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GTA REALTORS® Release Resale Monthly Market Figures TORONTO, March 5, 2012 -- Greater Toronto REALTORS® reported 7,032 sales in February 2012 – up 16 per cent compared to February 2011. New listings were also up over the same period, but by a lesser 11 per cent to 12,684. It is important to note that 2012 is a leap year, with one more day in February. Over the first 28 days of February, sales and new listings were up by ten per cent and six per cent respectively.
“With slightly more than two months of inventory in the Toronto Real Estate Board (TREB) market area, on average, it is not surprising that competition between buyers has exerted very strong upward pressure on the average selling price. Price growth will continue to be very strong until the market becomes better supplied,” said Toronto Real Estate Board President Richard Silver.
“It is important to note that both buyers and sellers are aware of current market conditions. This is evidenced by the fact that homes sold, on average, for 99 per cent of the asking price in February,” continued Silver.
The average selling price in the TREB market area was $502,508 in February – up 11 per cent compared to February 2011. The Composite MLS® Home Price Index for TREB, which provides a less volatile measure of price growth compared to the average price, was up by 7.3 per cent compared February 2011.
“If tight market conditions continue to result in higher than expected price growth as we move into the spring, expectations for 2012 as a whole will have to be revised upwards,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “While price growth remains strong, the average selling price remains affordable from a mortgage lending perspective for a household earning the average income in the GTA.”
Summary of TorontoMLS® Sales and Average Price February 1 – 29 | | | 2012 | 2011 | | | Sales | Average Price | Sales | Average Price | | City of Toronto ("416") | 2,686 | $553,519 | 2,527 | $497,180 | | Rest of GTA ("905") | 4,346 | $470,981 | 3,531 | $421,946 | | GTA | 7,032 | $502,508 | 6,058 | $453,329 | | | | | | | | TorontoMLS® Sales & Average Price By Home Type | | Sales | Average Price | | 416 | 905 | Total | 416 | 905 | Total | | | | | | | | Detached | 927 | 2,500 | 3,427 | 818,815 | 568,322 | 636,080 | Yr./Yr. % Change | 12% | 29% | 24% | 13% | 11% | 10% | Semi-Detached | 283 | 474 | 757 | 585,325 | 384,320 | 459,464 | Yr./Yr. % Change | 7% | 18% | 14% | 12% | 10% | 10% | Townhouse | 238 | 749 | 987 | 432,493 | 347,424 | 367,937 | Yr./Yr. % Change | -13% | 11% | 4% | 11% | 11% | 10% | Condo Apartment | 1,212 | 514 | 1,726 | 371,334 | 270,143 | 341,199 | Yr./Yr. % Change | 7% | 19% | 10% | 4% | 4% | 3% | | | | | | | | | | | |
*The TREB boundaries include the City of Toronto, the Regions of Halton, Peel, York and Durham, Orangeville in Dufferin County and Adjala-Tosorontio, Bradford West Gwillimbury, Essa, Innisfil and New Tecumseth in Simcoe County. - 30 -
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GTA REALTORS® RELEASE MONTHLY MARKET FIGURES TORONTO, February 3, 2012 – Greater Toronto REALTORS® reported 4,567 sales through the TorontoMLS® system in January 2012. This number was 8.8 per cent higher than the 4,199 sales reported in January 2011. Sales growth was strongest for low-rise home types in the regions surrounding the City of Toronto. "A favourable affordability picture bolstered by very low posted fixed mortgage rates has kept home buyers confident in their ability to achieve the Canadian goal of home ownership," said Toronto Real Estate Board President Richard Silver. "The buyer pool remains diverse in the GTA with strong interest in home types across the pricing spectrum," continued Silver. The average selling price for January 2012 transactions was $463,534 – up by almost nine per cent compared to January 2011. "Low inventory levels have kept competition between buyers strong, resulting in robust annual rates of price growth over the last year. Strong price growth is expected to attract more listings. A better supplied market should result in a slower rate of price growth, especially in the second half of 2012," said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis. Source TREB
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witter.com/TREBhome facebook.com/TorontoRealEstateBoard youtube.com/TREBChannel -30 - Get the latest real estate news & Market Watch information & summary videos www.TorontoRealEstateBoard.com GTA REALTORS® RELEASE Q4 CONDO REPORT Toronto, January 20, 2012 — Greater Toronto REALTORS® reported 5,025 condominium apartment transactions in the Fourth Quarter of 2011. This result was up 10.5 per cent in comparison to the Fourth Quarter of 2010. Over 70 per cent of total transactions occurred in the City of Toronto, with Peel Region (including Mississauga City Centre) accounting for the second highest share of sales. The number of new listings for condominium apartments was up by 14 per cent in the fourth quarter of 2011 compared to the same period in 2010. "The condo segment of the market continued to be a key driver of sales in the fourth quarter. Even with an uptick in new listings following strong condo completions over the last year, market conditions remained tight. Tight conditions were the foundation for a robust year-over-year increase in the average selling price," said Toronto Real Estate Board President Richard Silver. The average selling price for condominium apartments in the fourth quarter of 2011 was $336,748 – a seven per cent increase over the fourth quarter of 2010. "In addition to the healthy situation in the ownership condo market, the condo rental market tightened up at the end of 2011, with the number of units listed down and the number of transactions up. This prompted above-inflation increases in average one-bedroom and two-bedroom rents," said Jason Mercer, TREB’s Senior Manager of Market Analysis. Source: TREB
