Mississauga Real Estate Board News

The Canadian Press: Canada Mortgage and Housing Corp. to get new name to better reflect changing mandate (2020-09-18)

The Canada Mortgage and Housing Corp. will be getting a new name in the coming months, part of a larger rebranding by the federal housing agency to better reflect its changing mandate. The head of the Crown corporation says the decades-old name overemphasizes the financing of home ownership and does not do enough to highlight housing affordability. Read more...




The Star: Ford government introduces rent freeze legislation for 2021 (2020-09-18)

The Ontario government introduced its proposed rent freeze legislation for 2021 in the provincial legislature on Thursday. The freeze, which drew the ire of both landlord and tenant groups when it was announced last month, would prevent increases for most renters in units ranging from apartments, condos and houses to care facilities — including units that aren’t covered by rent control. Read more...




The Globe and Mail: The ‘decade of the home’ is coming – will young adults be locked out? (2020-09-18)

Our homes are going to be even more central to our lives in the next decade. You’ll find a lot of millennials and members of Gen Z watching this trend from their vantage point in Frustration City. Thanks to the pandemic, young adults are going to be set back by years as first-time home buyers. Call it a repeat performance of what transpired after the 2008-09 recession – lower wage growth and stalled advancement for young workers. Read more...




Canadian Underwriter: What’s unique to this hardened real estate insurance market (2020-09-18)

At the same time insurers have a reduced appetite to take on real estate risks, real estate developers during a pandemic-induced economic recession have an aversion to investing a lot of money into risk-reduction measures. These twin dynamics are a recipe for a long and arduous hard market in real estate insurance lines, according to a real estate insurance expert. Read more...




Toronto Storeys: 12 GTA Municipalities See Detached Home Prices Hit ‘Peak’ Levels in August (2020-09-18)

August was a record-breaking month for the Greater Toronto Area (GTA) real estate market thanks to low borrowing costs and an improving economy following months of uncertainty brought on by the COVID-19 pandemic. And after spending months indoors, it’s becoming clear that buyers’ behaviours have shifted with many turning to areas where they can find more space to live. Read more...




Global News: City will appeal to Metrolinx for help addressing Hamilton’s affordable housing crisis (2020-09-18)

City council wants Metrolinx to reconsider the planned demolition of 21 now-vacant properties that were purchased to allow for the construction of Hamilton’s light rail transit (LRT) project. The province’s transportation agency announced last week that it would begin tearing down the former homes and businesses along the east-west corridor, but councillors would like to save and repurpose them as a solution to Hamilton’s affordable housing crisis. Read more...




The Globe and Mail: Canada’s big-city condo market most vulnerable to pandemic headwinds (2020-09-17)

The big real-estate story in recent months has been the surprising resilience of the residential property market, with record price increases and fierce bidding wars, even in the face of double-digit unemployment. The crash in housing prices anticipated by many in the spring has yet to materialize. “Our views are changing,” says Robert Hogue, a senior economist with Royal Bank of Canada. Read more...




Toronto Storeys: Ontario Needs 200,000 Rental Units in Next 10 Years to Meet Demand (2020-09-17)

Over the next decade, Ontario is positioned to face a shortage of 200,000 rental units, further adding to the province’s already deepening rental crisis...The report, which was prepared with the help of rental market analytics firm, Urbanation, says strong demand factors of (pre-pandemic) job growth, immigration, and high homeownership prices combined with lagging rental construction activity will create a shortage of 200,000 units in Ontario’s rental market over the next ten years. Read more...




The Canadian Press: Cool autumn weather could be turning point for malls hit hard by COVID-19 pandemic (2020-09-17)

Autumn’s cooler weather will be a key test for retail landlords _ particularly at shopping malls, which were ailing before COVID-19 and are now reckoning with the aftermath. “The enclosed malls that don’t have the essential retailers, they were more dramatically affected (by COVID-19 lockdowns),” says Jane Domenico, senior vice-president and national lead at Colliers International in Toronto. Read more...




Toronto Storeys: Junction, Um, “Fixer-Upper” Hits the Market for $850K (2020-09-17)

It shouldn’t come as a surprise to hear that a decrepit, semi-detached fixer-upper in The Junction has hit the market for nearly $900,000. Because, like it or not, the average price of a semi-detached home in Toronto is currently over $1 million, so a price tag like this isn’t all that shocking. While the price tag of $849,000 is certainly below the current average of a semi-detached in the 416, some serious TLC is required to make this rundown property liveable. Read more...




