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10 Essential Things to Know About Real Estate Assignment Sales (for Sellers)

— We take our content seriously. This article was written by a real person at BREL.

What’s an assignment?

An assignment is when a Seller sells their interest in a property before they take possession – in other words, they sell the contract they have with the Builder to a new purchaser. When a Seller assigns a property, they aren’t actually selling the property (because they don’t own it yet) – they are selling their promise to purchase it, along with the rights and obligations of their Agreement of Purchase and Sale contract.  The Buyer of an assignment is essentially stepping into the shoes of the original purchaser.

The original purchaser is considered to be the Assignor; the new Buyer is the Assignee. The Assignee is the one who will complete the final sale with the Builder.

Do assignments only happen with pre-construction condos?

It’s possible to assign any type of property, pre-construction or resale, provided there aren’t restrictions against assignment in the original contract. An assignment allows a Buyer of a any kind of home to sell their interest in that property before they take possession of it.

Why would someone want to assign a condo?

Often with pre-construction sales, there’s a long time lag between when the original contract is entered into, when the Buyer can move in (the interim occupancy period) and the final closing. It’s not uncommon for a Buyer’s circumstances to change during that time…new job out of the city, new husband or wife, new set of twins, etc. What worked for a Buyer’s lifestyle 4 years ago doesn’t always work come closing time.

Another common reason why people want to assign a contract is financial. Sometimes, the original purchaser doesn’t have the funds or can’t get the financing to complete the sale, and it’s cheaper to assign the contract to a new purchaser, than it is to renege on the sale.

Lastly, assignment sales are also common with speculative investors who buy pre-construction properties with no intention of closing on them. In these cases, the investors are banking on quick price appreciation and are eager to lock in a profit now, vs. waiting for the original closing date.

What can be negotiated in an assignment sale?

Because the Assignee is taking over the original purchaser’s contract, they can’t renegotiate the price or terms of the contract with the Builder – they are simply taking over the contract as it already exists, and as you negotiated it.

In most cases, the Assignee will mirror the deposit that you made to the Builder…so if you made a 20% deposit, you can expect the new purchaser to do the same.

Most Sellers of assignments are looking to make a profit, and part of an assignment sale negotiation is agreeing on price. Your real estate agent can guide you on price, which will determine your profit (or loss).

Builder Approval and Fees

Remember that huge legal document you signed when you made an offer to buy a pre-construction condo? It’s time to take it out and actually read it.

Your Agreement of Purchase & Sale stipulated your rights to assign the contract. While most builders allow assignments, there is usually an assignment fee that must be paid to the Builder (we’ve seen everything from $750 to $7,000).

There may be additional requirements as well, the most common being that the Builder has to approve the assignment.

Marketing Restrictions

Most pre-construction Agreements of Purchase & Sale from Toronto Builders do not allow the marketing of an assignment…so while the Builder may give you the right to assign your contract, they restrict you from posting it to the MLS or advertising it online. This makes selling an assignment extremely difficult…if people don’t know it’s available for sale, how they can possibly buy it?

While it may be very tempting to flout the no-marketing rule, BE VERY CAREFUL. Buyers guilty of marketing an assignment against the rules can be considered to have breached the Agreement, and the Builder can cancel your contract and keep your deposit.

We don’t recommend advertising an assignment for sale if it’s against the rules in your contract.

So how the heck can I find a Buyer?

There are REALTORS who specialize in assignment sales and have a database of potential Buyers and investors looking for assignments. If you want to be connected with an agent who knows the ins and outs of assignment sales, get in touch…we know some of the best assignment agents in Toronto.

What are the tax implications of real estate assignment?

Always get tax advice from a certified accountant, not from the internet (lol).

But in general, any profit made from an assignment is taxable (and any loss can be written off). The new Buyer or Assignee will be responsible for paying land transfer taxes and any HST that might be due.

How much does it cost to assign a pre-construction condo?

In addition to the Builder assignment fees, you will likely have to pay a real estate commission (unless you find the Buyer yourself) and legal fees. Because assignments are more complicated, you can expect to pay higher legal fees than you would for a resale property.

How does the closing of an assignment work?

With assignment sales, there are essentially 2 closings: the closing between the Assignor and the Assignee, and the closing between the Assignee and the Builder. With the first closing (the assignment closing) the original purchaser receives their deposit + any profit (or their deposit less any loss) from the Assignee. On the second closing (between the Builder and the Assignee), the Assignee pays the remaining amount to the Builder (usually with the help of a mortgage), and pays land transfer taxes. Title of the property transfers from the Builder to the Assignee at this point.

I suppose it could be said that there is a third closing too, when the Buyer takes possession of the property but doesn’t yet own it…this is known as the interim occupancy period. The interim occupancy occurs when the unit is ready to be occupied, but not ready to be registered with the city. Interim occupancy periods in Toronto range from a few months to a few years. During the interim occupancy period, the Buyer occupies the unit and pays the Builder an amount roughly equal to what their mortgage payment + condo fees + taxes would be. The timing of the assignment will dictate who completes the interim occupancy.

Assignments vs. Resale: Which is Better?

We often get calls from people who are debating whether they should assign a condo they bought, or wait for the building to register and then sell it as a typical resale condo.

Pros of Assigning vs. Waiting

• Get your deposit back and lock in your profit sooner
• Avoid paying land transfer taxes
• Avoid paying HST
• Maximize your return if prices are declining and you expect them to continue to decline
• Lifestyle – sometimes it just makes sense to move on

Cons of Assigning vs Waiting

• The pool of Buyers for assignment sales is much smaller than the pool of Buyers for resale properties, which could result in the sale taking a long time, getting a lower price than you would if you waited, or both.
• Marketing restrictions are annoying and reduce the chances of finding a Buyer
• Price – What is market value? If the condo building hasn’t registered and there haven’t been any resales yet, it can be difficult to determine how much the property is now worth. Assignment sales tend to sell for less than resale.
• Assignment sales can be complicated, so you want to make sure that you’re working with an agent who is experienced with assignment sales, and a good lawyer.

Still thinking of assignment your condo or house ? Get in touch and we’ll connect you with someone who specializes in assignment sales and can take you through the process.

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Raj Singh says:

What can be things to look for, especially determining market value for an assigned condo? I’m the assignee.

Sydonia Moton says:

Y would u need a lawyer when u buy a assignment property

Gideon Gyohannes says:

Good clear information!

Who pays the assignment fee to the developer? Assignor or Assignee?

Thanks Gideon 416 4591919

Melanie Piche says:

It’s almost always the Seller (though I suppose could be a point of negotiation).

Fiona Rourke says:

If there are 2 names on the agreement and 1 wants to leave and the other wants to remain… does the removing of 1 purchaser constitute an assignment

Brendan Powell says:

An assignment is one way to add or remove people from a contract, but not the only way…and not the simplest. Speak to your lawyer for advice on what makes the most sense for your specific situation. For a straightforward resale purchase you could probably just do an amendment signed by all parties. If it’s a preconstruction purchase with various deposits paid, etc it could be more complicated.

Katerina says:

Depends on the Developer. Some of them remove names via assignments only.

Haroon says:

Is there any difference in transaction process If assigner or seller of a pre constructio condo is a non resident ? Is seller required to get a clearance certificate from cRA to complete the transaction ?

Nathalie says:

Hello , i would like to know the exact steps for reassignment property please.

Amazing info. Thanks team. I may just touch base with you when my property in Stoney Creek is completed in. 2020. I may need to reassign it to someone Thanks

Victoria Bachlowa says:

If an assignor renegs on the deal and refuses to close because they figured out they could get more money and the assignment was already approved by the builder and all conditions fulfilled what can the Assignee do. I have $33,000 dollars in trust in the real estate’s trust fund. They sent me a mutual release which I have not signed. The interim occupancy is Feb. 1 and the closing is schedule for Mar. 1, 2019. I have financing in place, was ready to move in Feb. 1 and I have no where to live.

Definitely talk to your lawyer right away. They’ll want to look at your agreement of purchase and sale and will be able to advise you.

With assignment sales, there are essentially 2 closings: the closing between the Assignor and the Assignee, and the closing between the Assignee and the Builder. With the first closing (the assignment closing) the original purchaser receives their deposit + any profit (or their deposit less any loss) from the Assignee. Can I assume that these closing happen at the same time? I’m not sure how and when I would be paid as the Assignor.

What happens to the deposits or any profits already paid if the developer cancels the project after an assignment?

Hi, Did you get answer to this? I did an assignment sale last year and now the builder is not completing apparently and they are asking for their money back. Can they do that? After legal transactions, the lawyer simply said “the deal didn’t go through”. Apparently builder and the person who assumed the assignment agreed on taking out the deal. What do I have to pay back after it was done a year ago

This is definitely a question for your lawyer – as realtors we are not involved in that part of the transaction. I would expect that just as the builder would have to refund your deposits, you would likely need to do the same…but talk to your lawyer. As to whether the builder can cancel a project, yes they always reserve that right (but the details of how and under what circumstances would be in your original purchase agreement). It’s one of the annoying risks in buying preconstruction!

I completed the sale of my assignment in Dec 2015 however the CRA says I should be reporting the capital income in 2016 when the assignee closed his deal with the developer in July 2016. That makes no sense to me since I got all my money in Dec 2015. Can you supply any clarification on that CRA policy please?

You’d have to talk to the CRA or an accountant – we’re real estate agents,so we can’t give tax advice.

Hassan says:

Hello, You said that there are two closings. The first one between the assignor and the assignee and the second one between the builder and the new buyer (assignee). My question is that in the first closing does the assignee have to pay the assignor the deposit they have paid and any profit in cash or will the bank add this to the assignee’s mortgage?

The person doing the assigning usually gets their money at the first closing.

Kathy says:

What is the typical real estate free to assign your contract with the builder ?

Hi Kathy While we do few assignments (as they are rarely successful, and builders do not make it easy), in past we have charged more or less the same as we do for a typical resale listing. While there are elements to assignments that should be easier than a resale (eg staging), many other aspects of assignments are much MORE time-consuming, and the risk much higher since attempts to find a buyer for assignments are often unsuccessful. It’s also important to note that due to the extra complication, lawyer’s fees to assign are typically higher than resale as well–although more $ for the purchase side vs the sale side.

Mitul Patel says:

If assignee has paid small amount of deposit plus the original 25% deposit that the assignor has paid to the builder and gets the Keys to the unit since interim possession has been completed, when the condo registration is done and assignee is getting mortgage from the Bank or Pays the remaining balance to the Builder using his savings and decides not to pay the Balance of the Profit amount to Assignor, what are the possibilities in this kind of scenario?

You’d need to talk to a lawyer to find out the options.

David says:

How much exactly do brokers get paid at sale of Assignment? i.e. Would the broker’s fee be a % of your assignment selling price or your home’s selling price? I’m really looking for a clear answer.

I am using this website’s calculator associated with selling your home in Ontario. But there is no information on selling assignments. https://wowa.ca/calculators/commission-calculator-ontario

Realtors set their own commission, so there is no set fee- that website is likely the commission that that agent offers. We often see commissions of 4-5% for assignments. The fee is a % of the price of the assignment – for example, you originally bought for $500K; you’re now assigning for $600K – commission would be payable on the $600K.

Candace says:

Question: if i bought a pre construction condo, can i sell it as soon as it closes or do i have to live in it for 1 year after closing in order to avoid capital gains taxes?

Or does the 1 year start as soon as you move in?

I would suggest you talk to your accountant re: HST credit implications and capital gains, but if you sell it for more than you paid for it, capital gains usually apply.

You mention avoid paying HST when you assign your property. What is the HST based on? It’s not a commercial property that you would pay HST. Explain. Thanks.

HST and assignments are complex and this question is best answered specific to your situation by your accountant and real estate lawyer. In some cases HST is applicable on assignment profits – more details can be found on the CRA website here:

https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/gi-120/assignment-a-purchase-sale-agreement-a-new-house-condominium-unit.html

If you are a podcast listener, the true condos podcast is also a great resource.

https://truecondos.com/cra-cracking-down-on-assignments/

heres one for your comment, purchase pre construction from builder beginning of 2021, to be finished end of 2021, (semi detached) here we are end of 2022, both units are now ready. Had one assigned but because builder didnt accept within certain time frame(they also had a 90 day clause wherein we couldnt assign prior to 90 less firm closing date (WHICH MOVED 4 TIMES). Anyrate now we have a new assinor but the builder says we are in default from the first one and wants 50k to do the assignment (the agreement lists the possibility of assigning for 12k) Also this deal would include us loosing our whole deposit and paying the 12k(plus fees) would be in addition too the 130k we are already loosing. The second property we are trying to close but interest rates are riducous, together with closing costs(currently mortgage company is asking that my wife be added to that one, afraid to even ask this builder. Any advice on how to deal with this asshole greedy builder? We are simply asking for assignment as per contract and a small extension for the new buyer(week or two) Appreciate any advice. Thank you

Dealing with builders/developers can be extremely painful, much worse than resale transactions in our experience. Their contracts are written to protect THEM. Unfortunately all I can say is follow the advice of your lawyer.

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Assignments – How to Complete the Forms

There is a standard form Agreement for assignments prepared by OREA. You should be using it.

I do understand that quite a few real estate agents are unfamiliar with the document and not quite sure how to fill it out correctly.

Therefore, I have reproduced the document, in part here. My commentary appears in Italics. I have chosen not to reproduce those parts of the Agreement that would otherwise appear in the standard Agreement of Purchase and Sale.

Also, we will go through an example.

John Smith bought a condo from ABC Developers Inc, at the pre-sales when the site first opened for $400,000 with three deposits of $15,000.00 each. So far he has paid two deposits.

The market has escalated and he has now sold the condo to Mary Jones for $575,000,00.

So, the question is: how do we fill out the form?

Brian Madigan’s Annotated Abbreviated Assignment Agreement

Assignment of Agreement of Purchase and Sale Condominium

Parties to Agreement

          Assignor:     John Smith

          Assignee:     Mary Jones

THE ASSIGNOR’S INTEREST IN THE REAL PROPERTY:

Also includes

together with seller’s proportionate undivided tenancy-in-common interest  in the common elements appurtenant to the Unit

The reference to seller here means ABC Developer Inc.

Purchase Price:      $575,000.00

Deposit:                $20,000.00

That was the full purchase price on the second deal, not just the assignment uplift. The deposit will be held by the Listing Agent for John Smith.

The Assignee and Assignor acknowledge that the Purchase Price noted above includes both the purchase price the Assignor is paying for the property as indicated in the Agreement of Purchase and Sale between the Assignor and the seller of the property attached hereto as Schedule C, and also includes the amount being paid by the Assignee to the Assignor as payment for the Assignment Agreement.

That means the original purchase price of $400,000.00 plus the market uplift of $175,000.00.

The Assignee and Assignor agree that the funds for this transaction will be calculated and paid as set out in Schedule B attached hereto and forming part of this Agreement.

This is the “paid on closing arrangement” and the outline for the funds.

Assignee agrees to pay the balance as more particularly set out in Schedules A and B attached.

Schedules A, B (Calculation of funds for this Agreement),

Schedule A is the regular one that you will come across. Schedule B is the actual breakdown and calculation of the various funds. It is peculiar to assignments.

We will break this down later.

C (Agreement of Purchase and Sale that is the subject of this Assignment),

This is a full and complete copy of the original Agreement from ABC Developers Inc.

2. ASSIGNMENT: The Assignor agrees to grant and assign to the Assignee, forthwith all the Assignor’s rights, title and interest, in, under and to the Agreement of Purchase and Sale attached hereto in Schedule “C”.

This is the assignment and the full transfer of rights under the underlying Agreement.

3. ASSIGNEE COVENANTS: The Assignee hereby covenants and agrees with the Assignor that forthwith upon the assignment of the Agreement of Purchase and Sale it will assume, perform, comply with and be bound by, all obligations, warranties and representations of the Assignor as contained in the Agreement of Purchase and Sale as if the Assignee had originally executed the Agreement of Purchase and Sale as buyer with the seller.

This is the assumption by the assignee, the new Buyer to take over.

4. ASSIGNOR COVENANTS: The Assignor covenants and represents that:

(a) the Assignor has the full right, power and authority to assign the prior Agreement of Purchase and Sale attached hereto as Schedule “C” (the “Agreement of Purchase and Sale”) and the Assignor’s interest in the property;

(b) the Agreement of Purchase and Sale attached hereto as Schedule “C” is a full and complete copy thereof and has not been amended, supplemented, terminated or otherwise changed in any way and is in good standing and has not previously been assigned.

(c) the Assignor will not amend the Agreement of Purchase and Sale without the Assignee’s prior written consent;

(d) after acceptance of this Assignment Agreement until the earlier of termination or completion of the Agreement of Purchase and Sale attached hereto as Schedule “C”, the Assignor will not further assign the Agreement of Purchase and Sale.

(e) neither party to the Agreement of Purchase and Sale (Schedule C) has done any act in breach of the said Agreement of Purchase and Sale or committed any omission with respect to the said Agreement of Purchase and Sale.

This is the outline of the new role for the Assignor.

7. FUTURE USE: Assignor and Assignee agree that there is no representation or warranty of any kind that the future intended use of the property by Assignee is or will be lawful except as may be specifically provided for in this Assignment.

The property started out as a farm and it is in the process of becoming a residential condominium. But, the Assignor doesn’t promise that.

8. INSPECTION: Assignee acknowledges having had the opportunity to inspect the property or the plans and documents for the property to be constructed and understands that upon acceptance of this offer there shall be a binding Assignment agreement between Assignee and Assignor.

Very, very peculiar, looking at the plans is an “inspection”. This makes no sense! It really should be here like that, but it is, so you have to be aware and make sure that the second Buyer is aware of that too. There really are no inspections!

10. RESIDENCY: (a) Subject to (b) below,

the Assignor represents and warrants that the Assignor is not and on completion will not be a non-resident under the non-residency provisions of the Income Tax Act which representation and warranty shall survive and not merge upon the completion of this transaction and the Assignor shall deliver to the Assignee a statutory declaration that Assignor is not then a non-resident of Canada;

(b) provided that if the Assignor is a non-resident under the non-residency provisions of the Income Tax Act, the Assignee shall be credited towards the Purchase Price with the amount, if any, necessary for Assignee to pay to the Minister of National Revenue to satisfy Assignee’s liability in respect of tax payable by Assignor under the non-residency provisions of the Income Tax Act by reason of this sale. Assignee shall not claim such credit if Assignor delivers on completion the prescribed certificate.

This is consistent with the Buyer’s obligation to verify the residency of the Seller in most transactions.

12. PROPERTY ASSESSMENT: The Assignee and Assignor hereby acknowledge that the Province of Ontario has implemented current value assessment and properties may be re-assessed on an annual basis.

The Assignee and Assignor agree that no claim will be made against the Assignee or Assignor, or any Brokerage, Broker or Salesperson, for any changes in property tax as a result of a re-assessment of the property, save and except any property taxes that accrued prior to the completion of this transaction.

This disclaimer doesn’t really work as it applies to those who are not party to the transaction.

15.  APPROVAL OF THE AGREEMENT: In the event that consent to this Assignment is required to be given by the seller in the Agreement of Purchase and Sale attached hereto in Schedule C, the Assignor will apply, at the sole expense of the Assignor, forthwith for the requisite consent, and if such consent is refused, then this agreement shall be null and void and the deposit monies paid hereunder shall be refunded without interest or other penalty to the Assignee.

From time to time, there will be a restriction upon assignment. Some clauses are enforceable and some are not. In some cases, there is a fee that is required to be paid to the Seller.

16. AGREE TO CO-OPERATE: Except as otherwise expressed herein to the contrary, each of the Assignor and Assignee shall, without receiving additional consideration therefor, co-operate with and take such additional actions as may be requested by the other party, acting reasonably, in order to carry out the purpose and intent of this Assignment.

This is important. The transaction may continue for several years. This states that the Assignor, John Smith will continue to assist in the transaction as required, and no further compensation need be paid.

But, what if John becomes mentally disabled or dies? In that case, Mary Jones needs a Continuing Power of Attorney for Property that applies only to this property and is not revoked upon death. There is no requirement or obligation for this otherwise in the standard form.

17. DEFAULT BY SELLER: The Assignee and Assignor acknowledge and agree that if this Assignment Agreement is not completed due to the default of the seller for the Agreement of Purchase and Sale (Schedule C) that is the subject of this Assignment, the Assignor shall not be liable for any expenses, losses or damages incurred by the Assignee and this Assignment Agreement shall become null and void and all moneys paid by the Assignee under this Assignment Agreement shall be returned to the Assignee in full without interest.

What if the original condo developer runs into financial trouble? John Smith is not responsible, although he does agree to refund all the money. That might be quite a challenge after he has spent it all and left the country.

20. AGREEMENT IN WRITING: If there is conflict or discrepancy between any provision added to this Assignment (including any Schedule attached hereto) and any provision in the standard pre-set portion hereof, the added provision shall supersede the standard pre-set provision to the extent of such conflict or discrepancy. This Assignment including any Schedule attached hereto, shall constitute the entire agreement between Assignee and Assignor. There is no representation, warranty, collateral agreement or condition, which affects this Assignment other than as expressed herein. This Assignment shall be read with all changes of gender or number required by the context.

This provision is important because it contains an “entire agreement” clause.

BALANCE OF PAYMENT UNDER THIS ASSIGNMENT AGREEMENT:

The Assignee will deliver the balance of payment for this Assignment Agreement as more particularly set out in Item 6. on Schedule B, subject to adjustments, with funds drawn on a lawyer’s trust account in the form of a bank draft, certified cheque or wire transfer using the Large Value Transfer System,

to the Assignor prior to completing the transaction in the Agreement of Purchase and Sale attached hereto as Schedule “C”

to be held in trust without interest pending completion or other termination of the Agreement of Purchase and Sale attached hereto as Schedule “C”.

The title transfer date is the final closing. Funds are to be held in trust until then. That could be quite some time. Opting for an earlier occupancy closing could be risky.

The Assignee and Assignor agree that the calculation of funds to be paid for this Assignment Agreement, subject to adjustments, is as set out in the following Items:

1. Total Purchase Price including the original Agreement of Purchase and Sale and this Assignment Agreement:

2. Purchase Price of original Agreement of Purchase and Sale as indicated in Schedule C:

3. Deposit(s) paid by Assignor to the seller under the original Agreement of Purchase and Sale as indicated in Schedule C, to be paid by the Assignee to the Assignor as follows:

It is important to get the correct calculations here.

• This is $575,000.00.
• This is $400,000.00
• This is $30,000.00 (one more $15,000.00 payment is yet to be made)

(Upon acceptance of this Assignment Agreement and receipt of consent to assign from original seller, if applicable)

(Upon occupancy by the Assignee and receipt of consent to assign from the original seller, if applicable)

(Upon final closing of original Agreement of Purchase and Sale and this Assignment Agreement)

          4. Payment by Assignee to Assignor for this Assignment Agreement:

5. Deposit paid under this Assignment Agreement (in accordance with Page 1 of this Assignment Agreement):

6. Balance of the payment for this Assignment Agreement:

Kindly note that you have to figure out when the closing will be, now, occupancy, or title transfer.

• $175,000.00 (that’s the market lift),
• $20,000.00 (this is the deposit on the assignment not the ABC deal),
• $185,000.00, (that’s the market lift, less the deposit paid, plus credit for the Assignor’s deposit paid to ABC, so $175,000.00 less the $20,000.00 deposit ($155,000.00) plus the  $30,000.00 in deposits paid so far to ABC, or $185,000.00. The Assignee will pay the next deposit instalment in favour of the Seller when it becomes due.

It is noteworthy that the Assignment transaction could be closed upon occupancy or upon the final title transfer. Title transfer would be much preferred and the least risky alternative. The Schedule A requirement is to pay the funds ahead of time.

Brian Madigan LL.B., Broker

www.OntarioRealEstateSource.com

Brian, this is fabulous. Helps to understand clause construction and the 3 schedules (A,B,C) of an assignment deal. This actually makes me think of a dozen more questions but for next time.

Thanks very much!

Hi Brian, I found this helpful. Thankyou. What form would you use for a Potl? Condo or freehold?

OREA Form 111

Wow this really helped with filling out the forms. Thank you so much. You’re a life saver.

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• Advice for Agents
• Legal Issues

Assigning an Agreement of Purchase and Sale

Martin Rumack | Jul 26, 2016 | 0 comments

At its essence, an assignment of an Agreement of Purchase and Sale – informally known as “flipping a home” – is a simple concept: A buyer of a new home allows someone else to take over the purchase contract, which allows that person to buy the home.

More specifically, the original buyer enters into a formal Agreement of Purchase and Sale with a builder, and then allows another person – who we will call the “new buyer” – to step into his or her shoes through what is legally known as an “assignment” of that original agreement or offer to buy. The new buyer pays the original buyer a higher price than what was set out in that original agreement; the difference is the original buyer’s profit. All of this takes place after the original buyer has agreed to buy from the builder, but before the deal closes; the original buyer never takes title to the property.

This arises primarily with homes: For newly built homes with typically long closing dates (often 18 months or more), an assignment is particularly attractive in situations where the builder has already sold all of the units in the development early on, but where there is still demand for soon-to-be-completed homes and new condominium units in the development.

The assignment of a new condominium unit is also interesting for similar reasons, although the time frame may be significantly longer depending on when the assignment occurs. This puts the original buyer in position to make a profit by inflating the new price well above what he or she agreed to pay the builder in the first place.

What is the benefit to the new buyer? There can be several:

• The new buyer may be able to buy into a desirable neighbourhood at a time when there are no more units available to be purchased directly from the builder;
• Even taking the original buyer’s profit into account, the assignment may give the new buyer a price advantage over other properties that are currently on the market; and
• Depending on the timing of the assignment, the new buyer may be positioned to choose finishes and make minor changes to the yet-to-be-built home.
• Whatever the respective motivations of the original and new buyer, the assignment of an Agreement of Purchase and Sale has many specific features – and just as many potential pitfalls.

When can an agreement of purchase and sale be assigned?

Unlike the standard Ontario Real Estate Association (OREA) agreements, many builders’ own (customized) Agreements of Purchase and Sale contain a clause that generally prohibits the assignment of the contract outright – or else allows it only with strict conditions and in exchange for a significant fee payable to the builder.

In fact, the vast majority of new home or condominium-purchase agreements do not allow the original buyer to assign the contract to someone else and stipulate that any attempt by the buyer to do so, or to list the home for sale on the MLS system or otherwise, or else list the property for rent, will put the original buyer in breach of the agreement. This triggers the builder’s right, with notice, to terminate the original agreement, keep the original buyer’s deposit and seek additional damages from him or her. (And in most cases, the original buyer’s agreement is “dead”; he or she cannot go back and try to complete the transaction as if no assignment had taken place).

All of this means that anyone who has agreed to purchase a home from a builder should give careful consideration to, and should seek legal advice prior to signing the agreement, or in the case of condominium units during the 10-day cooling-off period in order to determine whether it’s possible to assign the agreement in the first place.

This in turn involves a careful review of the clauses in that agreement.

Typical (and not-so-typical) provisions

As a practical matter, there are as many variations in these types of provisions as there are builders.

Many Agreements of Purchase and Sale will include a largely standard “no assignment” clause, which disentitles the original buyer from “directly or indirectly” taking any steps to “lease, list for sale, advertise for sale, assign, convey, sell, transfer or otherwise dispose of” the property or any interest in it.

A potential exception – and this is important – arises if the builder gives prior written consent, although in the more draconian version of these kinds of contract, that consent may be “unreasonably and arbitrarily withheld” by the builder, essentially on its whim. In other words, the buyer is not allowed to deal with the property, unless the builder pre-approves it in writing, but in many cases the builder has no obligation to give that approval and may withhold it for any reason whatsoever, including unreasonable and arbitrary ones.

(With that said, the “no assignment” clause in some agreements will allow for express exceptions or situations where the builder will not withhold consent, for example: a) assignments made to a member of the original buyer’s immediate family; or b) where the builder has determined that a sufficient and satisfactory percentage of the available units have already been sold).

The bottom line is that the basic clause in an Agreement of Purchase and Sale may or may not allow for the assignment of the agreement to a new buyer, and if it is allowed, it will be subject to specified conditions such as obtaining the builder’s written consent. Most agreements will embellish this basic clause by adding further written stipulations such as:

• Having both the original buyer and the new buyer sign an Assignment Agreement that has been drafted by the builder;
• Mandating the original buyer will not assign the agreement until the builder has managed to sell a certain percentage of the units in the overall development (for example, 85 or 90 per cent), and even then it must be with the builder’s written consent as usual;
• Requiring the original buyer to pay a fee to the builder of (for example) $5,000 plus taxes as part of obtaining the builder’s consent to the assignment;
• Requiring the original buyer to pay another fee plus taxes to the builder’s lawyer (ostensibly as a sort of “legal processing fee”);
• Getting the pre-approval of any lending institution or mortgagee that is providing funding to the builder for construction or otherwise;
• Assuming the builder agrees to the assignment in the first place, prohibiting any further assignments of the offer by the new buyer to any subsequent party;
• Confirming that the breach of any of the original buyer’s promises in relation to how and when an assignment can occur will be considered a breach of the whole agreement (and one that cannot be remedied); and
• Requiring the original buyer to confirm in writing that the property is not being purchased for short-term speculative purposes.

Note that even if the Agreement of Purchase and Sale does not expressly allow or provide for it in writing, some builders will permit an original buyer to make an assignment nonetheless. This is because it is always in the builder’s discretion to give up (usually for a fee) its right to technically insist on the purchase going ahead with the original buyer.

Getting the builder’s consent

It’s important to remember that, initially, the original buyer and the builder had a valid legal contract in place that obliged the buyer to purchase a home or condominium unit from the builder. That original buyer, for whatever reason – whether it’s a change of circumstances (such as a change in a marital situation, job transfer to another city, province or country; birth of children resulting in a home/condominium unit being too small for the buyer), cold feet, or simply the desire to make a profit – has subsequently decided to “sell” that right to buy to the new buyer.

To protect the builder, the assignment will contain clauses that are designed to safeguard the builder’s rights. The most important one is that, as discussed, the builder must give its written consent to the assignment. This will often involve specific builder-imposed requirements, fees and forms that must be completed.

Once consent has been obtained, there may be additional restrictions on the manner in which the original owner can market the property. For example, some builders will insist that the property is not to be listed on the MLS system (where it may be competing with the builder’s own listings for still-unsold homes and units in the same development); if the original owner does so nonetheless, it will be tantamount to a breach of the Agreement of Purchase and Sale, which could entitle the builder to damages, or rescission of the Agreement of the Purchase and Sale while retaining the deposits paid, as well as the monies paid for extras.

However, aside from any marketing/advertising restrictions that may be imposed, the original buyer must clearly indicate in any listing that it is an assignment of an Agreement of Purchase and Sale, not merely an ostensible sale from the original buyer.

Continuing liability after assignment

One key provision in the Agreement of Purchase and Sale – and one that is easy to overlook – may significantly impact whether an original buyer will want to assign his or her agreement at all.

Even though the original buyer has essentially transferred his or her right to buy the property to the new buyer, the original buyer is not fully off the hook. Rather, under the terms of the assignment document, the original buyer can remain liable to go through with the contract if the new buyer does not complete the transaction with the builder.

This written obligation appears in the original buyer’s Agreement of Purchase and Sale, and is couched in phrases that give the buyer continuing liability for the “covenants, agreements and obligations” contained the original agreement. But the net effect is that the original buyer remains fully liable should the agreement between the builder and the new buyer collapse. The agreement may also stipulate that the assignee, meaning the person receiving the benefit of the assignment (the new buyer) must sign an “assumption covenant”, which creates a binding contract between the new buyer and the builder.

(Incidentally, in contrast some builder’s agreements quite conveniently allow the builder itself to freely assign the agreement to any other builder registered with Tarion, which completely releases the builder from its obligations.)

The original buyer’s continuing liability under the Assignment Agreement is a major drawback in these types of arrangements. The original buyer always has to balance the risks and rewards inherent in this scenario.

Documenting the transaction

Assuming that the assignment of an offer is even permitted by the builder, then (as with all contracts) it must be documented to reflect and protect the legal right of the parties.

The technical aspects of an assignment require more than simply taking the original buyer’s Agreement of Purchase and Sale with the builder, scratching out his or her name, and replacing it with the new buyer. (Although, in some cases people do try to “squeeze in” assignment-of-offer terminology into a new Agreement of Purchase and Sale made out in the new buyer’s name – but this is definitely NOT recommended).

Rather, a properly documented transaction makes reference to the Agreement of Purchase and Sale between the original buyer and the builder, but adds a separate document called an “Assignment of Agreement of Purchase and Sale.”

OREA provides a standard form that can be used, although in many cases those builders who permit assignments will insist that the original buyer and the new buyer use the builder’s customized assignment forms, rather than the OREA standardized version.

The specifics of the deal – who pays what?

1) recouping the original buyer’s costs .

At the point where the assignment is being negotiated, the original buyer has typically paid a deposit to the builder, may have pre-paid for certain upgrades and extras and has a large balance owing. This means that in the course of striking a deal to achieve the assignment, the original buyer should give some serious thought to the various costs, fees, pre-paid deposits and tax repercussions of the deal, and how these should be reflected in the price that he or she will want the new buyer to pay under the Assignment Agreement. The timing of the payment(s) will also be a consideration.

For both original buyer and new buyer who are considering an assignment arrangement, here are some of the questions to ask:

• Does the price to be paid by the new buyer include any fee that the builder is charging in exchange for the original buyer’s right to assign the Agreement of Purchase and Sale?
• Does it include any deposits paid by the original buyer to the builder, after the agreement was signed? Does it include any interest that has been earned on those deposits?
• Does it clearly state that the new buyer will take over the entire contract, including the adjustments that are to be paid to the builder on closing? Or are those adjustments to be split between new and original buyer?
• Does the price include money paid by the original buyer for extras and upgrades?
• Are there any additional deposits that are still owing to the builder, under the original agreement?
• Who is responsible to pay the additional fee (the builder-imposed fee) in exchange for the builder giving consent? Usually this will be the original buyer, but the parties may negotiate otherwise.
• Does the new buyer agree to take on responsibility under the original agreement for making additional deposit payments until the final closing date (which may still be months or even years away)?
• Does the new buyer have a full understanding of the amount of all the adjustments that must be paid to the builder pursuant to the original agreement?
• If the original buyer has negotiated any special financial incentives into the Agreement of Purchase and Sale that has been reached with the builder, have these been addressed in terms of whether the new buyer will receive the benefit of them?

In any case, the final purchase price payable from the new buyer to the original buyer will typically be made up of:

• The outstanding balance owed to the builder by the original buyer, that will now be payable by the new buyer;
• The total deposits already paid by the original buyer to the builder;
• The total payments already paid by the original buyer to the builder for any upgrades and extras and
• The profit that the original buyer stands to make in the deal.

2) Deposits and interest on deposits

The treatment of deposits and the interest they may have earned merits a brief separate discussion.

Under virtually all Agreements of Purchase and Sale with builders, the original buyer will be required to pay a series of deposits to the builder, starting with the initial deposit paid when the agreement is signed and on a set payment schedule thereafter. The total of those deposits can be significant.

Once the agreement has been assigned to the new buyer, how those deposits are treated will form part of the negotiations. Typically, the original buyer will get those deposits back from the new buyer as part of the overall purchase price of the assignment transaction; he or she will usually receive them at the time the assignment agreement is entered into and the builder has consented to the assignment.

The potential problem with an Assignment Agreement is financing. The original buyer will want his deposit funds returned before closing, but if the new buyer does not have funds on-hand, he or she may find that financing is very difficult to obtain because banks do not advance mortgage funds at the time an Assignment Agreement is entered into; rather, the financial institution will provide funds only on final closing. This can serve as a roadblock to the new buyer’s ability to repay the deposits and potentially to embark on the transaction at all.

The question of who is entitled to the interest on any deposits pre-paid to the builder is also a topic for the original and new buyers to discuss. In many cases, the interest will be only a small amount (if any) and may be credited to the new buyer, rather than the original one. However, in cases where the original buyer has paid significant deposits over time, and where larger interest amounts have accrued, the parties may want to negotiate a different outcome.

3) Land Transfer Tax

When negotiating the deal, the original buyer and the new buyer must discuss the structure of the deal between them, to ascertain the exact selling price on which the Land Transfer Tax (and any Municipal Land Transfer Tax) should be payable; whether it is the original buyer’s price with the builder (net of HST and the HST New Housing Rebate, which is discussed below), or whether it’s the newly inflated price being paid by the new buyer under the assignment.

Generally speaking, it will be the latter, although in some assignment arrangements the parties have attempted to structure it so that they pay the Land Transfer Tax based on the lower initial price asked by the builder, while taking the position that difference between that and the increased price is merely the “fee” paid to acquire the original Agreement of Purchase and Sale entered into with the builder (thus avoiding having the tax calculated on the higher sale price).

In any case, once the Assignment Agreement is reached, it will be the new buyer who is obliged to pay Land Transfer Tax and any Municipal Land Transfer Tax on closing, not the original buyer.

4) HST and the HST New Housing Rebate 

The issue of how HST is to be treated in an assignment scenario is crucial, but is fraught with pitfalls.

The first issue is how HST on the transaction should be calculated. Because the new buyer’s price will inevitably be higher than the one the original buyer agreed to pay to the builder, there is an important issue as to whether the difference – meaning the original buyer’s profit – should be subject to HST (and if so, who will pay it in the transaction).

This determination hinges on whether the assignment is a “taxable supply” under the tax legislation and on whether the original buyer can be considered or deemed a so-called “builder” of the home for HST purposes. This, in turn, involves a number of complex legal concepts and factual findings – including the intentions of the original buyer as to whether the home is going to be a primary residence.

Next, there is the issue of the HST New Housing Rebate. In a typical scenario, the original buyer may have been entitled to the HST New Housing Rebate, based on meeting numerous qualifying requirements and stipulations. However, once he or she assigns the agreement, that eligibility is obviously lost because he or she is no longer taking title to the home on closing. Only one HST New Housing Rebate application per dwelling can be filed.

But once there has been an assignment, it is the new buyer’s circumstances that will determine whether the opportunity for an HST Rebate exists. He or she will have to meet the stipulated legislated requirements and may either apply directly to the Canada Revenue Agency (CRA), or arrange with the builder to have the rebate amount credited right at closing.

Note that the new buyer may want to take steps to protect his or her position in this regard. For example, when negotiating the Assignment Agreement, the new buyer should make the agreement conditional on receiving written confirmation from the builder that any HST New Housing Rebate will be credited to him or her on closing, assuming that the qualifying requirements are otherwise met. Otherwise, if this commitment is not in writing, the builder, being entitled to exercise its discretion on whether to credit the buyer with the rebate amount on final closing, can withhold it and force the new buyer to apply to CRA directly after closing. Obtaining this commitment in writing is especially important, given the likely lack of prior dealing between the builder and the new buyer.

Other things to consider:

1) who is responsible for the documentation.

In addition to ascertaining whether the original buyer or the new buyer will pay for certain items, it is also important to determine – in advance – which of them will take care of arranging the documentation. The questions to ask:

• Who will prepare the documents needed to achieve the assignment? And who will bear the cost?
• Will the builder’s lawyer prepare the builder’s needed consent to the assignment?
• Since the new buyer cannot renegotiate any of the provisions of the agreement that the original buyer entered into with the builder, are any of those terms objectionable, and if so, how will they be resolved and who will bear the cost?

As discussed, the Assignment Agreement will be conditional on the builder giving its consent. From the new buyer’s standpoint, it should also be made conditional on him or her giving close review to the original Agreement of Purchase and Sale (as signed by the original buyer), the Assignment Agreement, as well as any amendments, waivers, notices (and for condominium purchases, the Disclosure Statement). If for no other reason, it will give the new buyer a chance to consider the specific list of adjustments for which he or she will be responsible to pay on closing. Needless to say, this review should be undertaken with the guidance of an experienced lawyer.

Once the terms of the assignment are settled and the builder’s written consent has been obtained, the Assignment Agreement must be drafted and is attached to the original Agreement of Purchase and Sale that the original buyer entered into with the builder.

Incidentally, the builder may have certain requirements that must be incorporated into the process and accommodated as well. For example, the builder will require the new buyer to provide I.D. and will need confirmation that he or she has the financing required to close in place.

2) Tarion registration 

When negotiating the assignment arrangement, the original and new buyers must be aware of the impact of the New Home Warranty Program as administered by Tarion, particularly if the home being “flipped” is a condominium unit.

3) Financing

There may be financial issues for the new buyer to work out before the deal can go ahead.

As usual, the transaction may be conditional on financing, which will be arranged on the higher price that the new buyer has agreed to pay. However, since some mortgage brokers may be unfamiliar with financing an assignment transaction, getting approval for the new buyer’s purchase may be challenging. This is something that needs to be investigated long before the original buyer and the new buyer start their negotiations in earnest.

4) Commission

A final issue to be negotiated is who is paying the commission with respect to the Assignment Agreement transaction. This includes consideration of the specific commission rate, together with the details on how and when the commission gets paid.

While an Assignment Agreement can be beneficial to both the original and the new buyer – and even to the builder (in extra fees) there are many issues to be addressed and negotiated.

As an agent, make sure your client obtains legal advice prior to finalizing any agreement to assign the original Agreement of Purchase and Sale.

Be careful… be aware… and think!

• Agreement of Purchase and Sale

Toronto lawyer Martin Rumack’s practice areas include real estate law, corporate and commercial law, wills, estates, powers of attorney, family law and civil litigation. He is co-author of Legal Responsibilities of Real Estate Agents, 4th Edition, available at the TREB bookstore and at LexisNexis . Visit Martin Rumack’s website .

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April 18th - 2016

What consumers need to know about assignments: RECO

Assignments in real estate have been the focus of media attention recently. The Real Estate Council of Ontario (RECO) answers questions about this type of transaction.

Q: What is an assignment?

A: An assignment is a sales transaction where the original buyer of a property (the “assignor”) allows another buyer (the “assignee”) to take over the buyer’s rights and obligations of the Agreement of Purchase and Sale, before the original buyer closes on the property (that is, where they take possession of the property). The assignee is the one who ultimately completes the deal with the seller.

In other words, an assignment clause allows the buyer of a home to sell the place before they take possession of it. In Ontario, assignments are more common in pre-built homes and condos than on re-sale properties, but they are possible on any type of trade.

Q: Are assignments legal, and why do they happen?

A: When done properly, assignments are legal and can be a useful tool for buyers and sellers. An example of this would be a situation where a buyer’s financial or personal situation changes before closing. Assigning allows them to pass along the contract to another buyer, without backing out of the deal with the seller.

For instance, someone could buy a condo that is still under construction and might not be ready for a couple of years. The buyer’s work or family situation could change during that time, causing them to change their mind about living in the condo they purchased. Another example may be where a buyer runs into financial difficulties to close on an existing house and wants to find another buyer rather than risk the financial penalties that might come with having to try to back out of the deal.

Q: Why is there so much attention surrounding assignments at this time?

A: Recent media reports out of British Columbia suggest that some real estate professionals in that province may have been using assignments to make more money on the deal without telling their seller clients about what they are doing. When there is a registered real estate professional involved in a transaction, they have a number of obligations to their client. Some of those obligations involve disclosing if they have a personal interest in the transaction that goes beyond the commission they stand to earn on the transaction.

The assignment situation in Vancouver appears to be a localized issue, and we haven’t seen evidence of it being prevalent in Ontario. However, we are monitoring closely. If consumers are aware of questionable practices, RECO wants to know about it so we can investigate. Our complaint form can be found here .

Q: What are the obligations of real estate professionals when it comes to assignments in Ontario?

A: Ontario has rules requiring real estate professionals to disclose any personal interest in a purchase or sale. There would also be disclosure obligations if the same brokerage were representing both the buyer and the seller in a transaction and the buyer intended to assign the purchase to another buyer. In this case the brokerage would have to inform the seller. The seller could then make an informed decision about whether to include an assignment clause in the Agreement of Purchase and Sale.