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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. This year’s program has two important changes. Participants must now register directly with the program before booking an evaluation. They must also provide receipts to their energy advisor at the time of the post-retrofit evaluation to confirm their eligibility for an ecoENERGY grant. Only products purchased after June 6, 2011, and installed after a pre-retrofit evaluation are eligible for a grant. Visit www.ecoaction.gc.ca/homeecos.
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REALTORS® Calling for Reinstatement of Provincial Energy Efficiency Retrofit Rebates Toronto, September 23, 2011 – With a provincial election approaching, REALTORS® are calling on all provincial political parties to commit to reviving provincial rebates for homeowners who make energy efficiency upgrades to homes. “Summer is coming to an end and winter will be here before we know it. Homeowners can help to keep their heating bills down by making sure that their homes are as energy efficient as possible. Unfortunately, the up-front costs of doing so can be costly. That’s why REALTORS® want to see provincial rebates for energy efficiency upgrades reinstated,” said Richard Silver, President of the Toronto Real Estate Board (TREB). Last spring, both the provincial and federal governments ended programs that provided up to $10,000 in rebates (half from the provincial government and half from the federal government) to homeowners who undertook energy efficiency retrofits to their homes. Since then the federal government has revived its program but the provincial government has not done the same. Encourage your provincial candidate to take a strong stand! “Past federal and provincial rebate programs have been extremely successful. Over 90,000 home owners completed energy efficient retrofits to their properties with the assistance of those programs. The federal government has taken action to continue this success and now the provincial government should do the same. All of the provincial political parties should commit to reviving this program if elected this fall,” said Silver. REALTORS® believe that energy efficiency retrofits to homes are important for homeowners and for the whole Province. “Not only do energy efficiency upgrades to homes benefit homeowners by helping them to keep their energy bills down, but they benefit all of us by helping to protect our natural environment and by reducing the strain on our energy producing facilities, which, in the long run, saves us all money,” added Silver. "These kinds of Retrofit Rebates also go a long way to stimulate the economy by encouraging product purchases and job creation." REALTORS® look forward to continuing to raise home ownership issues with provincial politicians during the provincial election campaign. Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 31,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada’s largest real estate board.
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Tony Gomes has completed the SRES® course leading to the SRES® (Seniors Real Specialist) designation. REALTORS® who carry the SRES® designation are specially qualified to address the real estate needs of those age 50+. SRES® designees recognize that a home often is the largest and most precious asset that baby boomers and people 50+ have. Thus, SRES® designees bring a unique approach to each transaction and interaction with clients. They not only offer a deep knowledge of real estate and the local and economic issues shaping market trends, but they're also educated on issues of particular concern to aged 50+ clients. Their special skills help 50+ real estate buyers and sellers look at the big picture, factoring in financial issues and current and future care needs, to ensure that each client arrives at the best decision about selling a property and finding a new home. Such 50+ real estate specialized REALTORS® also recognize the emotional dimension associated with selling a beloved family property and approach clients and family members with patience and empathy. For all your Real Estate Needs & Questions, contact Tony Gomes; Office: 416-537-2441, Mobile: 416-998-3762 Email: Tony@Tonygomes.ca., website: www.TonyGomes.ca Source: SRES®
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Sales and Price Increase in May
June 3, 2011 -- Greater Toronto REALTORS® reported 10,046 sales in May 2011 – up six per cent compared to May 2010. This result was the second best on record for May under the current Toronto Real Estate Board service area. The number of new listings in May, at 16,076, was down 15 per cent compared to last year.
