Good morning and Happy Canada Day.
What a great Country!!!
We are delighted to provide you with of the latest news that affects our industry together with some information about MyClosing and, of course, we can’t leave without providing some information about Canada Day.
AROUND MYCLOSING
Last month we provided information centred on Independent Legal Advice.
This month, we wanted to share that we are often asked about title insurance.
As you know the premium on a lender policy of title insurance up to a registered amount of $1 Million is INCLUDED in our refinance pricing and the premiums of an Owner and Lender policy of title insurance up to a registered amount of $750,000.00 are INCLUDED in our purchase pricing.
This represents a significant saving to your client.
Attached is our full pricing list.
BUT WHAT IS TITLE INSURANCE?
Here is a brief overview.
WHAT DOES TITLE INSURANCE COVER
Title-Clear ownership of the property
Off-title-Potential legal problems around how the property can be used
Transactional-Property surveys, lack of corporate authority, fraud
IS THERE A DIFFERENCE BETWEEN RESIDENT AND COMMERICAL PROPERTIES
Yes!!
Residential Properties-Coverage for Single family dwelling, condominiums, multi-residential properties from 2-6 units, or farms with a residence
Commercial Properties-Coverage for Multi-residential properties over 6 units, commercial industrial, commercial agricultural land, mixed use or energy projects
DID YOU KNOW THAT 2 POLICIES ARE ISSUED ON A PURCHASE
Owner policies provide protection for title defects and the owner/policyholder can make a claim as soon as they suffer a loss
Loan policies protect Lenders from title issues that might arise on properties where they have a mortgage. A claim on the loan policy must wait until the loan is in default.
LETS TAKE A LOOK AT SOME CLAIMS
Permits
Previous owner did not get permits for renovations or the permit was never closed
After moving in the homeowner received an order to comply because the house violated setback requirements.
In this case, the title company purchased a strip of land satisfying the municipality and neighbour.
Unpaid Taxes
Previous owner did not pay municipal taxes and the municipality was looking to the new owner to pay the bill.
In this case, the title company paid the back taxes.
Encroachment
One year passed since buying the home and it is found that the garage is over the property line and neighbours want it moved.
In this case, the title company paid to remove that part of the garage in order to comply.
Liens
The previous owner did not make final payment for the work on a new pool which resulted in a lien on the property.
In this case, the title company paid the outstanding amount and had the lien removed.
Fraud
Fraud takes shape in a variety of forms, from vendor to borrower impersonation.
Two fraudsters caught sight of a property free and clear and that the homeowner was out of the country.
They impersonated the property owner, used a fraudulent bank account and set up government IDs under the original homeowner’s identity.
They sold the property ($2 Million)
In this case the title company paid out the Lender and the homeowner.
SOME FINAL THOUGHTS
Yes, it is important to complete the transaction on time.
Ian and myself believe that a strong partnership also includes sharing information on topics referable to our industry such as
title insurance.
Title Insurance is a crucial component of a real estate transaction
If a claim arises, the owner/borrower will contact the title insurance company for the process to be followed.
At MyClosing we stand with the client to assist.
AND TO YOU WE SAY
Be aware!!!
Fraud happens from the unlikeliest of sources.
If your warning bells are ringing, there is a reason.
Valid identification of your clients is absolutely crucial.
AROUND THE REAL ESTATE MARKET
TD predicts housing market pickup starting late 2025
Canada’s housing market may see a mild rebound in the second half of 2025, according to a report released by TD Economics.
The report, written by economist Rishi Sondhi, says home sales are expected to pick up after a slow start to the year. National home sales rose four per cent in May, following a small increase in April, suggesting some demand is returning.
Full article: https://realestatemagazine.ca/td-predicts-housing-market-pickup-starting-late-2025/
GTA Homebuyers Benefited From More Listings in May
The Greater Toronto Area (GTA) housing market experienced an improvement in affordability in May 2025 relative to the same period a year earlier. With sales down and listings up, homebuyers took advantage of increased inventory and negotiating power.
Full article: https://trreb.ca/gta-homebuyers-benefited-from-more-listings-in-may/
Toronto Real Estate Prices Climb Despite Worst May On Record
Greater Toronto real estate just had the worst May on record—but you wouldn’t know it from prices. TRREB’s composite benchmark price (i.e. a typical home) climbed in May. Yes, climbed. The increase was unexpected, given that record-high inventory and weak sales made it the worst-performing May market in history.
Full article: https://betterdwelling.com/toronto-real-estate-prices-climb-despite-worst-may-on-record/
Who is the typical first-time home buyer in Canada and how much money do they need?
Nearly half (47 per cent) of first-time homebuyers who purchased their homes in the past 18 months were between 25 and 34 years old, according to the CMHC 2025 mortgage consumer survey.
Condo buyers in GTA see more choice but fewer sales in Q1 2025
Condo buyers in the Greater Toronto Area saw a market tilted in their favour in the first quarter of 2025, as a surge in listings and a slowdown in sales gave them more power at the bargaining table, according to a new report from the Toronto Regional Real Estate Board (TRREB).
Full article: https://money.ca/real-estate/gta-condo-market
Ottawa’s GST rebate on new homes would save typical first-time buyer $27K: PBO
An eligible first-time homebuyer could save an average of $26,832 in sales tax on the price of a newly built home under Ottawa’s latest housing proposal, according to the parliamentary budget officer.
Full article: https://www.bnnbloomberg.ca/business/real-estate/2025/06/11/ottawas-gst-rebate-on-new-homes-would-save-typical-1st-time-buyer-27k-pbo/
AROUND QUEEN’S PARK-BUT TODAY LETS TALK ABOUT CANADA
Canada Day, celebrated annually on July 1st, commemorates the anniversary of the Confederation of Canada in 1867. It marks the day when the British North America Act (now known as the Constitution Act, 1867) united the three separate colonies of the Province of Canada, Nova Scotia, and New Brunswick into a single Dominion called Canada. The day is a national holiday and a celebration of Canadian unity, freedom, and its rich cultural heritage.
The word Canada comes from the Huron-Iroquois word “kanata”.
While the holiday was initially named Dominion Day, it was officially changed to Canada Day in 1982 to reflect Canada’s evolving identity.
In Quebec, July 1st is also known as “moving day” due to the high number of lease agreements that end on this date.
The first color television broadcast in Canada was on Canada Day in 1967.
All letters to Santa come to Canada. What is the official address of Santa Clause? It’s the North Pole of course and it is located in Canada.
Canada has more freshwater lakes than any other country in the world.
Most people think that hockey is Canada’s national sport, but it is not. Lacrosse is.
CONCLUSION
As always if you have any questions, please never hesitate to contact us.
Steven Ian
soffer@myclosing.ca ian@myclosing.ca
905 601 5698 905-821-8522 x3304
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