ARCHIVED BLOG POSTS
2019
Supreme Court of Canada Agrees to Hear “Good Faith” ArgumentThe Supreme Court of Canada established new law related to “good faith contractual performance” when it decided Bhasin v. Hrynew on 14 November 2014.Well, they are going to hear another case on “good faith” trying to push the envelope ju...
07/12/2019
Commercial Bond Yields CMB 5 Year - 1.93%* CANHOU 12/15/24 [+0.04] 10 Year - 2.02% CANHOU 09/15/29 [+0.04] * denotes interpolated rate GoC 5 Year - 1.57% CAN 1.50 09/01/24 [+0.04] 10 Year - 1.63% CAN 2.25 06/01/29 [+0.04] GOC Bonds are for reference purposes only Floating rate insured ...
07/12/2019
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Problem with a Late Deposit in OntarioQuestion:First: My listing, the property is conditional (different buyer agent) on SBP (sale of the buyer’s property) with 48 hour escape clause.Second offer (not mine) comes in a month later and is accepted conditional on first offer failing.First buyer is p...
07/11/2019
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Stacked Deals: Why Pay for Both?The Buyer runs into a little bit of difficulty and cannot close on the purchase. That’s fine, the market tumbled unexpectedly and they ran into difficulty.It’s reasonable to pay damages which relate to the failed purchase. The Seller obviously had some problems and...
07/11/2019
Can You Tell a Secret?Let’s assume that Bob, the Listing Agent is acting for Mary in respect to the sale of her house. Bob hosts an Open House and Fred and Wilma attend. They are interested and would like to put in an Offer.The house is listed at $999,000 and has just been on the market for a we...
07/11/2019
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Commission Reductions in OntarioQuestion: I just got a call from a buyer agent who is presenting an offer and would like to reduce commission substantially. We are aware we will be in multiple offer situation shortly and need to know if A) we have to disclose the agent’s reduction and B) by how ...
07/11/2019
Term Posted Rate Preferred Rate Open 1 Year 6.30% 6.30% Fixed 1 Year 3.59% 3.04% Fixed 2 Year 3.74% 2.89% Fixed 3 Year 3.89% 2.79% Fixed 4 Year 3.94% 2.94% Fixed 5 Year 5.34% 2.74% Fixed 7 Year 5.80% 2.99% Fixed 10 Year 6.10% 3.04% Variable 2.90% Prime 3.95% Benchmark 5.34%
07/09/2019
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Missing DishwasherQuestion:If a built-in dishwasher, which would be classified as a fixture, was removed, and it was in the agreement, but the sellers moved out of the Province, who is responsible and what will be done? Answer:Likely, nothing will be done.The Sellers are responsible, but they are...
07/08/2019
Do You Have to Disclose a Back Up Offer?Depends who you ask! If you ask RECO, the answer is “yes”. If you were to ask a Judge, the answer is “no”. But, not everyone is governed by RECO, it’s only real estate registrants. So, generally, for everyone in society the answer would be “...
07/08/2019
Time is of the Essence in Real Estate ContractsThe meaning of this statement should be quite clear. Apparently, it’s not.Many practitioners opt for the “kind of, sort of…” time. In other words, deadlines are just deadlines, if they are missed “so what”, and “ I am now ready to do what was specifi...
07/08/2019
Rainmaker
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Brian Madigan
LL.B., Broker
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