Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 5,921 residential transactions through TREB’s MLS® System in July 2017. This result was down by 40.4 per cent on a year-over-year basis, led by the detached market segment – both in the City of Toronto and surrounding regions.

What you need to know before using an escalation clause - UPDATE - RECO Website

Darryl Sittler @ Baycrest International

Housing Market Charts - May 2017

What you need to know before using an escalation clause

What you need to know before using an escalation clause - RECO Website

Escalation clauses, also known as ‘escalator clauses’, are designed to edge out competing offers by automatically raising the offer price by a pre-set amount when a higher bid comes into play.

Want to be more productive? Quit multitasking

Want to be more productive? Quit multitasking. | | Dropbox Blog

Kitec Plumbing Can Cause Problems

Kitec plumbing is a type of pipe that is
vulnerable to premature failure, and
REALTORS® should be aware of this
product, which may damage a home and result in
costly repairs.

Life is 'more rewarding' in the US!

It's time again for the annual "Stella Awards"!
For those unfamiliar with these awards, they are named after 81-year-old Stella Liebeck who spilled hot coffee on herself and successfully sued the McDonald's.
That's right; these are awards for the most outlandish lawsuits and verdicts in the U.S. You know, the kinds of cases that make you scratch your head. So keep your head scratcher handy.
Here are the Stellas for 2016:

Ontario's Fair Housing Plan April 20, 2017 9:00 A.M.

Ontario's Fair Housing Plan introduces a comprehensive package of measures to help more people find affordable homes, increase supply, protect buyers and renters and bring stability to the real estate market. The plan includes:
Actions to Address Demand for Housing:

REALTORS® on the move safety needs

Being a successful real estate professional means being constantly on the move - meeting with clients, looking at properties & running errands. For many REALTORS®, their car is their second home, & nowadays even a second office. Safety needs to be a priority for anyone on the move this much.

TREB Commercial Division

TREB Commercial Division
Industry Resources

HOW TO FINANCE A HOME RENOVATION; FOR PERSONAL RESIDENCES OR FOR RESALE OR RENTAL

Renovations can mean a new kitchen, bathroom, upgrading furnace or electrical, to fully gutting the property and installing new drywall, pot lights, tiling, trim, painting, windows, doors, stairs, hardwood flooring, ceramic sinks, stainless steel appliances, roof, landscaping, finish basement, add an addition to the house, and much more.

Dear Friends, More of the same, with no end in sight!

March 2017

Dear Friend,

More of the same, with no end in sight!

That pretty much sums up the Toronto real estate market. Record level sales, record level prices as 8,014 residential homes sold in February through the Toronto Real Estate Board MLS system.

Devious tenants must be stopped from gaming system

Anyone interested in becoming a landlord in Ontario could learn some lessons from a recent court case which demonstrates how an unscrupulous tenant was able to live rent-free for 18 months.

Agent Disciplined ~ No Home Inspection Condition

Agent Disciplined ~ No Home Inspection Condition: The Liability of an Agent for Failure to Recommend a Home Inspection Condition in the Offer Recently, the Court of Queen’s Bench in Ne ...

IMPORTANT Changes to Toronto LTT APPROVED - Effective March 1, 2017

February 16, 2017 -- City of Toronto Council has approved changes to the Toronto Land Transfer Tax that mean additional Toronto Land Transfer Tax costs for some home buyers with a closing date on or after March 1, 2017, when it will be harmonized with the provincial LTT.

The following changes to the Toronto Land Transfer Tax were considered and approved by Toronto City Council on February 15, 2017. The changes are effective AS OF MARCH 1, 2017, for real estate transactions closing on or after this date:

February 2017 Newsletter

February 2017

Dear Friend,

With the sale of 5,188 homes, January 2017 became the most active January in the history of the Toronto real estate board, just outselling January 2007’s 5,175 sales and January 2008’s 5,075 sales.