"Positive economic news and low borrowing costs led to strong sales through the first five months of the year, including the increase in May," said Toronto Real Estate Board President Bill Johnston. "At the same time, the market has become much tighter compared to last year, due to a substantial dip in new listings."
Sales and Price Increase in May Homes were on the market for an average of 23 days and sold for an average price of $485,520– up nine per cent compared to $446,593 in May 2010. The strongest rate of price growth was experienced for single-detached homes sold in the City of Toronto.
"We have seen clear-cut seller's market conditions emerge over the past two to three months," explained Jason Mercer, TREB's Senior Manager of Market Analysis. "The robust price appreciation that we have seen will hopefully prompt more households to list, resulting in a more balanced market later this year," continued Mercer.
Median Price
In May, the median price was $400,000, from the $376,750 recorded during May of 2010. Source: TREB
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Get the latest real estate news and Market Watch information includingmarket watch summary video twitter.com/TREB_Official facebook.com/TorontoRealEstateBoard youtube.com/TREBChannel Public Expecting Land Transfer Tax Repeal to Move Forward, Despite Budget Challenges TORONTO, June 9, 2011 -- Greater Toronto REALTORS®, and the public, continue to look forward to the fulfillment of the election commitment, of Mayor Rob Ford and numerous City Councillors, to repeal the Toronto Land Transfer Tax. "It is clear that the public expects the Mayor and City Council to move forward with the commitment to repeal the Toronto Land Transfer Tax, and it is unlikely that they will forget about this. This is a significant tax: it costs the average Toronto home buyer almost $6,500, and when added to the Provincial Land Transfer Tax, average Toronto homebuyers face almost $14,000 in land transfer taxes. REALTORS® look forward to working with the Mayor and City Council on a reasonable approach to deliver on this promise," said Toronto Real Estate Board President Bill Johnston. TREB has consistently opposed the Toronto Land Transfer Tax as an unfair tax that hurts Toronto’s economy. TREB strongly believes that the commitment by Mayor Rob Ford, and numerous City Councillors, during and after the election campaign to repeal the Toronto Land Transfer Tax was, and is, sensible. "Recently, the City’s Budget Chief has pointed out the budgetary challenges facing the City. REALTORS® believe that City Council is moving in the right direction by conducting a comprehensive review of City services; we also strongly believe that the commitment to repeal the Toronto Land Transfer Tax can, and should, move forward," said Johnston. A recent public opinion poll conducted by Ipsos Public Affairs found that 75 per cent of Torontonians support Toronto Mayor Rob Ford’s commitment to repeal the Toronto Land Transfer Tax. In light of the City’s Budget Chief’s recent comments, the poll contained interesting results. In particular, even when asked to consider the City’s expected budget shortfall, the public’s support for the repeal of the Toronto Land Transfer Tax remains very strong, with 68 per cent of Torontonians believing that the Mayor should follow-through on this commitment, despite the City’s budget challenges. The poll also found that the public is paying attention to this issue: a large number of Torontonians, 61 per cent, were previously aware that Mayor Ford has committed to repeal the Toronto Land Transfer Tax. Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 31,000TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada’s largest real estate board.
