Mississauga Real Estate Board News

Real Estate Professional: RECO, TICO come to agreement over short-term rentals (2019-04-17)

Real estate sales representatives will not have to register as travel agents to work on short-term rentals. The Real Estate Council of Ontario (RECO) and Travel Industry Council of Ontario (TICO) have come to an agreement after the latter took umbrage with real estate agents’ involvement with the short-term rental business, believing they’d overstepped. [...] Tim Hudak, CEO of the Ontario Real Estate Association, which was involved in negotiations, hailed the councils’ agreement and commended their teamwork.Read More....




BNN Bloomberg: Canada Should Revisit Mortgage Rules as Housing Cools, CIBC Says (2019-04-17)

One of Canada’s largest banks is calling on the federal government to reconsider controversial new mortgage rules, as the transfer of risk to unregulated lenders potentially makes the market riskier than it appears. The introduction of a 200 basis-point stress test on new mortgage lending as part of the so-called B-20 regulations accounted for as much as 60 percent, or C$15 billion ($11 billion), of the C$25 billion decline in new mortgage originations last year, according to Toronto-based Benjamin Tal, deputy chief economist at Canadian Imperial Bank of Commerce. While the new rules had the desired effect of improving overall credit quality, it has also led more borrowers into the unregulated sector for financing, resulting in a significant market-share increase for alternative lenders, Tal wrote. Read More....




BlogTO: Toronto's housing market ranked 12th most-expensive in the world (2019-04-17)

If Toronto home prices are a bit too rich for your taste (and bank account), consider moving to Miami, Dublin, Rome, Sydney, Dubai, Barcelona, Bangkok, Manchester or Chicago. Each of these world-class cities boasts a lower average property price than Toronto as of 2019, according to CBRE's fifth annual Global Living report, though only a few have seen higher rental growth over the past year. CBRE, one of the world's largest commercial real estate and investment firms, recently released the 2019 version of its report comparing the housing markets of 35 major cities around the world. Read More....




Which Mortgage: Cannabis industry pushes home prices up in certain markets (2019-04-17)

Home prices in some small, stagnating Canadian markets are growing from investments in the cannabis industry six months after legalization, a new report showed. “The increase in employment activity and the success of cannabis companies are pushing agricultural land and house prices higher in tertiary markets,” real estate data firm Altus Group said in the report. Altus Group highlighted two tertiary housing markets in Ontario that benefitted from cannabis: the municipality of Leamington and the town of Smiths Falls. Read More....




Real Estate Professional: Tech industry's prominence to boost Toronto real estate investment (2019-04-17)

Toronto’s status as a leading, and still growing, tech hub will magnetize more and more foreign real estate investment, according to CBRE Ltd. A major factor impelling this trend is the city’s growing immigrant and millennial population. CBRE stated that a significant proportion of this group is actively contributing to Toronto’s flourishing tech and financial services market. Read More....




CTV News: Want to invest in a pre-construction condo? Read this first (2019-04-17)

With condo sales skyrocketing in Canada’s largest housing markets, many are looking to invest in pre-construction units. But realtors say there are a few crucial factors to consider before investing in a pre-build. Canadians occupied more than 1.9 million condominiums in 2016, according to data gathered in Statistics Canada’s last census. The tight supply and high demand for condos, especially downtown Toronto and Vancouver, is inflating ownership and rent costs, according to market analysts at Urbanation. Read More....




Toronto.com: Government should encourage development along Toronto transit hubs (2019-04-16)

Buying a home is the single biggest investment most of us will ever make. It’s a source of pride, a smart investment and the place where many of our fondest memories with our families are made. It’s the Canadian Dream, and one of the biggest reasons we work so hard in the first place. But for the first time since Confederation, the rate of home ownership is on the decline across the country. Here in Ontario, we’re seeing rising demand for housing combined with low supply levels. Simply put, there are more and more people chasing fewer and fewer homes. The Canadian dream of home ownership is slipping out of reach. Read More....




Real Estate Professional: CMHC offers $50K for excellence in housing research (2019-04-16)

The Canada Mortgage and Housing Corporation is inviting applications for its 2019 Housing Research Awards Program. As part of the National Housing Strategy, the initiative recognizes world-class housing research being conducted in Canada and provides funding for research teams to promote and expand their work. There are several awards being made including the largest of $20,000 for the CMHC President’s Medal for Outstanding Housing Research. Read More....




