Mississauga Real Estate Board News

The Canadian Press: Canadian home sales rise 12.6 per cent in July (2019-08-16)

 Canadian home sales rose in July in broad gains as markets start to recover from the stress test tightening last year, although economists say global concerns raise some uncertainties for the future. The Canadian Real Estate Association said on Thursday that home sales rose 12.6 per cent in July from a year earlier, and were up 3.5 per cent seasonally adjusted from June. “Sales are starting to rebound in places where they dropped when the mortgage stress test took effect at the beginning of 2018, but activity there remains well below levels recorded prior to its introduction,” CREA president Jason Stephen said in the report. Read more...




ConstructConnect: Ontario’s More Homes, More Choice Act not perfect but a ‘sensible change’: Lyall (2019-08-16)

Ontario’s More Homes, More Choice Act is under fire from a Toronto city councillor for being too developer-friendly, but it’s being praised by the province’s new-home and condominium building community. Richard Lyall, president of the Residential Construction Council of Ontario (RESCON), says the legislation paves a pathway for the province to patch up a broken system and should spur development. “I’m not saying it’s perfect and I don’t think the government is even saying that,” he said. “But what the government has said here is, ‘We are really serious about this.’ What they’ve done is recognize that what we’ve been doing doesn’t work, it isn’t working, and no one else has had any real good ideas. Read more...




Huffington Post: Canada’s Vacant Home Rate Is 5 Times Higher Than U.S., And Rising (2019-08-16)

There’s no doubt Canada’s housing supply ― at least in many places ― is very tight. Apartment vacancy rates are near historic lows, and the country’s home ownership rate is shrinking. But somehow, there is a growing number of empty homes to be found. Many of Canada’s largest cities have seen a spike in empty home rates in recent years, according to new research from Point2 Homes that shows the issue is a much larger phenomenon in Canada than in the U.S. Read more...




Canadian Apartment Magazine: Affordability worse for renting Canadians: Report (2019-08-16)

New data from Rentals.ca shows that affordability for low-income Canadian renters is worse than what was reported in mid-July by the Canadian Centre For Policy Alternatives (CCPA). The August National Rent Report, produced by Rentals.ca and Bullpen Research & Consulting, shows that a Canadian making $13 an hour would have to work 62 hours a week in order to afford the average lower-cost rental if he or she were to maintain the recommended 30 per cent rent to income ratio. Read more...




Financial Post: 'A reawakening': Canadian home sales rise for fifth straight month as mortgage rates decline (2019-08-16)

Homes sales across Canada rose for the fifth consecutive month and recorded a double-digit increase compared to a year ago in part aided by interest rates, according to the Canadian Real Estate Association. However, sales in Vancouver and Toronto, the two largest domestic markets, remained “well below” the levels achieved before mortgage stress tests were introduced last year, the association said. Sales rose by 3.5 per cent in July compared with June and by 12.6 per cent versus the same month in 2018, the association’s figures show. Read more...




Canadian Real Estate Magazine: GTA market fundamentals to remain robust going forward (2019-08-16)

Exceptional job growth in the Greater Toronto Area, along with consistently high immigration, has spurred strong rental demand through the first half of 2019. According to a report from Marcus & Millichap, the region is brimming with tech sector talent and it played a crucial role in the 81,600 jobs created in the GTA through the first two quarters of the year. “Employment grew at a rate of 3.4% year-over-year in June, a substantial rise from the 2.9% pace posted one year earlier,” read the Marcus & Millichap Multifamily Market Report. Read more...




The Hamilton Spectator: City of Hamilton braces for $15 million annual drop in provincial housing cash (2019-08-16)

The city is bracing for a nearly $15 million annual drop in provincial funding to repair and build affordable units in Hamilton amid rapidly rising housing costs. Paul Johnson, the city's general manager of healthy and safe communities, called the decrease a "significant drop" but noted work already out of the gates won't be cancelled. "It just means we have fewer dollars to invest in the community going forward, so the prioritizing and the decision-making about what projects move ahead will be more difficult and fewer of them will happen,' Johnson said after Thursday's emergency and community services meeting. Read more...




https://www.thespec.com/news-story/9552077-city-of-hamilton-braces-for-15-million-annual-drop-in-provincial-housing-cash/ (2019-08-16)

Technology and real estate sometimes butt heads, but Huckleberry has introduced a novel idea that marries the two, with sales representatives presiding over the union. “We’re like Tinder, in that homebuyers swipe left or right on the front end while looking at homes on our app, and on the back end there’s machine learning doing all the matchmaking,” said HuckleBerry’s founder, Mossab Basir. “Whenever a user swipes left, we learn which homes they don’t like, just as we learn which homes they do like when they swipe right. Huckleberry, our machine, learns over time and presents listings relevant to homebuyers over that time.” Read more...




