Mississauga Real Estate Board News

Canadian Apartment Magazine: Ontario introduces Strong Mayors, Building Homes Act (2022-08-12)

 

The Ontario government has announced new legislative changes that, if passed, would give the mayors of Toronto and Ottawa more power to advance provincial priorities that would bring more homes to market faster. According to Tim Hudak, CEO of the Ontario Real Estate Association, the proposed act represents a good step forward in addressing the housing crisis in Ontario, as it would help cut red tape and speed up the local planning process by giving municipal leaders the ability to reduce timelines for development, standardize processes, and address local barriers to increasing housing supply.

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The Globe & Mail: Why aren't Canadian banks lowering fixed mortgage rates given that bond yields are falling? (2022-08-12)

With inflation potentially peaking and five-year bond rates coming down hard, mortgage shoppers have one question for banks: Where are the fixed-rate cuts? After all, rates in the bond market have dived back to earth since their June 14 peak. And bank funding is largely linked to the bond market. But so far, Big Bank uninsured fixed rates haven’t followed bond rates down.

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Collingwood Today: Review scrutinizes short-term rentals in Collingwood (2022-08-12)

The Town of Collingwood is putting short-term rental rules under a microscope and out for public review to inform potential changes to the local bylaws governing the so-called sharing economy. As a rule, most short-term accommodations outside of hotels and motels are prohibited in Collingwood by the town's zoning bylaw. Bed and breakfast units are allowed for short-term rental only if the owner or proprietor also lives in the same building where the units are being rented.

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National Observer: Canadians are being crushed by the housing market. B.C.’s wannabe premier might be able to help (2022-08-12)

When it comes to housing, young Canadians just can’t catch a break. After watching prices soar ever higher over the last decade, potential buyers are finally seeing them drop — just as rising interest rates push the cost of ownership as a percentage of household income to record highs. Waiting out the market isn’t exactly a winning strategy either, given that rents in most major cities are now skyrocketing.

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CBC: Ontario introduces 'strong mayor' legislation to speed up housing development (2022-08-11)

Ontario is proposing to give the mayors of Toronto and Ottawa veto powers over bylaws that conflict with provincial priorities, such as building housing. [...] The Ontario Real Estate Association said the strong mayor legislation is a "good step" but would like to see it expanded beyond Toronto and Ottawa. "More can still be done to address the existing housing affordability crisis, including ending exclusionary zoning in Ontario's highest-demand urban neighborhoods, which would allow for the building of duplexes, triplexes and fourplexes on lots traditionally zoned for single-family housing," CEO Tim Hudak wrote in a statement.

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National Observer: Doug Ford’s ‘strong mayor’ legislation won't solve housing crisis: critics (2022-08-11)

Ontario Premier Doug Ford is set to give the mayors of Ottawa and Toronto greater power with so-called strong mayor legislation introduced Wednesday in an apparent bid to speed up housing development in the province. While the government, a Progressive Conservative majority re-elected in June, said the changes are necessary to “get more homes built faster,” critics argued it removes vital checks and balances to power, erodes democracy, limits public engagement with elected local representatives — and won’t solve the housing crisis.

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National Post: Fall’s municipal elections are an opportunity to champion bold ideas on housing (2022-08-11)

Voters across the GTA will be heading to the polls again in October to elect mayors and councillors for the region’s municipalities. As this is the level of government with the most direct impact on housing supply, location and choice, the decisions voters make on Oct. 24 will significantly affect future housing availability and affordability in the GTA.

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Maclean's: What’s with these interest rates? (2022-08-11)

In June, the Bank of Canada made an announcement that sent shockwaves through the housing market. It hiked its key interest rate to 1.5 per cent, hinting at more aggressive increases to come. It soon delivered on its promise. In mid-July, the key rate was raised to 2.5 per cent. The decision makes sense: Canada isn’t just experiencing high inflation; it’s experiencing persistent and volatile inflation, at levels we haven’t witnessed in almost 40 years.

