Sold in the 6ix - Toronto Real Estate

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The Naughty Agent series in this podcast discusses cases of disciplinary action taken against real estate agents in Ontario.

In this episode the first case involves an agent who responded to a Kijiji ad from a woman looking for a place to rent. The agent made sexually suggestive remarks to the woman, charged her $700 to strengthen her rental application, and advised her to falsify documents. The deal fell through, leaving the woman without a place to live.

The second case involves an agent who double-ended a property sale, representing both the buyer and the seller. The buyer discovered significant electrical issues after moving in, which cost them $8,000 to fix. The Agent failed to disclose that renovations were done without permits.

A third case involves an agent who falsified signatures on an agreement of purchase and sale and submitted it for financing to a lender.

Guest: Doug Downs, Stories and Strategies
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Listen For
2:04 The Case of Misconduct Involving False Documentation and Inappropriate Behaviour
17:19 Failure to Disclose Information on Property Renovations
27:24 Fraudulent Agreement of Purchase of Sale

RECO Disciplines

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The Leslieville neighbourhood of Toronto is coping with a “Safe Injection Site” (also called Supervised Consumption sites). Journalist Derek Finkle of the National Post lives in the community. He says the site, which opened in 2017, has drastically changed the neighbourhood, attracting drug dealers and leading to increased crime and drug use.

The situation escalated in summer 2021 when a stray bullet from a gunfight between drug dealers killed a local mother.

Despite residents' repeated warnings and pleas for action, the city and province only began to listen after the tragic incident. Finkle criticizes the management of the site for failing to acknowledge their role in the neighbourhood's problems and for not taking adequate measures to ensure safety.

The provincial government has since appointed a supervisor to oversee the site, and there are discussions about relocating it. Leslieville is one of 17 similar facilities across Ontario.

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Guest: Derek Finkle
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There’s good reason for optimism in the Toronto real estate market. Steve Tabrizi, COO of RE/MAX Hallmark joins Des to look at the current state of the real estate market and their predictions for 2024. They discuss the impact of interest rate hikes on the market, the increase in inventory, and the potential for a rebound in the market in 2024.

They also discuss the implications of the new Trust in Real Estate Act in Ontario, which allows for open bidding, and the potential impact of a class action lawsuit in the US regarding real estate commissions.

Listen For
3:22 The Psychological Impacts of Interest Rate Changes on Both Buyers and Sellers
6:03 Future Market Predictions and Interest Rates
9:52 Analysis of the Current Market Conditions and Inventory
13:26 Opportunities in the Condominium Market and Pre-Construction Inventory

Guest: Steve Tabrizi, Broker / Owner and COO RE/MAX Hallmark Group of Companies
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Well buying someone a home or commercial property is a dynamite gift but let’s be realistic. Maybe something a little more realistic?

Tamara Grierson of Staging Life shares her ideas for holiday gifts for the home. She discusses different types of decorations, including artificial and real Christmas trees, and offers tips for making them look festive. Tamara also suggests various gift ideas, such as closet organization systems, garage upgrades, and personalized artwork. 

Listen For
03:01 Gift Ideas for the Home
19:01 Accessories for the Home
25:35 Outdoor Gifts and Landscaping

Guest: Tamara Grierson
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Or call Tamara on her cell 647-545-4609

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Des and Jennifer discuss recent disciplinary decisions by the Real Estate Council of Ontario (RECO) against real estate agents. 

Three cases: 

• one where an agent contacted sellers whose houses were on the market and tried to convince them to terminate their current contracts and list with her
• another where an agent representing a buyer listed a property for lease before the buyer owned the property
• and a third where an agent and her husband bought a property privately, assigned the agreement to a numbered company without notifying the sellers, and failed to disclose that she was a registered real estate agent

 
Listen For
1:47 Unethical Practices by a Top Agent
8:23 Violation of Tenant Rights
17:29 A Real Estate Agent’s Deceptive Assignment of Purchase Agreement
23:19 A Discussion on Ethical Standards and Penalties

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See the RECO decisions page https://www.reco.on.ca/complaints-enforcement/regulatory-activities-decisions/ 

Guest: Jennifer Scaife, Des Brown Real Estate
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Higher rates have slowed overall sales but prices in markets like Toronto have increased by about 3% since last year. 