It’s no surprise that the annual rates of sales growth were higher for condominium apartments than for low-rise home types. As prices continue to increase and first time buyers (estimated to account for half of the sales) can no longer afford low rise type homes, it’s natural that they turn to condominiums as well as those communities outside of Toronto where prices are more reasonable. We have already seen and will continue to see price increases in those “bedroom communities” an hour outside of Toronto

The big challenge continues to be low inventory. The demand is so strong that homes are snapped up as they hit the market. Unfortunately, there does not appear to be an end in sight to this trend.

A strong economy, large immigration, international investors and job seekers from other provinces all put pressure on the real estate market, and that means prices will continue to increase.

It truly is a difficult market for buyers as they scramble to buy something affordable as prices continue to escalate. More than ever before, it’s critical to have a full time, experienced professional looking after your real estate needs. With every house experiencing multiple offers and bidding wars, it’s simply not enough to just throw in an offer. There is a lot more that goes into looking after the best needs of your client, proper research and consultation to know what price to offer in a constant changing market. That is where my expertise comes in.

Give me a call if you are considering purchasing or know of a friend who is, and I will put my experience and expertise to work for you.

Have a great February,

Your Friend in Real Estate.

Steven Maislin, Broker, IRES, ABR, SRS, SRESText/Cell: 416-518-7701
Office: 416-782-8882
Direct: 416-410-6000
1-800-567-LIST (5478)
Steven@Maislin.com

RE/MAX Realtron Realty Inc., Brokerage

Toronto, Ontario, Canada

Member of the Toronto Real Estate Board's (TREB) Commercial Network

The Toronto Real Estate Board is warning against a Vancouver-style tax on offshore home purchasers.

Don't blame overseas investors for the high price of housing in the Toronto area, says the Toronto Real Estate Board (TREB).

The board is releasing new research Tuesday showing fewer than 5 per cent of the 113,133 residential real estate transactions in the Toronto region last year involved foreign buyers.

More than half of those foreign buyers were purchasing homes for themselves or to house family members, according to a November Ipsos survey of TREB agents, who acted on behalf of those buyers.

About 25 per cent of the homes purchased by non-Canadians were bought as rental investments.

Related: Housing conditions problematic in several Canadian cities including Toronto, CMHC says

Vancouver Real Estate Board releases 2016 home sales figures

Toronto house prices climb more than 22 per cent

The data suggests that a foreign buyer tax such as the 15 per cent implemented in Vancouver last summer would be misguided, says TREB.

A similar tax here could have "unintended consequences" — potentially pushing up prices in communities outside the Toronto area where there is no such tax. It could also further reduce the tight supply of rentals and discourage immigration to the area, said the board.

The survey also found that fewer than 2 per cent of TREB realtors had acted in a sale in the Toronto area that was pushed east by the Vancouver tax.

The cost of a home in the Toronto region is expected to rise substantially — between 10 and 16 per cent — again this year.

That would mean the average price of a home in December of $730,472 would grow to $825,000 on average this year.

That cost was up 20 per cent in December over the same month in 2015.

"Detached and semi-detached houses and townhouses will experience the strongest annual rates of price growth, but the condominium apartment market segment will remain tight as well," said a TREB press release.

An Ipsos survey of home buyers found the average purchaser expects to put down 27.6 per cent on a home this year, with first-time buyers expected to put about 24 per cent down on their purchase.

While fewer consumers are expected to buy a home this year than was indicated in the previous survey, the number of first-timers expecting to enter the market increased slightly to 53 per cent from 49 per cent.

Buyers indicated they are using various sources for down payments including savings, RRSPs, gifts from family and equity from their existing homes.

TREB said it expects a third consecutive year of more than 100,000 sales forecast but with slightly fewer this year.

The lack of supply will be the biggest impediment to those wanting to get into the market, said TREB officials.

