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Archive for April, 2017

The Ontario housing market continues to be red-hot. House prices have increased significantly because of supply and demand challenges, often leading buyers to go above and beyond asking prices, engaging in bidding wars in an effort to find housing in a market that can’t seem to meet the demand.

While some homeowners have enjoyed this increase in home values and sold to their own benefit, others have not been able to enter the market because of various factors, including a lack of supply, sky high prices and larger down payment requirements.

The cost of housing isn’t just impacting homeowners. Many renters are also feeling the effects as some landlords choose to arbitrarily drive up rental costs.

This has led many to call for housing reform and governmental action – and the government seems to be listening.

Just last week, the Ontario Government announced a list of measures aimed at cooling the market and making housing more affordable for all (both renters and homebuyers).

Dubbed the Fair Housing Plan, the announcement included 16 measures that, it is hoped, will do just that – make housing prices a little fairer across the province. Here are some of the highlights:

New Taxes

  • A new 15% foreign buyer tax – this means that non-Canadian citizens, non-permanent residents and non-Canadian corporations will be charged this new tax on residential properties that have 1-6 units. This tax will apply to property purchases in the Golden Horseshoe area.
  • A provision that would allow Toronto and other municipalities (if interested) to charge a tax on vacant or unoccupied units.

New Regulation

  • An expansion of rent control which will apply to all private rental units built after 1991. The goal is to protect tenants from “sudden and dramatic” rent increases.
  • Examination of ways to investigate practices like paper flipping (shadow flipping).

New Opportunities

  • Identify new opportunities for the government to create affordable housing on provincially owned surplus lands.

Supporting Developers

  • A $125 million, 5-year program aimed at encouraging the construction of new apartment buildings.
  • The creation of a new Housing Supply Team. Their goal will be to identify challenges that housing developers are facing and help them work more effectively with municipalities.

As long as supply and demand continue to be issues, Ontario’s market will continue to accelerate. These changes are expected to be a step towards easing that acceleration. You can view the full announcement here https://news.ontario.ca/opo/en/2017/04/making-housing-more-affordable.html.

What do you think? Do you think these will eventually help to cool the market? Join the conversation @teranet_social.

 

 

 

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Whether you are an existing client who is testing out the NEW GeoWarehouse or a brand new customer, we are here to support you! Here are some resources to help you get started on GeoWarehouse.

There are also scheduled training sessions organized through your local real estate board. Access this link to view upcoming sessions: http://marketing.geowarehouse.ca/acton/fs/blocks/showLandingPage/a/1288/p/p-01f1/t/page/fm/0.

Not yet a NEW GeoWarehouse customer? Find out more about this amazing tool by visiting www.geowarehouse.ca.

 

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When working on a deal, one of the strongest assets you have is your own intuition. Sometimes your client will say things or provide information that may lead you to believe that there may be more to their story – as it relates to the property.

Always trust your intuition and if something doesn’t seem quite right, it may be time to dig a little deeper. Technology has made it that much easier to do so and a few clicks of the mouse can lead you to valuable information that will help you get the answers you need.

Here are some tips for gathering more information about a property or a client:

  1. Property Sales History – The property sales history is an excellent way to identify potential fraud as it relates to a property. Pay attention to transferees (were they arms-length or is there a transferee who is a corporation?) and also times between transfers (has the property changed hands multiple times in a short period of time?). These are the very same things mortgage agents and lenders look at when underwriting a deal, so even if there isn’t something nefarious going on you are in a position to ask questions and provide broker partners with this information as it could interfere with the buyer getting property financing.
  1. Parcel Register* – Have you looked at registered mortgages and now have concerns that the seller may have financial issues? Perhaps checking the property for liens is a good idea. Income tax, property tax, construction and condo liens occur often. You can quickly find out as of the day in question if a lien is registered on title to any given property in Ontario by requesting a Parcel Register*, which can be obtained online.
  1. Instrument Image – Have you uncovered a lien and want further information, such as the individual or company who registered it? This can be obtained by requesting a copy of the Instrument Image online.
  1. Registered Plans & Private Surveys – Are there discrepancies in property measurements, what your client thinks vs what you have uncovered through your research? Perhaps there is no survey at all. An existing plan may meet your needs and save the cost of a new survey.
  1. Condo certificate – Maybe you’re concerned that there is more you need to know about a particular condo development or perhaps your client has indicated that there are condo fee arrears. Historically, obtaining a condo certificate was a drawn-out, paper-laden process – but not anymore. Now you can obtain a condo certificate online to quickly get answers to all questions related to the financial positioning of the condo corporation, the condo in question, as well as bi-laws and more.

