Mississauga Real Estate Board News

Toronto Star: Growing population in Toronto and Hamilton need housing’s ‘missing middle,’ report says (2018-12-11)

The Greater Toronto and Hamilton Region could be short 165,600 homes by 2041 if it doesn’t rightsize its housing supply to give families more space and build places that will induce seniors to downsize. Failure to do so could skew the population to an older demographic and impede its prosperity by discouraging younger, skilled workers, says a new study. The study means the area could potentially be short as many homes as the current number of existing households in Brampton; about two and half as many as Oakville, and enough housing to accommodate about three years’ worth of the population growth that is forecast by Ontario’s anti-sprawl Places to Grow smart growth plan. Read More....




Real Estate Professional: Housing starts snap downward trend (2018-12-11)

There was an improvement in the 6-month moving average of Canadian housing starts last month. Figures from CMHC show a seasonally adjusted annual rate of units of 210,038, up from 204,460 in the previous month and ending four months of declines. "The national trend in housing starts increased in November, following four consecutive months of decline," said Bob Dugan, CMHC's chief economist. "While single-detached starts continued to trend lower in November, this was more than offset by a gain in the trend of multi-unit starts following several months of weakness.". Read More....




Real Estate Professional: Builders are planning to increase housing supply (2018-12-11)

The value of residential building permits issued by Canadian municipalities in October was up 4.2% to $5.2 billion. The increase, reported by Statistics Canada, shows that the number of units for which permits were issued was up by a similar share (4.1%) to 20,017. Both single-family and multifamily units posted increases month-over-month although overall it was apartment condos that drove the increase. Read More....




REM Online: Keylo: Using tech to match salespeople with clients (2018-12-11)

Online matchmaking services are quite the rage these days. Now the concept has taken off in the real estate world with digital platforms being created to connect buyers and sellers with their ideal real estate salesperson. Keylo, based in Edmonton but operating everywhere because it is a virtual company, is using proprietary technology to make the connection. Its algorithm matches clients based on land titles, MLS data, ratings and reviews for real estate transactions. Read More....




Toronto Star: City of Toronto land transfer tax revenues miss target for first time (2018-12-11)

The City of Toronto’s budget-balancing golden goose — the land transfer tax — is sick. For the first time since the tax on real estate exchanges was introduced in 2008, revenues that used to gush into Toronto’s operating budget will miss the target — $818 million this year — recommended by city staff and approved by city council, staff acknowledged Monday. In fact, those revenues are expected to fall short by $99.2 million, or 12 per cent, “primarily driven by lower residential market activity,” says a finance update going to city council this Thursday. Luckily for residents and the services they expect, other underbudget expenses and overbudget revenues are expected to propel the city to a year-end overall budget surplus of $14.7 million. Read More....




REM Online: Bidding wars: Big bad bully (2018-12-11)

In this third and final segment on the hot subject of bidding wars, I draw some conclusions that lead to more questions. But consider that before we have the answers, we must ask the questions. During my career, I orchestrated many multiple offer scenarios for my sellers. In earlier days, board rules permitted us to delay the showing commencement date as well as offers. I’d organize showings to begin – and offers to be presented – on the same day, usually a Saturday. On that first day, the property was usually a buzzing beehive of activity, with appointments scheduled every half hour, sometimes overlapping. Aside from the first and last showings of the day, the lockbox usually remained untouched, with business cards being exchanged between agents arriving and departing. Read More....




CBC: Are we ready for 'smart' cities? (2018-12-10)

The Canadian federal government has a smart cities challenge currently underway. The initiative called The Smart Cities Challenge has awarded winning communities with millions of dollars to develop smart cities initiatives that can scale to other communities. Waterloo, Ontario, Quebec City, Edmonton, Vancouver and Montreal are the finalists of the largest cash prize, 50 million dollars. But the most consequential smart city project is Sidewalk Toronto. Planned by Sidewalk Labs, a subsidiary of Alphabet Inc. also known as Google's parent company, and governed by the tri-government agency Waterfront Toronto, Sidewalk Toronto is an ambitious plan to redevelop 12 acres of the city's waterfront into a smart neighbourhood. Read More....




National Post: Critics say new Progressive Conservative bill will open Ontario Greenbelt up to development (2018-12-10)

Opposition politicians and environmental advocates are raising concerns about new legislation from the Ontario government that they say opens the door to development in a protected green space around Toronto. Critics say the omnibus legislation aimed at cutting red tape for businesses contains clauses that could let municipalities override rules that protect the Greenbelt. The 7,200-square-kilometre area that borders the Greater Golden Horseshoe area was established in 2005 to protect environmentally sensitive land from urban development. Read More....




