The information must be retained for seven years and provided to the Financial Transaction and Reports Analysis Center of Canada on request. “We know there is going to be consumer rejection on this and we are just following the law,” said Gerry Weir, president of the Ontario Real Estate Association. He said if a client refuses to disclose the information, the Realtor must abandon the deal or report the person to FINTRAC.

In Toronto, 17-year veteran Realtor Valerie Chrysdale of The Sutton Group-Bayview agency told UPI by telephone she wasn’t happy with the new responsibilities. “The number of forms we have to fill out is just crazy,” she said. “They’re putting us in a position of being cops and we don’t want to be doing that.”

In February, Toronto Real Estate Board Members reported 844,348 square feet of space leased through the TorontoMLS system, Commercial Council Chair Garry Lander announced today. “This figure is up marginally over January’s 842,475 square foot total, and we should see those figures climb even higher as the IC&I Spring market gradually takes off.”

Lease rates remained relatively unchanged from their year-ago levels, with Industrial space trading for $5.84 sfn and commercial space going for $15.23 sfn.

Sales Market Highlights

In February, TREB Members reported 63 sales of IC&I properties. Of these, 38 were Industrial properties of all size categories, which averaged $109.38 per square foot. This compares with a price of $72.57 per square foot derived from non-MLS sources.

See copy of February’s Commercial Realty Watch.

It’s definitely a different animal from websites that merely list contractors, trades people and suppliers who have paid a fee to advertise on the site. While those sites are helpful in finding contact information, there’s usually no indication whether the companies listed are recommended, highly or otherwise, by past customers. HomeStars.ca gives us that in an on-line directory where “consumers can read and write real reviews on renovators, retailers and repairmen” in the greater Toronto area.

Visit the HomeStars website »

The nice lady who leaves cards in your mailbox or talks to you about selling your home is not a real estate agent. According to the Real Estate Council of Ontario, which regulates real estate brokerage in the province, she is a salesperson or a broker.

Your “agent” is the brokerage firm that you hire to represent you — not a person.

So your mother-in-law is not really your agent — what a relief.

But then, a rose by any other name …

How does your house compare to those in your neighborhood?

If every house in your neighborhood has a brand new kitchen and your kitchen is from another era, it may be a good idea to freshen up the look with some new flooring and/or a new countertop. There are simple ways to improve your kitchen without putting a hole in your pocket. Sometimes a new paint job or the re-facing of the cabinets will do the trick and make your kitchen look up-to-date. Does this mean that if every house on your street has an in-ground pool, then you should have the same? By no means! Having a pool at your house is an amenity and not a requirement for a home.

How long do you plan to stay at the property?

If you plan to stay in your house for many years to come, odds are that the money you are putting into your home will pay for itself in the long run. If you are thinking of moving right away, that doesn’t mean you shouldn’t make improvements, but it is about making the right improvements – ones that will attract buyers and get your home sold for a higher price. Areas to focus on are the kitchen and baths, painting and flooring. Homeowners tend to see a higher return on their investment when they focus on these areas.

How much did you pay for your house and how much would it sell it for?

If there is a big difference between what you paid for your home and what you can sell it for – you will have more room for improvements! So how do you know how much your house is worth? For about $300 to $400, you can get aprofessional appraisal done on your property. Another option is getting a Comparative Market Analysis for your home from a real estate agent. Although it is not an official appraisal, it can help the homeowner understand the current market conditions and the highest price the market would bear for your property.

Do you enjoy your home?

Sometimes, you just want to add to the house because you simply want to enjoy your home. And that is okay! Besides, you bought the house so you didn’t have to rent from someone else who tells you what you can and cannot do! So, if you’ve been dying for a bigger deck or a stone walk-way you’ve always dreamed of – go at it, but – I would rethink the hot-pink walls, but that’s just my opinion!

Happy Remodeling!

An agent is obligated to promote the best interests of the person he or she represents. The agent must be loyal to that person and follow their lawful instructions. A real estate brokerage may be your agent – if you have clearly established an agency relationship with that Realtor with a representation agreement. But often, you may assume such an obligation exists when it does not. It is important to understand when an agency relationship exists and when it does not – and understand what it means.

In real estate services, there are different forms of agency relationships:

1. Seller representation

When a real estate brokerage represents a seller, it must do what is best for the seller of a property. A written contract, called a listing agreement, creates an agency relationship between the seller and the brokerage and establishes seller representation. It also explains services the brokerage will provide, establishes a fee arrangement for the Realtor®’s services and specifies what obligations a seller may have. A seller’s agent must tell the seller anything known about a buyer. For instance, if a seller’s agent knows a buyer is willing to offer more for a property, that information must be shared with the seller. Confidences a seller shares with a seller’s agent must be kept confidential from potential buyers and others. Although confidential information about the seller cannot be discussed, a buyer working with a seller’s agent can expect fair and honest service from the seller’s agent and disclosure of pertinent information about the property.

