Pride Toronto (All June)

Pride Toronto continues a legacy that is deeply intertwined with the rich, progressive history of Toronto’s queer community. From a small gathering of dedicated activists fighting for their right to love and be seen, to clashes with the government and police, to the vibrant celebration we know today, Pride has been a long time in the making. The parade takes place on Sunday, June 25. 

The Gardens At Casa Loma (Open Select Days June-August)

The Gardens of Casa Loma offers guests an opportunity to enjoy a casual meal al fresco in the center of Casa Loma’s award-winning gardens surrounded by spectacular views of the city skyline and the majestic castle.

Canadian Music Week (June 5th-10th)

Now in its 41st year, the Canadian Music Week Conference is still the premier annual music business and networking event in Canada and coming back in 2023 it’s in person live! We promise to deliver a world class experience in the Heart of Toronto once again.

RBC Canadian Open (June 6th-11th)

The RBC Canadian Open is the third oldest continuously running tournament on the PGA TOUR, after The Open Championship and the U.S. Open.

Only two players have been able to capture golf’s Triple Crown (consisting of winning all three National Open titles in the same season); they are Lee Trevino (1971) and Tiger Woods (2000).

Luminato (June 7th-18th)

Luminato Festival Toronto is an international arts festival dedicated to big, bold contemporary works of art that cut across traditional artistic boundaries of music, dance, theatre, and visual art. Originally created to help Toronto rebuild after the SARS epidemic, Luminato works at the intersection of artists, spectators, and city spaces to produce once-in-a-lifetime experiences that highlight the very best of our city, region, and country. ​

Toronto Flower Market (June 10th)

Toronto Flower Market is the city’s first outdoor flower market. We celebrate and support Ontario grown flowers & plants, connecting growers and florists directly with the city. The market season runs monthly from May through October, with special collaborations sprouting up throughout the year. It happens between 10am and 3pm at CAMH (1001 Queen Street West). 

Toronto International Dragon Boat Race Festival (June 17th and 18th)

In 2023, as the Festival celebrates its 34th year, the Toronto International Drag Boat Race Festival promises to continue to be one of the most exciting summer events in Toronto and one of the most prestigious dragon boat festivals on the North American dragon boat calendar. Once again, this year, the Festival will welcome teams from across Canada, the U.S., the Caribbean Islands, Europe, and Asia.

Toronto Outdoor Picture Show (June 22nd – August 27th)

From June 22 to August 27, 2023, Toronto Outdoor Picture Show proudly presents Another World, a 21-date open-air festival programme. Like in 2022, the TOPS season will kick off with a 5-evening opening weekend of film screenings at Fort York, before moving the travelling show to Corktown Common, Bell Manor Park, and TOPS’ signature series, Christie Pits Film Festival, in July and August. Films include Jurassic Park, Pan’s Labyrinth, and Everything Everywhere All At Once. 

Toronto TD Jazz Festival (June 23rd-July 2nd)

What began in 1987 as an eight day showcase of jazz now attracts in excess of 500,000 loyal patrons annually over 10 days as more than 1,500 musicians entertain all across the city. The Festival has become a destination event, not just for music lovers but for some of the greatest jazz celebrities in the world, reinforcing its reputation as a leader in artistic excellence and outstanding production standards. Headliners include Herbie Hancock and Ashanti. 

Smorgasburg (June 24th-September 9th)

Smorgasburg is the largest weekly open-air food market in America, attracting thousands of people to Brooklyn, Manhattan, Los Angeles and Miami each weekend to eat from dozens of local vendors. This year, Smorgasburg Toronto is returning for a second season! 

Smorgasburg Toronto will feature 50 weekly vendors every Saturday from June 24 to September 9. Conveniently located at 7 Queens Quay East, at the foot of Yonge Street.

Try Some Delicious New Restaurants and Bars

June is here and as we make our way back out and enjoy the warm weather, you can fill up at these delicious new restaurants and bars that will keep you going for all of your Spring and Summer adventures.

Believe it or not, there are many things that can go sideways when you’re getting ready to close on a house or condo. Sometimes it’s something minor like the home needing a good cleaning because it’s not left the way it should be, and sometimes it is more serious like the current residents not actually moving out when they are supposed to. In fact, there are so many things that can go awry, this blog is a two-parter!

