Desmond Brown

Some of my colleagues and mortgage brokers have been freaking out since last month's announcement about the new stress test requirement for all buyers. In my opinion, this is a good thing...

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Yes, I know... statistics show that overall sales have dropped by 35% compared to this time last year. However, as an agent who is active in this market on a daily basis, this is some of what my team and I have experienced since the Fall market got underway after Labour Day:

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We sold a bungalow back in April with a completion/closing date scheduled for mid July. It seemed like a straightforward transaction. We represented the Seller, who lived out of town and had rented the house to two separate tenants - one who occupied the main floor of the bungalow and the other who lived in the basement. In the Agreement of Purchase and Sale, our client promised the buyer vacant possession of the entire premises, meaning that both tenants would have to move out and find new places to live before the deal would close. The main floor tenant found a new home very quickly; however, as the closing approached we discovered that the basement tenant had not found a place to move to and to top it off, hadn't even started looking.

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I recently received a call from an agent on one of my listings. On the listing I stated that the seller would consider holding a mortgage for the new buyer. The agent said to me, "You mentioned on the listing that your seller will hold a mortgage. Can you tell me what that means?" I immediately knew that the agent I was speaking to was fairly new...

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About six weeks ago I encountered something I hadn't experienced while trading real estate for some time. It was for a bungalow in the Cliffside Village area of Scarborough. We went in with an offer significantly under the asking price, and with a condition on a home inspection. I was expecting the Sellers to either sign back the offer closer to the asking price, and/or to remove the condition. I was completely surprised when

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I was presenting an offer last week on one of my listings. The offer came in from an agent representing the buyer and it contained a clause I haven't seen in the Toronto real estate market for many years - a condition on the sale of the buyer's property...

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  • Desmond Brown
  • 25 April 2017

Our provincial government rolled out 16 new measures last week in an attempt to slow down our sizzling real estate market. However, most of us who are selling in the Toronto market had already seen signs of a slight slowdown during this month of April. This is what I've observed:

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I listed a detached backsplit home in the Yonge and Sheppard Avenue area not so long ago. It was built in the 1950s and had been in the same family for more than 60 years. We received 16 offers for the home and went through presentation process at my office in the Beaches. Midway through the presentations, one of the agents who had already shown us his offer asked to speak to me. "Mr. Brown, can you please let me know if you are going to accept my client's offer? He is here with me now but has to get on a plane back to China within the next two hours." I told him his offer was lower than several we had already received and sent him away...

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Last week we covered some great posts on our social media feeds about why Toronto is such an amazing place to live and we’re rounding up all these articles for you here to check out:

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  • Desmond Brown
  • 08 March 2017

The semi detached two storey home in the Woodbine and Danforth area was nothing special, but as they say in our business, "it showed well." It had two bedrooms, a finished basement, no parking, and it faced the railway tracks, a main line for GO and VIA trains. The asking price was set at $599,000 to attract multiple bids...

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