Mississauga Real Estate Board News

Financial Post: ‘People still want to own homes’ but COVID-19 may test Canada’s housing market, says Home Capital CEO (2020-08-07)

The chief executive of Home Capital Group Inc. says the Canadian housing market has so far managed to hold up during the coronavirus pandemic, but the alternative mortgage lender still sees considerable uncertainty being caused by COVID-19 that could test that resiliency. Toronto-based Home Capital reported on Thursday net income for the three months ended June 30 of $34.1 million, up from $27.7 million for the first quarter and $31.9 million a year earlier. Read more...




REM Online: COVID-19 pandemic hasn’t dimmed enthusiasm for buying a home, says report (2020-08-07)

A new report by Mortgage Professionals Canada (MPC) says most current homeowners are comfortable with their current mortgage debt and remain pleased with their decision to purchase a home. “What we have seen clearly is that the vast majority of homeowners are not feeling a long-term financial impact related to COVID-19, and that potential home buyers are still very much in the market for a home, signs of which are being seen in regions across the country,” says Paul Taylor, president and CEO of MPC. Read more...




REM Online: BisRing launches newly designed online platform for real estate (2020-08-07)

BisRing, a network of real estate resources in the Greater Toronto Area, recently relaunched its online platform to improve the user experience and with new content. “The new sleek, intuitive interface allows users to navigate and easily search for the expansive directory of real estate related services and products they are interested in,” says BisRing in a news release. Read more...




The Star: COVID leaves renters with healthy home-buying expectations: Study (2020-08-06)

COVID-19 has added to Canadians’ financial anxieties but that hasn’t dimmed their expectations of buying a home. Renters are actually more optimistic about home ownership since the pandemic than they were before the lockdown, according to a survey released Thursday by Mortgage Professionals Canada (MPC). It shows that among non-home-owning Canadians, the number who expect to purchase in the next year doubled to 14 per cent this summer, compared to only 7 per cent at the end of last year. Read more...




Better Dwelling: CMHC: Toronto And Vancouver Real Estate Delinquencies Rise, While The Rest Of Canada Falls (2020-08-06)

Canadian real estate markets are seeing mortgage delinquencies fall… just not in Toronto or Vancouver. Equifax data crunched by the CMHC shows the national rate of delinquencies fell in Q1 2020. Breaking down the numbers, this trend is stronger in some real estate markets than others. Montreal for instance, is seeing their delinquency rates drop to multi-year lows. Toronto and Vancouver are on the flip side of the stat, and are actually seeing delinquencies rise. Read more...




Mortgage Broker News: Gov’t at fault for high housing costs – Canadian Taxpayers Federation (2020-08-06)

Policies at every level of governance drive up the cost of housing by restricting supply and by increasingconsumer-side burdens through taxes and fees, according to a top official of the Canadian Taxpayers Federation. Reports of the Canada Mortgage and Housing Corporation considering a home equity tax – while subsequently proven to be “misleading”– emphasized the central role that the government plays inprice levels, said Jasmine Moulton, Ontario director of the CTF. Read more...




The Globe and Mail: ‘It’s a 180-degree turn’: Toronto realtors see signs of a pandemic exodus (2020-08-06)

The abrupt changes brought about by the coronavirus pandemic are prompting many Toronto-area residents to make some urgent decisions about where and how they want to live. July saw a rush of activity in the housing market in Toronto and surrounding cities as people recalibrate in response to working from home, home-schooling children and craving more space. Read more...




TRNTO: Toronto’s modular housing plan is a good idea failing in execution (2020-08-06)

There is nothing more frustrating than to see a good idea ruined by poor execution. The good idea is quickly becomes debased. The good idea for Toronto City Council is building new affordable housing, which, as the profusion of tent cities in parks, ravines and medians demonstrate, is sorely needed. To improve on that good idea the city is using modular housing, pre-built in a factory then transported to the site for final installation. Read more...




Stouffville Sun-Tribune: 'We are all surprised': Stouffville housing market up despite COVID-19 pandemic (2020-08-06)

You might have thought that the real estate market in York Region would be down due to the coronavirus outbreak. But it doesn’t appear the pandemic has seriously impacted house prices in Stouffville as of yet. Rather, the market in Stouffville is up across the board, said Vivian Risi, owner and broker at Royal LePage Your Community Realty. Read more...




Global News: Habitat for Humanity Peterborough begins construction on affordable housing condo building (2020-08-06)

Habitat for Humanity Peterborough has started working on it’s largest build to date — an affordable housing condo building. Located at 33 Leahy’s Lane in Peterborough, Ont., the three-storey, 41 unit development will have a mix of one-bedroom, two-bedroom, and three-bedroom affordable condos. Read more...