In Ontario, all registered real estate professionals have an obligation to act with fairness, honesty and integrity when dealing with others in a real estate transaction, while protecting and promoting the best interest of their clients. The seller’s representative is expected help the seller weigh the pros and cons of giving the buyer the ability to assign the property to another buyer.

Q: What is RECO doing about assignments in Ontario?

A: RECO is continuing to monitor this issue, and if a registered real estate professional breaches the rules, they would be pursued to the full extent of the law. In addition, RECO has asked its inspection team to watch for anything unusual related to assignments.

If you work with a registered real estate professional and feel like they did not look out for your best interests, you can file a complaint with RECO and we will investigate the situation.

Q: What about the tax implications of assignments?

A: RECO advises anyone participating in an assignment to seek the advice of a tax specialist. Generally, assignors can expect to pay tax on any profits they realized from the assignment. Land transfer taxes are paid by the assignee, as they are only due when the sale closes (that is when the property actually changes hands).

Q: How can home buyers and sellers protect themselves?

A: As with any contract, it’s crucial for buyers and sellers to know what they’re signing. Real estate contracts are legally-binding, so getting legal advice can be a smart idea. It’s important to know what each clause means and how it will affect you. Buyers and sellers are encouraged to ask their real estate professional to explain the clauses in the contract.

Beyond contracts, RECO encourages buyers and sellers to do their homework. That means interviewing several salespersons, getting several comparative market analyses to understand what their home is worth and having realistic expectations about timelines, pricing and how the process will work.

For more details, visit www.reco.on.ca .

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Ontario Real Estate Association

Jean-Adrien Delicano

Manager, Media Relations

[email protected]

416-445-9910 ext. 246

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Managing in the lean seasons

February 25, 2017

Winter is often a slow period in real estate. Three REALTORS® from different Ontario cities share their planning and budget strategies to survive the lean times.

Commercial real estate the focus of seminar

February 20, 2017

Learn more about your role and responsibilities in commercial transactions at an upcoming OREA web seminar.

Research guides decision making

Market and consumer research is crucial to success in real estate. Find out how OREA has enhanced its research capacity to serve you better.

Get help from Customer Service Centre

If you have questions or concerns about your real estate studies, the Customer Service Centre at the OREA Real Estate College can help.

That’s a RAP: New government relations initiative

The REALTOR® Advocacy Project (RAP) is a new initiative to ensure that your voice is heard loud and clear in government circles.

Legal Beat: Court dispute over unregistered trading

Advisory services were provided in this commercial case, and the company billed for its work, prompting a legal dispute over unregistered trading in real estate.

Looking for volunteers

Joining a committee or task force is a great way to meet colleagues and contribute to the real estate profession. Volunteer for a committee as a way to serve your profession and enhance your knowledge.

Save the date: OREA annual conference

The Ontario Real Estate Association’s annual assembly meeting and Ontario REALTORS Care® Foundation annual general meeting take place on March 1 in Toronto. These events are all part of the OREA 2017 Conference.

“Unreal” estate – Protecting buyers of unbuilt property

January 28, 2017

When buyers purchase an unbuilt property, common problems can arise. Three REALTORS® discuss ways to guide buyers through the pre-construction phase.

Positive response to ad campaign

A new phase of the ad campaign launched this past fall to promote the value of using a REALTOR® has had tremendous positive results, statistics reveal.

Nine things to do in real estate’s slow season

Don’t waste the quiet time. Use your days wisely this winter to prepare for the busy season.

Quiz: What kind of real estate athlete are you?

A fun and interactive quiz helps you figure out what kind of REALTOR® athlete you are.

New Year’s webinar: Updates on 2017 standard forms

Find out what’s new in real estate forms and clauses in 2017. Join OREA’s upcoming web seminar.

Save the dates: Upcoming webinars on standard forms

January 1, 2017

Nine webinars are being offered in 2017 to help you learn more about the standard forms and clauses used in real estate transactions.

Legal Beat: Contract may not be void if both sides treat it as valid

In this commercial case, a judge ruled that the parties had continued to act on the APS after the insurance clause date had expired.

Apply to win prestigious leadership award

January 2, 2017

If you’re new to real estate, involved in organized real estate or dedicated to community work, you can apply to win a prestigious award that helps you hone your leadership skills.

January 3, 2017

First-time buyers get a tax break

January 4, 2017

Effective January 1, first-time home buyers will get a financial break on the purchase of their new home that is double the previous amount.

Political affairs conference a success

January 30, 2017

The political affairs conference held recently in Toronto was a great success, with the Ontario Real Estate Association event drawing members from across the province.

November 3, 2023

Interested in running for a position on OREA’s 2024 Board of Directors?

Interested in running for a position on the Ontario REALTORS Care® Foundation’s 2024 Board of Directors?

Tough closings: Expect the unexpected

December 8, 2016

What should be the final, smooth step in a transaction can be fraught with complications. Three REALTORS® discuss closing problems and how to prevent them.

What’s new in real estate forms for 2017: Save the date

Saying goodbye to your childhood home.

The sale of the home in which you grew up can be an emotional experience. Editor Mary Ann Gratton discusses the impact of this milestone on herself and her family.

Call for candidates – OREA

Are you interested in running for a position on OREA’s board of directors? Find out more.

Call for candidates – Foundation

Are you interested in running for a position on the Ontario REALTORS Care® Foundation board of directors? Find out more.

Legal Beat – Size of deposit may affect forfeiture

In this commercial case, the buyers did not fulfill their side of the contract. The judge weighed in on whether the proposed penalty fit the damages suffered by the seller.

Save the date for OREA annual conference and AGM

The Ontario Real Estate Association’s Annual Assembly Meeting and REALTORS Care® Foundation Annual General Meeting take place on March 1 in Toronto. These events are all part of the OREA 2017 Conference.

Work-life balance in real estate

November 9, 2016

Finding time for your personal life can be a challenge in real estate. Three REALTORS® share their lessons for balancing work and personal time.

Residential leasing issues: Join seminar

Residential leasing is a specific type of real estate that can bring challenges involving landlords and tenants. Learn more at an upcoming web seminar.

The rise of heritage conservation districts

More than 22,000 heritage properties exist across the province today. Robert Hulley, an award-winning conservationist and former REALTOR®, explores the growth of this market niche.

Let’s talk about forms: OREA reaches out

The number and complexity of forms can be overwhelming in real estate. That’s why OREA launched the Forms Update Outreach Project. Learn more about this highly successful initiative.

RECO decision: Ad and listing agreement mislead sellers

A handwritten note to the sellers stated that if their property did not sell in 30 days, the brokerage would buy it at the highest price offered by the market. A registrant’s failure to properly document the details led to a RECO complaint.

Legal Beat: Easement dispute prompts court cases

Access to a waterfront property became a point of dispute in this case. The issue hinged on whether the property required an easement of necessity.

OREA welcomes Tim Hudak as new CEO

After 21 years of distinguished public service in the Ontario legislature, Tim Hudak will join the Ontario Real Estate Association as Chief Executive Officer.

Ed Barisa retires as CEO of OREA

After 16 years as Chief Executive Officer of the Ontario Real Estate Association, Ed Barisa has announced his retirement.

In memoriam: Keith Teetzel

Keith Teetzel, a former long-time Executive Director of the Ontario Real Estate Association, died on Oct. 15.

Disclosure and stigmatized properties

October 19, 2016

Stigmatized properties present a special challenge in real estate, and REALTORS® should be aware of their disclosure obligations.

New ad campaign promotes REALTOR® value

An exciting new advertising campaign that promotes the value of using a REALTOR® to consumers was launched by the Ontario Real Estate Association.

Commercial real estate the focus of events

If you want to expand your knowledge of commercial real estate, come to one of two events organized as part of OREA’s fall Emerge lineup.

Legal Beat: Have a FINTRAC plan

Does your brokerage have a plan to prevent money laundering and other suspicious transactions? Make sure you comply with FINTRAC or face the consequences.

Maintain integrity with electronic signatures: Join seminar

Electronic signatures are being used more and more in real estate transactions. To maintain your integrity while using e-signatures, take part in an upcoming web seminar.

Fall events feature technology and strategy

This fall, come to one or more in a series of events designed to help you develop your skills and knowledge of real estate technology and strategy.

Generation Y’s intentions to buy real estate increase

More of Ontario’s younger generations are likely to buy a home in the next two years, according to new research from the Ontario Real Estate Association.

Motorcycle ride for charity a success

This year’s Motorcycle Ride for Charity was a great success, raising funds for a good cause. The annual ride supports shelter-based charities across the province.

RECO: Stigmatizing issues

There is nothing you can see, hear or measure that reveals a stigmatized property, but real estate professionals should understand the issues when representing consumers, says the Real Estate Council of Ontario (RECO).

Survivor: Real estate style

September 15, 2016

Don’t get voted off the island. To survive and thrive in real estate, you need a range of skills, according to three seasoned pros.

Need help with forms? See simple explanations

Forms are a key part of real estate, but they can be complex and full of baffling legal jargon. OREA’s Forms Explained is a resource that explains forms in plain English.

Campaign promotes REALTOR® value

The value of using a REALTOR® is the focus of a renewed advertising campaign set to launch this fall.

Topics and speakers announced for technology series

Topics and speakers for eight events have been confirmed as part of this fall’s series, Emerge: Moving You Forward with the Tools for Tomorrow.

Legal Beat: Tenant objects to candid camera

The landlord wanted to take photos of a rental unit in order to promote the space before selling it. The tenant objected, and a lawsuit ensued.

Consumer optimism grows over real estate markets

Ontarians are decidedly more upbeat about the province’s economy than they were last fall – a new and positive outlook that is boosting confidence, a new survey reveals.

RECO DECISION: Lot size error leads to complaint

After moving into their new property, the buyers discovered that the lot size was smaller than the measurements stated on the listing and marketing material.

Dealing with condominiums: Join seminar

Condominiums are a unique type of real estate. Learn more about the right forms and clauses used to address the specific challenges of condo purchases.

New and improved OREA blog

The Ontario Real Estate Association (OREA) blog has been redesigned and enhanced to meet your needs as a real estate professional.

Chattels versus fixtures: Explain the difference to clients

August 15, 2016

Ensure that your clients understand clearly which items will stay and which will go when a property sells. Three Realtors share insights.

Watch and learn: Tutorials explain forms

If you need help understanding and working with OREA Standard Forms, you can learn more from a new slate of tutorials. These online tutorials help you navigate the complexities of forms.

What does your OREA membership get you?

Find out what your association has been doing for you in the past year. Read the 2016 annual report from the Ontario Real Estate Association.

Consumer data can grow your real estate business

New and extensive research about consumers across the province can help you to grow your real estate business. These insights will greatly help you in understanding your local market.

Show integrity in real estate with the right forms: Join seminar

Integrity and professionalism are two key qualities that consumers want from REALTORS®. Learn more about using the right forms in real estate to maintain your integrity.

Legal beat: Life’s a beach for waterfront buyers

July 15, 2016

The buyers were attracted to a waterfront lot with access to a nearby beach. Wording in the real estate listing led to disciplinary action against two registrants.

Advocacy campaign wins second prestigious award

The Ontario Real Estate Association has won another prestigious public relations award for its advocacy campaign to stop the spread of the municipal land transfer tax beyond Toronto.

Venues announced for fall technology series

Location have now been confirmed for a series of technology and real estate business strategy events this fall.

RECO: Protect yourself against real estate fraud

Buying and selling real estate involves large monetary transactions. Protect yourself and your clients against different types of real estate fraud.

Emotions in real estate: Be a calming influence

June 17, 2016

Buying or selling a home is fraught with emotion. Three Ontario REALTORS® share their insights on steering clients through the emotional challenges of the transaction.

Kitec plumbing can cause problems

Kitec is a type of pipe that is vulnerable to premature failure, and REALTORS® should be aware of this product, which can lead to water damage and costly repairs.

Motorcycle season is upon us, and that means the Ontario REALTORS Care® Foundation is gearing up for a good cause. Join the 2016 ride or support a rider.

Do you have clause-trophobia? Join seminar

Writing clauses in real estate can be frustrating and stressful. Learn more about creating and using standard clauses by joining an upcoming web seminar at OREA.

Technology events enhance your skills

Dates are now confirmed for fall tools and technology events as part of Emerge: Moving You Forward with the Tools for Tomorrow. Find out about upcoming events in your region of the province.

Legal beat: A pool of problems for buyers

In this case, the swimming pool and equipment were said to be in good working order by the seller. The buyers’ failure to inspect the pool before closing meant that things did not go swimmingly.

Advocacy campaign wins prestigious award

A campaign organized by the Ontario Real Estate Association (OREA) to stop the spread of the municipal land transfer tax beyond Toronto has won a prestigious public relations award.

YPN awards recognize leadership in real estate

Five REALTORS® from across the province were honoured at an awards luncheon for their volunteer efforts and for supporting their communities.

Annual report highlights OREA accomplishments

Challenging clients: how to cope without losing your cool.

May 8, 2016

To succeed in real estate, you must work with many personality types - some as different from you as night and day. Three Ontario REALTORS® talk about dealing with challenging clients.

What’s the big deal about real estate assignments? Join seminar

Assignment agreements have been the focus of much media attention recently. To learn more, take part an upcoming web seminar (webinar) offered by OREA.

The joys and challenges of working in real estate

Working in real estate can sometimes feel overwhelming, but there are joys as well as challenges. A REALTOR® from Pembroke, Ontario shares her views.

Legal beat: Get involved and stay involved

This lawsuit hinged on whether the registrant was sufficiently involved to earn a commission. The absence of a buyer representation agreement (BRA) may have sealed his fate.

OREA president featured on radio show

Ray Ferris, president of the Ontario Real Estate Association, is appearing as a guest expert on a popular radio series. He will discuss a range of real estate topics along with the value of using a REALTOR®.

Volunteers, milestones recognized at awards ceremony

Volunteers are the backbone of many organizations. That’s why the efforts of volunteers in the province’s real estate community were recognized by the Ontario Real Estate Association (OREA).

Supporters of charities, shelters recognized

Many REALTORS® help families find the perfect home, but they also do a great deal of volunteer work to support charities and shelters. The Ontario REALTORS Care® Foundation honoured various individuals for their charity work.

Foundation board of directors for 2016

The 2016 board of directors of the Ontario REALTORS Care® Foundation was officially installed at the annual general meeting in Toronto.

Let’s negotiate: Ability to reach agreement vital

April 18, 2016

If you lack negotiation skills, you won’t be able to put together a deal for your clients or stay in business for long. Three real estate professionals share their insights on negotiating.

New statistics and newsletter launched

A provincial statistics page and monthly newsletter from the Ontario Real Estate Association (OREA) are available with helpful market information.

Stickhandling offers and negotiations: Join seminar

The offer process is one of the most complex aspects of trading in real estate. To learn more, take part in the upcoming web seminar (webinar) offered by OREA.

Upcoming seminars on standard forms

More information about OREA standard forms is available through an ongoing seminar series. This spring, find out what’s coming in a series of web seminars (webinars) and sign up.

Real estate: More than just sales

The role of the REALTOR® is not so much salesperson as consultant, according to one Ontario real estate professional. In fact, selling is far from the whole picture, she argues.

New tutorials explain forms

If you need help understanding and working with OREA Standard Forms, you can learn more from a new slate of tutorials. Ten new online tutorials help you navigate the complexities of forms.

What a dump: Landfill discovered under dream home

The buyers learned belatedly that their dream home was built over a landfill site. Legal Beat discusses the court dispute over disclosure after a rural real estate sale.

New OREA board of directors for 2016

The Ontario Real Estate Association officially installed its new president and board of directors at the annual general meeting in Toronto in March.

Time flies: Organizing your day

March 13, 2016

Staying organized and managing your workload effectively is vital to success in real estate. Three REALTORS® from across Ontario share their strategies for time management.

Changes to pre-registration education

Important changes are coming to pre-registration education on April 1 that will boost the knowledge of new entrants to the profession. The Real Estate Council of Ontario (RECO) is making changes with support from the Ontario Real Estate Association (OREA).

What’s new in Standard Forms: Join seminar

If you want to learn more about the standard forms used in real estate, sign up for a free seminar offered by the Ontario Real Estate Association.

New videos highlight consumer research findings

Two lively animated videos created by OREA reveal the results of surveys of consumers in the province of Ontario. They conclude with the importance of working with a REALTOR®.

Buyers floored by property’s structural weakness

A few years after purchasing a house, the buyers learned that previous owners had removed a load-bearing wall, rendering the second floor unsafe. The buyers sued the company that provided title insurance.

Last chance to volunteer for OREA committees

Local markets are stronger: survey.

Residential real estate markets are stronger now than they were a year ago, according to a recent survey of consumers. The Ontario Home Ownership Index, a survey conducted by OREA, reveals that 40 per cent felt the market in their own city was stronger in 2016.

Tips to protect your home and property: IBC

Review your home insurance policy and update your home inventory, advises the Insurance Bureau of Canada. These are among the steps you can take to protect your home and property, according to IBC.

Save the date: OREA annual conference and AGM

The Ontario Real Estate Association’s Annual Assembly Meeting and REALTORS Care Foundation Annual General Meeting take place on March 9 in Toronto. It’s all part of the OREA 2016 Leadership Conference.

Avoid errors in real estate listings

February 12, 2016

Mistakes in a real estate listing can hurt your clients and damage your career. That’s why accuracy in a listing is vital. Two experienced REALTORS® discuss common errors in listings and the consequences of making them.

Virtual home staging can save time, money

It’s now possible to stage a home without painting or decluttering, thanks to virtual home staging. Read the second of two stories on enhancing a property the digital way.

New seminars and tutorials deal with standard forms

Learn more about the forms often used in real estate by participating in an upcoming seminar or tutorial.

Customer Service Centre aims to help

If you have questions or concerns about your real estate studies, the Customer Service Centre at the OREA Real Estate College can help. The satisfaction rate among callers rose to 95%, up 3 percentage points.

Legal Beat: Faulty septic system makes for sale that stinks

This lawsuit hinged on the state of the septic system at a rural property and claims about plumbing expertise made by the registrant.

Videos focus on overcoming challenges, meeting goals

Learn how others have met challenges, surmounted obstacles or met their goals. Check out the Leadership podcasts posted to the Ontario Real Estate Association website.

The Ontario Real Estate Association’s Annual Assembly Meeting and REALTORS Care Foundation Annual General Meeting take place on March 9 in Toronto. These events are part of the OREA 2016 Leadership Conference.

Slowing down: Surviving the lean season

January 8, 2016

Winter is often one of the slowest periods in real estate, you must manage the slow times in order to remain in business during the hectic seasons. Three REALTORS® from different Ontario cities share their strategies for getting through the lean times.

Campaign prevents expanded land transfer tax

A high-profile advocacy campaign to prevent the spread of the hated municipal land transfer tax has been highly successful. The Ontario Real Estate Association was vigilant in lobbying Queen’s Park to ensure the MLTT does not extend beyond Toronto.

Living beyond your means in real estate

Avoid the temptation to spend too much or abuse your credit cards when you start to succeed in the business, advises a Toronto REALTOR®.

Apply to win a prestigious leadership award

If you’re new to real estate, involved in organized real estate and dedicated to doing community work, you can apply to win a prestigious award that helps you hone your leadership skills.

Home staging - the virtual way

If your clients don’t have the time or energy to declutter or repaint before listing their place for sale, you can suggest “virtual staging” to create a stylish picture that appeals to buyers.

Legal Beat: Alarm system leads to alarming lawsuit

The seller installed an alarm system in his home before putting it on the market. After the property sold, a dispute arose over the payment of monthly fees for the alarm monitoring service.

Miss Real Estate Manners: Always be professional

Courtesy and professionalism are crucial in real estate. Read the final installment of tips in a series from the London and St. Thomas Association of REALTORS® (LSTAR).

Renovate before reselling? Some tips from RECO

If your clients plan to renovate before selling their home, they should remember that upgrades and repairs cost time and money. RECO provides tips to protect consumers and their pocketbooks.

Multiple offers pose unique challenges

December 22, 2015

A multiple offer situation requires attention to detail and due diligence on a number of fronts, no matter where the property is located. The EDGE newsletter spoke to three REALTORS® in different cities about how they handle competing offers.

What kind of REALTOR® superhero are you?

All REALTORS® are superheroes. Take part in a fun and interactive quiz to learn what kind of superhero you are.

Ontario government close to allowing doubling of land transfer taxes

The Ontario government has indicated it will make home buying even harder by giving all municipalities authority to levy a municipal land transfer tax (MLTT).

Call for Candidates – Foundation

Get your home ready for winter: ibc.

Short, dark days and colder temperatures are a reminder to start preparing your home for winter. The Insurance Bureau of Canada lists some steps to prepare for the arrival of those sub-zero days.

Legal Beat: Wet basement a reminder of buyer beware precedent

In this case, the buyers discovered a leak in the basement after moving into a house, and the concept of buyer beware played a key role in the court decision.

Miss Real Estate Manners: Protect your clients

Safety and compliance should be top of mind when you conduct a real estate showing. Read the latest installment of tips from the London and St. Thomas Association of REALTORS® (LSTAR).

Offer handling a common complaint: RECO

A high proportion of complaints to RECO pertain to the handling of offers. Make sure the process and your conduct are fair, ethical, open and transparent.

November 23, 2015

The Ontario Real Estate Association (OREA) has developed a fun and interactive quiz that asks what kind of superhero you are. Play the game now.

Condo challenges: The particulars of the condominium market

Learn about the peculiarities of the condominium market from two REALTORS® who have been selling condos for 25 years or more. They share insights and experiences to help you navigate a market that is different from other residential real estate.

Romancing the real estate brokerage

Starting a career in real estate is like a new romance. Treat it like a budding romance to find yourself in wedded bliss rather than divorce court, advises one Ottawa Realtor.

Looking for volunteers on OREA committees

Joining a committee or task force is a great way to meet colleagues and contribute to the real estate profession. Serve your profession and enhance your knowledge by volunteering for a committee.

Legal Beat: Get your BRA signed

Getting a Buyer Representation Agreement (BRA) signed at the beginning would have prevented problems and a lawsuit in this commercial case.

Comic video highlights generation gap

A funny new video about a millennial client and her older REALTOR® exposes a generation gap in language.

Miss Real Estate Manners: Know your limits

Don’t overstep your bounds or give advice beyond your own level of expertise. Read the fifth installment of tips from the London and St. Thomas Association of REALTORS® (LSTAR).

Child's play: Working with young families

October 18, 2015

Showing properties is a crucial step in selling a home, but special challenges exist when young children are involved. Three REALTORS® talk about their approach to ensuring that everything runs smoothly.

REALTOR® value the focus of ad campaign

Television and billboard ads that promote the value of using a REALTOR® are running this fall across Ontario. The ads are part of the REALTORS® we do the homework campaign.

Don’t fear the heritage property

Heritage properties need not be a source of fear if you work in real estate. They are a substantial part of many markets across the province and one expert predicts their numbers will only increase over time.

RECO: Registrant fails to check zoning

The registrant in this transaction promoted a property as having two units, highlighting the rental potential with no mention of zoning restrictions. Read the decision from the Real Estate Council of Ontario after a complaint was submitted.

Come to one or more events this fall to keep you on the cutting edge of technology in real estate and hone your skills. Sign up for an event as part of Emerge: Moving You Forward with the tools for Tomorrow.

Legal Beat: Brokerage sale leads to debate over turnkey operation

In this transaction, the owner sold her brokerage to buyers who later argued it was supposed to be a turnkey operation – a business already set up and ready to go with no changes needed. A lawsuit ensued.

Miss Real Estate Manners

Courtesy and common sense are vital ingredients for a successful real estate career. Read the fourth installment of tips and advice from the London and St. Thomas Association of REALTORS® (LSTAR).

Motorcycle ride a success

Sunny skies warmed the riders at this year’s Motorcycle Ride for Charity, who completed a successful ride from Toronto to Ottawa for a good cause. This year marked the 10th anniversary of the ride organized by the Ontario REALTORS Care® Foundation.

College wins prestigious award

The OREA Real Estate College has won a prestigious educational award for its blended learning curriculum from the Real Estate Educators Association, beating out hundreds of other programs across North America.

Mentorship in real estate

September 22, 2015

The guidance of experienced professionals can help you grow in your career and personal life. Mentorship takes different forms, from one-on-one sessions to group meetings or formal training. Three REALTORS® talk about how mentoring has helped them.

Complaints service helps at stressful time

It can be stressful to learn that you are the subject of a complaint to the Real Estate Council of Ontario. A service created by the Ontario Real Estate Association helps you navigate the process and know what to expect at a challenging time.

Serving buyers in the pre-construction phase

When a property is not yet built, ask many questions and use due diligence to prevent surprise and disappointment for your buyers, advises one Toronto REALTOR®.

Ad campaign promotes REALTOR® value

Television and billboard ads that promote the value of using a REALTOR® will be running this fall across the province. They are all part of the REALTORS® we do the homework campaign.

Video and webinar explain new form

A short video and web tutorial help you understand Form 801, the new document created to help comply with legislation to prevent phantom offers.

Fall technology events

Dates and locations are now confirmed for fall tools and technology events as part of Emerge: Moving You Forward with the Tools for Tomorrow. Find out about upcoming events in your region of the province.

Legal Beat: When you don’t have a crystal ball

The seller took legal action against her REALTOR®, claiming she was misled by flawed advice to sell her property at a price below market value.

Consumer confidence in local markets growing

More Ontarians have a favourable opinion of the real estate market in their local city or town, according to new research released in an index produced by the Ontario Real Estate Association.

Courtesy is paramount in the real estate industry, according to the latest installment of tips and advice on professional behaviour in real estate from the London and St. Thomas Association of REALTORS®.

Handling stress in real estate

August 22, 2015

Real estate can be a stressful career. Erratic hours, stiff competition and an uncertain income all contribute to the stress. Three seasoned REALTORS® talk about how they cope with stress and share their tips.

Electronic signatures now allowed for agreement of purchase and sale

July 1, 2015

Legislation is now in place to allow electronic signatures to be used for the agreement of purchase and sale (APS) in real estate transactions.

New form deals with law to prevent phantom offers

A new form is available to help you comply with legislation aimed at preventing phantom offers. The Ontario Real Estate Association has created Form 801, an offer summary document that satisfies the conditions of Bill 55, The Stronger Protection for Consumers Act.

RECO: Registrant switches brokerages and changes lawn signs

The registrant moved to a new brokerage and changed the lawn signs on properties for clients whom he had represented through his old brokerage. Read the decision from the Real Estate Council of Ontario after complaints were submitted.

Get organized and stay organized

Managing your time in the demanding real estate profession can be a challenge. REALTOR® Eric McCartney of York Region shares some of his insights into getting – and staying – organized.

Fall into technology events

July 18, 2015

If you want to stay on the cutting edge of technology in real estate, come to one or more events this fall around the province as part of the series called Emerge: Moving You Forward with the Tools for Tomorrow.

Consumers show confidence in local markets: Index

What do Ontario consumers really think about the current real estate market? Learn more in the newest results from the Ontario Home Ownership Index research study.

Legal Beat: Lack of electricity a reminder that REALTORS® must verify facts

The registrant was selling two vacant rural lots and his signs and advertisements stated that the properties were “fully serviced” by an electricity source on the road at the edge of the property. A court case ensued when the buyer learned that electricity service was lacking.

Miss Real Estate Manners: Do unto others

Treat your colleagues, customers and clients the way you would like to be treated. Read the second installment of tips and advice from the London and St. Thomas Association of REALTORS® (LSTAR).

Miss Real Estate Manners: Show courtesy

June 7, 2015

Courtesy, communication and common sense are the three “C”s that real estate brokers and salespeople should follow in doing business. The London and St. Thomas Association of REALTORS® shares some tips from its “Miss Real Estate Manners” summary of good behaviour.

Motorcycle ride for charity celebrates 10th anniversary

June 5, 2015

The rubber meets the road on Wednesday, July 8 in this year’s Motorcycle Ride for Charity. Take part in the ride or sponsor a rider to support the many shelter-related charities that benefit from the ride organized by the Ontario REALTORS Care® Foundation.

Avoid advertising pitfalls

June 8, 2015

Make sure your real estate advertisements follow the provincial guidelines to prevent complaints and fines for false or misleading advertising. The industry regulator, the Real Estate Council of Ontario, outlines some of the most common mistakes spotted in real estate ads.

Wired Office: Big data is key to real estate service

June 6, 2015

Big data is everywhere, and more consumers are doing at least some online searches of their own before contacting a REALTOR®. Find out how big data can help you give a better service to your clients and customers even in today’s wired world.

Legal Beat: Buyers will find out eventually

June 4, 2015

The sellers in this case experienced water damage at their property, a fact not disclosed during the real estate transaction. A lawsuit was launched after the buyers learned from their new neighbours about previous water and mould problems at the house.

Awards honour volunteers, milestones

June 3, 2015

OREA training video popular

June 1, 2015

A video blog post on how to give clear classroom instructions has found popularity on YouTube. It is just one in a series of instructional videos for trainers that help facilitate classroom sessions.

June 2, 2015

Many REALTORS® help families find the perfect home, but they also do a great deal of volunteer work to support charities that give shelter to the homeless and others in need. The Ontario REALTORS Care® Foundation honoured various individuals and groups for their charity work.

Four tips for a hassle-free move: RECO

The Real Estate Council of Ontario (RECO) has published tips to help consumers select the best mover. Share these tips from Consumer Protection Ontario with your clients and customers.

Hone your negotiation skills

May 6, 2015

Even a flock of chickens can be the subject of dispute in a real estate transaction. Negotiation is vital in this line of work, and the more you hone your negotiating skills, the more successful your career will be. Read more about negotiating skills and the art of the deal from three Ontario REALTORS®.

Developing your brand

May 5, 2015

Branding in real estate yields tangible results. A pair of REALTORS® learned this after asking some tough questions in the process of developing their brand. Find out how an Ottawa team achieved lasting recognition by developing its brand.

Rules vary for basement apartments, second suites

Be cautious in your approach to properties with basement apartments, second suites or in-law suites. That’s because the laws vary across the province and can be a legal minefield.

President’s Message from Patricia Verge

May 4, 2015

The president of the Ontario Real Estate Association notes that change is the new normal in today’s business world. Patricia Verge discusses the challenges and changes in real estate today.

RECO decision: Memory fails registrant who conveys wrong price

A registrant’s mistaken price presentation leaves the sellers out of pocket and the buyers out of luck following this transaction, which leads to a RECO complaint.

Legal Beat: Saturday closing leads to lawsuit

May 2, 2015

A closing that was scheduled for a Saturday in an agreement of purchase and sale (APS) led to legal issues in an Ontario property transaction.

Unveiling the OREA Real Estate College alumni program

A graduate’s connection to his or her college should not end on graduation. That’s why the OREA Real Estate College has launched a new alumni program.

Snapshot of OREA members revealed

May 3, 2015

A new survey of members of the Ontario Real Estate Association (OREA) provides valuable information and helps create a profile of members across the province. Find out more about the age, language, locations, and type of real estate transactions conducted by members.

Motorcycle ride for charity

This year’s Motorcycle Ride for Charity organized by the Ontario REALTORS Care® Foundation will take place on Wednesday, July 8. Riders depart from the OREA headquarters in Don Mills, with several stops on the way to Ottawa.

Annual report now available

May 1, 2015

An interactive version of the 2015 annual report of the Ontario Real Estate Association is now posted to the OREA website, with electronic links to bring you more information on the products and services provided by OREA.

Bridging the generation gap in real estate

It has never been more important for young and old to work together. In an industry that is constantly evolving, both new and seasoned REALTORS® must collaborate and share knowledge, argues one Ontario broker.

The board of directors of the Ontario REALTORS Care® Foundation for 2015 was officially installed at the annual OREA conference.

RECO website refreshed

The Real Estate Council of Ontario recently unveiled its new website. The site has been revised to better serve the needs of both consumers and real estate professionals.

The importance of repeat business and referrals

April 4, 2015

Word-of-mouth advertising is a vital way to build your business. Referrals and repeat business are crucial to your success in real estate. In this feature article, three Ontario REALTORS® talk about the strategies they use to get referrals and generate repeat business.

REALTOR® value advertising campaign continues

April 3, 2015

An ad campaign designed to promote REALTOR® value to the public will continue until the end of 2018. That decision is the result of a vote on a special levy to fund the extension of the campaign at the annual general meeting of the Ontario Real Estate Association (OREA).

The benefits of volunteering in real estate

April 1, 2015

Many personal and professional benefits come from volunteering, as the president of a local real estate association learned after a year in office.

REALTOR® Quest the largest show of its kind

April 2, 2015

On May 6 and 7, thousands of real estate professionals will gather at the Toronto Congress Centre for Canada’s largest REALTOR® trade show and conference, featuring seminars, learning opportunities and up to 240 exhibitors.

Personal real estate corporations the focus of bill

A bill introduced recently at Queen’s Park aims to change legislation to allow real estate salespeople in Ontario to incorporate. The Tax Fairness for Realtors Act would bring Ontario in line with six other Canadian provinces.

Legal Beat: Use forms properly and fill in the blanks

A contract became null and void after forms were not completed properly and a notice waiving conditions was not delivered personally to the seller.

Technology and real estate the focus of event

RETechTalks is a conference with a focus on technology and real estate, described as a day to learn from the very best people in Toronto real estate.

OREA News: New board of directors for 2015

The Ontario Real Estate Association officially installed its new president and board of directors at the annual meeting in Toronto on March 11.

Market Watch: Housing affordability slips nationally

Solid increases in Ontario home prices were key to the slight erosion in housing affordability across Canada, according to a housing trends report.

Surviving the busy spring season

March 26, 2015

Although springtime means sunshine and flowers in bloom, it represents the busiest time of year in real estate. Three experienced Ontario REALTORS® share their ideas and insights on how to cope and thrive during the industry’s busiest season.

Green real estate conference

March 19, 2015

The business case for environment-friendly buildings has never been stronger. Learn more at the upcoming Green Real Estate Conference on April 23 at the Metro Toronto Convention Centre.

Women’s hockey star and IBC promote road safety

Drive according to weather conditions. That’s the message of a new road safety video produced by the Insurance Bureau of Canada (IBC) featuring Canadian women’s hockey star Kelly Terry. Watch the video here.

RECO: Agreement to lease doesn’t show that tenant would rent to students

March 22, 2015

In this RECO decision, the registrant was disciplined after the owner of a property discovered that her property had been turned into a rooming house for students.

Remind consumers to hire contractors who work safely

March 24, 2015

Renovation work done by the wrong contractor can create expensive problems. The Ontario Ministry of Government and Consumer Services has crafted tips to help consumers select contractors who work safely.

Legal Beat: Installation of ATM the focus of commercial dispute

March 25, 2015

The landlord and tenant in this commercial dispute disagreed over the installation of an automated teller machine (ATM) on the property. The court case drained cash at a pace that rivalled that of the dispensing machine itself.

New advertisements released in REALTOR® value campaign

March 20, 2015

An exciting new slate of advertisements is being released March 2 to promote REALTOR® value to consumers across Ontario.

OREA website refreshed

A bold new look and feel is evident on the OREA website, making it quicker and easier for you to get what you need to succeed in your real estate career.

News: Call for volunteers

Joining a committee or task force is a great way to meet real estate colleagues and make a contribution to your profession. The deadline to apply is March 20.

Welcome to the digital EDGE

February 22, 2015

OREA is pleased to launch an all-electronic version of The REALTOR® EDGE newsletter, full of useful news and information to help you in your real estate business.

Safety first should be motto for REALTORS®

Safety is highly important for those working in real estate. Three REALTORS® share their experiences and talk about the importance of taking precautions when showing properties or hosting an open house.

Broader export demand predicted: RBC

Canada’s economy is expected to see higher export growth in 2015, despite the recent decline of oil prices, says a new report.

Housing outlook for 2015 shows modest gains

Most regions posted modest gains in average prices of residential homes despite increased inventory in many of Canada’s housing markets, according to a recent report from RE/MAX.

Levy recommended to fund REALTOR® value ad campaign

For two years OREA has promoted the value of REALTORS® via a mass advertising campaign. Delegates to the OREA AGM in March will be asked to vote on a special levy to continue to fund the campaign.

Ontarians feel better about economy, real estate markets

Six out of 10 Ontarians surveyed say the state of their city’s economy is good, up from 53 per cent last year, according to a research study commissioned by OREA and Ipsos Reid.

Embracing the growing heritage market

The heritage market is growing swiftly thanks to a boom in home renovations. Conservation expert Robert Hulley shares his insights for REALTORS® who want to capitalize on the opportunities.

Legal Beat: Plaintiff in commercial case has great expectations

An executive seeking to develop commercial condos spent nearly $100,000 on marketing then sued his brokerage for reimbursement after the relationship soured.

Save the date

It's time to jot down the date for the Ontario Real Estate Association’s Annual Assembly Meeting and REALTORS Care® Foundation Annual General Meeting.

Joining a committee or task force is a great way to meet colleagues and make a contribution to the real estate profession. Serving your profession in this way works to enhance your knowledge of and connections to the field.

The EDGE goes green

January 22, 2015

Starting next month, The REALTOR® EDGE newsletter will be delivered in an electronic format only. This month's issue is the last print edition, marking the end of an era - and a new beginning - for the highly popular newsletter produced by the Ontario Real Estate Association.

Real estate couples: Sold on partnerships

Many couples find that working together at the same real estate brokerage strengthens both their marriage and their business, as well as drawing on complementary skills.

Backing up your data

If you haven’t backed it up, then you don’t have it. So goes the rule about copying and archiving your computer data. If your files - documents, photographs, videos, music etc. - are not backed up in at least one secondary place, then they’re as good as gone.

Buyers’ regrets reported: RECO

Almost half (45%) of first-time buyers and 41% of home owners wish they had done something differently during the transaction, says a survey from the Real Estate Council of Ontario.

Modest overvaluation of housing prices: CMHC

A modest amount of overvaluation was observed by the Canada Mortgage and Housing Corporation (CMHC), meaning that house prices in the country are slightly higher than what underlying factors suggest they should be.

Condominium living means following rules

This case focused on ongoing issues between a condominium corporation and one of its unit owners who continued to defy restrictions at the property.

It's time to jot down the date for the Ontario Real Estate Association’s Open Forum, Annual Assembly Meeting and REALTORS Care® Foundation Annual General Meeting.

Jam raises funds

Music, dancing and jamming were all for a good cause at the Jam with a Past President held in conjunction with OREA’s recent Political Affairs Conference (PAC) in Toronto.

Books and ideas to ring in the New Year

December 28, 2014

A new year offers a fresh start and a chance to embrace change. The EDGE newsletter spoke to REALTORS® from across the province who shared their thoughts about books and ideas to ring in 2015.

President's message

OREA President, Costa Poulopoulos, reports on the latest advocacy work being undertaken by the Ontario Real Estate Association on issues that matter to REALTORS® and real estate in his winter message.

The OREA Real Estate College has won an educational programming award from the Learning Resources Network (LERN), the world’s largest association devoted to continuing education and lifelong learning.

December 21, 2014

Interested in running for a position on OREA’s 2015 board of directors? The following positions are up for election: four Provincial Directors (made up of one each from the Western, Northern, Eastern and Central Ontario Areas), and two Directors-at-Large.

Interested in running for a position on OREA’s 2015 board of directors? The following positions are up for election: four Provincial Directors

Driving in my car: REALTORS® and their vehicles

Driving is a big part of our jobs. Having been raised by a REALTOR®, I learned that fact early on.

Helping your clients deal with form overload

Real estate transactions involve pages and pages of forms, and a key part of your job is to help consumers navigate their way through them.

Hotsheet: Household safety tips from IBC

The short, dark days at this time of year provide an opportunity to turn your attention to household safety.

Joining a committee or task force is a great way to meet colleagues and make a contribution to the real estate profession.

Market Watch: Green real estate conference

The business case for green buildings has never been stronger. Market interest in greening new and existing buildings is at an all-time high.

OREA wants your input

Join OREA’s research panel and your valuable opinions will help to guide policies, develop educational opportunities and evaluate OREA services.

Stay safe while you’re on the job

Pay attention to safety issues and develop good habits to ensure that you keep safety in mind at all times when working in real estate.

Updates to forms and clauses

The Standard Forms Committee of the Ontario Real Estate Association (OREA) has approved the revisions and creation of new forms and clauses for 2015.

Breaking up is hard to do: Dumping a client

November 20, 2014

Dumping a client does not happen often, but over the course of your real estate career a breakup or two is bound to occur.

Tips to avoid a client breakup

Pre-qualify buyers. Sometimes they are not realistic. Everything comes down to qualifying. Sort out wants, needs and “must haves” and make sure that the money for a purchase is actually available.

Jobs, economic activity threatened by land transfer tax

A significant loss of jobs and economic activity in Mississauga, London, Hamilton, Ottawa and Thunder Bay will occur if a municipal land transfer tax is imposed in those cities

Hotsheet: Index Home Buyers’ Plan: CREA

The Canadian Real Estate Association (CREA) has launched a call to action to REALTORS® to urge the government to index the Home Buyers’ Plan (HBP) to inflation.

Market Watch: Businesses rely more on mobile technology

Reco decision: advertisement causes problems.

The following decision from RECO Discipline and Appeals Hearings has been condensed and all names have been changed.

Ad campaign to promote REALTOR® Value continues

Promoting the value of using a REALTOR® to the public has been the focus of a recent advertising campaign by the Ontario Real Estate Association (OREA), and the message is getting through.

Legal Beat: Deception over fire leads to lawsuit

One of the buyers of a property had respiratory problems. Before making a purchase, the buyers instructed their real estate representative to ask whether a fire had ever occurred in that house.

Political Affairs Conference in November

The Ontario Real Estate Association will hold its 2014 Political Affairs Conference (PAC) from Nov. 23 to 25 at Toronto’s Park Hyatt Hotel, 4 Avenue Road.

Interested in running for a position on OREA&rsquo;s 2015 board of directors?</strong> The following positions are up for election: four Provincial Directors

Call for candidates - Foundation

Interested in running for a position on the Foundation’s 2015 board of directors? The following positions are up for election: three REALTOR® Directors

Reaping rewards from rental sales

October 23, 2014

Many buyers today are looking for investment properties like apartment buildings or vacation homes that they can rent out.

Budgeting most important strategy for home buyers: Research

Ontarians planning to buy a home in the next two years cited various financial strategies to save for a down payment

RECO decision: Sales rep enters property without permission

Hotsheet: tips to prevent house fires.

Fires claim lives and cost millions of dollars in damage every year. To prevent these tragedies, the Insurance Bureau of Canada offers tips for preventing house fires and saving lives.

Market Watch: Employment growth looks brighter for late 2014

A rebound in economic growth recently and expectations for future solid growth bode well for employment prospects, according to a new report.

The Ontario Real Estate Association will hold its 2014 Political Affairs Conference (PAC) from Nov. 23 to 25 at Toronto’s Park Hyatt Hotel, 4 Avenue Road.

Train for success with new online course

Real Estate Professionals at Work is a new online professional development course designed for REALTORS® to apply the principles of professionalism in their day-to-day practices.

Legal Beat: Caught in a “net-net” of confusing language

The commercial tenant in this case had a three-year lease that was renewed for two years and then for a further two years.

Second video produced in OREA series

A new video aimed at helping you to connect with consumers has been produced by the Ontario Real Estate Association (OREA).

Technology and strategy the focus of events

Boosting your technology skills and enhancing your strategic approach to your real estate business are the focus of a series of events offered this fall by the Ontario Real Estate Association.

Gimme five: The deposit and five business days

September 23, 2014

Once an offer is accepted by both parties in a real estate deal, the buyer’s deposit must be delivered to the brokerage in accordance with the terms outlined in the Agreement of Purchase and Sale (APS).

Quiz: Deposit and five business days

Here’s a quiz to test your knowledge. In all of these instances, assume that the offer has been accepted by both parties to an APS and that the deposit in question has been delivered in accordance with the terms of the APS. T

Index reveals consumer perceptions of market

What do Ontario consumers really think of the current real estate market?

Hotsheet: New RECO mobile app

A new mobile app was launched by the Real Estate Council of Ontario (RECO) this summer.