Global News: ‘I’d rather die than move’: Ontario senior couple say they felt pressured to sell family home (2018-12-10)

For more than 20 years, Clarice Henriques, now in her 90s, has lived in and loved her Woodbridge home. “I’d rather die than move,” she said. This is why it came as such a shock to her daughter Maria Morgis when, out of the blue, nearly seven years ago, Henriques and her husband Fernando Henriques revealed the house had been sold. “The house was not for sale,” Morgis said. “I didn’t know what to think. I was surprised.”. Read More....




Better Dwelling: Canada’s Largest Real Estate Developer Declared A Soft Landing. They’re Wrong (2018-12-10)

Break out the champagne for the next open house, because it’s all clear sailing from here. That’s according to the CEO of one of Canada’s largest real estate developers, who declared Canadian real estate achieved a soft landing. The situation is not unlike the US being declared a soft landing in 2006, but just like then – it’s way too early to tell. Here’s what you need for a soft landing, and why Canadian real estate markets aren’t even close at this point. Read More....




HuffPost: These Canadian Housing Markets Took A Beating In 2018. What Does 2019 Have In Store (2018-12-07)

2018 began with a steep nationwide drop in housing activity. Stricter mortgage qualification rules pushed buyers to the sidelines, as year-over-year double-digit sales decreases became the norm. Of course, some markets had a rougher year than others. Toronto, with its strong early-2017 performance, had a particularly cool start to the year, as did Hamilton. In the west, the Calgary market is continues to deal with the effects of low oil prices which sunk the housing market in 2015, while Vancouver is still adjusting to a stricter foreign buyers tax that was increased in February. Read more...




Real Estate Professional: Why VR and AR may become standard terms for real estate agents (2018-12-07)

The importance of effective listings is highlighted by a new report which shows that 1 in 5 homebuyers bought their home without physically walking through the property before deciding it was ‘the one’. While that may be a risky strategy and most buyers still want to go inside their potential purchase, online listings do play an increasingly prominent role with almost three quarters saying that they toured or viewed images online before deciding which homes to physically visit. Read more...




Canadian Apartment Magazine: Ontario aims to make rental development easier (2018-12-07)

At the recent Ontario REALTOR Party Conference, the Ontario Real Estate Association’s annual political affairs conference, Premier Doug Ford made keynote remarks that stated that the government is committed to making it more appealing for developers to build rental housing. Currently, Ontario has Canada’s second-highest average rental costs, following British Columbia. Yet Ontario’s current rental vacancy rate is at its lowest level in 17 years, sitting at 1.6 per cent. Read more...




Real Estate Professional: Crash still unlikely despite slowing credit growth (2018-12-07)

While recent Bank of Canada numbers indicated that the national mortgage market is continuously slowing down (with a 3.4% year-over-year increase in October), a CPA Canada analysis argued that robust fundamentals are counteracting the possible risks of a U.S.-style meltdown. The CPA noted that the sheer volume of subprime mortgages issued to borrowers who were ultimately unable to repay is one of the major (if not the leading) factors that triggered the U.S. collapse. Read more...




The Toronto Star: New bill aims to reduce red tape for business, says Ford government (2018-12-07)

It won’t be business as usual for Ontario companies as the province plans to cut the number of regulations they face — while also cutting their costs. A key focus of Premier Doug Ford — who has said companies face some 380,000 regulations in this province — legislation introduced Thursday afternoon targets a number of areas from farms to daycares to private career colleges. [...] The Ontario Real Estate Association said it welcomed the moves on planning approvals, getting homes built and on the market faster. Read more....




The Financial Post: Does rent control stifle construction? Until there's more data, the jury's still out (2018-12-06)

Ontario has done yet another somersault on rent control regulations. Premier Doug Ford’s government recently reversed the stringent rent control regulations that were enforced last year by the Liberals. Under the revised regulations, new or previously unoccupied rental units will no longer be subject to rent control. Existing tenants in purpose-built or private rentals will continue to be protected. The change in regulation applies to newly built or previously unrented units in existing buildings. Read More....




CBC: Why low-income earners should actually welcome Ontario's reversal on rent control (2018-12-06)

The knee-jerk reaction to Ontario government's recent action on rent control — removing it as a policy for new units in the province — was largely one of despair. The move was called "regressive" and "short-sighted." Toronto City Councillor Kristyn Wong Tam tweeted that the new policy meant "class warfare," suggesting that the "removal of rent control is going to make Toronto and Ontario less affordable and livable." Extended rent control was introduced by the previous provincial government under its "Fair Housing Plan," which expanded the policy to include all rental units, as opposed to only those built before 1991. Read More....




