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The Competition Bureau vs. CREA

April 22nd, 2010

A battle between Canada’s Competition Bureau and the Canadian Real Estate Association (CREA) has erupted in the media recently, and it’s getting more heated by the day.

CREA is the body that represents real estate agents in Canada and the Competition Bureau is a law enforcement agency that aims to ensure all Canadian consumers have a choice and access to competitive markets.

The fight is over the Multiple Listing Service (MLS), the large database CREA members use to list homes for sale. The Competition Bureau was not happy with CREA, and filed a complaint against them because of their anti-competitive practices. Previously, agents could list properties that they were in charge of representing. A change earlier this year made by CREA allowed agents to list properties for sellers for a flat fee, but the Competition Bureau didn’t feel that this change was drastic enough. The CREA regulations were anti-competitive and forced consumers to pay for services they didn’t need, as important listing information was available only to CREA members and if home buyers and sellers wanted to get into the market using an agent, they had to pay high prices to do so.

The Competition Bureau says this limits consumer choice, and wants to see agents creating service packages so clients can choose and pay for only what they need. As of April 15th, the Competition Bureau has decided that CREA cannot be trusted to voluntarily open itself up to competition, and the case is heading to tribunal to be settled.

The MLS does not give sellers the assistance or tools to promote their homes, but it does force them into paying high fees on top of exorbitant real estate agent commissions. According to the Financial Post, based on the average home for sale prices for the beginning of 2010, a five per cent commission would mean almost $17,000 in realtor fees.

Tired of paying high commission fees? If so, Contact the Private Home For Sale Specialists today for friendly and pressure-free advice. Selling your home privately is easier than you think.

About For Sale Direct: A Toronto-based company, For Sale Direct is the best and most user-friendly website in the Canadian Private Homes For Sale market. Managed by former Real Estate Agents, For Sale Direct shows private home sellers how to sell their home on their own in the quickest, most efficient and cost-effective way.

consider selling your home privately. It’s easier than you think.

Thinking of going the private home sale route? If so, Contact the Private Home For Sale Specialists today for friendly and pressure-free advice. You’ll be amazed at how much you can save.

About For Sale Direct: A Toronto-based company, For Sale Direct is the best and most user-friendly website in the Canadian Private Homes For Sale market. Managed by former Real Estate Agents, For Sale Direct shows private home sellers how to sell their home in the quickest, most efficient and cost-effective way.

Tags: Homes for Sale in Mississauga Ontario
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Selling your home privately: organizing an open house

April 22nd, 2010

It’s up to the home seller whether or not to hold an open house. Some real estate agents maintain they’re a waste of time, while others know that these days it’s difficult to sell a home without one.

The reasons real estate agents may say it’s a waste of time aren’t usually of any consequence to the seller – for example, an agent might have too many listings to deal with and be far too busy to organize an open house. For most home buyers, it’s the very epitome of “try before you buy” and it provides private home sellers with plenty of exposure to the local market.

Get the word out

If your home’s for sale, advertise your open house online and/or in newspapers. Keep in mind that more serious home buyers will be browsing online, but if your budget is larger, newspapers can also be an excellent advertising avenue. Make open house signs yourself or have them professionally done. These can be either sandwich boards or flyers, and should be scattered around major nearby intersections. Don’t hesitate to make use of balloons.

Depersonalize, de-clutter and tips on welcoming potential home buyers

If at all possible: move your vehicles down the road; place your pets with a friend or family member and open the windows to freshen the indoor air. Avoid air fresheners because they may trigger allergies.

Let potential home buyers see what your home offers year-round. If your open house is during the winter, provide photos of your family enjoying your swimming pool during the summer months or that show what the garden will look like in full bloom.

Depersonalize and de-clutter. Attempt to make your home look less lived in, within reason, by removing items such as used towels, wastebaskets, toys and magazines. Hide any small valuables, prescription medications or fragile items that may be broken. A sign-in sheet at the front door can provide you with information to follow up on after the open house, and it may deter guests who just want to be nosy and snoop.

Thinking of going the private home sale route? If so, Contact the Private Home For Sale Specialists today for friendly and pressure-free advice. You’ll be amazed at how much you can save.