Market Watch: Price surges in big cities mask temperate national market

Home prices are expected to increase steadily in Canada for the remainder of 2014, with the average price of a home in Canada rising between 3.9 and 5.2 per cent in the year’s second quarter, according to a new report.

Serving as a resource and a mediator

The consumer perception of what we do in our line of work is very different from the reality of my daily activities.

Legal Beat: Structure is aerodrome, not boathouse, owner argues

The purchaser of this Ontario recreational property was a long-time developer.

Association wins diversity award

The Ontario Real Estate Association (OREA) has won an award for its efforts on workplace diversity.

New and improved student handbook

An updated and enhanced student handbook produced by the OREA Real Estate College is now available.

Good riding weather helped to ensure the success of this year’s Motorcycle Ride for Charity.

Dollars and sense: Managing your money

August 23, 2014

Starting out in real estate can be financially challenging, especially given the initial lack of income and the volume of upfront expenses.

Technology events across the province

Keep your technology skills sharp by attending one or more in a series of events offered by the Ontario Real Estate Association in the coming months.

Hotsheet: Global property market the focus of conference

The 9th annual Global Property Market is a targeted opportunity for Canadian institutional investors, real estate income trusts, real estate operating companies and private equity funds.

Market Watch: Manufacturing sector continues to be sluggish

Manufacturers in Canada recently signalled the slowest improvement in overall business conditions in four months, largely reflecting a further moderation in output growth,

Etiquette and best practices for real estate showings

July 27, 2014

Security is important to consumers and it’s one of the reasons they choose to use a REALTOR®.

Legal Beat: Choose words carefully in commercial documents

The listing agreement in this case stipulated that: a commission will be paid if the property is sold; the commission will be paid after the sale is completed;

Index to track consumer opinions

The Ontario Home Ownership Index is an exciting new initiative from the Ontario Real Estate Association (OREA) to help you learn more about the public’s views on the real estate market across the province and at a more local level.

Video promotes value of REALTORS®

A new video aimed at helping you to connect with consumers has been produced by OREA.

Running a real estate brokerage

June 22, 2014

While many real estate salespeople focus on serving consumers who are buying or selling properties, a broker of record serves a different clientele -- the REALTORS® themselves.

Municipal land transfer tax costs Toronto billions

The municipal land transfer tax (MLTT) in Toronto is responsible for a massive loss of economic activity and a corresponding loss of thousands of jobs, according to new research by the Ontario Real Estate Association (OREA).

Hotsheet: Support the Motorcycle Ride for Charity

Revving up their engines, REALTORS® from across the province will be participating in this year’s Motorcycle Ride for Charity.

Market Watch: Financial planning crucial for persons with disabilities

A financial plan can play a pivotal role in easing financial stress for the 3.8 million Canadians with a disability and those caring for them, according to a new report.

Wired Office: Making your home smarter with technology

It used to be that in order to turn a light on or off, you walked over to it and flicked a switch. Since then we have progressed to timers, so if you aren’t home, you can set the lights to go on and off at predetermined times.

Legal Beat: Commercial tenant alleges breach of good faith

Is there a duty at common law to bargain in “good faith”? Various courts in the United States have replied that there is. However, most Canadian courts have responded that there is not.

Technology events in 2014

If you want to stay on the cutting edge of technology in real estate, come to one or more in a series of events offered in the months ahead by the Ontario Real Estate Association.

Foundation announces new name and logo

Cross-cultural competency is good business

May 26, 2014

The ability to work with people of different cultures and backgrounds is not only a good interpersonal skill, but it can also help your business.

Hotsheet: Heart trumps head among buyers - RECO

The heart often overrules the head when it comes to buying a home, according to a new study into the behaviour of Ontario’s home owners released by the Real Estate Council of Ontario (RECO).

Market Watch: CMHC to increase mortgage insurance premiums

Following the annual review of its insurance products and capital requirements, CMHC is increasing its mortgage loan insurance premiums for home owners and rental properties of one to four units, effective May 1.

Campaign launched to stop spread of tax

Preventing the spread of municipal land transfer taxes (MLTT) is the focus of a new advocacy campaign at the Ontario Real Estate Association.

Goal setting in real estate

With the arrival of spring, we are often filled with a sense of renewal. This is an ideal time to assess our business plan and set new goals.

Government examines electronic signatures legislation

Electronic agreements of purchase and sale will mean faster and more convenient transactions for REALTORS® and consumers.

Legal Beat: Signed agreement facilitates payment of commission

The sellers in this case initially tried to sell their home in Ancaster, Ontario by themselves. They subsequently listed it with the REALTOR® on May 6. The commission was 5 per cent and there was a 60-day holdover period.

Find out what your association has been doing for you over the past year. A new annual report from the Ontario Real Estate Association (OREA) outlines the products and services available to you, as well as summarizing association activities over the past year.

Take part in new technology events

If you want to stay on the cutting edge of technology in real estate, come to one or more in an upcoming and popular series of events offered by the Ontario Real Estate Association.

Sponsors contribute to conference success

The OREA 2014 Annual Conference at Toronto’s Westin Harbour Castle Hotel in March was a great success.

Guiding first-time home buyers

April 22, 2014

Buying a home can be a highly emotional experience, and REALTORS® who work with first-time buyers often find themselves tempering their clients’ dreams with a dose of reality.

Hotsheet: NAR conference and expo

Registration opens on May 7 for the 2014 REALTORS® Conference and Expo organized by the U.S.-based National Association of REALTORS® (NAR).

Market Watch: Financial services show progress on women’s issues

Eighty-five per cent of Canadians feel that the financial services industry has made progress in addressing women’s issues, but more work needs to be done.

OREA website engages viewers

A dramatic increase in mobile traffic to the website of the Ontario Real Estate Association (OREA) has occurred over the past year, according to a new report.

Being thorough in your real estate transactions

Thoroughness takes time - a commodity often in short supply in our line of work. The demands on our time, from client meetings and office work to family commitments, can make it difficult for REALTORS® to be thorough.

Legal Beat: Dispute over amount of parking leads to lawsuit

This case deals with the amount of parking provided to a commercial tenant in a shopping mall. The tenant, Farm Boy Inc., operates grocery stores in the Ottawa area and leased space in a mall.

OREA board of directors for 2014

The Ontario Real Estate Association officially installed its new President and Board of Directors at the Annual Assembly Meeting and Leadership Conference from March 4 to 6 in Toronto.

Foundation board of directors for 2014

The REALTORS Care Foundation officially installed its new President and Board of Directors for 2014 at the OREA Leadership Conference in Toronto.

Younger Ontarians value owning home

Home ownership is important to the younger residents of Ontario, according to a new survey conducted by Ipsos Reid for the Ontario Real Estate Association (OREA). In the research, 79 per cent of those surveyed in Generation X

Commercial real estate offers challenges, opportunities

March 21, 2014

REALTOR shows buyers a commercial buildingWalk through any town in Canada and you’ll undoubtedly see signs on lawns and billboards promoting local brokerages.

Flexible remuneration a positive change

REALTOR workingBrokerages will now be able to give consumers more options on how to pay for real estate services.

Hotsheet: CanTech Conference in April

The Canadian Real Estate Technology Conference will take place on Thursday, April 10 at the Metro Toronto Convention Centre, South Building.

Market Watch: Seller’s market predicted in large cities

Conditions for the real estate market across Canada continue to be strong and increasing prices are predicted for the spring market, a new report states.

Customer Service Centre lends a helping hand

If you’ve ever had a question about courses you need or continuing education you wish to pursue in real estate, the Customer Service Centre at the OREA Real Estate College is there to respond.

Legal Beat: Seller’s remorse occurs after rumours of demolition

The house owner in this case sold her property for $1.7 million and then changed her mind. Her major complaint was that she learned that the buyer might demolish the house.

Home inspectors should be regulated

The Ontario home inspection industry should be regulated, according to the Ontario Real Estate Association.

Thunder Bay board turns 100

The Thunder Bay Real Estate Board is celebrating its 100th birthday in 2014.

Leave emotions out of negotiations

February 21, 2014

Negotiating in real estate can be difficult when emotions get in the way.

Campaign boosts public perception of REALTORS®

Realtor shows professional man a property on left side of campaign posterAn exciting new ad and media relations campaign has enhanced the public perception of REALTORS®, recent surveys reveal.

Hotsheet: Land and development conference in Toronto

The 10th annual Land & Development Conference will take place on May 13, 2014 at the Metro Toronto Convention Centre, North Building.

Market Watch: Canada to benefit from a strengthening U.S. economy

Canada’s economy is expected to perk up in 2014, supported by an increase in exports and strengthening business investment, according to a new report.

Estimating the value of a heritage property

Valuing a heritage home requires certain specialized skills.

Legal Beat: Prove you took reasonable steps to fulfill terms

A typical OREA conditional clause may include the following words: “Unless the buyer gives notice in writing delivered to the seller personally or in accordance with any other provisions for the delivery of notice in this Agreement of Purchase and Sale or any Schedule

Optimism about market, economy

Ontarians seem hopeful about the provincial real estate market, according to new research conducted by the polling firm of Ipsos Reid for the Ontario Real Estate Association (OREA).

The Ontario Real Estate Association’s Open Forum, Annual Assembly Meeting and REALTORS Care Foundation Annual General Meeting will take place on Wednesday, March 5 at the Westin Harbour Castle Hotel in Toronto.

Stressed out: Managing workplace stress

January 26, 2014

In today’s go-go-go world, where wireless connections allow for instant communication any time of day or night, no-one is immune to stress from the fast pace of life.

STRESS BUSTING TIPS:

Be aware of your stressors and take the following preventative steps:

Tools and technology series a hit

The demand for skills and knowledge of tools and technology in real estate continues to grow, according to organizers of a new series of events offered this past fall by the Ontario Real Estate Association.

Carbon monoxide detectors to be mandatory in homes

The Ontario legislature recently passed a bill to make carbon monoxide detectors mandatory in homes across the province.

Market Watch: Tighter inventory for commercial property

While unprecedented levels of demand were reported for commercial real estate in key Canadian markets in 2013, a shortage of available product continues to hamper sales activity virtually across the board,

Wired Office: Out with the old, in with the new

Interested in earning some quick cash (or gift cards)? It’s as easy as gathering up your old technology and selling it or trading it in.

Legal Beat: Words matter in agreements and can lead to litigation

Updates to forms and clauses for 2014.

The Standard Forms Committee of the Ontario Real Estate Association (OREA) has approved the revisions and creation of new forms and clauses for 2014.

Time management in real estate

December 7, 2013

In the fast-paced world of real estate, time management is more important than ever.

Time management technology tips

Take a basic computer course to learn more about how to operate your system. If something goes wrong, there’s a greater likelihood that you’ll have some idea of what to do.

Lobbying for personal real estate corporations

In Ontario, real estate salespeople are among the few regulated professions that are not permitted to incorporate under current laws.

Hotsheet: Green real estate conference

Although robust economic conditions have not yet returned across North America, market interest in greening new and existing buildings is at an all-time high.

Market Watch: 2014 housing starts to remain stable: CMHC

Canada Mortgage and Housing Corporation (CMHC) expects total housing starts to be stable in 2014, as fundamentals such as employment growth and migration continue to support the Canadian housing market.

Building a client base in real estate

As a REALTOR®, I am always thinking about my client base – how to build it and how to maintain it.

Legal Beat: Two sets of buyers leads to court case

In this case that took place in the United States, an Ohio couple wanted to buy a house.

Call for candidates - OREA

Interested in running for a position on OREA’s 2014 board of directors? The following positions are up for election

Interested in running for a position on the Foundation’s 2014 board of directors? The following positions are up for election

Amendments: Second thoughts on the APS

November 12, 2013

An amendment – a change to one or more terms in an agreement – is a tool commonly used in real estate.

Media successes in REALTOR® value campaign

This fall marks the launch of an exciting new campaign to promote the value of REALTORS®.

Hotsheet: Conversations before living together

Moving in together is a big step in any relationship, and RE/MAX has provided some suggestions of discussions that couples should have before taking the plunge.

Market Watch: Online is where it's at for small business

Canadians choose small businesses based largely on how those firms use technology, according to a survey by TD Canada Trust.

Wired Office: Sharing is caring with social media

Social media is many things. It is about conversations, storytelling and relationship building through the sharing of useful content. This column focuses on how to share content.

Legal Beat: Driving log would add evidence to tax appeal

In this case, the appellant is a self-employed residential REALTOR® working with RE/MAX who was remunerated on a commission basis.

The Ontario Real Estate Association will hold its 2013 Political Affairs Conference (PAC) from Nov. 26 to 28 at Toronto’s Courtyard Marriott Hotel.

Dealing with difficult clients

October 11, 2013

Dealing with challenging clientsDifficult clients can drain you of time and energy and compromise other transactions.

An exciting new advertising campaign to promote the value of REALTORS® has been launched by the Ontario Real Estate Association.

Record property damage claims after summer flood

More than $850 million in insurance claims have been filed following property damage caused by the intense record rainfall and flash floods in Ontario that occurred on July 8, the Insurance Bureau of Canada (IBC) reports.

Market Watch: U.S. foreclosures down from last year

Foreclosure inventories fell 32 per cent in July compared to the previous year, another sign that the foreclosure crisis in the U.S. may finally be over, according to the latest foreclosure report released by CoreLogic and posted to the newsroom of the National Association of REALTORS® (NAR).

RECO: Unsupervised access to seller’s home

Legal beat: increase in development fees passed on to buyer.

Ontario municipalities charge builders and developers fees for things such as building permits and development costs.

The Ontario Real Estate Association will hold its 2013 Political Affairs Conference (PAC) from Nov. 26 to 28 at Toronto&rsquo;s Courtyard Marriott Hotel.

Learn more about social media

If you want to learn more about using social media, you can take part in a free webinar series hosted by the Ontario Real Estate Association (OREA) and the Toronto Real Estate Board (TREB).

Take part in technology events

If you want to stay on the cutting edge of technology in real estate, come to one or more events being offered this fall by the Ontario Real Estate Association.

FINTRAC compliance: Know your responsibilities

September 9, 2013

Enduring a FINTRAC audit takes time and effort, but failure to comply can have serious consequences for you and your brokerage.

First anniversary of service for OREA members

A new service was launched a year ago for members of the Ontario Real Estate Association (OREA) who are the subject of a complaint to the industry’s regulator, the Real Estate Council of Ontario (RECO).

Canadian Apartment Investment Conference

Investors, developers, managers and owners may be interested in the 2013 Canadian Apartment Investment Conference happening on Tuesday, Sept. 24 at the Metro Toronto Convention Centre.

Market Watch: Baby boomers look to downsize

A majority of REALTORS® say their clients between the ages of 48 and 67 are searching for smaller properties, according to a June survey.

Take part in new technology events across Ontario

If you want to stay on the cutting edge of technology in real estate, come to one or more in a series of events offered this fall by the Ontario Real Estate Association.

iCollege courses: Affordable and informative

How much do REALTORS® know about the Buyer Representation Agreement, the Listing Agreement, and the National Do Not Call list?

Legal Beat: Verbal agreement doesn't hold up in court

Should the courts allow parol evidence in the context of a written agreement?

Watch for ad campaign

The value of using a REALTOR&reg; is at the heart of an exciting new advertising and media campaign being launched by the Ontario Real Estate Association (OREA).

Motorcycle riders put the rubber to the road this past July to raise funds for the REALTORS Care Foundation.

Enrol in leadership workshop

You can earn two Continuing Education credits by enrolling in a Leadership 200 workshop being offered in class on Friday, Sept. 27 at the Ontario Real Estate Association (OREA) office in Don Mills.

Misleading advertising and how to avoid it

August 9, 2013

Advertising matters in real estate -- it can be a powerful tool to attract clients.

Summer energy saving tips for home owners

Take steps to make your home or cottage cool, comfortable and sustainable this summer since energy efficiency is always in style, says Phil Dorner, president of the Ontario Real Estate Association.

Gen Y still wants to own homes

Generation Y -- those individuals born between 1980 and 1994 -- still want to own a home despite the challenges, according to a survey.

Market Watch: Six in 10 GTA home owners plan to buy again

Real estate prices continue to rise, but a new poll says that hasn’t damaged home owners’ belief in the market in the Greater Toronto Area.

Wired Office: Useful apps for real estate professionals

Most people with smartphones and tablets take advantage of their devices by installing apps that provide them with up-to-the-minute weather and news reports, improve productivity or just for fun. Admittedly, some apps are more useful than others.

Legal Beat: Faulty valve leads to breach of contract and lawsuits

The parties entered into an agreement of purchase and sale on this high-end B.C. property with a closing date no later than Oct. 20, 2008.

Leadership Now e-newsletter

July 5, 2013

If you’d like to learn more about volunteering and leadership, check out the new electronic newsletter produced by the OREA Centre for Leadership Development.

Our graduates speak for themselves

Listen to what our graduates are saying about their experiences at the OREA Real Estate College and why it is a great place to learn.

Watch for fall OREA events

Stay on the cutting edge of technology in real estate by attending a series of events being organized this fall by the Ontario Real Estate Association.

Support the Motorcycle Ride for Charity

It’s not too late to pledge your support for this year’s Motorcycle Ride for Charity.

Website improvements at OREA

The Ontario Real Estate Association (OREA) website continues to evolve to meet the needs of our students and members.

Safety is paramount for swimming pool owners

June 5, 2013

Ten seconds is all it takes for someone to drown.

Tips for owners of backyard pools

Vigilance - Never leave a child alone near water, not even for a second. Don’t be distracted by a ringing phone, doorbell, task or another child.

In the swim: Pools and real estate

If you’re selling a home with a swimming pool, be sure your buyer is aware of the risks and responsibilities as well as the benefits.

Housing starts moderate: CMHC

Monthly housing starts in Canada totalled 182,754 units compared to 188,369 a month earlier, according to a news release from the Canada Mortgage and Housing Corporation.

Market Watch: Low interest, flattening prices support market

Canada’s housing market is being supported by an unprecedented combination of low interest rates, flattening house prices and a strengthening economy, according to a recent survey.

RECO decision: Illegible document leads to complaint

Merger of two boards announced.

Two Ontario real estate boards have announced their merger following a membership vote on April 17.

Legal Beat: Disclosing presence of sexual offender in neighbourhood

Questions sometimes arise in real estate about how to deal with the sale of a property in the neighbourhood of a convicted sex offender.

Electronic real estate transactions

The Ontario Real Estate Association (OREA) successfully advocated for a legislative amendment to the Electronic Commerce Act, 2000, that would facilitate faster, smoother real estate transactions.

Attention to detail crucial at open houses

May 5, 2013

First impressions can apply to property as well as people.

Enhancing electronic real estate transactions the goal of lobby efforts

Electronic agreements of purchase and sale save time and money for consumers and REALTORS®.

NAR conference and expo

Registration opens on May 6 for the 2013 REALTORS® Conference & Expo organized by the U.S.-based National Association of REALTORS® (NAR).

Market Watch: First-time buyers still a force

Four in 10 Canadians who plan to enter the housing market in the next two years are first-time buyers, according to a new poll.

Wired Office: Tell your story visually with infographics

Example of a word cloudA picture is worth a thousand words, which helps explain the growing popularity of infographics (information + graphics).

Marijuana grow-op registry supported by OREA

The creation of a province-wide registry of homes that were former marijuana grow operations or clandestine drug laboratories is the goal of a bill introduced in the provincial legislature and supported by the Ontario Real Estate Association (OREA).

Research provides snapshot of REALTORS®

A new survey by the Ontario Real Estate Association (OREA) offers a snapshot of the association&rsquo;s members across the province.

Legal Beat: Confusion over condo boundaries leads to decade of litigation

The buyer in this case bought a condominium unit in Toronto. She was under the impression that the unit comprised three floors, from the basement floor up to the ceiling of the third floor of a townhouse complex.

Find out what your association has been doing for you over the past year.

Stay connected with OREA app

Get up-to-the-minute news on the real estate industry that you can easily share through the free OREA application for iPhone and iPad.

Single parenting a challenge in real estate

April 5, 2013

Working in real estate is a challenge at the best of times, but combining it with single parenthood is even more daunting.

Foundation supports worthy causes

Many people are not aware of all of the charitable work and volunteer time that REALTORS&reg; contribute to worthy causes.

Many boomers don‘t plan to downsize: survey

Despite the perception that aging baby boomers may create a glut of traditional single-family homes as they downsize into smaller residences, a new survey shows that demand for suburban detached homes remains strong among those born between 1947 and 1966.

Market Watch: Housing starts show moderation

Housing starts in Canada totalled 195,087 units in February, revealing a moderation in demand for housing that means builders are adjusting accordingly, according to a recent news release from the Canada Mortgage and Housing Corporation.

Taking your website from static to standout

Taking your website from static to “standout” was the subject of a talk I heard recently in New York. Nicole Nicolay (@nik_nik), founder of Agent Evolution, spoke about ways to transform your website from the same old static venue into something that stands out from the rest and helps generate more business leads.

Legal Beat: Plenty of blame to go around in RECO case

This situation involved two salespeople who worked at the same brokerage.

New OREA 2013 board of directors

The Ontario Real Estate Association officially installed its new President and Board of Directors at the Annual Assembly Meeting on March 6.

Duty of care to clients and customers

March 5, 2013

The difference between a client and a customer is a crucial one in real estate.

RECO announces changes to mandatory continuing education

The Real Estate Council of Ontario (RECO) recently announced changes to the way that mandatory continuing education is delivered to real estate registrants in the province, effective Aug. 1.

Shoe cover dispensers keep floors clean

If you want floors and carpets to stay clean at open houses, an automatic shoe cover dispenser may interest you.

Market Watch: Brief mild correction forecast

Fewer homes are expected to trade hands in the first half of 2013, which should slow the pace at which home prices rise, according to a new survey.

My first steps as a REALTOR® and working mom

When I started working as a real estate administrator, I was 19 years old, didn&rsquo;t own property and definitely didn&rsquo;t have kids. I had a nine-to-five job and was ready to take on the world.

Tax credit supports accessibility for seniors

A tax credit for modifications to help Ontario seniors make modifications in their homes to improve accessibility is now available.

Legal Beat: Property tax dispute leads to appeal court

The owner of a Toronto apartment building appealed his property tax assessment. Before the city made a decision on the taxes, he sold the property.

Items can be viewed before voting

Members of the Ontario Real Estate Association who wish to examine proposed amendments to the OREA By-law prior to the Annual Assembly meeting can access the material on the OREA website.

OREA events in March

The OREA Open Forum, Annual Assembly Meeting and REALTORS Care Foundation Annual General Meeting will take place on Wednesday, March 6.

OREA website a hit

The OREA website continues to attract more viewers with features that make it faster and easier to find what you need.

Winter's tale: When the money isn't coming in

February 18, 2013

If you’re used to a regular paycheque, working for commission can be a big adjustment.

REALTORS® are home owners too

Most REALTORS® (88 per cent) surveyed for recent OREA research own their own homes.

Market Watch: Fewer mortgages in arrears: CMHC report

As a result of prudent mortgage lending practices, the number of mortgages in arrears in Canada has been trending downward, according to a report released recently by Canada Mortgage and Housing Corporation (CMHC).

App provides easy access to OREA services

iPhone with OREA appA dynamic new mobile application has been launched by the Ontario Real Estate Association.

Wired Office: Pinterest for business

Pinterest is a virtual bulletin board that lets you organize and share all the beautiful things you find on the web.

Legal Beat: Home renovation not substantial enough for rebate

After being denied a tax rebate for a home renovation, this Quebec taxpayer appealed. He had applied for a GST rebate through a program that enabled home owners to recoup some costs for work on a new residential complex or one that had undergone substantial renovation.

The OREA Open Forum, Annual Assembly Meeting and REALTORS Care Foundation Annual General Meeting will take place on Wednesday, March 6, 2013.

Leadership podcasts available

Gain valuable insights into leadership in just five minutes. Podcasts featuring a variety of renowned speakers and authors are now available for you to hear in short segments via the Ontario Real Estate Association website.

Thriving Young Professionals Network

The Young Professionals Network (YPN) at the Ontario Real Estate Association continues to grow.

Preparing for the booming seniors' market

January 24, 2013

The baby boom generation forms a demographic bulge that has reshaped society as it passed through.

Stopping the municipal land transfer tax

Municipalities in Ontario are gearing up to force the province to grant them the authority to charge a municipal land transfer tax (LTT) on home buyers.

Insuring a heritage home can be challenging

The market for heritage homes – although not as frenetic as the condo boom -- has rapidly gained interest in recent years.

Tablet ownership on rise

Almost half of REALTORS® (47 per cent) own a tablet computer, and nearly 62 per cent said they plan to buy one within the next two years.

MarketWatch: Slight improvement in affordability

Canada’s housing market became more affordable as a result of modest declines in home prices and further gains in household incomes, according to a new report.

Ontarians want to know home’s grow-op history

An overwhelming majority of Ontario residents (93 per cent) want to know if the home they plan to buy was once a marijuana grow-op or clandestine drug lab, a new survey reveals.

Legal Beat: Document in commercial case means what it says

The owners of a hotel first listed their property for sale with a RE/MAX brokerage, where Angelo Muraco worked as their REALTOR®. Although several potential buyers expressed interest, no sale occurred.

The OREA Open Forum, Annual Assembly Meeting and REALTORS Care Foundation Annual General Meeting will take place on Wednesday, March 6 at the Sheraton Centre Hotel, 123 Queen Street West, Toronto.

Motorcycle ride supports charity

The Motorcycle Ride for Charity organized by the REALTORS Care Foundation has now raised more than $30,000.

Video promotes volunteering

A new video to help your real estate board recruit new volunteers has been developed by the OREA Centre for Leadership Development.

Foundation brochure highlights good work

A new brochure has been published highlighting the good work of REALTORS® in fundraising for charities and shelters in Ontario.

Warning signs of potential real estate fraud

December 5, 2012

It may be as simple as falsifying information on a mortgage application.

New videos promote REALTOR® value

Two videos that promote the value of using a REALTOR® have been created by the Ontario Real Estate Association (OREA).

Entrepreneurs plan to hire

More Canadian entrepreneurs are planning to hire employees this year, according to a new survey.

MarketWatch: Prices up but sales fall

Canadian prices have edged up but the number of house sales has fallen compared to the same period last year, according to a recent survey.

Lifestyle marketing: The next big thing

When we sell a property, our product is not just four walls and a roof.

Identity theft hits real estate professional

User-friendly upgrade for webforms®.

Ontario real estate salespeople and brokers who use WEBForms® should watch for upgrades to this product in the new year.

Value for your OREA dues

The $110 per year that you pay to the Ontario Real Estate Association (OREA) enables you as a member to receive products and services that are most important to you.

Legal Beat: Failure to communicate leads to botched deal

This Ontario deal was supposed to close on July 27, but the transaction failed to close. The seller resold the property and sued the buyer for losses of $28,000.

Updated forms and clauses will soon be available on the Ontario Real Estate Association website.

Last call: It’s our birthday and you get the gifts

The OREA Real Estate College is offering every member a free nine-credit bundle of Continuing Education online courses.

Is anyone there? Vacant possession and the APS

November 15, 2012

Vacant possession & the APSThe concept of vacant possession is sometimes glossed over by real estate practitioners, but you ignore it at your peril.

Sellers want to understand market and legal processes

Beyond worrying about the state of the real estate market, Ontarians are most concerned about understanding the process and legal documents when selling a home, a new survey reveals.

Preparing for severe weather

Severe weather and hurricanes can have a devastating impact on communities and homes, according to the Insurance Bureau of Canada, which follows developments related to severe weather across the country.

MarketWatch: Farmland prices reach new heights

The value of Canadian farmland continues to reach new heights, according to the RE/MAX Market Trends Report, Farm Edition 2012.

Wired Office: Tips to keep your online passwords safe

We often hear that “strong” passwords are an important part of keeping our online transactions safe.

Join research panel for chance to win $1,000

Share your voice and let us know what the Ontario Real Estate Association can do for you.

New OREA mobile app to be launched

A dynamic new mobile application is being developed by the Ontario Real Estate Association.

Legal Beat: Multiple representation and the dangers of duality

While working on Legal Forum, I received the following question from a REALTOR® on an issue related to multiple representation, formerly known as dual agency.

Call for candidates – Ontario Real Estate Association

Interested in running for a position on OREA’s 2013 Board of Directors?

Call for candidates - REALTORS Care Foundation

Interested in running for a position on the Foundation’s 2013 Board of Directors?

National customer service week

The Ontario Real Estate Association joined thousands of companies around the world to participate in National Customer Service Week.

Political affairs conference

The Ontario Real Estate Association is holding its Political Affairs Conference (PAC) this month.

It’s our birthday and you get the gifts

Csae volunteer award.

Dinaz Garda, CAE, manager, executive office operations at OREA, has been honoured with the 2012 President’s Award from the Trillium Chapter of the Canadian Society of Association Executives (CSAE).

Form frenzy: Waivers mistakenly used over fulfillments

October 12, 2012

In the heat of real estate deals, changes to documents often happen quickly in a flurry of pen strokes.

Buyers prize safety, value, location

Safety, perceived value and a location close to shopping or transportation are the most important factors Ontarians consider when buying a home, according to a new survey.

Rookie mistakes by first-time buyers

The majority of buyers say they would have done some things differently after purchasing a home, according to a new survey.

MarketWatch: National housing market at tipping point

The average price of a home in Canada increased year-over-year between 3.3 and 5.5% in the second quarter of 2012, according to The Royal LePage House Price Survey and Market Survey Forecast.

Political affairs conference focuses on three issues

November is fast approaching, and so is OREA’s Political Affairs Conference (PAC).

RECO decision: Absence of seller leads to problems

Podcasts on leadership available to members.

Podcasts on leadership available to OREA membersYou can gain valuable insights into leadership in just five minutes.

Legal Beat: No deal and no commission without clear title

In a typical real estate transaction, the sellers must provide clear title on closing. The OREA agreement of purchase and sale (APS) says:

New service for OREA members

A member of OREA who is the subject of a RECO complaint can now speak with OREA lawyer Diana Russo, who will provide legal information on the RECO investigative and adjudicative process.

Foundation gala supports good cause

The REALTORS Care Foundation will host a gala on Saturday, Oct. 20 at the Premiere Ballroom & Convention Centre in Richmond Hill, north of Toronto.

Charity golf tournament raises $8,000

Local REALTORS® from the Rideau-St. Lawrence Real Estate Board raised more than $8,000 in a golf tournament that they donated to five food banks in the area.

Married to it: Real estate spouses must juggle schedules

September 4, 2012

When her husband started his real estate career, Elaine Rocca recalls that he worked most evenings and was often out until 1 and 2 a.m. presenting offers and getting established in the field.

Movement toward mergers in some real estate boards

Real estate in cottage country often attracts more attention in warmer months, but this year several areas piqued the interest of more than just consumers -- real estate professionals were watching closely too.

New registrar announced by RECO

The Real Estate Council of Ontario (RECO) announced the appointment of Joseph (Joe) Richer as its next registrar, effective Sept. 17.

Focus on global property investment

The seventh annual Global Property Market Conference offers a unique, targeted opportunity for strategic information and networking on investment and development around the world.

Market Watch: Canadians support small business: survey

An overwhelming majority of Canadians (94 per cent) believe small businesses play a crucial role in the economy’s growth and almost nine in 10 view them as vital job creators, according to a new survey.

Legal Beat: Once it's sold, it's sold

The law indicates that on the date the bank signs an unconditional agreement of purchase and sale with a buyer, the original borrower has no further legal right to pay off his mortgage.

Political affairs conference in November

The Ontario Real Estate Association will hold its 2012 Political Affairs Conference (PAC) from November 20 to 22 at Toronto’s Courtyard Marriott Hotel.

Watch for upcoming YPN events

Several events are being planned this fall by the Young Professionals Network (YPN) at the Ontario Real Estate Association.

Motorcycle riders braved extreme heat this past July to participate in the Motorcycle Ride for Charity that left from the Ontario Real Estate Association’s Don Mills headquarters.

It's our birthday - and you get the gifts

Kwar celebrates 75th anniversary.

The Kitchener-Waterloo Association of REALTORS® (KWAR) is celebrating its 75th anniversary this year. Formed in 1937, the association now represents more than 1,200 real estate professionals and is the 15th largest real estate association in Canada.

Respect the client relationships of other brokerages

August 8, 2012

Do unto others as you would have them do unto you.

Interview with outgoing RECO registrar

After 10 years as registrar at the Real Estate Council of Ontario (RECO), Allan Johnston is retiring at the end of July.

Market Watch: Renters may make cottages affordable

A recent Royal LePage national survey shows that potential cottage buyers and those already in the market have different plans for generating income.

Ride the waves at 2012 RealREIT

The 2012 RealREIT (Real Estate Investment Trust) Conference takes place on Sept. 19 in Toronto.

Wired Office: Pin your hopes on Pinterest

Even if you aren’t yet a user of Pinterest, you’ve likely heard of it. Similar to a corkboard or bulletin board, this electronic locale allows you to “tack” or “pin” visuals and text to view and share with others online.

It’s our birthday -- and you get the gifts!

Celebrating OREA's 90th BirthdayThe OREA Real Estate College is offering every member a free nine-credit bundle of Continuing Education online courses.

Legal Beat: Buyer presented no evidence of water problem

The action arose after a house was purchased by the plaintiff, Ms. H. Graham in the City of West Quinte in 2002.

Letter to the editor

I really liked the article, “Keep clothing professional” that appeared in REALTOR® EDGE’s June issue. I’d like to add a couple of points:

Proposal supports electronic transactions

A private member’s bill that would facilitate the use of electronic agreements of purchase and sale for real estate transactions was introduced recently in the provincial legislature, and the concept has been endorsed by the Ontario Real Estate Association (OREA).

Newmarket brokerage wins team spirit award

For the fourth consecutive year, the Newmarket Century 21 Heritage Group has won the team spirit award for the Heart & Stroke Foundation’s York North BIG Bike fundraiser.

The Young Professionals Network (YPN) at the Ontario Real Estate Association has hosted several successful events recently, and more are scheduled in the future.

REALTOR® value videos win more awards

Two OREA videos that highlight the value of using a REALTOR® have won several awards recently.

June 11, 2012

Image of scales of justiceLegal Forum, one of the most popular features on the Ontario Real Estate Association’s website, has received its 5,000th question.

Keep clothing professional even in summer

As the weather warms up, hemlines seem to get shorter, necklines get lower and toes begin to make public appearances.

Commercial real estate conference in Ottawa

Discover what’s new in the commercial real estate industry at BOMEX, the Building Owners and Managers Association annual conference and exhibition, to be held Sept. 11 to 13 at the Westin Ottawa Hotel.

Market Watch: Ontarians positive about housing market

A house or condo is a good investment, according to nine out of 10 Ontarians, who show more confidence in real estate than those surveyed in other Canadian regions, according to the 19th annual RBC Homeownership Poll.

Find your unique value proposition in real estate

In order to stand out in the real estate industry, you need to find your UVP.

Legal Beat: Buyers ignored red flags, judge rules

The buyers did not have enough money on the closing date of July 6, 1999, to complete their deal. Their REALTOR® lent them $74,500.

REALTOR® value videos win prestigious award

Two OREA videos that highlight the value of using a REALTOR® won a silver medal from the Canadian Public Relations Society (CPRS) recently.

Electronic workshops offered to OREA members

If you’d like to take some professional development on leadership but are short on time or travel funds, a new eWorkshop format may be right for you.

Call volume up over last year

The volume of phone calls into the Customer Service Centre at OREA is up about 11 per cent over the same quarter last year, according to recent figures.

Motorcycle ride for charity leaves from OREA

Registration is now taking place for the Motorcycle Ride for Charity organized by the REALTORS Care Foundation.

RECO online transfers and terminations

The Real Estate Council of Ontario has launched a new service that allows online transfers and terminations.

OREA achieves national green status

May 6, 2012

The Ontario Real Estate Association has been awarded a prestigious national designation for outstanding environmental efforts.

Ask questions about UFFI in real estate transactions

Although the number of homes containing UFFI (urea formaldehyde foam insulation) has declined greatly in recent years, many real estate documents still take into account the existence of this controversial substance.

On the Markets: Optimism over economy declines, says survey

Ontarians were among the most optimistic in the country about the national economy two years ago, but their outlook has been sliding and they are now among the least optimistic, according to a recent survey.

Check water damage coverage, IBC urges

With warmer-than-normal temperatures occurring in many regions over the past winter, the Insurance Bureau of Canada (IBC) is encouraging Canadians to ensure that they have adequate water damage protection on their home insurance policies.

Market Watch: Continued higher house prices predicted

Ontario’s economic prospects for the next three years include moderate growth and continued high unemployment as government spending is cut and businesses expand carefully.

RECO Decision: Early birds break the rules

Legal beat: telephone discussion not an agreement, judge rules.

In this case, a REALTOR® sued for $1.25 million for commission related to undeveloped land sold for $29 million following the death of a farmer and landowner.

Annual report distributed around Ontario

The new annual report of the Ontario Real Estate Association has been published and distributed to real estate boards across the province.

Motorcycle ride for charity in July

Oreapedia adds new topic.

A new topic, Respect Client Relationships, has now been posted to OREApedia.

Fans of Facebook

More than 2,500 people now “like” the OREA Real Estate College Facebook page, the college reported.

Do your homework when choosing a mover

April 3, 2012

For some consumers, the most daunting aspect of the buying or selling process is the move itself.

Tapping into a trillion dollar boomer market

The baby boomers are flexing their demographic muscle once again.

New website dedicated to commercial title insurance

Canada’s largest insurer of commercial titles, First Canadian Title, recently launched a website designed specifically for the commercial real estate market.

Market Watch: Steady as she goes in year ahead

Housing markets are expected to remain steady in 2012 and 2013, according to the latest Canada Mortgage and Housing Corporation (CMHC) Housing Market Outlook.

Legal Beat: Trans-Atlantic meeting leads to lawsuit

The original meeting took place in England, where an Ontario real estate professional was participating in an emigration fair.

New board of directors at OREA

A new board of directors was installed for 2012 at the annual OREA leadership conference in Toronto.

Change of address for RECO

The Real Estate Council of Ontario (RECO) has moved office locations, as of March 26.

RECO candidates invited to OREA area meetings

Candidates running for a seat on the RECO board of directors are invited to attend an upcoming OREA area meeting.

The ABCs of prospecting techniques

March 4, 2012

In Glengarry Glen Ross, a movie based on the play by David Mamet, motivational salesperson Blake confronts the employees of a Chicago real estate office about their less than stellar performances.

OREA celebrates 90th anniversary

Back in 1922, a loaf of bread cost 12 cents and a pound of butter set you back about 70 cents.

Wired Office: Google+ your business

A few months ago, here in the Wired Office column in REALTOR® EDGE, you read about Google+, which is yet another social media platform that enables people to connect on the Web.

Land and development conference in May

Learn about development strategies, challenges, opportunities and risks as well as where land values in the Greater Golden Horseshoe are heading at the Real Estate Forum’s Land and Development Conference on May 1 at the Metro Toronto Convention Centre.

Market Watch: Price correction unlikely: report

House prices are expected to continuing going up across the country despite some high-profile reports to the contrary, a new survey reports.

Young Professionals Network invites members of all ages

More than eight out of 10 REALTORS® in the province are 40 years of age or older, according to a recent survey by the Ontario Real Estate Association.

Legal Beat: Advertising should be current and reflect reality

The developer in this Alberta case marketed land that was not yet subdivided.

Call for RECO board nominations

Members of the Real Estate Council of Ontario who are interested in serving on its 2012 board of directors are required to submit their nomination forms by Monday, April 2 no later than 2:00 p.m.

New price index launched by CREA

The Canadian Real Estate Association has launched the MLS® Home Price Index, in partnership with: the Toronto Real Estate Board, Real Estate Board of Greater Vancouver, Fraser Valley Real Estate Board,

Leadership education ranked outstanding

The OREA Centre for Leadership Development is the only one of its kind in North America, providing comprehensive, phased-in training to volunteer association leaders.

Slow seasons in real estate call for business plan

February 7, 2012

It’s a field known for seasonal ups and downs and market shifts.

Holdover clause is an ounce of prevention

Although many OREA standard clauses are designed to protect your clients, the holdover clause in a listing agreement was specifically created to protect REALTORS® by ensuring that you receive the commission you’ve earned if a house sells.

Conference focuses on going green

The Real Estate Forum’s Green Real Estate conference will examine the economics, benefits and value of green buildings.

Market Watch: Stable resale market predicted

Ontario housing demand is expected to slow in the coming months due to fewer first-time buyers and a modest pace in economic and job growth, says a recent CMHC report.

On the Markets: Retiring baby boomers may generate activity

Forty per cent of baby boomers in Ontario plan to move for their retirement, but many are waiting to sell their homes in the hope that values will increase, according to a recent report.

RECO: Registrant fails to check status of listing

The following decision from RECO Discipline and Appeals Hearings has been condensed. All names have been changed.

Legal Beat: Case illustrates how not to represent a buyer

This case involved the sale of a Niagara Falls motel. The registrant, Neelam Bhalla and her brokerage, Sutton Group Results, acted in a multiple representation (dual agency) situation in the sale of the motel by Surma, the seller, to the buyers.

Donation to human rights museum

Ontario REALTORS® have made a significant contribution to human rights with a donation of $55,000 to the Canadian Museum of Human Rights in Winnipeg, Manitoba.

Assembly Meeting open to members

All members are invited to attend the OREA Annual Assembly Meeting on Wednesday, February 29 at Toronto’s Sheraton Centre Hotel, 123 Queen Street West.

Foundation Meeting open to members

Immediately following the OREA Annual Assembly Meeting (see previous item) on February 29 will be the first REALTORS Care Foundation Annual General Meeting and elections for the foundation board of directors,

Leadership speakers featured at conference

The 2012 OREA Leadership Conference takes place from Feb. 28 to March 1 and features various motivating speakers at the event at Toronto’s Sheraton Centre Hotel.

Whose side are you on anyway? Multiple representation is a complex scenario

January 7, 2012

Representing more than one party in the same deal is a challenging scenario in real estate.

Advertising guidelines simplified by RECO

Issues related to advertising in real estate were among the most common complaints about registrants to the Real Estate Council of Ontario over the past year, according to the council’s 2010-2011 annual report.

New and revised forms for 2012 from OREA

Standard forms produced by the Ontario Real Estate Association play an important role in the day-to-day business of brokers and salespeople across the province.

Legal Beat: Use appropriate forms to avoid litigation

This case raises the issue of whether a real estate brokerage is entitled to a portion of the commission from the listing brokerage after a commercial sale when a Confirmation of Co-operation and Representation (OREA Form 320) has not been signed.

Mortgage broker re-licensing education

Licensed mortgage brokers or agents in Ontario will need to take an approved re-licensing (RE) course in order to renew their licenses by March 31, 2012.

Market Watch: Farmland prices on the rise

Rising agricultural values and tight inventory have pushed the price of Ontario farmland up significantly in the past year, according to RE/MAX Ontario-Atlantic Canada.

Immediately following the OREA Annual Assembly Meeting (see item above) on February 29 will be the first REALTORS Care Foundation Annual General Meeting and elections for the Foundation board of directors, with real estate boards being the voting members.

Become a better salesperson by honing your skills

December 3, 2011

You knew this going in – you need certain skills to be a successful real estate salesperson.

A new and better website at OREA

The Ontario Real Estate Association website has undergone a major renovation.

Wired Office: What to look for in an e-Reader

The wind is howling and the snow is falling. Safe and cozy indoors with a warm fire roaring in the fireplace, you are curled up in your favourite chair, happily reading your… ebook.

Home Ownership Matters campaign a success

The Ontario Real Estate Association hit the campaign trail during this fall’s provincial election with the Home Ownership Matters initiative.

Customer service the focus of accessibility law

Did you know that, as of January 1, 2012, a new law takes effect? The Customer Service Standard of the Accessibility for Ontarians with Disabilities Act (AODA) is part of a goal to make Ontario completely accessible for persons with disabilities by 2025.