BlogTO: This is what Toronto's most ambitious new condos will look like (2018-12-06)

Toronto just got the architectural equivalent of a surprise album drop from the firm behind what is without a doubt the coolest looking, most anticipated development proposed for our city this decade. I'm talking about Denmark's Bjarke Ingels Group (or BIG, as they're know colloquially) and new renderings for a forthcoming series of mixed-used buildings along King Street West. Read More....




CBC: Bank of Canada expected to hold its key lending rate in decision Wednesday (2018-12-05)

The Bank of Canada is widely expected to keep interest rates on hold in its monetary policy decision on Wednesday. When the Bank of Canada last met, it raised its benchmark interest rate by a quarter point to 1.75 per cent. It was the fifth hike since last summer, further pushing up the cost of borrowing for Canadians. In the statement it released at that time, the central bank removed the word "gradual" in reference to the pace of further rake hikes. Some analysts read into the omission to mean that the bank may raise its overnight lending rate more quickly to get to a more neutral level of between 2.5 per cent and 3.5 per cent. Read More....




Real Estate Wealth: Investors have little to fear of a housing meltdown (2018-12-05)

Would-be investors who remain wary of the Canadian real estate market’s price growth should take a measure of comfort in the results of a new study conducted by Chartered Professional Accountants of Canada (CPA Canada). The research found that the market’s fundamentals have robustness as their main feature, precluding any U.S.-style meltdown in the near future. “Beyond prices and debt levels, Canada shares far fewer similarities with the U.S. than you might think. This becomes very apparent when you look at just one measure: credit quality,” CPA Canada chief economist Francis Fong stated. Read More....




Mortgage Broker News: Nine more Canadian firms to list on Zillow (2018-12-05)

The expansion of Zillow’s Canadian listings has continued with nine additional listing partners announced this week. The new signings for the US listings platform are HomeLife Real Estate Canada, Sage Real Estate, Your Choice Realty, Coldwell Banker Mountain Central, Coldwell Banker Ronan Realty, Royal Heritage Realty, Sam McDadi Real Estate, Sutton Group Heritage Realty Inc., and TrilliumWest Real Estate. Read More....




The Toronto Star: Province wants to speed sale of 243 surplus properties (2018-12-05)

The Ontario government is expediting the sell-off of 243 surplus government properties on 14,600 acres to raise between $105 million and $135 million in the next four years. The plots range from old jails and psychiatric hospitals to empty lots. About 50 of the properties are in the Toronto and Hamilton area, including 20 in the city of Toronto. Among those is the old Thistletown Regional Centre, a children’s mental health facility in Etobicoke that closed in 2012, and 27 Grosvenor St. next door to the Coroner’s Court downtown. Read More....




Real Estate Professional: Canadian markets next year will look like… (2018-12-05)

Depending on which part of Canada you live in, 2019 is either a year to look forward to or one to dread. Beginning with Toronto, Sotheby’s International Realty Canada’s President and CEO Brad Henderson expects more of the same next year, but with a caveat. “There will be slower growth, but growth just the same, particularly since there’s a lack of product in the marketplace,” he told REP. “There’s going to continue being upward pressure on prices, but increased interest rates and mortgage stress testing has added headwinds to the lofty growth we saw in 2016 to 2017.” Read More....




Real Estate Professional: Premier Ford commits to renters (2018-12-03)

The governing Progressive Conservative Party of Ontario renewed its pledge to increase rental housing in the provincial capital. Speaking at the Ontario Realtor Party Conference, Premier Doug Ford reiterated his government’s intention to eliminate rent control in new builds, a key point from his government’s Housing Supply Action Plan. He specifically noted that rent control has put downward pressure on an already historically low vacancy rate, to the detriment of families.Read More....




BNN Bloomberg: Canada has achieved a housing soft landing, biggest builder says (2018-12-03)

Canada has avoided the kind of housing crashes that has bedeviled countries for decades thanks to government regulations to tame soaring home prices, according to the largest closely held home builder in North America. “We’re right in the midst of a soft landing, certainly something that we predicted and actually helped influence,” said Brad Carr, chief executive office of the Canadian division of Toronto-based Mattamy Homes Ltd. “It was necessary. The market here was running a little hotter than we thought it should for the long-term health of the market place.” Various levels of government instituted regulations to cool markets, including a foreign buyers tax and stricter mortgage lending rules after home prices surged 60 per cent in Toronto and about 70 per cent in Vancouver in the past five years. The housing market has cooled dramatically since the latest rules were implemented in January, though prices and sales have since stabilized. Read More....