Financial Post: Will staging your home draw that tidy selling price you hope for? (2019-08-15)

Most people who have bought or sold a home are familiar with the concept of staging, in which a seller brings in new, sometimes expensive, furniture and decor on a temporary basis in order to cast their home in the best possible light. But does home staging really work? Does it help a home sell more quickly or at a higher price? Read more...




Which Mortgage: Canada’s home affordability sees largest improvement in a decade (2019-08-15)

The cost of homeownership, relative to income, saw its steepest decline in a decade in the second quarter of 2019, according to the latest National Bank of Canada housing affordability report. It took 45.1% of an average household’s income to afford the mortgage on a median-priced home in the 11 major cities covered by the report, down from 48.7% in just three months. Still, it’s well above the 30% mark that is generally considered affordable. The last time affordability improved that much was during the 2008-09 financial crisis, due to a sharp slowdown. Read more...




Mortgage Broker News: Apartments are still among Canada’s most enticing investment assets (2019-08-15)

Apartments continue to be among Canada’s most desirable investment properties, if a leading REIT’s first-half (2019) performance is any indication. In its latest report covering the six months ending June 30, 2019, Killam Apartment REIT stated that its Q2 net income was $82.8 million. This far outstripped its $34.9 million figure during the same quarter last year. The REIT attributed this exceptional performance to its 97.1% apartment occupancy, which was notably larger than the 96.6% seen during the second quarter of 2018. Read more...




National Post: Newmarket builds first new condo development in 30 years (yes, you read that right) (2019-08-15)

Originally a bedroom community of mostly detached homes, Newmarket is now one of the most densely populated municipalities in Ontario. But when Rose Corporation built a rental property in 2017, it was clear the town’s real estate market hadn’t kept pace with change. “So many people asked about ownership,” says president Daniel Berholz, that when a 4.4-acre lot became available next door, the company decided to build not one but three new residential towers. Read more...




REM Online: Barry Lebow forms team to tackle the toughest deals (2019-08-15)

Toronto real estate veteran Barry Lebow says he has created a new concept in real estate brokerage – a team to handle the most complex situations. Lebow says the Senior Team GTA will work in areas such as helping seniors move or downsize, hoarders, estates, divorces, mortgage arrears, business partnership split-ups, court actions and stigmatized properties, in both residential and commercial situations. The new team will operate under the Re/Max Ultimate Realty banner. Read more...




Global News: Federal government provides $32.4M to Habitat for Humanity Canada for affordable housing (2019-08-14)

The federal government is providing more than $32 million to Habitat for Humanity Canada to support hundreds of affordable housing projects over the next three years. On Tuesday morning, Peterborough-Kawartha MP Maryam Monsef announced in Peterborough that the federal government would be giving $32.4 million to Habitat for Humanity Canada and its affiliate organizations. Habitat for Humanity’s 2019-21 goal is to build 405 new homes and repair or renew 105 units, all of which support lower-income families. Read more...




Better Dwelling: Canada Loses 24,000 Jobs, But The Canadian Real Estate Industry Picks Up Over 30,000 (2019-08-14)

Still wondering if Canadian real estate is running the economy? Just look at the latest job numbers. Statistics Canada (Stat Can) numbers show a small uptick in unemployment, with 24,000 jobs lost in July. However, the weakness didn’t impact the real estate and construction industries. Both sectors are now at an all-time high for jobs, and added over 30,000 jobs to the economy last month. Read more...




Canadian Apartment Magazine: Finding an Apartment Just Got Easier (2019-08-14)

It wasn’t that long ago when the real estate industry operated on ink, paper and handshakes. Renters had to physically meet up with landlords to sign documents, and a deal couldn’t be closed without meeting in person. Looking at rental apartments used to mean physically going to see rental apartments. Today, 90 per cent of renters search for their apartments online and over 60 per cent of those searches are conducted on mobile devices. Consumers now are self-sufficient, a term Google refers to as ZMOT, or the “Zero Moment of Truth”, meaning that shopping is no longer about physically going to a store, just as renting an apartment no longer requires physically meeting with the landlord. Needless to say, the real estate industry has gone digital and disruptive technologies are bringing about rapid change. Read more...