Market Watch: Real estate professionals anxious over future

Canadian real estate professionals are increasingly anxious about prospects for the next year, as a sector that has led the country’s economic recovery shows signs of slowing along with the broader world economy.

RCMP launches grow-op strategy

Addresses of Canadian homes containing dismantled marijuana grow-ops will now be listed on the RCMP website as part of the National Grow Initiative.

Legal Beat: Title insurance can be a deal saver

A typical Ontario Agreement of Purchase and Sale (APS) requires that the sellers provide clear title on a property, subject to the stated matters that buyers accept.

OREApedia a terrific resource

January 3, 2011

Fifty-four real estate topics are now posted to OREApedia.

Handling stress in the field of real estate

November 3, 2011

Experiencing stressStiff competition, erratic hours, and an uncertain income are just a few of the reasons that a career in real estate can be stressful.

Reaching an agreement: Learn the essentials of the APS

One of the most important forms used in real estate on a regular basis is the Agreement of Purchase and Sale (APS).

RECO Decision: Marijuana grow-op not disclosed

On the markets: house prices rally due to low rates, stable economy.

The average price of a home in Canada increased between 5.7 and 7.8 per cent in the third quarter of 2011, compared to the previous year, according to a recent Royal LePage report.

LEGAL BEAT: Students in townhouse complex violate family provisions

A North Bay condominium corporation brought an application against the owners of townhouse units to enforce the terms of the declaration and bylaw registered many years ago.

Commercial real estate investment conference

The 2011 Real Estate Forum promises a hard-hitting and information-packed two days.

MARKET WATCH: Canadian real estate outperforms in developed world

Canada’s housing market stands out among developed world nations for its resilience and longevity, according to a recent report by Scotia Economics.

Interested in running for a position on OREA’s 2012 Board of Directors?

In February 2011, the voting members of the REALTORS Care Foundation passed the revised REALTORS Care Foundation Bylaw.

Break out of the mould: Watch for mould and water damage in homes

October 3, 2011

It’s a scenario you dread: You’re showing your clients the home of their dreams. Every room is better than the last and they’re falling in love with the place, when suddenly they recoil in horror and beat a hasty path to the door. The culprit? The harsh spectre of mould.

Doing business under the Do Not Call legislation

In a profession that relies on cold calls and consumer contacts, the national Do Not Call List may seem like an impossible roadblock for real estate professionals.

Ontarians moving more often

Seven out of 10 repeat home buyers in Ontario (71 per cent) are moving to larger or more luxurious homes and many are doing so earlier than originally planned.

MARKET WATCH: Outlook positive for commercial real estate

Canada’s top real estate executives are predicting a bright future for commercial real estate.

ON THE MARKETS: Resale housing market to stabilize by 2012

Fewer buyers and more listings will result in a more balanced resale housing market in Ontario over the next year, according to the third quarter Housing Market Outlook by Canada Mortgage and Housing Corporation (CMHC).

RECO Decision: Tenant had no right to sell

Legal beat: time well spent explaining buyer representation agreements.

A real estate brokerage sued for its commission under a signed Buyer Representation Agreement (BRA).

OREA volunteer leadership training in demand

The leadership training that has been developed by the OREA Centre for Leadership Development is in demand from other outside organizations.

“Like” us on Facebook

More than 2,000 people “like” the OREA Real Estate College Facebook page.

OREA leader elected chair of CSAE

Ed Barisa, chief executive officer of the Ontario Real Estate Association, was elected chair of the Canadian Society of Association Executives (CSAE) at the society’s annual conference in Saskatoon in September.

Emotions can hinder sale of matrimonial home after a marriage breakdown

September 1, 2011

You’ll encounter many different situations over the course of your real estate career, but one that can be particularly tricky is the sale of a matrimonial home following a marriage breakdown.

You’ve got mail: New clause offers added choice for electronic transmission

Sending documents by email and through the internet is becoming increasingly common in business, including real estate.

Energy retrofit program renewed

The federal government has renewed the popular ecoENERGY Retrofit - Homes program. Until March 31, 2012, homeowners can receive grants up to $5,000 to make their homes more energy-efficient and save energy costs

MARKET WATCH: More moderate housing market predicted

An unusually rapid recovery in the Canadian housing market played an important role in ensuring that Canada’s recession, although sharp, was also short, according to Bank of Canada Governor Mark Carney.

WIRED OFFICE: Why all the fuss over Google+?

Google has recently launched a new social media platform called Google+ (plus).

RECO Decision: Buyer faces host of problems with basement apartment

The following decision from RECO Discipline and Appeals Hearings has been condensed and all individual and corporate names have been changed.

LEGAL BEAT by Merv Burgard: Shedding light on storage facility’s lakeside location

An unexpected municipal work order required the sellers to move a lakeside storage shed away from the shoreline.

Charity motorcycle ride a success

This year’s Motorcycle Ride for Charity was a great success, with organizers anticipating that funds raised to support the REALTORS CARE Foundation may total more than $50,000 once all pledges are in.

OREA embraces social media

The Ontario Real Estate Association is at the forefront of new technologies by strategically developing a dynamic social media presence.

Let’s make a deal: Offers, counter-offers and the acceptance of offers

July 1, 2011

Success in real estate – as in hockey – is all about playing your best and maximizing your strengths to try to beat your opponents.

Working the farm: Prospecting and farming skills are vital for new salespeople

You’ve finished your real estate courses and you’re eager to get started, but how can you build a client base to grow your business?

Future of green building is focus of conference

The green building market is booming and is expected to reach $173.5 billion (U.S.) by 2015.

MARKET WATCH: Housing market drives economic optimism

Although Canadians are still coping with the recession’s effects, they feel more optimistic about their personal finances and the housing market is playing a key role, a survey in Consumerology Report reveals.

ON THE MARKETS: Buyers bullish on recreational properties

Warmer weather often turns people’s thoughts to getting away from it all, and a recent survey reveals that many Ontarians love their cottages.

RECO Decision: Restaurant listing never posted into system

The following decision from RECO Discipline and Appeals Hearings has been condensed. All individual and corporate names have been changed.

LEGAL BEAT: Do your homework on owner’s equity before listing property

When you meet your sellers, go over their financial position and ask some basic questions and confirm their answers. Here are some suggested questions to ask them before listing.

OREA blog launched

A new and exciting way to shop for tools to help you in your career is now available to students and members of the Ontario Real Estate Association.

College develops online store for students and members

Online exam option.

The OREA Real Estate College has introduced an online exam option for both the admissions test and the examination for the first pre-registration course, Real Estate as a Professional Career.

Buyer Representation Agreements: Make sure buyers understand what they’re signing

June 1, 2011

The most common complaint to the Real Estate Council of Ontario (RECO) is from consumers who say they didn’t understand what they were signing when they entered into a Buyer Representation Agreement.

RECO revises website

A new website design has recently been launched by The Real Estate Council of Ontario (RECO).

MARKET WATCH: Conventional mortgages still popular

Canadians are surprisingly conservative on the mortgage front despite a decade of low interest rates, according to a survey commissioned by ING DIRECT.

Advertising in real estate: Beware of pitfalls and know the rules

Advertising can be a powerful tool to attract potential clients, whether it’s through flyers, newspaper ads, billboards or blogs.

WIRED OFFICE: Secret codes or marketing tool Have you seen any white squares containing black dots and geometric lines lately?

Materializing with increasing frequency in magazines and on flyers, business cards, billboard ads and websites, these boxes with funky designs are known as Quick Response or QR codes.

LEGAL BEAT: Clients can and do make all kinds of claims after a loss

The buyer sued the sellers, the home inspector and her REALTOR® after water infiltration and basement flooding occurred in her Saskatchewan home.

Student handbook available online

A revised online version of Your Career in Real Estate: A Student Handbook has recently been released by the OREA Real Estate College.

Motorcycle ride stops at various boards

Pledge forms are still available for the Motorcycle Ride for Charity organized by the REALTORS Care Foundation.

Campaign College focuses on election

Members of the Ontario Real Estate Association from across the province came to Toronto in April for Campaign College, which took place over two days and gave members the tools and information they need to prepare for this fall’s provincial election.

Multiple choice, multiple opportunities: Helping your clients deal with multiple offers

May 4, 2011

In a seller’s market, multiple offers are common, but they can also happen in a balanced or buyer’s market.

New salespeople advised to hit the ground running for real estate success

Ask any REALTOR® to recall their first day on the job and most will tell you it was overwhelming.

Old woman in the shoe ad promotes REALTORS®

A television commercial featuring a modern day retelling of the Mother Goose fable of The Old Woman Who Lived in a Shoe is the latest addition to CREA’s national ad campaign.

MARKET WATCH: First-time buyers strive to get ahead of higher interest rates

Driven by the potential of higher interest rates in the future, first-time buyers are contributing to a strong upward momentum in residential housing markets across the country, according to a recent RE/MAX report.

ON THE MARKETS: Ontario economy set to grow in 2011

Ontario’s economy has picked up and posted its best performance since 2002, according to the latest Provincial Economic Outlook report by RBC Economics.

RECO Decision: Registrant fined for falsifying documents

Legal beat: license to sell - registration protects public by supervising mortgage brokers.

Mr. Guido and his company worked to assist people with marketing and financing.

OREA News: Volunteerism awards recognize outstanding contributions

The efforts of volunteers were recognized at the 2011 OREA Annual Conference at Toronto’s Westin Harbour Castle Hotel.

Motorcycle Ride for charity takes place in July

Registration and pledge forms are now available for the Motorcycle Ride for Charity organized by the REALTORS Care™ Foundation.

Show me the money: The fate of the deposit if the deal falls through

April 1, 2011

You’ve worked hard to seal the deal and to get the buyer and seller to come to an agreement. But what happens to the deposit if the deal fails to close?

Video on home buying and HST released by OREA and provincial government

A video that explains to prospective buyers the facts about the Harmonized Sales Tax (HST) and the housing market was recently released by the Ontario Real Estate Association (OREA) and the provincial government.

Land and development conference coming up

Find out which market factors and dynamics are affecting land acquisition and development in the Greater Golden Horseshoe (GGH) at the 2011 Land and Development Conference on May 5 at the Metro Toronto Convention Centre.

MARKET WATCH: Improved housing sales predicted

Canadian home sales for 2011 are expected to be better than previously predicted, thanks to improving consumer confidence which will partly offset the anticipated negative impact of interest rate hikes, The Canadian Real Estate Association (CREA) reports.

WIRED OFFICE: Personal branding - What it is and why it’s important

Lately, a new term has crept into business lingo -- “personal branding.” According to Wikipedia, personal branding is “the process whereby people and their careers are marked as brands.

RECO Decision: Registrant fails to disclose financial interest in property

Legal beat: what’s in a name get personal signature on buyer representation agreement.

The buyer and the REALTOR® had maintained a casual friendship and occasional business relationship for 15 years before the events that occurred leading to this action.

The OREA 2011 Annual Conference at Toronto’s Westin Harbour Castle Hotel in March was a great success.

Campaign College focuses on provincial election

OREA staff members are busy finalizing the details for the 2011 OREA Campaign College scheduled to take place April 18 and 19 at the Sutton Place Hotel in downtown Toronto.

Jam with a Past President

Once again this year, the REALTORS Care™ Foundation has organized a Jam with a Past President event. Brian Walker, OREA’S President in 2007, hosts the annual event, which will be held during Campaign College (see item above).

March 1, 2011

The February issue of REALTOR® EDGE contained incorrect information in an article about power of sale.

Fascination with history plays role in appeal of heritage properties

Although Henry Ford famously remarked that “history is bunk,” people with a love of all things historical would disagree with the renowned automaker.

The price is right: Learning to price properties with confidence

Accurately pricing a property and listing it reasonably close to market value so that it’s not overpriced is an important aspect of a REALTOR®’s job.

New real estate mobile app launched by CIBC

CIBC recently introduced the Home Advisor App to give home buyers access to helpful information, tools, and advice right from their iPhone or BlackBerry while they’re out house hunting.

MARKET WATCH: Survey uncovers trends among single home buyers

Although conventional wisdom suggests that most singles would rather live in an urban setting, a survey conducted by Coldwell Banker revealed that the majority of single homeowners (52 per cent) chose suburbia.

ON THE MARKETS: Canadian resale market to have a soft landing in 2011

Fears of a U.S.-style housing crash in Canada were unfounded and the resale market in this country has landed safely, according to a recent report by TD Economics.

RECO Case: Buyer’s experience dampened by water leakage and undisclosed multiple representation

The following decision has been condensed from RECO Complaints, Compliance and Discipline Hearings and Appeals. All names have been changed.

LEGAL BEAT: Fixture or chattel? Arguments focus on status of motel sign

A large commercial sign situated on a piece of property in western Ontario is at the centre of this dispute.

Volunteer now and make a difference

Joining a committee or task force at OREA is a great way to serve your profession while enhancing your leadership skills.

Call for nominations for RECO 2011 election of directors

Members of the Real Estate Council of Ontario who are interested in serving on its board of directors are required to submit their nomination forms no later than 2:00 p.m. on Friday, April 1.

Campaign College advances real estate issues during election

To prepare member boards and associations to advance REALTOR® issues during provincial election years, OREA is hosting a two-day Campaign College.

Power of sale property must sell in “as is” condition

February 1, 2011

First you see that the lawn has not been cut and the weeds are taking over. Then you notice that the newspapers and mail are piling up on the front porch. The windows look dirty, and the house looks forlorn and neglected.

Vision for future of real estate technology unveiled

Giving a competitive edge to REALTORS® is the goal of several new technology innovations being developed by the Canadian Real Estate Association’s MLS® and Technology Council (MTC).

Growth of social media in U.S. real estate shown

Eighty per cent of REALTORS® in the United States use social media, according to the National Association of REALTORS® (NAR) technology survey for 2010.

MARKET WATCH: Strong housing market predicted for early 2011

News of a strengthening economy and low interest rates may result in a stronger-than-expected housing market for early 2011.

WIRED OFFICE: Etiquette on the web: Always be polite

Canadians are enthusiastic users of the internet. Perhaps the long, cold winters push us towards our internet interfaces.

RECO Case: Failure to disclose commission agreement proves costly

The following decision has been condensed from RECO Complaints, Compliance and Discipline Hearings and Appeals. All names of individuals, brokerages and other businesses have been changed.

LEGAL BEAT by Mervin Burgard: Deal not dead if parties agree to another document

The buyer signed an Agreement of Purchase and Sale (APS) for a pre-sale unconstructed condominium unit that she wished to own. The document contained a condition that stated:

OREA Annual Assembly Meeting open to members

New mobile application for hand-held house hunting.

A mobile application of REALTOR.ca for Windows® Phone 7 is now available to help consumers check out houses while they’re on the go, CREA announced.

MARKET WATCH: More balanced 2011 market predicted for homes

The market for resale homes in Canada was firmer for a third straight month in October 2010, suggesting a soft landing for the once red-hot sector and stable market conditions for the next two years, according to industry reports.

Uncertain forecast for commercial markets in 2011

Wishing they had a crystal ball, many commercial real estate experts expressed uncertainty about 2011 market prospects in the North American and global economies at the Annual Global Property Market and Toronto Real Estate Forum.

New year’s sales tips from the experts

The new year often inspires people to make a fresh start, spurring a rush to the self-help section of bookstores everywhere.

ON THE MARKETS: Canadians wary of household debt risks

Canadians are very cognizant of the dangers of excessive debt leverage, according to a special report by Scotia Economics.

RECO Case: Unsuspecting buyers get less than they bargained for

The following decision from RECO Complaints, Compliance and Discipline Appeals has been condensed.

LEGAL BEAT by Mervin Burgard: Disclose the fact that suicide took place

A question was asked about whether a builder was obligated to disclose to a buyer that an intruder broke into a house and committed suicide just before the sale closed.

OREA NEWS: OREA Annual Assembly Meeting open to members

All OREA members are invited to attend the Annual Assembly Meeting on Wednesday, March 2, 2011 at the Westin Harbour Castle Hotel in Toronto.

OREA office applying for LEED status

The Ontario Real Estate Association has applied to the Canada Green Building Council for LEED status for its renovated headquarters in Don Mills.

Looking for volunteer leaders

Two new topics posted to oreapedia.

REALTORS® can check out the two new topics posted to OREApedia recently.

Podcast offers tips for home staging

December 12, 2010

BMO (Bank of Montreal) has added the Happy Homeowner to its First-Time Homebuyers series of podcasts.

MARKET WATCH: Nine-in-ten Ontario boomers plan to downsize

For their next move, Ontario boomers are looking to downsize to smaller homes.

What does the CREA competition consent agreement mean to REALTORS®?

Now that an agreement has been reached between CREA and the Commissioner of Competition does that mean the public can list properties on the MLS® System? Not without a REALTOR® they can’t.

Over half of Ontarians confused about HST and resale homes

A full 56 percent of Ontarians mistakenly believe that the new Harmonized Sales Tax (HST) applies to the full purchase price of a resale home, according to an Ipsos Reid survey commissioned by the Ontario Real Estate Association (OREA).

WIRED OFFICE: iPads and PlayBooks and Slates, oh my!

With the holiday season coming there has been much ado about a new breed of technology currently being referred to as the digital tablet.

REALTOR® trademark is a valuable asset

One of the benefits of being a member of organized real estate is the right to call yourself a REALTOR®.

LEGAL BEAT: Take care when drafting exclusions

The sellers had serious legal disputes with their neighbours Ms. Belzberg and Mr. Knechtel about restrictive covenants. That went to court and the sellers lost.

Looking for leaders

If you’ve ever thought of serving your profession, why not sign up for an OREA committee?

Public Career Night a success

The first-ever educational open house aimed at promoting real estate as a career was a great success for the OREA Real Estate College.

Leadership courses presented at NAR conference in U.S.

At a recent meeting of the National Association of Realtors (NAR) in New Orleans, two volunteer leadership training courses developed by the OREA Centre for Leadership Development were presented to participants at the U.S. meeting on request from the Americans.

TD targets young Canadians with online budgeting tools

November 12, 2010

In a recent TD Poll, which compared investment attitudes of Gen X (born between 1965 and 1976) and Gen Y (born after 1980), Gen Xers said saving more each month, paying off debt, and opening an RSP are the top financial decisions they would make differently if they were 25 again.

MARKET WATCH: Canadian Housing activity hit $307 billion

The value of housing activity related to new home construction, as well as the rental, sale and renovation of existing homes in Canada reached $307 billion in 2009, or more than one-fifth of Canada’s total gross domestic product, according to Canada Mortgage and Housing Corporation’s (CMHC) latest Canadian Housing Observer report.

Many OREA Standard Forms revised for 2011

A new Seller Commission Agreement form will help protect the commission of co-operating brokers in situations where they are dealing directly with the seller. This new form was created for 2011 and a large number of existing forms have been revised.

New financial tools available to help REALTORS® help clients

REALTORS® have the opportunity to help first time home buyers make their dream of home ownership come true.

ON THE MARKETS: Ontario's economic confidence and housing affordability slide

Ontarian's economic confidence slipped 18 points (from 97 to 79 points) over the previous quarter, the highest of all regions across Canada -- according to the latest RBC Canadian Consumer Outlook. Just 57 per cent of Ontarians believe the state of the economy is good, down nine points from June and compared to 60 per cent nationally.

RECO Case – The price is right

The following RECO Complaints, Compliance and Discipline Appeals decision has been condensed and can be viewed in its entirety on the RECO website at www.reco.on.ca.

LEGAL BEAT: Consider tax allocation for tenants

This case concerns the interpretation of a commercial lease. It asks how the contribution the tenant is to make in respect of property taxes is to be calculated.

Stay current and connected

The OREA Real Estate College has launched two new initiatives to help you stay up-to-date with College news and events.

Calling all candidates!

Interested in running for a position on OREA’s 2011 Board of Directors?

Mandatory home energy audits stopped

October 10, 2010

The Ministry of Energy has decided not to proceed with plans to introduce mandatory home energy audits on real estate transactions.

MARKET WATCH: Survey shows consumers confused about HST

A recent survey by Royal LePage shows that consumers in Ontario and British Columbia have misconceptions about how the Harmonized Sales Tax (HST) affects real estate transactions.

Bubble or no bubble? Two studies show conflicting opinions

Is the Canadian real estate market in a bubble about to burst or not?

REALTORS® have a duty to disclose defects

Basement flooding, cracks in the foundation, mould – what do sellers need to disclose and what do REALTORS® need to find out?

WIRED OFFICE Which smart phone is best for you?

Gone are the days of sitting around in your office waiting for an important call or for that essential email to arrive.

Learn how to stay safe on the job

Real estate is definitely a people business and, as a REALTOR® you meet lots of people on the job.

LEGAL BEAT: Material defect costs commission on 1.2 million dollar deal

The buyer sees a house in Carlisle, Ontario that meets his needs.

Shop for courses 24/7

Enrolling in OREA Real Estate College courses is a whole lot easier thanks to the “web self-serve” functionality on the www.orea.com website.

OREA Government Relations department wins CSAE Award

For its successful campaign against the Ontario government’s proposed mandatory energy audits, OREA was awarded the CSAE’s 2010 Associations Make a Better Canada Award in the Public Affairs/Government Relations category.

OREA celebrates excellence in customer service

At the Ontario Real Estate Association (OREA) we are proud to be participating in National Customer Service Week (October 4 - 8, 2010), and wanted to take this opportunity to thank you for being a "customer" of OREA. We value and appreciate your business.

Commercial real estate sustainable?

September 10, 2010

A new report finds the Canadian commercial real estate industry is playing catch-up with respect to environmental, social and governance (ESG) issues when compared to international peers.

MARKET WATCH: Homeowners are more financially fit

Homeowners are in the best shape when it comes to financial fitness in Canada. Sixty five per cent of homeowners pay off their credit card balances each month, vs. 48 per cent of non-homeowners.

Clauses should clarify terms of agreement between buyer and seller

Get it in writing…and get it right. A good clause in an Agreement of Purchase and Sale (APS) exists to make sure that the requests of both parties are accurately reflected.

“My REALTOR® had all the answers”

A new television commercial promoting the value of REALTORS® began airing across Canada at the end of August.

ON THE MARKETS: Lending rate hike won’t greatly impact real estate market

When the Bank of Canada (B of C) raised its overnight lending rate by 25 basis points in July, it sent fear into the hearts of many would be home buyers.

RECO Decision: Stolen identity, misrepresentation punished

The following RECO Discipline decision has been condensed and can be viewed in its entirety on the RECO website at www.reco.on.ca.

LEGAL BEAT: How to save your client’s money

I act for a builder buying several lots from a developer on which individual homes will be built.

Real Estate as a Professional Career is now offered in class

The OREA Real Estate College now offers the classroom method of course delivery for Real Estate as a Professional Career, the introductory course to The Salesperson Registration Education Program.

Defects and the Importance of Disclosure

Knowing the types of defects to look for and what information needs to be disclosed to your clients is part of the REALTOR®’s duty.

Be the REALTOR® every client wants

A new one-credit, online, CE course, Be the REALTOR® Every Client Wants, is now available!

RECO elects directors

August 10, 2010

Following the Real Estate Council of Ontario’s Annual Meeting in June, the Board of Directors elected George Lavallee as Chair and Keith Tarswell as Vice-Chair for 2010 – 2011.

MARKET WATCH: Housing activity will stabilize

Housing starts rebounded in the second half of 2009 and early 2010 and will stabilize over the next two years, according to Canada Mortgage and Housing Corporation’s (CMHC) second quarter Housing Market Outlook Canada Edition.

Expand your knowledge of clauses and conditions

Real estate transactions are loaded with issues that require carefully worded clauses and conditions to keep the deal on track. OREA Standard Clauses are used by members on a daily basis.

Dealing with the complaints process

What if a complaint is filed against you with the Registrar? What can you expect? How long is the process going to take?

WIRED OFFICE: Privacy and Social Media

Conduct an internet search on yourself by entering your name in a search engine (e.g., Google, Bing, etc.).

RECO Decision: REALTOR® fails to include all owners in listing agreement

Legal beat: power of sale.

The lender started Ontario Power of Sale proceedings and sued the mortgagor-owner who defended on several grounds. None were found in the owner's favour.

OREA exam replaces CAAT for admissions

Applicants to OREA’s Salesperson Registration Education Program can now write the OREA Real Estate College’s own real-estate focused Admissions Test to comply with the Private Career Colleges Act, 2005 mandated ‘Grade 12 or equivalent’ admissions requirement to our program.

Perceived viability of real estate industry shifts: survey

More brokers today feel that the viability of the real estate industry is in jeopardy, according to the 2010 Broker Viability study.

Homeowner emergency response plan starts

June 16, 2010

Residents and businesses in disaster-stricken communities across Ontario will be able to recover and rebuild more quickly, thanks to a plan launched in May by the Ontario Association of Fire Chiefs and The Home Depot Canada.

MARKET WATCH: First time buyers willing to pay more for location

A Bank of Montreal (BMO) survey released in April says among current homeowners and future first-time homeowners, location is the main reason they would consider offering more than the asking price for a home.

Applying the HST: REALTOR®tips

The new harmonized sales tax (HST) takes effect July 1st. Ontario REALTORS® need to prepare for the changes now.

RECO can no longer obtain criminal record checks

To become registered or renew registration with the Real Estate Council of Ontario (RECO), applicants not only have to have the appropriate real estate education, they must also be able to prove financial fitness and disclose any criminal charges against them.

ON THE MARKETS: Canadian economy’s growth will slow

Almost halfway through the year and the recovery in the Canadian economy is strong, but to what extent is this recovery the real thing and to what extent is it sustainable at the current rate?

Real estate brokerages need a plan to ensure a safe and healthy workplace to protect workers

Bill 168, Ontario’s new workplace violence and harassment legislation, will require every real estate brokerage to take specific steps to comply with the new law which comes into effect on June 15, 2010.

LEGAL BEAT: Standard form saves commission

The brokerage sued their buyer client for $21,774.50 under an Ontario Buyer Representation Agreement (BRA).

Timeline reminders

The OREA Real Estate College has started two campaigns to remind students of the time restrictions for completion of the Salesperson Registration Education Program.

REALTORS® ride to help provide shelter

Show your support for the REALTORS Care Foundation’s fifth annual REALTOR® ride for charity, a motorcycle ride in support of shelter-related charities.

No new applicants for ecoENERGY program

May 5, 2010

Effective March 31, 2010, the ecoENERGY Retrofit program that provided grants of up to $5,000 to Canadians who make their homes more energy efficient, stopped accepting new bookings for pre-retrofit evaluations.

MARKET WATCH: Mortgage rates on the rise

Canada’s big five banks have begun raising rates on certain fixed mortgages, including the benchmark five-year mortgage.

OREApedia helps members find information quickly

Quick and easy access to the vast amount of information on the OREA website is now possible through a feature called OREApedia.

New enrolment requirements for OREA Real Estate College

OREA was recently registered as a Private Career College under the Private Career Colleges Act, 2005 (PCCA).

WIRED OFFICE: Getting the most from your Search

Searching on the internet has become an integral part of our lives. There is an infinite amount of information sitting just a few keystrokes/mouse clicks/touch and presses away.

CREA clarifies MLS® Rules in response to competition concerns

CREA has changed its MLS&reg; rules to clarify that the nature of services to be provided to the seller or buyer is a matter of agreement between the REALTOR&reg; and his or her client or customer.

LEGAL BEAT: Can you live with the rules?

The condo unit owners installed two satellite dishes on the patio of their unit which the condominium corporation said were contrary to the Declaration, Bylaws and Rules.

OREA Real Estate College guarantees course dates

In an effort to assist students and registrants in planning their course schedules for 2010 and meet their timelines to complete required courses, the OREA Real Estate College introduced a schedule of ‘Guaranteed Course Dates’.

Ontario budget: little help for real estate

The Ontario 2010 budget was highlighted by a large provincial deficit and little in the way of help for the provincial real estate industry.

Conference focuses on land, development

April 5, 2010

The Real Estate Forum’s 2010 Land & Development Conference will offer insights on trends and strategies for land acquisitions and development in the Greater Golden Horseshoe as well as speculate on where land values are heading for 2010 and beyond.

MARKET WATCH: Housing starts trend upward for 2010

Housing starts rebounded in the second half of 2009 and will strengthen in 2010, according to Canada Mortgage and Housing Corporation's (CMHC) first quarter Housing Market Outlook, Canada Edition.

Learn how to spot structural deficiencies in homes

What should be one of the happiest moments in a person's life can sometimes be spoiled by the discovery of structural defects that were unknown or undisclosed at the time of purchase.

Social media’s a natural fit for REALTORS®

“REALTORS®are people people so the opportunities available to you through social media are tremendous.”

Canadians feel a home is key to retirement: poll

Home buying momentum in Canada continues to gain steam.

RECO Decision: Disclose terms when offer is presented

The following RECO Discipline Hearing decision has been condensed and can be viewed in its entirety on the RECO website at www.reco.on.ca.

LEGAL BEAT: Judge turns up the heat

When the buyer took possession of his Winnipeg house, he found that the space heaters had been removed, and the pipes were frozen.

Nominations swell for Volunteerism Awards

Karen Shartun of the Kitchener-Waterloo Real Estate Board was awarded the OREA Volunteerism Award for an Individual, presented at the 2010 OREA Annual Conference.

ExamTutor© 2 study guide available

ExamTutor© 2 CD-ROM is now available to students taking the Articling Segment and Real Estate Broker Courses, including Real Property Law, Real Estate Investment Analysis, Principles of Appraisal, Principles of Mortgage Financing, Principles of Property Management and the Real Estate Broker Course.

REALTOR® ride helps provide shelter

The Brampton Real Estate Board is once again hosting the REALTORS Care Foundation annual charity motorcycle ride, from July 7th to 10th, 2010.

OREA podcasts available on OREA website

Interviews with speakers from the recent leadership conference can now be heard on the OREA website.

REALpac releases office green lease guide

March 8, 2010

The Real Property Association of Canada (REALpac) has developed a Green Lease Guide for Commercial Office Tenants.

MARKET WATCH: Consumer confidence hits two year high

The Index of Consumer Confidence rose 13.8 percentage points in January to a 23-month high, according to the Conference Board of Canada’s latest Index of Consumer Confidence.

Make the most of green upgrades

As energy conservation becomes more of a concern for both government and consumers, REALTORS® can better serve their clients by knowing more about heating system upgrades and government grant programs for them.

REALTORS® welcome EI benefits for self-employed Canadians

Self-employed REALTORS® can now participate in the Employment Insurance (EI) program, CREA, the Minister of Human Resources and Skills Development and the Minister of State for Small Business and Tourism announced on February 1.

Mortgage brokers and agents licences up for renewal

More than 1,300 real estate brokers and sales representatives met the requirements to be licensed as mortgage brokerages, brokers or agents under the new Mortgage Brokerages, Lenders and Administrators Act, 2006 (the Act).

WIRED OFFICE: Should you upgrade to Windows 7?

By now, you’ve probably heard some mention of Microsoft’s new operating system known as Windows 7. Released in late October 2009, most new PCs now come with Windows 7 pre-loaded.

Get to know MTO policies for real estate signage

REALTORS® working with properties that enter onto public highways in Ontario need to be aware of guidelines for entrance permits as well as real estate signage.

LEGAL BEAT: Conduct can create agency relationship

The buyer used REALTOR® “S” to look for a condominium unit but refused to sign a Buyer Representation Agreement (BRA).

Errors and omissions new course starts

Risk Management Strategies for Errors and Omissions Insurance is a new six-credit course designed to help real estate professionals understand terms used in errors and omissions insurance policies.

OREA’s 2010 Annual Conference was made possible by the donation of our generous sponsors.

New online study guide available

Has studying got you stressed? The new passit online study guides are designed to help ease the stress of studying for real estate pre-licensing courses in Ontario.

Teachers buy into mortgage insurance business

February 4, 2010

A private investor group, in which Ontario Teachers’ Pension Plan is the lead sponsor, is set to buy the Canadian mortgage insurance business of American International Group Inc (AIG).

MARKET WATCH: Strong market gains expected to continue through first half of 2010

Canada's residential real estate market is forecast to remain unusually strong through the first half of 2010, according to the Royal LePage Market Survey Forecast and House Price Survey.

“Time is of the essence” when notices given and received

One of the most significant changes made to the OREA 2010 Standard Forms was the revision of the Notices clause in Form 100, the Agreement of Purchase and Sale.

First-time buyers may want rental income but beware restrictions

Many homebuyers consider purchasing a property with an existing or potential for a second suite.

ON THE MARKETS: Economists predict higher interest rates in fall

According to many of Canada’s top economists, higher interest rates – and debt servicing costs – may be just around the corner.

Identifying fraud: use caution, common sense

Mortgage fraud continues to be a major concern for the real estate industry.

LEGAL BEAT: Open use of driveway for 20 years supports easement

Welton owned two lots and sold one. He then built a driveway that both lots could use. The driveway is located on the lot that he sold. He has continued to service and maintain the driveway since 1963. A dispute arose between Welton and the new owners of that lot who had bought it in 1985.

Make a difference; join a committee

Realtor® concerns not reflected in brownfield regulation amendments.

None of the province’s amendments to Ontario’s record of site condition regulation 153/04, released in December, address concerns raised by OREA during the consultation process.

AERO improves offer to REALTORS®

AERO Insurance Brokers has just negotiated a 33 per cent increase on the discount offered to OREA members. As a benefit of OREA membership, you have access to great group rates with two of Canada’s leading insurance companies.

OHBA fears black market due to HST

January 5, 2010

The Ontario Home Builders' Association (OHBA) is asking the provincial and federal governments to implement a permanent renovation tax credit or rebate for homeowners to mitigate the effect of the HST.

MARKET WATCH: Bank of Canada rates hold in 2010: poll

The Bank of Canada will most likely keep its promise to hold the key interest rate at near-zero levels through the second quarter of 2010 according to a recent Reuters poll of Canada's primary securities dealers.

Nurture those online leads

Most REALTORS® say referrals and repeat business are their main source of business leads. However, according to the National Association of REALTORS® (NAR) Technology Survey, 53 per cent of respondents feel the Internet is very important to generating leads.

Real estate reality show pulled

CREA successfully won its recent battle to have “Realtor vs. Realtor”, a Canadian real estate reality TV series, taken off the air.

What is a Heritage Property?

In past EDGE articles we’ve learned how to price heritage properties and that a number of Ontario municipalities have initiated programs to provide tax relief, grants and loans to heritage property owners. But how do you identify one?

WIRED OFFICE: GeoWarehouse® introduces online store

Teranet has launched the GeoWarehouse Store to assist REALTORS® in helping their clients make more informed real estate decisions.

OREA main office now a green building

OREA held a grand opening and ribbon cutting ceremony in December to celebrate the completion of the green building renovations to the Duncan Mills office.

LEGAL BEAT: PCDS/SPIS not a warranty

The buyers bought a house in Saskatchewan and received the seller's Property Condition Disclosure Statement (PCDS) that indicated there were no unrepaired roof leaks or moisture or water problems in the house, but also stated that there were previous backyard drainage problems which had been repaired to the best of his knowledge.

OREA mourns Lee Hoppe

The Ontario Real Estate Associations is sad to report that 1975 OREA President Earl Leroy (Lee) Hoppe passed away on Sunday, November 22, 2009 in Kitchener. He was 78.

REALTOR® efforts could not stop HST

Despite vigorous opposition by OREA and other groups, the Government of Ontario and the Government of Canada have both passed legislation that will implement the Harmonized Sales Tax (HST).

OREA Annual Meeting is open to members

All OREA members are invited to attend the Annual Meeting of the Assembly on Wednesday, March 3, 2010 at the Westin Harbour Castle Hotel in Toronto

Self-employed may soon qualify for EI benefits

December 14, 2009

The Conservative government has introduced a bill to extend Employment Insurance (EI) special benefits, such as maternity and compassionate care leave, to the self-employed for the first time.

Market Watch: Canadian commercial markets better off

Canadian commercial real estate executives feel the real estate markets have moved up meaningfully over the past quarter.

Same agency rules apply for commercial, residential REALTORS®

It used to be the three most important rules in real estate were Location, Location, Location.

REALTORS® and HST on collision course

Although organized real estate is still working to derail it, the HST train seems to be headed straight for us and unlikely to be knocked off track.

ON THE MARKETS: New economy means new ways of doing business for REALTORS®

Four out of ten REALTORS® believe the real estate industry is starting to recover from the economic crisis.

Homebuyers care about sustainability

Energy efficiency makes sense to most homebuyers.

LEGAL BEAT: Use non-competition clause in exceptional circumstances

The insurance brokerage employees had written contracts which contained a restrictive covenant which stipulated that for two years after the termination of employment, they were not to "conduct business with any clients or customers of H. L. Staebler Company Limited that were handled or serviced by you at the date of your termination".

Foundation grants swell in 2009

The realtors care foundation granted nearly $300,000 in 2009..

Feedback from the Broker Viability Task Force research showcase presentations has been very positive.

First time buyers learn mortgage basics

November 13, 2009

Building Blocks, a special series launched last month on the Globe Investor website is geared towards educating young Canadian families about various personal finance topics.

World housing markets recovering

Global real estate markets are showing tentative but growing signs of stabilization, according to the recent Global Real Estate Trends report released by Scotia Economics.

Communication issues spur changes to OREA Standard Forms

Well-written standard forms and clauses help to make the trade in real estate an open and transparent process.

Heritage property owners get tax relief

A number of Ontario municipalities have initiated programs to provide tax relief, grants and loans to heritage property owners.

WIRED OFFICE: Safe disposal of consumer electronics

As consumers, we often want the latest and greatest techie toys with the newest bells and whistles.

RECO decision: Member fails to verify chattels

Legal beat: disclose market value comparables.

The REALTOR® knew that a development property might be for sale and discussed it with the sellers.

Interested in running for a position on OREA’s 2010 Board of Directors?

Quality of Life campaign launched at 2009 OREA Political Affairs Conference

In response to the call from member real estate boards and associations, OREA has developed materials for boards, associations and REALTORS® to use to implement quality of life principles and practices in their day to day business.

Distracted driving law on the horizon

October 13, 2009

Bill 118, banning drivers from using handheld devices while operating a vehicle on the road, will become law on October 26, 2009.

Outlook improves for jobless Canadians

More Canadian employers will be hiring in the October to December period of 2009, according to the latest results of the Manpower Employment Outlook Survey.

Legal Forum hits a milestone!

Got a burning real estate question? Chances are you will find the answer to it on OREA’s online Legal Forum.

REALTOR® ad campaign builds on success

This fall, OREA will be continuing the very successful residential campaign that impresses upon consumers the importance of using a REALTOR®.

Economists optimistic recession is over

The outlook is brightening for the economy in general and the housing industry, specifically, according to some recent reports.

RECO decision: Access to lockbox must be authorized

The following RECO Complaints, Compliance and Discipline Appeals decision has been condensed and can be viewed in its entirety on the RECO Web site at www.reco.on.ca.

LEGAL BEAT: Warranty merged on completion

The sellers sold commercial condominium premises and a business used as a party hall primarily for Hindu wedding receptions.

Take home tutor now available

To better prepare students for Registration Education course examinations, OREA Real Estate College has launched ExamTutor© CD ROMs.

OREA stands up for stronger property rights

Speaking in favour of stronger, better defined property rights, OREA made a presentation in August to the Standing Committee on General Government regarding Bill 173, the Mining Amendment Act.

Conferences report on housing markets

September 8, 2009

CMHC will host five Housing Outlook Conferences in Ontario from November 3 to November 19 tailored to each specific local market.

Ontario home starts down in July

The Ontario preliminary Seasonally Adjusted Annual Rate (SAAR) of home starts across all areas declined to an estimated 39,100 units in July, down from 45,800 units in June, reports the CMHC.

RECO Update course gets an update

REALTORS® need to stay abreast of ever changing issues, laws and regulatory activities in the real estate industry.

Updated pamphlet available on Legal Forum

Receiving a letter from the Registrar indicating a complaint has been filed against you can be very intimidating.

WIRED OFFICE: If you build it, will they come?

You’ve created a great Web site full of information that your clients and potential clients will find useful and interesting.

Don’t let a wet basement douse your deal

With the heavy rainfall in Southern Ontario throughout the spring and summer of 2009, moisture has to be a concern for homeowners and buyers alike.

LEGAL BEAT: Misreading a clause cost buyer $90,000

A property was being developed as a golf course, ran into financial problems and went into receivership.

Get CE credit for Leadership courses

As of this past August, Becoming a Leader, Leadership 200 and Enhancing Leadership Skills, Leadership 300 are now RECO continuing education credited courses.

Revised mentoring kit now available

Salespeople need to know about the properties they are trying to sell and they need to know how to close a real estate transaction.

Make music to make a difference

Back by popular demand, the REALTORS Care Foundation is pleased to announce Jamming with a Past President – Brian Walker and his band – at Stop 33 in the Sutton Place Hotel on Tuesday October 27th, 2009 during the OREA Political Affairs Conference (PAC).

RECO Election results

July 8, 2009

Following the Real Estate Council of Ontario’s Annual Meeting in June, the Board elected Glenda Brindle to serve as Chair and George Lavallee to serve as Vice-Chair.

Market Watch: Study shows there's no place like home

According to Genworth Financial Canada's First-Time Homebuyer's Monitor released in June, 84 per cent of those surveyed said that owning a home goes beyond its financial value and feel that homeownership pays off in more ways than one. First-time homebuyers closely associate financial security and emotional well being with homeownership.

Green homes LEED the way

The trend towards “green real estate” continues to accelerate as homebuyers, sellers and REALTORS® see the benefits of a more environmentally friendly living space.

Everything you need to know about brownfield remediation is on a new Web site

Many of Ontario’s commercial REALTORS® recognize brownfield redevelopment offer business opportunities.

OREA course teaches environmental awareness for real estate

Environmental legislation is extensive and varied. It covers all aspects of the environment, from drinking water protocols to snow removal.

Canadian dollar to again outpace American, economist say

The economy is beginning to respond to stimulus by the Bank of Canada, but Canadians can expect to see a very different economy when the smoke clears.

New exam format gives members and students more feedback

Members in the Course 3, articling or broker courses will have noticed a change in OREA exam format. Members and other students who enroll in a registration education course having a start date on or after April 1, 2009 are writing examinations using an all multiple choice testing format.

Ontario Realty Corp requests proposals

Two opportunities for brokerage services are available from Ontario Realty Corp (ORC).

LEGALBEAT: Be aware of your fiduciary duties

The buyer was led to believe that her unit would have granite countertops in the kitchen and a crawl space with a forced air heating system. As it turned out, it did not.

OREA podcasts now available

Listen to The EDGE, OREA’s new podcast series.

Government implements OREA recommendation on retrofit rebates

The Government of Ontario has adopted an OREA 2009 pre-budget recommendation, increasing the amount of funding available to Ontario homeowners for home energy retrofit rebates under the Home Energy Savings Program.

Keep track of the issues

OREA Government Relations recently updated all our issue summaries which became our Spring Legislative and Regulatory update.

Ontario home starts down in April

June 8, 2009

Ontario home starts moved lower in April. Ontario preliminary Seasonally Adjusted Annual Rate (SAAR) of home starts across all areas declined to 36,300 unit starts, down from 62,600 starts in March.

Market Watch: HST squeezes middle-class homebuyers

A report, titled "Big Hit on GTA Middle-Class Homebuyers with the Ontario Budget's HST Proposals," reveals that middle-class families get hit the hardest by the $800 million tax increase on new homebuyers across the province under the Provincial government's planned harmonized sales tax (HST).

Do your homework ahead of time to protect the deal

Over-leveraged properties can be difficult to sell. If the market won’t support the home’s asking price, it puts the whole transaction in jeopardy – including commission.

Power of sale: What you should know

A power of sale is a forced sale of a property by a mortgagee due to a default of one or more of the mortgagor’s obligations under the mortgage.

WIRED OFFICE: Keep your website simple

Anybody and everybody can have a website. Register a domain, follow a template, and in minutes you can have a website. Having a “good” website takes considerably more thought and effort.

RECO decision: Overly inflated price leads to penalty

Legalbeat: fax cover sheet muddies commission.

