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The Toronto Real Estate market has made headlines in the news for a number of years as real estate in Toronto has been quite active and many have profited in the Toronto market. Activity has occurred in both the areas of selling and buying real estate in Toronto.
The Toronto Real Estate Board maintains certification and licensing requirements for Real Estate Agents and the multiple listing areas within the Toronto area. The Ontario Real Estate Association governs real estate agents working in the Toronto area and the rest of Ontario.
There are many types of properties to be considered in the real estate market in Toronto.
These include Toronto property for rent and for sale:
- Freehold detached single homes
- Semi-detached homes
Toronto Business property listings may also include land, restaurants, office space, and other such properties. Toronto enjoys a diverse variety of living options for its residents as well as spaces to do businesses for those interested.
This is an option if the owner has listed with a registered agent. Many are listing their own listings on other social media entities like Facebook, Twitter, etc. Both homes and business listings can be found for sale or for lease on many given websites.
How to Become a Real Estate Agent in Toronto
In order to become a certified real estate agent, one must take a series of courses regulated and offered via the Ontario Real Estate Association. These agents then have access to the Toronto Real Estate Board and Ontario Real Estate Board functions and supports.
These supports include a board wide liability/insurance coverage, the multiple listing service, and a plethora of standard forms. Once an agent becomes a licensed realtor, their business name and contact information is also listed in the real estate board listings.
Obtaining the services of an MLS agent is one option for completion of a real estate transaction. MLS agents generally charge a standard 5-6% commission on the sale of residential properties. Corporate listings are rated based on the value of the transaction. This is considered the area of Industry and Commercial Services. (ICS)
Once a property is listed, a sign can be placed in view for public awareness. This is usually done somewhere on the outer parameters of the property being listed. The sign offers details of the agent and agency involved in the sale of this property and will include a name and contact information.
Sometimes a box is attached with further property details inside for passer-bys to pick up. Much of this information including virtual tours is now available on various websites.
The Multiple listing website has divided Toronto and the GTA into various MLS neighbourhoods with each listing identified with an MLS number. Standard information on each property is requested on a standard real estate association form. This would include the listing number, an address, the physical measurements of the lot, and the number of bedrooms, bathrooms and rooms.
Appliances and inclusions or exclusions are also included along with the dimensions of each room. Sometimes a total square footage of the space is given - if it is a home with a basement and garage, the basement and garage do not count in the spatial total. Annual taxes, major intersection, and f applicable, maintenance fees are included on the listing sheet.
In recent months, there has been discussion regarding the commissions offered to MLS agents and the exclusivity of agent access to MLS. With the growth of modern technology, many individuals are able to list properties on other free sites. Many have posted virtual tours on Facebook and sold their properties via eBay. The agents' livelihood is being reviewed as consumers become savvier.
Vacation properties, Toronto lofts, shared accommodation, and student housing can also be accessed via the routes as mentioned above. Whether you are a buyer or seller there are many details of which you should be aware. One of course is the added expense that can occur when changing or acquiring a new location and living address in Toronto.
Once a home is purchased, there are other fees to consider. Moving expenses include the cost of a moving company and any storage that may be required if one is moving to a smaller space, or perhaps there is a gap between homes. Or perhaps, the need for more furniture if a larger space has been acquired. Legally there are also fees such as land transfer taxes and government taxes. Changing the name on the title of the property as well as utility accounts are often done by a real estate lawyer.
These are areas that an experienced real estate agent may be able to hold your hand through, although it is not common practice. Many find they must take care of this on their own as well and hope to find reputable resources from either a professional association or once again via internet sites.