6 Questions You should Ask when Choosing a Lawyer for Your Real Estate Closing

It is typical to use a lawyer for real estate closings and all the related work that is involved. While the amount of fee charged is one criterion to determine which lawyer to work with, what should you do when you get relatively the same fee or similar fee quoted to you by multiple lawyers? An informed consumer will often ask the following questions:

1. What sort of experience does the lawyer have? Make sure that the lawyer has been dealing in real estate closings and that is his or her primary business. 
2. Whether the lawyer offers “the personal touch.” Will you as the Buyer or Seller, actually meet the lawyer in person or will you be left to deal with assistants? 
3. Is the office staff experienced and competent? Sometimes lawyers will hire law students and expect them to know the intricacies of real estate transactions. Obviously, you don't want to have someone practice on the sale and purchase of your single biggest asset. 
4. What sort of accommodations can the lawyer's office offer? Let's say you have someone with limited mobility on title. Will the lawyer be able to assign a representative who can visit your house as opposed to you struggling to bring your family member to his or her office?
5. Will the transaction be processed within the office or will the work be outsourced to a third party? 
6. Does the lawyer have litigation experience or have someone that he or she can consult if there is a problem with a transaction? The lawyer’s ability to stick-handle the players if the transaction starts to go sideways is very important. 

Whatever the fee, it’s always a good idea to make sure that the lawyer will be accessible throughout the process and especially on closing. Make sure you check for all of these and

more. And if a lawyer gets uneasy answering these questions or makes it seem that you are taking up their precious time, then that in itself tells you something, doesn't it?

If you find yourself stuck in an unpleasant situation with a lawyer, then you have the option to reach out to The Law Society of Upper Canada. The Law Society’s authority to license and regulate lawyers and paralegals in the public interest is granted by the Ontario government through the Law Society Act and regulations made under the act. Here you can find the rules and legislations governing the lawyers.

Filing a Complaint against a lawyer: If you wish to file a complaint against a lawyer, then The Law Society of Upper Canada provides Complaint Services. There are various methods to reach the complaints department or you can simply download the complaint form to file a formal complaint. 

Formally educated as an Architect, Jagdeep Singh is Toronto REALTOR™ consulting on both resale real estate and new developments. Powerful Local Focus on Real Estate with a Global Perspective™.  This post is for information purposes only. Though effort has been made to ensure the accuracy of the contents, the reader is advised to verify the information independently. This post may contain contain information that is privileged, confidential and exempt from disclosure under applicable law. The reader is not allowed to reproduce it in any medium without the author’s prior written permission. Jagdeep Singh is a broker with Century 21 Heritage Group Ltd., brokerage (416) 798-7133 which is independently owned and operated. This post is not intended to solicit parties currently under contract.

Expert Opinion on Real Estate

There's been too much talk about a bubble in Toronto. We have all seen the doom and gloom headlines from self proclaimed experts and we all know how much merit these have. Without making this post too long, here is what was recently in news. You make the decision.

Robert Shiller, the U.S. economist who foresaw the tech bubble of 2000 and the American housing collapse said, "Toronto prices keep going up. They have increased almost as much as New York prices ever did,” the Nobel-prize winner told a crowd of chartered financial analysts in Montreal two weeks ago. He went on to compare prices in Canada and the United States with graphs that support his view. Yet, when asked point blank, the Yale professor stopped short of calling it a bubble.

Formally educated as an Architect, Jagdeep Singh is Toronto REALTOR™ consulting on both resale real estate and new developments. Powerful Local Focus on Real Estate with a Global Perspective™.  This post is for information purposes only. Though effort has been made to ensure the accuracy of the contents, the reader is advised to verify the information independently. This post may contain contain information that is privileged, confidential and exempt from disclosure under applicable law. The reader is not allowed to reproduce it in any medium without the author’s prior written permission. Jagdeep Singh is a broker with Century 21 Heritage Group Ltd., brokerage (416) 798-7133 which is independently owned and operated. This message is not intended to solicit parties currently under contract.

Obsessed with Real Estate?

Is hockey our favourite past time or is it weather that we discuss the most as Canadians? A recent poll found that in Toronto, people talk about real estate just as much as NHL playoffs. 47% people in Toronto were talking about housing.