The seller listed the property with Re/Max for a year but it did not sell. He then signed a co-listing with LePage and Re/Max for 90 days although the actual listing was in the name of LePage.

Home energy audit bill amended

Concerted effort from OREA and REALTORS® to get the Ontario government to drop the idea of mandatory home energy audits when a home is sold has met with success. Ontario Bill 150, proposing amendments to the Green Energy Act, has been amended to allow buyers to waive the mandatory home energy audit requirement.

Broker viability study findings released

Southern and Eastern Board members (brokers and broker –managers only) will get a chance to hear the results of the Broker Viability Task Force research in June.

Become a “Green Agent”

May 5, 2009

The National Association of Green Agents and Brokers (NAGAB) offers a Greenrealestate™ program leading to the Accredited Green Agent™ and Accredited Green Broker™ (AGA™ & AGB™) designations.

Ontario home starts increase in March

Ontario home starts bucked a three month downward trend in March; preliminary Seasonally Adjusted Annual Rate (SAAR) of urban home starts rose to 60,900 unit starts, up from 45,100 starts in February, according to CMHC.

Electronic registration means easier access, but more responsibility

Technology has dramatically changed the way that real estate transactions are processed and completed in Ontario.

Opposition to sales tax harmonization is strong

The McGuinty governments plan to harmonize the GST and PST is hitting a wall of opposition built by REALTORS®.

Canadians retrench to weather economic crisis

Concerns over the cost of living have led to a bunker mentality among Canadian consumers according to a recent Pollara Strategic Insights survey.

RECO decision: Get buyers consent for advertising

Legalbeat: calculating ltt on a vacant lot.

Do you know how land transfer tax is calculated on the purchase of a vacant lot which is subject to a construction contract?

Registration courses feature e-Books

Students who enroll in courses in the OREA Real Estate College Path to Success real estate program will have access to an electronic workbook, or e-Book. These environmentally friendly e-Books provide students with interactive versions of the course accessible directly from their personal My Portfolio account. Students will also be able to access a PDF of the course providing them with the ability to download to their computers and/or print course material.

REALTORS® ride for shelter related charities

Show your support for the REALTORS Care Foundation’s fourth annual REALTOR® ride for charity, a motorcycle ride in support of shelter-related charities.

Develop skills while having fun

Visit the OREA Cyber Café during REALTOR® QUEST 2009 on May 6th and 7th at the Toronto Congress Centre and enter the draw to win a free iPod Touch!

New homes can be LEED-certified

April 5, 2009

The Canada Green Building Council launched a new green home rating system in March, which it says will provide health and cost benefit and preserves resale value.

Housing activity to slow, BMO says

The Canadian economy is expected to contract about two per cent in 2009, marking the nation's first recession in 17 years, according to the BMO Financial Group.

Tarion amends registration rules for new home “flip”

REALTORS® who deal in new home and condominium sales take heed: there are new provisions for registering vendors with Tarion Warranty Corporation.

Health Canada issues advisory on foam insulation

Urea formaldehyde foam insulation (UFFI) has been sold illegally in Canada. In a consumer advisory, Health Canada says RetroFoam of Canada Incorporated imported and illegally sold RetroFoam insulation.

WIRED OFFICE: What to look for in a digital camera

Digital cameras are still one of the top tools used regularly by REALTORS®. According to the National Association or REALTORS® NAR’s latest member profile, 96 per cent of REALTORS® use a digital camera in their business.

Dealing with difficult to insure properties

The ability to obtain property insurance is a critical component of any real estate transaction.

LEGAL BEAT: Buyer has to keep on trucking

The buyer's agent contacts a seller and asks for a list of permitted uses of the unlisted land zoned "highway commercial." He is given a long list of permitted uses.

Skills training wins board honours

In recognition of its success recruiting and training its volunteers, the Toronto Real Estate Board (TREB) has won the OREA Volunteer Award, presented at the 2009 OREA Annual Conference.

Exam changes take effect April 1, 2009

In conjunction with the new Path to Success in Real Estate program, examination procedures will also be changing for courses beginning after April 1, 2009.

INSIDE EDGE absorbed into REALTOR® EDGE

March 12, 2009

Four times a year, we publish the INSIDE EDGE, with news more related to the work that OREA is doing.

Sales and prices drop in Q4

During the fourth quarter of 2008, Canada's real estate market weakened in both unit sales and house prices, according to a House Price Survey released by Royal LePage Real Estate Services.

Brokerages must have broker of record in place

Under REBBA 2002, each brokerage must have a designated broker of record.

Updated GST guide available on REALTOR Link®

Everything you need to know about the Goods and Services Tax (GST) and how it applies to REALTORS® is contained in the recently updated REALTORS® guide to GST/HST/QST.

ON THE MARKETS: Budget recognizes economic importance of housing to stimulate the economy

The Federal Budget 2009 introduced several incentives to get Canadians spending by buying a first time home, or renovating the one they are already in.

PRESIDENT’S NOTE: Ad campaign boosts REALTOR® image

To survive as REALTORS® we have to show potential customers who have not used a REALTOR® our worth.

In Your Corner: Refreshed ad campaign focuses in on REALTOR® value

Changing market conditions and new market research have prompted changes to the National Ad Campaign.

How does your brokerage compare?

The answer to a question mulled over in the abstract just a couple of years ago has now become quite relevant: How can a brokerage struggling in good times be viable when the market turns?

Thank you from the Foundation

REALTORS Care Foundation thanks our 42 real estate boards and our Ontario REALTOR® members for their continued support in 2008.

OREA continues the battle against Land Transfer Taxes.

Tips to pricing a heritage property

In today’s real estate market brokers and salespeople are often asked to suggest a value or asking price for heritage properties.

LEGALBEAT: “Shall not survive and merge” clause survives

The buyer and seller were represented by the same brokerage. T, an owner of the brokerage, was a dual agent.

Conference sponsors contribute to success

OREA’s 2009 Annual Conference was made possible by the donation of our generous sponsors.

Single sign-on gains popularity with members

Almost 15,000 members have discovered the advantages of single sign-on access on the OREA website.

RECO 2009 council seeks nominations

February 6, 2009

Members of the Real Estate Council of Ontario who are interested in serving as directors of the Council are required to submit their nomination form by no later than 2:00 p.m. on Wednesday, April 1, 2009.

Correction likely for market in 2009

Nationally, average house prices are forecast to dip by 3.0 per cent from last year to $295,000, while transactions are projected to fall to 416,000 (-3.5 %) unit sales in 2009, according to the Royal LePage 2009 Market Survey Forecast released in January.

Your knowledge of CMHC insurance products may help close the deal

The current economic situation has many potential homebuyers worried and confused about their prospects for buying a home. For many buyers – especially first time buyers – mortgage insurance is an option that may help them buy their own home sooner.

First impressions more important in a slower market

In a hot real estate market, even homes that don’t give the greatest first impression will still sell. However, as the market cools off, the listings that show well will be the ones that sell faster and for a better price.

WIRED OFFICE: Communicate by tapping, “Swyping” or video messaging

Sending a text message has become a very popular way to communicate quickly and conveniently.

Keep your wood-burning stove in good condition

On bitter cold winter days, a wood-burning stove or fireplace can add warmth and comfort to any home. For many of us, it’s part of our childhood memories.

LEGAL BEAT: You can’t park on the right of way

Fife lives at # 205 and has used a mutual driveway for more than 20 years. The right of way as registered is 76 feet long and 7 feet wide so that the two neighbours could access the backyard parking areas as long as no additions were built onto the back of the houses.

Forge the path to success in real estate

Effective April 1, 2009, the Path to Success in Real Estate for individuals aspiring to become real estate professionals in Ontario will be changing.

All OREA members are invited to attend the Annual Meeting of the Assembly on Wednesday, February 25, 2009 at the Sheraton Centre in Toronto, starting at 10:00 a.m.

Family business also LTT exempt

January 1, 2009

The Government of Ontario land transfer tax exemptions also include transfer of land to a family business corporation.

Fewer new homes built in November

Construction of new homes dropped to 172,000 units in November, down from 211,800 units in October, according to Canada Mortgage and Housing Corporation (CMHC).

Forum offers leasing lessons in a slow economy

The slowing economy has commercial real estate professionals anticipating various scenarios. What do you need to do to look out for your client? Can a tenant restructure his business without paying a penalty? Are landlords prepared to deal with a potential increase in tenant defaults and restructuring requests? What steps can be taken to anticipate default and minimise risk?

The REALTOR® EDGE gets a new look

Welcome to the new look of the REALTOR(r) EDGE. This year as the whole organization looked to refresh OREA's look, we took the opportunity to talk to members to see if there were any changes that they would like to see.

Sub-prime mortgages not responsible for world recession

The world economy is going down the drain because of some repossessed, boarded up, unsellable homes in Cleveland.

RECO Decision: Disclose nature of interest

Seller A and Seller B listed a property located at 1-AB Street for sale with Brokerage A. The listing salesperson was Seller Representative A. The sellers reduced the asking price from $349,995 to $337,995. Two days after the price reduction, an offer was received and presented by Seller Representative A under dual agency.

RECO Real Estate Update is going green

In an effort to reduce waste and help the environment, all Real Estate Update course materials will now be available in either an e-book format or a PDF version for download as of February 1, 2009.

LEGAL BEAT: Check ownership thoroughly

The buyer signed an offer to buy a house in her own name but when the bank needed someone else on title, her mother was added to the Deed. Three years later she decided to sell the house and listed it with the same REALTOR&reg; that helped in her purchase.

OREA Annual Meeting forum for trade issues

All OREA members are invited to attend the Annual Meeting of the Assembly on Wednesday February 25, 2009 at the Sheraton Centre in Toronto, starting at 10:00 A.M.

OREA, TREB work on Teranet deal

Representatives from the Toronto Real Estate Board and OREA met in November with Teranet to discuss providing member boards with low cost access to Teranet’s Geowarehouse service.

New forms available

The 2009 version of Form 220, SPIS, is now available. Unlike the other forms, these no carbon required (NCR) forms are available in packages of 50 at a cost of $20 per package and have a 2009 copyright date. Other forms will continue to be sold in packages of 25. Any forms that did not need to be updated will continue to have the 2008 date.

Ontario expands LTT exemptions

December 8, 2008

The Government of Ontario is expanding exemptions under the land transfer tax to include transfers of farmland from a family farm corporation to one or more family members.

Housing starts down in October says CMHC

The seasonally adjusted annual rate of housing starts was 211,800 units in October, down from 218,600 units in September, according to Canada Mortgage and Housing Corporation (CMHC).

Credit crunch squeezes mortgage seekers

While the majority of Canadian financial gurus continue to maintain that Canada will not experience the same economic meltdown as the United States, the global credit crisis is most certainly having an impact here. Just ask anyone looking to find mortgage financing. It seems the days of easy credit are over as financial institutions tighten up on lending policies.

New and revised standard forms address FINTRAC, Tarion changes

Identifying parties to a transaction, reporting suspicious transactions and keeping good records took on added meaning this year with the stricter FINTRAC requirements.

Searches and mapping modified on REALTOR.ca

Navigating the REALTOR.ca Web site should now be easier thanks to changes recently implemented by CREA.

Why it’s important to protect trademarks

Being a member of organized real estate has many benefits including the right to call yourself a REALTOR®.

CREA issues Do-Not-Call List advisory

Do-Not-Call List promotions by various companies should not be confused with any requirement to subscribe to the national Do-Not-Call List, CREA reminds members.

LEGALBEAT: Sellers should move out when deal closes

The typical Ontario Agreement of Purchase and Sale provides that, "Upon completion, vacant possession of the property shall be given to the buyer...".

Pricing to sell

In this increasingly complex and competitive market, it is essential for the real estate salesperson to be able to accurately price a single family property and list it as close to market value as possible.

Conference offers leadership courses

OREA Leadership Courses will be offered during the 2009 OREA Leadership Conference.

Brookfield buys GMAC

November 8, 2008

Brookfield Residential Property Services of Toronto is buying GMAC Home Services LLC, which operates one of the largest real estate brokerage companies in the United States.

New home starts dip

New home construction will begin to slow in 2008, but will remain high by historical standards, according to the Canada Mortgage and Housing Corporation's (CMHC) third quarter Housing Market Outlook report.

Green leases make going green easier for commercial buildings

The need for and benefits of green commercial buildings have been discussed for several years, and many commercial landlords agree that green is the way to go.

Tax assessments to rise in 2009

Ontario residential property taxpayers will see an average assessment increase of five per cent in 2009, the first year of a four-year phase-in plan.

WIRED OFFICE: Find it fast with Google Desktop

Like many professionals, REALTORS® can accumulate a lot of information on their computers over time. Between E-mails, instant messages, digital photos, PDF documents, spreadsheets, and other files, locating a specific tidbit of information can be like finding a needle in a haystack.

Property appraisal considered personal information

When banks conduct a residential property assessment as part of a loan application, the property owner has a right to receive a copy of the assessment.

LEGALBEAT: Honesty, clarity needed for SPIS

The sellers were aware of some water damage and had professionals do some repairs and restoration work.

Interested in running for a position on OREA’s 2009 Board of Directors?

Activate your OREA Card today!

Activate your OREA Card online today, or call our Customer Service Contact Centre at 1-866-234-0186 to activate your card!

CSAE elects OREA CEO

OREA CEO Edward Barisa was elected to the Canadian Society of Association Executives (CSAE) Board of Directors at the CSAE National Conference and Showcase in October. Ed also received a 20 year membership service pin at the conference.

Developers soon face tough FINTRAC rules

October 18, 2008

Canada's real estate developers will soon face the same tougher transaction reporting rules as REALTORS®.

MLS® listings soar

New MLS® listings rose to 80,147 nationally this summer, up 14.4 per cent year-over-year, according to CREA.

Energy efficient renovations offer good return on investment

REALTORS® are often asked to suggest improvements that will make their clients’ homes more saleable and provide the biggest return on investment (ROI).

Ontario REALTORS®embrace technology for business

Computers play an important role in a REALTORS®’ daily business and most use them at home or in a home office.

WIRED OFFICE: REALTOR® voices on the social scene

Real estate is such a relationship-based business that it’s no wonder REALTORS® across North America are embracing social networking.

RECO decision: Talk to member, not his client

Legalbeat: commission paid without a listing.

During a 5 per cent listing the buyer made several offers through its agent but no transaction was made.

Leadership course training heads west

OREA’s leadership courses have been so well received that they have been demanded nationally.

What do you mean ‘don’t call me’?

OREA offers this new two-credit, classroom only course to teach members about the Do-Not-Call registry.

The Real Estate Board of the future

What would the needs of the member be? What services would be required?

Tarion to get Ombuds

September 8, 2008

Tarion, the province’s new home warranty program, will soon have a New Home Buyer Ombudsperson to mediate homeowner's complaints, as well as to suggest any changes in policy or practice that may be needed.

Prices will rise, but sales will fall

House prices are expected to rise modestly overall in Canada this year, but national sales are projected to fall from last year's levels, according to a recent Royal LePage forecast.

New ad campaign promotes commercial sector

It worked so well for residential REALTORS®, why not give commercial REALTORS® their own ad campaign?

OREA signs Educational Services Agreement with RECO

The Real Estate Council of Ontario has selected the Ontario Real Estate Association as its designate to provide enhanced registration education under a five year agreement signed on July 31, 2008.

Keep proof of payment of Do Not Call List

Marketing, specifically telemarketing, gets a little tougher by the end of this month when the National Do Not Call List (DCNL) will be up and running on September 30, 2008.

Shorter amortization better in the long run

As of October 15th, 40-year mortgages with no money down will no longer be covered through the federal government insurance program administered by Canada Mortgage and Housing (CMHC).

WIRED OFFICE: Cool gadgets for busy REALTORS®

REALTORS® are big users of the latest technology in their business whether it’s the newest cell phone, GPS, digital camera or laptop.

LEGALBEAT: Failure to give notice voids increase

The tenant paid $179 per month rent for her occupancy of land in an Ontario land lease park.

College expands its online offerings

OREA’s reputation for providing quality continuing education courses is spreading across the country.

New ministry oversees REALTORS®

In August, Premier McGuinty announced a reorganization that moves the Consumer Services Division of the Ministry of Government and Consumer Services to the newly named Ministry of Small Business and Consumer Services.

August 8, 2008

Following the Real Estate Council of Ontario’s Annual Meeting in June, the Board elected Brian Sukkau to serve a second term as Chair and Glenda Brindle to serve as Vice-Chair. The following people, elected by RECO members in May, were installed as Directors at the Annual General Meeting:

Ontario starts up in 2008, down in 2009

New home construction will remain above historical averages, with housing starts in Ontario climbing to 72,175 units in 2008, before moderating to 65,000 units in 2009, according to the 2008 Second Quarter CMHC Housing Market Outlook - Canada Edition.

New FINTRAC rules in place

The specific regulations for the real estate sector for anti-money laundering and anti-terrorist financing took effect on June 23rd, 2008.

Seller take-back mortgages exempt from mortgage legislation

OREA members arranging seller take-back (or vendor take-back) mortgages as part of a real estate transaction are exempted from the requirements of the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA).

WIRED OFFICE: PoGo goes where you go

Hard to believe it was more than 60 years ago that Polaroid introduced the instant camera amazing consumers with its ability to produce a printed picture within 60 seconds.

The National Do Not call list: dos, don’ts and definitions

CREA has created the booklet “The National Do-Not-Call List” to provide more information to REALTORS® about how they will be affected when the list comes into effect on September 30, 2008.

LEGALBEAT: No parking: both agents found negligent

The seller, buyer's lawyer, buyer's agent and seller's agent were all guilty of negligence in failing to properly deal with property measurements and parking requirements.

Ed Barisa wins award

OREA’s CEO, Ed Barisa, CAE, has won the Chapter Service Excellence Award from the Canadian Society of Association Executives (CSAE) Trillium Chapter.

York Board dissolves

The York Region Real Estate Board was dissolved on July 1, to better serve all REALTORS® within the board’s boundaries.

OREA will be rolling out a new look

Watch for OREA’s new look in all of its printed material, including the REALTOR® EDGE.

New website details best mortgage options

June 6, 2008

The Canadian Association of Accredited Mortgage Professionals (CAAMP) has launched a new website to provide consumers with the tools to find the best mortgage options to suit their needs.

Canadian economy to grow through 2010

The deterioration in economic and financial conditions in the United States will have direct consequences for the Canadian economy, the Bank of Canada said in May.

mls.ca is changing

On June 30, the new REALTOR.ca portal will be launched.

Look to website for FINTRAC updates

On June 23, REALTORS® will have to begin complying with new requirements under Canada’s anti-money laundering legislation.

National Do Not Call List coming in September

Telemarketers, including REALTORS®, will face a new marketing challenge and will have more rules to observe as the National Do Not Call List (National DNCL) comes into effect on September 30, 2008.

WIRED OFFICE: iPhones coming soon to Canada

The Apple iPhone’s much-hyped debut in the U.S. almost a year ago left many Canadian technophiles anxiously awaiting the product’s release in Canada.

Green buildings may affect lease negotiations

Getting the right tenant with the right landlord or the right developer often requires masterful negotiations.

LEGALBEAT: Oil tank ruled not a latent defect

Goodyear owned a property which was sold to buyer 1 in 1988 and then sold to buyer 2 in 1996 who discovered a buried oil tank. Goodyear was sued by buyer 2.

OREA is recognized as a leader in quality continuing education not only in the province of Ontario, but across the country.

Get easier access to your information

Responding to the requests of many boards, OREA is making access to the information you need to know easier.

OREA mourns Past President Johnson

The Ontario Real Estate Association is sad to report the passing of 1978 President Arthur F. Johnson, 72, in Guelph, in May.

RECO introduces on-line voting

May 6, 2008

New this year, registrants can vote on-line in the upcoming RECO elections.

Ontario housing starts down slightly in March

For the first quarter of 2008, actual Canadian housing starts in both rural and urban areas combined increased by 12.8 per cent compared to the same period last year according to Canada Mortgage and Housing Corporation (CMHC).

New rules for real estate lawyer representation

Two lawyers are now required for many real estate transactions involving a transfer of title following recent amendments to the Rules of Professional Conduct by the Law Society of Upper Canada (LSUC).

Property owners to get a fairer assessment appeal system

A fairer property tax appeal system is expected with changes announced by the provincial government.

WIRED OFFICE: New Microsoft technology about to “Surface”

New product development in the computer technology industry could be the stuff spy action-thrillers are made of.

Some FINTRAC issues clarified

The fog of confusion of complying with some of the new requirements of Canada’s anti-money laundering legislation may be a little less dense now that FINTRAC has provided CREA and members with some answers and tools.

RECO Decision: registrant concealed UFFI

The following RECO Complaints, Compliance and Discipline Appeal decision has been condensed and can be viewed in its entirety on the RECO web site at www.reco.on.ca.

LEGALBEAT: Initialled counter-offer stands

The buyer presented an offer to the seller who discussed it with her husband. Subsequent discussions and negotiations also involved the husband.

Construction at OREA

Construction has begun at OREA to add an extension onto our office at 99 Duncan Mill Road.

Keep cell phone handy

Keep cell phones, PDAs, portable MP3 players, or sunglasses within easy reach on the dash of your car with the OREA Real Estate College Cell-Mate.

New course maximizes use of your Blackberry®

Two new one-credit courses, Introduction to Blackberry® 101 – “Trackball” and Introduction to Blackberry® 101– “Trackwheel” are now offered by the OREA Real Estate College.

Continue leadership training with courses

Take the opportunity to continue your leadership training by taking and perhaps completing OREA’s current series of leadership courses at upcoming workshops.

Learn about mortgage brokerage at session

April 7, 2008

On July 1, 2008, the new Mortgage Brokerages, Lenders and Administrators Act, 2006 comes into full effect.

Business real estate betters bonds in 2007

Real estate return on investment remained strong throughout 2007 according to results of the recently released ICREIM/IPD Canadian Annual Property Index. IPD, a leading commercial real estate performance analysis service,

Money laundering law taxes REALTORS®

Changes to Canada’s anti-money laundering legislation, the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PC(ML)TFA) come into effect on June 23, 2008,

CREA addresses recession fears

The Canadian real estate market is not on the brink of collapse and is expected to have balanced conditions in 2008, and REALTORS® need to get that message out.

WIRED OFFICE: Put two numbers on one cell phone

If you are one of those people who carries two cell phones – one for business and one for personal use – you may be happy to hear about a relatively new offering from Rogers Wireless called Second Voice Line Service (SVLS).

More paperwork needed for new homes

Tarion Warranty Corporation is introducing new regulations regarding delayed closing and delayed occupancy warranties for new homes and condominiums which will come into effect on July 1.

LEGALBEAT: Fee or commission – not both!

An employee/salesperson alleged that his employers had breached a provision of the Real Estate and Business Brokers Act by charging clients a flat processing fee and a percent sales commission.

Training, mentoring wins board honours

In recognition of its success recruiting, training, and recognizing the contributions of its volunteers,

REALTOR QUEST hosts leadership workshops

Take the opportunity to complete OREA’s Leadership series of courses at the upcoming Toronto Real Estate Board REALTOR QUEST conference at the Toronto Congress Centre, May 12 and 13.

Join the REALTOR®Ride

Show your support for the REALTORS Care Foundation’s third annual REALTOR® ride for charity, a motorcycle ride is support of shelter-related charities.

Commercial job search web site launched

March 7, 2008

Produced in English and French, both www.BusinessRealEstateCanada.com and www.ImmoCommCanada.com feature job search and career information to serve the Canadian commercial real estate industry.

Winter recreational properties are hot

High levels of demand combined with limited inventory have pressured winter recreational property prices upward according to the 2008 Royal LePage Winter Recreational Property Report.

Rules change for reinstatement

As a further sign of a more professional regulatory environment in the real estate industry, a new requirement comes into effect this month.

Ottawa gets grow house registry

A new online registry will allow potential homebuyers in Ottawa to find out if the house they want to buy has been used as a marijuana grow house or crystal meth lab.

Tips for a more effective Web site

Over and over again, studies show that consumers want to start their search for a home online and expect REALTORS® to have a Web site. According to NAR’s latest technology survey more than 75 per cent of respondents have their own real estate business Web site.

Property assessment freeze lifted

The end of a three-year assessment freeze could mean homeowners in some parts of the province may face double-digit hikes in property taxes.

New energy initiatives good to know for homeowners

Grants are available for homeowners going green. Both the provincial and federal government have programs designed to encourage energy reduction.

LEGALBEAT: Wrong measurement leads to abatement

The Agreement of Purchase and Sale described the lands as being approximately 98,950 square feet as outlined on [a Schedule] attached.

OREA’s 2008 Annual Conference was made possible by the donation of our generous sponsors.

Terms phase out: course covers it all

Registrants must remember that as of April 1, 2008 the term associate broker can no longer be used in advertising.

Fahmi wins award of merit

The REALTORS® Association of Hamilton-Burlington (RAHB) recently bestowed its Award of Merit on 2005 OREA President Tamer Fahmi.

Hail 50-year mortgage?

February 11, 2008

We’ve seen the 30-year and even the 40-year mortgage.

New homes up in 2007

Housing starts in 2007 reached their second highest level in nearly two decades, according to Canada Mortgage and Housing Corporation (CMHC).

Consumers want more commitment, aftercare from REALTORS®

REALTORS® are seen as professional, knowledgeable and communicative according to a recent OREA online consumer survey.

TSSA warns of pitfalls of purchasing gasoline stations

With some economists telling Canadians to prepare themselves to pay $1.50 a litre for gasoline and predicting oil to reach US$150 per barrel, purchasing a gasoline station may seem like a sound investment.

WIRED OFFICE: Voice-to-text service now available through Rogers

In the ever-changing world of mobile communication technology, voicemail to text conversion is a hot new trend.

Home inspections – to be there or not to be there?

RECO has received several questions regarding home inspections and who should be present during the inspection as well as how client instructions should be handled.

Dip in new home builds slows growth in Ontario

Ontario's economy will continue to struggle with a beleaguered manufacturing sector and the effects of Canada’s high dollar slowing growth to 1.4 per cent in 2008, according to a provincial forecast released in January by RBC.

LEGALBEAT: Buyers should have asked about mice

The buyers viewed a home for sale with a REALTOR® and while other potential purchasers were present, they did not observe any evidence of mice.

New Student Handbook replaces career guide

The Student Handbook is now available, replacing the Real Estate Career Guide of previous years.

Uncover leader secrets

Board leaders are invited to the 2008 OREA Annual Conference, February 26 to 28, at the Sheraton Hotel in Toronto, to discover the secrets of how to be a leader in this industry.

All OREA members are invited to attend the Annual Meeting of the Assembly on Wednesday, February 27, 2008 at the Sheraton Centre in Toronto, starting at 10:00 a.m.

Ontario Expands Land Transfer Tax Refund

January 12, 2008

First time buyers of resale homes are now eligible for a refund from the provincial government of up to two thousand dollars of the land transfer tax paid.

Market Watch

Home ownership is a high priority for new Canadians. According to a recent report by Genworth Financial, half of new Canadian immigrants purchase a home within three years of their arrival in the country.

Canada not linked to US real estate market troubles

The melt-down of the U.S. real estate market has left many homebuyers wondering if and how it may affect the housing market in Canada.

GST cut good for new homebuyers and homeowners

The tax changes outlined in the federal government’s economic statement will bring significant savings to new homebuyers, but will also benefit existing homeowners.

WIRED OFFICE: Video tours may be the next big thing in online marketing

Consumer surveys consistently reveal that potential homebuyers want to see lots of pictures in online listings.

Boilers need annual testing and inspections

A new rule regarding heating systems in Ontario means all natural draft gas and propane-fired boilers in homes will require annual inspection and testing.

LEGALBEAT: Checking for easements

The buyer paid a deposit of $60,000 with an offer for a Toronto home.

New MPAC online course coming soon

What gives the Municipal Property Assessment Corporation (MPAC) the right to go onto your property and assess it?

Get updated forms

New forms have been introduced and changes have been made to enhance the readability of existing forms.

Participate in RECO's satisfaction survey

December 5, 2007

RECO is conducting its second registrant satisfaction survey in order to assess its service delivery, identify areas for improvement

Housing starts to dip slightly in 2008

Canada Mortgage and Housing Corporation’s (CMHC) fourth quarter Housing Market Outlook predicts residential construction in Canada will decline to about 214,000 units next year.

New and revised forms for 2008 keep pace with the industry

REALTORS® rely on OREA’s standard forms extensively in their day-to-day businesses.

Legal Forum tops 3,000 questions

OREA’s online Legal Forum has hit another milestone.

WIRED OFFICE: More REALTORS® investing more money on technology

A new survey by the National Association of REALTORS® (NAR) suggests REALTORS® invest heavily in technology with more than half of brokers, salespeople, and managers saying they spent more than $1,000 last year.

Pamphlet offers septic system advice

Having knowledge about septic systems is important for REALTORS® who deal with cottage and rural properties.

LEGALBEAT: Two listings, two commissions

The mortgagee started a British Columbia foreclosure action and the court ordered that the property was to be sold.

“Sell” book updated

Guiding sellers through the sale of their home is always easier if they come into the process with some knowledge.

Leadership courses on to next level

Leadership 200, Becoming a Leader is the second in a series of leadership courses offered by the OREA Centre for Leadership Development.

Ontario workers to get another day off

November 8, 2007

A day after the provincial election was held in October, the Ontario government confirmed that it would create a new statutory holiday called Family Day.

Condo market cooling

Condo market demand across Canada is expected to ease slightly although new construction and resale activity will remain high by historical standards according to a report by Genworth Financial Canada.

CREA issues Call to Action on proposed FINTRAC changes

Proposed changes to Canada's anti-money laundering and anti-terrorist financing framework could be costly for REALTORS®.

Anti-competitive behaviour – be aware of it; avoid it

How well do you know Canada’s Competition Act?

Add these wireless gadgets to your wish list

Wireless technology is becoming more common in notebooks, PDAs, and especially cell phones.

REALTOR® profile high; volunteers key

In 2007 OREA instituted the OREA Centre for Leadership Development, and the time could not have been better.

Delayed occupancy agreement is not a waiver

Under Ontario's new home legislation there are provisions dealing with a delayed or extended closing of a transaction.

Barisa reaches CSAE Pinnacle

OREA CEO Ed Barisa has won the Canadian Society of Association Executives (CSAE) 2007 Pinnacle Award.

Interested in running for a position on OREA’s 2008 Board of Directors?

New reverse mortgage kid on the block

October 9, 2007

New Zealand-based Senior's Money International has announced it will open a Canadian branch to offer "reverse mortgages" that will compete against the Canadian Home Income Plan product offered by Home Equity Income Trust.

Resales break more records

According to CREA, resale home transactions in Canada hit a fourth straight monthly record in July, with the average price rising to $332,442, a 13.1 per cent increase over July 2006.

Why you should use the SPIS

OREA’s Seller Property Information Statement (SPIS) is a valuable tool that all REALTORS® should consider using at all times.

Improving water quality through reverse osmosis

A reliable supply of clean drinking water is always a concern for homebuyers of rural and recreational property.

Podcasting can boost your marketing efforts

Technology has forever changed the world of real estate marketing.

RECO decision: Failure to disclose costly

The following RECO Complaints, Compliance and Discipline Appeals decision has been condensed and can be viewed in its entirety in the 2007 Discipline and Appeals Decisions on the RECO Web site at http://www.reco.on.ca/.

Merv’s column: Independent contractor put to test

The issue in this case was whether the mortgage broker was engaged pursuant to a contract of services or a contract for services.

Leadership program wins award

OREA and the OREA Centre for Leadership Development has won a national award for Education and Professional Development from the Canadian Society of Association Executives’ (CSAE) “Associations Make a Better Canada Award”.

Multiple Offers now offered on-line

The two-hour, two-credit course Multiple Offers: Risks and Rewards is now available on-line.

Tim Lee honoured for years of service

OREA has bestowed an Honorary Life Membership on 2007 Past President Tim Lee for his many years of service.

Housing market studied at CMHC conferences

September 9, 2007

CMHC will host five Housing Outlook Conferences in Ontario from November 6 to November 22.

Goodnews or bad news for Ontario economy?

Despite concerns over a higher Canadian dollar and its impact on the province’s manufacturing sector, stronger than expected consumer confidence levels have fuelled extraordinary demand for properties across Ontario

High-rise condo market continues to climb

Most people want to own a home. But with legislation restricting the places where people can build, how will that affect consumers?

Ontario rent increase guideline lowest rate ever

At only 1.4 per cent, the Ontario rent increase guideline for 2008 will be the lowest guideline since rent increase guidelines were introduced more than 30 years ago.

The wonderful world of Web 2.0

If you’re just getting comfortable with using the Internet in your business, hang on to your mouse!

Property tax deferral programs benefit seniors and disabled homeowners

Low-income seniors and disabled people in the City of Ottawa who own their homes may be able to defer some of the taxes on their property.

Correcting three prevalent myths about heritage properties

Heritage properties are becoming an area of focus for some Ontario real estate salespeople and brokers. In Brampton (at time of writing), for example, there are no fewer than 400 listed heritage properties on the municipal inventory.

Merv’s Column: No option

A 74 acre parcel of farmland sold for $850,000 in a Purchase Agreement that contained an addendum that was allegedly drafted to allow the seller to acquire title to the farm’s residential parcel if the rest of the property was ever subdivided.

Tap into apartments

Ontario is Canada’s second-largest overall rental apartment market, trailing only Quebec.

Teach new leaders!

The OREA Centre for Leadership Development is now accepting applications for Leadership Instructors to teach the newly developed leadership courses.

July 9, 2007

Following the Real Estate Council of Ontario’s Annual Meeting in June, the RECO board elected Brian Sukkau to serve as chair and Lawrence Bremner to serve as vice-chair. In earlier voting for its 2007 Board of Directors, members elected the following people:

Real estate market slowing down

Canada’s housing market is expected to cool off gradually this year thanks mainly to rising interest rates, an increased supply of homes on the market and an aging population according to Scotiabank’s most recent economic report.

Closed book examinations will raise education bar

Brokers, REALTORS®, regulators and other certification bodies have all expressed a need to implement more rigorous registration standards to prepare real estate professionals to deal with consumers and other professionals with credibility and authority.

Non-payment of insurance will result in suspension

As a result of amendments to the Real Estate and Business Brokers Act, 2002 and regulations, the consequences of failing to pay required insurance amounts have changed.

Wired Office: Smartphones offer all-in-one solution

From getting listings to showing properties to closing sales -- REALTORS® are often away from their desks.

Check hydro pole ownership in rural areas

When your clients buy a rural property do you think they know they might be buying hydro poles, too?

Employee’s indiscretion results in complaint to Privacy Commissioner

A recent decision of the Office of the Privacy Commissioner (OPC) shows how an employee’s “slip of the tongue” during a relatively routine telephone call about debt collection resulted in her employer getting into trouble with the Privacy Commissioner.

Merv’s Column: What constitutes “nuisance”?

The buyer purchased a New Brunswick gas station site “as is” and added it to other adjacent lands for development.

New course offers technology tips

OREA Real Estate College offers a new online one-credit course to help REALTORS® make good choices when it comes to hand held technology.

Continue leadership training with course

The OREA Centre for Leadership Development is about to launch its second leadership development course, Leadership 200.

Lenovo cuts prices for OREA members

If you are looking for a new computer, now might be the time to buy.

The Real Estate Book, LiveDeal.ca partner

June 10, 2007

Network Communications, Inc. (NCI), publisher of the Real Estate Book, recently signed an agreement with LiveDeal.ca, to post all Canadian listings of homes for sale from The Real Estate Book on LiveDeal.ca.

High-end cottage property in demand

According to the 2007 RE/MAX Recreational Property Report, sales of luxury recreational properties are set to soar in the coming months across the country.

Same advertising rules apply for REALTOR® Web sites

Web presence in the early days of the Internet was mainly limited to big business.

Mortgage insurance changes may not be a good thing

For the last 40 years, homebuyers have been required to buy mortgage insurance unless their down payment totalled at least 25 per cent of the purchase price.

Internet to Go!

Considering the amount of time a REALTOR® spends out of the office, mobile Internet technology can have many advantages.

RECO decision: Deal fairly other members

The following RECO Complaints, Compliance and Discipline Appeals decision has been condensed and can be viewed in its entirety on the RECO Web site at http://www.reco.on.ca/.

Discipline under REBBA 2002

The RECO Code of Ethics now falls under the Real Estate and Business Brokers Act, 2002.

Merv’s Column: GST – CONDO Q&A

QUESTION: The buyers accepted the bank's offer on power of sale listing (price etc.) except that the bank's agent brought an offer which indicated that GST is "in addition to" the agreed up on price of a resale property "sold as is where is".

Course praised for quality education

The course “Agency Fundamentals: The National Perspective” has been chosen as the Real Estate Educators Association’s (REEA) Education Program of the Year for 2007.

OREA offers new service to members

Feeling like a valued customer or client is important in any service relationship.

Achieving excellence in the classroom

OREA Instructor Geof Smith addresses instructors at a seminar with a focus on "Classroom Performance — Achieving Excellence”.

Opportunity: ORC looking for vendors

May 10, 2007

Real estate brokerages are invited to submit proposals to be considered as Vendor of Record as detailed in Ontario Realty Corporation’s (ORC) Request for Proposals (RFP) RFP 06C037.

Housing market exceeds expectations

Canada's housing market got off to a surprisingly strong start in 2007 with average house prices rising in all major markets surveyed, according to a first quarter report released by Royal LePage Real Estate Services.

WEBForms™ V4 now available

WEBForms™ officially released Version 4 to REALTORS® across Canada at the end of March. Prior to the release, the upgrade was put through three months of beta testing with over 80 REALTORS® and staff.

Protect your reputation

NAR’s most recent Profile of Home Buyers and Sellers showed that potential clients look for a good reputation and trustworthiness when choosing a REALTOR®.

Do your listing photos reflect your professionalism?

A picture tells a thousand words as the saying goes. But, when it comes to listing photos, a bad picture can tell a negative story and can hamper your ability to sell a house for the best price possible.

What you should know about surveys

There are many situations when REALTORS® should recommend to their clients to have a survey of the property completed.

Merv’s Column: Aren't tax laws just super?

The owner gives a first mortgage at a time when he owes money to Canada Revenue Agency (CRA) for GST and source deductions.

Learn how to lead

The OREA Centre for Leadership Development launched Leadership 100 in April.

Spring into action

Take advantage of the OREA College’s Spring into Action promotion for continuing education online course credits.

New 55-year mortgage aimed at self-employed

April 8, 2007

Reliant Home Warranty Corporation's Canadian subsidiary, Reliant Home Mortgage Canada Inc.

MLS® sales stay high

According to statistics released by The Canadian Real Estate Association, resale housing activity in Canada's major markets remained strong in February 2007.

Underground fuel oil tanks: get the facts

Did you know that as of May 1, 2007, all existing fuel oil storage tanks (aboveground and underground) and associated appliances must undergo a comprehensive inspection?

New act governs tenanted-properties

The Residential Tenancies Act (the RTA) came into effect on January 31, 2007.

WIRED OFFICE: Don’t trash your old PC – recycle it!

The rate of change in computer technology may prompt you to upgrade your PC every few years.

RECO decision: Act in client's best interest

The following RECO Complaints, Compliance and Discipline decision has been condensed and can be viewed in its entirety on the RECO Web site at http://www.reco.on.ca/.

Merv's Column: Seller must honour agreement

The seller listed his property for sale with a real estate salesperson and retained a lawyer to act for him in connection with the sale of the property. During the listing period he sold the property pursuant to a private agreement of purchase and sale.

Developing leaders wins board honours

At the 2007 OREA Annual Conference, OREA Past President Tim Lee (second from left) presented the OREA Volunteer Award to the Windsor Essex County Real Estate Board for its successes encouraging member involvement, retaining volunteers and developing leaders through an exemplary recognition program.

Join the Dash for Cash

Show your support for the REALTORS Care Foundation’s second annual Dash for Cash, a charity motorcycle ride in support of shelter-related charities.

Bell Canada launches home watch service

March 8, 2007

Bell Canada offers a new, customizable surveillance service that is controlled by the homeowner via a secure personalized Web site.

Shelter costing more than many can afford

According to the Canadian Council on Social Development (CCSD) almost 3 million Canadians are spending too much of their income on housing including 40 per cent who are renters.

Title insurance offers more than just fraud protection

When it comes to the single largest investment most of us will make – buying a home – consumers want to make sure they’ve protected that investment to the best of their abilities.

Reports show real estate is a good investment

If you have potential buyers still hesitant to get into the market, they should consider the following: as well as providing them with the house of their dreams, real estate has proven to be a solid investment over the last 25 years.

WIRED OFFICE: Cell phone 101: What to look for in a new phone plan

According to Statistics Canada, there are currently more than 16.3 million wireless subscribers across the country. REALTORS® are a significant part of that group with more than 90 per cent indicating that they use a cell phone in NAR’s most recent technology survey.

Pre-listing inspections may simplify negotiations

Home inspections used to be initiated almost exclusively by the buyer in a real estate transaction.

Merv’s column: Multiple representation tricky

The buyers met with the agent, SP, when they became interested in purchasing a lot.

Thanks to sponsors

OREA’s 2007 Annual Conference was made possible by the donation of our generous sponsors.

Guide helps grasp changes to courses

All students in pre-registration, articling and professional brokerage courses are expected to have a working knowledge of the Act and associated regulations of REBBA 2002.

OREA mourns Reardon

The Ontario Real Estate Associations is sad to report that 1987 OREA President Francis Martin “Frank” Reardon passed away on Tuesday, January 23, 2007. He was 86.

Standard forms – new name, same program

The Quick Offer computer software package for OREA standard forms, formerly produced by Nereosoft, is now produced by FormPaper Inc.

AIG newest Canadian mortgage insurer

February 18, 2007

The CEO of AIG United Guaranty, the third company to provide mortgage insurance in Canada alongside CMHC and Genworth Financial, predicts 50-year mortgages will be available in the future.

Moderate growth expected for housing market this year

Canada's housing market is poised for continued, yet moderate growth in 2007 with average house prices forecast to rise by 6.5 per cent to $293,000, according to the 2007 Royal LePage Market Survey Forecast.

Health Canada plans stricter radon guidelines

February 1, 2007

Mandatory testing for radon gas in private homes may become a condition of sale if Health Canada adopts recommendations for stricter radon guidelines.

Municipal licensing fees won’t affect REALTORS®

New revenue-generating powers granted to municipalities through taxation and licensing measures will not adversely affect the viability of REALTOR® businesses, thanks to efforts of OREA and the Toronto Real Estate Board (TREB).

WIRED OFFICE: Dispose of your old PC safely and securely

Whether your computer is an old clunker or you just want the latest technology, the time will eventually come when you will need to replace your hardware.

Bird dog fees violate REBBA 2002

Representing both a buyer and a seller in a real estate transaction can be tricky.

Dealing with multiple buyer representation

Merv’s column: power of sale price deemed sound.

Canada Trustco started Power of Sale proceedings and obtained two appraisal reports prepared by appraisers holding AACI designations from the Appraisal Institute of Canada.

Consumer campaign to launch nationally

Encouraged by so much positive feedback, CREA takes its campaign across the country to educate consumers on the value REALTORS® bring to the real estate transaction.

Healthy condo air focus of new course

The indoor air quality of a condominium building is a result of the interaction between the location, temperature, the heating, ventilation and air conditioning systems, pollution sources, construction techniques, building maintenance and occupant activities.

Tune in to leaders

Board leaders are invited to attend the 2007 OREA Annual Conference, February 27 to March 1, 2007, at the Sheraton Hotel in Toronto, to build your leadership repertoire.

Mortgage brokers will need license

January 6, 2007

Anyone who deals in mortgages will need a license now that Bill 65, the Mortgage Brokers, Lenders and Administrators Act, passed final reading in the Ontario Legislature.

House price increase to slow in 2007

January 18, 2007

The upward pressure on Canadian house prices will start to ease off thanks to an influx of new listings over the next year, according to the latest RE/MAX Ontario-Atlantic report.

Protect yourself from title fraud

Title fraud is a daunting problem for all stakeholders in real estate, and it’s not just an Ontario problem; it affects the industry across Canada and the United States.

