Bill 152 has just been passed, according to a notice from the
Toronto Real Estate Board, to ensure that the legal owners of property will not lose their ownership through fraud.
This means that you no longer need to worry, as much, about losing your home due to fraudulently registered mortgage, fraudulent home sales, or fake power of attorney documents.
All I can say is that it is about time. Since November 2005 we have had to live with the possibility that someone could falsify documents, and register a mortgage on our property, and we, the owner, would be legally responsible for paying the mortgage even if it is proven that we had nothing to do with the mortgage application.
Usually the people at greatest risk were those who had paid off their mortgage. So, these hard working people that had managed to pay off their mortgages could suddenly find themselves back under the grindstone to pay off a debt that only put money in someone else's pocket, even though it was the bank that made the mistake of accepting a fraudulent application.
The changes to the existing title laws also increased the existing fines for real estate fraud from $1000 to $50,000. Well, it is a start at least. I still think that if someone can commit a crime and pocket $200,000 or more they should be able to be charged an equal amount, plus damages and compensation, or jail time equivalent to how long an average person would have to work to pay off such a debt. That might make some think twice before committing the crime.
There has also been a
new fund created that will help to facilitate quick compensation and return of your title. Find out
how to file a claim with respect to real estate fraud. You can file the paper work yourself but a good lawyer is always advised.
Living in a new subdivision, like I do in the Macleod's Landing, comes with many trials and tribulations along with the great homes. Today was no different as I found a screw in my rear tire. No harm done as Rob at the Oak Ridges Auto Pro repaired
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New exclusive listing near the prestigious Bond Head golf club. 10.13 acres of rolling pastures and paddocks. This luxury Bungalow has custom Canac cabinets in the Kitchen, Master ensuite, and great room with granite counters and cork floors. Perfect for anyone who is likes both the piece and quiet of the country and high quality modern design. There are too many features to list here.
Get more information on this
10 acre hobby horse farm just 45 minutes to Toronto or call me for a viewing.
Completely renovated loaded with extras • 3 bath, 3 bdrm bungalow - $750,000 - Luxury hobby horse farm Rural New Tecumseth, New Tecumseth - Luxury in the Country! This spectacular, renovated, Bungalow seamlessly combines all of the modern luxuries
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Whether you celebrate Christmas, Hanukkah, Kwanza, the winter solstice or any other holiday, it does not have to interfere with the sale of your home. This is the time when we celebrate numerous religious and secular events and as a result of many of
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Another month has passed and November, 2006, continued to show strong sales volume, if a bit lower than last year.
Across the Toronto Real Estate Board's MLS® system there were 6,281 homes sold in November 2006. Which is lower than 2005's 6,646 home but very close to 2004's 6,301 homes sold, for the month of November. There is also a larger number of homes on the market. In the November Statistics, in the Toronto Real Estate Board's Market Watch publication, there were 22,981 active listings.
The average sale price across the region was $355,727 with a median sale price of $298,000.
For Richmond hill, or the 3 districts that encompass Richmond Hill (N03, N04 and N05) there was 268 homes sold in November 2006, down from the 311 homes in Nov 2005, and 1168 active listings. 150 of those homes sold were freehold detached homes, 45 were apartment condominiums and 41 were freehold townhouses.
For Richmond Hill, in November 2006, the statistical breakdown is as follows:
District ...Number of .....Average .........Median
................Homes Sold ....Sale Price......Sale Price
Total .............268........... $426,201....... N/A
N03 ...............122 ...........$405,630 .....$345,000
N04 .................84 ...........$399,432 ......$383,500
N05 .................62............$502,948 ......$460,750
Number of Richmond Hill home sold by type and district in November 2006
Type ..........................Total .....N03 .....N04 .....N05
Detached (FH) .............150 ......50 ........54 ........46
Semi-Detached (FH) .....12 ........4 ...........6 ..........2
Condo Apartment ..........45 .......39 .........6 ..........0
Link (FH) ........................8 ..........3 ........0 ..........5
Condo Townhouse .........12 ........11 ........1 ..........0
Townhouse (FH) ............41 .......15 ........17 .........9
(I really wish that I could find a nice easy way to put in tables)
It is interesting to note that the least expensive district, based on average detached home sales prices, was the N04 district with an average sale price of $452,989. Where as N03 was $589,002 and N05 was $562,530.
This may be related to N03 being closer to Toronto (a traditionally accepted factor in increased prices) and N05 having a lot of newer homes in new developments like "Macleod's Landing", Tribute's "Inspiration", "Bond Lake" and "Fountain Blue" as well as some of the developments from the past 7 years like "The Humberlands", "Kingshill", "Jefferson Forest" and several others. Some of these "older developments are still under construction or are having additional developments branching off of them.
The bottom line is that the real estate markets are still moving along at a strong pace. However, the house values in the Richmond Hill, and all of the Toronto and surrounding districts, are increasing at a much more moderate pace and there is much more competition for the attention of the available home buyers
Notes: The statistics above are based on the numbers published by the Toronto Real Estate Board in their
real estate "Market Watch" newsletter which you can download
HERE. These numbers are based on sale prices and do not represent actual values of any particular type of home. For a value on your current home I would be happy to provide you with a
free home evaluation.
I have also started another blog on my main website and I would love to hear what you think of it. Please take a look at my
Richmond Hill, Aurora and York Region Real Estate Blog. It is new and I am trying to decide if it is going to replace this blog or provide other information or insights. Any suggestions are welcome (SOE, consumer usability, etc...)