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City News: Ontario Home Builders' Association says province has limited time to address housing crisis (2022-08-11)

As the country's housing crisis continues to be a top issue, Premier Doug Ford's Aug. 9 throne speech was viewed positively by the Ontario Home Builders' Association (OHBA). Luca Bucci, the chief executive officer (CEO) of the OHBA, told The Sam Laprade Show on Wednesday, Aug. 10, that he was excited to hear the speech allude to housing and the commitment to build 1.5 million new homes within 10 years.

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The Globe & Mail: As a shifting market gives buyers more power, galvanized sellers push prices lower (2022-08-11)

The power balance in Canada’s real estate market has tilted toward buyers, but the sellers are actually the ones driving prices down at the moment. “Sellers are leading the market decline,” says John Pasalis, president of Realosophy Realty. “They’re starting to price lower than the competition just so they can sell.” Mr. Pasalis recalled the story of two Toronto buyers he represented who bid on a small, two-bedroom house in the city’s east end.

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The National Post: 'Worst in the world': Here are all the rankings in which Canada is now last' (2022-08-11)

Most unaffordable housing, highest cellphone bills and worst rate of acute care beds, to name a few. [...] Two of the planet’s “bubbliest” real estate markets are in Canada For at least 15 years now, Canada has been a regular contender on rankings of overheated housing markets. And the latest UBS index of world cities with “bubbly” real estate markets is no exception.

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CBC: Hamilton's 1st Tiny Homes Show draws people looking for affordable, minimalist living (2022-08-11)

Two weeks after buying a new home in Alberta, Vince and Ayşe Macdonald found themselves in Ancaster, Ont. — and they brought their tiny home with them. The married couple said moving into a tiny home helped them get rid of the things they didn't need. "I don't wear half of my clothes, I don't use half of the dishes. It just made sense," Ayşe said. "We're not serving our stuff; our stuff is serving us," Vince said. Their residence was one of 19 tiny homes and trailers available for visitors to view from Aug. 4 to Aug. 7 at the Tiny Home Show on the Ancaster Fairgrounds.

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Niagara This Week: Cooler market helps housing consumers (2022-08-11)

You may have noticed the house around the corner with the For Sale sign planted on its lawn. You may have noticed that the house didn’t sell in its first week on the market. Or week two. Three weeks have now passed, and there it still sits. Is it just because it’s summer? Or is it something else? It’s something else.

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CP24: Ontario set to introduce ‘strong mayor’ legislation to speed up housing development (2022-08-10)

Ontario is set to introduce legislation today to give large municipal leaders so-called strong mayor powers as a way to get housing built more quickly. Municipal Affairs and Housing Minister Steve Clark is set to table a bill that the government says will give municipalities more tools. Premier Doug Ford has said he's planning a “strong mayor” system for Toronto and Ottawa and is considering expanding that to other cities.

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Canadian Mortgage Professional: CMHC launches $4.8 million in research grants (2022-08-10)

Canada Mortgage and Housing Corporation has announced $4.8 million in grants to support research partnerships aimed at examining key issues in housing affordability. The partnership grants will provide $410,000 for the first year and up to $1.1 million for the following five years, with the funding to be split between two research teams, the Crown corporation said

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Storeys: Ontario Throne Speech Calls for “Bold Action” on Province’s Housing Supply (2022-08-10)

Ontario Premier Doug Ford kicked off a new legislative session today, re-introducing his government’s provincial budget — now titled Plan to Build Act (Budget Measures), 2022 — in the Throne Speech. It’s largely anticipated that the retabled budget — the largest in the province’s history — will be virtually the same as when it was announced on April 28, with a strong focus on transportation infrastructure and healthcare, and little new pertaining to the housing file.