Privacy compliance tip sheet updated

The federal privacy law has changed the way REALTORS&reg;, as well as every commercial organization in Ontario, conduct their businesses since PIPEDA (Personal Information Protection and Electronic Documents Act) came into effect three years ago on January 1, 2004.

Create a large presence for your small business

Seventy-seven per cent of homebuyers begin their search for a home on the Internet according to the latest NAR Profile of Homebuyers and Sellers.

Commercial projects take the LEED

More focus on the environment and sustainability is not just a wave of the federal opposition party.

Seller goes Dutch, pays commission

The seller signed a listing agreement with the REALTOR® for the sale of the seller's farm for $1,260,000.

Volunteer Handbook best practice model

OREA’s Volunteer Handbook has been honoured again.

Effective January 1, 2007, Form 200 Listing Agreement and Form 300 Buyer Representation Agreement will be $15.00 for a package of 25.

2007 Career guide sports new look

The 2007 Real Estate Career Guide is now available, and the book sports a new look. Gone is the old 8 ½” by 11” format in favour of a smaller, more portable 6” by 9” size.

In tune with leaders

Learn to be a good conductor of your band of board volunteers.

Debate trade issues at Annual Meeting

All OREA members are invited to attend the Annual Meeting of the Assembly on Wednesday, February 28, 2007 at the Sheraton Centre in Toronto, starting at 10:30 a.m.

Registrations revoked

December 4, 2006

On November 14, the Registrar issued Final Notices revoking the registrations of 100 brokers and salespersons who failed to submit the required insurance renewal premium, resulting in a breach of a condition of registration under REBBA 2002.

Canadian market both vigorous and stable

Canada's housing market is likely to outperform the American market through 2007 according to a report by Royal LePage Real Estate Services.

Full advertising guidelines kick in January 2007

December 1, 2006

Time is drawing near for registrants to begin complying with the REBBA 2002 advertising rules regarding the words brokerage and brokers of record.

OREA forms keep pace with REBBA

Whether the concern is disclosing interest on deposits, legibility of agreements, or defining relationships, changes to REBBA 2002, and subsequently to OREA Standard Forms, seek clarity for customers and clients.

Keeping your PC running at peak performance

Most people rely heavily on their computers to carry out their day-to-day business and the thought of a computer breakdown or crash is a nightmare.

Commission rules clarified in REBBA 2002 guide

It’s been over six months since REBBA 2002 and its regulations took effect. Since then, brokers and salespeople have had to get familiar with the changes and begin complying with them.

Full price not the full story

The REALTOR® had a Listing Agreement for $123,900 and presented an offer for $120,000 which the seller refused, insisting that she wanted her full asking price. Several days later the REALTOR® presented a second offer from the same buyer for the full asking price.

Home inspectors laud Leyser’s contribution

OREA past-president Laura Leyser has been chosen to receive the 2006 Michael Ludolph Award by the Canadian Association of Home and Property Inspectors (CAHPI).

Home ownership and GST brochures updated

Inform your clients about the programs that will help them save money.

Build and repair tips earn credits at seminar

November 11, 2006

REALTORS® can earn 15 RECO credits at the Ontario Building and Renovation Forum taking place January 11 and 12, 2007, at the Hilton Suites Toronto-Markham.

Home starts to slow in 2007: CMHC

According to Canada Mortgage and Housing Corporation (CMHC) urban starts decreased by 4.3 per cent in Ontario in September compared to August.

OREA campaign promotes how REALTORS® help

Consumers think more highly of real estate practitioners when they know more about the real estate process and the extent of the education REALTORS® and brokers require.

Insurance must be paid to get paid

If your insurance premium is not paid, you cannot get paid. That is one of the changes of the Real Estate Business Brokers Act, 2002 (REBBA 2002) and one RECO has started to enforce.

REALTORS® avoid Law Society regulation

OREA has succeeded in its push to amend legislation that would have made Ontario REALTORS® subject to regulation by the Law Society of Upper Canada (LSUC).

What’s your position?

Real estate professionals need to know their way around town.

Volunteers key in year of change

Have you ever wondered if your contribution to the profession could make a difference? This past year, over 140 real estate professionals dedicated their time to the Ontario Real Estate Association, and found out that, yes, they could effect change.

Merv's Column: What was bargained for?

When the buyer inquired about the property, the real estate agent represented that the land size was 81.00 feet x 143.00 feet or 11,583 square feet.

Send a bit of home to our Afghan troops

The Renfrew County Real Estate Board is appealing to REALTORS® across the country to join them in sending a little reminder of home to Canadian troops in Afghanistan this holiday season.

OREA College adds new online courses

Members can earn their next MCE credits from the comfort and convenience of their own home, office or even hot spot! OREA Real Estate College has added five three-credit courses to the online offering, bringing the selection to 13 courses.

Interested in running for a position on OREA’s Board of Directors?

Homeowners protected from real estate fraud

October 7, 2006

The McGuinty government announced proposed legislation in September that, if passed, will ensure that property owners do not lose their homes as a result of real estate fraud or become responsible for fraudulent mortgages.

Housing starts to slow down in 2007

Ontario home starts will moderate over the next year, but still remain above historical averages according to a recent Canada Mortgage and Housing Corporation (CMHC) report.

Are you trademark savvy?

Not every real estate salesperson in Ontario can call themselves a REALTOR®.

New law steps up fight against grow ops

A new law came into effect in August giving police, municipalities and electricity companies the power to crack down on marijuana grow houses.

Remote access creates a virtual office

Wireless technology, combined with a good laptop or hand held computer, has made it easy to bring your office just about anywhere.

RECO Decision: Honour agreement of peers

The following RECO Complaints, Compliance and Discipline decision has been condensed and can be viewed in its entirety on the RECO Web site at www.reco.on.ca.

Time is of the Essence

The sellers were approached by Loblaws to buy about 12 acres of a 56 acre parcel for $1.8 million based on a price of $150,000 per acre.

Avoid renewal panic: Buy by the bundle

Members can avoid the rush just before registration renewal and finish their course requirements at their own pace over the two year renewal period.

Fahmi service honoured

OREA has bestowed an Honorary Life Membership on 2006 Past President Tamer Fahmi for his many years of service.

OREA Foundation Gala coming in October

The Shelter Ball, the OREA Foundation Gala, takes place on Friday, October 20, 2006 at 6:30 p.m. at the Granite Club in Toronto.

2007 course dates up, revised reference manual out

Articling students and those studying to become brokers can check out the 2007 schedule of courses on the OREA College Web site, under Registration Education.

Rogers offers deals on wireless data plans

Get housing market data at cmhc conferences.

September 7, 2006

CMHC’s annual Housing Outlook Conferences provide focused information on local and regional housing markets.

Resale market strong

Resale housing activity in Canada’s major markets in the first six months of 2006 surpassed all previous records for the first half of any year, according to statistics released by The Canadian Real Estate Association.

OREA/CREA agreement guides boards on discipline matters

Ontario REALTORS® will not be subject to two sanctions for the same infraction under two Codes of Ethics thanks to an agreement between OREA and CREA.

What you should know about vermiculite insulation

Is it UFFI all over again? Recent media coverage reporting the health risks associated with vermiculite insulation containing asbestos has sparked fear in the minds of some homeowners and even a class action lawsuit.

WIRED OFFICE: Stay secure at Hot Spots

The days of spending hours chained to your desk are gone. With today’s mobile technology, and the growing availability of hotspots, REALTORS® are able to conduct business anywhere, anytime.

Development in Ontario will get bogged down in legislation: panel

The new and proposed amendments to the Planning Act will make development in Ontario a complicated, expensive and time-intensive process, with the onus on the developer to make the process efficient and transparent.

LEGALBEAT Claim to right of way denied

An owner had two homes and three carports and one driveway on one lot and received approval to sever them into two lots. One of the conditions of that approval was that the centre carport be removed.

OREA mourns directors

The Ontario Real Estate Association is sad to report the loss of two active directors this past summer. Emile Boudreau, 2006 Commercial Director, died suddenly on July 24. Edward (Ted) D. McCracken, 2006 Director-at-large, passed away on August 7.

Leyser speaks up for taxpayers at MPAC

OREA past-president Laura Leyser has been appointed to serve as a member of the board of directors of the Municipal Property Assessment Corporation (MPAC).

July 7, 2006

Following the Real Estate Council of Ontario’s Annual Meeting in June, the RECO board elected Joe Pinheiro to serve as chair and Brian Sukkau to serve as vice-chair.

Housing affordability declines slightly

ntario's housing market witnessed a mild drop in affordability across all classes, according to a recent report by RBC Economics.

OREA wins more time to comply with REBBA advertising changes

OREA scored a major victory for members recently with an extension to the REBBA 2002 advertising compliance deadline until the end of this year for the use of the words brokerages and brokers of record.

TREB Buyer Registry Service promotes buyer interest while protecting them

Buyers can get the word out to several listing REALTORS® that they are interested in purchasing a home, and still only sign one representation agreement.

Brokers need to disclose trust account interest terms

The Real Estate and Business Brokers Act, 2002(REBBA 2002) contains new provisions regarding any interest generated on money held in trust by a brokerage.

Do more mega pixels matter? What to look for in a digital camera

Consumers want pictures, pictures and more pictures when shopping for a home according to CREA’s most recent mls.ca® survey.

Cottage country real estate can be tricky

The lure of cottage life is mighty powerful for most Ontarians – especially at this time of year.

Merv’s Column: Mortgagees must act in good faith

The owners of a Kemptville golf course sold it and took back a mortgage and other security.

New course offers good business tips

Cash flow problems are often the reasons new real estate ventures falter.

Lenovo partners with OREA

OREA is pleased to welcome Lenovo to the exclusive list of affinity partners.

Updated guide teaches election ins and outs

If real estate is your profession, politics is your business.

Coalition fights for property tax reform

June 7, 2006

A new province-wide citizen’s coalition has been formed to fight for a five per cent cap on annual property assessment increases and reforms to the property tax system.

Cottage country’s booming

The full impact of an aging baby boom generation is hitting recreational property markets across the country, according to the RE/MAX Recreational Property Report, which highlights activity in 40 major Canadian centres.

New GST rate will keep dollars in homebuyers’ pockets

Ontario homebuyers can save thousands of dollars this summer on newly-built homes thanks to the Federal government plan to reduce the GST from seven per cent to six per cent, effective July 1, 2006.

Do you know how to stay safe?

REALTOR® safety on the job is of real concern. The very nature of real estate involves personal risk because REALTORS® often work alone in vacant buildings with people who are complete strangers.

Learn the ins and outs of IXN

Sharing information is something most REALTORS® want.

The 30, 35-year mortgage: blessing or curse?

Whatever happened to paying down the mortgage faster?

LEGALBEAT: Show buyers SPIS

The buyers hired an agent, viewed this rural property and made an offer that was conditional on financing, a home inspection and being satisfied with the "quality and quantity" of water.

Updated brochure available in French

The updated version of the consumer brochure Working with a REALTOR®, is now available in French. The brochure had been updated to clarify representation and customer service agreements for consumers, to comply with the REBBA regulations.

Board has new home

Update your contact information.

Dash for Cash

Show your support for the Dash for Cash, a 1300-km charity motorcycle ride from Toronto to Nashville, Tennessee on July 20 to 22, 2006.

REALTORS® can earn six MCE credits

May 5, 2006

Earn mandatory continuing education credits at the Land Conference, June 13 in Toronto.

Affordability

Ontario's housing market is showing signs of a controlled cooling down, according to a Housing Affordability Index issued by RBC Economics in March.

Brokers may set office policy on commissions – with care

It may be possible for a brokerage to set an office policy on commissions and avoid competition issues, but certain steps should be followed.

Expand IXN for data sharing, OREA MLS® summit urges

Most REALTORS® believe sharing MLS® information is a good idea that will benefit them and their clients, according to a recent OREA survey.

Don’t let a virus get you down

Computer viruses are an unfortunate reality in today’s technological world. These nasty bugs that commonly show up in e-mail attachments are capable of eating all of your files including your business data.

Deposits can seal the deal

An adequate deposit is one of the essential elements of an agreement to buy or lease real estate.

LEGALBEAT: Keep the ring

The buyer lost his job and decided not to complete his purchase.

1969 OREA president Albert Fish dies

The Ontario Real Estate Association is sad to report that 1969 president Albert Fish passed away suddenly on Wednesday, April 5, 2006 in Guelph. He was 83.

OREA advisory panel wants your opinion

In an effort to better understand the needs of its members, OREA is in the process of setting up an Internet based advisory panel.

Make an impression

We’ve all heard it before: “You don’t get a second chance to make a good first impression.”

Tee up at golf classic

The 11th Annual OREA Foundation Golf Classic charity golf tournament will take place on Wednesday, May 31, 2006 at the Glen Abbey Golf Club in Oakville.

Insurance resolution service expanded

April 5, 2006

The General Insurance OmbudService (GIO), a federal not-for-profit corporation, has set up a new national toll-free number, 1-877-225-0446.

Commercial construction will bolster industry

Strong non-residential and engineering construction will offset a long-anticipated decline in housing starts to maintain industry profits in 2006, according to the Conference Board of Canada’s latest outlook on Canada's construction industry.

Code of Ethics ensures your good name

The Code of Ethics in the new Real Estate and Business Brokers Act (REBBA), 2002 identifies that real estate is a service profession where the consumer relies on the expertise of its members, and takes them at their word.

Technology and REALTOR use on the rise

Technology is transforming how North Americans buy and sell homes in unexpected ways, including how they work with real estate professionals, according to the 2005 National Association of REALTORS® (NAR) Profile of Home Buyers and Sellers.

Legal Forum hits 2,000 questions

“Am I entitled to be paid for the work that I have done showing homes?” This question, and variations of it, is very common on OREA’s online Legal Forum, which hit the 2,000-question mark in March 2006.

Making agreements: Forms reflect changes under new statute

For as long as listings have existed, many real estate practitioners have been of the opinion that, since a listing agreement is really a contract, the broker should sign as a party to the agreement as well as the seller.

Consent Clause must be explained to sellers

The OREA Listing Agreement - Form 200 04/2006 now contains an expired listing consent clause to give sellers an opportunity to consent to being marketed to by other REALTORS after expiry of their property listing.

LEGALBEAT: Building lot it’s not

The Loggerhead Shrike is a small bird that is an 'endangered' species protected under Ontario's Endangered Species Act.

OREA offers new course

OREA has created a new course that focuses on the revised Real Estate and Business Brokers Act.

Attracting volunteers pays off for boards

At the 2006 OREA Annual Conference, OREA past presidents Laura Leyser and Dianne Usher presented the OREA Volunteer Awards to two boards.

House market to moderate

March 5, 2006

Sales of existing Canadian homes will slow down from a record 481,900 sales in 2005 to 461,500 units this year and to 444,000 units in 2007 according to Canada Mortgage and Housing Corporation’s first quarter Housing Outlook report.

Expired listings off limits

Can a REALTOR contact a seller whose listing has expired if the only information taken from the MLS® system is the fact that the listing has expired and the actual contact information is obtained from the phone book?

New REBBA means new, revised forms

The many changes to rules, regulations and terminology adopted under the new Real Estate and Business Brokers Act (REBBA) have resulted in numerous revisions and updates to the OREA standard forms.

WIRED OFFICE: Do some virtual spring cleaning

Getting organized is listed as one of the top New Year’s resolutions.

Curriculum changes under REBBA, 2002

REALTORS need to learn about REBBA 2002–which comes into effect March 31 – and what the changes to the Act and the Code of Ethics will mean to them.

Legal pamphlets help with Code compliance

Two pamphlets available to OREA members contain plenty of important information to help you comply with the new REBBA 2002 regulations.

LEGAL BEAT: Lack of support could topple deals

Are you dealing with financially sound people? REALTORS should be concerned about liens or potential liens and attempt to determine if their buyers or sellers owe monies to anyone including spouses.

“Buy” book updated

Guiding first time buyers through their purchase is always easier if they come into the process with some knowledge.

Conference sponsors’ role appreciated

OREA’s 2006 Annual Conference was made possible by the donations of our generous sponsors.

Agency relationship explained in brochure

RECO has always required that seller clients and buyer clients clearly understand the nature of their relationship with the brokerage.

OREA standard forms available to lawyers

OREA has made several of its standard forms available for purchase by Ontario lawyers.

New smoke detector regulations announced

February 5, 2006

Under changes to the Ontario Fire Code that take effect March 1, 2006, every floor of every house in Ontario must have a working smoke detector.

Canadian house prices forecast to rise in 2006

The effects of an unusually strong fall market are expected to carry through into the first half of 2006 resulting in an average house price increase of about 6 per cent in most areas of Canada according to the Royal LePage Real Estate Services 2006 Market Survey Forecast.

Being green is getting easier

You are an owner and occupant of an older office building. You have high operating costs, high ongoing capital costs, and your employee productivity is low, partly related to high absenteeism.

Opportunities will grow with waterfront development

Toronto’s waterfront represents a great opportunity for business and REALTORS as revitalization efforts are working to create cultural institutions, commercial enterprises and residential communities.

Spyware: Are you being watched?

Hidden programs may be running on your computer that track and communicate your online activities without your knowledge or consent.

RECO decision: Dishonesty proves costly

Orea college launches salesperson training program.

New real estate salespeople graduate from OREA’s Real Estate College with a comprehensive education, but often struggle with practical knowledge in the first weeks and months on the job.

LegalBeat: How do you measure far?

A dentist warranted and agreed that he would not carry on a dental practice within a radius of 15 kilometres of the existing practice being purchased.

Legislative Update gets an update

Today more than ever REALTORS need to stay informed about legislation that affects the real estate profession.

All OREA members are invited to attend the Annual Meeting of the Assembly on Wednesday, February 22, 2006 in the Harbour Ballroom at the Westin Harbour Castle Hotel

Home insurance brochure available

In recent years consumers have faced tougher standards when looking to buy insurance for their homes.

New energy bill passed

January 5, 2006

Bill C-66 – the Energy Costs Assistance Measures Act – received royal assent just prior to the federal general election call at the end of November.

No bubble market evident

According to TD Bank Financial Group’s Housing Bubble Watch the risk of a housing bubble remains low in most Canadian markets because prices are being driven by fundamental factors like historically low mortgage rates and a rise in incomes as opposed to speculation.

Get ready for REBBA, 2002

Breaking the rules will mean stiffer penalties for registrants starting next spring when a new Real Estate and Business Brokers Act (REBBA, 2002) comes into effect. Maximum fines for violating the Act have increased from $25,000 to $50,000 for an individual and from $100,000 to $250,000 for corporations.

Tenants rights – what you should know

Showing a rental unit without giving proper notice to the tenant could be a criminal offence.

What will they think of next?

Technological inventors had a busy year in 2005 coming up with several practical and not-so-practical gadgets.

Property assessments not set in stone

Real estate markets seem to be plateauing and the Municipal Property Assessment Corporation (MPAC) is trying to reflect that in their property value assessments.

Parliament passes Do-Not-Call List

Unsolicited telemarketing has become a serious irritant for many Canadians.

Merv’s column: Tenants have rights

The landlord who was also the seller agreed to sell this rented residential premises to the buyer who was also the landlord's real estate agent as well as the agent for the buyer.

Annual Conference: The sky’s the limit

Add a little fuel to your creativity engine and build your leadership skill set by attending the 2006 OREA Annual Conference, February 21 to 23, 2006, at the Westin Harbour Castle Hotel in Toronto.

Encyclopedia updates real estate’s A to Z

Expanded sections on Canadian regulators, accounting procedures and mortgage financing can be found in the recently released upgraded of the OREA College Real Estate Encyclopedia, Canadian Edition.

All OREA members are invited to attend the Annual Meeting of the Assembly on Wednesday, February 22, 2006 in the Harbour Ballroom at the Westin Harbour Castle Hotel, 1 Harbour Square in Toronto, starting at 10:30 a.m.

Help for efficiency upgrades available

December 6, 2005

Hydro One has teamed up with Canada Mortgage and Housing Corporation (CMHC) and Natural Resources Canada (NRCan) to provide financial incentives for energy-efficiency upgrades to low-income Hydro One customers who heat their homes with electricity.

Green buildings good for business

A new Canadian Study of green buildings reveals a clear link between the market value of real estate and its environmental friendliness.

Condominiums: what you should know

You may be an expert at selling a house, but what do you know about condos?

Standard Forms: keep it simple

Several updates have been made to the standard forms this year with a view to simplicity and identifiability for the REALTOR and the client, and consistency in the wording.

What the Blog is that?

“Blogs,” short for Weblogs, are the hot new trend in Internet technology.

What’s in your PDA is private

The functionality and portability of a personal digital assistant (PDA) makes it an indispensable tool for a growing number of REALTORS.

Merv’s Column: Can’t rely on old survey

The buyers relied on a 13 year old survey which did not show that the driveway encroached on the neighbour's property.

OREA leads in learning

On the heels of having its Real Estate Instructor Designation and Instructor Assessment adopted as the national model and designation, the OREA Real Estate College was awarded in November the 2006 Learning Resources Network (LERN) Award in the category of Best Management Practice.

Are you grappling with privacy compliance concerns surrounding a CMA or just sold properties?

Property assessments issued

November 6, 2005

Notices for Ontario's 4.4 million properties will be delivered to owners this fall indicating the updated assessed value of their properties.

Home renovations outpace economy

A report by Clayton Research suggests renovation spending in Canada will hit $40.7 billion this year and $43.5-billion in 2006.

Be clear with OREA Standard Clauses

Standard clauses can mean the difference between a smooth real estate transaction and a deal gone wrong.

Consumer awareness week

For the second consecutive year OREA is partnering with the Ontario Government and other consumer and business groups in a province-wide consumer protection campaign.

Something “phishy’s” going on. Protect yourself against e-mail fraud

E-mail scammers are using realistic bait to lure unsuspecting consumers onto their hooks these days.

OREA volunteers keep the wheels turning

More than 140 dedicated real estate professionals volunteered their time over the past year to keep the Ontario Real Estate Association running smoothly for its members.

Merv's Column: No copy, no validity

The seller entered into a listing agreement to sell his house with Sutton for a six per cent commission.

Calling all candidates

Leyser lauded.

OREA has awarded an Honorary Life Membership to 2005 Past-President Laura Leyser for her many years of service to the association and the profession.

Committee volunteers needed

Mls data sharing survey underway.

Is access to all MLS information something that is important to you?

Insurance pay-outs up due to summer storm

October 5, 2005

Canada's car, home and business insurers said they expect to pay out more than $400 million to help Southern Ontario recover from the August 19 storm.

Affordability rises

Housing affordability improved in Ontario in the second quarter, according to the RBC Financial Group Housing Affordability Index.

Warm up to oil heating

Dirty, smelly and expensive; these are three common misconceptions about oil heat about which the Canadian Oil Heating Association (COHA) would like to clear the air.

OREA reviews CRG agency recommendations

OREA is working to ensure that any changes to agency guidelines as a result of the Canadian Regulators Group (CRG) Agency Task Force recommendations are practical and workable for the day-to-day activities of members.

Text messaging spells out new marketing tool

D.U. txt? If you are an avid text message fan, you know that means, “Do you text?” in short code.

RECO Decision: Watch what you say

The following RECO Complaints, Compliance and Discipline Appeals decision has been condensed and can be viewed in its entirety In the Regulatory Activity, Discipline and Appeals section of the RECO web site at www.reco.on.ca.

Merv’s column: Internet business not a broker

An owner of a Saskatchewan business "listed" it for sale with an Internet business and signed a "Website Agreement."

OREA wins another award

The Canadian Society of Association Executives (CSAE) has awarded the 2005 Associations Make a Better Canada Award for Ethical, Technical or Professional Standards to OREA for its Volunteer Handbook.

New grow house leaflet available for consumers

Inform your clients about the dangers of grow houses and what they should do if they suspect one is in their community.

OREA aids storm relief

The Ontario Real Estate Association (OREA) has given its support to victims of Hurricane Katrina with a donation of $100,000 US to the National Association of REALTORS (NAR) REALTORS Relief Foundation.

September 9, 2005

CMHC’s annual Housing Outlook Conferences provide focussed information on local and regional housing markets.

Recreational property demand softens

The 2005 RE/MAX Recreational Property Report states buyer resistance to higher recreational property values has put the brakes on price increases in many Ontario markets.

Boating law likely to affect cottage country REALTORS

With prices starting at close to a half million dollars in the Wasaga Beach area and on the larger lakes in Muskoka, chances are good clients are going to want to inspect the property and the lakefront.

Superior service builds customer loyalty

Every successful REALTOR knows that referrals are the lifeblood of their real estate business. So how do you ensure a steady stream of referrals from your customers?

Implementing the CREA Code is next step

A new Code of Ethics, designed by REALTORS, and governed by REALTORS, is set for implementation next year, following a strong vote of support for the Code at CREA&rsquo;s spring Annual General Meeting.

What’s new in tech accessories?

What will the best-dressed cell phones be wearing this season? Some of the innovations introduced at the CTIA Wireless 2005 trade show last spring are not only fashionable, but might help you solve problems you didn't even know you had.

Unsolicited e-mail violates privacy act

With federal legislation for a do-not-call registry looming, REALTORS need to work around another potential barrier to their marketing efforts: do not e-mail.

Merv’s column: Illegal suite breaks deal

The buyers were interested in purchasing a home and enlisted the services of a real estate agent.

OREA Card launched

Training sessions and promotional launches for the OREA Card have been a success in boards in the north, northeast, east, and west ends of the province.

MVA insurance change

Aon Reed Stenhouse announced a change to its insurance policy coverage for MVA-Residential Appraisals.

Home ownership brochure updated

Inform your clients about government programs that will help them save money.

Board changes name

Grey Bruce-Owen Sound Real Estate Board has changed its name to REALTORS Association of Grey Bruce Owen Sound.

RECO election results

August 9, 2005

Following the Real Estate Council of Ontario’s Annual General Meeting in June, Bruce Law ( Burlington) was elected Chair and Joe Pinheiro (London) was elected Vice-Chair.

Houses less affordable

Rising prices, slower income growth and higher utility costs took a bite out of housing affordability according to the Royal Bank of Canada’s affordability index for the first quarter of 2005.

De-stigmatizing problem properties

Do you routinely check for skeletons in the closets when you take a new listing?

All this for $80!

Eighty dollars of the annual dues you pay to your real estate board goes to the Ontario Real Estate Association.

Big things come in small packages

If you do a lot of your business on the go, you might appreciate some of the new ultra portable notebooks that are making the technology scene lately.

Broker breaches privacy law

The first privacy decision involving a real estate issue has been rendered, and the Privacy Commissioner of Canada has reinforced the requirement to obtain consent before disclosing anyone’s personal information – be it client or competitor.

New resource available

Whether you are a veteran broker or brand new salesperson, having good resources available will increase your job success.

Merv’s column: Whose risk?

The buyers bought a 70-year old house for $650,000 and had a home inspection that noted repairs amounting to $70,000 including major work on the roof.

It’s wise to use REALTORwise

Did you know that you can get free articles for your newsletter or other marketing materials on the Member Services section of the OREA web site?

Track your success with My Portfolio

Now when you finish your mandatory RECO Real Estate Update course, you won’t be receiving your transcripts in the mail.

MapArt adds wall maps

MapArt, Canada’s largest map publisher, provides folded maps, street guides, road atlases, wall maps and mapping software at a discount to OREA members.

REALTORS can earn six MCE credits

June 9, 2005

More women than men buy first home in 2004

According to a recent Royal LePage survey, 51 per cent of first-time buyers in 2004 were women, compared to 49 per cent for men.

RECO Real Estate Update teaches fundamentals

Do you know about the Boost and Flip? That’s when a fraudster quickly purchases a listed home and gets the listing broker to remove it from MLS so fewer people know about it.

CMHC lowers insurance premiums

First time buyers will get a break on mortgage insurance thanks to a 15 per cent reduction in premiums by Canada Mortgage and Housing Corporation (CMHC).

All for one and one for all?

Multi-function printers (MFPs) or “all-in-ones” are perfect for home offices where space is often limited.

RECO DECISION: Play fair on the web

The following RECO Complaints, Compliance and Discipline decision has been condensed and can be viewed in its entirety in the Regulatory Activity, Discipline and Appeals section of the RECO web site

No new fees, OREA says

OREA took a stand to keep costs low and standards high in its submission to the Real Estate Council of Ontario in response to the Council’s plan to restructure its Mandatory Continuing Education (MCE) program.

Merv’s column: Both in a couple are clients

These buyers of modest means purchased a condominium unit and arranged a mortgage through an experienced mortgage broker.

OREA sets pace for instructors

OREA Real Estate College standards are now national standards in terms of instructor assessment and recognition.

Give yourself credit

For a limited time only, you can buy two MCE CD-ROM courses at $25.00 each, and get a third free.

New legal pamphlet leads to resources

A new pamphlet, “Resources to Assist REALTORS when Dealing with the RECO CCD Process,” is now posted in the Legal Pamphlets section of the MyOREA website.

Ontario board excels at CREA meeting

The Toronto Real Estate Board was the winner of the 2005 NCC Merit Award, presented during the opening ceremonies of the CREA Leadership Conference,

CHBA pushes for bigger GST rebates

May 18, 2005

The new president of the Canadian Home Builders' Association, David Wassmansdorf, wants the federal government to boost the GST rebate for buyers of new homes to reflect higher home prices.

House hunting rises

According to RBC Royal Bank’s 12th Annual Homeownership Survey, this spring will be another busy house hunting season.

Disclosure the focus of Agency practice

“Who is looking out for my best interest?” Home sellers and buyers alike will certainly have the question foremost on their minds when they enter into the process of buying or selling a home.

Consultation sought on New Mortgage Broker Proposals

The Ontario government is modernizing the legislation regulating the mortgage broker industry.

Phones - not just for talking anymore

The evolution of cell phone technology has been as rapid as has the increase in cellular users.

Going tankless – the wave of the future?

Never run out of hot water again and save up to 50 per cent on hot water heating bills – two claims being made by distributors of new “tankless” water heaters.

Merv’s column: Tell what you know…and what you don’t

The buyer sued the seller after discovering large cracks in the basement foundation that caused a severe water problem in this Regina home.

Barisa to chair AEC

OREA CEO Edward Barisa assumed the role of Chair of the Association Executives Council (AEC) at the annual CREA conference in early April.

Yukon Realtors pick OREA online courses

The Yukon Real Estate Association (YREA) will be able to offer online courses to its members for the first time, thanks to a partnership with OREA College.

Discipline decisions available on OREA site

Complementing OREA’s educational courses on ethics and professional practice, OREA’s Legal Resource Committee has created a compilation of RECO CCD Discipline Decisions, which is posted under Legal Pamphlets on the MyOREA website.

Committees complete

Names are no longer required to fill OREA committee rosters, as all committees are staffed. Thanks to all who volunteered.

MVA appraisals covered

OREA’s MVA-Residential Committee is pleased to advise that Aon Reed Stenhouse Inc. has confirmed insurance coverage for MVA-Residential designees.

Rogers and Second Cup launch WiFi hotspots

April 8, 2005

Rogers Wireless announced in February the availability of wireless fidelity (WiFi) service in select Second Cup locations across Canada.

Real estate returns surge across Canada

Private institutional investors enjoyed a total return on direct investment in Canadian property of 12.9% in 2004, up sharply from 8.4% in 2003

Grow houses still a burning issue in Ontario

Marijuana grow house operations and their implications have been headline news in Ontario and the rest of the country, and often linked to other heinous crimes.

WEBForms new and improved in phase three

Some exciting new features have been added to WEBForms&nbsp;including WEBKits, a personal library of WEBForms with more options than before!

Get the most out of REALTOR®technology products

A little knowledge can go a long way to helping REALTORS® make effective use of the Internet and technology.

Are you an independent contractor?

If you ask most salespeople today whether they are an independent contractor or an employed salesperson, most of them will probably say independent contractor.

LEGALBEAT: Sump pump revealed

A seller has a water problem and her husband "fixes it." Several years later she sells the house.

Volunteer promotion efforts rewarded

At the 2005 OREA Conference, Past Presidents Laura Leyser and Linda Baumgartner present the OREA Volunteer Awards to the Peterborough & the Kawarthas Association of REALTORS®

OREA College adds new CD-ROM courses

Members can earn their next MCE credits from the comfort and convenience of their own home or office.

Budget Rent-A-Car is new OREA partner

For lowest rates, book online at www.budget.com and enter your OREA customer number (BCD A436700).

New software for real estate lawyers

March 4, 2005

New software has been developed to reduce by as much as 50 per cent the time it takes for lawyers to complete transactions.

Housing market to remain hot in 2005

The longest and most consistent residential housing bull market in over 30 years will continue with further price increases in 2005, according to Century 21 Canada’s year-end national house price survey.

RECO targets mortgage fraud

REALTORS could unknowingly become party to mortgage fraud – an activity that according to the Canadian Institute of Mortgage Brokers and Lenders (CIMBL) is on the rise and costing Canadians hundreds of millions of dollars each year.

OREA says no to mandatory CREA Code of Ethics course

OREA has opposed CREA’s proposed Education Protocol which would require REALTORS to take a mandatory Code of Ethics course every four years.

In the market for a new computer?

PDAs, notebooks and other mobile technology have taken the spotlight in the computer world lately, but any home office would not be complete without the basic desktop PC.

What does the future hold for commercial real estate?

Will telecommuting, e-tailing and outsourcing mean the end of office and retail space as we know it?

Legal Beat: Not liable for sewer

A home the buyers purchased was described in an MLS listing as being connected to the city sewer system. In fact the home turned out to have a septic tank.

Primus Canada joins OREA affinity team

PRIMUS Canada offers to members great savings on communications needs.

More benefit from OREA College courses

The Alberta Real Estate Association (AREA) has partnered with OREA Real Estate College to offer the online course Recognizing Structural Deficiencies in Homes.

Thank you to the conference sponsors

OREAs 2005 Annual Conference could not have been a success without the support of our sponsors.

REITs outperform stock exchange

February 4, 2005

For five consecutive years Scotia Capitals real estate investment funds have outperformed the Toronto Stock Exchange's S&P/TSX composite index based on total returns

Mortgage rates make ownership feasible

Low mortgage rates bring home ownership within the reach of many renter households shrinking demand for rental housing, according to the CMHC Rental Market Survey.

New form helps with multiple offers

REALTORS facing multiple offer situations will find great value in a new OREA standard form entitled, Offer Presentation – Acknowledgement (Form 109).

Todays REALTOR is younger, better educated

A younger, better educated REALTOR has emerged in the past three years, according to member research conducted for OREA late last fall.

Site seeing on the Internet

The Internet offers a wealth of resources for REALTORS.

The Privacy Law: A review

Federal privacy law has changed the way REALTORS, as well as every commercial organization in Ontario, conduct their businesses since PIPEDA (Personal Information Protection and Electronic Documents Act) came into effect just over one year ago on January 1, 2004.

LEGALBEAT: Overlisting is risky business

The buyer bought a development property and gave a mortgage back to the sellers.

1985 OREA President William Hopkins dies

The Ontario Real Estate Association is sad to report that 1985 OREA President Bill Hopkins passed away on Thursday, January 6.

Unsure about courses on CD? Try our demo

If you're not sure if you'd like at-home learning, you can give it a try at no cost. A demo of the Buyer Agency course on CD-ROM is available on the OREA College site.

Call centre expanded

With double the call lines and double the staff, the OREA Real Estate College has expanded its customer contact centre to deal with the increased volume of education calls.

Record hits on mls.ca

January 4, 2005

There were 1.96 million unique users to mls.ca in September 2004, which is another monthly record, CREA reported.

More buyers shop online for mortgage info

Just under 50 per cent of buyers use the Internet to obtain mortgage information according to a recent CMHC survey.

Businesses and professionals regularly advertise to attract new business and promote themselves.

CMHC launches new incentives

Making home ownership more attractive and attainable are the objectives behind new incentives recently introduced by Canada Mortgage and Housing Corporation (CMHC).

Where's your favourite hot spot?

No, we're not referring to nightclubs or local watering holes.

GTA REALTORS oppose greenbelt legislation

More Ontario residents won't be able to afford homes if the provincial government's Golden Horseshoe Greenbelt proposal becomes law.

Merv's Column: Whose best interest?

Should a buyer's agent disclose an obvious sloping floor to her client and suggest a home inspection?

OREA to hold Annual Conference

The 2005 OREA Annual Conference will take place February 23 &amp; 24, 2005 at the Sheraton Centre Hotel in Toronto.

Annual Meeting of the Assembly

All OREA members are invited to attend the Annual Meeting of the Assembly on Wednesday February 23, 2004 in the Grand Ballroom of the Sheraton Centre Hotel

New schedules / clauses online

Two new schedules, available now on the OREA web site and on WebForms, are designed to assist members who deal in new home sales.

Rogers Wireless offers specials

Until February 14 Rogers offers specials on cell phones and new low prices for Blackberry and TREO data plans. Members can also get three months of unlimited local data with a TREO data plan.

New name for GE Mortgage

December 5, 2004

GE Mortgage Insurance Canada, a unit of General Electric Co. that provides default insurance for homebuyers, has changed its name to Genworth Financial Canada.

Ontario home construction to hit 15 year high

CMHC’s Housing Outlook predicts Ontario’s 2004 annual home starts to surpass last year’s level to set a 15-year record.

What's new in standard forms

In a business that relies on the exchange of personal information, the privacy legislation introduced this year has a major influence.

Audits for money laundering compliance loom

Federal agents want to know if your firm has a policy in place for handling large cash transactions. To find out, they may do an audit.

Global positioning systems (GPS) are fast becoming a popular option in many new vehicles.

OREA points heeded on procedures for CREA code changes

OREA's objections to proposed changes to CREA's Code of Ethics and Standards of Business Practice has held them for further consideration, thanks to amended motions that passed at the CREA Special Assembly on October 23.

Merv's Column: Going once, going twice...…SOLD

The owner of a condo went into arrears on his mortgage when he lost his job and moved back to his parents' home.

OREA adds three new CD-ROM courses

If you love the convenience of OREA's CD-ROM courses, be sure to check out the newest offerings for furthering your education.

Rent Check Credit Bureau is new partner

OREA's latest affinity partner is Rent Check Credit Bureau.

Increased traffic

November 8, 2004

The Technology Council of the Canadian Real Estate Association recently reported that the number of unique visitors to mls.ca grew throughout the summer.

Real estate assets double

According to a recent Bank of Nova Scotia report, rising rates of home ownership and house prices have contributed to a 27 per cent national increase in overall household financial assets since mid-2001.

Confirmation of Co-operation and Representation - the multi-purpose form

As the name suggests, OREA’s Confirmation of Co-operation and Representation form serves two purposes.

OREA has partnered with the Ontario government and other consumer and business groups to create a province-wide consumer protection campaign.

Do you need a PDA?

What's a PDA and should you have one? PDA stands for Personal Digital Assistant, and is essentially a powerful, hand-held computer.

Laws changed, homes built, thanks to volunteers

This past year, more than 130 dedicated real estate professionals have volunteered their time in order to make the Ontario Real Estate Association work well for its members.

Merv's Column: No disclosure is no excuse

The sellers were the original owners of the house and sold to Relocation Services.

Baumgartner lauded

OREA has awarded an Honorary Life Membership to 2004 Past-President Linda Baumgartner for her many years of service to the association and the profession.

Interested in running for a position on OREA's Board of Directors? The following positions are up for election: four Provincial Directors (made up of one each from the Eastern, Northern, Western and Central Ontario Areas), four Directors-at-Large, and one Commercial Director.

If you're willing to serve the profession, why not sign up for an OREA committee?

About 700 randomly selected members will be asked for feedback on OREA products and services, with a telephone survey to begin later this fall.

Watch for new rental equipment

October 9, 2004

Union Energy recently announced an expanded rental program that includes not only water heaters, but furnaces, air conditioners, humidifiers and air cleaners.

Construction activity remains strong

Although the overall value of building permits fell 11.4 per cent in July, Statistics Canada reports permits for single-family dwellings rose 2 per cent to $2.1-billion

How to turn a FSBO into a listing

For sale by owner? Can you turn a competitor into a client? The fact is that many homeowners believe they can save thousands of dollars in fees for the services REALTORS provide by selling their property on their own.

OREA supports revision to Mortgage Brokers Act

The Ontario Real Estate Association has told the Ministry of Finance that it is prepared to accept changes to the deemed registration provision of the existing Mortgage Brokers Act that allows real estate brokers to be “deemed” mortgage brokers.

Make your personal web site professional

Are you among the 50.5 per cent of REALTORS who have a personal web site for business purposes?

Making the most of your mls.ca

Providing value added service is so important in today's hot real estate market.

Merv's Column “Full basement” not full story

The seller was a municipal planner who bought a home that he knew did not have a full basement.

OREA's CE courses debut…out west!

Impressed by the content and design of OREA's continuing education courses, the British Columbia Real Estate Association (BCREA) now offers three of them.

Get hits to your site

Understanding the Internet for Real Estate Professionals is an online and classroom course that will teach you how to drive traffic to your website

Kit helps boards with communication

A tool to help real estate boards reach their members effectively was launched at the end of September.

Clause book giveaway

Can't find the right words? The Guidelines for Residential & Commercial Clauses can provide some guidance.

Mortgage toolkit available online

September 6, 2004

A new online toolkit to help consumers understand the real costs of mortgages is available through the Financial Consumer Agency of Canada (FCAC).

New homes in Ontario nearing record level

New homes are going up at a near record pace, with 84,500 new units expected in Ontario this year, according to a CMHC housing forecast.

“Loose language” a concern for competition compliance

It's known as “loose language”; any conversation or phrase that can be interpreted as anti-competitive by nature. REALTORS who use "loose language" in their dealings with customers

Website offers safety tips for REALTORS

In October 2002, a Calgary REALTOR was attacked by a man who claimed to be looking for a new home for his family.

Make your home office work for you

Many REALTORS find keeping office space at home along with some key mobile technology gives them precisely the flexibility required to run a successful real estate business.

The following RECO Complaints, Compliance and Discipline decision been condensed and can be viewed in its entirety on the RECO website at www.reco.on.ca.

Merv's Column

The buyer sued the sellers who knew or ought to have known that there were latent defects in the house they had constructed themselves, lived in and then sold to her for $375,000.

Learn about power of sale

A power of sale is a forced sale of a property by a mortgagee due to a default of one or more of the mortgagor’s obligations under the mortgage. These obligations include, among others:

“Viva Mexico!”

TD Insurance Home and Auto (an OREA member savings program participant) is offering the opportunity to win one of four trips to Mexico or $7,000 cash simply by requesting a home or auto insurance quote.

Cottage country sales boom

July 6, 2004

According to a recent Toronto Star article, prices for a standard cottage, condo or chalet are up between nine and 10 per cent from last year.

Following the Real Estate Council of Ontario’s Annual General Meeting in June Terry Landon (Cornwall) was elected Chair and Bruce Law (Hamilton) was elected Vice-Chair

Draft REBBA regulations lengthens time for trust monies deposit

Proposed regulations will give brokerages an extra three day leeway to deposit money in trust accounts.

No big changes for real estate in new budget

The new Ontario Liberal budget will have a greater impact on REALTOR pocketbooks than on the real estate profession.

SPIS - don't leave the office without it!

REALTORS heading out to list or sell residential property should consider taking along a SPIS.

Wired Office: CD-ROM courses offer the ultimate flexibility

Busy REALTORS can't always find the time to complete continuing education courses - even online courses - during the allotted schedule.

Setting the stage for a quick sale

REALTORS know how important a home's first impression can be to its ultimate selling price.

Merv's Column: When a seller's agent becomes the buyer

Are you still an "agent" with fiduciary duties when you become the "buyer?"

Foundation Golf tourney raises $26,000 for Ontario shelters

Changing the time and venue of their annual golf tournament was a positive step for the OREA Foundation.

French REALTOR brochure updated

An updated French version of the Working with a Realtor Brochure, (Traiter avec un agent immobilier) is now available.

