Mississauga Real Estate Board News

Macleans: Canadian real estate market outlook 2019: Stable but struggling (2019-02-21)

The Canadian housing market had a challenging year in 2018 as it struggled to regain its footing after the bubble-like conditions of 2017. It was a year characterized by decelerating sales and pricing. And it looks like 2019 may bring more of the same. After what appeared to be a stabilizing period over the summer of 2018, national home sales have been falling since September. Actual activity was down 19 per cent year-over-year in December, while the national average sale price dropped 4.9 per cent. Analysts chalk up these lacklustre numbers to stricter mortgage qualification rules, which came into effect in January 2018, and steadily rising interest rates. The Bank of Canada, which takes the health of the market into consideration when choosing to hike interest rates, recently noted that it had been ‘weaker than expected’ in December. Read More....




The Star: Province says it will fix ‘broken’ new home warranty program, may open Tarion up to competition (2019-02-21)

The Ontario government says it will establish a separate regulator for the building industry to remove potential conflicts in Tarion, the province’s new home warranty corporation, which was designed to regulate builders and simultaneously oversee consumer protections for new-construction home buyers. Government and Consumer Services Minister Bill Walker announced a new round of consultations on Wednesday that will “explore” whether to break Tarion’s monopoly by introducing multiple warranty providers — a system that is available in other provinces. Walker said he hopes to have a decision later this year. Read More....




Mortgage Broker News: Stress test is already obsolete – real estate exec (2019-02-21)

The B-20 mandated stress test is already outdated considering current market realities, according to a real estate firm head. In a recent contribution to the Toronto Sun, Baker Real Estate Inc. president/CEO Barbara Lawlor stated that while the regulatory revisions introduced early last year have helped cool down both sales activity and price growth in the hottest markets, it’s nonsensical to apply the stress tests to first-time new-construction condominium buyers, especially in the current economic climate. Read More....




Mortgage Broker News: One-third of NA's fastest growing urban markets are in Canada (2019-02-21)

Fully 1/3 of the fastest growing North American metropolitan markets in terms of housing prices are in Canada, according to a new analysis by real estate portal Point2 Homes. Over the past 5 years, 18 of the 83 large urban real estate markets in the continent experienced home price growth rates larger than 50% – and of the 18 leading cities, 6 are located in Canada. Surrey, B.C. led the pack with a staggering 88% increase in the 5-year interval ending December 2018, followed by Vancouver at 68% to settle on an average home price of $1.032 million. Read More....




The Globe & Mail: Buyers of presale condominiums in Scarborough caught by crumbling of troubled developer (2019-02-21)

Almost 200 buyers of presale condominiums in a Scarborough project still don’t know what will become of their money or the homes they agreed to purchase from Forme Development Group Inc., which filed for creditor protection late last year. The court-appointed monitor, KSV Kofman Inc., has issued a status update on the company that states 119 condominium apartment and 69 townhouse purchasers put down $5.7-million in deposits for units at the proposed project at 250 Danforth Road. Construction was never started, and now the company’s creditors are seeking to be repaid more than $220-million in loans and mortgages, putting the future of the development referred to as Danforth Square in doubt. Read More....




BlogTO: People in Toronto are afraid to move as rent prices skyrocket (2019-02-21)

If you've been living in the same place for more than a year, your rent is almost definitely lower than what your landlord would charge someone to move in right now—by hundreds of dollars, in most cases. Sometimes thousands. Rent control is great like that, for those lucky enough to still be covered under such protections in Ontario, but it does have a downside when it comes time to look for a new apartment: Sticker shock. Roughly two years ago, in February of 2017, the median rent for a one-bedroom apartment in the City of Toronto was $1,620, up from $1,310 just six months earlier. Read More....




BNN Bloomberg: Canadian home sales climb for first time in five months (2019-02-19)

Canadian home sales rose for the first time in five months in January, with Montreal leading gains that stretched across about half of markets nationwide. Sales climbed 3.6 per cent compared to December, the Canadian Real Estate Association said Friday from Ottawa. There were increases in all three of Canada’s biggest cities, with Montreal posting a 7.1 per cent increase and gains of 1.2 per cent in both Toronto and Vancouver. The report adds to evidence the nation’s housing sector is showing signs of stabilizing, after tighter mortgage rules and rising borrowing costs cooled it down for much of last year and raised worries that real estate markets could be headed for a major correction. Read More....