I am not surprised by that number. Not because I am a real estate broker, living and working in the Greater Toronto Area, but because housing, a.k.a. shelter, is one of our basic needs, right up there with food and clothing. It is something that we require on a daily basis, so it is no surprise that we are constantly thinking about it.

Point to Ponder: How often do we act upon what we think? How often should we act upon what we think?

84% of survey respondents said that they think about real estate on a "regular basis". "There are at least two main reasons homes are so important to people," Richard Ivey School of Business professor Dr. June Cotte said. "One is that they are often seen as an extension of our identity, and represent who we are. A second reason is that owning a home in a desirable location is also seen as an advantage in terms of resources, such as schools, as well as status."

Only 28% of those surveyed said that they went to an open house as a method to preview a property 85% simply previewed homes online.



Formally educated as an Architect, Jagdeep Singh is Toronto REALTOR™ consulting on both resale real estate and new developments. Powerful Local Focus on Real Estate with a Global Perspective™.  This post is for information purposes only. Though effort has been made to ensure the accuracy of the contents, the reader is advised to verify the information independently. This post may contain contain information that is privileged, confidential and exempt from disclosure under applicable law. The reader is not allowed to reproduce it in any medium without the author’s prior written permission. Jagdeep Singh is a broker with Century 21 Heritage Group Ltd., brokerage (416) 798-7133 which is independently owned and operated. This message is not intended to solicit parties currently under contract.

Really? Is it that simple?

Percentage Change: The Commission Game, by Tara Perkins, a real estate reporter with Globe and Mail, was interesting to read, mainly because it had a good mix of fact and fantasy. Published on 25 May 2013 as a cover story in the printed business section, it discusses real estate commissions. (http://bit.ly/Z7ib7j) 

According to Perkins, “technology has failed to snap consumers out of their complacency”. Perhaps what seems complacency is actually a real, need driven service that the consumers are seeking out. Real estate transactions are increasingly complex than ever before. Take it from me, an industry insider and a Real Estate Broker. A simple measure of this complexity are the real estate forms. They used to be much simpler and involved a lot less legalese. The standard form alone now is 5 pages long. Add a few pages of clauses to that and you are dealing with a pretty hefty document. I haven’t even discussed all the legal papers required before even getting to the offer stage. 

But let’s just say that a real estate sale was as easy as adopting the technology. The Internet part merely gets the buyers and sellers the information on the real estate out there. One still has to safely navigate the procedures set out for selling and buying houses, which by the way are not dictated by REALTORs but are dictated by the laws of the country.  Between spousal consents and terrorist financing, real estate sale is not as easy as browsing the Internet. 

Yes there has been a lot of talk about the Competition Bureau, at the expense of taxpayers’ money, trying to accomplish whatever they were trying to accomplish. I wrote the previous line like that because I really fail to see, what is so anti-competitive about real estate commissions from a consumer’s perspective. The choices available to the average home seller or home buyer are endless. You don’t have to believe me. Just get a real estate license and then try and go out and get a listing. You will very quickly realize how much competition is out there, within the real estate community itself. There are REALTORs providing options from low commissions, to buyer discounts, to added incentives in addition to charging less commission. Here as well, just like anything else, the age old wisdom of ‘You Get What You Pay For’ applies. 

There are a lot of flat fee, ‘mere posting’ services out there. This would be where the seller pays few hundred dollars to post their property on Multiple Listing Service (MLS) and then fields the calls for appointments, open houses, offers etc. These programs work or not will depend upon who you ask. Several companies started out on similar fee structure and have since closed down. Realistically, if these kinds of programs worked, then don’t you think that companies like Century 21, Royal LePage, ReMax etc. would have them? 

I am not a national level REALTOR. No individual is, as there is no such thing. I provide powerful local focus with a global perspective, within the Greater Toronto Area (GTA). So when discussing market, I stick with GTA and what is happening here. 

Every newspaper and media outlet seems to be having a field day with the housing prices and how they have risen, supposedly at an astonishing speed. Does anyone stop to wonder why that is happening? Perhaps GTA’s population should be an indicator. According to one source, Canadian baby boomers added a little more than 400,000 people to the Canadian population. We have seen the same growth in population of Southern Ontario in little over 3 years that the baby boomers gave us in almost 19 years over the entire country. Look at the current vacancy rates in Toronto and you will see how people are flocking to rent while there are virtually no vacant condos out there. All these tenants are potential buyers and they will buy as soon as they can qualify for a mortgage. Where do you think the prices will go then, up or down? 