About For Sale Direct: A Toronto-based company, For Sale Direct is the best and most user-friendly website in the Canadian Private Homes For Sale market. Managed by former Real Estate Agents, For Sale Direct shows private home sellers how to sell their home in the quickest, most efficient and cost-effective way.

Tags: Homes for Sale in Toronto
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Toronto home sellers: renovate now and receive up to $11,000 in rebates!

April 16th, 2010

The deadline for the Home Renovation Tax Credit recently passed, and sadly it’s not coming back again this year. The HRTC provided homeowners with a tax credit of up to $1,350 for eligible home renovations, and while many Ontario homeowners took advantage of this tax credit, a few missed out.

The good news is that there are two new home renovation rebate programs, and if you’re lucky enough to live in the Greater Toronto Area – there are three programs just for you. The three programs are the Government of Canada ecoENERGY Retrofit Rebate program, the Ontario Home Energy Savings program and the Home Energy Assistance Toronto program. All of which combined will provide up to $11,000 in rebates and grants when you renovate your home to be more energy-efficient.

Oops, there’s the catch. But, it’s for the best: home buyers want greener homes and are beginning to consider the total cost of owning a home – not just the sale price. This means when privately selling your home, you’ll have a huge advantage over other home sellers and can inform potential buyers that your home is clean, green and will save them a ton of money on energy bills.

These upgrades and renovations will also boost the value of your home significantly. Many of the eligible upgrades aren’t even full-on renovations that will require tearing down walls. Simply enough, they include replacing your older furnaces or air conditioners with EnergyStar-rated ones, upgrading your window air conditioning units or properly sealing your windows to retain more heat.

Other examples include insulating the basement, attic or exterior walls of the home or installing a more efficient hot water heater. To be eligible, homeowners must undergo a Home Energy Audit. This consists of a government-rated professional coming into your home, going over the possible renovations and telling you where you can go from there. They’ll also tell you how much you can get back, and this process will let you receive the grants ahead of time that are needed to make the renovations.

You’ll also have to undergo a second audit once the changes are complete to receive the rebates, which must be applied for before March 31, 2011. A fourth program, the Home Energy Audit program, will see the Government of Ontario covering half the cost of this audit up to $150. For a list of eligible renovations under the Government of Canada and Government of Ontario programs, visit http://www.mei.gov.on.ca/en/pdf/conservation/homeenergy/ohesp_brochure_murb-en.pdf For more information on the City of Toronto program visit http://www.toronto.ca/livegreen/home_energy_heat.html

Thinking of going the private home sale route? If so, Contact the Private Home For Sale Specialists today for friendly and pressure-free advice. You’ll be amazed at how much you can save.

About For Sale Direct: A Toronto-based company, For Sale Direct is the best and most user-friendly website in the Canadian Private Homes For Sale market. Managed by former Real Estate Agents, For Sale Direct shows private home sellers how to sell their home in the quickest, most efficient and cost-effective way.

Tags: Homes for Sale in Toronto
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What’s that home renovation really worth?

April 16th, 2010

Before entering into a private home sale, you may consider updating or renovating your home. This can be a wise investment that significantly increases the value of your home while also attracting potential buyers who might not have considered giving your home a second glance.

If renovating prior to a private home sale, keep in mind that you’re not renovating for yourself, you’re renovating to sell. While kitchen and bathroom renovations usually offer the highest return on the initial investment, it might be wasted money if it’s unappealing to prospective buyers. Does your neighbourhood appeal more to families or couples? Retirees or young singles? This is important to know when renovating or decorating so the changes appeal to your target market.

Avoid fads like Pepto-Bismol-coloured bathrooms and animal prints and focus on trends like built in appliances, home theaters or kitchen islands – these will always be “in”.

Keeping the ratio of home value to renovation costs appropriate will also help maximize your return on the investment. For example, a $40,000 bathroom renovation might not suit a home that is priced at $150,000. The Appraisal Institute of Canada also states that the return on your investment depends on the value of other nearby homes for sale. If your home is valued at less than they are, your return will be higher.

