On October 22, despite much opposition and lobbying from Toronto Real Estate Board and its many members, Toronto City Council approved a new land transfer tax, which will take effect on February 1, 2008. The new tax will be in addition to the provincial land transfer tax, and will apply to all real estate purchase and sale agreements signed after December 31, 2007 with the closing date after February 1, 2008. First time buyers will receive a rebate equal to the full applicable tax on all purchases of new and resale properties up to $400,000.
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Ontario Real Estate Association form of Agreement of Purchase and Sale provides, in Paragraph 28, that "there is no representation, warranty, collateral agreement or condition, which affects this Agreement other than as expressed herein". If the seller makes representations ("promises") about the quality of the property, the buyer should have them written into the agreement. Toronto Real Estate Board doesn't make it mandatory for the seller to sign a property disclosure form, but such form is fairly often signed and available for the buyer upon request.
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The largest city in Canada, Toronto has an industrial past. Its factories, built in the 19th and early 20th centuries, over time became defunct, and are sitting on prime downtown real estate. Such buildings are a superb material for loft conversions. Converting abandoned factories and warehouses into lofts can revive run-down areas of old cities, and provide interesting living space for artistically inclined individuals.
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