2. Buyer representation

A real estate brokerage representing a buyer must do what is best for the buyer. A written contract, called a buyer representation agreement, creates an agency relationship between the buyer and the brokerage, and establishes buyer representation. It also explains services the brokerage will provide, establishes a fee arrangement for the Realtor®’s services and specifies what obligations a buyer may have. Typically, buyers will be obliged to work exclusively with that brokerage for a period of time. Confidences a buyer shares with the buyer’s agent must be kept confidential. Although confidential information about the buyer cannot be disclosed, a seller working with a buyer’s agent can expect to be treated fairly and honestly.

3. Multiple representation

Occasionally a real estate brokerage will represent both the buyer and the seller. The buyer and seller must consent to this arrangement in writing. Under this multiple representation arrangement, the brokerage must do what is best for both the buyer and the seller. Since the brokerage’s loyalty is divided between the buyer and the seller who have conflicting interests, it is absolutely essential that a multiple representation relationship be properly documented. Representation agreements specifically describe the rights and duties of everyone involved and any limitations to those rights and duties.

4. Customer service

A real estate brokerage may provide services to buyers and sellers without creating buyer or seller representation. This is called "customer service." Under this arrangement, the brokerage can provide many valuable services in a fair and honest manner. This relationship can be set out in a buyer or seller customer service agreement. Real estate negotiations are often complex and a brokerage may be providing representation and/or customer service to more than one seller or buyer. The brokerage will disclose these relationships to each buyer and seller.

Who’s working for you?

It is important that you understand who the Realtor® is working for. For example, both the seller and the buyer may have their own agent which means they each have a Realtor® who is representing them. Or, some buyers choose to contact the seller’s agent directly. Under this arrangement the Realtor® is representing the seller, and must do what is best for the seller, but may provide many valuable customer services to the buyer. A Realtor® working with a buyer may even be a “sub-agent” of the seller. Under sub-agency, both the listing brokerage and the co-operating brokerage must do what is best for the seller even though the sub-agent may provide many valuable customer services to the buyer. If the brokerage represents both the seller and the buyer, this is multiple representation or dual agency.

The well-heeled homeowners on Russell Hill Road, the ravine- hugging street near St. Clair and Avenue that Harry Rosen once called home, are getting their Burberry knickers in a knot about impending condoization. They’ve already suffered the humiliation of losing some of their street’s 19th-century mansions to infill townhouses, but at least those were single-family dwellings. Now a company calling itself Russell Hill Investment is demolishing 200 Russell Hill Road, a mammoth Tudor-style house built in 1910, to make way for a four- and five-storey condo with 22 units combined. Neighbours, who unsuccessfully tried to put a stop to the demolition, are anxious about what the condos will do to their street (not to mention their resale values). Here, a few of the most expensive—and storied—properties on the block. »

In order to trade in real estate in the province of Ontario you must be registered, or exempt from registration, under REBBA 2002. Currently, there are more than 3,800 registered real estate brokerages and more than 44,000 registered real estate brokers and salespersons in Ontario.

Only those brokerages, brokers and salespersons that have met the requirements for registration and hold a valid certificate of registration issued by RECO may trade in real estate in Ontario and hold themselves out as a “real estate brokerage”, “real estate broker” or “real estate salesperson”.

See the Real Estate Council of Ontario website »

Back before the boom, when people talked about putting an addition on their house, they were likely talking about those out-the-back jobs agents call a “discreet enlargement.” But double- and triple-digit appreciation has left home­owners with little time for discretion. We’re now out of the backyards and onto the roofs, slapping very indiscreet second storeys onto our modest homes.

Toronto is littered with bungalows—roughly 7,000 in East York alone—most built after the Second World War as temporary housing for soldiers who’d marched on Paris and didn’t want to go back to small-town Ontario when the fighting was over. But as anyone who ever spent Grade 6 in a 35-year-old portable knows, temporary has a way of becoming permanent. As downtown property became more expensive, people started migrating to the burbs, and the bungalows became starter homes for those not yet requiring the amenities of a suburban villa.

Now that living downtown is all the rage, bungalow owners in such post-war ’hoods as Leaside, central Scarborough, central Etobicoke, Martingrove and the area north of the 401 between Bath­urst and Yonge are expanding skyward, and at quite a clip. Adding a second storey can be quite painless. Sometimes, homeowners don’t even have to clear out for the duration, which in some cases can take just a week. In 2006, the city issued 636 permits to add second storeys. As of October of this year, it had issued another 474.

That’s good news for Vladeta Jericevic, co-owner of Modular Home Additions, a company that builds second storeys in a Bermondsey Road factory and lowers them onto houses for as little as $54,000 a pop. A large portion of his company’s second storeys are added in Leaside. “People in that neighbourhood love the schools,” says Jericevic, “and if they don’t have a lot of money, [a second storey] is the least expensive way to get more space.”

