Mississauga Real Estate Board News

Financial Post: Stress test tinkering comes amid falling mortgage rates and surge in private lending (2020-02-20)

Mortgage stress tests have been defended by Canadian regulators even as a frustrated real-estate industry pushed for changes and as the measure became a campaign issue ahead of last year’s federal election. So why has Ottawa decided now is the time to tinker with the minimum qualifying rates borrowers have to face? Finance Minister Bill Morneau and the Office of the Superintendent of Financial Institutions announced Tuesday that they are preparing to replace the benchmark rate used with the stress tests for both insured and uninsured mortgages. Read More...




Financial Post: Why mortgage stress test changes should not be made in political backrooms (2020-02-20)

The main job of the Office of the Superintendent of Financial Institutions (OSFI) is to keep banks out of trouble, and the mortgage stress test ensured none of them were adding riskier creditors to their massive home-loan portfolios. But at the end of January, out of nowhere, the federal banking regulator appeared to go wobbly on the test. Why? Rita Trichur, one of the better chroniclers of Bay Street, offered a plausible answer. Read More...




BNN Bloomberg: Mortgage rate easing doesn't go far enough: Industry association (2020-02-20)

Paul Taylor, president and CEO of Mortgage Professionals Canada, gives his take on the mortgage stress test changes and their potential impact on the housing market. Read More...




Real Estate Professional: Canadian mortgage industry welcomes stress test adjustment (2020-02-20)

The body representing thousands of firms and individuals in the Canadian mortgage industry has welcomed the federal government’s plan to change the stress test. Mortgage Professionals Canada (MPC) says that finance minister Bill Morneau’s announcement this week that OSFI will review the rules is a good “first step” by addressing federal mortgage eligibility policies that are unnecessarily preventing many Canadians from achieving their goal of home ownership. Read More...




The Globe and Mail: Rooming houses run rampant on Airbnb as rent rules go unenforced (2020-02-20)

The house listed on Airbnb at 1 Toba Dr. in North York looks like a typical product of 1960s upper-middle class suburban living – a brick and siding structure with a steep driveway on a corner lot next to a ravine park. Inside is a very different scene: Room after room is filled with racks of bunk beds. What was a living room now has 13 beds (four racks of triple bunks and one extra cot) and a full-sized refrigerator. The man who opened the door on a recent afternoon – he called himself Jimmy – says 20 people are currently living in the five-bedroom family home. Read More...




Mortgage Broker News: Home buyers in the GTA will largely focus on detached housing (2020-02-20)

A significant proportion of those planning to buy homes in the Greater Toronto Area this year are going for detached housing, according to a new report by the Toronto Residential Real Estate Board. The share of those seeking this type of property stood at 42% as of fall 2019. This was markedly lower than the 54% reading in fall 2015, mainly due to the impact of the OSFI-mandated mortgage stress testing. Read More...




Ontario Real Estate Association: Get a Sneak Peek of the Future of Canadian Real Estate at REALiTY 2020 (2020-02-13)

Are you ready for the new REALiTY? Hosted by the Ontario Real Estate Association (OREA), REALiTY 2020 boldly confronts the big issues impacting real estate today and previews what is coming down the road. It’s all happening at the Scotiabank Convention Centre in Niagara Falls on February 25-27. “With game-changing technologies, leading Canadian companies and brands looking to expand into the Canadian market, REALiTY serves as a premier meeting place for REALTORS®, allied industry professionals and fans of real estate,” said Tim Hudak, OREA CEO. “Will we recognize the face of Canadian real estate in a year or two? That’s the big question we’ll answer at REALiTY 2020.” Read More...




Canadian Real Estate Magazine: Rents in major cities spike (2020-02-13)

Rents in some of the major cities in Canada increased over the past year, with Halifax, Montreal, Calgary, and the Greater Toronto Area (GTA) reporting substantial gains, according to the latest report by the Canada Mortgage and Housing Corporation (CMHC). The average rent for a two-bedroom apartment increased by 3.9%, clocking the fastest growth since 2001. The GTA and Vancouver markets were the only ones amongst the Census Metropolitan Areas (CMAs) to register a rent growth above the national average. Read More...