Fortunately, thanks to technology, the sky is the limit where digging deeper is concerned as most information is available online through GeoWarehouse. Find out more about the NEW GeoWarehouse by visiting www.geowarehouse.ca or calling 1-416-360-7542.

*An official product of the Ontario government pursuant to provincial land registration statutes.

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DMTI Spatial has announced the launch of its new Location Hub® service with enhanced condo information provided by Teranet. This new report makes it easier for companies to better manage their condominium concentration risk through an enhanced condo building database.

DMTI Spatial noted: “We are excited to add this enriched data source into Location Hub web services as it provides valuable location-based insights down to the condo building and unit level,” said Paul Franc, general manager, vice president of sales. “This is a key data set our clients value for sophisticated market and risk analysis. Having the ability to understand the number of unique condo buildings and the total number of units with a specific market will give companies involved in this market space the ability to power their analytic/BI needs within critical workflows to help with risk mitigation and market penetration.”

Teranet is excited about this new partnership!

Find out more by visiting https://ca.finance.yahoo.com/news/dmti-spatial-enhances-location-hub-144500001.html.

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April 10, 2017

You asked and we listened.

As you probably already know, we have released the NEW GeoWarehouse with a simplified look and feel and better user experience. It is now compatible with mobile devices that are tablet size so that you can do more on the go. The new immersive map experience makes it easier to perform searches, improves comparables search and presentation. The NEW GeoWarehouse will provide you with the next level of property expertise.

The NEW GeoWarehouse provides you with more powerful search capabilities. Our focus has been to reduce complexity, improve usability and workflow, and to include some of the ViMO functionality that customers have come to love, such as the ViMO Client Report. We give you the best of both worlds in this revolutionary new tool.

The GeoWarehouse Client Report is a powerful sales tool that can be used to land new clients and enhance the customer experiences with existing clients. The Client Report is a real conversation starter! It is a pdf report that you can easily customize to include title, assessment demographics, area sales information, and market analytics for residential properties.  The market analytics section includes statistics and heat maps for average sale value, growth rates, and market turnover.

Interested in checking out the new Client Report? You can do so by visiting a property in GeoWarehouse, selecting the “PDF” icon, and selecting the Client Report – it is that simple!

Want to learn more about the enhanced capabilities of the NEW GeoWarehouse, including the Market Analytics section of the Client Report? Ask us about setting up free trial access! Visit www.geowarehouse.ca or call 1-416-360-7542.

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Last year, Vancouver introduced a foreign buyer tax of 15% on non-residents of Canada who purchased real estate in the area. The tax was introduced as part of the legislation aimed at curbing the skyrocketing real estate prices in southern B.C. and to address low vacancy rates.

Around the same time that the tax was introduced, real estate prices in Vancouver started to decline. However, while the Globe and Mail reported that prices fell 31% in the 5 months following the tax, real estate sales prices actually began to decline in March of 2017 – 6 months before the new tax was implemented in August.

Sales volume: Metro Vancouver detached homes

Some real estate associations and media outlets have continued to predict that Vancouver housing prices will further drop in 2017 – but it remains to be seen if this will be a direct result of the new foreign buyer tax or not.

For several years now, Vancouver and Toronto have been the hottest real estate markets in the country and so the question of the hour is, will Toronto eventually introduce a similar tax to that introduced in Vancouver?

It’s an interesting question that has so far received no clear answer. Towards the end of 2016, the BNN reported that Ontario Premier Kathleen Wynne had made strong indications that Ontario would not be following B.C.’s lead with a tax on foreign homebuyers. However, at the beginning of 2017, CBC News reported that Toronto Counsellor Jim Karygiannis was in favour of a tax of 5% levied on foreign buyers.

Since then, we’ve heard more and more individuals share their thoughts on a foreign buyer tax. TREB has urged the Ontario government not to introduce one, while Finance Minister Charles Sousa said that he’s considering it as a possibility to cool Toronto’s red-hot housing market. A recent study done by Ryerson University’s City Building Institute also suggests that the curbing of foreign buying is necessary, but that it may not be enough.

How does the real estate community feel about this notion? Global News has reported that some Toronto real estate sales professionals believe that “a foreign buyer tax in the Greater Toronto Area (GTA) would be ‘misguided’ at a time of decaying affordability in the city”.

 

What’s your take? Would you support a foreign buyer tax in the GTA? What impact, if any, do you think it will have on GTA home prices? Join the conversation – tweet us @geowarehouse or post your thoughts on our Facebook page.

No matter where the real estate market goes, the NEW GeoWarehouse can help you do more. Find out more by visiting www.geowarehouse.ca or calling 1-416-360-7542.

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