Metroland Media: A sell-first strategy means a homeowner must live with some risk: Ask Joe (2019-08-14)

When you sell first, you can afford to be selective about offers on the home you are leaving, but it means taking on some self-induced pressure to buy your next property, writes Joe Richer. Read more...




Mortgage Broker News: Correction fears weakening due to economic strength, cheaper borrowing (2019-08-14)

A steadily recovering national economy along with declining borrowing costs is helping stave off fears of a major housing correction. The latest edition of the Bloomberg Nanos Canadian Confidence Index posted a 58.6 reading at the end of July, up from the 58.3 seen at June’s end. This positive outlook was buoyed by home sales in Toronto and Vancouver, which both saw 24% increases last month. Read more...




Real Estate Professional: Immigrants, newcomers harmed the most by lack of affordable housing (2019-08-14)

The sustained lack of affordable housing across Canada is harming not only long-time residents, but also immigrants and newcomers. According to two related reports just released by Employment and Social Development Canada, a growing contingent of these groups is ending up in shelters or going homeless altogether. The national shelter study covering federal data from 2005 to 2016 indicated an “observable increase” in refugees using shelters. Read more...




Canadian Real Estate Magazine: Leading lender credits revitalized market for its Q2 performance (2019-08-14)

Significant recovery in the national housing market has helped boost borrowing activity during the second quarter, Home Capital Group CEO Yousry Bissada said. The lenders Q2 2019 mortgage originations went up to $1.28 billion, from the $1.23 billion level during the same period last year. Vigor was especially apparent in single-family originations, which increased by more than 10% annually, “with particular strength in our alternative mortgage segment.” Read more...




Which Mortgage: Pace of housing starts falls by almost 10% in July (2019-08-13)

Canadian housing starts fell by 9.6% in July, led mostly by a drop in construction of row houses and apartments. The seasonally adjusted annual rate (SAAR) of housing starts dropped from 245,455 units in June to 222,013 units last month, Canada Mortgage and Housing Corporation (CMHC) reported on Friday. That still beat the median forecast of 202,000 units in a Bloomberg survey. Multiple urban starts declined by 12% to 162,722, while single-detached urban starts fell by 4.6% to 46,400 units. Meanwhile, rural starts were estimated at a SAAR of 12,891 units. Read more...




Toronto Storeys: What Housing Bubble? Toronto Realtor Bursts The Bubble Talk (2019-08-13)

Is there a real estate bubble? Toronto realtor Scott Shallow doesn’t believe it—at least not for the Toronto real estate market. “In 2003 we started hearing about a bubble in Toronto. Major bank economists were calling for this bubble all through the 2000s and that has now completely flipped to the other side, with them saying that Toronto is just going to get more expensive. It’s not a bubble; there’s going to be a chronic shortage of property from here on out,” says Shallow, a real estate sales representative with Brad J. Lamb Realty Inc., Brokerage. Read more...




Financial Post: Seven reasons Canada’s housing market is stronger than it looks (2019-08-13)

Housing starts dropped last month, but residential construction remains ‘rock solid’ and sales are picking up. Read more...




Toronto Sun: Whether a new home or reno, there are benefits (2019-08-13)

I often write about the housing supply shortfall in our region and the regulations and policies that contribute to it. In this column, I will shift my focus to the benefits that the building, land development and professional renovation sectors bring. You may be surprised to learn that they are major economic contributors in the GTA. Annually, builders and developers construct around 40,000 homes, including detached single-family homes, townhomes and high-rise apartments, as well as countless commercial buildings. They employ people in more than 120,000 jobs, both on-site in trades and construction positions, and off-site in planning, design, architecture, engineering, and financial and support services. Read more...




The Globe and Mail: Ontario financial services regulator details new syndicated-mortgage rules for retail investors (2019-08-13)

Ontario’s financial industry regulator has unveiled new rules to govern the sale of syndicated mortgage investments to ordinary investors in the wake of failures of high-profile projects affiliated with Fortress Real Developments Inc. The Financial Services Regulatory Authority (FSRA), a new regulator that launched in June, is asking for public feedback on proposals that would require mortgage brokers to flag risk factors to retail investors who are funding syndicated mortgage loans. Read more...




