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Home Inspector Discrepancies

October 7th, 2008

I recently became aware of a couple of instances where there was a very big discrepancy between what a qualified Home Inspector reported and the reality of the condition of a house. Once the Buyers had moved in and had a chance to have a good look around and live in the house a few days, they discovered many problems that the inspector had overlooked and misrepresented. It prompted me to investigate the Home Inspection industry further to see just what is the responsibility and liability of Home Inspectors.

To briefly explain, for those unfamiliar with the function of a home inspector; when a buyer is deciding whether or not to purchase a home, they will often hire a Home Inspector in order to determine the condition of a home and to uncover any deficiencies that the home may have, be they large or small. Some imperfections are fairly insignificant while others may be larger, quite costly and be cause for great concern. However, in all cases, based on the Home Inspector’s Report, buyers will decide their course of action. That is the reason the Buyer has hired the Home Inspector. They may decide that they are going to accept the condition of the home and go ahead and purchase it or they may feel an adjustment in price needs to be made to reflect the deficiencies in the house or, in some cases, they may decide to back down from purchasing the home all together. In any case, it is obvious that Buyers make decisions to spend very large amounts of money based on the reports of these Home Inspectors.

I contacted a certified member of the National Association of Home Inspectors about this issue and asked whether there is a regulatory body that has legal jurisdiction over Home Inspectors and what kind of accountability a Home Inspector has in these discrepancy cases? The following is the response I received. Although it is not the official response of the NAHI, the following is the answer I received.

Home inspectors are not currently under any government regulation in Ontario, or as a matter of fact within Canada. To make a very long commentary on the home inspection sector somewhat short – the predecessor of [the certification program] you see today (the National Certification Program) was an initiative launched to enhance the credibility and status of the home inspection industry, as well as to build a platform to harmonize licensing or perhaps some prefer a self-regulating body. This effort is still ongoing, however, the National Certification Program also appears to be viewed by some of the provincial associations such as OAHI (CAHPI Ontario) as the instrument to work towards regulation within the province. In some instances other provinces such as BC, Alberta and Quebec are further along in the process.

The National Certification Program is a voluntary process that tests and validates the home inspectors skills and knowledge by a team of expert practitioners through the TIPR process.

On the issue of education and training many inspectors are practicing with a mere 40 hour – 1 week basic training course, others feel qualified enough by their own claim of experience, and the National Certification Program has a program that will require 250 hours of home inspection training and 50 hours of on-site inspection in a mentoring process, as well as on-site testing through the TIPR process. This certainly indicates that there is no common minimum standard for the public (consumers) to rely upon. That is the basic objective of the National Certification Program – to provide the minimum baseline for a home inspector. Like most things, there are many involved in the [home inspection] business that have written their MP to protect their livelihood against this often perceived “evil scheme”. Other see the value and have taken on and met this challenge and become recognized as National Certificate Holders.

At the current time many applicants in the National Certification Program are experienced inspectors, primarily with a designation as a RHI – Registered Home Inspector. The RHI is a recognized provincial certification standard held by those provincial members having met the top level requirement of CAHPI National associations – once again, such as CAHPI Ontario (OAHI).

There are other certification marks claimed by others out there in the marketplace such as “certified home inspectors” or perhaps simply “certified” or more recent “nationally certified” etc. Regardless of the claims, consumers in many cases rely on referrals from Realtors when purchasing a home. I recommend that any consumer must do their research and ask many questions to verify the inspectors authenticity. Realistically, anyone claiming to be licensed as a home inspector is “suspect” – because as I noted earlier, licensing of home inspectors does not currently exist in Canada, or Ontario.

Both CAHPI Ontario (OAHI) and the National Certification Program have an internal Discipline and Professional Practice Committee that handles disputes against home inspection members of these two bodies. It does not handle disputes/complaints of “non-members” however. It does not provide financial compensation for claims; but more specifically can discipline a member for fault provided by sustantiated documentation, and after a review by the committee for defaulting in the realm of professional practice. Any financial claims would require resolution outside of the “association”.

What the home inspector reports in their documentation weighs heavily in court as fact, or perhaps to their own detriment if they fail to report accurately and concisely. Often inspection reports are incomplete or inaccurate – who checks their reports? The National Certification Program reviews the report during the test inspection process. At least it is a start in the right direction.