So it seems baseless for Perkins’ article to speculate that the market is going to stay flat, that the sellers are not going to make as much money and somehow that is going to cause a downward push on the real estate commissions. May be real estate commission are, what they are, because the real costs to being a REALTOR are way higher than what meets the eye. 

CREA’s consumer education campaign has the right premise, “Why do we think if we can look it up (on the internet, then) we can do it? When it comes to your home, get help, get a REALTOR.”

Formally educated as an Architect, Jagdeep Singh is Toronto REALTOR™ consulting on both resale real estate and new developments. Powerful Local Focus on Real Estate with a Global Perspective™

This post is for information purposes only. Though effort has been made to ensure the accuracy of the contents, the reader is advised to verify the information independently. This post may contain contain information that is privileged, confidential and exempt from disclosure under applicable law. The reader is not allowed to reproduce it in any medium without the author’s prior written permission. Jagdeep Singh is a broker with Century 21 Heritage Group Ltd., brokerage (416) 798-7133 which is independently owned and operated. This message is not intended to solicit parties currently under contract.

Is marketing your property Only on MLS enough?

This post is for information purposes only. Though effort has been made to ensure the accuracy of the contents, the reader is advised to verify the information independently. This post may contain contain information that is privileged, confidential and exempt from disclosure under applicable law. The reader is not allowed to reproduce it in any medium without the author’s prior written permission. Jagdeep Singh is a broker with Century 21 Heritage Group Ltd., brokerage (416) 798-7133 which is independently owned and operated. This message is not intended to solicit parties currently under contract.

How Important is Your Mortgage Rate?

Don't only consider the mortgage rate when shopping for a mortgage. Because mortgage rate is not the most important thing. Let’s consider the bigger picture. 

The difference between 2.99% and 3.04% works out to an additional $2.66 per month per $100,000 that you borrow. On a five year mortgage, this only equals $159.60 per $100,000 for the entire five year period. If the mortgage with 2.99% does not allow any pre-payment, or is burdened with high penalties if you try to refinance or pay off the mortgage because you are moving, is it really the best choice you can make? 

Some of these “no frills” mortgages lock you into the term of the contract and only allow you to get out of the mortgage if you sell your home. While that might be alright in some circumstances, is it right for you?

Jagdeep Singh, B. Arch.

Real Estate Broker

Direct Tel: 647-287-4644

Direct Fax: 866-450-9199

www.JagdeepSingh.ca

Formally educated as an Architect, Jagdeep Singh is Toronto REALTOR™ consulting on both resale real estate and new developments. Powerful Local Focus on Real Estate with a Global Perspective™

This post is for information purposes only. Though effort has been made to ensure the accuracy of the contents, the reader is advised to verify the information independently. This post may contain contain information that is privileged, confidential and exempt from disclosure under applicable law. The reader is not allowed to reproduce it in any medium without the author’s prior written permission. Jagdeep Singh is a broker with Century 21 Heritage Group Ltd., brokerage (416) 798-7133 which is independently owned and operated. This message is not intended to solicit parties currently under contract.

Planet Friendly Information

Are you Planet Friendly? If yes, read on. 

Here is your environmental calendar for 2013 for all events environmental in the Toronto and area. If you need information on a specific event, you can find out more through a search engine or call me for details. 