Mortgage Broker News: Recommendations to fight money laundering tendered to government (2019-04-16)

Five organizations have come together in an effort to catch and purge money laundering operations in British Columbia’s real estate market. The province’s housing has long been susceptible to unscrupulous actors looking to wash dirty money, and the British Columbia Real Estate Association, the Appraisal Institute of Canada—BC Association, BC Notaries Association, Canadian Mortgage Brokers Association—British Columbia and the Real Estate Board of Greater Vancouver have provided the provincial and federal governments with joint recommendations on how to curtail such activity. Read More....




The Brandon Sun: Insurer cancelling policy due to legal grow-op (2019-04-16)

A Hamiota woman who grows marijuana to control chronic migraines says her house insurance is being cancelled — and her case could be just the tip of the iceberg. “Two weeks from today, I could theoretically be homeless, and it’s terrifying,” said Laurel Roberts, who grows 20 plants in her basement — 16 more than Wawanesa Insurance will allow. She said without homeowners insurance, she could be at risk of also losing her mortgage. Rick Macl, owner of Growers N’ Smokers in Brandon, said there are potentially “hundreds of thousands” of Canadians who have Health Canada permits to grow medical marijuana at home and could lose their insurance because they exceed the four-plant limit set out by many insurance companies. Read More....




CTV News: Parents need to plan carefully if they are going to help their kids buy a house (2019-04-16)

Buying a home is a big step for anyone and experts say that parents looking to help their children need to make sure it is affordable and that their children are ready for the change. Chris Catliff, president and chief executive of BlueShore Financial, says his bank's seminars for parents looking to help their kids buy a house are always packed with mums and dads wanting to learn how they can help. He says parents first need to ask themselves if they can help without compromising their own financial security. Read More....




The Star: Would you pay $2 million to live at the end of someone else’s backyard? (2019-04-16)

It’s described as “a modern coach house” on the listing that asks would-be homeowners to pay $1.9 million to live in a home nestled behind a row of houses in the Junction. In a city tight on both space and privacy, there’s growing interest in coach house-style homes — free-standing houses behind another person’s property, says Roger Travassos, a real estate agent representing the house on Clendenan Ave. Read More....




Real Estate Professional: Ontario budget tackles root cause of housing affordability (2019-04-15)

Toronto is notorious for its unhurried approach to approving developments, but if the 2019 Ontario budget is any indication, there may yet be hope. Some observers have noted that the budget does not address affordable housing, however, it appears that Doug Ford’s Progressive Conservative government is instead addressing the problem at its root: Escalating development charges and slow permitting. The Ontario Real Estate Association weighed in the government’s approach to raising housing supply. Read More....




Toronto.com: Government should encourage development along Toronto transit hubs (2019-04-15)

Here in Ontario, we’re seeing rising demand for housing combined with low supply levels. Simply put, there are more and more people chasing fewer and fewer homes. The Canadian dream of home ownership is slipping out of reach. The Ontario Real Estate Association is the voice of these aspiring homeowners. Our 78,000 members across the province are fighting for them each and every day, working to get them the keys to their first homes. Part of that fight involves putting thoughtful and forward-looking ideas to help on the table. Read More....https://www.toronto.com/opinion-story/9247327-government-should-encourage-development-along-toronto-transit-hubs/




The Star: Appeal court agrees: Condo developers need to disclose all features to buyers (2019-04-15)

The Ontario Court of Appeal has affirmed the obligations of condominium developers to provide buyers with complete and transparent disclosure of a proposed project’s features. This includes a budget statement which fairly and accurately reveals the costs that purchasers will have to pay in the first year of their ownership. Read More....




Financial Post: Canadian home sales fall for sixth month in first March decline since the recession (2019-04-15)

Canadian home prices fell in March for the sixth straight month as most major markets weakened, data showed on Thursday. The Teranet-National Bank Composite House Price Index, which measures changes for repeat sales of single-family homes, showed prices fell 0.3 per cent last month from February. It was just the second March decline in the index’s 20-year history – the only other March fall was in 2009 amid a recession during the global financial crisis, Marc Pinsonneault, senior economist at National Bank of Canada, said in a news release. Read More....