Toronto.com: York man's online mortgage platform targets first-time homebuyers (2019-02-19)

Homewise CEO Jesse Abrams created a new mortgage platform as a response to his own disappointment when it came time to purchase his first home. Taking that step was a moment he had dreamed of for years, scanning Realtor.ca at his leisure, perusing the lists of options in Toronto. But unlike what he had pictured in his head, the process was less than enchanting. [...] David Reid, president of the Ontario Real Estate Association (OREA), says while a website like Homewise has the benefit of providing a quick online solution for those seeking a mortgage, the experience of buying a home, especially for a first-time buyer, is an emotional process. Read More....




The Star: Everything you need to know about beating a mortgage stress test (2019-02-19)

Are you feeling stressed by the prospect of a mortgage stress test? Qualifying for a mortgage has become tougher in the last year-and-a-half, whether you’re buying your first home or refinancing your current abode. Canada’s newest stress test was introduced in late 2017 for buyers with down payments less than 20 per cent and which automatically require mortgage default insurance. (The minimum mortgage down payment allowed in Canada is five per cent.) Buyers facing the stress test must qualify at the Bank of Canada benchmark rate. Read More....




REM: Mortgage rates: Good news, bad news (2019-02-19)

The good news is that mortgage rates are unlikely to go higher this year in Canada. The bad news is a lack of interest rate hikes indicates the Canadian economy is slowing down. So says mortgage broker David Larock, president of Integrated Mortgage Brokers in Toronto. If mortgage rates go higher, it would likely indicate the economy is on the upswing “and I don’t think the economy is going to improve,” Larock says. His best guess is that five-year fixed and five-year variable mortgage rates will be lower in 12 months. Read More....




The Star: Five outside-the-box housing ideas that Toronto should try, according to report (2019-02-19)

Toronto needs to think outside the box — or the condo tower — when it comes to solving its housing challenges. Put another way: “It’s time to hack the condo model,” says the executive director of the Ryerson City Building Institute. Its latest report surveys ideas that are creating more middle- and lower-income housing in other cities and at home — notions, Cherise Burda says, that bear further exploration. “I’m tired of the same old conversations about supply, supply, supply,” she said. “It’s time to start thinking creatively. If you just keep doing things the same way, you’re just going to end up with the same housing.” Architect and developer Heather Tremain agrees the housing industry needs to step up its game. She is CEO of Options for Homes, a social enterprise that builds what it calls “below-market ownership housing.”. Read More....




BNN Bloomberg: Sidewalk Labs project faces growing opposition, calls to cancel project (2019-02-19)

Plans for a high tech Toronto community led by an Alphabet Inc.-backed entity should be scrapped, say politicians and prominent Canadian business and technology leaders. In the wake of a leaked report last week that revealed Sidewalk Labs' interest in laying claim to developer fees and taxes usually routed to the city in exchange for funding Toronto's waterfront transit, longtime critics of the project said it is time to revisit whether the project should continue to move forward. The project - a partnership with Waterfront Toronto that hopes to bring affordable housing, heated sidewalks, raincoats for buildings and autonomous vehicle infrastructure to 12 acres of the city's waterfront known as Quayside - has been mired in controversy since Sidewalk won a contract in 2017. Read More....




Bramptonist: Here’s Why Property Taxes in Brampton Are Some of the Highest in the GTA (2019-02-19)

Brampton has some of the highest property taxes in the Greater Toronto Area, but freezing property taxes isn’t necessarily the right answer. Property taxes are complicated, and reducing the city’s revenue through property tax freezes or cuts can only make it harder to build Brampton up in the future. Property taxes are very different from most other taxes we pay. Sales, income, and corporate taxes, if left alone, rise with inflation. This is because in the case of these types of taxes, increases in income, retail sales, and corporate revenue automatically mean more revenue for provincial and federal governments. Read More....