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Good Start to 2011 TORONTO - February 4, 2011 SINFAMILY RESIDENTIAL BREAKDOWN Greater Toronto REALTORS® reported 4,337 transactions through the TorontoMLS® system in January 2011. This result was 13 per cent lower than the record result reported in January 2010. “While off the record pace experienced a year ago, the GTA resale market has started the year on a solid footing.Home buyers in Toronto andsurrounding areas continue to benefit from a diversity of housing types for sale at many different price points", saidTREB President Bill Johnston. The average selling price for January 2011 sales was $427,037, representing an increase of over four per cent compared to the average of $409,058 reported in January 2010. “The average selling price is expected to grow at a moderate pace in 2011. Growth rates in the three to five per cent range will be sustainable from an affordability perspective,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. Median Price In January, the median price was $360,000, from the $350,000 recorded during January of 2010. Source: TREB
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TREB’s Past President’s Scholarship December 29, 2010 -- TREB’s fifth annual Past President’s Scholarship applications have been sent to public and separate high school principals/guidance staff throughout the GTA. Two $5,000.00 scholarships are awarded on behalf of REALTORS® to two graduating high school seniors going on to pursue post-secondary education. Based on academics, community involvement and a 500-word essay, the awards are presented to the two winners in June at TREB’s annual Civic Connections reception. This year’s essay topic choices are: i) How do you envision the ideal GTA community? (residentially and/or commercially). ii) Like the “Doctors Without Borders” concept, what initiatives could be undertaken by real estate professionals? The deadline for applications is April 15, 2011. Go to the 2011 scholarship application and essay criteria [PDF*] The application can also be obtained by clicking on the “2011 Past President’s Scholarship” banner link on the home page of www.torontorealestateboard.com. Source: TREB
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“This free application brings Apple iPhone users the features and functionality of the REALTOR.ca website, as well as some interesting device-specific features” said CREA president Georges Pahud. “Consumers today expect portable information and REALTORS® across Canada are happy to be providing this service.” The free REALTOR.ca app is provided at no cost to consumers by Canada’s 100,000 REALTORS® and more than 100 real estate Boards and Associations. The app provides users with the features and functionality of REALTOR.ca and takes advantage of Apple iPhone device features, such as: - Using the handheld’s GPS technology:
- Properties Near Me – get up-to-date property information, photos and driving directions;
- New Listings Near Me – recent listings in the area you’re visiting;
- Open Houses Near Me – find open houses near your present location;
- My Agent – Contact either your agent(s), or the listing agent for more information about a specific property;
- Property Search – Search for houses and properties across Canada, and connect with REALTORS® to view, buy or sell a property;
- Personalized settings allowing the user to set default language, unit of measure, how properties are displayed, and search radius for “Near Me” searches;
- Interactive BING mapping is embedded to allow focus on specific neighbourhoods;
- Scheduled Open Houses can be added to the device’s calendar.
“When considering one of life’s biggest financial transactions, easily accessible, detailed information about homes and neighbourhoods, as well as access to REALTORS®, helps people make well-informed decisions” stated Pahud. With the addition of the Apple iPhone app, REALTOR.ca is now available for two of the most popular handheld device operating systems, as the Windows Phone 7® version was released in November. A BlackBerry app will be released in February 2011. A setup guide has been posted online at www.crea.ca. CREA is one of Canada’s largest single-industry trade associations, representing more than 100,000 REALTORS® working through more than 100 real estate Boards and Associations. CREA owns and operates the REALTOR.ca website, Canada’s most visited real estate resource for property buyers and sellers. Source: CREA.
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Most Ontarians confused about HST and resale homes | |
56% mistakenly believe HST applies to purchase price Toronto, Ontario, October 27, 2010 – An Ipsos Reid survey commissioned by the Ontario Real Estate Association (OREA) and released today reveals that 56 per cent of Ontarians mistakenly believe that the new Harmonized Sales Tax (HST) applies to the full purchase price of a resale home. In fact the HST is only levied on the various transaction fees associated with the purchase of a home that has been previously occupied (i.e. not a newly-built home). Currently, the average price of an Ontario resale home is around $330,000. Therefore, this confusion leaves the majority of Ontarians wrongly believing that the HST will add more than $40,000 to the transaction cost. There is growing concern among real estate professionals that this misperception about the HST is dampening the Ontario housing market. “We see it on the front lines every day. Clearly, Ontarians still don’t know what the HST covers and what is exempt,” said Dorothy Mason, President of OREA. “This is not helping the housing market, and it’s not helping the Ontario economy. This confusion means that many buyers think the cost of a resale home is tens of thousands of dollars higher than it actually is.” The results of the survey conducted earlier this month were consistent across all age groups. However, there were some differences across other demographic categories. For instance, of those surveyed, half of the university graduates, 71 per cent of northern Ontarians, 59 per cent of those living in eastern and southwestern Ontario, and 54 per cent of GTA residents all mistakenly believe the HST applies to the full purchase price of resale