Real Estate Multiple Representation Or Dual Agency

If you are a home buyer or seller, it is important for you to understand the legal nature of the agency relationship you have with your agent. Your agent must act in your best interest while representing you in a real estate transaction. This gets complicated if you find yourself in a “multiple representation” situation. What is dual agency? Basically, it means that a real estate agent is representing both the buyer and seller in a real estate transaction, which is legal in Ontario but … A real estate agent who is working as a dual agent could easily find herself in a conflict of interest by trying to represent the best interests of both parties.
his is why we now see Buyer Agency, which is were the selling agent strictly represents the interests of his buyer. No conflict is encounter as he owes fiduciary responsibility only to his buyer and honesty, fairness and due care to the seller. He is not bound to disclose any information to the seller unless instructed by the buyer.CMHC Housing Market Outlook – Real Estate Intelligence
According to CMHC
Housing starts will moderate this year to 209,500 units after reaching 227,395 units in 2006, according to Canada Mortgage and Housing Corporation’s (CMHC) first quarter Housing Market Outlook report. Although residential construction will decline, 2007 marked the sixth consecutive year in which housing starts exceed 200,000 units. Starts will ease further to 195,500 units in 2008. “Construction activity will continue to moderate as demand for home ownership moves toward more sustainable levels,” said Bob Dugan, Chief Economist at CMHC. “Most of the pent-up demand that built up during the 1990s has been absorbed, and higher mortgage carrying costs due to continued strong price growth and decreased in mortgage rates will contribute to the ongpoing pace of new home construction both this year and next.”