Real Estate Professional: CMHC offers $50K for excellence in housing research (2019-04-15)

The Canada Mortgage and Housing Corporation is inviting applications for its 2019 Housing Research Awards Program. As part of the National Housing Strategy, the initiative recognizes world-class housing research being conducted in Canada and provides funding for research teams to promote and expand their work. There are several awards being made including the largest of $20,000 for the CMHC President’s Medal for Outstanding Housing Research. This award recognizes a significant research contribution that has increased knowledge or understanding in one of the National Housing Strategy’s priority areas; addressed a priority action area identified by CMHC’s President and Chief Executive Officer. Read More....




Huffington Post: Canada's Cannabis Industry Pushing Up House Prices In Certain Places: Report (2019-04-15)

Home prices in some smaller, stagnating Canadian markets are getting higher from investments in the sprouting cannabis industry just six months after legalization, a new report suggests. "The increase in employment activity and the success of cannabis companies are pushing agricultural land and house prices higher in tertiary markets," reads a new report from Altus Group, a real estate data firm. Tertiary markets are a step below major markets, like Toronto and Vancouver, and secondary markets, such as Ontario's Kitchener–Waterloo and Guelph. Read More....




The Star: Step condos joins growing list of cancelled Toronto projects (2019-04-15)

The Step condos near Islington and Finch W. Aves. has become the latest Toronto-area pre-construction project to be cancelled, three years after the developer put the six-storey building plans on the market. Tarion, the agency charged with regulating new homebuilders and providing new home warranties, has confirmed it received notification from Terranata Developments and has sent a letter requesting more information from the condo vendor. Read More....




REM Online: Offer negotiation: The huddle (2019-04-15)

I left off last time with the reading and explanation of the terms and clauses of an offer. Now, in this third of the series on offer negotiation, let’s get into the strategy behind the technique that worked so well for me during my career. You’re still gathered around the table. You could ask the buyer’s agent to leave the room so you can have some privacy with your client. Sadly, this has been my experience when representing a buyer client. However, permitting them to remain a little longer will provide the opportunity to question them. Read More....




Real Estate Professional: Ottawa to strengthen National Housing Strategy (2019-04-12)

The federal government announced Thursday that it is adding more strength to the National Housing Strategy. The right to adequate housing for all Canadians will be supported by several key initiatives. [...] Also announced, is a new resource centre from CMHC which will be managed by the Community Housing Transformation Centre to build a strong and resilient community housing sector. Read More....




Canadian Real Estate Wealth: Builders welcome Ontario budget action on housing supply (2019-04-12)

Measures announced in Ontario’s budget this week will boost the province’s home building according to an industry body. The Ontario Home Builders’ Association says it welcomes the government’s budget which it says focuses on cutting red tape and streamlining approvals through the Housing Supply Action Plan. Read More....




Urbanized: This is what 'affordable' looks like across Canada's housing market (2019-04-12)

When Canada’s 2019 budget news broke a few weeks ago (catch up if you need to), Canadians were handed a layout to affordable housing — with new incentives to boot. The First-Time Home Buyer Incentive (FTGBI) allows home buyers to reduce the amount of money they need for an insured mortgage. Budget 2019 also vowed to help build 42,500 new housing units across Canada, with a special focus on low rental housing. Which begs the question — just what is ‘affordable’ to Canadians and does this number match up across the country? Read More....




CBC: Ontario budget doesn't have much on offer for Toronto's housing crisis (2019-04-12)

Premier Doug Ford's first provincial budget offers Toronto a few things: the promise of an ambitious transit map, the possibility of downing a few beers in city parks without worrying about the cops showing up, a chance to see some acrobats at Ontario Place. But it doesn't offer any confirmation of new provincial support for housing for a city suffering from a deep affordable housing crisis. Read More....




View the Vibe: Toronto’s First Coliving Space is Redefining How We Rent (2019-04-12)

You may have heard of the word, but if you’re like most people, it might not be entirely clear what coliving (or “co-living”) is exactly. Basically, this modern-day housing option geared towards millenials and digital nomads, is an alternative to traditional roommate-style renting in urban cities. Not only do you get to share the living space, but you also get to connect with like-minded individuals who have similar interests and values. It offers a chance to be part of a community and live life on your own terms, without the common headaches, limitations and financial burdens that usually come with renting or owning a place. Read More....




National Post: If Toronto wants cheaper homes, get council out of the way (2019-04-12)

Families at every income level are finding it hard to pay for a home in Toronto and instead of helping, Toronto city councillors are making it harder by looking for ways to squeeze out new taxes. City councillors Ana Bailao, Brad Bradford and Joe Cressey have announced they’re considering a new land transfer tax bracket for house sales over $3 million. The municipal tax currently tops out at 2.5 per cent on homes over $2 million. This municipal tax is, of course, in addition to the provincial 2.5 per cent land transfer tax. Read More....