February 2013
Starts On	Title	City/Town
Fri Feb 08	Schulich Net Impact Conference: Capitalism 2.0	Toronto, ON
Sat Feb 09	Ontario Nature: For the Love of Nature	Toronto, ON
Tue Feb 12	Evergreen Innovation Talks: Public Art in Toronto	Toronto, ON
Tue Feb 12	Bees In Your Backyard - Scarborough Garden Society	Toronto, ON
Fri Feb 15	Symphony of the Soil: Toronto premiere	Toronto, ON
Sat Feb 16	Organic Consumer Conference - 7th annual	Toronto, ON
Tue Feb 19	SPRiNG - Cutting Through the Blur - Optimizing Your Value for the Greater Good	Toronto, ON
Tue Feb 19	Documentary night with Green 13: Water Under Fire, with Bob McDonald	Toronto, ON
Thu Feb 21	Green Roof Professional (GRP) accreditation Training Program (Feb 21 - 24)	Toronto, ON
Thu Feb 21	Green Roof Professional Boot Camp (February 21 - 24)	Toronto, ON
Thu Feb 21	Psychology and Climate Change: The Dilemma of Inaction... Fostering Sustainable Behaviour	Toronto, ON
Tue Feb 26	Sustainable Neighbourhoods Summit	Toronto, ON
Tue Feb 26	Carbon Professional Path – Fast Track (Feb 26 - 27)	Toronto, ON
Thu Feb 28	Social Enterprise: Is It For You? A Sustainability Network Training Workshop	Toronto, ON
March 2013
Tue Mar 05	Evergreen Innovation Talks: Working Together to Move the GTHA	Toronto, ON
Tue Mar 12	Green Walls 101: Systems Overview and Design	Toronto, ON
Tue Mar 19	Advanced Green Roof Maintenance	Toronto, ON
Tue Mar 19	Evergreen Innovation Talks: Is Public Art Really Important?	Toronto, ON
Wed Mar 20	Green Roof Professional (GRP) Accreditation Exam	Toronto, ON
Tue Mar 26	TRIECA Stormwater, Erosion and Sediment Conference - March 26 & 27, 2013	Markham, ON
Tue Mar 26	Evergreen Innovation Talks: Who Pays for Regional Transportation?	Toronto, ON
April 2013
Sun Apr 07	Simply Green: Home, Health and Nutrition, Beauty Trade Show	Markham, ON
Fri Apr 12	Toronto Green Living Show 2013 (April 12 - 14)	Toronto, ON
Fri Apr 12	Urban Permaculture Design Course (April 12 - 28)	Toronto, ON
Tue Apr 16	Evergreen Innovation Talks: Public Art in Cities around the World	Toronto, ON
Thu Apr 18	Urban Forests & Political Ecologies Conference (April 18 - 20, 2013)	Toronto, ON
Tue Apr 23	Evergreen Innovation Talks: Building Momentum for Transportation Funding	Toronto, ON
Mon Apr 29	CANECT 2013: 21st Annual Canadian Environmental Conference & Tradeshow (April 29 - May 1)	Toronto, ON
May 2013
Wed May 01	Sustainability Outreach & Education Bicycle Tours (spring, summer, fall 2013)	various locations, Canada
Tue May 21	Grey to Green: Conference on the Economics of Green Infrastructure (May 21 - 22)	Toronto, ON
June 2013
Tue Jun 04	Carbon Professional Path – Fast Track (June 4 - 5)	Toronto, ON
Mon Jun 10	Contaminated & Hazardous Waste Site Management Course (June 10 - 14)	Toronto, ON
Wed Jun 19	Polymer Enhanced Best Management Practices Workshop	Vaughan, ON
July 2013
Mon Jul 15	3rd International Conference on Environmental Pollution and Remediation (July 15 - 17)	Toronto, ON
Sun Jul 21	Permaculture Design Course (13 days / July 31 - August 3)	Caledon, ON
September 2013
Thu Sep 26	Carbon Professional Path – Fast Track (Sept. 26 - 27)	Toronto, ON
October 2013
October	Ontario Youth Bike Summit	Toronto, ON
Sun Oct 20	Run for Biodiversity - Fundraiser for Honduran farmers	Toronto, ON
November 2013
Thu Nov 14	Carbon Professional Path – Fast Track (Nov. 14 - 15)	Toronto, ON

Jagdeep Singh, B. Arch.

Real Estate Broker

Direct Tel: 647-287-4644

Direct Fax: 866-450-9199

www.JagdeepSingh.ca

Formally educated as an Architect, Jagdeep Singh is Toronto REALTOR™ consulting on both resale real estate and new developments. Powerful Local Focus on Real Estate with a Global Perspective™

This post is for information purposes only. Though effort has been made to ensure the accuracy of the contents, the reader is advised to verify the information independently. This post may contain contain information that is privileged, confidential and exempt from disclosure under applicable law. The reader is not allowed to reproduce it in any medium without the author’s prior written permission. Jagdeep Singh is a broker with Century 21 Heritage Group Ltd., brokerage (416) 798-7133 which is independently owned and operated. This message is not intended to solicit parties currently under contract.

Why Canada is still attracting Foreigners?