"Active listings at the end of December were at their lowest point since before 2000. It is unlikely that the shortage of listings will improve to any great degree over the next year," said Jason Mercer, the board's director of market analysis.

TREB is also expected to release research on Tuesday showing that home values will rise as much as 12 per cent depending on their proximity to GO Transit's Regional Express Rail improvements that are expected to provide 15-minute, two-way service in many areas. © Copyright Toronto Star Newspapers Ltd. 1996 - 2017

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Steven Maislin, Broker, IRES, ABR, SRS, SRES

Experience Education Certification

First-time home buyers are now eligible to get $4,000 off the Canadian dream

First-time home buyers are now eligible to get $4,000 off the Canadian dream and we need your help to help spread the word.

New Ontario LTT Rebate

Effective January 1st, 2017, Ontario has doubled the land transfer tax rebate for first-time home buyers from $2,000 to $4,000. That means that a first-time home buyer will pay noprovincial tax on homes sold for $368,000 or less.

Ontario REALTORS® lobbied hard for the improved rebate and we're very proud to promote it to first-time buyers.

www.FirstHomeRebate.ca

To help promote this new rebate we've created a website www.FirstHomeRebate.ca with an informative video and calculator that can help your clients figure out how much tax relief they can claim on their first home.

We’ve also equipped the site with tools and information you can share with prospective buyers to encourage them to get into the market.

REALTORS® and the Canadian Dream

As REALTORS®, we know home ownership is part of the Canadian Dream. It's a source of financial security, drives economic activity and binds communities together. The benefits of home ownership are why OREA fights so hard to protect it and make it more affordable for young families.

So take a minute and visit www.FirstHomeRebate.ca, share it with your clients and be proud that Ontario REALTORS® are fighting to make home ownership more affordable.

Yours sincerely,
Steven

2017 RE/MAX HOUSING MARKET OUTLOOK REPORT

With a light dusting of snow, the hustle and bustle of holiday shoppers around us, and the scent of fresh baked cookies in the air, it is clear that the holiday season is upon us. Not only is this the season for celebrating, it is a season for giving and reflection. It is the perfect time to look lack on the year behind you, and make predictions about the year ahead and luckily, the 2017 Housing Market Outlook Report is here to help!

About the 2017 Housing Market Outlook Report

The average residential sale price increased 13 per cent in Greater Vancouver to approximately $1,020,300 and rose 17 per cent in the Greater Toronto Area (GTA) to an estimated $725,857. Although demand remains high in both urban centres, limited inventory in the freehold market, the new 15 per cent foreign-buyer tax in Vancouver and the recent tightening of mortgage rules by the federal government are expected to soften market activity in the short term. In 2017, RE/MAX estimates average residential sale price will increase by two and eight per cent in Greater Vancouver and the GTA respectively.

Regional markets in close proximity to Canada’s highest-price cities continued to experience steady interest from local move-up buyers and buyers from these cities (“move- over” buyers) who are looking to find a balance between affordability and square footage. This year there were considerable year-over-year average price increases in Barrie (16 per cent), Hamilton-Burlington (20 per cent), the Fraser Valley (20 per cent) and Kelowna (14 per cent).

5 Tips for First Time Home-buyers

First Time Home-buyers

Do you think you want to make the transition from renter to homeowner? It seems like a big leap, with lots of costs and tons of added responsibilities for upkeep that you may not have as a renter. But buying a home is a worthy investment, and there are many pluses to having a place to call your own. Here are some tips that can make your first time buying a home just that much easier.

Figure out how much you have for a down payment.

It may take a bit of effort to get a proper down payment together. Most people will tell you to out 25% down. That can be a lot of money, which could take you several months to a year or more to save. If you don’t have anything set aside for home buying, you might consider waiting and saving up a good down payment before you really kick your house hunting into gear. If you’re looking to buy a fixer upper (which can save you a lot of money if you’re willing to put in some work, or willing to wait until you have the money to put in the work), you can put 10% down.

