When REALTORS® use commission reductions, it is essential to create an appropriate agreement in order to comply with the Trust in Real Estate Services Act, 2002 (TRESA 2002). In a commission reduction agreement, the listing brokerage agrees with the seller to reduce commission that was previously agreed to. The following are ...
Continue ReadingThere are nearly 40,000 real estate agents in Toronto; that is one agent for every 140 Torontonians! In Vancouver, the numbers are even more staggering – one agent for every 61 Vancouverites. It helps, of course, that the market is sizzling hot, but across Canada, the competition among realtors is ...
Continue ReadingThe report from the Ontario Real Estate Association’s Presidential Advisory Group on Diversity, Equity and Inclusion. The overarching goal of the PAG is to identify where systemic racism occurs in the real estate and housing sectors… Over the past two years, a racial reckoning has taken place, triggered by a ...
Continue ReadingThis post deals with the topic of REALTORS® receiving and/or paying referral fees to third parties who may not be directly involved in a real estate transaction. Depending on the specific situation, this may not be permitted under the Real Estate and Business Brokers Act, 2002 (REBBA 2002) and in other situations written ...
Continue ReadingThe Protecting Tenants and Strengthening Community Housing Act, 2020 amends the Residential Tenancies Act, 2006, the Housing Services Act, 2011, the Building Code Act, 1992 and repeals the Ontario Mortgage and Housing Corporation Act. Originally posted on July 22, 2020 The changes to the Residential Tenancies Act, 2006 (RTA) strengthen protections ...
Continue ReadingEvery person has the right to be free from discrimination in housing because of Code-protected grounds. You have the right to equal treatment when buying, selling, renting or being evicted from an apartment, house, condominium or commercial property. This right also covers renting or being evicted from a hotel room. Housing ...
Continue ReadingStarting June 25, 2024, the capital gains inclusion rate will be increased from one-half to two-thirds for capital gains of over $250,000 per year for Canadians, and on all capital gains for corporations and most types of trusts. Four Key Federal Budget Capital Gains Measures 1) Increase in Capital ...
Continue ReadingThe Objective Of Money Laundering When you buy an asset, whether a home or an investment property, you try to get the best value for your time and money. You want a deal. The seller is trying to extract the maximum price they can get from you, without driving you ...
Continue ReadingThe Federal Budget for 2022 has made amendments to Part IX of the Excise Tax Act (“ETA”). Effective May 7, 2022, all assignment sales in respect of newly constructed or substantially renovated single unit residential complexes or residential condominium units are taxable. For clarity, with respect to residential housing transactions, ...
Continue ReadingSmile! You’re being secretly recorded. Oh, the joys of privacy law! With more twists and turns than an Agatha Christie novel, it truly is the gift that keeps on giving… if you’re a privacy lawyer. For normal people, maybe not so much. Perhaps it’s because of the warmer weather that’s ...
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