According to the most current Appraisal Institute of Canada data, these are the expected returns for the 25 most common renovations made when selling a home:
Basement renovation 50% to 75%

Bathroom renovation 75% to 100%

Central A/C installation 25% to 75%

Adding a recreation room 50% to 75%

Adding a fireplace 50% to 75%

Upgrading flooring 50% to 75%

Upgrading a furnace or heating system 50% to 75%

Kitchen renovation 75% to 100%

Landscaping 25% to 50%

Exterior Paint 50% to 100%

Installing a swimming pool 0% to 25%

Replacing windows and doors 50% to 75%

Replacing roof shingles 25% to 75%

Building a deck 25% to 75%

Building a garage 50% to 75%

Building a fence 25% to 50%

Installing a skylight 0% to 25%

Installing interlocking paving 25% to 50%

Installing asphalt paving 25% to 50%

Installing exterior siding 50% to 75%

Installing concrete paving 25% to 75%

Installing a home theatre 25% to 50%

Installing an interlocking brick walkway 25% to 50%

Installing a whirlpool tub 0% to 50%

The Appraisal Institute of Canada has a calculator on its website for homeowners who want to get more specific with the numbers: http://component.aicanada.ca/e/resourcecenter_renova.cfm

Thinking of going the private home sale route? If so, Contact the Private Home For Specialists today for friendly and pressure-free advice. You’ll be amazed at how much you can save.

About For Sale Direct: A Toronto-based company, For Sale Direct is the best and most user-friendly website in the Canadian Private Home Sale market. Managed by former Real Estate Agents, For Sale Direct shows private home sellers how to sell their home in the quickest, most efficient and cost-effective way.

Tags: Homes for Sale in Ontario Canada
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Private Home Sale? Clear out the clutter

March 28th, 2010

For sale by owner transactions allow you to put the person in charge of selling your home who knows it best – you. This is extremely beneficial when dealing with a home for sale, but while you may be able to provide photos of what the gardens look like when they’re in full bloom or describe the best qualities of the neighbourhood from experience, a common mistake when selling a home is not depersonalizing the house before it’s listed as a home for sale.

A thorough cleaning is not always enough. Many home sellers believe that buyers who peruse through the house will be ignoring their personal knickknacks and furniture, but this can be difficult if the buyer is looking at several different homes for sale in a given month. It’s a much better idea to not make them work as hard and instead staging your home as if it were a model house.

Preparing for a private home sale can provide the perfect opportunity to clear out the clutter – and it makes for far less stuff that you have to move. Taking the time to go through your closets, spare rooms and basement and hold a garage sale or make a charitable donation can free up a lot of space you never knew you had.

A home for sale should look like an interior design magazine cover. Removing just one piece of furniture into storage for the periods your home for sale might be showing can open it up completely. This goes for appliances too – buyers will love all of the counter space they see when you move your coffee machine and toaster under the kitchen sink for just a few hours. Decide on a balance between “not lived in” and “doable” that best suits your family and lifestyle to show buyers the best side of your home, especially when it’s your home for sale.

Thinking of going the home for sale by owner route? If so, Contact the Home For Sale By Owner Specialists today for friendly and pressure-free advice. You’ll be amazed at how much you can save.

About For Sale Direct: A Toronto-based company, For Sale Direct is the best and most user-friendly website in the Canadian Home For Sale by Owner market. Managed by former Real Estate Agents, For Sale Direct shows private home sellers how to sell their home in the quickest, most efficient and cost-effective way.

Tags: Homes for sale in Canada
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What’s included with a ‘home for sale by owner’ transaction?

March 28th, 2010

Whether you put up your own home for sale or are involved in a for sale by owner transaction, you might forget that a home isn’t just a few walls and a roof. Sure, you likely plan on bringing your own furniture from your previous dwelling when you move in or will be taking your stuff with you when you leave the home after selling it, but there might be some “extras” that can require further discussion during private home sales.

In a for sale by owner transaction, what’s included with the home for sale is completely up to the seller and buyer to negotiate. All of this should be laid out clearly in a written agreement between the home seller and home buyer so there are no surprises once the transaction is complete.

To properly discern what stays and what goes, items can be labelled as either a fixture or a chattel. A fixture is something bolted down that is assumed (this “assumed” is what can lead to trouble) to be coming with the home for sale. These include the pretty rose bushes in the back yard, ceiling fans, built-in cabinets, bathtubs and light fixtures, just to name a few.

Assuming something is a fixture when it really isn’t might cause disappointment for the buyer. For example, if a buyer really liked those rose bushes and didn’t realize that they’d be nothing but gaping holes left in the ground come moving day, they might be a bit upset.