Canada is not the best place to live in the world. At least that is according to one study that seeks to assess the degree to which the country is providing a "high and sustainable quality of life". The order is as follows:

1. Denmark
2. Norway
3. Sweden
4. Netherlands
5. Finland
6. Austria
7. Canada
8. Belgium
9. Ireland
10. Germany
11. Switzerland
12. France
13. Australia
14. U.K.
15. Italy
16. Japan
17. U.S.

Canada gets low mark on child poverty, income inequality and gender equity. Why do we attract so many immigrants and people investing in real estate in the hopes of calling Canada their future home? Because we score high on diversity. Canada is the best performer of the group of 17 countries above on acceptance of diversity. We also score high on life satisfaction. So while we work towards making this country number One again, congratulations are in order to my fellow Canadians. The study is by Conference Board of Canada slated to be released today. 

Jagdeep Singh, B. Arch.

Real Estate Broker

Direct Tel: 647-287-4644

Direct Fax: 866-450-9199

www.JagdeepSingh.ca

Formally educated as an Architect, Jagdeep Singh is Toronto REALTOR™ consulting on both resale real estate and new developments. Powerful Local Focus on Real Estate with a Global Perspective™

This post is for information purposes only. Though effort has been made to ensure the accuracy of the contents, the reader is advised to verify the information independently. This post may contain contain information that is privileged, confidential and exempt from disclosure under applicable law. The reader is not allowed to reproduce it in any medium without the author’s prior written permission. Jagdeep Singh is a broker with Century 21 Heritage Group Ltd., brokerage (416) 798-7133 which is independently owned and operated. This message is not intended to solicit parties currently under contract.

How's the Real Estate Market going to be in 2013?

The most important thing to remember with any real estate market forecast is that real estate is a very local phenomenon. So, while the global, national, provincial and city level indicators affect you, their specific effects are more localized. It is absolutely imperative to understand how these indicators apply to your specific property and to your specific financial situation. It is always best to call and ask for a personalized one-to-one consultation. That is why I am here; to provide a Powerful Local Focus with a Global Perspective.
 
Short of having a crystal ball, let's look at the indicators starting with a real estate category that is rapidly increasing. 

The Condo Market: What's interesting is that condo rental demand is very strong, leading to some widely-reported bidding wars on rental units. This will be a key trend to watch. A strong rental market is unquestionably supportive of real estate values. While prices flat line and rents increase, the rent to value ratios are getting better. This will drive the investors back in. Not so much the 'flippers' but the 'buy and hold' kind of investors.
 
Single Homes: It is important to understand that this group is gaining value predominantly due to the value in land. By adding the land from Oakville, the Province of Ontario recently increased the amount of Greenbelt. (Keep up to date with developments like this through my Facebook page). Notice on the graph that the housing starts for single homes has been dropping consistently since 2002. 

Interest Rates: The economy and the labour market will likely remain weak in 2013. The real estate market has slowed down due to the tightening of mortgage rules. The slowing GDP trend could keep the interest rates low as low interest rates tend to keep the economy propped. How this applies to your specific situations depends on a lot of factors, such as your ability to take on loans, existing debt, debt allocation among various assets, savings, your personal income forecast etc.
 
Population Growth: Population growth is a real simple indicator of demand. We gain more and more people each year. They need to live somewhere, so they will rent, buy or move in with relatives. Any of those 3 situations shake up the real estate world around them and give the activity a boost. In recent years, we have always added to the population in Greater Toronto Area. The good news is, recent newcomers are bringing a lot more money than their predecessors.
 
Other Markets: With British Columbia, especially Vancouver taking a hit and Alberta market becoming more reasonable, the focus shifts to other major cities like Toronto and Montreal. The international buyers also look to the immediate south and as the U.S. market picks up, the activity is going to start to come back to Canada.
 

Of course, as the year unfolds, I will report on the updated market conditions. I wish you a very happy 2013 however only you can ensure that it is happy by taking action. Take some time out and talk to me, even if you are not planning to buy or sell.  Who knows, there might be an opportunity or two. Make yourself your number 1 priority. 

 

Jagdeep Singh, B. Arch.

