Skip to content

Spike in Covid cases and Toronto Real Estate prices

Buyer Beware

Although the spike in real estate prices may be scary, covid hasn’t seemed to have spooked buyers or sellers. According to the Canadian Real Estate Association (CREA), “National home sales rose 6.6% on a month-over-month basis in February.” With a hot and highly competitive real estate market, the buying process is getting tricky and bidding wars are neck-to-neck. In a recent article written by blogTO states that a Toronto one-bedroom condo sold 100k over asking. The surge in real estate prices and increasing bidding wars indicates a hot and highly competitive market. Seeking legal counsel when buying/selling provides you with a competitive edge and sets you apart from other potential buyers/sellers.

Competitive biding wars

Covid-19 has affected both supply and demand of housing. Yin-Lynn Low, the listing agent in the mentioned blogTO article above, had the condo’s status certificate on deck when potential buyers were viewing the condo. A status certificate can be difficult to understand/follow which is why It is critical that the buyer acquires legal counsel when conducting a legal review of a status certificate. Pace Law Firm Real Estate Lawyers provide clients with a sense of comfort by thoroughly drafting, analyzing, and negotiating all important documents.

What is a Status Certificate?

A status certificate entails all of the condominium corporation’s important information/documentation and holds your condominium’s Board of Directors accountable for potential issues that may arise in the future such as; their balanced budget, money reserve for unit repairs, legal cases, and much more.

Covid-friendly transactions

Pace Law is at the leading edge of Real Estate Conveyancing in Ontario with Electronic Signatures, allowing signing from the comfort of your own home. The only time paper is used is when a client’s “wet” signature is required for transactions and jurisdictions where an electronic signature is not permissible. At Pace Law Real Estate, our team of legal professionals provide real estate legal service using the most current technology available ̶ enabling you, the client, to sign documents remotely from the comfort of your home via video conferencing and biometric electronic signatures. Conduct your real estate business confidently, safely, and securely with Pace Law Real Estate Lawyers.

How we can help

At Pace law firm, we take a client-first approach to ensure diligent and efficient completion of legal documents and a smooth transaction process. With the help of Pace Law’s legal counsel, we simplify the daunting and increasingly difficult selling/purchasing process for our client’s by preventing scams from predatory lenders (lenders who impose unfair loan terms to exploit borrowers,) analyzing, drafting, and thoroughly explaining legal documents, all while protecting your interests at all cost. Contact Pace Law Real Estate for legal counsel today!