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Canadian Mortgage Professional: What the future holds for variable rates (2022-08-10)

As the spread between variable- and fixed-rate mortgages grew wider throughout last year, Canadians gravitated in increasing numbers towards the former – although that trend may now be grinding to a halt. The country’s national housing agency, Canada Mortgage and Housing Corporation (CMHC), revealed in its recently published Residential Mortgage Industry Report that a majority of Canadians (53%) shifted their preference to a variable rate in the second half of 2021, compared with 34% in the first six months of the year.

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The Star: Pair of intensification projects in Kitchener look to address ‘missing middle’ housing supply (2022-08-10)

A pair of residential intensification projects in Kitchener look to address housing’s so-called “missing middle.” Councillors approved plans Monday night at a planning and strategic initiatives committee meeting for the two projects, on Cedar Street South near downtown Kitchener and on Windom Road, near Fairway and River roads in the Centreville-Chicopee neighbourhood. Both plans represent light intensification of the existing properties.

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Financial Post: 'Great for landlords, horrible for renters': How a runaway rental market has become Toronto's latest housing nightmare (2022-08-10)

Shivin Kaul and his three friends have been looking for a house to rent in Toronto since July. The group of young professionals has found several that fit their needs, the only problem is they keep getting outbid — three times in a single week, at one point.  “(We’re) getting tired of viewing about 10 houses, liking a couple of them and then losing out on the ones you like to someone who outbid you for $300 or $400,” Kaul said, explaining that he and his friends have started to overbid listings in an attempt to secure a place they can move into by September.

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T-Net: Tech-Enabled Real Estate Brokerage Firm Properly Raises $36 Million in New Financing to Accelerate Transformation of Canadian Real Estate (2022-08-10)

Properly announced today a new $36 million CAD financing round. This round of financing brings Properly's total funding to $192 million CAD, making it the best funded and fastest growing real estate startup in the country, according to the company. Properly is a tech-enabled real estate brokerage firm headquartered in Toronto, who have also opened offices and registered a local real estate brokerage business in BC earlier this year.

 

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Storeys: Ontario’s Concrete Shortage Points to Systemic Flaws (2022-08-09)

In Ontario, concrete dominates the construction industry, but these days, there isn’t enough of it to go around. In an E-Blast from July, Concrete Ontario outlined some of the factors driving the current concrete shortfall.  [...' “As of July 1, several new pro-home ownership regulations and red-tape reduction measures took effect across Ontario, including amendments to Ontario’s Building Code that will allow for mass timber construction up to 12 storeys,” Tim Hudak, CEO of the Ontario Real Estate Association, said in a press release.

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CBC: Developers, housing advocate criticize development fee increase amid housing crisis (2022-08-09)

A representative of the development industry and a housing advocate are warning that a recent decision by Toronto city council to raise the cost of building new housing could further squeeze the city's supply and result in less affordable housing. Council voted in July to hike development charges by 46 per cent for new residential buildings, with the increase to be phased in over the next two years.

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National Post: Home building industry releases five-point plan to address housing supply and affordability crisis in Ontario (2022-08-09)

Today, the Ontario Home Builders’ Association (OHBA) and the Building Industry and Land Development Association (BILD) released their top policy recommendations in a five-point plan for consideration by the provincial government for its new mandate. These priorities are based on the February 2022 recommendations of the Housing Affordability Task Force and forward-thinking initiatives that are intended to lower housing costs and increase housing supply for Ontario residents.

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The Financial Post: Homebuyers waiting for market to hit bottom (2022-08-09)

Christopher Alexander, president of Re/Max Canada, talks to the Financial Post’s Larysa Harapyn about the housing market, why buyers are sitting on the sidelines, and why the slowdown is a chance for some Canadians to realize their homeownership dreams.