ConstructConnect: OHBA annual conference addresses Ontario’s Bill 108 housing legislation (2019-08-13)

The Ontario Home Builders’ Association (OHBA) will return to the Blue Mountain Village and Conference Centre in Collingwood, two hours north of Toronto, for its 2019 Conference and Awards of Distinction. The three-day event, starting Sept. 22, will provide delegates with opportunities for collaborative learning with industry experts, exclusive networking opportunities, idea sharing forums and numerous entertaining activities. The OHBA has given the conference the theme of “Building Growth Together” in recognition of recently-passed Ontario Bill 108, known as the Housing Supply Action Plan, or ‘More Homes, More Choice Act’. This new legislation addresses several areas that had been of concern to the residential building industry, not the least of which was the red tape surrounding approval of proposed housing developments. Read more...




Toronto Storeys: High House Prices Aren’t Stopping Canadians From Buying. Here’s Why. (2019-08-13)

It doesn’t look like the housing bubble will pop anytime soon. Despite high prices, housing demand in Canada continues to climb and sales continue to soar. According to Toronto and Vancouver real estate board data, home sales rose by 24 per cent year over year in July in both cities. The increase was fuelled by low interest rates and high demand. The Bank of Canada has held the interest rate steady at 1.75 per cent for six-straight announcements, and economists believe it will remain unchanged for at least another year, the Financial Post reports. Read more...




BetaKit: Toronto-based proptech Properly raises $22-million Series A (2019-08-13)

Properly, a Toronto-based proptech startup, has closed a $22 million Series A financing round, consisting of $12 million in equity and an initial $10 million debt facility. The Series A was led by Prudence Holdings, a founding investor in Compass, and FJ Labs, (which has invested in Airbnb, Roofstock, and Clearbanc), with participation from Golden Ventures, and Kevin Ryan of AlleyCorp, among others. Properly said this investment will accelerate the startup’s expansion within Calgary and to other Canadian cities, as well as be used to further develop its technology, and expand its team. Read more...




BNN Bloomberg: Canada's housing market sticks its soft landing: BMO (2019-08-12)

 Canadian policymakers appear to have succeeded in bringing the country’s once-overheated housing market to a soft landing, according to a new report from BMO Capital Markets. “With few exceptions, the market has absorbed earlier measures and is now warming without overheating,” BMO senior economist Sal Guatieri wrote in the report released on Friday. In the most recent quarter, the value of home sales in most Canadian markets rose, after falling in four of the past five quarters and dragging mortgage growth to its lowest level in nearly 35 years. Canadian homebuyers appear to have absorbed measures brought in by regulators aimed at cooling the market, according to Guatieri. Read more...




BNN Bloomberg: Developers can't get enough of new Canada loans for rentals (2019-08-12)

Prime Minister Justin Trudeau has ramped up loans to boost rental housing in Canada and developers are snapping them up. Demand has been so hot for the low-cost loans from Canada Mortgage & Housing Corp. that the government plans to increase the program to almost $14 billion over the next nine years. That’s up from $2.5 billion when it was launched in 2017...Canada is expanding initiatives to increase housing supply amid growing affordability pressures. Home prices have soared almost 40 per cent in the past five years across the country, largely driven by Toronto and Vancouver, and rents continue to jump. Read more...




Huffington Post: Soaring House Prices Could Return As Interest Rates Head To Zero: BMO (2019-08-12)

The recent slowdown in Canada’s hottest housing markets is turning a corner and a potential new price boom is threatening to frustrate would-be buyers’ hopes. The real risk to Canada’s housing market today is not a crash, but a return to nosebleed levels of price growth thanks in part to falling interest rates, said Doug Porter, chief economist at Bank of Montreal. Policymakers will have to “be ready to wield some tough measures” if they want to prevent housing costs from becoming even more unaffordable, Porter told HuffPost Canada ― though he said he would “leave it to policymakers” to decide what those should be. Read more...




Mortgage Broker News: Housing starts continuously bolstered by multi-unit activity – CMHC (2019-08-12)

Sustained high levels of activity in the apartment and rowhouse segments continue to strengthen housing starts in Canada’s urban markets, CMHC reported. Latest numbers indicated that the national trend in housing starts was 208,970 units in July 2019. This was notably larger than the 205,765 units in June. “The national trend in housing starts increased in July, despite a decrease in the level of SAAR activity from June,” CMHC chief economist Bob Dugan stated. Read more...