A chattel or “fitting” describes something the home seller is likely taking with them when they vacate the home. These include the curtains, paintings, the refrigerator and the washer and dryer. Taking inventory of each of these items and clarifying which items are fixtures and which are chattels will ensure that a for sale by owner transaction is an extremely positive experience for both parties, and will prevent any surprises down the road.

Thinking of going the home for sale by owner route? If so, Contact the Home For Sale By Owner Specialists today for friendly and pressure-free advice. You’ll be amazed at how much you can save.

Tags: Home For Sale in Canada
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Toronto police warn about shady home moving companies

March 20th, 2010

When you place your home for sale, you don’t want to be bombarded with hidden costs. Especially when selling your home privately.

One of the most forgotten costs of either putting a home up for sale or buying a new home is moving, so try to remember to plan for it in your home selling or home buying budget. Moving expenses aren’t often outrageous, but if you’re not careful some moving companies might hold your belongings hostage for more money. The Toronto Police Service warned all Greater Toronto Area residents in mid-March that there are quite a few moving company scams running rampant in the city. The movers aren’t necessarily crooks who don a uniform and rent a truck to haul off your belongings, either. They’re registered businesses.

Most often, the moving company will provide a quote for a great low price, and when they arrive, will try to increase the price and offer up a new contract for you to sign. If you don’t sign it, you’re then told your possessions will either be locked away in storage or abandoned somewhere. It’s not difficult for a company to type up some fake testimonials for their website, so ensure the company has references that can be verified.

Don’t wait until moving day to finalize the deal, either. Read all the paperwork thoroughly and clarify anything you might not understand. For more information, the Better Business Bureau can be contacted and asked if the company has any complaints on file. Don’t forget that even if a company has an “F” Better Business Bureau rating, it can still continue to be fully operational in most cases.

Make sure all facets of your private home sale go as smoothly as possble. Whether you’re selling your own home or are about to make an offer on someone else’s, make sure you’re as diligent as can be in determining which moving company you do business with.

Thinking of going the home for sale by owner route? If so, Contact the Homes For Sale By Owner Specialists today for friendly and pressure-free advice. You’ll be amazed at how much you can save.

About For Sale Direct: A Toronto-based company, For Sale Direct is the best and most user-friendly website in the Canadian Private Home For Sale market. Managed by former Real Estate Agents, For Sale Direct shows private home sellers how to sell their home in the quickest, most efficient and cost-effective way.

Tags: Home for Sale Toronto Ontario Canada
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Private Home Sales: to appraise or not to appraise?

March 20th, 2010

Just like a home inspection is money well spent by home buyers, a professional home appraisal is a very wise investment when trying to establish a great listing price for a private home sale.

Not every homeowner is aware of what their home is actually worth, but it’s not expected that they should. Some homeowners might place more or less value on their home after living in it for a certain amount of time, or assume that their appliances or renovations add much more or less value than they really do. For example, an in-ground swimming pool adds a surprisingly little amount of value to a home for sale. Typically, that value is an estimated 0 to 25% of the original investment according to the Appraisal Institute of Canada. That means if you spend around $10,000 on a pool, the maximum value it adds to your home is only around $2,500, if you’re lucky.

On the other side of the scale, a home for sale that has undergone a complete kitchen or bathroom remodel can bring back 100 per cent of the original investment as added value to your home. Real estate agents will try to compare your home to others in the area and base it on the prices of similar homes for sale, but this isn’t an overly reliable method when you consider that each and every home differs in their floor plan, exact size and interior components.

When placing your home for sale, hitting the nail on the head with regards to price can be important. Without a professional, third-party appraisal, you could run into problems. For example, mortgage lenders have their own appraisers, and may only be able to lend a potential buyer the amount the lender’s appraisers decide on. If you priced your home yourself and the amount is considerably higher, the buyer may have to ask for a lower price. Like a home inspection, a home appraisal only costs a few hundred dollars and it’s money well spent. A professional home appraisal can provide your buyer with a feeling of confidence during your private home sale, and the actual value of your home might end up surprising you.

Tags: Homes for Sale Canada
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Lead paint and renovating your home

February 28th, 2010

If renovating before you sell an older home is on your to-do list, safety precautions should be taken because your home may contain lead paint.