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The Georgia Straight: Report says calming market shunts first-time and foreign home buyers, providing “boon to investors” (2022-08-09)

A report says the ongoing correction in the Canadian housing market is shunting aside two types of home buyers. These are first-time purchasers and foreign buyers, who are feeling the pinch from a combination of factors, ranging from higher interest rates to government housing policies. And into the void created by this calming market comes in a class of winners. “This may prove a boon to investors,” Dexter Realty said in its report Monday. The report was prepared by Kevin Skipworth, who is the Vancouver realty company’s partner and managing broker.

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Storeys: A Tale of Two Cities: How Condo Buyers Differ in Toronto and Montreal (2022-08-09)

There are many intriguing aspects of Canadian real estate, but for those in the market, there’s nothing quite like the anticipation of a pre-construction condominium. According to Baker Real Estate Incorporated, the topic of pre-con is one of the most exciting facets of new developments. The pre-construction phase allows buyers to create a custom living space by selecting their preferred features, like countertops or shower head styles, essentially “envisioning their future life — and all that entails.”

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CP24: GTA home sales down 47% from last year, 24% from June: Toronto real estate board (2022-08-08)

VIDEO: Featuring OREA CEO Tim Hudak. The Canadian real estate sector might not be a buyers' market quite yet, but a shift away from the rapid price increases of the past few years is well underway with home sales in both the Greater Toronto and Vancouver Areas dropping significantly. July sales in both regions plummeted by more than 40 per cent from last summer and more than 20 per cent from June.

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Financial Post: Trouble in ‘mortgage land’ as higher borrowing rates weigh and refinancings dry up (2022-08-08)

Canada’s housing market has been on a roll for years, but the Bank of Canada’s aggressive path of interest rate hikes and the possibility of a recession are ushering in a new economic reality that is beginning to weigh on mortgage demand, industry watchers say.  David Larock, a mortgage broker and president of Toronto-based Integrated Mortgage Planners Inc., said he is definitely seeing a drop-off in business in light of the new conditions, but said he’s seeing different effects when it comes to refinances versus new purchases.

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CBC: Turf war heats up between real estate disruptor and industry establishment (2022-08-08)

An Ottawa entrepreneur who pleaded guilty to fraud charges over fudged car loans in 2009 is back in court — this time as a plaintiff accusing three trade associations of trying to damage the reputation of his latest venture and exile the self-styled disruptor from the real estate industry's established turf. Michael Ryan O'Connor, who'd previously run into legal trouble as the owner of a chain of used car dealerships in Ontario and Quebec, is currently the founder and CEO of Unreserved, an online real estate auction platform that allows people to buy and sell homes like an outsized eBay.

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Toronto Sun: Generation rent? (2022-08-08)

For generations, homeownership was well within reach for many but with housing affordability at its lowest in three decades, the newest generation of prospective homebuyers is resigned to rent forever. According to a new survey from fintech comparison platform Finder.com, just one in 10 Canadians aged 18 years and older is optimistic about becoming a first-time homebuyer within the next five years. Sixteen per cent is no longer interested in homeownership at all. That’s a substantial 60 per cent increase from when the same question was asked in 2019.

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Canadian Mortgage Professional: Housing crisis in Canada – six suggested solutions (2022-08-08)

Canada is facing a housing crisis that is threatening to keep a whole generation of Canadians from owning a home. The question is, what is the federal government doing to help? Are there solutions to the struggles of many would-be buyers? Here are six suggestions that might work.

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Canadian Mortgage Professional: "Don't panic" on housing market: principal broker (2022-08-08)

Amid the furore over rising interest rates and a protracted slowdown in sales, there’s considerable room for optimism on the long-term future of Canada’s housing market, according to a well-known Ontario-based mortgage broker. The country experienced a housing boom after the outbreak of the COVID-19 pandemic as Canadians rushed to take advantage of slashed interest rates and higher savings – but its frenetic pace has slowed in recent months as those borrowing rates shot upwards.

