Real Estate

Real estate: Are 'cash for home' offers a scam?


Amid Canada’s crushing housing supply shortage, some homeowners may have noticed a rise in flyers offering to pay cash upfront for property. One real estate broker explains that although these mysterious notes are legal, it’s usually a strategy from investors looking to make a quick profit.


“They’re trying to get a little bit of value,” John Pasalis, the president of Realosophy Realty in Toronto, told Your Morning’s Anne-Marie Mediwake on Thursday. “They’re investors… preying on people who don’t know the value of the home.”


Pasalis warns that these investors will “lock the seller into a contract,” however they’ll never end up buying the home – they get value by then finding a buyer who will pay market value.


“They’re making money off of the difference between what they pay for it… versus what someone’s willing to buy.”


WHAT IS WHOLESALING?


The practice is legal

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Real Estate

This Etobicoke home more than tripled its price after a full-on reno

House of the Week: This Etobicoke home more than tripled its price after a full-on reno

The 5,000-square-foot property comes with enormous bay windows, a high-tech walk-in closet and a zen garden in the backyard

Neighbourhood: Princess-Rosethorn
Price: $5,088,000
Last sold for: $1,480,000 in 2020
Size: 5,000 square feet
Bedrooms: 5
Bathrooms: 5
Realtor: Frank Le


The place

A five-bedroom, five-bathroom home in Princess-Rosethorn with tons of natural light and a pool out back. It’s within walking distance of half a dozen parks, top public schools, several bus routes and the coming Eglinton Crosstown. It’s also a short drive from the 401, the 427 and Pearson Airport. 

The history 

The current owners purchased this property in 2020, when it was a three-bedroom side-split. They then completely rebuilt the home, transforming it into a sleek, modernist suburban standout. The pandemic caused their project budget to balloon, so they’re putting the house

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Real Estate

These Are the 5 Things That Make Your Home Hard To Sell

If you’re planning to sell your home, you’re more than likely concerned about how long it will take. In August, homes were on the market for an average of 46 days before they sold, according to Realtor.com data. That’s a time period that’s five days longer than a year ago but an average of 13 fewer days than what was common before the COVID-19 pandemic.

I’m a Real Estate Agent: These Will Be the Best States To Buy Property in the Next 5 Years
Learn:
3 Things You Must Do When Your Savings Reach $50,000

While the possibility of having your home under contract within roughly a month-and-a-half may seem encouraging, it’s important to note that not all homes sell so quickly. Unfortunately, some may linger on the market due to easily avoidable mistakes made by sellers.

To help, here are five things that make your home hard to

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Real Estate

High interest rates slow Sarnia-area home sales in August

There were 116 real estate sales locally last month, the fewest in August for the last decade, according to the board’s monthly statistics.

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The Sarnia-area’s real estate market felt the impact of high interest rates in August, says the president of the Sarnia-Lambton Real Estate Board.

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There were 116 real estate sales locally last month, the fewest in August for the last decade, according to the board’s monthly statistics.

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A slowdown was typical during August before the pandemic, “but obviously for the last two or three years, nothing has been typical,” said board president Rob Longo.

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Real Estate

Canada real estate: Home price benchmark up in July


Home prices posted the second-highest increase ever recorded in a single month after the one observed in July 2006, according to the latest Teranet-National Bank composite index.


The index for July was up 2.4 per cent from June, after seasonal adjustments, and marked the fourth consecutive monthly rise.


After declining from a peak in April 2022 as the higher rate environment sidelined some buyers, recent rises in the home price composite index have erased some of this correction, the report said.


“The deep declines that we saw through 2022 are largely being unwound,” said Douglas Porter, the Bank of Montreal’s chief economist.


The Teranet-National Bank index tends to lag other housing market measures in part because it’s more detailed, he noted.


Other measures are starting to show some softening in the market over the summer, and Porter thinks that softening will begin to show

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