Yahoo Finance Canada: Canadian cities dominate ranking of biggest real estate price swings (2019-02-15)

Canada dominates a list of North American cities where booming real estate markets have pushed prices 50 per cent higher in the last five years. Six out of the top 10 locations identified by Point2 Homes are north of the United States border. The real estate search site compared December 2013 home price data to prices last December in Canada, the U.S. and Mexico, without adjusting for inflation. Detroit claimed the number one spot, due in large part to the profound economic impact of the Great Recession on the Motor City’s housing market. Home prices in Detroit surged by a staggering 97 per cent over five years, climbing from US$31,185 to $61,328. Read More....




Mortgage Broker News: Non-individuals own less than 10% of residential properties in three provinces (2019-02-15)

A vast majority of residential properties across Canada is owned by individuals, with less than 10% owned by non-individuals, such as corporations and government entities, in key areas. Data from the Canadian Housing Statistics Program (CHSP) showed that non-individuals own less than 10% of residential properties in the provinces of British Columbia (B.C.), Ontario, and Nova Scotia, according to the most recent Housing Market Insight (HMI) released by Canada Mortgage and Housing Corporation (CMHC).  Non-individual ownership of residential property is highest in B.C. at 9.8%, followed by 7.4% in Ontario, and 7.9% in Nova Scotia. Read More....




Toronto Storeys: The Best And Worst Canadian Cities For Single Home Buyers (2019-02-15)

Single and looking to buy a home in Canada? You’ll have much better luck in Atlantic Canada or the Prairies. In celebration of Singles Awareness Day on February 15, real estate website Zoocasa looked at the best and worst Canadian cities for single home buyers. And, believe it or not, there’s still a number of cities where singletons can buy and still have money left over. When it comes to affordability, Toronto and Vancouver are among the least affordable in the country. In Vancouver, the average income required to purchase a home is $139,082. The total median income for singles in Vancouver is just $50,721. Toronto, which is the second least affordable city in Canada requires an income of $102,079 to purchase a $748,328 home. The average income for a single person in Toronto is $55,221. Read More....




CBC: Is it the early days of a real estate revolution? Online realtor Redfin launches in Canada (2019-02-15)

U.S. real estate brokerage firm Redfin launched in Canada this week — a firm that positions itself as a tech-powered company ready to shake up the way consumers buy and sell homes. Founded in 2004, the Seattle-based Redfin is looking to challenge conventional brokerages through its primarily online operation and one per cent listing fee. The company offers a suite of online tools, including 3D video tours, but also hires agents on salary, who offer the same services as conventional brokers. Turning to technology is what allows the company to keep its buying and selling process efficient, Redfin says. In Canada, a listing fee with a conventional brokerage is typically around 2.5 per cent. Read More....




Newstalk 1010: Sidewalk Labs has Bigger Plans for Toronto's Waterfront (2019-02-15)

We are learning new details about Google's big plans for Toronto's eastern waterfront, which it would seem, are far bigger than first thought. Back in 2017, Google's sister company, Sidewalk Labs, won a competition to design a new futuristic neighbourhood on 12 acres in the Port Lands. Now the company is proposing a plan that would see it finance and build a Waterfront LRT and other infrastructure. The idea is to encourage developers to build in the area. The LRT would be public property but in return, the company wants a cut of the money that development would generate through things like property taxes and development charges. Read More....




Canadian Real Estate Wealth: Ottawa begins repurposing surplus properties to affordable homes (2019-02-13)

Surplus federal properties will be repurposed into new affordable housing under a new program from the Canadian government. Communities in Ontario, Quebec, and Newfoundland will be among the first to benefit from the scheme which is inviting proposals from housing developers to turn five properties across the three provinces into affordable, sustainable, accessible, and socially inclusive housing. Surplus federal properties will be repurposed into new affordable housing under a new program from the Canadian government. Communities in Ontario, Quebec, and Newfoundland will be among the first to benefit from the scheme which is inviting proposals from housing developers to turn five properties across the three provinces into affordable, sustainable, accessible, and socially inclusive housing. Read More....




The Star: Young families scrimp to own homes in Canada’s big cities, report finds (2019-02-13)

Young families in Canada’s big cities believe houses and condos will be a good investment over the next five years, and they are sacrificing their privacy, time and small pleasures to buy them, according to a report by Sotheby’s International Realty Canada. The study is based on a survey of 1,743 families headed by adults aged 20 to 45. It found that millennials and generation Xers are delaying both retirement savings and paying off credit card and student debt in order to afford homes, with 78 per cent expecting homes to match or outperform other financial investments over the next five years. In Toronto, that number rises to 83 per cent. Read More....