The Star: Airbnb releases neighbourhood hotline, encourages hosts to install noise monitors (2020-02-13)

Airbnb has released its neighbourhood hotline number and is encouraging its hosts to install noise monitors as part of the short-term rental platform’s ban on party houses. Starting Monday, Canadian residents with concerns about disturbances, including house parties, can call 855-635-7754 to speak with someone about the issue. “While emergencies and safety incidents should always be reported to local authorities, this additional urgent communication channel aims to address both immediate disturbances as well as long-term issues within the community,” the company said in a press release Wednesday. Read More...




BlogTO: Toronto landlords are evicting tenants to move back into their apartments at an alarming rate (2020-02-13)

Renoviction is a term that is likely more familiar to Toronto residents than to people living elsewhere in Canada — and if it's one you somehow haven't heard of yet, it's a problem that's not uncommon in our city and looks to be getting worse. The expression describes a scenario where a landlord ousts current tenants in order to relist their unit for considerably more in rent, but does so under the guise of completing massive renovations or having themselves or their family members move in, all of which are fair grounds for eviction under current Ontario laws. These are considered "no fault" evictions. Read More...




The Globe and Mail: Ontario housing advocates warn some landlords not issuing rebates for temporary rent increases (2020-02-13)

Ontario housing advocates are demanding changes to provincial regulations to ensure tenants will be notified when they are owed a rental rebate from landlords. Anyone who has rented in Ontario in the past decade has likely heard of a landlord requesting an “Above Guideline Increase,” or AGI, to raise rents to help pay for capital repairs or improvements on a building. In the Landlord and Tenant Board’s (LTB) most recent annual report, there were 717 applications for a rent increase above the guideline filed in 2018-19, a 28-per-cent increase from the 559 applications in 2017-18. Read More...




REM Online: Homewise: Mortgage platform offers Realtor referral program (2020-02-13)

Two different experiences led Jesse Abrams to believe the process of getting a mortgage could be greatly improved. First, while working in digital marketing, one of his former clients was a large Canadian bank. “I learned how out of touch they are with home buyers, especially first-time buyers,” the 32-year-old Abrams says. “Their products are not always the best available, the process isn’t easy and you have to go in person and during bank hours and deal with a representative biased to their institution. That jaded me to banks for a mortgage.” Read More...




Financial Post: Biggest risk to CMHC’s mortgage insurance business is slow-building economic crisis: report warns (2020-02-12)

A slow-moving economic crisis is the biggest financial risk to Canada Mortgage and Housing Corp.’s mortgage insurance business, according to documents obtained by the Financial Post via an access-to-information request. The August 2019 report by an actuary from KPMG on the mortgage-insurance activities of CMHC said the Crown corporation’s expected future financial condition was deemed “satisfactory,” as of the end of 2018, partly because assets would still outweigh liabilities in several bad scenarios. Read More...




Canadian Real Estate Magazine: Most brokers say their market is "undervalued" says RE/MAX (2020-02-12)

More than 6 in 10 real estate brokers say they are seeing buyers priced out of their markets despite better housing affordability. A Leger survey for RE/MAX reveals that the reason many would-be first-time buyers are struggling to get on the property ladder is not always about home prices. In fact, just 38% of consumers responding to the survey cited high house prices as one of their biggest barriers to ownership…More than half of brokers said that low inventory was a more common reason for buyers not making a move with 72% saying that their local housing market is actually undervalued. Read More...




Postmedia: Top 10 real estate trends for 2020 (2020-02-12)

How the 2020 real estate market unfolds is anybody’s guess, but experts are already noting trends that reflect changing expectations, preferences and behaviours in the market. In its 2019 Year-End Luxury Market Report and 2020 Forecast, Engel & Völkers forecasts growth in Canada with a four per cent resale price increase. Despite the modest economic growth of one per cent year-over-year in 2019, Canada had a record population growth of 560,000 nationally, and a current unemployment rate of 5.2 per cent – the lowest level in more than 15 years. These factors are expected to benefit 2020’s real estate landscape. Read More...