Real Estate Broker

Direct Tel: 647-287-4644

Direct Fax: 866-450-9199

www.JagdeepSingh.ca

Formally educated as an Architect, Jagdeep Singh is Toronto REALTOR™ consulting on both resale real estate and new developments. Powerful Local Focus on Real Estate with a Global Perspective™

This post is for information purposes only. Though effort has been made to ensure the accuracy of the contents, the reader is advised to verify the information independently. This post may contain contain information that is privileged, confidential and exempt from disclosure under applicable law. The reader is not allowed to reproduce it in any medium without the author’s prior written permission. Jagdeep Singh is a broker with Century 21 Heritage Group Ltd., brokerage (416) 798-7133 which is independently owned and operated. This message is not intended to solicit parties currently under contract. 

The CNN Effect

The CNN Effect: A theory that seeks to explains the effect that 24-hour news networks, such as CNN or CBC, have on the general political and economic climate. 

Because media outlets provide ongoing coverage of a particular event or subject matter, the attention of viewers is narrowly focused for potentially prolonged periods of time. The CNN effect can therefore cause individuals and organizations to react more aggressively towards the subject matter being examined. 

For example, It can cause real estate consumers to think and believe any number of things such as the market is crashing or we are in a bubble or properties don't sell in winter months etc. 

This effect first came into light in 1980s and has since been used to describe the effects of media on general consumer behaviour. What can you do? Watch the news but don't get caught up in it. Don't hold or change your plans based on news. Definitely change or hold your plans based on advice from your consultant. 

Jagdeep Singh, B. Arch.

Real Estate Broker

Direct Tel: 647-287-4644

Direct Fax: 866-450-9199

www.JagdeepSingh.ca

Formally educated as an Architect, Jagdeep Singh is Toronto REALTOR™ consulting on both resale real estate and new developments. Powerful Local Focus on Real Estate with a Global Perspective™

This post is for information purposes only. Though effort has been made to ensure the accuracy of the contents, the reader is advised to verify the information independently. This post may contain contain information that is privileged, confidential and exempt from disclosure under applicable law. The reader is not allowed to reproduce it in any medium without the author’s prior written permission. Jagdeep Singh is a broker with Century 21 Heritage Group Ltd., brokerage (416) 798-7133 which is independently owned and operated. This message is not intended to solicit parties currently under contract.

Real Estate that Got Expensive Very Fast

The following were apparently the top global destination for super rich in the world. This of course is as indicated by the gains in real estate. The criteria was to look at individuals with a high net worth of more than $25 million in investable assets. 

The first number is the price per square metre (divide by 10.76 for price per square foot). The second number is the price change in last 5 years for luxury homes. Enjoy :)

Beijing              $17,500  +96%

St. Petersburg   $20,200  +77%

Shanghai          $19,600  +69%

Hong Kong        $28,300   +60%

Mumbai            $11,400  +64%

Jakarta             $2,900    +32%

Close to home Manhattan was at +24% or $23,300 per square metres.

The price per square metre in Hong Kong is for apartments.

Jagdeep Singh, B. Arch.

Real Estate Broker

Direct Tel: 647-287-4644

Direct Fax: 866-450-9199

www.JagdeepSingh.ca

Formally educated as an Architect, Jagdeep Singh is Toronto REALTOR™ consulting on both resale real estate and new developments. Powerful Local Focus on Real Estate with a Global Perspective™

This post is for information purposes only. Though effort has been made to ensure the accuracy of the contents, the reader is advised to verify the information independently. This post may contain contain information that is privileged, confidential and exempt from disclosure under applicable law. The reader is not allowed to reproduce it in any medium without the author’s prior written permission. Jagdeep Singh is a broker with Century 21 Heritage Group Ltd., brokerage (416) 798-7133 which is independently owned and operated. This message is not intended to solicit parties currently under contract.

Problematic Factors for doing Business in Canada

The World Economic Forum is an independent international organization committed to improving the state of the world by engaging business, political, academic and other leaders of society to shape global, regional and industry agendas. Among other reports it publishes Global Competitiveness Report that highlights world economies, their strength and weaknesses, and provides the competitive landscape of these various countries. 

The report also an insight in to the drivers behind the productivity and prosperity of various countries. It is by far the most comprehensive assessment of national competitiveness. Here are Canada's top 5 "Most Problematic Factors for doing Business in Canada".