Building: Ryerson CBI Gives Recommendations On Boosting Ontario Housing Supply (2019-02-13)

With affordable housing a hot-button issue for Toronto and region, the Province of Ontario has been hosting stakeholder workshops to receive input on how to increase housing supply. The Ryerson University City Building Institute (CBI) participated in these stakeholder consultations and produced a written submission. For many years now, the CBI’s research has concluded that the solution to affordability lies not in simply more supply, but in delivering the right supply in the right locations. The university’s submission to the Province restates and underscores this assertion. Read More....




The Canadian Business Journal: Retirement Savings vs. Home Ownership: 1 in 5 Modern Family Homeowners Purchase a Home by Delaying Retirement Savings (2019-02-13)

A new report released today by Mustel Group and Sotheby’s International Realty Canada highlights the impact of escalating costs of living on young families across the country’s major metropolitan real estate markets. The report sheds light on the financial challenges faced by urban Canadian families, including the decision between saving for a home versus saving for retirement, and provides insight into how those obstacles are being overcome. Mustel Group and Sotheby’s International Realty Canada’s “Modern Family Home Ownership Trends Report: Financing the Canadian Dream” found that for “modern family” homeowners in every metropolitan area surveyed, the main obstacle to saving for a home is the cost of basic living expenses, cited by 33% as their top challenge. Read More....




CBC: Toronto renter, councillor call for end to province's '2-tier' tenant protection (2019-02-13)

When Stephanie Churcher found a charming, three-bedroom apartment on a quaint midtown street, she thought she'd "hit the jackpot." The Toronto resident, who works at a geostructural engineering firm, wanted a bigger space and quieter neighbourhood to live in with her partner, son, and her two dogs. The unit she found on Walmer Road — in a detached home split into three rentals — fit the bill: a roomy space and backyard for $3,000 a month that the family could live in for years to come. Or so she thought. Read More...




CBC: Toronto renter, councillor call for end to province's '2-tier' tenant protection (2019-02-13)

When Stephanie Churcher found a charming, three-bedroom apartment on a quaint midtown street, she thought she'd "hit the jackpot." The Toronto resident, who works at a geostructural engineering firm, wanted a bigger space and quieter neighbourhood to live in with her partner, son, and her two dogs. The unit she found on Walmer Road — in a detached home split into three rentals — fit the bill: a roomy space and backyard for $3,000 a month that the family could live in for years to come. Or so she thought. Read More...




The Canadian Press (via Financial Post): Canada's housing market 'vulnerable': CMHC (2019-02-08)

The country’s overall real estate market remains “vulnerable” despite an easing in overvaluation in cities like Toronto and Victoria in the third quarter, according to a report by Canada Mortgage and Housing Corporation. The federal agency said Thursday that this is the tenth quarter in a row where it has given the national housing market a “vulnerable” assessment. The findings in the quarterly report are based on a number of factors including the level of imbalances in the housing market related to overbuilding, overvaluation, overheating and price acceleration when compared with historical averages. Read More....




HuffPost: Unaffordable Housing Is Hurting Canada's Job Market (2019-02-08)

A top-ranking official with Canada's central bank suggests high housing costs are holding the country's labour market back. Bank of Canada senior deputy governor Carolyn A. Wilkins says investing in employees through training and education, for example, is one way to boost the labour market — but it isn't the only approach needed. The availability of affordable housing plays an important part, too. "What is less prominent in discussions on how to improve the job market is supporting worker mobility —this would help businesses attract the right people for the job," reads the official text of a speech Wilkins delivered before the Toronto Region Board of Trade late last month. Read More....




HuffPost: Toronto New Home Sales Hit Lowest On Record As Condo Prices Near $800,000 (2019-02-04)

The new-home market in Greater Toronto hasn't been this quiet since the 20th century, and the industry is placing the blame squarely on the mortgage stress test and rising interest rates. But some in the business see another explanation: Prices have risen too high, and with price growth slowing, buyers no longer feel pressure to get into the market quickly. There were 25,161 new home sales in the GTA in 2018, the lowest number in records going back to 2000, according to data released Friday by the Building Industry and Land Development (BILD) Association. Read More....