Financial Post: Population growth, jobs and cheap money: What makes Canada’s housing market tick — podcast (2020-02-12)

Population growth, good jobs and cheap money have been a powerful combo for Canada’s real estate market – and the realtors selling homes in the country’s biggest cities. The decade started with a boom in housing prices and housing starts, with Toronto’s housing market in particular gaining steam at an “uncomfortable” rate, according to a new report from RBC Economics. This week on Down to Business, host Emily Jackson speaks with Re/Max Canada owner operator Pamela Alexander. Read More...




REM Online: No. 1 mortgage issue? The stress test (2020-02-12)

Will the federal government’s current review of the mortgage stress test (Guideline B-20) result in adjustments to the rules, allowing more consumers into the home buying market – particularly in cities and provinces where housing affordability is not a crisis? Currently the stress test rules keep renters from buying homes in affordable provinces and cities, such as the prairie and Atlantic provinces and in Quebec, says Paul Taylor, CEO and president of Mortgage Professionals Canada. Read More...




Real Estate Professional: Would TD Bank's move ultimately ease the stress test? (2020-02-12)

TD Bank's recent decision to cut its five-year posted rate might set a very "action-packed" scene for Canada's housing market this spring, an expert said. In a TV interview with BNN Bloomberg, RateSpy.com founder Robert McLister said TD Bank's move could trigger other big banks to slash their posted rates, a scenario that could result in the easing of the stress test. If the other big banks follow suit, the Bank of Canada would likely be compelled to lower the benchmark rate to below 5% for the first time since the stress test rules were adopted. Read More...




Financial Post: 'This is not a good sign': Toronto housing price surge resembles sky-high gains of 2016 (2020-02-12)

Canadian home prices will likely expand this year at “their fastest annual pace since 2016,” says a new report by TD Economics. “Price appreciation now resembles what it did prior to the implementation of the B-20, Bank of Canada rate hikes, and Ontario’s Fair Housing Plan,” TD economist Rishi Sondhi says in the report, released Tuesday. “Affordability is now the poorest it’s been since the frenzied days of 2017. And, while affording a home remains a difficult proposition in the single-detached market, robust price growth in recent years has also eroded condo affordability to a massive extent,” the report said. Read More...




CBC News: As city aims to expand Housing Now program, advocates call for more 'aggressive' affordability (2020-02-12)

CreateTO, the city's real estate arm, is preparing to put forward a second package of Housing Now sites at its March board meeting — a step that comes amid calls for greater density and more affordable units in Mayor John Tory's expanding affordable housing plan. Announced in 2018, Housing Now aims to create mixed-income communities on city-owned land. The first round of 11 sites could create roughly 10,000 new residential units, including more than 3,700 "affordable" rentals set at around 80 per cent of Toronto's average market rent. Read More...




Markham Review: Affordable Housing Summit on tap for March (2020-02-12)

Markham Mayor Frank Scarpitti believes the lack of affordable housing within the community has reached a crisis point. Tackling the issues remains one of his top priorities this year, which is why he will be holding what he calls a “major Affordable Housing Summit” this spring. “We really have reached a crisis point where young people with decent paying jobs, professional people can’t afford to buy a 500-square-foot home,” said Scarpitti, who will be hosting members of the federal and provincial governments along with various stakeholders in the development community at the local submit scheduled for Friday, March 27. Read More...




The Oshawa Express: Strong start to 2020 for housing market (2020-02-12)

After a hot 2019, the Durham housing market has seen more of the same so far in 2020. According to the Durham Region Association of Realtors (DRAR), residential transactions across the region in January were up 15 per cent from the same time last year. As well, January saw 944 new listings, more than double the 428 new listings reported in December 2019. Read More...




REM Online: Ottawa Real Estate Board give $97,650 to shelter-related charities (2020-02-12)

Members of the Ottawa Real Estate Board (OREB) raised $97,650 for the Ontario Realtors Care Foundation in 2019 and provided grants to 28 shelter-related charities in the Ottawa area. The funds were raised through the board’s annual charity golf tournament and the “$2 per member per month” campaign. “This year, our Realtors Care Committee met with representatives from A New Day Youth and Adult Services, the Ottawa Mission and Ottawa Salus,” says Deborah Burgoyne, 2019 chair of OREB’s Realtors Care Committee and OREB’s 2020 president. Read More...