RECO Annual General Meeting

June 8, 2004

RECO's annual general meeting will be held on June 17, 2004 at the Old Mill Inn in Toronto commencing at 10:00 a.m.

ONHWP gets new name

The Ontario New Home Warranty Program will now be known as “Tarion Warranty Corporation.

Housing starts remain high in April

Even though the seasonally adjusted annual rate of urban housing starts declined 6.8 per cent in Ontario for April, according to CMHC

Multiple representation OK under draft REBBA regulations

With the appropriate disclosure, registrants will be allowed to represent more than one party in a transaction if proposed regulations for the new Real Estate and Business Brokers Act are passed.

Affordability keeps market from “bubbling”

Supply remains low and prices continue to rise in the current housing market.

Outlook for Ontario

The market conditions for Ontario along with Alberta and Atlantic Canada are expected to stabilize as more supply in the form of new housing and new resale listings become available this year.

Microsoft Outlook is good for managing contacts

Keeping track of prospects, clients and customers both past and present is vital to a REALTOR's business success.

Task force seeks solutions to growing insurance problems

Obtaining property insurance at a reasonable premium has become increasingly difficult for some homebuyers over the past few years.

Merv’s Column No deposit, no deal?

A buyer submitted an offer which provided for a deposit of $10,000 to be made.

E-courses now available on demand

Accessing online continuing education courses has just gotten easier.

REALTOR receives prestigious award

Ontario REALTOR Eugene Barna was one of 18 Canadians to receive the Governor General's Caring Canadian Award from her excellency, Adrienne Clarkson, at Rideau Hall in April.

REBBA regulation update

May 4, 2004

The Ministry of Consumer and Business Services plans to release the consultation draft of the REBBA regulations in two parts

Affordability outlook good for housing markets in 2004

Low interest rates, higher household incomes and economic growth combined with moderate house price increases mean good news

CREA seeks input on changes to its code of ethics

Proposed changes to the CREA Code of Ethics might subject REALTORS to double jeopardy, a concern OREA will relate to the Canadian Real Estate Association task force considering those changes.

Commercial members are highly satisfied with OREA's standard forms and clauses according to a survey conducted by OREA's Ontario Commercial Council.

Preparing for the growing 'boomer market'

What type of property does the typical 60-something, empty-nester, recent retiree want you to find for them?

RE/MAX First Wave report findings

While not all boomers will be extra wealthy in retirement, the affluent boomers will drive the market says RE/MAX.

Cellphones, Internet top list of REALTOR “must have” technology

Today's REALTOR relies on technology more than ever according to the latest survey by the National Association of REALTORS Center of REALTOR Technology.

Merv's Column Farm Fraud

The sellers made several false representations when selling their ranch about the coverage of the irrigation pivots, the ton per acre production, the yield of calves and average weight and price,

Buyer agency course on CD-ROM

Everything you need to know about buyer agency is now available on CD-ROM.

OREA Foundation hosts first lunch

Raising money was on the menu at the inaugural OREA Foundation luncheon.

Woodstock-Ingersoll EO honoured

Carol Smith-Gee, Executive Officer of the Woodstock-Ingersoll and District Real Estate Board, recently received the Frank Johns Award in recognition of her dedicated service as an association executive.

Two-thirds of Canadians believe they will own their dream home

April 7, 2004

Two-thirds (68%) of Canadian homeowners and prospective home buyers believe that they will own their dream home, according to a recent CIBC telephone poll conducted by Decima Research.

Legal Forum hits 1000 questions!

OREA's online Legal Forum has been a valuable source of legal information for members since November 1999.&nbsp;More than 1000 questions have been submitted to the forum covering everything from advertising to UFFI clauses.

Tourism web site boosts Ontario commercial properties

Ontario's commercial and investment properties received a promotional boost from the provincial government with the launch of its new tourism investment web site.

Form helps maintain confidentiality

Commercial members often handle confidential information when pursuing properties for their clients.

Software enables in-house colour printing

New colour printing technology can help real estate offices to save money and increase productivity by creating marketing materials in-house.

RECO Decisions

The following RECO Complaints, Compliance and Discipline Appeals decision has been condensed

Merv's Column What's better-- 0% or 50%?

The sellers list a subdivision property using a typical Ontario Listing Agreement.

New OREA Board of Directors 2004

The 2004 Board of Directors for OREA was elected at the Leadership Conference in February.

Dianne Usher joins CREA Board of Directors

Former OREA President Dianne Usher has joined the CREA Board of Directors as Regional Director for Ontario as of April 2004.

CD-ROM Courses now available from OREA

Earn your next MCE credits on CD-ROM anywhere, anytime.

March 6, 2004

Beginning March 8, 2004 electronic land registration is being introduced on an optional basis in the City of Peterborough.

Value added house features

A recent study by the National Centre for Real Estate Research in the United States calculated the value that is added to the selling price of a home with the following home features

Pre-listing inspections may ease insurance woes

Alan Carson argues that if homes were inspected before they went on the market

Commercial database updated

OREA's Commercial members have known about the benefits of the Commercial Property Database (CPD) for some time.&nbsp;Now the CPD is about to become even better with the launch of some significant enhancements this spring.

New and improved mls.ca

More photos, more options and more marketing power are the key benefits members and consumers will find on their next visit to www.mls.ca.

Logging on to My OREA is easy

OREA members can log on to the My OREA section of the web site by simply typing in their REALTOR id and password.

The following RECO Complaints, Compliance and Discipline Appeals decision has been condensed and can be viewed in its entirety on the RECO web site at www.reco.on.ca.

Seller broker A1 was found to be in breach of Rules 2 and 6 of the RECO Code of Ethics

Cottage ownership on the rise

According to a recent Royal LePage survey, more Canadians are purchasing vacation homes.

Merv's Column: Watch your step

The buyer signed an offer for a 1.3 acre parcel of undeveloped land.

Thanks to conference sponsors - OREA Annual Conference 2004

The 2004 OREA Leadership Conference was a great success and the support of our conference sponsors made it possible.

Encyclopedia Update

The new edition of OREA’s Real Estate Encyclopedia is now available.

RECO's Mandatory Continuing Education Policy Revised

February 6, 2004

RECO's Board of Directors recently extended the double credit hour eligibility of the RECO Code of Ethics Course until December 31, 2004.

Canada's housing market will cool in the coming years, but there is no reason to fear a major correction, according to TD Bank's report

When the buyer is a customer

What do you do when a buyer decides to select Customer status rather than become a Client of your firm?

Buyer Customer Service Agreement

OREA's new form 310 Buyer Customer Service Agreement is an ideal solution to this common problem.

Non-exclusive agreement

The Buyer Customer Service Agreement is non-exclusive.

VOWS: A cautionary tale

If you're considering a VOW, a virtual office web site—, stop to smell the coffee. There could be strychnine in it.

Dealing with privacy requests or complaints

Now that privacy is law, how should you handle a request about personal information?

How to deal with information requests

Under PIPEDA and the CREA Privacy Code, REALTORS have a responsibility to provide individuals with access to their personal information.

Handling complaints

Consumers may complain to the Privacy Commissioner if they are not satisfied with your response to their request for information or if they believe that your firm has not complied with the PIPEDA privacy principles.

Are you ready for Bluetooth?

While “Bluetooth” may sound like something your dentist should warn you about, it's actually a new technology that is going to change the way people interact with machines.

Members save at Petro Canada

Petro-Canada, the latest partnership in OREA's line up of member savings programs

Legal Beat: Domain names

REALTOR X, a principal broker in the U.S. firm XYZ, was technologically savvy and constantly looking for ways to use the Internet to promote his firm and drive additional traffic to his web site.

Maurice Lamond 1986 OREA President

The Ontario Real Estate Association is sad to report that former OREA President, Maurice Lamond passed away in late December.

OREA Annual Conference 2004

OREA's Annual Conference takes place February 25 – 26 at the Fairmont Royal York Hotel in Toronto.

All OREA members are invited to attend the Annual Meeting of the Assembly on Wednesday February 25, 2004

Members interested in serving on OREA committees are encouraged to send their resumes to their Provincial Directors or OREA's chief executive officer or apply online

Garage sells for $135,000, no house attached

January 6, 2004

A two-car garage in the upscale neighbourhood of North Toronto - no house - has sold for $135,000

Average Rental Vacancy Rate Rises to 2.2 Per Cent

The average rental apartment vacancy rate in Canada's metropolitan areas rose to 2.2 percent in October 2003

It's a new year and a new law is in effect. Starting January 1 all businesses must comply with the Personal Information Protection and Electronic Documents Act (PIPEDA) when collecting, using and disclosing an individual's personal information.

Verify mortgage details up front

This is the first article in an ongoing series about OREA Standard Forms written by Geof Smith, who is OREA's Student & Faculty Services Manager and an OREA College instructor.

Competition: Know the Law

Real estate is a highly competitive industry. So, it's vital that every REALTOR understand competition law and the penalties for non-compliance.

Keep up to date on all the real estate news

Staying current with all the issues in the world of real estate can be challenging for a busy REALTOR. Here are a few key sources of "quick" real estate related information.

Merv's column

"Fore" whose benefit?

MCE Courses now available on CD-ROM

Earn your next MCE credits while sitting in front of your computer.

OREA's Annual Conference takes place February 25 - 26 at the Fairmont Royal York Hotel in Toronto.

All OREA members are invited to attend the Annual Meeting of the Assembly

Members interested in serving on OREA committees are encouraged to send their resumes to their Provincial Directors or OREA's chief executive officer

RECO reports high rate of renewal

December 15, 2003

Only 713 RECO registrants were terminated for non-payment of their premium for the Consumer Protection Program.

The cost of home ownership in Ontario rose to 31 percent of pre-tax household income needed to carry a home

OREA forms revised, reformatted

OREA standard forms will be easier to read and easier to fax thanks to a new 8 1/2 by 11 inch size and a redesigned layout.

Three new residential and two new commercial forms have been created.

To deal with the complexities of commercial leases, OREA created an additional Agreement to Lease - Commercial form 511.

Home Inspection Clause

A clause has been added to the Agreement of Purchase and Sale indicating that the buyer has had the opportunity to obtain a home inspection.

Clauses reindexed

All OREA Standard Clauses are now indexed alphabetically by topic making it a lot easier to find the clause you need.

OREA clauses tackle tough issues

Insurance issues topped the list of priorities for home inspections this past year.

Privacy law just around the corner

In a few weeks protecting personal privacy will become a "way of life" for REALTORS as well as all businesses in Canada.

Who gets deposit when the deal goes south?

As most of us have learned, some more painfully than others, it's generally easier to dispose of money than to acquire it. But that's not always the case and one exception involves the return of deposits in the case of a failed agreement of purchase and sale.

Assess your skills with virtual technology

Most top performing REALTORS will tell you that to succeed in the business of real estate you need to know yourself well and be constantly improving your skills.

Merv's column Employment contracts

A commercial REALTOR and his firm went to court to resolve commission disputes about amounts owing to each other after the REALTOR left the firm.

Rogers AT&T wireless specials

Rogers AT&T Wireless is offering holiday specials on cell phones which include 200 weekday minutes

OREA Online Continuing Education courses now 50% off

OREA's online Continuing Education courses are now 50% off.

E-REG in Waterloo

November 25, 2003

Starting this month, Waterloo Land Registry Office clients will be able to transact business by electronic means as well as by the current manual paper-based process.

CREA housing report shows hot resale sector

Privacy “know-how” for REALTORS

All the do's and don'ts of privacy compliance may sound complicated, but resources abound for REALTORS to learn everything they will need to know in order to comply with the requirements of the Personal Information Protection and Electronic Documents Act.

Hats off to real estate volunteers

Behind the scenes of any successful not-for-profit organization can usually be found a dedicated, hardworking group of volunteers.

Wired Office

REALTORS are offering virtual tours of properties for sale as a part of their services more than ever before.

A lesson in perils and price

CMHC Price Ceiling Eliminated

October 5, 2003

Canada Mortgage and Housing Corporation (CMHC) has announced that effective September 22 2003

Home Financing Costs Still Down

October 21, 2003

The average monthly cost of financing a new home, based on an average five year fixed mortgage, dropped 1.7 per cent from a year ago

OREA Real Estate College opens for business

All the education needs of a real estate professional can now be met under one roof with the launch of the OREA Real Estate College.

New course about the Internet

OREA has recently introduced its latest online Continuing Education course titled

Don't wait until the last minute!

If your license is coming up for renewal, remember that you must take either the RECO Real Estate Update or the RECO Real Estate Update

Questions about privacy compliance?

As of January 1, 2004 all Ontario REALTORS will need to comply with the requirements of PIPEDA

WIRED OFFICE

Looking for forms? Need a form? Thanks to Internet technology REALTORS can access a variety of real estate related forms with a few clicks of a mouse.

Estates: The basics

An experienced REALTOR dealing with property owned by a deceased person, in other words an estate sale, will know that there may be concerns in connection with the authority of the seller

MERV‘S COLUMN

Whose agent?

OREA's online Continuing Education courses are now 50% off. This promotion started on July 1, 2003 and runs until December 31, 2003.

OREA and Scotiabank Partner for enhanced member services

OREA is delighted to announce a preferred financial services arrangement with Scotiabank.

Additional Insurance clause added

OREA’s Standard Forms committee has added another insurance clause to provide REALTORS with another option for the Agreement of Purchase and Sale.

Homeownership more affordable

September 5, 2003

A Canada Mortgage and Housing Corporation (CMHC) is making homeownership more affordable through a 15 per cent reduction

Condo fees on the rise

Condominiums in the Toronto area can expect monthly maintenance fees to double over the next 10 years

OREA launches new and improved web site

If you haven't visited www.orea.com lately, you need to check it out! The OREA website has been relaunched with an enhanced format that's much more user-friendly.

Preparing for privacy legislation

Legislation to protect the personal privacy of every individual will take effect on January 1, 2004.

Put your best (business practice) foot forward

Do you have your own website yet? Many REALTORS are taking advantage of Internet technology to market themselves and their listings to consumers.

As the incidence of grow house operations in Canada continues to increase, questions about the disclosure responsibilities and potential liabilities of REALTORS dealing with these properties are also on the rise.

The seller decided to sell his farm and listed it for sale at $173,500 and told the REALTOR he did not want a VTB mortgage as he was 91 years old and in poor health.

The savings are the same – just the names have changed

Two of OREA's member service partners have gone through name changes, but their services to our members have not changed.

Commercial Condominium Guide

July 5, 2003

A new comprehensive condominium buyers' guide, developed by Canada Mortgage and Housing Corporation (CMHC), will help homebuyers by providing the basic information needed to start on the path to condo ownership.

RECO Board of Directors

The Real Estate Council of Ontario recently held elections for its 2003 Board of Directors.

Mortgages for self-employed people

Scotiabank is offering a mortgage for self-employed people, in order to provide small business customers with up to 85 per cent home financing

How do REALTORS rate?

REALTORS need to develop their own “brand,” and clearly specify the value of the services they provide to consumers, according to a recent Consumer Branding Study commissioned by the Canadian Real Estate Association.

Spell out buyer agency to avoid misunderstandings

Entering into a buyer agency relationship with a client is more than just having the buyer sign a buyer agency agreement.

Should you be following up?

Despite your advice to the sellers, your listing is overpriced.

If your license is coming up for renewal, remember that you must take either the RECO Real Estate Update or the RECO Real Estate Update – Commercial as part of your 24 hours of MCE credits

Fujitsu LifeBook promotion

OREA members now have the opportunity to purchase a Fujistu LifeBook through a member services program with Albert White Technologies at an excellent price.

Access standard forms online

This is the fourth in a series of five articles about the features of the members’ only section of the OREA web site.

OKI Data Members Savings Program

OREA recently announced a partnership with OKI Data Americas for a special discount price on colour and monochrome laser printers.

Broaden your skills with the RECO Real Estate Update - Commercial

Issues involving cellular towers, wrong building size and contamination are just some of the areas you'll learn about when you take OREA's new RECO Real Estate Update - Commercial course.

Five Mortgage Insurance Innovations for 2003

June 6, 2003

The Canada Mortgage and Housing Corporation (CMHC) is introducing five new mortgage insurance innovations

Housing to Remain Affordable for Most Canadians

A new report from the BMO Financial Group Economics Department says the average monthly carrying cost of new home ownership is now 30.5 per cent of household income

New in digital cameras

If you're one of those people who likes to be the “first on your block” to own new technology, check out some of the latest offerings in digital cameras.

Risks and rewards of OREA standard forms

The forms are standard and you see them all the time; in fact, you may scarcely notice the wording any more, even if some of it has changed.

Get your MVA!

Who would want an MVA - Residential (Market Value Appraiser) designation?

When the seller is not my client

Clearly defined relationships are the mark of any successful business transaction and, in real estate, are mandated by the RECO Code of Ethics.

The seller sued her REALTOR for an alleged overpayment of commission.

Commercial RECO Real Estate Update available online or by correspondence

The commercial version of the RECO Real Estate Update (6 credits) is now available online or by correspondence.

New home insurance clause

In the May issue of the EDGE, we featured an article about insurance that suggested that if there is any doubt about the house's insurability to include a condition regarding the buyer being able to obtain home insurance.

Protecting your commission

How can you help protect your commissions? Through RECO's Insurance Program.

What can unregistered assistants do?

The Real Estate and Business Brokers Act states that a person must be registered under the Act in order to trade in real estate.

Real estate boards up to the challenge

The Hamilton-Burlington and District Real Estate Board announced at the OREA assembly meeting that his board would be donating $2.00 per member to the OREA Foundation and challenged all real estate boards to make a contribution.

Complaints, Compliance & Discipline (CCD) Statistics

May 4, 2003

To learn more about CCD process, visit RECO's web site at www.reco.on.ca

Is home insurance harder to get?

Acquiring home insurance is usually one of the last steps a buyer takes in the home buying process.

Program provides funding to upgrade water wells

How well is the well on that rural property you're listing?

Injunction issued to protect mls.ca data

The Canadian Real Estate Association has been awarded an interlocutory injunction by the Quebec Superior Court that protects the listings displayed on the mls.ca web site.

RECO makes improvements to CCD process

Over the past year, the Real Estate Council of Ontario (RECO) has made some notable improvements to its Complaints, Compliance and Discipline (CCD) process.

Nothing but “net”

Under this lease for Ontario commercial premises the tenants were required to pay “occupancy costs” which were the “operating costs” times the square footage of the leased premises.

Don Richardson wins Frank Johns Award

Congratulations to Don Richardson, Chief Executive Officer of the Toronto Real Estate Board (TREB), for being honoured with the Frank Johns Awards by the Association Executives Council (AEC) of the Canadian Real Estate Association.

OREA CEO elected to AEC board of directors

OREA CEO, Ed Barisa was recently elected to the Association Executives Council (AEC) Board of Directors.

Mo Park 1980 OREA President

Former OREA President, Maurice “Mo” Park passed away in early April.

e-EDGE Distribution

OREA's e-EDGE has been in production now, since February.

Home is Where the Heart Is

An RBC Royal Bank/Ipsos-Reid study shows that when they get older, proximity to friends and family is the most important external factor (46 per cent) in a home for Canadians.

Protect your image

If you have a website for your business or you are planning on creating one, give careful consideration to the “images” you portray.

CMHC Guide to Renting a Home

The Canada Mortgage and Housing Corporation (CMHC) recently announced a new online publication titled “Your Guide to Renting a Home”

E-REG in Essex

April 6, 2003

Starting this month, Essex Land Registry Office clients will be able to transact business by electronic

Ontario's escalating housing prices boost cost of home ownership

Rising house prices coupled with higher mortgage rates will likely cause housing affordability in Ontario to deteriorate further over 2003

Make multiple offers work

Multiple offers on houses in today's real estate market are not unusual and can be rewarding if everyone involved remembers the basic principles of fair play

Why volunteering pays

Why do REALTORS volunteer in organized real estate and what do they get out of it?

Find out how to avoid money laundering and grow houses

The real estate market is big business, and not just in the buying and selling of homes.

Avoid water woes with an SPIS

The sellers are aware that there are problems with water in the basement of their home.

New OREA Board of Directors

The 2003 Board of Directors for OREA was elected at the Leadership Conference in February.

Residential and Commercial Clauses Guidelines

The Guidelines for Residential and Commercial Clauses are available in hard copy at a cost of $6.00.

Thank you volunteers

OREA's Board of Directors would like to thank the volunteers who expressed their interest to serve on various committees for 2003.

Get free electronic consumer brochures

This is the third in a series of five articles about the features of the members’ only section of the OREA web site. T

Commercial RECO Real Estate Update now available

March 6, 2003

The commercial version of the mandatory RECO Real Estate Update course is now available.

No Significant Increase in E&O Insurance Premium

RECO's Insurance Committee announced that the Errors and Omissions Insurance premium will increase by only $10 per registrant this year.

Home Buying Intentions Remain Strong

An average 11 per cent of households surveyed in cities across Canada say they are in the market to buy a home

e-EDGE is here!

Need to catch up on the latest real estate issues and trends, but don't have much time?

MLS.ca posts new web traffic records

MLS.ca generated record traffic and page view levels this year.

Take care with advertising

Advertising plays an important role in a REALTORS day-to-day business and should be carefully thought out for maximum effect.

Thank you OREA Conference Sponsors

The 2003 OREA Leadership Conference was a great success and the support of our conference sponsors made it possible.

Real Estate Forum Participants Receive MCE Credits Courtesy of OREA

More than 175 participants at the 11th Annual Real Estate Forum received up to 10 RECO MCE credits

Check out new legal pamphlets online

Three new legal pamphlets are now available to members on OREA's website bringing the total number of topics to nine.

Polish your knowledge of architectural styles

Your clients may be looking for a “Victorian” home, but do they want a Queen Anne, a Stick or another style from the Victorian era?

Common email mistakes to avoid

Email can be a highly efficient way to communicate, and in many businesses it has flourished, both internally and externally.

Written notice

The property owner signed a commercial listing agreement which expired November 16th.

Phone features can make you more productive

February 8, 2003

Today's technologically savvy REALTOR probably uses e-mail, a cell phone and maybe even an electronic organizer.

Tell all about MLS

Explaining both the benefits and the requirements of MLS to your clients up front can prevent misunderstandings and concerns later in the real estate process.

OREA encourages brownfield remediation

OREA wants all levels of government to work together to increase incentives for the remediation of brownfield sites.

Get it signed

A commercial REALTOR acted for seller #1 in a conditional deal and was to get $375,000 commission (later reduced to $210,000).

Is mould a big deal?

The issue of mould growth and its impact on the real estate profession is getting a lot of attention lately – especially in the U.S.

Revised Standard Forms online

Owners of contaminated property in Ontario can recover damages from neighbouring polluters, even if the owners do not intend to clean up the contamination.

Consumers prepared to borrow in 2003

A CIBC report says Canadian consumer spending will continue to buoy the national economy in 2003.

Licensing Education web site gets updated

OREA's Licensing Education web pages have a new look and are easier to navigate.

OREA Leadership Conference

OREA's Leadership Conference takes place February 27 – 28 at the Sheraton Centre in Toronto.

e-EDGE coming soon

OREA members will soon be receiving a copy of e-EDGE via e-mail.

Tenant Protection Act Changes

January 7, 2003

Recent changes to Ontario's Tenant Protection Act include revised forms and changes to the Ontario Rental Housing Tribunal's Rules of Practice

Shopping around for a Mortgage

More homebuyers shopped around when seeking a mortgage in 2002

New Ontario real estate act finalized

After 50 years without any substantive changes, a new Ontario Real Estate and Business Brokers Act (REBBA) was passed in December.

OREA creates seven new forms

Seven new forms have been added to OREA's line up of standard forms for 2003.

New Commercial forms

Two new forms tailored for commercial real estate transactions were also developed.

Changes to existing forms

Several other forms were changed including the Seller Property Information Statement (SPIS) and the Registrant's Statement.

WEBforms gaining popularity

The number of REALTORS accessing real estate forms online through WEBforms on REALTORLink has increased from 905 users in January of this year to 7,504 users by the end of October.

Sharpen your EDGE monthly!

You asked for it - you got it! In a recent OREA membership survey

Legal Information Online at OREA

This is the first in a series of five articles about the features of the members only section of the OREA web site.

Legal Forum

Long gone are the days of real estate where deals were finalized on a handshake.

Everything you need to know about

Title Insurance - online Title Insurance Basics is the latest addition to OREA's slate of online course offerings.

One of the most important assets a REALTOR has to offer is knowledge.

Course outline

With OREA's online course, REALTORS will learn the basics of title insurance as it relates to a residential real estate transaction.

The benefits of title insurance

Understanding the ins and outs of title insurance can help REALTORS answer clients' questions and provide general guidance.

The Surprise Assessment

Prior to closing the purchaser's condominium unit purchase, her lawyer received an estoppel certificate from the condominium corporation that revealed no deficiencies.

The Defunct Trunk

Prior to the closing of the consumer's purchase, the local municipality had issued a Notice of Violation regarding a dead tree on the property.

The Encroaching Septic Tank

While surveying a neighbouring property, the surveyor observed that the septic system servicing the insured's property appeared to encroach onto the other property.

A marble might have helped

After the seller said that it was a "good" house, the buyer prepared an offer conditional on a home inspection.

OREA's Leadership Conference takes place February 27 - 28 at the Sheraton Centre in Toronto.

New Legal Pamphlets

Two new online legal pamphlets were recently added to the Members Only section of the OREA web site.

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Assignment of a Purchase and Sale Agreement for a New House or Condominium Unit

From: Canada Revenue Agency

Effective May 7, 2022, all assignment sales in respect of newly constructed or substantially renovated residential housing are taxable for GST/HST purposes. This publication will be updated to reflect this legislative change. For more information about the legislative amendment, refer to  GST/HST Notice 323, Proposed GST/HST Treatment of Assignment Sales .

GST/HST Info Sheet GI-120 July 2011

This info sheet explains how the GST/HST applies to the assignment of a purchase and sale agreement for the construction and sale of a new house.

The term "new house" used in this info sheet refers to a newly constructed or substantially renovated house or condominium unit. A house that has been substantially renovated is generally given the same treatment under the GST/HST as a newly constructed house. Extensive modifications must be made to a previously occupied house in order to meet the definition of a "substantial renovation" for GST/HST purposes. For a full explanation of the factors to consider in deciding if a substantial renovation has taken place, refer to GST/HST Technical Information Bulletin B-092, Substantial Renovations and the GST/HST New Housing Rebate .

In this publication, a house includes a single unit house, a semi detached house, a duplex, a rowhouse unit and a residential condominium unit (condo unit), but does not include a mobile home or floating home.

Where a person enters into a purchase and sale agreement with a builder for the construction and sale of a new house, the person may be entitled to assign their rights and obligations under the agreement to another person (an assignee). Generally, the result of the assignment is that the purchase and sale agreement is then between the builder and the assignee.

This publication addresses the situation where

• a purchaser (referred to as the first purchaser) enters into a purchase and sale agreement with a builder (Builder A) for the construction and sale of a new house, and
• the first purchaser subsequently assigns the agreement to an assignee (referred to as the assignee purchaser) before Builder A transfers possession or ownership of the house to the first purchaser and before any individual has occupied the house as a place of residence or lodging.

Generally, upon entering into an agreement for the construction and sale of a new house, the first purchaser is considered to have acquired an interest in the house. For GST/HST purposes, the assignment of the agreement to the assignee purchaser is normally considered to be a sale of the first purchaser's interest in the new house. The sale of an interest in a new house is generally taxable where the person selling the interest is a builder of the house.

For GST/HST purposes, the term "builder" is specifically defined and is not limited to a person who physically constructs a house. There are several instances in which an individual or other person is a builder for GST/HST purposes. For more information on persons who are included in the definition of "builder", refer to GST/HST Memorandum 19.2, Residential Real Property .

This info sheet addresses only whether a person is a builder as described in the following paragraph.

Primary purpose: selling the house or an interest in the house or leasing the house in certain circumstances

A builder includes a person who acquires an interest in a new house before it has been occupied by an individual as a place of residence or lodging for the primary purpose of selling the house or an interest in the house or leasing the house, other than to an individual who is acquiring the house otherwise than in the course of a business or adventure or concern in the nature of trade. When that person is an individual, the individual must acquire the interest in the course of a business or an adventure or concern in the nature of trade in order to be a builder described by this paragraph.

Even if a person is not a builder as described in the preceding paragraph, the person may be a builder based on one of the other definitions of the term as described in GST/HST Memorandum 19.2.

Assignment of a purchase and sale agreement by a person other than an individual

Where a person other than an individual (e.g., a corporation) is a builder as described in the section "Primary purpose: selling the house or an interest in the house or leasing the house in certain circumstances" and the person assigns a purchase and sale agreement for a new house, the person's sale of the interest in the house is subject to the GST/HST whether the sale takes place in the course of a business, an adventure or concern in the nature of trade, or otherwise.

Assignment of a purchase and sale agreement by an individual

If an individual enters into a purchase and sale agreement for one of the primary purposes described in the section "Primary purpose: selling the house or an interest in the house or leasing the house in certain circumstances", the sale of the interest in the house (or the house itself) is normally considered to be made in the course of an adventure or concern in the nature of trade or, depending on all of the surrounding circumstances, in the course of a business. If it is established that an individual is selling an interest in a new house in the course of a business or adventure or concern in the nature of trade, the individual is considered to have entered into the purchase and sale agreement for the primary purpose of selling the house or an interest in the house.

Whether the activity of acquiring an interest in a house, as a result of entering into a purchase and sale agreement, is done in the course of a business or an adventure or concern in the nature of trade is a question of fact. For more information on how to determine whether an activity is done in the course of a business or an adventure or concern in the nature of trade, refer to Appendix C of GST/HST Memorandum 19.5, Land and Associated Real Property .

Factors in determining the primary purpose

All of the relevant factors surrounding entering into a purchase and sale agreement should be considered in determining the primary purpose for a person's acquisition of an interest in a new house.

The following factors may indicate that, for GST/HST purposes, a person entered into a purchase and sale agreement for the primary purpose of selling an interest in the new house or the house itself. The factors are not listed in any particular order and there is no intent to weigh one more heavily than another.

• The person offers to sell their interest in the house or takes other actions to attract buyers before, or while, the house is under construction.
• The person finances the purchase of the house by a short-term mortgage, or an open mortgage that can be paid off without penalty, rather than by a long-term or closed mortgage.
• Financing of the house is beyond the person's means and that person is relying on the increased value and saleability of the house, or an interest in the house, in a rising housing market.
• The person is an individual and their stated intention to occupy the house as a place of residence is not supported by the circumstances of the case. For example, an individual has a family of four and enters into a purchase and sale agreement for a one-bedroom condo unit where they are not contemplating any changes in family circumstances.
• The person's pattern of activity is such that their occupancy of the house does not have the qualities or characteristics of being permanent. For example, the person purchases more than one house at or around the same time. This factor may be given extra weight where the person has previously entered into a purchase and sale agreement for purposes of selling the house or an interest in the house. There are no outward indicators to support a contrary primary intention (i.e., an intention contrary to an intention of resale). For example, an individual is selling a condo unit, one or more of the above factors are present, there are no physical actions or evidence that the individual's primary intention was to live in the condo unit, use it as a vacation home, or rent it to another individual for use as their place of residence, and no evidence that the sale of the condo unit was triggered by some unforeseen event.

In order for the acquisition of an interest in a new house to be for one of the primary purposes described in the section "Primary purpose: selling the house or an interest in the house or leasing the house in certain circumstances", the intention to sell the house or an interest in it, or to lease the house in the manner described in that section, must have existed at the time of acquiring the interest. Nonetheless, the intention at the time of acquisition may be demonstrated over a period of time.

If an individual acquired an interest in the house for the primary purpose of using it as a place of residence, the person is not considered to be a builder of the type described in this info sheet even if, at a later point in time, the person sells the house or an interest in the house. However, the person may still be a builder if the person meets one of the other definitions of that term as described in GST/HST Memorandum 19.2.

The following examples illustrate when a person may or may not be a builder of a new house.

Sarah, Francine, and Angela are roommates renting a three-bedroom house. They entered into a purchase and sale agreement with a builder in January 2010 for a one-bedroom condo unit in a new condominium complex that was to be built. The purchase price under the agreement was $300,000 and the closing date was July 31, 2013.

In March 2011, the fair market value of the new condo unit had increased by 50%. They entertained several offers for the sale of their interest in the condo unit before assigning it to James. No individual had occupied the condo unit as a place of residence or lodging when they sold their interest in the unit. They split the proceeds, which they each used as a down payment to buy their own homes.

As it would not be practical for the three individuals to live in the condo unit together, they considered several offers for their interest in the unit, and there are no indicators to support a contrary intention, Sarah, Francine and Angela are considered to have acquired their interest in the condo unit for the primary purpose of selling the unit or an interest in it. The sale is considered to be made in the course of a business or adventure or concern in the nature of trade. Accordingly, Sarah, Francine, and Angela are all builders of the condo unit for GST/HST purposes. As they are builders of the unit and the sale of their interest in the unit is not exempt, GST/HST applies to the sale of each of their interests.

Pascal and Chantal own a four-bedroom house where they live with their three children. This is the only home they have ever owned and lived in. They have never purchased any other real property.

In June 2009, they entered into a purchase and sale agreement with a builder for a 1-bedroom condo unit in a new high-rise condominium complex that was to be built. The purchase price under the agreement was $275,000 and the closing date was June 30, 2010. In May 2010, they sold their interest in the new condo unit for $400,000 before it had been occupied by any individual as a place of residence or lodging. They used the sale proceeds to build an addition to their current home.

Although Pascal and Chantal have no history of buying and selling real property, it would not be practical for their family of five to occupy the condo unit as their place of residence. Lacking evidence to support a contrary intention, their primary purpose in acquiring the interest in the condo unit is considered to be for the purpose of selling the condo unit or an interest in it in the course of a business or an adventure or concern in the nature of trade. Accordingly, they are builders of the new condo unit for GST/HST purposes. As the sale of their interest in the unit is not exempt, GST/HST applies to the sale of their interest.

Eric and Gina owned a 3-bedroom house where they lived with their 3 children. They entered into a purchase and sale agreement with a builder in October 2010 to purchase a new 4-bedroom house that was to be built. They intended to use the new house as their primary place of residence as it was located much closer to the children's school and to Eric and Gina's workplaces and had more space. The closing date is July 31, 2011.

Eric and Gina sold their current home in January 2011 and moved into a rented home they planned to live in until their new house was ready. However, in June 2011, Gina's mother became ill and moved in with them as she was no longer able to live on her own.

Eric and Gina decided that the new house would no longer be large enough and that they would now need a house with a granny suite. They sold their interest in the new 4-bedroom house so that they could buy a bigger home that would suit their changed needs.

Eric and Gina's sale of their original home and temporary move to a rented house during the construction of the new home and their choice to purchase a home located closer to school and work support that their intention in acquiring the interest in the new house was to use the house as their primary place of residence. Given this, and the fact that their only reason for selling the interest was due to a change in personal circumstance (i.e., the new house would no longer accommodate their family's needs), they are not considered to have acquired the interest in the house for the primary purpose of selling it. Accordingly, they are not builders of the new house for GST/HST purposes and the sale of their interest in the house is exempt.

Cindy entered into a purchase and sale agreement with a builder in November 2010 for a new house that was to be built. She intended to use the house as her primary place of residence. Her new home would be located within walking distance from her workplace and would be closer to her family than the apartment she is currently renting. The closing date for the purchase is September 30, 2011.

In July 2011, Cindy's employer announced that it was relocating to another city located three hours away. To keep her current job, Cindy had to move to that city. She sold her interest in the house to John.

Since Cindy had intended to use the house as her primary place of residence and her only reason for selling her interest in the house was due to work relocation, she did not acquire the interest in the house for the primary purpose of selling it. Therefore she is not a builder of the house for GST/HST purposes and the sale of her interest in the house is exempt.

Assignment fees

The consideration charged for the sale of an interest in a house generally includes amounts that a person paid to a builder (e.g., a deposit) and that the person wants to recover when assigning their interest in the house. The sale price for the interest may also include a profit, i.e., an amount over and above amounts the person had paid to the builder. If a person's sale of their interest to an assignee purchaser is taxable, the total amount payable for the sale of the interest is subject to GST/HST, including any amount the person paid as a deposit to the builder, whether or not such an amount is separately identified.

A first purchaser enters into a purchase and sale agreement for a new house with a builder (Builder A) and pays a deposit of $10,000 at that time. The first purchaser does not make any further payments to Builder A. The first purchaser subsequently assigns the agreement to an assignee purchaser for $15,000. If the sale of the interest in the house from the first purchaser to the assignee purchaser is subject to GST/HST, tax applies to the full $15,000. This is the case even if the assignment agreement identifies that the $10,000 is a recovery of the deposit that the first purchaser paid to Builder A.

The assignment of a purchase and sale agreement for a new house may be subject to the approval of the builder with whom the first purchaser originally entered into the agreement to construct and sell the new house. The agreement may list conditions related to the first purchaser's right to assign the agreement to an assignee purchaser and, in many cases, the builder charges a fee to the first purchaser for the assignment of the agreement to another person.

The fee charged by the builder in such circumstances is generally subject to the GST/HST.

Eligibility for a GST/HST new housing rebate and provincial new housing rebate (where applicable) where a purchase and sale agreement is assigned

The GST/HST new housing rebate, and where applicable, a provincial new housing rebate, may be available for a new house purchased from a builder and for owner-built new housing. Guide RC4028, GST/HST New Housing Rebate , sets out the eligibility criteria for both types of GST/HST new housing rebates and provincial new housing rebates.

If the first purchaser (the assignor) makes a taxable sale of an interest in a house, i.e., the first purchaser is a builder and assigns the purchase and sale agreement to an assignee purchaser, the first purchaser would not be eligible for either a GST/HST new housing rebate or provincial new housing rebate as they did not acquire the house for use as their primary place of residence. Even if the sale of the interest in the house by the first purchaser is not subject to GST/HST (i.e., in situations where the first purchaser is not a builder of the house), the first purchaser would generally not be eligible for either a GST/HST new housing rebate or a provincial new housing rebate as the conditions for claiming the rebates are not met (e.g., ownership of the house would not transfer to the first purchaser, but to the assignee purchaser).

The assignee purchaser, if an individual, may be eligible for a GST/HST new housing rebate, and where applicable a provincial new housing rebate, where the assignee purchaser receives an assignment of a purchase and sale agreement for a new house. The assignee purchaser would have to meet the eligibility conditions for the rebates as set out in Guide RC4028.

Where a purchase and sale agreement for a new house is assigned, there may be two builders of the house – the original builder (Builder A) and the first purchaser (the assignor). If that is the case, an assignee purchaser would generally have to pay the GST/HST to Builder A for the purchase of the new house and to the first purchaser for the purchase of the interest in the new house.

Claiming a GST/HST new housing rebate when there is more than one builder

In some cases, the builder of a new house pays or credits the amount of the GST/HST new housing rebate, and where applicable, a provincial new housing rebate, to the purchaser of the house. In this case, the builder credits the amount of the new housing rebates to the purchaser by reducing the total amount payable for the purchase of the house by the amount of the expected rebates.

Where this happens, the purchaser and the builder have to sign Form GST190, GST/HST New Housing Rebate Application for Houses Purchased from a Builder , and the builder has to send the form to the Canada Revenue Agency (CRA). As the purchaser receives the amount of the rebate from the builder, the builder may claim the amount as a credit against its net tax when it files its GST/HST return.

Only one new housing rebate application can be made for each new house. Therefore, an assignee purchaser cannot submit a rebate application through a builder (Builder A) for the tax paid to Builder A on the purchase of the house and submit a second rebate application through the first purchaser (the assignor), or directly to the CRA, for the tax paid to the first purchaser on the purchase of the interest in the house.

In such cases, the assignee purchaser may want to file their new housing rebate application directly with the CRA rather than through Builder A. In this way, the assignee purchaser can include in the new housing rebate application the tax paid to Builder A and the tax paid to the assignor in determining the amount of their GST/HST new housing rebate and, where applicable, a provincial new housing rebate.

This info sheet does not replace the law found in the Excise Tax Act (the Act) and its regulations. It is provided for your reference. As it may not completely address your particular operation, you may wish to refer to the Act or appropriate regulation, or contact any CRA GST/HST rulings office for additional information. A ruling should be requested for certainty in respect of any particular GST/HST matter. Pamphlet RC4405, GST/HST Rulings – Experts in GST/HST Legislation explains how to obtain a ruling and lists the GST/HST rulings offices. If you wish to make a technical enquiry on the GST/HST by telephone, please call 1-800-959-8287.

Reference in this publication is made to supplies that are subject to the GST or the HST. The HST applies in the participating provinces at the following rates: 13% in Ontario, New Brunswick and Newfoundland and Labrador, 15% in Nova Scotia, and 12% in British Columbia. The GST applies in the rest of Canada at the rate of 5%. If you are uncertain as to whether a supply is made in a participating province, you may refer to GST/HST Technical Information Bulletin B-103, Harmonized Sales Tax – Place of Supply Rules for Determining Whether a Supply is Made in a Province .

If you are located in Quebec and wish to make a technical enquiry or request a ruling related to the GST/HST, please contact Revenu Québec at 1-800-567-4692. You may also visit the Revenu Québec Web site to obtain general information.

All technical publications related to GST/HST are available on the CRA Web site at www.cra.gc.ca/gsthsttech .

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The Elements of an Ontario Real Estate Contract

Purchasing a home in Ontario comes with many critical considerations and decisions. When prospective purchasers or sellers decide to proceed with a real estate transaction, they must sign an agreement. However, it is vital for parties to understand what the real estate contract states regarding the terms of the agreement and what the consequences are if a party does not follow through on their responsibilities under the contract. With proper preparation and help from a skilled realtor and real estate lawyer early on in the process, you can ensure that the transaction goes as smoothly as possible.

This blog post will focus on explaining the core elements of a real estate contract in Ontario to help buyers and sellers understand what a standard real estate contract looks like and how the terms of these agreements impact their rights.

What is a Standard Contract in Ontario Real Estate?

Realtors will use Ontario Real Estate Association (OREA) Form 100 (Agreement of Purchase and Sale) for most real estate purchases in Ontario. This is a standard contract that is prepared by the buyer and presented to the seller as an offer to purchase the property in question.

The terms of the Agreement of Purchase and Sale may change through negotiation. However, the topics covered in the contract rarely vary.

Standard Clauses in Ontario Real Estate Contracts

The information below outlines some of the relevant clauses in an Ontario real estate contract and provides context for the key clauses that may interest an average buyer. Real estate contracts can vary based on the unique circumstances of the transaction and may differ from the terms set out below. If you have questions regarding an Agreement of Purchase and Sale or how a standard clause applies to your unique circumstances, it is important to obtain the advice of an experienced real estate lawyer .

Introductory Information

On every Ontario real estate contract, there are several pieces of essential information, including:

• the date the offer was made;
• the name (or names) of the buyer(s) and seller(s); and
• the address and legal description of the property that is the subject of the offer.

The Deposit

Typically, when a seller accepts an offer to purchase their property, the buyer provides the seller with a non-refundable deposit as a sign of commitment and good faith. While many buyers provide 5% of the property’s purchase price for the deposit, this number can vary based on buyer or seller preferences.

The Agreement of Purchase and Sale will include a clause outlining the deposit amount, the method of payment, and who will receive it. In many cases, the seller’s lawyer receives the deposit, which is held in trust until the transaction closes. The Agreement of Purchase and Sale will also outline how soon the buyer will pay the deposit once the seller accepts their offer. Generally, the buyer must transfer the deposit within 24 hours.

Irrevocability

Irrevocability refers to the circumstances under which the buyer can revoke their offer.

The Agreement of Purchase and Sale will include a clause outlining how long the seller has to consider and accept the buyer’s offer. During that time, the buyer cannot withdraw their offer. However, if the clause states that the offer is irrevocable until a specified date and the seller does not accept the offer by that date, the deposit will be returned to the buyer, and the offer will be null and void.

The Completion Date

The “completion date” is the date that the property will be legally transferred from the seller to the buyer.

The Agreement of Purchase and Sale will include a clause stating the date that the transaction will be completed and the buyer can take ownership of the property.