REM: Zillow: Fear or the future? (2019-02-04)

The fear of the unknown can be unsettling. Zillow coming to Canada has unsettled some. But the fact is, Zillow isn’t the unknown and we have no reason to be fearful. Zillow has been in the U.S. for 12 years and the sky hasn’t fallen for Realtors there – quite the opposite. For brokers and agents who advertise with Zillow, a consistent and strong ROI is the result. For those who simply share their listings with Zillow, they benefit from the maximum possible exposure – for free. Read More....




Real Estate Professional: REBBA reform could curb irrational price escalation (2019-02-04)

The Ontario government may soon amend the Real Estate and Business Brokers Act, and if successful it could prevent runaway market prices that have rendered Vancouver and Toronto unaffordable. Consultations were launched late last week to determine whether or not REBBA needs updating so that if there are multiple offers on a property, a seller’s broker must disclose details on all of them. […] “The rules governing realtors were set 16 years ago, when smartphones weren’t invested and fax machines were the norm,” OREA CEO Tim Hudak said in a statement.. Read More....




The Star: The road to housing density is lined with red lights (2019-02-04)

Too often nowadays, complex issues are presented simplistically in our public discourse. Take the headlines about the proposed changes to Ontario’s Places to Grow plan, the policy that manages growth in our region and provides a framework for what gets built where. Many warn that growth means worsening sprawl. By sprawl, they mean housing, and by using that loaded word, they obscure the real issue: How do we build an adequate supply of housing, in a sustainable way, for our growing population? Read More....




Real Estate Professional: Real estate investment firm launches innovation space (2019-02-04)

Toronto-based real estate investment firm HBNG is launching a new workspace and funding hub in the city. The Soho Innovation Lab offers 11,000 square feet of coworking, startup offices, funding opportunities, mentorship, and community events. Soho Innovation Lab is offering investments to active businesses, from startup to scale-up. “It is our goal to create an environment where startups can thrive. We can achieve that goal if we truly build a community where entrepreneurs feel inspired to develop new technologies and help create the future.”. Read More....




The Province: Councillor wants local approach to mortgage rules over national 'stress test' (2019-02-04)

A notice of motion being presented this week which asks Ottawa and the province to consider the adoption of a regional approach to lending rules, over the current “mortgage stress test,” is earning some support among councillors. The motion — being brought forth by Coun. George Chahal and which is scheduled to go before council at Monday’s meeting — says the existing nationwide mortgage rules make it more difficult for Albertans to buy homes. The mortgage stress test, which came into effect last year, is meant to ensure homebuyers can still afford their mortgages even if interest rates rise substantially. Read More....




The Toronto Star: Ontario looks at revamping real estate rules around brokers (2019-02-01)

Should consumers have the right to see competing offers on the same property. Should a realtor represent both the buyer and seller in the same transaction? Those are some of the issues the province is considering in a modernization of the 2002 rules governing Ontario’s real estate industry, known as the Real Estate Business Brokers Act (REBBA). [...] “Right now RECO’s disciplinary proceedings are archaic. Consumers making a complaint can wait years for resolution,” said Ontario Real Estate Association (OREA) CEO Tim Hudak, a former leader of the Ontario PC party. RECO should be able to fine rule-breaking realtors and force them to surrender their commissions which can exceed the penalties, he said. Read More....




REM: Joe Richer: What RECO heard at town hall events (2019-02-01)

Last fall, my colleagues from the Real Estate Council of Ontario (RECO) and I crisscrossed the province to meet with industry leaders in a series of town hall events we held in Cambridge, Thunder Bay, Ottawa, Orillia, Windsor, Ajax and Vaughan. We arranged this round of town halls to discuss some big-picture topics such as the importance of RECO and the industry working together to help raise the bar of professionalism, the educational requirements for real estate salespeople and brokers, RECO’s new Strategic Plan that will help us become a modern regulator, and our work with government to reform the Real Estate and Business Brokers Act, 2002 (REBBA). [...]  My colleagues and I received a number of questions about Roadmap to a New REBBA, the list of recommended changes to REBBA that was released last year by the Ontario Real Estate Association (OREA). More specifically, industry leaders wanted to know if the industry’s regulator (RECO) and the industry’s association (OREA) are on the same page. For the most part, I’d say we are. Read More....