Organize your documents together prior to making an offer.

Buying a home and applying for a mortgage can involve a whole lot of paperwork. You typically have to present several months’ worth of pay stubs, several months’ worth of bank statements (for all financial institutions you use, whether checking, savings, or investment accounts), and your tax returns.

Figure out exactly what you can afford to spend.

Look at how much you have for a down payment, and make sure to get a guesstimate price for inspections (don’t not get those) and your closing costs. Always save a bit more than they tell you, as there could always be some costs you don’t think of initially. Figure in some initial expenses, like purchasing a lawn mower, fixing the leaky sink, changing the locks, potential Homeowner’s Association or condominium fees, and the deposit costs for all of the utilities. Typically, if your real estate agent has worked in the area, they will know or can find out these numbers. Also, once you figure out utilities and mortgage costs per month, figure out how much else you spend and compare that to what you make. Are you going to be just barely scraping by, or will you have some play money that can be saved or spent each month? The second option is the better option; you don’t want to be house poor.

Make a wish list, but don’t be super strict about it.

You are bound to already know some of the things you want in a home you purchase. You might be so ready to move because you just can’t stand only having a one-bedroom. So make a list: how many bedrooms or bathrooms? What type of home (house, apartment, condo, town-home, etc.)? Do you want a yard or land? Do you want a fixer upper or a ready-to-move-in? Do you want a large kitchen, office space, a pool? Not only should you consider everything you want out of a house, but also consider your future plans. Do you want kids? Are you going to take care of loved ones? Once you make that list, break it into two things: Must Have’s and Really Really Want’s. You are unlikely to ever walk into the perfect house, or if you do it will be way out of your price range.

Set up a good property search

All property searches are not created equal. REALTOR.ca has all of the homes for sale on the MLS market. Many people are under the impression that the large portals are the places that have all of the real estate listings, truth is, the opposite is true. The local real estate brokers can have direct access to the MLS (Multiple Listing Service) which contains all of the real estate listings by all of the real estate brokers. This is NOT the case for the large real estate portals. They rely on REALTORS to upload and update their listings in a manual fashion. That is why when searching for homes for sale on those sites, many of the listings you find have already been sold or are no longer available.

Provincial Land Transfer Tax Changes

Government Announces Provincial LTT Changes

November 14, 2016 -- The provincial government has announced significant changes to the provincial Land Transfer Tax (PLTT), including a doubling of the rebate available to first-time home buyers, bringing it in line with the City of Toronto's rebate, and an increase in the PLTT paid on the portion of the price of properties over $2,000,000 to help pay for the increase in the first time buyer rebate.

Dear Friend, November 2016 Market Update

Dear Friend,

The Toronto real estate market continued its torrid pace with the sale of 9,768 homes. The largest annual rate of sales growth was in the condominium apartment market segment, primarily due to the affordability factors, as other home types prices continue to move out of the reach of some first time buyers.

The big news in October was the CBC’s Marketplace hidden camera expose of real estate agents. They found some agents would break the rules by offering unfair advantages to potential clients in an effort to secure both ends of a deal (double enders) meaning the same agent represents both the buyer and the seller.

This type of action is despicable. Not only is it unethical, but is unfair to other buyers who are blocked from buying the property and costs the seller many thousands of dollars. Houses that are sold overnight by the listing agent (double ended) are all suspect of this behaviour. If an agents says they double end more than 15% of their own listings, beware!

Ethics, honesty and integrity are critical in all aspects of life. If you are looking for someone to protect your interests and treat you like family, here I am!

While the average prices continue to rise, it’s still a good time to buy as rents have increased as well and that helps as an additional income source as well as makes for a great investment. Give me a call, I am never too busy to chat or for your referrals.