Fixtures and Chattels

At their most basic nature, “fixtures” and “chattels” are immovable and movable items relating to the property. For example, fixtures are items that are “fixed” to the property, like fences, while chattels are items that can be moved, like a fridge or a washing machine.

The Agreement of Purchase and Sale will include clauses addressing how specific fixtures and chattels will be dealt with. In other words, it will specify whether any items will stay with the property when the buyer takes ownership or whether the seller will remove them from the property. This section includes a clause for “Chattels Included” and “Fixtures Excluded.”

Dealing with fixtures and chattels can become complicated, especially when the parties are not clear about what will stay on the property after the sale closes. When in doubt, it is best to outline how these items will be treated in the contract to ensure there are no unpleasant surprises or disputes relating to them after the property is transferred.

Rental Items

“Rental items” refers to items on the property that are rented and not included in the purchase price. For example, a seller may lease a hot water heater at the property.

If applicable, the Agreement of Purchase and Sale will identify items or equipment that are not included in the purchase price and how they will be dealt with. For instance, the buyer may agree to assume the rental contract for the hot water heater, or it may be returned to the rental company.

Harmonized Sales Tax (HST)

In some cases, such as when a buyer purchases a new build home , a property purchase may be subject to HST.

The Agreement of Purchase and Sale will typically outline whether HST is payable, along with the amount of tax payable. If HST is payable, the amount of tax owing will be added to the Purchase Price, and if HST is not payable, the seller will typically certify that it is not payable on or before the completion date.

Contact Campbells LLP for Comprehensive Guidance on Buying and Selling Residential and Commercial Real Estate

Buying a new home can feel overwhelming, but with the right legal representation, it doesn’t have to be. At Campbells LLP , we guide buyers and sellers through every step of their residential real estate transaction. Our team will help you understand your options, walk you through relevant real estate contracts and documentation, negotiate terms on your behalf, and protect your interests if a dispute arises between the parties. To learn more about how we can help you with your next sale or purchase, contact us online or call (905) 828-2247 .

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Understanding the Assignment Clause Q & A: How It Works in Contracts and Agreements

• 24 July 2023
• 10 min read
• Assignee assignment clause Assignor Buying Property Buying Real Estate Contract modification Contractual transfer Knowing Your Property Q&A Real estate transaction
• Pre Constructions
• Understanding the Assignment C ...

In real estate transactions, an assignment clause is a contractual provision that allows one party (the “assignor”) to transfer their rights, interests, or obligations under the contract to a third party (the “assignee”). The assignment clause provides the framework for how such transfers can take place and outlines the conditions and terms for the assignment.

It’s important for both buyers and sellers in real estate transactions to be aware of the assignment clause’s existence in the purchase agreement. Properly understanding and complying with the assignment clause can facilitate a smooth and lawful transfer of rights or ownership in the property.

An assignment clause is a legal provision that can be found in contracts and agreements. It outlines the conditions under which one party (the assignor) can transfer their rights, duties, or obligations under the contract to another party (the assignee). Assignment clauses are commonly used in a variety of contracts, including leases, loans, and business agreements. Understanding this clause is important, as it can have significant implications for all parties involved.

An assignment clause, found in various contracts and agreements, delineates the conditions under which one party can transfer their rights, obligations, or benefits to another party. This clause is pivotal because it affects the dynamics of the contractual relationship.

Typically, an assignment clause stipulates whether assignment is allowed and, if so, whether it necessitates the consent of the non-assigning party. This consent can be absolute or subject to reasonable conditions. In some cases, contracts explicitly forbid assignment, while others differentiate between assigning rights (e.g., payment entitlements) and duties (e.g., service obligations).

Understanding the assignment clause is essential as it carries significant legal and financial implications. Assignors might still be held liable if the assignee fails to meet obligations, and financial obligations may shift hands. Parties should carefully review this clause to ensure compliance and consider seeking legal advice when necessary, as it can have a lasting impact on the contract’s execution and outcomes.

Questions & Answers (Q & A)

Q: What is an assignment clause in a contract?

A: An assignment clause is a contractual provision that allows one party to transfer or “assign” their rights, benefits, and obligations under the contract to a third party, known as the “assignee.” This provision outlines the conditions and terms under which such transfers can occur.

Q: How does an assignment clause work?

A: When one party to the contract wishes to transfer their rights and obligations to another party, they must review the assignment clause to determine if it permits such transfers. In many cases, the assignor (the party making the assignment) must obtain the written consent of the other party to the contract before proceeding. Once the assignment is completed and the assignee assumes the rights and duties, the assignor is usually released from further obligations under the original contract.

Q: What are the key elements of an assignment clause?

A: The key elements of an assignment clause include:

• Clearly defining the parties involved (assignor and assignee).
• Stating the conditions under which assignments are allowed.
• Specifying the procedures for seeking consent and providing notice.
• Outlining the liabilities and obligations of the assignee after the assignment.

Q1: What are the typical conditions for assignment?

A1: The conditions for assignment can vary based on the specific contract and the intentions of the parties involved. Some common conditions include obtaining the consent of the other party, providing written notice of the assignment, and ensuring the assignee has the necessary qualifications to fulfill the obligations under the contract.

Q2: What are the requirements for making an assignment under the clause?

A2: The specific requirements for making an assignment under the clause are typically outlined in the contract. They may include obtaining the consent of the other party, providing written notice of the assignment, or complying with any conditions set forth in the clause. It is essential for the assignor to adhere to these requirements to ensure a valid and enforceable assignment.

Q3: Why are assignment clauses included in contracts?

A3: Assignment clauses are included in contracts to provide flexibility and allow parties to transfer their rights and obligations under the contract when needed. They can be beneficial in situations where a party wants to sell or transfer their interests in a project, business, or real estate property without entirely terminating the contract.

Q4: Are there any restrictions on assignments?

A4: Yes, some contracts may include restrictions or prohibitions on assignments. These restrictions are typically in place to protect the interests of the parties involved. For example, contracts involving personal services or unique skills may restrict assignments to ensure the intended parties are directly involved.

Q5: What happens if an assignment is not allowed or improperly executed?

A5: If an assignment is not allowed or not executed according to the terms of the assignment clause, it could result in a breach of contract. The party attempting to make the assignment may face legal consequences, and the other party may seek damages or take legal action to enforce the original contract.

Q6: Can an assignment clause be modified or negotiated in a contract?

A6: Yes, like any other contractual provision, the assignment clause can be negotiated and modified between the parties before the contract is finalized. Parties may choose to include specific language or conditions regarding assignments to suit their particular needs and interests.

Q7: What happens to the original party after the assignment is made?

A7: Once the assignment is completed and the assignee assumes the rights and obligations, the original party (assignor) is generally released from any further duties under the contract. The assignee becomes the new party responsible for fulfilling the terms of the agreement.

Q8: Should legal advice be sought before making an assignment?

A8: Yes, seeking legal advice is highly recommended before making an assignment or responding to an assignment request. An attorney can review the contract, assess the implications of the assignment, and ensure that all legal requirements are met to avoid potential disputes or breaches of contract.

Q9: What is the significance of the assignment clause in a real estate contract, and why is it crucial for both buyers and sellers to be aware of its implications?

A9: The assignment clause in a real estate contract outlines whether the buyer can transfer their rights and obligations to another party. It is crucial for both buyers and sellers to understand this clause as it can impact the transaction’s dynamics. For sellers, it can determine if the buyer can assign their purchase agreement to another party. Buyers need to know if they have the flexibility to assign their contract to someone else. Being aware of the assignment clause’s implications ensures all parties involved in the transaction are on the same page and that the process proceeds smoothly.

Q10: In what situations might a buyer or seller want to exercise their rights under the assignment clause, and how does this affect the real estate transaction?

A10: Buyers might want to exercise their rights under the assignment clause if they are unable to complete the purchase themselves, perhaps due to a change in circumstances. Similarly, sellers might allow the assignment if they are open to selling to another party. The key is to understand that the assignment clause can lead to a change in the buyer, which could affect the deal’s terms or timeline. Both buyers and sellers should assess the potential impact of an assignment on the transaction and decide if it aligns with their goals.

Q11: Can real estate brokers play a role in helping clients navigate assignment clauses, and how can they assist in this regard?

A11: Real estate brokers can certainly play a valuable role in helping clients understand assignment clauses. They can explain the clause’s terms, implications, and its importance. Brokers can facilitate communication between buyers and sellers regarding assignments and help negotiate terms that are acceptable to both parties. Their expertise in contract interpretation and negotiation can be instrumental in ensuring that the assignment process, if it occurs, is conducted smoothly and in compliance with the contract.

Q12: What are the potential legal and financial risks involved with assignment clauses in real estate transactions, and how can these be mitigated?

A12: Legal and financial risks in real estate assignments can include potential disputes, unexpected liabilities, or financial implications. To mitigate these risks, it’s essential to have clear and well-defined assignment terms within the contract. Engaging a real estate attorney to review the assignment clause can help ensure its legality and enforceability. Additionally, conducting thorough due diligence on the assigned party and their financial capacity can reduce financial risks.

Q13: How does the presence or absence of an assignment clause affect the marketability and flexibility of a property in the real estate market?

A13: The presence or absence of an assignment clause can impact a property’s marketability and flexibility. Properties with more flexible assignment clauses might appeal to a broader range of potential buyers, including those who might consider an assignment. On the other hand, properties without an assignment clause might appeal to buyers seeking more control over the transaction. It’s essential for sellers to work with their real estate brokers to determine the right approach for their property, considering market demand and their own preferences.

Q14: How can real estate professionals, such as brokers and agents, help clients draft or negotiate assignment clauses to better protect their interests?

A14: Real estate professionals can collaborate with clients to draft or negotiate assignment clauses that protect their interests. They can ensure that the language is clear and specific, addressing the conditions under which assignments are allowed and any consent requirements. Brokers and agents can also help clients define any limitations, timeframes, or potential consequences related to assignments. The goal is to create an assignment clause that aligns with the client’s objectives and provides legal protection.

Q15: In the context of real estate investments, how does understanding and effectively using assignment clauses contribute to a more flexible and profitable investment strategy?

A15: For real estate investors, understanding and effectively using assignment clauses can enhance investment flexibility and profitability. Investors can use assignment clauses to capitalize on market opportunities by allowing the transfer of purchase agreements to other investors or entities. This flexibility can help investors quickly exit deals or capitalize on changing market conditions. However, it’s crucial to navigate assignment clauses with a clear understanding of the legal and financial implications to maximize profitability while minimizing risks.

Q16: What potential challenges or disputes might arise regarding assignment clauses in real estate transactions, and how can these be resolved or prevented?

A16: Challenges or disputes in real estate transactions related to assignment clauses can arise when one party wishes to assign the contract, and the other party disagrees or when the terms of the assignment are unclear. To prevent or resolve such issues, it’s crucial to have a well-drafted assignment clause that clearly outlines the process and conditions. Communication between all parties is essential to avoid misunderstandings. If disputes do occur, mediation or negotiation might be used to reach a resolution, and in some cases, legal action may be necessary. The best prevention, however, is to have a well-crafted contract that anticipates and addresses potential issues.

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Assignment Sales and “Shadow Flipping”: An Ontario Perspective

GREATER TORONTO – While it has certainly garnered its share of media attention in Greater Vancouver, the practice now known as “shadow flipping” has yet to become a serious problem here in the GTA, according to the Real Estate Council of Ontario (RECO).

In a nutshell, a real estate sales representative or broker may engage in shadow flipping by arranging the sale of a property, and then selling the contract to purchase the home via assignment before it closes.

As a recent Globe and Mail investigation uncovered, there have been instances in British Columbia of a property deal being assigned two, three, or even more times before it winds up in the hands of the final “assignee.” However, the contrast between the offer price originally accepted by the sellers, and the price paid by the final buyer, has the potential to be dramatic — hundreds of thousands of dollars, in many cases.

That difference in the final purchase price has led some British Columbia sellers to believe they may not have gotten the best possible price from the negotiations of their original listing agent(s) – who, in some cases, also represented subsequent assignment buyers for the exact same properties.

In the GTA’s comparably hot real estate market, it has also led many would-be sellers to ask two related questions: are they susceptible to this practice, and what protections are in place to prevent it?

Are assignments controversial?

Here in Ontario, the answer is no – assignments are completely legal, and have yet to become controversial.  In fact, assignments (or the sale of a contract) are used in many industries, not just real estate.

In more standard practises, and in particular in Ontario, the assignment of a contract requires the consent of all the original parties to the contract and this would be spelled out in the language and body of the contract.

While the Globe ’s feature reports that assignment deals may be viewed as “controversial” in that province (hence the sinister-sounding moniker of ‘Shadow-Flipping’), RECO notes that such is not the case in ours, where the majority of assigned property deals involve new-development homes (as opposed to existing re-sale ones).

In the case of Ontario’s new-development home assignments, the practise is fully disclosed, and all parties are aware of the rights of the Buyer to assign the contract.  In fact, assignment rights are often openly negotiated as part of the initial purchase and sale!

In Ontario, as in British Columbia, it is legal to assign an Agreement of Purchase and Sale (the official contract outlining the terms of a property sale). In many situations, this provides a helpful tool for buyers who must back out of a transaction due to a change in personal circumstances.

While sales may theoretically be assigned for any type of property, it can be either forbidden – or explicitly allowed – by the addition of clauses in the original purchase agreement.

For sellers who are wary of their property being resold via assignment, it is important (and, indeed, encouraged by RECO) to look carefully at any and all clauses – including assignment or non-assignment clauses before signing. It is the duty of your real estate representative to help you interpret and understand those clauses, so don’t be afraid to ask.

Because contract assignments have as much to do with contractual law, as they do with real estate, it is also strongly advisable to consult a lawyer for more information regarding them.

What measures are in place to prevent Ontario sales representatives from misusing an assignment clause?

Since “shadow flipping” involves a seller’s sales representative failing to disclose the true value of a property, or concealing their knowledge of additional buyers beyond the first, this practice runs afoul of the Code of Ethics found within the Real Estate Business and Brokers Act (2002) – an important piece of legislation that is strictly enforced by RECO. In addition to disclosures of real market value, the Code also legally obligates agents to disclose any personal interest in the property — in writing, and before offers are made.

In Ontario, real estate sales representatives are also obligated by law to observe five fiduciary duties when dealing with clients. Several of those duties are in place to help prevent ethically questionable practices (such as shadow flipping) from taking place:

• Maintaining the “ utmost loyalty ” to your client – including, in the case of sellers, ensuring that they get the best price for their property.
• Avoiding conflicts of interest , especially where the agent’s own interests are concerned (e.g. acquiring property from your own client.)
• Avoiding the acquisition of “secret profit” at the client’s expense. This would include any profits knowingly earned via “shadow flipping” — making the practice a direct violation of fiduciary duties in this province.

How can home buyers avoid assignment-related complications?

Since the initial burst of media attention focusing on shadow flipping in Vancouver, RECO has offered up a number of tips for Ontario sellers to protect themselves from such practices:

• Make sure you take the time to personally review each clause within your real estate contract. If you don’t understand some of the language, you can check with your real estate sales representative (or, if peace of mind is important to you, a real estate lawyer).
• Do your “homework” before signing a Seller’s (or Buyer’s) Representation Agreement. When considering any agent, finding the answers to key questions early — for example, can they provide testimonials from previous clients? — can save you a lot of trouble later on.
• RECO also recommends obtaining several “comparative market analyses” to get an idea of what homes in your neighbourhood are worth, before making the move to list and sell.

What recourse is available, in Ontario, for those affected by “shadow flipping”?

As Assignments are not illegal, there is no ‘recourse’ unless the aggrieved party feels that their agent failed in their duty to fully represent them and get them the best possible price, at the time of the initial sale. This includes scenarios wherein a seller’s agent has possibly made efforts to conceal the true value of a property.

In Ontario, RECO is responsible for investigating any possible breaches of REBBA 2002, including the Code of Ethics and fiduciary duties to clients. When you file a complaint with RECO , it is also a part of the Council’s job to look it over, and determine whether any breach did in fact occur.

Due in part to the recent news out of British Columbia, RECO is currently on high alert for instances of shadow-flipping, and are actively encouraging affected buyers and sellers to come forward.  However, as mentioned above, it is widely understood that this practise is not common place in Ontario.

“If there is a concern of any type from the seller’s perspective, we are more than interested in hearing about that,” said RECO’s Deputy Registrar Kelvin Kucey in an interview with BNN. “We will pursue that as an investigator.”

PLEASE NOTE: The above feature is meant to be used only as an introductory overview, and must not be regarded as legal advice or a substitute thereof. Because laws and regulations can be applied differently to different situations, it is important to speak with your lawyer if you suspect you have been affected by “shadow-flipping,” or if you want details on how to protect yourself, specifically, from complications related to assignment sales.

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Assignment Sale

What is an assignment sale in ontario.

If you have purchased pre construction properties in Ontario, chances are you have come across the term “assignment sale”. So what exactly is an assignment sale?

An assignment sale is when the original purchaser of a pre-construction property assigns their original purchase agreement to another party before taking ownership of the unit. The new purchaser then takes on all the obligations of the original contract and completes the transaction with the builder.

Assignment sales are prevalent in new construction condo buildings. This is because many purchasers who buy pre-construction condos do so with the intention of flipping the unit for a profit before taking possession.

The Importance of an Assignment Clause in Pre Construction Condo Purchase

A purchase and agreement of a new construction property may include an assignment clause. This assignment clause gives the purchaser the right to assign their contract to another party, subject to the approval of the developer. An assignment fee and their lawyer’s legal fees are typically charged by the builder.

If you are planning to assign your pre-construction purchase, it is essential to have a real estate lawyer review the contract beforehand to make sure the important assignment agreement clause is included and that you understand all the terms and conditions. Assignment sales can be complex transactions with many different stakeholders involved.

Does Land Transfer Taxes Apply in Assignment Sales?

If you are the seller of the assignment, then you are not required to pay a land transfer tax. However, if you are the buyer of an assignment sale, you will be required to pay a land transfer tax on the assignment purchase price. Be sure to factor in these additional closing costs when considering an assignment sale.

HST on Profit

On April 7, 2022, the Government of Canada unveiled Budget 2022: A Plan to Grow Our Economy and Make Life More Affordable. As a result, GST will be added to all assignment sales of newly constructed properties as part of the government’s effort to curb housing speculation. These tax implications are important to take into consideration when contemplating an assignment sale.

As of  May 7, 2022, under the Excise Tax Act, every individual assignor of residential real estate would have to collect GST/HST on their assignment profit and remit it to the CRA. For example, if you originally purchased a pre-construction condo for $500,000 and assigned it for $700,000, you would be required to remit GST/HST ($23,008.96) on the profit to the CRA. For greater understanding, it is important that you consult a tax specialist.

Factors to Consider When Purchasing on Assignment

It is important to have a lawyer review the contract to ensure that the important clauses are included and that you understand all the terms and conditions before considering an assignment sale.

There are a number of closing costs associated with purchasing a pre-construction condo unit. These costs can include but are not limited to development levies, meter installation fees, real estate lawyer fees, and land transfer taxes. As part of the assignment agreement, these will all need to be paid by the new purchaser.

An assignment deal can be a great way to get into the real estate market. However, it is important to do your homework and understand all cost involves. If you have any questions, be sure to speak with a real estate lawyer.

Right to Lease During Occupancy

An interim occupancy period occurs when a purchaser takes possession of their new condo unit before the building has been officially registered. In return, the purchaser will pay the builder monthly occupancy fees which include the property tax, maintenance fees, and interest on the outstanding balance owed to the builder. These occupancy fees are payable until the project is registered and the title has been transferred to the purchaser.

If you are planning to purchase a pre-construction condo unit with the intention of renting it out, it is important to ensure that the contract includes a clause that allows for interim occupancy with the right to lease. This is typically only allowed with the permission of the developer and would be at their discretion. If you are planning on leasing the unit, it is important to make sure that you will be able to do so before signing a purchase and sale contract.

What are the Legal fees for an Assignment Sale?

If you are planning on selling your condo unit before taking occupancy, it is important to factor in the real estate lawyer fees associated with an assignment sale. These fees can range from $1000 plus disbursements and are typically paid by the seller. As an assignment is not a typical sales transaction, it is important to ensure that you have both a real estate lawyer and a real estate agent who is experienced in handling these types of transactions.

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What You Need to Know About Assignment Sales

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What is an assignment sale? We get this question quite often from both investors and end-users when it comes to the Toronto condo market, especially with the dramatic rise in condo buildings and pre-construction sales. Assignment sales can be a great opportunity for everyone involved, from the seller to the buyer. But working with a seasoned real estate broker is one of the most important things you can do. An assignment sale isn’t a typical transaction and there are many things you need to know before moving forward.

What Does an Assignment Sale Mean?

An assignment is a sales transaction where the original buyer of a property (the “assignor”) allows another buyer (the “assignee”) to take over the buyer’s rights and obligations of the Agreement of Purchase and Sale, before the original buyer closes on the property (that is, where they take possession of the property). The assignee is the one who ultimately completes the deal with the seller. In other words, an assignment clause allows the buyer of a home to sell the place before they take possession of it. Although an assignment sale is possible for both home and condos, it’s much more popular among condo pre-construction buyers.

Why Would Someone Want to Sell Their Condo on Assignment?

With pre-construction condo purchases, the sale of suites typically takes place several years before the building is built. It’s a long time in between buying the suite and actually taking occupancy of it. And with this lag time comes life changes – a new job outside of the city or in a different province, a new family that’s expanding with children, etc. What worked for a particular buyer years ago may not be the current case at closing time.

Financial reasons is also another reason to sell on assignment. Perhaps the purchaser can no longer be able to close on the condo, or perhaps it’s an investor who bought pre-construction with no intention of closing on them, therefore using an assignment sale strategy to profit, based on quick appreciation in the area.

Often with pre-construction sales, there’s a long lag between when the original contract is entered into, when the Buyer can move in (the interim occupancy period) and the final closing. It’s not uncommon for a Buyer’s circumstances to change during that time…new job out of the city, new husband or wife, new set of twins, etc. What worked for a Buyer’s lifestyle 4 years ago doesn’t always work come closing time.

How Do Assignment Sales Work?

We completed an assignment sale for a client at 87 Peter Street which was a new building that has occupied, but not registered yet. Our client purchased a 1-bedroom, 1-bathroom condo pre-construction for $320,000.00. He was looking to sell the unit on assignment and listed it at $525,000.00. We received an offer of $500,000 which the seller was comfortable accepting.

Typically, when assignment sales takes place, the seller is looking for a buyer who can provide him with a purchase deposit that equals what he had to put down – usually 20% of the original purchase price. After providing the seller with this sum, the deposit paid to the builder now becomes the new purchasers deposit. Any upside to the seller can be paid based on the negotiated terms – sometimes when the seller gets a mortgage for the condo, or even earlier – it’s all based on terms of the assignment deal.

Overall, assignments sales are not to be overlooked – there can be some fantastic opportunities to get into a highly desirable building that you may have missed out on or purchase a condo that you may otherwise not have had access to. But the importance of working with a realtor and lawyer who know the ins and outs of these deals is the key to making them work for you.

If you’re interested in learning more about Assignment Sale and some of the great opportunities currently available, simply fill out the form below – we’ll get in touch right away.

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Assignment clause defined.

Assignment clauses are legally binding provisions in contracts that give a party the chance to engage in a transfer of ownership or assign their contractual obligations and rights to a different contracting party.

In other words, an assignment clause can reassign contracts to another party. They can commonly be seen in contracts related to business purchases.

Here’s an article about assignment clauses.

Assignment Clause Explained

Assignment contracts are helpful when you need to maintain an ongoing obligation regardless of ownership. Some agreements have limitations or prohibitions on assignments, while other parties can freely enter into them.

Here’s another article about assignment clauses.

Purpose of Assignment Clause

The purpose of assignment clauses is to establish the terms around transferring contractual obligations. The Uniform Commercial Code (UCC) permits the enforceability of assignment clauses.

Assignment Clause Examples

Examples of assignment clauses include:

• Example 1 . A business closing or a change of control occurs
• Example 2 . New services providers taking over existing customer contracts
• Example 3 . Unique real estate obligations transferring to a new property owner as a condition of sale
• Example 4 . Many mergers and acquisitions transactions, such as insurance companies taking over customer policies during a merger

Here’s an article about the different types of assignment clauses.

Assignment Clause Samples

Sample 1 – sales contract.

Assignment; Survival .  Neither party shall assign all or any portion of the Contract without the other party’s prior written consent, which consent shall not be unreasonably withheld; provided, however, that either party may, without such consent, assign this Agreement, in whole or in part, in connection with the transfer or sale of all or substantially all of the assets or business of such Party relating to the product(s) to which this Agreement relates. The Contract shall bind and inure to the benefit of the successors and permitted assigns of the respective parties. Any assignment or transfer not in accordance with this Contract shall be void. In order that the parties may fully exercise their rights and perform their obligations arising under the Contract, any provisions of the Contract that are required to ensure such exercise or performance (including any obligation accrued as of the termination date) shall survive the termination of the Contract.

Reference :

Security Exchange Commission - Edgar Database,  EX-10.29 3 dex1029.htm SALES CONTRACT , Viewed May 10, 2021, <  https://www.sec.gov/Archives/edgar/data/1492426/000119312510226984/dex1029.htm >.

Sample 2 – Purchase and Sale Agreement

Assignment . Purchaser shall not assign this Agreement or any interest therein to any Person, without the prior written consent of Seller, which consent may be withheld in Seller’s sole discretion. Notwithstanding the foregoing, upon prior written notice to Seller, Purchaser may designate any Affiliate as its nominee to receive title to the Property, or assign all of its right, title and interest in this Agreement to any Affiliate of Purchaser by providing written notice to Seller no later than five (5) Business Days prior to the Closing; provided, however, that (a) such Affiliate remains an Affiliate of Purchaser, (b) Purchaser shall not be released from any of its liabilities and obligations under this Agreement by reason of such designation or assignment, (c) such designation or assignment shall not be effective until Purchaser has provided Seller with a fully executed copy of such designation or assignment and assumption instrument, which shall (i) provide that Purchaser and such designee or assignee shall be jointly and severally liable for all liabilities and obligations of Purchaser under this Agreement, (ii) provide that Purchaser and its designee or assignee agree to pay any additional transfer tax as a result of such designation or assignment, (iii) include a representation and warranty in favor of Seller that all representations and warranties made by Purchaser in this Agreement are true and correct with respect to such designee or assignee as of the date of such designation or assignment, and will be true and correct as of the Closing, and (iv) otherwise be in form and substance satisfactory to Seller and (d) such Assignee is approved by Manager as an assignee of the Management Agreement under Article X of the Management Agreement. For purposes of this Section 16.4, “Affiliate” shall include any direct or indirect member or shareholder of the Person in question, in addition to any Person that would be deemed an Affiliate pursuant to the definition of “Affiliate” under Section 1.1 hereof and not by way of limitation of such definition.

Security Exchange Commission - Edgar Database,  EX-10.8 3 dex108.htm PURCHASE AND SALE AGREEMENT , Viewed May 10, 2021, < https://www.sec.gov/Archives/edgar/data/1490985/000119312510160407/dex108.htm >.

Sample 3 – Share Purchase Agreement

Assignment . Neither this Agreement nor any right or obligation hereunder may be assigned by any Party without the prior written consent of the other Parties, and any attempted assignment without the required consents shall be void.

Security Exchange Commission - Edgar Database,  EX-4.12 3 dex412.htm SHARE PURCHASE AGREEMENT , Viewed May 10, 2021, < https://www.sec.gov/Archives/edgar/data/1329394/000119312507148404/dex412.htm >.

Sample 4 – Asset Purchase Agreement

Assignment . This Agreement and any of the rights, interests, or obligations incurred hereunder, in part or as a whole, at any time after the Closing, are freely assignable by Buyer. This Agreement and any of the rights, interests, or obligations incurred hereunder, in part or as a whole, are assignable by Seller only upon the prior written consent of Buyer, which consent shall not be unreasonably withheld. This Agreement will be binding upon, inure to the benefit of and be enforceable by the parties and their respective successors and permitted assigns.

Security Exchange Commission - Edgar Database,  EX-2.1 2 dex21.htm ASSET PURCHASE AGREEMENT , Viewed May 10, 2021, < https://www.sec.gov/Archives/edgar/data/1428669/000119312510013625/dex21.htm >.

Sample 5 – Asset Purchase Agreement

Assignment; Binding Effect; Severability

This Agreement may not be assigned by any party hereto without the other party’s written consent; provided, that Buyer may transfer or assign in whole or in part to one or more Buyer Designee its right to purchase all or a portion of the Purchased Assets, but no such transfer or assignment will relieve Buyer of its obligations hereunder. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the successors, legal representatives and permitted assigns of each party hereto. The provisions of this Agreement are severable, and in the event that any one or more provisions are deemed illegal or unenforceable the remaining provisions shall remain in full force and effect unless the deletion of such provision shall cause this Agreement to become materially adverse to either party, in which event the parties shall use reasonable commercial efforts to arrive at an accommodation that best preserves for the parties the benefits and obligations of the offending provision.

Security Exchange Commission - Edgar Database,  EX-2.4 2 dex24.htm ASSET PURCHASE AGREEMENT , Viewed May 10, 2021, < https://www.sec.gov/Archives/edgar/data/1002047/000119312511171858/dex24.htm >.

Common Contracts with Assignment Clauses

Common contracts with assignment clauses include:

• Real estate contracts
• Sales contract
• Asset purchase agreement
• Purchase and sale agreement
• Bill of sale
• Assignment and transaction financing agreement

Assignment Clause FAQs

Assignment clauses are powerful when used correctly. Check out the assignment clause FAQs below to learn more:

What is an assignment clause in real estate?

Assignment clauses in real estate transfer legal obligations from one owner to another party. They also allow house flippers to engage in a contract negotiation with a seller and then assign the real estate to the buyer while collecting a fee for their services. Real estate lawyers assist in the drafting of assignment clauses in real estate transactions.

What does no assignment clause mean?

No assignment clauses prohibit the transfer or assignment of contract obligations from one part to another.

What’s the purpose of the transfer and assignment clause in the purchase agreement?

The purpose of the transfer and assignment clause in the purchase agreement is to protect all involved parties’ rights and ensure that assignments are not to be unreasonably withheld. Contract lawyers can help you avoid legal mistakes when drafting your business contracts’ transfer and assignment clauses.

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I enjoy helping businesses of all sizes succeed, from start-ups to existing small and medium sized businesses. I regularly advise corporate clients on a variety of legal issues including formation, day to day governance, reviewing and drafting business contracts and other agreements, business acquisitions and sales, as well as commercial and residential real estate issues, including sales, purchases and leases. As an attorney licensed in both Michigan and Florida, I also advise clients on real estate issues affecting businesses and individuals owning real property in either state, whether commercial, residential or vacation/investment property. I also regularly assist nonprofit organizations in obtaining and maintaining tax exempt status, and provide general legal counsel on all matters affecting public charities, private foundations and other nonprofit organizations.

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Jaclyn is an experienced intellectual property and transactional attorney residing and working in NYC, and serving clients throughout the United States and internationally. She brings a targeted breadth of knowledge in intellectual property law, having years of experience working within the media, theater, PR and communications industries, and having represented clients in the music, entertainment, fashion, event production, digital media, tech, food/beverage, consumer goods, and beauty industries. She is an expert in trademark, copyright, and complex media and entertainment law matters. Jaclyn also taught as an Adjunct Professor at Cardozo School of Law, having developed and instructed the school’s first Trademark Practicum course for international students. In her spare time, Jaclyn’s passion for theater and love for NYC keeps her exploring the boundless creativity in the world’s greatest city!

A bilingual attorney graduated from J.D. with a C.P.A. license, an M.B.A. degree, and nearly ten years of experience in the cross-border tax field.

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Assignment Sales in Canada: What You Need to Know as a Buyer

• Closing cost in Ontario

What is an assignment sale?                                                                                                                                                                                                                                                                            We get this question quite often from both investors and end-users when it comes to the Toronto condo market, especially with the dramatic rise in condo buildings and pre-construction sales. Assignment sales can be a great opportunity for everyone involved, from the seller to the buyer. But working with a seasoned real estate broker is one of the most important things you can do. An assignment sale isn’t a typical transaction and there are many things you need to know before moving forward. Additionally here some useful facts about to Maximizing Your Investment in the  role of Amenities in Real Estate Purchases and Investments in Canada

What Does an Assignment Sale Mean? An assignment is a sales transaction where the original buyer of a property (the “assignor”) allows another buyer (the “assignee”) to take over the buyer’s rights and obligations of the Agreement of Purchase and Sale, before the original buyer closes on the property (that is, where they take possession of the property). The assignee is the one who ultimately completes the deal with the seller. In other words, an assignment clause allows the buyer of a home to sell the place before they take possession of it. Although an assignment sale is possible for both home and condos, it’s much more popular among condo pre-construction buyers. here some important Frequently asked questions about Inspection.

Assignment Sales

Why Would Someone Want to Sell Their condos on Assignment? With pre-construction condo purchases, the sale of suites typically takes place several years before the building is built. It’s a long time in between buying the suite and actually taking occupancy of it. And with this lag time comes life changes – a new job outside of the city or in a different province, a new family that’s expanding with children, etc. What worked for a particular buyer years ago may not be the current case at closing time.

Financial reasons is also another reason to sell on assignment. Perhaps the purchaser can no longer be able to close on the condo, or perhaps it’s an investor who bought pre-construction with no intention of closing on them, therefore using an assignment sale strategy to profit, based on quick appreciation in the area.

Often with pre-construction sales, there’s a long lag between when the original contract is entered into, when the Buyer can move in (the interim occupancy period) and the final closing. It’s not uncommon for a Buyer’s circumstances to change during that time…new job out of the city, new husband or wife, new set of twins, etc. What worked for a Buyer’s lifestyle 4 years ago doesn’t always work come closing time.

How Do Assignment Sales Work? We completed an assignment sale for a client at 87 Peter Street which was a new building that has occupied, but not registered yet. Our client purchased a 1-bedroom, 1-bathroom condo pre-construction for $320,000.00. He was looking to sell the unit on assignment and listed it at $525,000.00. We received an offer of $500,000 which the seller was comfortable accepting. Additionally Click here for know about Tax Exposure.

Typically, when assignment sales takes place, the seller is looking for a buyer who can provide him with a purchase deposit that equals what he had to put down – usually 20% of the original purchase price. After providing the seller with this sum, the deposit paid to the builder now becomes the new purchasers deposit . Any upside to the seller can be paid based on the negotiated terms – sometimes when the seller gets a mortgage for the condo, or even earlier – it’s all based on terms of the assignment deal.

Overall, assignments sales are not to be overlooked – there can be some fantastic opportunities to get into a highly desirable building that you may have missed out on or purchase a condo that you may otherwise not have had access to. But the importance of working with a realtor and lawyer who know the ins and outs of these deals is the key to making them work for you. Additionally here is the some more details about assignments sales.suggested by RECO

If you’re interested in learning more about Assignment Sale and some of the great opportunities currently available, Contact us  if you’re looking for a  Pre-construction condo  in the  GTA .

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Assignment of Purchase and Sale

Close your real estate transaction with confidence. Available for virtual and in-person closing, we bring legal expertise to you in the most convenient and affordable way.

Advantages of New Home Assignments

Buying or selling a house in Ontario? You’ll need a written agreement of purchase and sale. Offers to purchase are legally binding contracts outlining the agreed-upon conditions of the buyer and seller of a property. Axess Law’s real estate lawyers protect your legal interests. Having your agreement of purchase and sale explained by our Ontario lawyers ensures you understand all the details before you make legal commitments.

Assignments of purchase agreements give you the advantage of being the first owner and occupier of a home or condo. You can move into your home with the confidence no one has lived there before you. Although less popular, assignments are also possible for resale homes. Ask your real estate agent if they have any resale homes you might consider.

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Click on ‘Get Started’ button to receive a quote from us. If you decide to proceed, our customer care team will reach out to you within minutes to discuss the next steps.

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Documents we need.

• Driver’s license
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• Ontario photo card
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Why Do I Need Legal Advice?

Hiring a lawyer can preserve your right to back out if problems arise during a closing. We can advise you how to proceed if:

• the seller is not the legal property owner
• the property title contains liens
• property lines don’t agree with legal surveys
• construction defects are exposed during home inspections
• your home is in a flood or wildfire zone
• heritage designations restrict property improvements
• transportation or other municipal plans could affect your enjoyment of the property
• or strata council minutes include costly special fees you want the seller to assume.

We amend your purchase agreement or end it altogether if the sale is not satisfactory to you.

Are Assignments a Good Deal?

They can be, especially if the original buyer is anxious to sell. Although not always true, profits on selling a newly constructed, not yet occupied condos or homes can be slim for the original purchaser. And that, works to your advantage. Still, if the builder hasn’t covered it, you could wind up paying the HST Plus, by “stepping into another’s buyer’s shoes”, as one realtor put it, you assume all of the original buyer’s liabilities.

Pros and Cons of New Home Assignments

New home assignments come with pros and cons. What to expect when you purchase a home or condo still under construction:

You could get into a building otherwise sold out

You might get to pick the final finishes

You assume the previous owner's obligations

You may owe extra fees or adjustments on closing

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If a deal collapses because you back out, you could be sued for any difference between how much you offered and what the next buyer agrees to pay, plus court costs. Courts may also award costs for deposits the first purchaser made on another home, lost opportunities to sell the property to other buyers, or expenses such as storing furniture while the home is resold.

Consider getting bridge financing to prevent a lawsuit if your circumstances change or talk to an Axess Law lawyer if the builder reneges on their contract.

• strata council minutes include costly special fees you want the seller to assume.

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List of Assignments for Sale in Ontario (2024)

Leading online marketplace for condos, townhomes & detached home assignment sales in ontario.

$ 1,199,999 2000 Sqft

Occupancy - May 2024

Sixth line & Dundas E

Bay Street Group Inc., Brokerage

$ 699,000 1444 Sqft

Mapleview Drive East & 20th Sideroad - IV

$ 680,000 1400 Sqft

Occupancy - Feb 2024

Glenridge Ave & Glendale Ave

$ 839,000 1125 Sqft

Occupancy - March 2024

Burnhamthorpe and Dixie

. Mississauga

$ 520,000 582 Sqft

Occupancy - Jan 2024

Neyagawa Blvd & Dundas St W- I

$ 875,000 1839 Sqft

Occupancy - Early 2024

Monarch Ave & Hunt St

$ 1,250,000 2058 Sqft

Burnhamthorpe and Sixth Line

$ 1,155,000 2500 Sqft

Occupancy - March 2023

Mapleview Dr E & Yonge St

$ 759,990 1757 Sqft

Simcoe St N & Windfields Farms Dr

$ 685,000 968 Sqft

Occupancy - February 1, 2024

201 Elmira Rd S, Guelph, ON N1K 1R2

Peter Lan Chung

Red Brick Real Estate Brokerage

$ 768,000 1300 Sqft

Occupancy - April 2023

530 Speers Rd.

Royal Lepage Real Estate Services Success Team

$ 1,080,000 2150 Sqft

Occupancy - Mar 2024

Ravi Godara

Elixir Real Estate

$ 510,000 478 Sqft

Occupancy - Dec 2023

Ridgeway Dr & The Collegeway

$ 1,100,000 1825 Sqft

Occupancy - Fall 2024

Kingston Road and Franklin Avenue

. Scarborough

$ 1,499,000 2550 Sqft

Mayfield & McLaughlin Rd- II

$ 1,299,990 2663 Sqft

4 HEARTWOOD GATE Whitchurch-Stouffville, Ontario L4A1M2

. Stouffville

$ 1,100,000 2389 Sqft

Occupancy - Spring 2023

Mapleview Drive East & Terry Fox Drive

$ 850,000 1537 Sqft

Occupancy - Nov 2023

Maple view drive E & Terry fox drive E

$ 700,000 686 Sqft

Occupancy - Summer 2024

Kennedy Rd & Corvette Ave

$ 1,086,000 2087 Sqft

Concession Rd 3 & Bunting Crt

$ 925,000 1955 Sqft

Occupancy - Oct 2023

Shellard Ln & Conklin Rd

. Brantford

$ 1,500,000 2250 Sqft

Occupancy - December 2023

Eglinton & Winston Churchill

$ 1,675,000 3100 Sqft

Occupancy - Sep 2023

Airport Rd & Walker Rd- II

$ 825,000 1804 Sqft

Conlin Rd E & Wilson Rd N -III

$ 949,000 1893 Sqft

Garden Street & Promenade Drive

$ 863,000 1708 Sqft

Occupancy - Fall 2023

Conlin Rd E & Wilson Rd N- II

$ 850,000 2350 Sqft

Hardy Rd & Oak Park Rd

$ 999,000 1770 Sqft

Occupancy -

Taunton Rd W & Lake Ridge Road

$ 1,425,000 2080 Sqft

Jefferson Side Rd & Yonge St- Richmond Hill

$ 610,000 1500 Sqft

Homestead Way & Uppers Ln

$ 1,200,000 1953 Sqft

Occupancy - Spring

Castlemore Avenue & York Regional Road 48

$ 1,400,000 2653 Sqft

Dryden Blvd & Anderson st

$ 2,200,000 3010 Sqft

Regional Road 25 & Britannia RD

$ 850,000 1957 Sqft

Dissette St & Holland St W

$ 799,000 1332 Sqft

Erin Mills Parkway & The Collegeway

$ 850,000 598 Sqft

Occupancy - Winter 2024

Spadina Ave & Front St W

$ 1,199,000 684 Sqft

Occupancy - June 2027

Queen St E & Church St,

$ 799,990 2152 Sqft

Occupancy - April 16, 2024

89 avenue Green Ash Avenue

Desiree Turda

Bay Street Group Inc.

$ 620,000 618 Sqft

Sky Harbour Dr, Brampton, ON L6Y 0C1

$ 1,250,000 2165 Sqft

Copper Creek Dr/Donald Cousens

$ 529,089 764 Sqft

Occupancy - Q1-2024

14th Ave SW & 12th St SW

$ 1,439,000 2514 Sqft

Coppermine St Oshawa Ontario L1H 8L7

$ 999,000 1640 Sqft

tenth line and Busato Drive

$ 2,300,000 2736 Sqft

Occupancy - April 2024

16th Ave and Markham Road

Olesya Andrianova

REVEL REALTY INC

$ 739,000 920 Sqft

Occupancy - January 2024

1010 Dundas Street East

$ 670,000 651 Sqft

Occupancy - October 2023

Burnamthorpe Road & Confederation Parkway

$ 1,695,000 2650 Sqft

Dundas & Sixth Line

$ 549,000 617 Sqft

165 Canon Jackson Drive Unit 308

Occupancy - September 2023

Airport Rd & Walker Rd

$ 625,000 1587 Sqft

Colborne St & Iroquois St

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Ontario Assignment Sale - Check out Pre construction Condos, Townhomes & Detached home assignment for sale in Ontario, Canada.

Is an assignment legal in ontario.

An assignment is a sales transaction where the original buyer of a property (the “assignor”) allows another buyer (the “assignee”) to take over the buyer’s rights and obligations of the Agreement of Purchase and Sale, before the original buyer closes on the property (that is, where they take possession of the property). The assignee is the one who ultimately completes the deal with the seller.

What is a preconstruction assignment sale?

Unless otherwise prohibited or restricted in writing in the original agreement of purchase and sale, It is mostly legally permitted. In some cases, the developer may charge the assignor a fee for this kind of sale. The best thing to do is to contact the builder directly to confirm if you are allowed to assign your purchase contract because assignment restriction and fees vary from builder to builder.

Homebaba is one of the leading online marketplace for pre-construction and assignment sales in Ontario. Check out hundreds of Ontario Assignment Sales advertised by Liscenced Real Estate Agents in Ontario. Toronto Assignment Sale - Homebaba . The listings such as assignment listings, resale listings or preconstruction project listings & description of the related pages are uploaded by Real estate agents. Homebaba does not verify the correctness of the data uploaded on its platform. Please contact the listing agent to verify the information. E&OE expected.