BNN Bloomberg: Condo gains push Canadian housing starts to a 4-month high (2020-02-11)

Canadian builders began 2020 with a strong rebound in housing starts that is good news for the nation’s increasingly tight real estate markets. Work began on an annualized 213,224 units in January, up 8.8 per cent from a revised 195,892 in the prior month, Canada Mortgage and Housing Corp. said Monday in a statement. Economists in a Bloomberg survey had anticipated starts would be 205,000. It’s the highest level of new construction in four months, after a slowdown at the end of 2019, and suggests builders may be responding to the recovery in demand in some of the nation’s largest housing markets. Read More...




The Star: His parents bought their first home for $45,000 in their 20s. He bought his for $690,000 in his 30s. Why first-time buyers are getting older (2020-02-11)

When Kyle Paranuik’s parents were in their mid-20s, they bought their first house in small-town Ontario for $45,000. Thirty-five years later, Paranuik bought his own first home in downtown Toronto — but it was a lot smaller (540 square feet), it cost a lot more ($691,500) and at age 31, he was quite a lot older. Still, if he’s upset about the changes, it doesn’t show. “It feels good,” says the accountant. “I have a home and know that I can afford it.” First-time buyers in the GTA are getting steadily older. Read More...




Government of Ontario Newsroom: Ontario Cutting Red Tape to Create Jobs and Bring More Housing to York Region (2020-02-11)

The Ontario government is cutting red tape in York Region to help create more housing and employment in downtown Vaughan. Today, Steve Clark, Minister of Municipal Affairs and Housing attended a groundbreaking for a 36-storey apartment building with 450 rental units in SmartVMC, the first purpose-built apartment in the Vaughan Metropolitan Centre. A Minister's Zoning Order has helped complete the vision for the centre, through the relocation of an existing retail store. This will allow a new community to take shape in short order, bringing more homes and employment to a major transit station area. Read More...




Mortgage Broker News: Construction delays are making Canada's housing supply issues worse (2020-02-11)

The lack of housing supply in Canada’s hottest markets is further aggravated by delays brought about by regulatory red tape, according to a major industry investor. In a new interview with BNN Bloomberg, Centurion Asset Management CEO Greg Romundt said that the past half century was essentially a prolonged chronicle of missed opportunity for home construction. Read More...




Canadian Real Estate Magazine: Toronto's anaemic supply likely to keep price ramping up (2020-02-11)

Toronto's house prices are likely to continue their upward trajectory this year due to a supply crunch, pushing potential homebuyers to go for more affordable options, according to the latest market outlook by the Toronto Regional Real Estate Board (TRREB). The overall average selling price in the region is expected to jump by 10% to $900,000 this year. TRREB said there is a high chance that the prices will keep inflating given the limited growth in new listings. Read More...




The Globe and Mail: Rise in Toronto home prices has downsizers and young families hitting the highway (2020-02-11)

Seven years ago, Alexis Victor and her husband caused a stir when they bid $116,000 above the asking price for a semi-detached house in Toronto’s Roncesvalles Village. “It was big news at the time because that was before people went that high over asking,” Ms. Victor says. The couple beat out the competition with an offer of $865,000 for 211 Garden Ave., which had a list price of $749,000. Today the house is back on the market with an asking price of $1,435,000 as the couple and their six-year-old daughter join the exodus out of the city. Read More...

 




Simcoe Reformer: Changing of the guard at Royal LePage (2020-02-11)

The Browns and the Culvers have found common ground on the future of the Royal LePage real estate brokerage in Simcoe and Port Dover. With 87 years combined experience, brothers Dave and Mike Brown recently agreed to sell Royal LePage Brown Realty to Bill and Bonnie Culver. The Culvers are also veterans of the local real estate scene with 61 years between them. Read More...




CTV News Barrie: Shipping containers transformed into affordable housing (2020-02-11)

The need for affordable housing is felt right across the province, including in Orillia, where one company has come up with a unique way to address the issue. Old shipping containers are being repurposed into homes, as construction company Northern Shield creates a 27-unit, three-story apartment complex. Read More...




