Are you looking to reside in a serene area within the city?
Are you in the search for a new home? Not sure where and what you are looking for? Here’s a neighbourhood you may want to take a look at!
Runnymede is a quiet, family oriented neighbourhood with affordable houses, a good selection of schools, and convenient access to shopping and transportation. Just west of the Junction, Runnymede is nestled between some of Toronto’s more affluent neighbourhoods including Baby Point, Bloor West Village and High Park. For an abundance of fine dining, sporting events and the arts, or a relaxing walk in nature, Runnymede is only minutes away from Bloor West Village and High Park.
There are a few nice homes currently for sale in this area like this beautiful home on 93 Priscilla Avenue.
Welcome to this lovely 2 storey semi-detached home situated in a coveted Toronto neighbourhood. The well manicured landscaping leads to the new front deck. Upon entering this 3 bedroom 3 bath home, one can appreciate the stunning interior adorned with modern décor, finished with the highest quality of craftsmanship and absolute taste.
As you make your way through the main level, you’ll take notice of the open layout in the home, exuding a very airy ambiance. The foyer leads you to the living room with its gorgeous oak staircase and railing. The extensive cabinetry and hardwood floors add elegance to all of the principal rooms.
With the plethora of windows, your family will enjoy ample natural sunlight while sipping your early morning cup of teas or coffee brews. Perfect for any household chef, this stylish kitchen comes equipped with stainless steel appliances including a fridge, gas stove, dishwasher and built-in microwave. The granite countertop and brick backsplash are wonderful kitchen features in this home. In addition, the multitude of cabinets, and large peninsula with breakfast bar, are sure to be the home chef’s dream.
As you walk up to the second level, you will find the bright Master Suite with vaulted ceiling, hardwood floors and closet. The other 2 bright and spacious bedrooms include big windows and ample closet space.
New plumbing, electrical, furnace, A/C, insulation, skylight, doors, windows, deck and front load washer and dryer are just some of the recent updates to this professionally renovated home. With all this elegance and functional layout in a desirable location, this home will be the pride of ownership for any family.
Read about the latest market watch below:
The average selling price in August 2014 was $546,303 – up 8.9 per cent in comparison to the average of $501,677 reported in August 2013. The year-to-date average price through August was …To read more, click here. (hyperlink: http://www.torontorealestateboard.com/market_news/market_watch/index.htm)
RE/MAX West Realty Inc., Brokerage
Independently owned and operated
Vellore Park is a thriving new community close to schools, golf courses, community centers, Kortright and Boyd Conservation areas, major transportation routes with close access to Hwys 400 & 407 and public transportation including York Region & VIVA Transit. Major shopping centers are nearby, as are the communities of Kleinburg and Maple.
Are you a young family or the young at heart? Take a look at this Vellore Park gem on 160 Twin Hills Crescent.
Exquisite residence on a premium lot.
Welcome to this lovely 2674 square feet home with beautiful brick and natural stone exterior finish. This executive 4 bedroom residence is situated in a coveted Vaughan neighbourhood. There is professional landscaping and interlock from the front leading through the side of house to the backyard. Upon entering, one can appreciate the stunning interior adorned with modern décor; finished with the highest quality of craftsmanship and absolute taste.
As you make your way through the main level, you’ll take notice of the open layout of the home, exuding a very airy ambiance and smooth ceilings. The foyer leads you to the living room with large windows. The gorgeous staircase accentuates each level that canada goose jackets for boys touches. The extensive custom cabinetry, hardwood floors and upgraded trims, doors and handles add elegance to all of the principal rooms. Enjoy cozy evenings next to the gas fireplace with Travertine in the spacious family room.
With the plethora of windows finished with California shutters, your family will enjoy ample natural sunlight while sipping your early morning cup of teas or coffee brews. Perfect for any household chef, this stylish kitchen comes equipped with stainless steel appliances including a fridge, stove, microwave and a built-in dishwasher. The Granite counter top and glass tile backsplash are wonderful kitchen features in this home. In addition, the multitude of Manchester maple cabinets with under mount lights is sure to be the home chef’s dream.
For more details, visit www.robalino.ca
For the latest market watch, read below:
Toronto Real Estate Board President Paul Etherington reported 7,600 sales through the TorontoMLS system in August 2014. This result was up by 2.8 per cent compared to 7,391 transactions reported in August 2013. Year-to-date sales through the end of August amounted to 65,454, which represented an increase of …To read more, click here. (hyperlink: http://www.torontorealestateboard.com/market_news/market_watch/index.htm)
RE/MAX West Realty Inc., Brokerage
Independently owned and operated
Today, Toronto home buyers have arguably never been at the mercy of standard Ontario real estate contract deposits more than they are in the thick of 2014’s insane bidding wars for detached and semi-detached homes.
With even Greater Toronto Area “fixer-uppers” this spring receiving sometimes hundreds of showings and dozens of offers, often selling at over 100 per cent of the listing price, sellers have the leverage to ask what they may of buyers. They know that if one balks, five more will step up as Toronto’s single-family home inventory struggles to meet shocking demand. That includes standard deposits as shows of good faith that buyers aren’t making offers that waste sellers’ time – and, in all possibility, money.