Do home inspectors have error and omission insurance coverage for compensation of financial claims/losses?

Some do carry it, but it estimated that over half of the home inspectors have no such insurance coverage.

Regarding cleaning up the sector, in general some strongly support better regulation in some “reasonable” form. Hopefully that is fair and equitable regulation that provides a balance between professionalizing the home inspection sector and offering a trustworthy and dependable service to consumers. As such the National Certification Program and it’s affiliated CAHPI National associations are moving in that direction, and at least offer some degree of control through discipline of its members. But on the other side there also exist a large mass of home inspectors that oppose such control, and seemingly flourish in the marketplace. So it still remains buyer/consumer beware when dealing with these unknown inspectors.

It is obvious from the above comments that although many inspectors have the option to become certified, they do not and we have no guarantees that the current system will produce inspectors that will not make mistakes.  It is still Buyer Beware! In my 20 years of selling real estate, I must say, I have only had 4 or 5 instances where there was a problem. I make it a practice to recommend 3 or 4 Home Inspectors that I know and trust. Their track record speaks for itself. The problem arises when there has been a pre-inspection already done by the Seller or the market is so busy that you are unable to get your regular Home Inspectors.

It is in our best interest as Home Buyers everywhere in Ontario and Canada that we put pressure on the government and our local MPP’s to ammend the current legislation regarding this industry in order to hold Home Inspectors accountable and responsible for the information they provide. In addition, Buyers should have access to obtain some kind of financial recourse if a Home Inspector makes a gross mistake that costs the Buyer thousands of dollars. I will update the site on this issue if and when I receive any new information. I would appreciate your comments or personal experiences on this issue whether good or bad.

Toronto Housing Market Showing Signs of Correction

September 4th, 2008

Over the last few months, many of you have probably noticed that more houses have been coming onto the market. During this same period, especially during the month of July and August, there has been a steady decline in the number of sales throughout much of the downtown core. Neither of these trends however are cause for concern as the sale prices have dropped only slightly and we are beginning to see a more balanced market. The Canadian Real Estate Association reported that this trend seems to be consistent nationwide;

This is the first time in any month that new listings surpassed 80,000 units, the association said, adding that listings are up across the country as people rush to take advantage of high home prices. “We’re facing a far more balanced market than we did last year,” said Gregory Klump, CREA’s chief economist, in an interview.”There’s a lot more product from which to chose,” he said. “Buyers can afford to be in less of a hurry.” Across Canada, said Klump, “people are putting their homes on the market to take advantage of recent price gains.” What Canadians are seeing, said Michael Gregory, an economist with BMO Capital Markets, is “a healthy correction.”

This news is also consistent with a report by The Toronto Real Estate Board. Board President Maureen O’Neill announced that “we’re continuing to see consistent levels with respect to sales volumes and prices. While the numbers are more conservative than those in recent years, the stability we’re experiencing should help sustain consumer confidence as we move into the fall market.”

If you have been sitting on the sidelines waiting to buy, this might be a good time to begin looking for a house. In addition, the bank rate is also expected to fall or at the very least remain steady. In the long run, real estate has always been and continues to be one of the best investments you can make and let’s face it, we all have to live somewhere. It’s a good time to take advantage of the current larger inventory. If you would like more detailed information, please give me a call.

Changes to Government Guaranteed Mortgages: an article from MERIX FINANCIAL

August 20th, 2008

I received the following article written by MERIX FINANCIAL regarding the changes to Government Guaranteed Mortgages. As usual, please send any comments my way. Many thanks to Marcus Tzaferis of Reactive Mortgages for providing this article.

There has been lots of discussion in the news about the recent changes to government guaranteed mortgages announced by the Minister of Finance.

However we believe the majority of Canadians do not understand what exactly it means to remove the “government guarantee” from some of these lending programs.

We’ll explain.

Many Canadians generally understand how mortgage insurance works. We’re not talking about mortgage life and critical illness insurance, we’re talking about mortgage default insurance. This is the premium that is applied to your mortgage amount and is paid to a mortgage insurer, who in turn agrees to insure your mortgage with your lender in the event you default. In other words, it is protection for the lender in case their customer cannot make their payments. This is a mandatory insurance for mortgages higher than 80%
of the home value.