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Globe & Mail: Buy or sell first? Softening housing market gives owners options (2022-08-05)

Last summer, when the Salters sold the Calgary home they had been renting out since their move to the quiet Cariboo region of British Columbia a few years earlier, the Calgary market was hot. This year, when they decided to move back to the city, the COVID-19-inspired buying spree in rural Canada had increased the value of their Cariboo property significantly, while the Calgary real estate market was decidedly cooler. [...] “Certainly over the past few years, the pandemic years specifically, the market has been crazy and lots of multiple offers were happening all across the country – people were being forced to buy first,” says Stacey Evoy, president of the Ontario Real Estate Association and a real estate broker at Royal LePage Triland Realty in London, Ont.   READ MORE...




Canadian Mortgage Professional: StatCan: Mortgage activity remains strong among non-bank lenders (2022-08-05)

The nation’s non-bank lenders continue to post robust results in terms of outstanding mortgages and the number of mortgages extended, according to Statistics Canada. The value of outstanding mortgages spiked from nearly $338.88 billion in Q1 2021 to approximately $356.17 billion in the first quarter of this year. However, the total number of outstanding residential mortgages during the same period ticked down from 1,717,693 to 1,711,923 in Q1 2022.   READ MORE...




CBC: Renters are feeling the pinch nationwide. These 5 charts break it down (2022-08-05)

Many Canadians are finding it harder to obtain housing that fits their budget as rents soar across the country. Rising prices are being driven in part by higher interest rates, which are cooling off the house-buying market and in turn putting more strain on rentals. Here are five charts that show some of the numbers behind the issue.   READ MORE...




Storeys: “Peak to Trough”: Benchmark Canadian Home Prices Expected to Fall 12 – 13% (2022-08-05)

The national housing market has entered a bona fide cooling period, with benchmark Canadian home prices set to plunge even further before the current downward trend is through, according to a prominent economist. In comments made during the bank-produced The Real Pulse podcast, Robert Hogue, RBC’s Assistant Chief Economist, said additional downward pressure is to come for home prices, given the “huge role” rising policy interest rates have played in softening the market since March.   READ MORE...




Globe & Mail: Real estate sellers need to sharpen their prices (2022-08-03)

The Toronto-area real estate market remains in stasis this summer as buyers chase more frivolous distractions and sellers sit and wait. But at times, there are bursts of frenetic activity. Sydney Taylor, a real estate agent with McCann Realty Group, is working with one couple who began looking for a semi-detached house in February when the market was blazing. As the Bank of Canada raised its key lending rate four times between March and July, their buying power diminished.

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CBC: 'A new phenomenon': Big investors eye Canada's home market, ReMax president says (2022-08-03)

 

Investment firms have become the biggest new buyers of U.S. homes — a trend that could make home ownership more difficult for average families. The idea of big investors buying single-family homes to rent them out is "just in its infancy" in Canada, but is worth watching, according to the president of one of this country's largest real estate firms. Some advocacy groups fear families can't compete against money managers with billions in assets.

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Financial Post: Prices are falling but rents are rising in Canada's paradoxical housing market (2022-08-03)

A paradoxical housing market has emerged recently in Canada. On the one hand are the falling housing prices and sales; on the other are rapidly escalating rents that have increased pressure on renter households. Recently released data by the Toronto Regional Real Estate Board (TRREB) has revealed that the average rent for a one-bedroom apartment, the most common type of rental abode, increased by 20 per cent year-over-year in the second quarter of 2022.  The rents for two- and three-bedroom apartments increased by 15.3 and 12.8 per cent, respectively.

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The Canadian Press: Ten thousand condos to be delayed this year amid market shift: Urbanation (2022-08-03)

Urbanation Inc. expects almost 10,000 Greater Toronto Area condo units to be delayed this year as increasing mortgage rates weigh on home sales. The condo data firm says it estimated about 35,000 new condo units would launch for presales in the GTA at the start of the year. Close to 16,000 units launched instead during that time period and just 10,000 more are expected through the rest of the year.

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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