The other big reason homeowners add a second storey is for resale. But caveat emptor. According to Michael Roman, senior appraiser at In-House Appraisal, adding a second storey doesn’t always lead to the windfall owners expect. He recently appraised an East York bungalow owned by a couple who bought it six years ago for $325,000, spent $350,000 on a second storey and renovations, and ended up with a resale value of $780,000. That’s a 15 per cent return on investment over a period during which untouched houses regularly realized much more.

As with any reno, it’s all in the execution. A modular second storey can transform an Etobicoke bungalow into a reasonable facsimile of Annex Edwardian. Some companies even let you design your own on their Web sites (www.additiononline.com, for example). But you’re not an architect, and the difference will show. Getting a professional involved is a good idea, though it will cost more money, of course—the starting price for a quality job is roughly $150,000.

Whether it’s architect-designed or prefab, though, the second-storey craze is good news for the city, which has sprawled too far too fast. Urban theorists have been preaching the mantra “grow up instead of out” for years. Finally, it seems, Toronto’s doing it, one storey at a time.

Come holiday season, children and adults alike begin creating wish lists – detailed accounts of everything their hearts desire. This season luxury homeowners’ wish lists are likely to spare no expense, as the bar just keeps getting higher when it comes to outfitting one’s multi-million dollar pad. Multiple car garages and lavish walk-in closets are a thing of the past; indoor car washes and walk-in refrigerators are the new rage. As demand for luxury homes continues to grow, so do the wants and needs of those looking to buy.

“The million dollar home is no longer the exclusive domain of the rich. In fact, many typical middle income Canadian families now own million dollar residences due to soaring property prices,” said Elli Davis, sales representative, Royal LePage Real Estate Services Ltd. “Accessorizing the property with the hottest must-haves is a natural extension of living a luxury lifestyle and a way to stand out from the crowd.”

With the help of its Carriage Trade real estate agents, Royal LePage compiled a top 10 list of the most unique and sought-after accessories that Canadian luxury homes are outfitted with.

1. Elevator car lifts, indoor carwashes – Luxury homeowners spare no expense for their priceless automobiles. Avid car collectors, especially in city homes where property size is limited, install elevator car lifts to expand garage capacity. Keeping a fleet of cars clean is no small feat. In fact, for many it necessitates an on-premise indoor car wash.

2. Walk-in refrigerators – Professional kitchens akin to what one may find in a five-star restaurant have taken over luxury homes. With growing emphasis placed on home entertaining, walk-in refrigerators and multiple ovens, sinks and dishwashers are the norm for even the novice gourmet.

3. Spas, gyms and yoga and Pilates studios – The home gym has undergone a makeover and the focus now is on complete health and wellness facilities. Professional-style spas complete with steam rooms and massage rooms overtake the outdated sauna or whirlpool. Yoga and Pilates studios trump stair climbers, treadmills and rowing machines.

4. Wine cellars and tasting rooms – Grand wine cellars often found in Rosedale, Forest Hill or Westmount residences are the norm for today’s connoisseur. Individual cellars for red and white wines, as well as specialized tasting rooms equipped with various sinks and buckets for wine sampling are becoming all the rage.

5. Concierge services – Concierge services are no longer limited to condominium owners or hotel guests. Today’s luxury homeowners utilize companies specializing in concierges. From making dinner reservations to picking up dry cleaning or purchasing opera tickets, concierge services are now a common trend within many luxury neighbourhoods. There are several companies that will provide typical concierge services to homeowners – essentially acting as a live-out butler.

6. Media rooms – Media rooms that rival the local public theatre are as prevalent in luxury homes as the family room. These windowless rooms typically boast a theatre-size screen, surround sound and rows of plush seats to accommodate large groups.

7. Wrapping and sewing rooms – Specialized rooms to accommodate particular hobbies or tasks, which are completely outfitted help to keep homeowners organized, are very popular. Dedicated rooms for gift wrapping boast everything from ribbons to paper varieties to bags and bows, while sewing rooms have every type of thread, button and zipper imaginable with tables and machines tailored to the homeowner’s needs.

8. Structured wiring and security – A wireless home is a thing of today. Many luxury residences feature security capabilities (e.g. door locking), entertainment options and light settings that can be accessed remotely throughout a home in various rooms. Some properties are even equipped to remotely control security features in far away cottages or second homes. Another innovative perk for those with deep pockets are security systems that allow property owners to view their home while at work, at the cottage or on holiday.

9. Home elevators – As homes are increasing in size, and are being built higher to accommodate several floors, home elevators are becoming an accessory of convenience as well as necessity.

10. Heated driveways, walkways and garages – Manual snow removal is a thing of the past for those in exclusive neighbourhoods that favour heated driveways, walkways and even garages. Built on top of heating coils, snow melts as soon as it touches these warm surfaces.

What’s on your wish list?