Real Estate Professional: Market, mortgage credit continue to acclimate to B-20 changes (2019-08-12)

The Canadian market has already largely adjusted to the changes introduced by B-20, with household mortgage credit growing at its fastest rate since 2017. “Real estate markets continue to adjust to regulatory changes and are now benefitting from a decline in borrowing rates after reaching an eight-year high in late-2018, alongside a tightening spell by the Bank of Canada,” Scotiabank economist Juan Manuel Herrera and research analyst Alena Bystrova stated in a new report, as quoted by Livabl. Canadian household mortgage credit saw its largest month-over-month increase in two years last June. Read more...




Mortgage Broker News: GTA resurgence emblematic of national market’s performance – HGC CEO (2019-08-12)

Renewed signs of life and strength have recently become apparent in the national housing market, especially in the GTA, Home Capital Group CEO Yousry Bissada said. “Sales activity is picking up, with particular strength in the GTA,” Bissada told analysts last week, as quoted by the Financial Post. “The latest data on economic growth, employment and interest rate expectations are consistent with our outlook for a stable and balanced real estate market for the rest of 2019.” Latest figures from the Toronto Real Estate Board backed up Bissada’s observations: housing sales in the region grew by 24.3% on an annual basis in July. Read more...




Brampton Guardian: Website helps seniors in Mississauga and Brampton find housing, Golden Girls style (2019-08-12)

Pamela Shirakawa, a Mississauga resident, has created a website for seniors looking for other seniors to share housing with. The website is www.GoldenGirlsLifestyle.com. Shirakawa said the website works like a dating site with algorithms to sort people by location, interests and other factors. In Toronto, alone, there are 37,000 seniors on the waiting list for affordable housing, said Shirakawa. In Mississauga, she said there are 13,000 seniors. Read more...




Toronto Sun: Climate fight, housing must be affordable (2019-08-12)

We’re fortunate to live in Canada. Our free-market, tolerant and progressive society allows each of us the opportunity to create the financial freedom needed to support ourselves and our families...However, times have changed and many now struggle just to get by, let alone get ahead. Ipsos reports nearly half of Canadians are $200 or less from financial insolvency. This crisis is getting in the way of families visiting loved ones, barring parents from enrolling their children in sports and arts programs, and making home ownership unrealistic for many. Read more...




The Canadian Press: More newcomers and refugees are winding up homeless in Canada: studies (2019-08-12)

A growing number of newcomers to Canada are ending up in shelters or are finding themselves homeless, newly released government figures show. Two new reports released this week by Employment and Social Development Canada offer a glimpse into the extent of the homelessness problem across the country and reveal the populations that are most vulnerable. The national shelter study, which looked at federal data on shelter users between 2005 and 2016, found an “observable increase” in refugees using shelters. Read more...




Canadian Real Estate Magazine: GTA senior homeownership rate commensurate with labour force participation: CMHC (2019-08-09)

Canadian seniors are showing greater participation in the housing market, especially in the townhome segment, according to a report from the Canada Mortgage and Housing Corporation. The share of seniors aged 65 and over in Toronto’s metropolitan area who own homes grew 4.5% between 2006 and 2016, reaching 25%. Townhomes, however, grew the most, from 11.5% to 17%. The report attributes the growth in homeownership among the demographic to increased labour force participation. Read more...




Mortgage Broker News: Handling the stress (2019-08-09)

Half of all Canadians who are aware of the B-20 mortgage stress test agree that it has reduced housing affordability – although this feeling is much more pronounced in Ontario than elsewhere in the country. According to a recent Zoocasa survey, Ontarians and British Columbians are also more likely to have a high level of awareness of the stress test (62% in Ontario and 58% in British Columbia, versus 57% of all Canadians), which is unsurprising given that those two provinces are home to the nation’s two hottest markets. However, only 42% of BC residents were convinced that the stress test had an impact on housing affordability, compared to 57% of their Ontario counterparts. Read more...




Real Estate Professional: Emulating a foreign housing model may help Canada (2019-08-09)

To help solve the long-running affordability problem, Canada might consider following the example of European nations, where the private sector plays a large part in the creation of new purpose-built rentals. Earlier this week, veteran market observers Murtaza Haider and Stephen Moranis stated that the practices in territories where renting is more common may provide Canada with some effective solutions. 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