That’s not to say there aren’t stakes for buyers to understand, too. One September 2003 deal that fell through and was later profiled in a January 2013 Toronto Star piece illustrates the $10,000 cost of misunderstanding the expectations tied to a deposit.
The simple fact is, the varying deposits that come standard with submitting an offer – fluctuating from around 2 per cent in Brampton to as much as 5 per cent in Toronto, and as low as several hundred dollars elsewhere in Ontario – don’t provide buyers with an escape hatch if they back away from a deal. Quite the opposite, actually.
Shankar Iyer and Bala Ramachandran learned that the hard way through their lost $10,000 September 2003 deposit on a brand-new $289,000 Pleasant Developments Inc. home. Typically, the deposit is expected either with the offer – nowadays, a particularly solid choice, as canada goose jackets for boys can send an offer to the “priority” stack of serious, good-faith interests during a bidding war – or within 24 hours of an offer’s acceptance. Pleasant Developments Inc. accepted on Sept. 16. Iyer and Ramachandran changed their minds on Sept. 17 and requested that the deposit be returned.
Here’s the problem: if a buyer makes a deposit, backs away from the deal and the property later sells for less than what the reneging buyer initially offered, the seller can sue for the difference plus legal fees. When Pleasant Developments sold the house for $700 under their offer, they kept the deposit.
When Iyer and Ramachandran tried to take the matter to Small Claims Court, the judge found that the $700 difference was the builder’s to keep but that the remainder had to be returned. Ontario Supreme Court of Justice Judge Brown later ruled in the builder’s 2006 appeal that, “Even in the case where the seller re-sells at a purchase price that is high enough to compensate for any loss from the first sale, the seller may nevertheless retain the deposit,” awarding the entire $10,000 to Pleasant Developments Inc.
Reasonable people may differ as to whether or not this could be considered “fair.” After all, Iyer and Ramachandran backing out only cost the builder $700 and the deposit was actually only 3.6 per cent of the purchase price. Still, canada goose jackets for boys demonstrates the dangerous – to buyers – absence of grey in the law.
Buyers, take heed to what your realtors and attorneys advise when putting down a deposit. In this case, it was a matter of $700. Luckily for the buyers, it wasn’t an even more substantial difference in a different time. There would’ve been much less argument as to whether or not Pleasant Developments Inc. was entitled to the full amount.
It’s a contract. A contract is an obligation. Backing out is a breach. Break the agreement, and you take a gamble on a judge having mercy.
In this case, the buyers got lucky once. On appeal, their luck ran out. Read the language carefully and request more time to lay out the deposit if you need a moment to sleep on it.
To play Toronto’s real estate game, many homebuyers must lay out a deposit to be taken seriously at the table by the seller. It’s just a rule of Ontario real estate contracts.
It’s not the only option to secure an offer’s consideration, but as tokens of good faith go, it appears to be the preferable one, as it seems to engender the greatest deal-making goodwill from sellers. Sure, buyers can also put down the deposit with 24 hours of an offer’s acceptance, but it’s an advantage particularly amid the prime 2014 selling season’s ferocious bidding wars to just be upfront and accommodating.
That’s not to say the ball is always in Greater Toronto Area sellers’ courts. Buyers who would forego costly mistakes should understand all the rules of the deposit in order to know just what the payment guarantees them, how much to put down, the penalties for paying it past the understood deadline, and other considerations.
It could make the difference between “deal or no deal” in what has already been defined as this year’s seller’s market of more buyers in the hunt than sellers with detached or semi-detached homes to move.
As said above, timing is everything. At a time when GTA sellers have no shortage of demand for their homes, the buyer’s convenience isn’t always paramount. Pay the deposit after the deadline, and many sellers will have no reservations about calling off a deal. Nothing obligates a seller to be understanding about being even a few minutes late.
Communication is important. If you need more time, explicitly request so in the offer. Timing is everything in real estate, and holding up further negotiations waiting on a late deposit means potentially missing out on an equal or greater sale price, sellers can become understandably annoyed.
Keep something else in mind: refusing to pay a deposit isn’t an ejector seat from a deal. In fact, sellers can sue buyers in the event the property goes back up for sale and fetches less than the buyers were originally offering to pay before breaking the deal by reneging on the deposit.
Under typical circumstances, the real estate brokerage representing the seller holds the deposit – among GTA markets, depending on the specific area, typically around 2 per cent (Brampton) to 5 per cent (Toronto) of the sale price, if even that – in an insurance-protected trust.
It’s for the buyer’s protection, oddly enough. This way, in the event that the seller or brokerage goes bankrupt or otherwise flies by night with the money, it can be fully returned.
There are provisions for sellers to call off the deal and keep the deposit. A seller can keep it to recoup lost costs if a buyer doesn’t meet stipulated conditions in the purchase agreement, whether pertaining to an inspection, financing or other acts of bad faith.
Under such conditions, the case often goes before a judge and the process drags out while the deposit remains securely in trust. There are ways buyers can get around this, namely by offering a smaller “offer-accepted” deposit and a second payment upon satisfaction of conditions.
Yes, it can be costly, depending on the neighbourhood. Yes, it can feel like “just one more tacked-on fee” that makes the home-buying process more expensive. Still, this is a one-time payment that protects the seller’s interests while affording reasonable peace of mind to the buyer as well.