Wednesday, April 1, 2020   /   by Sergey Korostensky

Couple ordered to pay $470,000 after reneging on Ontario home deal

In a case a judge called a warning to prospective buyers in the GTA’s erratic housing market, a couple caught up in a bidding war will have to pay $470,000 after reneging on a multimillion-dollar deal to buy a Stouffville-area house.
David Lea and Yixing Hu submitted an offer of $2.25 million in April 2017 after being told there were multiple competing offers for the property, originally listed at $2 million, according to court documents. The bid was accepted, but not long after the market cooled and the Newmarket couple had second thoughts.
Feeling they’d overpaid for the property and having trouble making the down payment, the couple pulled their offer. In the summer of 2017, the market value of the home had dropped to about $1.8 million. The homeowners sued, and in a court decision this month, the judge ruled Lea and Hu had to pay the difference.

“When the residential real estate market is a rising market, most people — perhaps with the exception of firs ...

Read More

Tuesday, March 31, 2020   /   by Sergey Korostensky

If you bought a house before the coronavirus crisis hit, don't expect force majeure to save you

For the thousands of people who made or received firm offers before the coronavirus outbreak changed everything, the anxiety level is high
Real estate transactions, even at the best of times, are complicated and stressful for buyers and sellers.
For the thousands of people who made or received firm offers before the coronavirus outbreak changed everything — and who are now left wondering whether their deals will close in the weeks or months to follow —  the anxiety level is even greater.
Some have wondered whether a pandemic is considered force majeure(unforeseeable circumstances or “acts of God”), which could free them of their obligations in case housing prices were to plummet in the next few weeks. Others may be facing other liquidity issues.
Data from the Canadian Real Estate Association (CREA) indicates that 65,494 homes were sold across Canada in the first two months of 2020, meaning that as many as 130,000 families may be in limbo, waiting f ...

Read More

Saturday, March 28, 2020   /   by Sergey Korostensky


Watch our Virtual Open Houses from March 27-28, 2020
Since AREA banned public open houses due to the COVID-19 Outbreak, we are bringing the houses to you on GOOGLE & FACEBOOK via VIRTUAL OPEN HOUSES.
Please visit our FACEBOOK PAGE @GreatCalgaryListing On FB search or in your browser

To Book Your Private viewing CALL TODAY (403) 456-388



#1506 140 SAGEWOOD BV SW T4B 0J1 | VIRTUAL OPEN HOUSE - March 28, 2020 01:00PM

#49 3015 51 ST SW CALGARY T2E 6N5 | VIRTUAL OPEN HOUSE - March 28, 2020 01:00PM

CALL TODAY (403) 456 3688 to book YOUR PRIVATE VIEWING

*We will advise you about our SHOWING PROTOCOL in light of COVID-19

Read More

Saturday, March 14, 2020   /   by Sergey Korostensky

A silver lining for the market: Calgary real estate increasingly driven by boomers

The big bulge in the demographic snake — baby boomers — will continue to shape the city’s real estate market for the foreseeable future, according to a recently released survey.
“By 2024, one in five Canadians will be over the age of 65, and we figured there will be some major challenges related to what we call urban aging,” says Don Kottick, CEO of Sotheby’s International Realty Canada.
“We have long suspected there will be a lot more influence on the real estate market not only now, but in the future, from this significant group.”
As such, Sotheby’s published its 2020 Generational Real Estate Trends: Aging in Place earlier this month, finding that 49 per cent of Calgarians 54 and older have considered their aging needs when purchasing their current home.
That’s above the national average — a polling of Calgary, Toronto, Montreal and Vancouver markets — of 46 per cent.

The study also found 86 per cent of bo ...

Read More