Among the many benefits of using a (ahem) seasoned realtor, is that not only do I know when something doesn’t feel quite right, I know the questions that need to be asked in order to prevent problems from even occurring. Let’s have a look at some of the more common things that can happen and how they can be thwarted.

Financing

Unless you’re paying cash and if the situation allows for it, I always recommend including a five day financing condition in any offer you submit on a property. This allows you to secure a firm commitment from a lender that’s satisfactory to you, otherwise the sale becomes null and void. This is important because, although you may be pre-approved, there are more hoops to jump through before getting a firm commitment from a lender.

With a financing condition, if you don’t truly qualify for the amount you’re asking for, the contract can be cancelled, and you get your deposit back, eventually.

That said, in a hot market, an offer conditional upon financing can be the clause that makes the difference between you getting your dream home or not. When a seller is presented with two similar offers and one is ‘clean’ (ie, no conditions), a seller will usually go with the clean offer. Working with an experienced mortgage broker who has access to a number of lenders can help with any speedbumps.

Closing Date

People often ask about how quickly a property can close. I understand, a new home is exciting, and you want to get in there, especially if the property is vacant. However, I recommend a minimum closing period of 30 days.

You may be pre-approved for a mortgage, but a lot more is required when a lender is about to hand over hundreds of thousand of dollars, and you want to make sure you have enough time to dot your i’s and cross your t’s.

Your lawyer (who will likely suggest a minimum of 45 to 60 days) has to do title searches and there is a lot of paperwork, which sometimes needs to be corrected, not to mention that a lender may require additional documentation depending on your situation.

Delays can happen, especially with backlogs at the bank. I’ve spoken with a number of lawyers frustrated with securing funds, so the smartest thing you can do is have a reasonable closing so that any hiccups can be taken care of. I know you want those keys, but you’ll sleep better knowing that everything has been settled.

One other related tip is to book your move for the day after the closing date and not the day of the closing. If there are delays on closing day, it means you may not get your keys on time. If you’ve booked movers for the same day, you’re paying for them.

Buyer’s Remorse

Sometimes buyers have second thoughts once the excitement has dissipated. If you’re buying a pre-construction condo, there is a 10-day cooling off period, in which you can back out of the deal for any reason. But that doesn’t exist on a re-sale.

So how can a buyer legally back out?

If there’s a substantial discrepancy and the buyer thought they were buying a property that they aren’t getting, then there may be an opportunity to walk away or renegotiate… but a contract is a contract and they are easier to get into then they are to break. Also, if by chance you are able to walk away, you don’t just automatically get the deposit back. You have to prove that you were wronged and deserve the deposit back and sometimes the courts have to get involved to settle any issues.

If your offer is conditional upon the home inspection and something major is discovered, it’s possible that the contract can be cancelled. That said, I have yet to come across a deal that couldn’t be saved, whether through a repair or an adjustment of the purchase price.

One way to prevent any surprises for both parties is for the sellers to have an independent home inspection done before the home goes on the market. It’s not uncommon for the sellers to do this in preparation for listing their home. Not only does this reveal any red flags with the home, if the listing may potentially receive multiple offers at one time, it could bring comfort to buyers to be able to review the report in advance of offering in order to submit an offer without a home inspection condition.

When buying a condo, there’s almost always a condition that the lawyer has to be satisfied with the status certificate package. This package allows the lawyer to review any and all documents related to condo you’re interested in and the corporation within which it’s registered. The seller’s agent usually has it available prior to listing the property on MLS and if not, it’s easy to order.

The interesting thing with this condition is that it often requires the lawyer to be 100% satisfied – and if they aren’t, the offer can be withdrawn without giving the specific reason.

Next month: what happens if the home sellers haven’t actually moved out?

One of my favourite events is back this year, Doors Open Toronto. It’s a great opportunity to see some buildings that are normally closed to the public, including the R.C. Harris Water Treatment Plant and the Ontario Legislative Building. You’ll find more info and some other terrific events in the blog, below.

The real estate market continues to slowly recover, as we see both prices and the number of sales up slightly over March. Increased mortgage rates are just part of the story; with so few listings available, sellers don’t want to list until they’ve found a place to move, and pent up demand is pushing prices up a little.

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