I hope you're having a great November

Your Friend in Real Estate Steven

Condo Report Toronto 3rd quarter 2016

Condo Sales and Average Price Up in Q3 2016
TORONTO, October 24, 2016 – condominium apartment sales reported through
TREB’s MLS® System in the third quarter of 2016 were up by 22.1 per cent
on a year-over-year basis to 8,014. Over the same period, new listings for
condominium apartments were down by 13.3 per cent. read more...

http://communications3.torontomls.net/statistics/condoreport/2016/condo_report_Q3-2016.pdf

Dear Friend, October 2016

September marked another huge month of sales as Toronto area realtors sold a record 9,902 homes. For the region as a whole, strong annual rates of sales growth were experienced for all major home types. The pace of detached sales growth was slower in the City of Toronto and the number of semi-detached sales was down compared to last year.

September Dear Friend Letter

Dear Friend,

Well it’s been an amazingly hot summer for the weather as well as the Toronto real estate market. Not only did we set temperature records in the number of days above 30 degrees but the Toronto Real Estate Board continued to set records with the number of sales taking place as well as the average home price which continues to increase, and now sits at $ 717,530, 15% over December’s $622,120 average price .

August’s record setting 9,813 sales through TREB’s MLS System was created by high demand, a strong economy, growth in average earnings and low borrowing costs. With this high activity, the listing stock, the number of listings available for sale, continues to be lower than it was last year, creating the demand which has resulted in increased prices.

This month, the Bank of Canada signalled a continued stable and extraordinarily low interest-rate path in the months ahead, so there is little to brake the Toronto market’s near-term momentum.

The Vancouver market also bears monitoring because it may have impact on our market. In Vancouver, their 3,362 sales in August were down sales 26 % compared to August of 2015. Real estate like everything else is a question of confidence, and the new foreign buyer tax appears to have impacted the Vancouver market by reducing foreign buyer activity and causing some uncertainty amongst local home buyers and sellers.

While I don’t want to be fear mongering, without a doubt some of the foreign investors will end up purchasing in Toronto versus Vancouver, thus adding more buyers into our already stressed marketplace.

So the first thing is not to panic. If you’re in the market to upgrade your home or buy an investment property, it’s still an excellent time and the right salesperson, (me!!), will be able to help you achieve your goals. The key is doing it now rather than later. No one can guarantee the state of the market but if you’re buying an investment property that carries, or buying a home that you’re going to live in and enjoy for many years, then the market is irrelevant as it will always go up. Our prices in Toronto are still much lower than other equivalent centers around the world!

Give me a call let’s chat and I’ll be happy to put my expertise to work for you. And if you have a friend or relative who needs my professional help please give me a call or give me their number and I promise to look after them extremely well.

Your friend in real estate.

Steven Maislin

Broker
Re/Max Realtron Realty Inc.*
"Home of the Top Producers"
Independently Owned and Operated*

August update

While the Toronto real estate market had another record month with sales of 9,989 homes, (best July in history) and the average sale price rose to $718,422, the big news for the Toronto market actually came from Vancouver. The BC Liberals passed a new 15% tax on foreign buyers as part of the government’s plan to slow foreign speculation that many blame for making the region’s homes the most unaffordable in Canada. The new legislation also gives the City of Vancouver the power to implement a vacancy tax.

Between June 10 and June 29 2016, 14% of the transactions closed in Richmond, 11% in Burnaby and 5% in Metro Vancouver were not Canadian citizens or permanent residents. In total over four weeks in June and July foreign citizens who were not permanent residents bought more than 1 billion dollars’ worth of real estate in British Columbia.

This new tax means an extra $225,000 in taxes for people from abroad buying an average home in Vancouver for $1,500,000.

While Ontario is not currently considering such a tax, it’s quite obvious that many foreign buyers will now choose Toronto instead of Vancouver. This will lead to further increases in Toronto prices.

While there is no need to panic, prices will not jump overnight, there is no question that the sooner one can purchase the better the price terms and conditions will be.