Well that’s great, but what happens if a lot of people all of a sudden can’t make their payments and the insurer who is supposed to protect the lender is unable to cover their insurance obligations?

Enter the government guarantee.

The Canadian government will guarantee up to 90% of the mortgage amount against insurer default. So, this is security for the lender in the event the insurer defaults. This Government Guarantee is in place for CMHC (Crown Corporation) as well as the private insurers, such as Genworth Financial Canada.

The government guarantee is also a criterion for high ratio loans to be sold into the Canada Mortgage Bond program, which is a relatively new cost-effective funding source for banks and mortgage lending companies.
These Bonds are bought up by investors all around the world due to their higher yield than Government of Canada Bonds combined with their “government guarantee”.

So what has changed?

Well, the Finance Minister looked to our southerly neighbours as well as across the pond and noticed some pretty dire scenarios which begged the question: Are we guaranteeing mortgages that are a little too risky? After an analysis of the mortgages that fall within their guarantee, recent trends, and industry consultations, the Minister of Finance decided to cease guaranteeing high ratio mortgages with the following characteristics:

- LTV ratios in excess of 95%

- Amortizations in excess of 35 years

- Non-amortizing mortgages (Interest-Only Mortgages).

- Applications where the beacon score of both borrowers is less
than 620.

How does this affect me?

If you are a current homeowner, who is happy in your home and have no intentions of moving in the near future than this probably doesn’t affect you. However if you are a prospective home buyer, looking for 100% financing and a 40 year amortization then your financing options are becoming a little more limited. Most of the big chartered Banks and many lenders have already pulled the above products. Other lenders, such as MERIX are offering these products until October 13, 2008 (please speak with your mortgage originator
concerning rules around this deadline).

Let’s take a closer look at the 40 year amortization phenomenon. Why is it appealing when borrowers know they are paying many thousands of dollars in interest over the life of their mortgage? Well there are a couple
of predominant reasons:

New homeowners are increasingly concerned more with their payment amount than the house price or the interest cost over the life of the mortgage. It’s a decision made largely on cashflow. The vast majority of people who take 40 year amortizations actually qualify for 25 year amortizations but choose the former and accelerate their payments, which reduce their amortization to 32 years. Registering their mortgage with a 40-year amortization helps protect them in the future should they need to decrease their payment.

From a purely mathematical perspective, according to the Ministry of Finance:

“Reducing amortization from 40 years to 35 years on a mortgage loan of $200,000 with a 6 per cent interest rate results in a $41 increase in a borrower’s monthly payment, but the borrower will save $49,000 in interest payments.”

Looking ahead.

If the decision to take 40 year amortizations is based on cashflow, then we’d suggest $41 per month on its own will not cause any major disruptions in the housing market. The reality is that new mortgagors will have to spend a little more in their monthly mortgage obligations but the impact to the housing market will be isolated to those who needed the 40 year amortizations and 100% financing to qualify for their mortgage. As a replacement for 100% financing, we may see the increase in popularity of Cashback mortgages once again. The 100% financing programs have all but made CashBack offers obsolete, however they may be a decent option for some people once again – even if the interest rate is higher.

In the short term, we may see a small spike in home buying and refinance activity as people try to accelerate their timelines in order to take advantage of these fleeting offers. This may keep the market relatively
strong through 2008. In the medium to long term, we don’t expect these changes to have much of an impact to the housing market. 35 year amortizations are still available and for that matter 40 year amortizations
will still be available by some lenders, such as MERIX, for those customers who have the minimum 20% down payment for conventional financing.

For more information about 40 year amortizations, we encourage you to read Why 40 Year Mortgages Aren’t 40 Years Long, by Peter Vukanovich, President, Genworth Financial Canada.

State of the Market

July 30th, 2008

Recently there has been a lot of press again regarding the real estate market in the United States and the declining prices. The topic of frequent discussions is how this is affecting our market here in Toronto. With some of the sensational press, it is often not mentioned that in the U.S., high demand markets like Manhattan, Boston and downtown Chicago have not been affected nearly as much as some other U.S. markets. These markets are probably more comparable to Toronto’s downtown market in terms of desirability and demand. First of all, after 20 years in Real Estate, I can tell you that summertime is typically not the best time to assess how the market is doing since market activity always slows down in the summer months. Children are out of school, many people are away at their cottages or on vacation and are taking time to enjoy the warm weather socializing and enjoying family and friends. Once the fall arrives and things begin to get back to a more normal and regular schedule, we will get a better indication of where the market stands.