The Star: Kawartha cottage sales, prices soar as GTA residents seek pandemic safe haven (2020-08-06)

Waterfront cottage sale volumes and prices in Peterborough County have significantly increased since the beginning of the COVID-19 pandemic, according to the owner of Ball Real Estate Inc. brokerage. “The market across the board is up, but waterfront particularly is being sought after. I would say sale prices are up in the neighbourhood of 15 per cent over last year, which is insane,” said owner and broker Greg Ball. Read more...




Toronto Life: What’s the short-term future of residential real estate? We asked seven market experts (2020-08-05)

Despite a global pandemic, house prices in the notoriously durable residential real estate market have climbed upward for the past few months, much to the disbelief of some industry insiders…That said, common sense would suggest that the housing market will inevitably correct itself, flatten out to better reflect the state of the local economy. We asked seven market experts whether a housing crash is on the horizon. Read more...




Financial Post: Government is why housing in Canada is unaffordable and more taxes won’t help (2020-08-05)

The Canada Mortgage and Housing Corporation (CMHC) is giving $250,000 to Generation Squeeze, an advocacy organization for young Canadians, to research ways to improve housing affordability. The group stated it will focus on “wealth generated by rising home values,” which incited fears the government is considering a home equity tax on the capital gains generated when Canadians sell their homes. Read more...




Mortgage Broker News: CMHC's handling of widening wealth gap between renters and homeowners "terrible" – Realosophy CEO (2020-08-05)

Canada Mortgage Housing Corporation is ignoring the “wealth gap” crisis to the housing sector’s detriment, according to market observers. The Crown corporation’s recent denial that it was funding home equity tax research has essentially cut off the possibility of an effective solution to the widening gulf between homeowner and renter wealth, said John Pasalis, founder and CEO of Realosophy. Read more...




REM Online: Ontario’s Bill 184 poses risks to honest landlords, sellers and purchasers (2020-08-05)

At the risk of being chased with pitchforks, I’ll say it: Bill 184 is not an unapologetic piece of pro-landlord legislation…I defended tenants exclusively in and out of the Landlord and Tenant Board and, without hesitation, I assert – the ethics of the landlord and tenant are more important than any legislation. Nonetheless, understanding Bill 184 is imperative for anyone selling or buying a tenanted property and it is imperative for real estate agents to understand it too. Read more...




Toronto Storeys: City Council Votes in Favour of Allowing More ‘Missing Middle’ Housing Options (2020-08-05)

Toronto City Council has voted in favour of moving forward with amending City policies to allow for more mid-density housing – also referred to as ‘missing middle’ housing – in local neighbourhoods. Last week, City Council approved a plan that will create more housing opportunities in Toronto neighbourhoods, including ‘missing middle’ housing, which is defined as unit types that fall between a single detached or semi-detached house and a high-rise building. Read more...




TRNTO: Surge of interest in rural real estate driven by young Toronto professionals working from home (2020-08-05)

Rural real estate sales have increased in Ontario’s countryside as city-dwellers look to escape dense cities during the COVID-19 pandemic. “It’s probably the busiest it’s been in our firm’s memory, and we go back 50 years,” said John Dunlap, the broker of records for Moffat Dunlap Real Estate, which deals in the King Township, Caledon and the Mono Township — all north of Toronto. Read more...




CBC News: Rental vacancies could soar as COVID-19 keeps students away (2020-08-05)

As universities move primarily toward online instruction in efforts to curb further spread of COVID-19, a recent report has found that demand for rental housing in Ottawa this fall has dropped drastically. Last week, Carleton University's Centre of Urban Research and Education (CURE) released a report looking into the pandemic's effects on the city's rental market and what could happen if most students don't return for the school year. Read more...




NewmarketToday: Rental apartments in Newmarket get $79M boost from Ottawa (2020-08-05)

More than 200 purpose-built and affordable apartments are expected to hit Newmarket by the end of 2022, thanks to a federal government program that aims to boost the construction of rentals across the country. Read more...




Mortgage Broker News: OREA outlines open-house guidelines for brokers (2020-08-04)

The Ontario Real Estate Association has offered open-house pointers for brokers, as Toronto and Peel Region have entered Stage Three of the province’s reopening strategy. The association continued to stress the need to keep transactions online as much as possible. OREA said that if a seller insists on an open house, the broker must adhere to long-standing safety protocols like the use of personal protective equipment. Read more...