While no one can predict the market and something may trigger a slowdown in purchasing whether it’s a war or some other event we cannot even imagine (no one expected BC to pass this new tax), right now there’s nothing on the horizon and its full steam ahead!

If you are considering a purchase or know of someone who is, give me a call, I will be happy to put my experience and expertise to work for you.

Your Friend in Real Estate
Steven

Termination of the Listing Prior to Expiration

Termination of the Listing Prior to Expiration

What if you have a real estate agent you don’t like? How do you get rid of them?

You don’t want to be a complainer, you don’t want to report them, and you don’t want your property “black-listed”. So, what do you do?

If you are like most people, you’ll do nothing and just wait for the listing to expire. But, that’s just “silly”. What should you really do?

Let’s have a look at the obligations of the real estate agent. According to the Real Estate and Business Brokers Act, the agent:

Loyalty and Obedience
Best interests
Confidentiality
Accounting
Conscientious and Competent service
Market Knowledge
Disclosure

These are the basic duties. The question in any set of circumstances is whether the agent is “doing the job”. And, like everyone else, the agent can be terminated for poor or inadequate performance.

Listing agreement

Ok, you signed the standard form listing agreement. Now, that’s just great, but what services did you buy? If you are only paying a 1% commission with a discount broker, then maybe you are just getting what you "bargained for”.

Let’s be clear about commissions. The top producers and best agents are not the deep discounters. Brand new agents without experience often charge very little. You generally won’t find this elsewhere in the market. However, there are no fixed rates. In fact, both the Competition Bureau and the Real Estate Council of Ontario (the regulator) want to bring to your attention that there is plenty of competition in the marketplace. That’s true from a technical perspective, but are all services the same? You need to know that the best agents don’t come “cheap" They won’t work for free, unless perhaps you’re family.

They need to make a living wage and there’s a lot of work involved in properly marketing a listing. You have to remember that the agent is using their own money for advertising your property, and if there’s no deal, then that’s simply money down the drain. Also, if there’s very little by way of commission, then there’s really no budget for advertising.

Let’s assume that you have an agent who is simply doing a poor job of marketing your property. Let me first ask you several questions:

1) Is the listing price fair?

This is a basic and crucial question. If the price is too high, you’re not going to get any action, and you’re going to be dissatisfied.

2) Has the agent had the property long enough?

Let’s give the agent at least two weeks to get started. Sometimes properties derive a lot of attention when the first come on the market. This might be your second agent, so you’re under pressure, but provide the agent with at least a two week period to get started with their marketing campaign.

3) Does the agent have enough time left on the listing?

Let’s say your listing has one week to go, and you haven’t given your agent an indication that you’ll renew. Here, the agent may be somewhat reluctant to spend money for advertising only to find that next week, you’ve turned your property over to a new agent.

Broken Promises

This is really the only reason for terminating a contract early. There has to be a breach of contract. Otherwise, the listing agreement will simply continue like any other contract.

So, let’s have a look at the broken promises. First, go back to the listing presentation. Here, it would be helpful, if you had some notes. What did the agent promise you about the following:

• Listing on MLS

• Lawn sign

• Advertising on brokerage website

• Posting on companion websites

• Distribution of “just listed’ flyers

• Agent’s Open House

• Neighbours’ Open House

• Public Open House

• Advertising in local, low circulation newspapers

• Advertising in regional mass circulation newspapers

• Distribution of targeted neighbourhood flyers

• Brochures for Prospective Purchasers

While I’m not suggesting that any of those possible advertising venues necessarily make sense for your property, the question is “what did the agent say to you”? If it was important at the time of the listing presentation to get you to sign on, why is it not important now?

So, you get the sales pitch, the agent promises you the world and then fails to deliver, can you do anything about this? Well, of course you can! There are three initial steps:

1) contact the agent directly and get a response (you might be quite satisfied),

2) contact the brokerage and inquire about switching agents,

3) contact your lawyer and proceed with early termination.