Those not buying or selling but whose mortgages are up for renewal are facing challenges, with some being forced to sell or risk losing their homes. 

In this episode Des and Jason Georgopoulos of Dominion Lending Centres discuss strategies for managing these tough times, including re-amortizing mortgages to 25 or 30 years for lower payments, taking out short-term second mortgages, and using lines of credit for interest-only options. 

They also discuss the power of sale proceedings in Canada, where banks sell properties for homeowners in arrears, and the potential for interest rate relief in the near future.

Listen For
3:33 The Impacts of Rate Increases on Homeowners
5:37 Forecast of Mortgage Renewals and Market Impacts
16:50 Strategies for Managing Higher Interest Rates

Guest: Jason Georgopoulos, Mortgage Broker
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People who bought pre-construction condos years ago are now struggling to close the transactions due to changing market conditions and rising interest rates. 

Mark Morris, a real estate lawyer, is dealing with many such cases. Morris explains the current falling market is causing many buyers to be unable to close their transactions, leading to legal problems. He advises buyers to secure large deposits to protect themselves in case of a breach. He also suggests that buyers should hire lawyers who specialize in real estate to navigate through potential issues.

Guest: Mark Morris, Legalclosing.ca Professional Corporation

Mark is a professor at the Lincoln Alexander School of Law and a regular resource for real estate brokers and lawyers through the Ontario Real Estate Legal Discussion Group. He’s won many of Law's top awards including, L'Expert's Rising Star Award, Canadian Lawyer's Most Influential Lawyer Award and the Financial Times' Maverick and Mover Award.  In addition, the previous firms that he co-founded and built have won the Financial Times Innovative Lawyers Award and the Canadian Business's Startup 50 Award.

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Des teams up with Asif Khan to discuss the current real estate market in Toronto. Despite sensational headlines suggesting a plunge into a buyer's market, they argue the market remains a seller's market, albeit quieter in terms of units sold. Prices continue to climb, with the average price up 3% compared to last year. 

Listings are up by 44% compared to last year, leading to longer days on the market before a sale. Sellers need to price their properties correctly for the current market and to sell before buying in this market. 

Listen For:
5:26 Current market statistics
9:11 Strategies for sellers
11:00 Sell before buying
13:32 The 10 10 Rule

Guest: Asif Khan, RE/MAX Prime Properties
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Radio Show Co-Host 105.9 The Region

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Ontario Premier Doug Ford has reversed his decision to open up the Greenbelt for development, following backlash from opposition parties, media investigations, and findings by the province's auditor general and Ethics commissioner. The report suggests developers had inside information about the lifting of restrictions on the Greenbelt and could make up to $8.5 billion by redeveloping it. As a result, two cabinet ministers have resigned.

This isn’t going away, especially with ongoing accusations of corruption. The reversal comes as part of Ford's More Homes Built Faster legislation, which aims to build 150,000 new homes a year over the next 10 years to address the housing crisis.

In this episode Des connects with Toronto Star Queen’s Park reporter Rob Benzie 

Guest: Robert Benzie, Queen’s Park Bureau Chief, Toronto Star
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Thanks to Feedspot for recognizing Sold in the 6ix as one of the Top Ten Real Estate podcasts in Toronto.

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The Ontario Realtor Wellness Plan has been initiated by the Ontario Real Estate Association (OREA). The plan required agents pay increased annual dues of $760 and participate in a mandatory wellness program. In this episode we talk with Stacey Evoy and Tania Artenosi of OREA about the backlash they’ve been receiving and why they brought in the benefit plan.

Listen For
10:30 The changes to the standard plan
17:49 Dental and eye care coverage
21:13 Opting out of the mandatory plan
32:26 Legal fees and fighting back

Guests
Stacey Evoy, Immediate Past President OREA, Broker Royal LePage Triland in London, ON

Tania Artenosi, President of OREA, and Broker/Owner Coldwell Banker The Real Estate Centre

 
Thanks to Feedspot for recognizing Sold in the 6ix as one of the Top Ten Real Estate podcasts in Toronto.

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