National Post: Canada's housing crisis and mortgage stress test are officially election issues (2019-02-01)

If housing affordability is destined to be an election issue in 2019, Canada’s political parties are already fine tuning their arguments for how they will fix the problem. In a debate in the House of Commons on Thursday, the Conservatives took aim at the mortgage stress test that requires Canadians to show they can withstand higher interest rates. “The stress test is a one-size-fits-all tool that punishes Canadians from coast to coast to coast, regardless of conditions in their local market,” Conservative MP Tom Kmiec said in a speech in the House. “It’s a deal for big banks, not Canadians.”. Read More....




Real Estate Professional: Impact of tighter rules, interest rates greater than anticipated (2019-02-01)

The Bank of Canada has admitted that the economic impact of strict mortgage regulations, local housing restrictions, and the upward trend in interest rates was more serious than expected. “Staff analysis suggests that the combined effect of [these elements] has been larger than previously estimated,” the BoC noted in a statement earlier this month, as quoted by Business in Vancouver. A major factor fuelling the problem is that both consumer spending and housing investment “have been weaker than expected” over the past year. This was because housing markets nationwide were still largely adapting “to municipal and provincial measures, changes to mortgage guidelines and higher interest rates,” the central bank explained. The Bank of Canada has admitted that the economic impact of strict mortgage regulations, local housing restrictions, and the upward trend in interest rates was more serious than expected. “Staff analysis suggests that the combined effect of [these elements] has been larger than previously estimated,” the BoC noted in a statement earlier this month, as quoted by Business in Vancouver. A major factor fuelling the problem is that both consumer spending and housing investment “have been weaker than expected” over the past year. This was because housing markets nationwide were still largely adapting “to municipal and provincial measures, changes to mortgage guidelines and higher interest rates,” the central bank explained. Read More....




Canadian Real Estate Wealth: Federal gov't should do more to address shortages – mayors (2019-02-01)

The mayors of Canada’s largest and most in-demand housing markets called on the federal government to do its part in addressing the housing supply shortages brought about by the recent influx of asylum-seekers. Toronto mayor John Tory stressed that solving the issue goes beyond the reach of just the municipal or provincial levels, and argued that the Liberal administration should also “share the burden”. “[The federal government] makes the decisions about what happens at the border and Toronto is very supportive, for example, of admitting refugees,” Tory said, as quoted by CBC News. Read More....




CBC: Look beyond GTA to build housing plan, Ottawa urges province (2019-02-01)

The City of Ottawa is urging the province to look beyond the Greater Toronto Area as it seeks solutions to Ontario's affordable housing shortage. The Progressive Conservative government is currently developing an action plan to encourage more home building, thereby increasing the province's housing supply. "We are going to remove barriers and red tape that is limiting the supply of housing and driving up costs," said Municipal Affairs and Housing Minister Steve Clark as a recent round of public consultation wrapped up. Read More....




Canadian Real Estate Wealth: Rental market braces for influx of tenants (2019-02-01)

Rising interest rates and strict mortgage qualification resulted in fewer Canadians seeking homeownership than rental accommodations last year, and 2019 will bring more of the same. “It’s going to continue,” said Marcus & Millichap’s Vice President and Broker of Record Mark Paterson. “People will continue renting rather than dealing with residential mortgages. The rental market right now can barely keep up with the vacancy rate in Toronto, for example, being around 1%.” Read More....




Advocate Daily: New technology good for real estate sector: Duensing (2019-01-30)

Despite some legal concerns, new technology is changing the way homes are bought and sold, Toronto real estate lawyer Matthias Duensing writes in The Lawyer’s Daily. Known as 'PropTech' for short, these innovations in property technology are helping improve the speed and efficiency of the real estate industry, says Duensing, principal of Duensing Law. “The scope of PropTech innovation into the real estate process is boundless,” he writes in the online legal publication. “Leveraging tools such as big data, connectivity and mobility, can feed into the client’s desire for efficiency, speed, personalization, independence, control and transparency." 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