While the use of lead paint has been phased out, it can still be found today in many homes and other structures. If your home was built or painted before 1980, it might have lead paint. If it was built before 1950, it most definitely has lead paint.

Lead is a neurotoxin that is especially harmful to the developing brains and nervous systems of children, but it can also have dangerous consequences for adults. Disturbing the paint – through sanding, scrapping, peeling and chipping produces lead dust, which can then be inhaled, ingested and carried from place to place on clothing or other materials.

Walls in houses that do have lead paint should be maintained as flaking paint can cause problems, and caution should be taken with painted areas that move around frequently, such as door and window frames, which also produce a high amount of lead dust. If your home does indeed contain lead, a professional lead paint removal service can be called in. You can repair smaller areas yourself, taking extreme caution by using safety equipment as well as removing the rest of your family from the home if possible for the duration of the repair.

Any soft surfaces nearby, such as carpet, should be covered with plastic sheeting. Take your shoes off and leave them in the work area so dust is not tracked further throughout your home, and use a paper mask or a respirator if possible. Keep the area moist to lessen the amount of mobile dust that can get into the air, and use a high-quality primer. Paint chip testing can be conducted before any renovations begin, and this process is relatively inexpensive, as lead testing kits can be found at many large hardware stores.

Thinking of selling your home privately? If so, Contact the For Sale By Owner Specialists today for friendly and pressure-free advice. You’ll be amazed at how much you can save.

About For Sale Direct: A Toronto-based company, For Sale Direct is the best and most user-friendly website in the For Sale By Owner (FSBO) and Private Home Sale market. Managed by former Real Estate Agents, For Sale Direct shows private home sellers how to sell their home in the quickest, most efficient and cost-effective way.

Tags: For Sale By Owner Toronto Ontario
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Disclosure laws and selling your home privately

February 28th, 2010

Many people who sell their home, or who want to sell their home privately, often wonder about the legalities of what they have to warn the home buyer about. Real Estate Disclosure laws in Canada generally follow the philosophy of “buyer beware,” making it incumbent upon the home buyer to know what they’re getting into.

For both private home sellers and buyers, there are three general types of defects to be aware of:

Patent defects: patent defects are blatantly visible to the observer, who should be able to see them during a simple walk about the home. A patent defect could be something broken or water damage.

Latent defects: Latent defects are problems that are not obvious to the naked eye. These can include the presence of asbestos, roof damage, whether the house was formerly a grow-op, or that the basement has a tendency to flood.

Psychological defects: psychological defects include traumatic or disturbing events that took place within the structure, such as a murder or suspected haunting. Despite the fact that these are non-structural, they are usually easy to find with a little research. Every town has that suspect home where something took place, be it a death or some other impactful event that has become ingrained in the lore of the neighbourhood, true or not.

Psychological defects are not necessary to disclose. Patent defects, unless they have been covered up, also do not have to be disclosed. Latent defects should be disclosed to prevent future lawsuits or problems down the road, although the seller may be safe from litigation if they honestly didn’t know about the defect before the sale.

In the United States, a case was actually won by the buyer when they unknowingly purchased a haunted house. Disclosure laws in the United States have developed in response to legal actions brought on by the failure of home sellers to disclose certain events, and while Canada’s disclosure laws are not as advanced, it might be in your best interest to provide full disclosure to protect yourself.

Thinking of selling your home privately? If so, Contact the For Sale By Owner Specialists today for friendly and pressure-free advice. You’ll be amazed at how much you can save.

About For Sale Direct: A Toronto-based company, For Sale Direct is the best and most user-friendly website in the Canadian Private Home Sale market. Managed by former Real Estate Agents, For Sale Direct shows private home sellers how to sell their home in the quickest, most efficient and cost-effective way.

Tags: Private Home Sale Services
Posted in FSBO Legal Advice | No Comments »

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The Competition Bureau vs. CREA

Selling your home privately: organizing an open house

Toronto home sellers: renovate now and receive up to $11,000 in rebates!

What’s that home renovation really worth?

Private Home Sale? Clear out the clutter

What’s included with a ‘home for sale by owner’ transaction?

Toronto police warn about shady home moving companies

Private Home Sales: to appraise or not to appraise?

Lead paint and renovating your home

Disclosure laws and selling your home privately

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