Yahoo Finance Canada: 'Pent-up demand is just about running its course': August was another record month for Canadian real estate (2020-09-16)

Canadian real estate continues to defy expectations with yet another record month for sales and average prices during the COVID-19 pandemic. The Canadian Real Estate Association (CREA) says 58,645 homes were sold in August, a 33 per cent jump compared to the same month last year and 6.2 per cent month-over-month. It’s a record for August and the sixth-highest monthly total, despite an economy and job market that still have a long way to go before full recovery. Read more...




Mortgage Broker News: Consumer confidence in housing sector showing signs of improvement (2020-09-16)

As Canada’s economy continues to recover from the financial impact of the COVID-19 pandemic, a new report showed that confidence in the housing sector has improved over the last two months. Mortgage Professionals Canada (MPC) recently released findings from its second consumer survey of the year, which was conducted from August 7 to 24 and focused on two groups: non-homeowners who think that they might buy a home during the next three years, and mortgage holders. Read more...




BlogTO: Protesters gather outside Doug Ford's house to demand protection for renters (2020-09-16)

It's been more than two weeks since Premier Doug Ford announced that he would be introducing legislation to freeze rents on rent-controlled apartments across the province in 2021, but Ontario tenants have a number of demands they say will help ensure the move actually protects renters. Members of the Association of Community Organizations for Reform Now (ACORN) gathered outside Premier Ford's home Tuesday morning to express these demands. Read more...




Toronto Storeys: City Calls for Government Partnership to Create 3,000 Affordable Homes in Toronto (2020-09-16)

The City of Toronto is calling for a multi-level government partnership, with the goal of creating 3,000 permanent, affordable homes over the next 24 months. In alignment with the ongoing pandemic, the municipality has issued the COVID-19 Housing and Homelessness Recovery Response Plan, which is directed toward creating thousands of living spaces for homeless, vulnerable, and marginalized residents. Read more...




The Star: Toronto’s affordable housing plan a good start but falls short (2020-09-16)

When we ask our members or constituents to name the single biggest issue they face, their most common answer is how hard it is to find affordable housing. This is the case throughout our city. Not a week goes by when we don’t hear about a major condo or luxury rental development displacing an institution like Sneaky Dees or Rol San, changing the face of our neighbourhoods, and generally driving up prices. Read more...




The Globe and Mail: The lure of small-town life becoming more appealing amid the pandemic (2020-09-15)

Melissa Gilbert and her husband are still unpacking boxes from their relocation to a rural community in the British Columbia Interior in mid-July…“We really felt being locked down,” says Ms. Gilbert, 35. “My husband’s mother is immune-compromised so we stuck close to home and staying in our house like that really solidified that we needed outdoor space – space we could call our own." Read more...




Blackburn News: Sarnia council rejects municipal land transfer tax without discussion (2020-09-15)

A Sarnia councillor’s recommendation for a municipal land transfer tax on home sales didn’t get to square one. Mike Stark’s motion failed for a lack of a seconder and was not discussed at Monday’s virtual council meeting. The Ontario Real Estate Association warned over the weekend that such a tax would add over $4,000 to the average price of a Sarnia home and push home ownership out of reach for thousands of young buyers and their families. Read more...




Wealth Professional: Canada's housing market surge continues as affordability improves (2020-09-15)

Canada’s buoyant spring housing market wasn’t to be in 2020, but the post-lockdown bounceback has been impressive. July was a record-breaking month as pent-up demand sparked an unusually hot summer for the real estate industry and data for August shows that buyers continued undeterred by talk of recession and a second-wave of the pandemic. Read more...




Financial Post: Has COVID-19 killed the condo star? At the moment, the news for condominiums isn't good (2020-09-15)

Condominium prices, rents and sales have taken a substantial hit from COVID-19, much more so than other housing types in large markets during the early post-lockdown period, leading many to wonder if condominiums would recover from the pandemic. To be sure, COVID-19 is just one of a series of short-term hits on the condo market that has taken some of the shine off the towers... Read more...




The Star: Despite the pandemic, more and more Canadians want to buy a home (2020-09-15)

The number of Canadians who expect to buy a home within the next year grew this summer, particularly among renters looking for more outdoor space and distance, says the second of a four-part survey by Canadian Mortgage Professionals (MPC). But the association’s chief economist Will Dunning said there are still too many unknowns to predict whether the summer’s hot housing market will continue through the fall. Read more...