5.  Tax Rates - why is this not a surprise? Don't we all feel this regularly. Taxation in Canada is almost stifling. 

4.  Inadequately educated workforce - This came as a surprise to me. Let me know your thoughts on this one. I think we are suffering as a nation because as a country made up of immigrants, we need to have a better program for assimilating the immigration influx and utilize their talents effectively. When our doctors, lawyers and engineers are driving taxis, trucks or working in call centres, no wonder we are ranking poorly on this. 

3.  Access to financing - Is Jim Flaherty reading this? 

2.  Insufficient capacity to innovate - I don't know anything about this one, and the number one is

1.  Inefficient Government Bureaucracy - Wake up Ottawa. 

Overall Canada is ranked number 14, behind countries like Switzerland (1), Singapore (2), Germany, US and UK ranked 6, 7 and 8. Get this, Hong Kong, Qatar and Taiwan are better than us at 9, 11 and 13. Last on the list is Burundi ranked at 144.

From a real estate perspective specifically in Toronto, if you are not in the above list, you may want to consider moving to the lovely city we call home - with one of the most vibrant economy and multicultural place to be in Canada. 

Jagdeep Singh, B. Arch.

Real Estate Broker

Direct Tel: 647-287-4644

Direct Fax: 866-450-9199

www.JagdeepSingh.ca

Formally educated as an Architect, Jagdeep Singh is Toronto REALTOR™ consulting on both resale real estate and new developments. Powerful Local Focus on Real Estate with a Global Perspective™

This post is for information purposes only. Though effort has been made to ensure the accuracy of the contents, the reader is advised to verify the information independently. This post may contain contain information that is privileged, confidential and exempt from disclosure under applicable law. The reader is not allowed to reproduce it in any medium without the author’s prior written permission. Jagdeep Singh is a broker with Century 21 Heritage Group Ltd., brokerage (416) 798-7133 which is independently owned and operated. This message is not intended to solicit parties currently under contract.

Sell Your Home Yourself

For Sale By Owner or FSBO websites and advertisements make selling your own home sound easy but there are some very real FSBO Challenges to consider. Understanding how FSBO listings work plus the advantages and disadvantages of selling FSBO versus listing with a real estate agent assures you select the right choice for your individual situation.

The most often cited advantage of listing a house for sale by owner is saving the real estate commission, but a closer look at how real estate commissions work deserves attention. A typical real estate commission is usually .06% to .07% of the selling price of the home. To keep things simple let's use .06% for this example on a $200,000 home. The total commission would be $12,000 but it is often shared by as many as four people. It works like this; when you list your home the listing agent and broker would be responsible for .03% of the commission (Approximately $3,000 or .015% each) while the selling agent and broker would be responsible for the other .03% or .015% each.

One of the challenges of listing your home for sale is enticing other real estate agents to show your home to their clients. To successfully do this you will need to provide an incentive by paying a similar real estate commission such as the typical .03% for the selling agent and broker. In our example above that means your total savings is now only .03% or $6,000. From that amount you must deduct the MLS listing fees, signs, advertising, lost wages for showing the home and much more.

To calculate if listing your home FSBO really makes sense, calculate the true cost of doing it yourself. Remember, it takes an average of six months to sell a home so when calculating the cost of advertising and other expenses use a six month average estimate of: Selling agent commission, MLS Listing fee, Signs, Posters, Flyers, Internet Advertisement with photographs, Newspaper Classified Advertisements, Missed Wages to Show Home, Market Research, Legal Fees to Create & Review Contracts, Escrow Company and Other Miscellaneous Costs.

Now compare the total savings against the time and money you will pay a traditional real estate agent and broker for listing and selling your home to decide if facing the FSBO challenges is the right choice.

Jagdeep Singh, B. Arch.

Real Estate Broker

Direct Tel: 647-287-4644

Direct Fax: 866-450-9199

www.JagdeepSingh.ca

Formally educated as an Architect, Jagdeep Singh is Toronto REALTOR™ consulting on both resale real estate and new developments. Powerful Local Focus on Real Estate with a Global Perspective™

This post is for information purposes only. Though effort has been made to ensure the accuracy of the contents, the reader is advised to verify the information independently. This post may contain contain information that is privileged, confidential and exempt from disclosure under applicable law. The reader is not allowed to reproduce it in any medium without the author’s prior written permission. Jagdeep Singh is a broker with Century 21 Heritage Group Ltd., brokerage (416) 798-7133 which is independently owned and operated. This message is not intended to solicit parties currently under contract.