Mortgage Broker News: “Wealth gap” harmful to the market in the long term – analysts (2020-08-04)

Canada Mortgage Housing Corporation is ignoring the “wealth gap” crisis to the housing sector’s detriment, according to market observers. The Crown corporation’s recent denial that it was funding home equity tax research has essentially cut off the possibility of an effective solution to the widening gulf between homeowner and renter wealth, said John Pasalis, founder and CEO of Realosophy. Read more...




Global News: COVID-19 putting pressure on small-town rents: ‘I can’t afford to live in the city I grew up in’ (2020-08-04)

When Christine Grice, a single mother, started looking for apartments to rent in Dundas, a community in Hamilton, Ont., in June, she said she was shocked by what she was seeing. It isn’t just that a two-bedroom is now going for $1,795 in the very same building where Grice was renting a three-bedroom apartment for $1,650 only three years earlier. It’s that rents seem to be climbing as Grice is searching. Read more...




The Star: Ontario NDP appeals for extension as end of eviction ban looms (2020-08-04)

The Ontario NDP pleaded Friday for the Ford government to extend a pandemic-related ban on rental evictions that is due to expire on the weekend as critics fear a looming expansion of Toronto’s housing crisis. “It is the eleventh hour,” NDP tenant rights critic Suze Morrison said. “Either he (Premier Doug Ford) changes course today, or the evictions start tomorrow.” Read more...




Postmedia Network: New home builders have bounced back (2020-08-04)

When COVID-19 hit, Ontario’s construction industry had to pivot and address the pandemic’s impacts swiftly, decisively and comprehensively. We did just that. As an essential sector, the industry was able to remain largely open and continue building while preventing the spread of COVID-19 in the workplace. We led the early development and implementation of COVID-19 protocols for residential construction sites in partnership with the CDAO and ORCA. Read more...




The Canadian Press: Toronto's COVID-19 housing project winds down, but residents hope for change (2020-08-04)

COVID-19 has wreaked havoc on some of Toronto's most vulnerable communities, but for two residents of a new housing project in the city's midtown area, the pandemic has been an unexpected blessing. Just a few months ago, Jason Greig and Rob Dods were each sleeping in tents. Now, the two men are among 149 previously homeless residents living in a pair of apartment buildings leased by the city at the height of the pandemic. Read more...




Yahoo Finance Canada: “The dream will become a nightmare,” Siddall says on wealth inequality (2020-07-30)

The growing wealth gap between homeowners and renters is an issue that the Canadian Mortgage Housing Corporation (CMHC) is striving to solve, especially with the economic impacts from COVID-19 widening the divide. For the organization, that means tackling the country’s obsession with homeownership and promoting alternatives. Even before the pandemic, Canada’s compulsion towards homeownership worsened housing affordability for young renters and kept values high for owners. Read more...




The Star: Eviction Jurisdiction: Why Bill 184 scares tenants (2020-07-30)

Bill 184 is a collection of amendments to the Residential Tenancies Act and has many people worried it will increase housing insecurity in Ontario, drive up rents and hasten the loss of affordable housing units. Landlord/tenant lawyer Caryma Sa’d talks to Saba Eitizaz about the many questions surrounding the recently legislated Bill 184 and why many tenants are calling it the “Eviction Bill.” Read more...




Canadian Real Estate Magazine: No "doom and gloom" in store for Canadian real estate – Royal LePage’s Soper (2020-07-30)

Sustained market strength, subject to supply constraints, will be the predominant dynamic in the Canadian housing sector for the rest of the year, according to Royal LePage CEO Phil Soper and Sotheby’s Canada CEO Don Kottick. In a joint interview with The Financial Post, the two executives highlighted the major role that housing inventory will play in the period immediately after the COVID-19 pandemic eases. Read more...




Mortgage Broker News: Will Bill 197 make condos more expensive for Ontario home buyers? (2020-07-30)

Ontarians may still be wary of going back to the office, but the provincial legislature has had a very busy July. After passing the controversial Bill 184 on July 6, and the far less contentious Bill 159 eight days later, the Ontario government passed yet another bill last week that should be of interest to the province’s realtors, mortgage brokers, and home buyers. Read more...




Financial Post: Equitable Bank says mortgage deferrals have plummeted from their peak (2020-07-30)

Alternative lender Equitable Group Inc. says mortgage deferrals have declined significantly, as it aims to turn a potential debt “cliff” facing some borrowers into a more gradual “slope.” Toronto-based Equitable reported Tuesday evening that loan balances on COVID-19-related payment-deferral plans peaked near the end of May at 20 per cent of its total portfolio, or approximately $5.6 billion. Read more...