homes. “We’re doing our part to inform our clients, but we shouldn’t have to do it alone. We’re calling on the Ontario government to launch an immediate public awareness campaign to educate taxpayers and end the HST confusion,” said Mason. “For average homebuyers, learning that the HST does not apply to the full purchase price means a $40,000 saving they weren’t expecting.” Ipsos Reid conducted the survey among 830 Ontarians from Ipsos’s online panel, between October 4th and 11th, on behalf of the Ontario Real Estate Association. The estimated margin of error is /-3.8 percentage points, 19 times out of 20. The Ontario Real Estate Association represents 49,000 brokers and salespeople who are members of the 42 real estate boards throughout the province. OREA serves its REALTOR® members through a wide variety of professional publications, educational programs, advocacy, and other services. Video interview clips available to view and embed on online news websites: YouTube http://bit.ly/9MEdr3
HD version for broadcast http://www.thornleyfallis.ca/orea REALTOR® is a registered trademark of REALTOR Canada Inc., a company owned equally by The Canadian Real Estate Association and the National Association of REALTORS® and refers to registered real estate practitioners who are members of The Canadian Real Estate Association. Used under license. Source: OREA
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GTA REALTORS® Report Monthly Resale Housing Market Figures TORONTO, December 3, 2010 -- Greater Toronto REALTORS reported 6,510 existing home sales in November – down 13 per cent from 7,446 sales in November 2009. New listings were also down 13 per cent annually to 8,642. On a month-over-month basis, the seasonally adjusted annual rate of sales increased for the fourth straight month to 88,100. This rate was substantially higher than the July low of 67,900. "The GTA resale market has tightened since the summer. Healthy market conditions continued to support growth in the average selling price," said Toronto Real Estate Board President Bill Johnston. “Sales through the first 11 months of the year were down only marginally compared to the same period in 2009. We remain on track for one of the best years on record under the current TREB market area,” continued Johnston. The average selling price for November transactions was $438,030 - up five per cent compared to November 2009. "The average selling price in the GTA is affordable. A household earning the average income can comfortably cover the mortgage payments on an average priced home. Expect the average selling price to grow at a moderate pace over the next year," said Jason Mercer, TREB’s Senior Manager of Market Analysis. Housing Source: TREB
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If you'd like to give your garden a healthy treat this summer and fall, why not consider starting a compost heap in your backyard? Made up of organic materials like food scraps and yard wastes, compost provides you with a rich, natural soil conditioner which is very easy and inexpensive to make. Composting is not only good for the garden; it's good for the environment. Roughly one-third of household waste is made up of organic material which can be composted. By diverting kitchen scraps and lawn and garden clippings from your regular household waste stream, you can make a significant reduction in the amount of garbage going to local landfill sites. Composting is also a good way to teach youngsters about the environment. Since you can compost throughout the winter, it's a great year-round project for the whole family. How it Works
A rich, dark, soil-like material, compost is formed when microscopic bacteria which live in soil and wastes begin to eat away at organic matter, causing the compost pile to heat up. Once enough heat is generated, the wastes start to break down. The amount of time it takes for compost to form depends on what's in the pile and how regularly it's turned. It's very important to keep the pile moist, but not wet. The material should be turned every two or three weeks or when it becomes compacted or develops an odor. Compost Material
Things you can compost include leaves, wood ash from fireplaces or woodstoves, coffee grounds, tea bags, nut and egg shells, lawn and garden clippings, fruit and vegetable wastes and leaves. Be sure not to put in materials like pet wastes, charcoal or coal ashes, dairy products, fats, oils or oily foods, meats, bones or fat. It's also a good idea to steer clear of throwing mature weeds in your compost pile because they could contaminate the compost and, eventually, your soil. Your compost heap can be as simple as a small, three-sided bin, or as fancy as a covered, multiple-bin unit. You can make your own composter quite easily with some lumber or a plastic garbage container with holes punched in it. The next time you're in your local hardware store, take a look at commercially sold units to get a good idea of how they're built. If you're not a handy person, it may be more convenient to purchase one of these ready-made units instead of constructing your own. Getting Started
To start with, make sure you place your compost bin in a well-drained area of your property. When starting your compost heap, put down a layer of kitchen and yard wastes first, then add some soil, along with some commercial compost or manure to give the process a little extra help in getting started. Once these initial layers are formed, continue to add organic material, along with shovelfuls of soil. Be sure to turn the pile so that everything decomposes. Turning the pile on a regular basis ensures that air is circulating, and that the pile is not overly moist or dry. You can avoid compost odors by always covering wastes with a layer of soil about one inch in thickness. Experts also suggest that no layer of material exceed a depth of four to six inches. Also keep in mind that it takes longer for large pieces of material in a compost heap to break down. Try to restrict pieces of waste to one inch or less in size; these are ideal. When your compost is ready to be used, it will be crumbly and soil-like in appearance. You may want to use a screen to sift out any large pieces of material which haven't fully decayed. Applications