REM Online: Ontario’s Real Estate Salesperson Program one year later (2020-09-15)

It’s hard to believe that fall is on the doorstep, and many people have shifted gears to “back to school” mode – although in a very different environment…At the Real Estate Council of Ontario (RECO), we’re approaching the first anniversary of the Real Estate Salesperson Program, which the consortium of Humber College Institute of Technology & Advanced Learning and NIIT Canada are delivering. Read more...




REM Online: Century 21 launches Campus 21 TV (2020-09-15)

Last March, when COVID-19 brought the economy and real estate markets to a halt, Century 21 Canada introduced a daily online Facebook/Zoom webinar called Be Relentless. They have provided agents with coaching, mentoring, guidance and psychological support. They also created a daily schedule and motivation for salespeople during these unprecedented times...Motivated by the success of the webinars, last week Century 21 launched Campus 21 TV. Read more...




CTV News: This rundown Toronto home just went on the market for $849,000 (2020-09-15)

A rundown, semi-detached home in Toronto's fired up real estate market is selling for $850,000. The home, located at 538 Quebec Avenue in The Junction, has three bedrooms and one bathroom. According to the home's description, the property is a "blank canvas" for renovators and builders and is located on a quiet street in a "hip and lively" neighbourhood. Read more...




The Star: Mortgage deferral coming to an end? You have other options — but beware of penalties (2020-09-14)

Now that the Office of the Superintendent of Financial Institutions (OSFI) has signalled that the mortgage deferral program is coming to an end, Jason Davenport is preparing to handle calls from worried homeowners. “We haven’t received any panicky calls yet, but I’m prepared for it to happen,” said Davenport, manager of the Meridian Credit Union’s Danforth branch in Toronto. Read more...




The Canadian Press: Mayors push Liberals on plan to buy distressed properties for affordable housing (2020-09-14)

Federal officials are ironing out the details of a program to help cities buy properties left vacant due to the pandemic so they can quickly create affordable housing. The government has considered the property acquisition program for months as it looks to keep people from falling into homelessness heading into the winter with temporary shelter measures set to expire. Read more...




REALTOR.ca: The Canadian Cottage Market is Thriving (2020-09-14)

The COVID-19 lockdown has presented us with an opportunity to reflect on what we need most in our living space. Whether you suddenly found yourself wishing for a home office to work from remotely or simply a weekend getaway destination with ample outdoor space, many of us are now discovering that our current spaces don’t meet our needs in the same way as they did pre-pandemic. Read more...




CTV News: Recent wave of cottage rental scams in Ontario prompts warning from police (2020-09-14)

Police in Ontario have issued a warning about a recent wave of cottage rental scams that have taken advantage of people’s desires to get away from home during the pandemic. Interest in cottages has exploded over the summer and is expected to stay strong into the fall, and some criminals are trying to cash in on the new travel trend. Read more...




The Star: It’s time Toronto built housing, not shelters for the homeless (2020-09-14)

There’s nothing like telling people to socially distance themselves from one another to stay safe in a pandemic to drive home the plight of those who are homeless. Tens of thousands of Canadians don’t have a room of their own, let alone a home. They’re at the mercy of overcrowded shelter systems that warehouse people at night and send them back on the streets every morning, clutching their belongings. Read more...




NOW Toronto: Toronto rent prices were down 14 per cent in August (2020-09-14)

Toronto rent fell again in August, according to the latest Rentals.ca report on the price of new listings. The average price for one-bedroom apartments in the city was $2,013. That’s a 1.3 per cent dip in Toronto rent from July, and a 13.8 per cent fall year-over-year. Two-bedroom apartments averaged $2,655, which is down 1.2 per cent since July and 8.9 per cent year-over-year. Read more...




REM Online: Square One contest shows kids’ dream homes of the future (2020-09-14)

Recently home insurance provider Square One asked children to draw their visions for their dream home of the future. The company asked children ages 13 and younger across Ontario, Manitoba, Saskatchewan, Alberta and British Columbia to draw a picture of their future dream home. An internal panel decided on the top 10 from the submissions. A public vote determined the top three winners of RESP contributions. Read more...