BNN Bloomberg: Time to relax mortgage regulations, Canada home builders urge (2018-12-03)

Canada’s home builders are urging the federal government to loosen mortgage-lending restrictions that have helped cool housing markets this year. Executives at Mattamy Homes Ltd., North America’s largest closely held home builder, said the rules have brought about the desired soft landing and aren’t needed as much now that interest rates are rising. The Canadian Home Builders’ Association said the rules are hitting millennials and struggling markets like Calgary particularly hard. The rules, put in place in January, require even those with a 20 per cent down payment, who don’t need mortgage insurance, to prove that they can make payments at 2 percentage points above the contracted rate. The so-called B-20 stress tests already existed for insured mortgages. By April, the average home price in Toronto had tumbled 12 per cent from the same month the prior year, though has since stabilized. Read More....




Mortgage Broker News: Underlying trends show that Canada is still far from a meltdown (2018-12-03)

The pitched pace of home price growth nationwide in recent quarters may be reminiscent of pre-2008 conditions in the U.S., but a recent study conducted by Chartered Professional Accountants of Canada (CPA Canada) indicated that housing market fundamentals north of the border are more resilient than one might expect. Among the leading triggers of the U.S. meltdown was the high volume of subprime mortgages issued to borrowers with low credit quality who couldn't afford to repay debt. Read More....




Real Estate Professional: REBBA reforms inch closer to fruition (2018-11-30)

The Real Estate and Business Brokers Act (REBBA) might be getting a makeover that will raise professional standards and promote entrepreneurship. Earlier this week at the Ontario Realtor Party Conference, where Premier Doug Ford delivered a keynote speech in front of representatives from all four of the province’s political parties, REBBA reform was a hot topic. According to the Ontario Real Estate Association’s CEO Tim Hudak—himself the former leader of Ford’s Progressive Conservative Party of Ontario—consumers would be best served by enhanced professional standards. Read More....




Reuters: Canada's urban hotspots set for subdued house-price rises in 2019 (2018-11-30)

House prices in two of Canada’s biggest cities will, at best, keep pace with inflation next year along with the national market, according to a Reuters poll of property market analysts, who mostly said the days of huge price swings are over. The broader housing market has been subdued for almost a year now. But in the financial capital Toronto, and in Vancouver on the Pacific coast, rampant speculation had sent prices soaring until very recently, drawing international attention to both cities as global hot spots. Read More....




Mortgage Broker News: Economic indicators point to further rate hikes – CMHC (2018-11-30)

The current robustness of Canada’s economy is expected to impel further interest rate growth, according to a new report by the Canada Mortgage and Housing Corporation. In its latest Quarterly Financial Report covering July to September 2018, the CMHC stated that the national economy is set to continue enjoying a moderate pace well into next year. The Crown corporation predicted annual GDP growth to settle at 2% this year and 1.9% in 2019, “with the economy operating close to its potential rate.”. Read More....




Real Estate Wealth: More homebuyers opted for variable rates in Q3 says CMHC (2018-11-30)

Canada Mortgage and Housing Corporation has published its financial report for the third quarter of 2018 which also reveals insights into this year’s homebuyers. CMHC provided mortgage insurance for 171,173 homes in Q3 and provided more than $118 billion in guarantees through its securitization programs, providing lenders with an affordable and reliable source of mortgage financing. It also delivered more than $1.9 billion to create and support much-needed housing units for low- and middle-income Canadians, including on-reserve. Read More....




The Toronto Star: Housing minister says nixing rent control on new units will ‘solve’ lack of supply (2018-11-29)

Ontario’s housing minister is standing by the government’s elimination of rent controls on new units as the best way to alleviate the Toronto region’s vacancy squeeze. “Exempting new units from rent control will encourage large developers and small landlords to create more housing,” said Steve Clark. “We want units built and that’s how we’re going to solve it. Our government’s open for business and this is a very important strategy for us,” he said Wednesday.. Read More....




Real Estate Professional: Ontario’s housing action plan welcomed by industry (2018-11-29)

Proposals to increase choice and make housing more affordable in Ontario have been welcomed by two housing industry organizations. The province announced an action plan Wednesday which aims to make more homes available by “knocking down barriers” to help people get homes that meet their needs. Read More....




Torontoism: What making MLS data publicly available means for realtors and consumers (2018-11-29)

When the Supreme Court of Canada refused to hear a recent case involving the Toronto Real Estate Board (TREB) concerning whether to make sales information from its Multiple Listing Service (MLS) publicly available, it appeared that the matter had been settled once and for all. Or had it? Many real estate professionals continue to express concerns about a 2016 ruling by Canada’s Competition Tribunal that ordered TREB to allow online access to sales data found on MLS that had previously only been accessible to Board members. The Competition Bureau’s ruling makes the negotiated price available before closing, along with the seller’s name and commission paid to the selling agent. That ruling sparked a series of legal challenges that wound their way up to the country`s highest court before it declined to hear the matter. Read More....