Our statistics are showing that we have seen a decline in activity this June which is down about 18% in the central core compared to June of 2007. Although activity is down, at the same time the average price is about 4% higher than it was at this time last year and condo prices have risen on an average of 9% in the central Toronto districts. Gradually we are seeing a shift to a more balanced market as we have more inventory on the market than we have seen for quite a while. We are also not seeing as many multiple offer situations as has been the case for the last few years. If there are multiple offers, the number of Buyers vying for the same property is not as high. For example you may have 1 or 2 offers instead of 5 or 6. Since there are more homes on the market, Buyers are enjoying more choice and more opportunity to take the time to choose a home. If you have been thinking of buying, this might be an opportune time to purchase that new home.

Phantom Offers

July 23rd, 2008

Lately several articles have appeared in the newspapers on something called the “Phantom Offer”. A couple of my clients have called me with concerns regarding this issue. To clarify, a Phantom Offer is a situation where an agent tells you that there is another offer(s) on the table (besides yours) for a particular property, when, in fact, there is no other offer. In other words the other offer has been fabricated in order to get the first party to increase their price. The Toronto Real Estate Board has had ongoing debates on how to police this issue and reassure Buyers that this is not happening.

First of all, I would have to say, that most real estate agents are in fact very professional and adhere to professional standards of business practice and ethics. Recently, the Toronto Star printed an article which stated that real estate agents across the GTA, agree that this practice is widespread. This has not been my experience and to say that this practice is widespread is irresponsible and misleading. In discussing this issue with other agents, they have indicated that they have also not found this practice to be widespread. As with any industry and life in general, there are those few people who find it necessary to use devious means to achieve their own goals. Any agent who has been in business and has a good reputation would never compromise their reputation, and their livelihood for a few dollars and one deal. As with most responsible people, most agents would never even contemplate unethical behaviour of this or any other kind. 

RECO, the Real Estate Council of Ontario, was set up several years ago to give consumers a place to voice their complaints and to seek recourse if they feel they have been wronged. However, it is much better to try to prevent a problem before it happens, than to try to deal with it after the fact. Many of the larger firms have started to implement safeguards to reassure clients that everything is above board. Initially we ask if there are any other offers and if so, the name(s) of the agent(s) and brokerage(s) representing the other buyers. We have discussed making it mandatory for agents to keep a record of the offers which have been registered and include agent and brokerage information. To date this suggestion has not been implemented by the Toronto Real Estate Board as law or a regulation. As your agent, I always strive to make every effort to give you all the information necessary in order that you feel totally comfortable going forward in any real estate transaction. Ultimately, it is your decision whether to proceed with any transaction.

Follow the link to the discussion on “Phantom Offers” in the Toronto Star (link to the STAR article). I invite your comments and suggestions.

Green up your décor

June 25th, 2008

Determining the right décor for your home typically means deciding on a colour scheme, furniture styles and the interplay between elements in the room. Why not add a green touch?

According to David Bach, author of Go Green, Live Rich

“Canadians spend about $7 billion a year on new furniture, much of which contains PBDEs (legally required flame retardants that cause health problems) and/or finishes and lacquers (that release volatile organic compounds that can cause lung damage), formaldehyde and benzidine (which can cause cancer), and many other harmful chemicals.”

However, more companies are producing furniture that is made from responsibly harvested, renewable resources.

Durante Furniture in British Columbia is one such company. They produce a variety of modern, stylish furniture for both home and office that is built in adherence with FSC (Forest Stewardship Council) guidelines, drawing their source lumber from certified well-managed forests. Additionally, low VOC finishes contribute to healthier homes and working environments.

Check out the Green page for more links to organizations and companies that provide information on

Welcome!

June 23rd, 2008

I wanted to take this opportunity to welcome you to my new website and blog. Over the coming weeks we will be developing new posts and pages with information about the real estate market in Toronto and real estate in general, tips on staying green, great advice from other real estate experts and plenty of links to great resources.

Stay connected and send us email with questions or comments.

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