Compost can be used to prepare garden beds before planting. It can also be used around trees and shrubs. As well, you can make a nutrient-rich solution for your garden plants out of compost and water. REALTOR® is a registered trademark of REALTOR Canada Inc., a company owned equally by The Canadian Real Estate Association and the National Association of REALTORS® and refers to registered real estate practitioners who are members of The Canadian Real Estate Association. Used under license. Source: OREA |
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If you're buying a home for the very first time, the process may seem a little daunting. After all, buying a home is probably one of the biggest investments you'll ever make. It helps to have a REALTOR® on your team -- someone who speaks the language of real estate very well. A REALTOR® has the experience and the knowledge to guide you through the process of buying your first home and can help take the mystery out of the many terms, phrases and clauses you will encounter. The following glossary, an excerpt from the Ontario Real Estate Association's "How to Buy Your Home" book, provides definitions of some of the most common real estate terms you are likely to come across. The book also fully explains the process of buying a home and is available free-of-charge by calling 1-800-563-HOME or talk to your local REALTOR®. Amortization: The number of years it takes to repay the entire amount of a mortgage. Appraisal: An estimate of a property's market value, used by lenders in determining the amount of the mortgage. Appreciation: The increase of a property's value over time. Assessment: The value of a property set by the local municipality, for the purposes of calculating property tax. Assumable Mortgage: A mortgage held on a property by the seller that can be taken over by the buyer, who then accepts responsibility for making the mortgage payments. Blended Mortgage: A combination of two mortgages, one with a higher interest rate than the other, to create a new mortgage with an interest rate somewhere between the two original rates. Blended Mortgage Payments: Equal or regular mortgage payments, consisting of both a principal and an interest component. With each successive payment, the amount applied to interest decreases and the amount applied to the principal increases, although the total payment doesn't change. (Exception - see variable rate mortgages.) Bridge Financing: Money borrowed against a homeowner's equity in a property, usually for a short term, to help finance the purchase of another property or make improvements to a property being sold. Buy-down: When the seller reduces the interest rate on a mortgage by paying the difference between the reduced rate and market rate directly to the lender or to the purchaser, in one lump sum or monthly instalments. Closing: The real estate transaction's completion, when the parties involved agree that all legal and financial obligations have been met, and the deed to the property is transferred from the seller to the buyer. Conventional Mortgage: A first mortgage issued for up to 75 per cent of the property's appraised value or purchase price, whichever is lower. Counteroffer: One party's written response to the other party's offer during purchase negotiations between buyer and seller. Debt Service Ratio: The percentage of a borrower's gross income that can be used for housing costs, including mortgage payment and taxes (and condominium fees, when applicable). Deed: A legal document that conveys (transfers) ownership of a property to the buyer. Easement: A legal right to use or cross (right-of-way) another person's land for limited purposes. A common example is a utility company's right to run wires or lay pipe across a property. Encroachment: An intrusion onto an adjoining property -- such as a neighbor's fence, storage shed or overhanging roof line that partially (or even fully) intrudes onto your property. Equity: The difference between the price for which a property can be sold and the mortgage(s) on the property. Equity is the owner's "stake" in a property. Foreclosure: A legal process by which the lender takes possession and ownership of a property when the borrower defaults on the mortgage obligations. High-Ratio Mortgage: A mortgage for more than 75 per cent of a property's appraised value or purchase price. Land Transfer Tax: Payment to the provincial government for transferring property from the seller to the buyer. Lien: Any legal claim against a property, filed to ensure payment of a debt. Mortgagee: The lender. Mortgage Insurance: Government-backed or private-backed insurance protecting the lender against the borrower's default on high-ratio (and other types) of mortgages. Mortgagor: The borrower. Multiple Listing Service (MLS): A system for relaying information to REALTORS® about properties for sale. Prepayment Privilege: A mortgage feature that allows the borrower to prepay a portion or all of the principal balance with or without penalty. This privilege is frequently restricted to specific amounts and times. Principal: The mortgage amount initially borrowed, or the portion still owing on the mortgage. Interest is calculated on the principal amount. Status Certificate: A written statement of a condominium unit's current financial and legal status. Variable-Rate Mortgage: A mortgage for which payments are fixed, but whose interest rate changes in relationship to fluctuating market interest rates. If market rates go up, a larger portion of the payment goes to interest. If rates go down, a larger portion of the payment is applied to the principal. Vendor-Take-Back Mortgage: When sellers use their equity in a property to provide some or all of the mortgage financing in order to sell the property. Zoning Regulations: Strict guidelines set by municipal governments regulating how a property may or may not be used. REALTOR® is a registered trademark of REALTOR Canada Inc., a company owned equally by The Canadian Real Estate Association and the National Association of REALTORS® and refers to registered real estate practitioners who are members of The Canadian Real Estate Association. Used under license. Source: OREA |
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