Each week, The Glenn Team provide highlights from the weekly CP office meeting to provide a balanced overview of the Toronto and GTA markets and relevant issues affecting real estate markets. Meetings are overseen by Chestnut Park's CEO and Broker of Record, Chris Kapches, LLB, who provides weekly analysis and commentary. Additional input is provided by the CP Toronto office Realtors who give a day to day, real life perspective of the local markets.
NO MORE WEEKLY/BI-MONTHLY TREB STATS
TREB announced this week that they will no longer provide weekly or mid-month reports sighting they didn't want the data to misrepresent the current state of the market. Not surprising perphaps given the way the media has used TREB stats to make big headlines and possibly influence government action. Chris has begun to put together his own set of stats, though admittedly they may not be quite up to TREB standards as they only now cover the Central, East and Western districts of the GTA which don't take into account the numbers in the 905. Not wholly accurate but at least reflective of true Toronto prices.
CASE STUDY: BUYERS WHO FAIL TO MEET CONTRACT
Though only one of two instances in our CP offices where deals have failed to close, a deal in Muskoka went south when the buyer failed to complete an inspection condition and didn't deliver the deposit within 24 hours of acceptance. In this instance, many Realtors may feel that a mutual-release from the contract would be best however, our on-staff lawyers, Richard Stewart and Chris Kapches disagree. As a breach of contract has clearly transpired and the sellers ability to re-market the property and potentially lose money on it's subsequent sale, there are clearly grounds to sue on breach of contract. As a better solution to the problem, a Notice of Default was instead issued and a clause for a non-refundable deposit was included in the deal.
IS RBC'S MORTGAGE PORTFOLIO CAUSE FOR CONCERN?
Citing an article from the Globe and Mail, Chris detailed how RBC's CEO assesses their risk in the mortgage market. A fascinating look into what many rarely glimpse, Dave McKay doesn't seem concerned about the over $100B in uninsured mortgages or the $106B in insured mortgages that, should they default, be the responsibility of the Canadian government to bail-out. Find out more about how RBC heges their mortgage bets.