Real estate agreements fall under various pieces of legislation including the Statute of Frauds. This simply means that real estate agreements must be completely in writing. Verbal representations don’t count. But, that’s just the real estate transaction. It doesn’t apply to the listing agreement.

Legal Reasons for Early Termination

There are two basic justifications:

1) unfair practices, and

2) unconscionable representations.

Unfair Practices

Have a look at the Consumer Protection Act. The following matters apply to representations by the real estate agent to induce you to sign the listing. Here is the list of applicable unfair practices (often referred to as false, misleading or deceptive representations) under the Act:

1. A representation that the services have sponsorship, approval, performance characteristics, benefits or qualities they do not have.

2. A representation that the person who is to supply services has sponsorship, approval, status, affiliation or connection the person does not have.

3. A representation that the services are of a particular standard, quality, grade, if they are not.

4. A representation that the services are available for a reason that does not exist.

5. A representation that the services have been supplied in accordance with a previous representation, if they have not.

6. A representation that the services or any part of them are available or can be delivered or performed when the person making the representation knows or ought to know they are not available or cannot be delivered or performed.

7. A representation that the services or any part of them will be available or can be delivered or performed by a specified time when the person making the representation knows or ought to know they will not be available or cannot be delivered or performed by the specified time.

8. A representation that a service, is needed or advisable, if it is not.

9. A representation that a specific price advantage exists, if it does not.

10. A representation that misrepresents the authority of a salesperson, representative, employee or agent to negotiate the final terms of the agreement.

11. A representation that the transaction involves or does not involve rights, remedies or obligations if the representation is false, misleading or deceptive.

12. A representation using exaggeration, innuendo or ambiguity as to a material fact or failing to state a material fact if such use or failure deceives or tends to deceive.

13. A representation that misrepresents the purpose or intent of any solicitation of or any communication with a consumer.

14. A representation that misrepresents the purpose of any charge or proposed charge.

15. A representation that misrepresents or exaggerates the benefits that are likely to flow to a consumer if the consumer helps a person obtain new or potential customers.

Unconscionable Representations

In addition, there is also a prohibition against unconscionable representations, which include the following;

1. that the consumer is not reasonably able to protect his or her interests because of disability, ignorance, illiteracy, inability to understand the language of an agreement or similar factors;

2. that the price grossly exceeds the price at which similar goods or services are readily available to like consumers;

3. that the consumer is unable to receive a substantial benefit from the subject- matter of the representation;

4. that there is no reasonable probability of payment of the obligation in full by the consumer;

5. that the consumer transaction is excessively one-sided in favour of someone other than the consumer;

6. that the terms of the consumer transaction are so adverse to the consumer as to be inequitable;

7. that a statement of opinion is misleading and the consumer is likely to rely on it to his or her detriment; or

8. that the consumer is being subjected to undue pressure to enter into a consumer transaction.

Court Application

There are instances when an agent fails to comply with one of the terms of the Listing Agreement. For example, the agent said “I will host Open Houses every week until the property is sold”. First, this representation should have been reduced to writing and placed in a Schedule to the agreement. Often, these things are talked about but they are not elevated to a contractual term. If they are in writing, then the Courts can provide a remedy including early termination by way of cancellation or a declaration that the agreement is null and void. This is also the case, although much more difficult to prove if the statement is simply a verbal statement. If viewed as an inducement, the Courts can conclude that it was indeed a term of the agreement and afford you the same remedies.

Conclusion

Any one of the above ought to be sufficient to enable you to terminate early. A consumer is provided with the right under the Act to rescind the agreement. And that right is in addition to any other rights (ie. damages). That is basically a laundry list of 23 separate items. Surely, if you are so displeased, there must be something on that list!

So, if you have an agent who has “over-promised” and “under-delivered”, you are not without a remedy. Cancel the listing, and move on!