Caledon Enterprise: Could row housing be a key to successful high-density development in Caledon? (2020-02-11)

As Caledon continues to develop, and add high-density development, a report from the Canada Mortgage and Housing Corporation (CMHC) shows that townhomes could offer more comfortable rental options for young families and first-time homebuyers with multiple children. CMHC reports the cost of home ownership rose between 2006 and 2016, pushing many families to focus on the rental market. According to the statistics, while the rental market has shown a surge in the apartment market, townhomes have not seen significant growth at this time. Read More...

 




Brampton Guardian: Brampton landlord charged for withholding gas from tenant for one month (2020-02-11)

A Brampton landlord has been charged and fined for withholding the reasonable supply of gas to a tenant on Feb. 4. According to a release from the Ministry of Municipal Affairs and Housing, the landlord was responsible for paying the utilities, including gas, for the rental unit as per an agreement made with the tenants. On July 10, 2019, the gas supply was shut off to the rental property by Enbridge Gas Inc. after the landlord failed to pay the bills. Read More...




BNN Bloomberg: Tougher Mortgage Rules Check Toronto Buyers, Not Surging Prices (2020-02-10)

Tougher mortgage regulations continue to have a dramatic effect on home-buyers in Canada’s biggest city, but they haven’t managed to curb price gains that are forecast to surge nearly 10% this year. Canada’s banking regulator imposed tougher underwriting rules in January 2018 that forced buyers to show they can handle payments at 200 basis points above the contracted rate. Read More...




The Star: TD Bank recently lowered its 5-year mortgage rate. Experts say regulator pressure may have played a role (2020-02-10)

TD Bank’s decision on Tuesday to lower 5-year fixed mortgage rates may have been partly due to pressure from regulators, experts say… It’s not a coincidence the move came just a few weeks after the Office of the Supervisor of Financial Institutions (OSFI) announced it was considering replacing the Bank of Canada’s 5-year fixed rate as a benchmark to be used in the stress test, said mortgage broker Robert McLister. Read More...




The Star: TD Bank recently lowered its 5-year mortgage rate. Experts say regulator pressure may have played a role (2020-02-10)

TD Bank’s decision on Tuesday to lower 5-year fixed mortgage rates may have been partly due to pressure from regulators, experts say… It’s not a coincidence the move came just a few weeks after the Office of the Supervisor of Financial Institutions (OSFI) announced it was considering replacing the Bank of Canada’s 5-year fixed rate as a benchmark to be used in the stress test, said mortgage broker Robert McLister. Read More...




Financial Post: Millennials are cutting costs to make ends meet — even on the happiest day of their lives (2020-02-10)

Christina Halloway and her fiancé are getting married in September and she has had to cut down a few costs, such as her bridal gown, guest list and a planner, to make the wedding work with their finances. The millennial restaurant manager in Waterloo, Ont., said it took her two years to pay down her debt and finally pick a wedding date. “We got engaged during the holidays, 2018,” she said. “I didn’t want to get married in debt because I owed quite a big number on my line of credit. Honestly, my parents have chipped in a lot.” Read More...




REM Online: Home sharing a win-win for two generations (2020-02-10)

Many millennials believe they may never be able to afford a home unless they have family that can help them out financially. But baby boomers, many of whom are now seniors, are also being significantly affected by the rising costs of living. With no relief in sight from the escalating costs, some Canadians have been adopting different housing models in order to cope. The 2016 Canadian census shows 28.2 per cent of all households consisted of just one person – the most since confederation in 1867. Read More...




Investment Executive: Homes became less affordable in Q4 (2020-02-10)

Home affordability in Canada worsened in the last quarter of 2019, after three consecutive quarters of improvement, said National Bank in a report on Thursday. Seasonally adjusted home prices increased 1.8% in the fourth quarter compared to the previous quarter. At the same time, the five-year mortgage rate increased three basis points, and median household income grew 0.4%. Read More...




The Globe and Mail: Planned Toronto office building pushes limits of mass-timber construction technology (2020-02-10)

For decades, 77 Wade Ave., a parcel in an industrial pocket in the Junction near Lansdowne Avenue and Bloor Street West, housed an auto-body shop and a ready-mix concrete plant. But when contractors start excavating the rubble-strewn site next month, they’ll begin the construction of Toronto’s tallest tall-timber office building to date – a visually striking venture that cuts its reliance on carbon-intensive building materials – concrete – and is within minutes of three rapid transit stops and a bike corridor. 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