The Canadian Press: Canadians deferred $1B worth of mortgages each month amid coronavirus: CMHC (2020-09-11)

About $1 billion worth of mortgage payments were deferred each month during the pandemic, Canada Mortgage and Housing Corp. said on Thursday. The calculation, released in CMHC’s annual residential mortgage industry report, is based on Equifax Canada’s estimate that the average monthly mortgage payment in Canada is $1,333. CMHC also said that it also expects fewer Canadians to get ahead on their mortgage payments this year, compared with 2019, a trend that will add to the national level of mortgage debt by the end of this year. Read more...




REM Online: Second homes and the principal residence tax exemption (2020-09-11)

From what I have read, the demand for cottage properties has soared during COVID-19. City folk are eager to get out of the city for a change of scenery, especially since many people are still working from home. So the idea of having your laptop set up on the dock of your second home is definitely appealing. And if you are on the selling side, you likely have benefitted from the high demand for properties. Read more...




Mortgage Broker News: How will Toronto's new registry for Airbnb properties impact investors? (2020-09-11)

Toronto’s Airbnb investors in woke up to a new, potentially risky reality yesterday, as September 10 marked the launch of the city’s new short-term rental registry. Owners of properties that are currently available to renters for less than 28 days a month must register with the city before December 31. After that, new operators will be required to register with the city prior to renting their properties. Read more...




The Star: They’ve kept Toronto running during COVID-19, but essential workers can’t afford to live here. A ‘made in Toronto model’ may hold solutions (2020-09-11)

There are many ways Toronto could be made an affordable place to live for low-wage earners. What the COVID-19 virus may have done, many experts say, is inoculate the city from any careless notion that it shouldn’t be. “They are the fabric and connective tissues that hold (the city) together,” says Michelle German, vice-president of policy and strategy at Toronto’s WoodGreen Community Services. Read more...




Investment Executive: FSRA fines real estate developer $250K (2020-09-11)

The Financial Services Regulatory Authority of Ontario (FSRA) has fined a real estate developer for multiple contraventions of the mortgage brokers act related to syndicated mortgages, the regulator said in a release on Thursday. Richmond Hill, Ont.–based Fortress Real Developments Inc. must pay an administrative penalty of $250,000 as part of a settlement agreement, the release said. Read more...




REM Online: Century 21 Heritage House expands to Brantford (2020-09-11)

Century 21 Heritage House has opened a new office in Brantford, Ont. This is the company’s 10th location in Southwestern Ontario. It currently has 28 agents. “Our goal has always been to grow our business along the 401 and 403 corridors of Southwestern Ontario. This was a great move for us, and we look forward to growing significantly in the next three years,” says broker Anthony Montanaro. Read more...




Financial Post: Don't tax homeowners' equity (2020-09-09)

The idea of eliminating the capital gains exemption on the sale of a principal residence is once again being floated as a panacea policy from Ottawa. It supposedly would lower the federal deficit, reduce inequalities, inhibit house-flipping and limit Canadians’ overinvestment in real estate rather than other forms of capital. But it would also harm most Canadians. And it very likely wouldn’t generate the benefits claimed for it. Read more...




CTV News: Bylaws cracking down on short-term rentals come into effect this week (2020-09-09)

The City of Toronto is enforcing new regulations this week to ensure that people can only rent out their primary residence as a short-term rental in an effort to deal with “illegal ghost hotels” and help free up some of the city’s housing. The new rules will come into effect on Thursday amid concerns that apartments, condos and homes used as short-term rental and investment properties are hurting the city’s long-term rental stock. Read more...




Canadian Underwriter: COVID-19 compounds ongoing real estate insurance challenges (2020-09-09)

The global pandemic isn’t necessarily causing a large number of problems around insurance issues in the real estate sector, but it’s clogging up the pathway to making things better. “The way we’re thinking about real estate and insurance is that, I would argue, COVID-19 is not one of the three driving issues right now in real estate,” explained Jeff Charles, managing director at Gallagher. Read more...




REM Online: A lesson about roommates for tenant agents (2020-09-09)

The recent changes to Ontario’s Residential Tenancies Act aimed to address the myriad of issues created by the fact that living in cities is just not affordable. But these changes didn’t address a solution many tenants have found to dealing with the unaffordability crisis: roommates. To live in places close to the downtown core, renters are squeezing in as many roommates as possible to help pitch in for rent. 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