer and a seller? Many do not think so. Since the realtor owes his client fiduciary duty, the duty to protect the client’s interests above all others, it is impossible for a single realtor to fulfill that obligation for two different clients who, by definition, have opposing interests. In other words, how can agent X negotiate the best possible selling price and the best possible buying price at the same time? Oddly, this kind of “double ending” is allowed in many places for real estate agents, but not for lawyers. The agent must inform the two parties that he or ... Read More »

Toronto studying how to regulate short-term rentals as Airbnb continues to grow

Call it criminal behaviour or call it ingenuity, but a Toronto woman’s actions in defrauding a landlord have got her arrested. The woman allegedly signed a lease with fraudulent intentions with a downtown condo owner. First the woman’s rent cheques bounced, then the owner discovered that she was advertising the place for rent on Aribnb. The rules of the condo in question do not allow rentals for under three months. The condo owner has reportedly been trying to resolve the issue, i.e. have the woman evicted, for five months. The woman has a history of being evicted from rented condos for failing to pay rent. In fact, as reported in ... Read More »

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