The Daily Hive: These are the top housing markets for buyers and sellers in Ontario (2018-11-29)

A new report provides an updated account on how Ontario’s housing market is appealing to buyers and sellers. Canadian real estate website Zoocasa says Ontario’s housing market overall can be considered “balanced” with a sales-to-new listings ratio (SNLR) of 56%. Toronto’s market closely aligned with the provincial average, with a balanced market with an SNLR of 57%. However, the company notes that the SNLR does not always reflect how affordable a market is, but it does provide a glimpse of how the market may have changed over a period of time. Read More....




Global News: Here are the most expensive — and cheapest — cities to rent in Canada (2018-11-29)

Canada’s overall vacancy rate is at a near 10-year low, as strong immigration, downsizing seniors and employment growth among youth push up demand for rental housing. As a result, rents are growing faster than inflation. That’s the main finding of the annual rental market survey by the Canada Mortgage Housing Corp. (CMHC). The demand from people looking to rent is outstripping the pace at which new units are becoming available in most of the country, the report revealed. This has sent the vacancy rate across the country dropping to 2.4 per cent, the lowest it’s been since 2009. Read More....




Toronto Star: Mortgage ‘stress test’ policy needs rethink in tough market, builders say (2018-11-28)

The building industry association says it is time to re-think some of the policies that are making it tougher for Toronto-area residents to afford a home. Builders are concerned about rising interest rates compounding the reduced buying power of the mortgage stress test, said David Wilkes, CEO of the Building Industry and Land Development Association (BILD). “It’s time to take a hard look at those rules and make some adjustments such as looking at amortization periods and lengthening them because we’re concerned there’s going to be an exaggeration of the dampening effect of the stress test now that you have both it in place and the interest rates increasing,” he said. Read More....




Cision: Condos in Canada's Popular Winter Recreational Regions Post Strong Price Gains in 2018 (2018-11-28)

According to Royal LePage, prices in many key winter recreational real estate markets are experiencing healthy year-over-year price appreciation, as retirees, investors and buyers looking for winter getaways continue to spur demand. Across Canada, trends vary based on the region. In western Canada, the median price of a condominium in winter recreational regions rose at a faster pace compared to detached properties, while the median price for the latter dipped. In particular, condominium prices in Whistler and Mont-Tremblant (Station) increased 26.5 per cent and 30.0 per cent, respectively. Condominium prices in Canmore also saw significant appreciation when compared to last year, alongside a considerable increase in sales activity. Quebec's strong economic performance and consumer confidence have fueled demand for the region's winter recreational properties as buyers with more discretionary income from within the province put upward pressure on recreational property prices. In Collingwood, Ontario, median prices have also made healthy gains, as residents within Toronto and the Golden Horseshoe flock to the region's accessible year-round amenities. Read More....




Toronto Star: Toronto real estate is vulnerable to money laundering (2018-11-28)

Toronto’s booming real estate market is vulnerable to money laundering because real estate agents aren’t notifying authorities of suspicious property transactions, leading the national anti-money laundering agency, FINTRAC, to step up its audits of the industry. Real estate agents are required by federal law to file “suspicious transaction reports.” From 2013 to 2017, there were more than 2.5 million real estate transactions in Canada, according to the Canadian Real Estate Association. In that same five year period, real estate agents and developers made only 197 suspicious transactions reports. “These reports are critical to the centre’s analytical process and the financial intelligence it generates for police, law enforcement and national security agencies,” writes FINTRAC in its latest annual report. “Because suspicious transaction reports have a narrative component, these reports have the potential to provide tremendous intelligence value to the centre.” Read More....




Global News (MSN): Will it crash? Here’s what to expect from the Canadian housing market in 2019 (2018-11-26)

After a screeching halt sometimes comes a crash. This was the year when Canada's housing market hit the brakes. So what will happen in 2019? Predicting housing prices is famously difficult. And forecasting housing meltdowns like the one that nearly brought down the global financial system in 2008 may be downright impossible. For now, though, the way experts cautiously paint the future for next year is closer to the picture of a landing plane than that of a rocket ship plummeting earthward. The Canadian Real Estate Association (CREA) sees home sales rebounding a little (2.1 per cent) next year, with home prices roughly keeping up with inflation (2.7 per cent). In Ontario, prices will likely climb a little faster (3.3 per cent) and in British Columbia, a bit more slowly. 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