REM Online: Re/Max Integra launches Young Professionals Network (2020-07-30)

With COVID-19 restrictions cooping up young, vibrant agents, the time was right for Re/Max Integra to unveil its Young Professionals Network (YPN). “Real estate, as we all know, is a very gregarious business that requires high levels of socialization and engagement. As a result of isolation, when you shut that socializing aspect off, it creates challenges. Read more...




Better Dwelling: Greater Toronto New Home Sales Fall To Lowest Level In Over A Decade (2020-07-30)

Greater Toronto new home buyers are holding back, especially when it comes to condo apartments. Altus Group data shows prices increased in June, with new condos hitting a all-time high. The price increase was driven by low demand though, as sales almost completely halted. Fewer than one in five new homes were sold last month, and it was even worse for condo apartments. Read more...




Mortgage Broker News: Altus: Toronto supply recovering at a modest pace, while prices spike (2020-07-30)

Housing inventory will likely remain the dominant force in Toronto for the rest of the year, with available supply posting a modest increase and benchmark prices growing by a significant proportion. According to latest market data from Altus Group and the Building Industry and Land Development Association, the GTA’s total home inventory increased slightly in June to 13,863 units. Read more...




Markham Economist & Sun: New 264-unit affordable housing complex for seniors in Markham gets go-ahead (2020-07-30)

A new 264-unit affordable seniors’ housing complex in Markham is getting a financial boost from federal and provincial government. Canada and Ontario are investing over $4.2 million in the Unionville seniors’ affordable housing development to help give seniors who are at risk of homelessness in York Region the housing and support services they need. Read more...




The Canadian Press (via BNN Bloomberg): Vacation properties see spike in demand as people look for safe getaways (2020-07-29)

Like many realtors working Canada's recreational markets, David Jurek says he's seen properties move unusually quickly since the start of COVID-19. […] The Muskoka region and other parts of Ontario's cottage country have seen similar upticks in demand, according to David Reid, sales representative at Enjoy Muskoka Realty in Gravenhurst, Ontario, and former president of the Ontario Real Estate Association. Read more...




Canadian Real Estate Wealth: CMHC looking into new post-deferral assistance policies (2020-07-29)

Some unspecified “new tools” might be needed to help homeowners get through the COVID-19 pandemic once federal financial aid programs end, according to the Canada Mortgage and Housing Corporation. “As the end of the initial six-month deferral period from the beginning of the pandemic approaches, we recognize the need to continue to monitor this diligently and potentially develop new tools with our partners to help Canadians during this unprecedented pandemic,” CMHC said in a statement to The Financial Post. Read more...




Postmedia: The new normal: Pandemic ushers in a new generation of condos (2020-07-29)

For the past few years, The One condominium now under construction at Toronto’s busy Yonge and Bloor intersection has been the one to watch as it scales new heights as Canada’s first super-tall skyscraper. More recently, it has become the one to watch because of design changes that have already been made in response to COVID-19. Read more...




Yahoo Finance Canada: Toronto condo sales fall to the lowest level since the Great Recession (2020-07-29)

The COVID-19 pandemic has helped cool Toronto’s condo market to levels not seen since the Great Recession. According to a new report by Urbanation 1,385 units changed hands in the Greater Toronto Area (GTA) during the second quarter of 2020. That’s the fewest since the first quarter of 2009 when only 885 units were sold. Read more...




The Star: GTA Advocates say Bill 184 could lead to mass evictions. City council is being advised not to fight it in court, sources say (2020-07-29)

A confidential report from Toronto’s city solicitor has recommended against a legal challenge of Bill 184, a newly passed piece of provincial legislation that alters rules for renters and landlords, the Star has learned. The advice from the city solicitor was submitted as a confidential document to city councillors on Monday evening. Council is meeting Tuesday; the provincial legislation received royal assent last week. Read more...




Toronto Sun: OPINION: What Canada can learn from the U.S. on housing affordability (2020-07-29)

Many Canadians believe that moving to a large dynamic city for a higher-paying job inevitably means accepting a substantially higher cost of living, especially when it comes to housing. But is that true? As noted in a new study by the Fraser Institute, most growing North American metropolises have seen housing affordability improve, alongside population and economic growth — just not in Canada. Read more...





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Mississauga Real Estate Board
3450 Ridgeway Dr #1
Mississauga, ON L5L 0A2, Canada
Phone: 905.608.6732
Fax: 905.608.9988