Better Dwelling: Canadian Real Estate Prices Down 7% From Peak, But Still 52% Above G7 Peers (2019-04-11)

Canadian real estate prices are dropping, but they’re very far from their peers. US Federal Reserve Bank of Dallas (Dallas Fed) data shows real prices across the country are down in 2018 Q4. Even with the decline, prices are massively elevated compared to other G7 economies. [...] Canadian real estate prices are dropping, and but aren’t quite in a correction. Home prices in Canada declined 1.14% in 2018 Q4, or 1.58% lower than the same quarter one year before. Over the past year, more than two-thirds of the annual decline were made in the last quarter of 2018. Read More....https://betterdwelling.com/canadian-real-estate-prices-down-7-from-peak-but-still-52-above-g7-peers/#_




Livabl: These are the best times of the year to buy and sell a home (2019-04-11)

They say you shouldn’t try to time the real estate market. But if you’re looking to score a deal — timing the different seasons (and even days) — can shave tens of thousands off your purchase price. The housing market is notoriously seasonal, and research shows it pays to pay attention to what season, month, day of the week, and even specific calendar dates you plan to buy and sell. Read More....




On-Site: Toronto noise bylaw amendment puts 7,000 jobs, high-rise development at risk, construction groups warn (2019-04-11)

They say you shouldn’t try to time the real estate market. But if you’re looking to score a deal — timing the different seasons (and even days) — can shave tens of thousands off your purchase price. The housing market is notoriously seasonal, and research shows it pays to pay attention to what season, month, day of the week, and even specific calendar dates you plan to buy and sell. Read More....




The Star: Longtime Toronto Islands resident wins legal battle to remain in his childhood home (2019-04-11)

Don Sampson smiled as the judge gave brief concluding remarks Wednesday morning at the Osgoode Hall courtroom: he was, at last, officially allowed to retain ownership of the island family house that’s been his home since childhood. He shook hands with his legal counsel and hugged a few fellow islanders who had trekked into town to support him in a legal battle that threatened to get him evicted. Read More....




Ending Bully Offers Will Give All Buyers A Fair Chance At Owning A Home, Says Ontario REALTORS® (2019-04-09)

https://www.rebbareform.ca/

 

Ending Bully Offers Will Give All Buyers A Fair Chance At Owning A Home, Says Ontario REALTORS®

OREA responds to government consultation with 28 recommendations for raising professional standards and strengthening consumer protection


It’s time to act.
 
OREA’s submission for the Government’s review of REBBA is in. You can
read the highlights or download the full document here.
 
We have worked long and hard fighting for a modern REBBA. But the work is
not done.
 
We need your help to get us over the finish line.
 
If you want Personal Real Estate Corporations, enhanced industry
professionalism, higher educational standards and specialty licensing classes
you need to email your MPP now!
 
Politics is local. We need local REALTOR® voices in MPPs’ inboxes. There is
nothing more effective and impactful.
 
That’s where you come in.
 
You can take action now, quickly and easily, by clicking here to email
your local MPP.
 
Sincerely,
 
Karen Cox
 
2019 OREA President



Toronto Star: Shove ‘bully bids’ out of housing market, says real estate association (2019-04-09)

Ontario’s realtors want the province to push “bully bids” off the table in the province’s home transactions. Eliminating the pre-emptive offers that result in homes being sold ahead of the time and date specified on the listing would level the playing field among buyers in competitive urban markets, said Karen Cox, president of the Ontario Real Estate Association (OREA). Read more...




Mortgage Broker News: OREA wants bully offers banned (2019-04-09)

The Ontario Real Estate Association is lobbying the provincial government to prohibit bully offers, citing its desire to enhance professional standards in the industry. “We’re asking not to allow bully offers or pre-emptive offers to create more fairness in the home buying process, and it’s just one of the 28 recommendations we have outlined for a modern vision of REBBA,” said OREA’s President Karen Cox. Read more...




Toronto Storeys: OREA Wants To End Bully Offers To Level Playing Field For Home Buyers (2019-04-09)

The Ontario Real Estate Association (OREA) wants to ban bully offers to level the playing field for all home buyers. The recommendation was just one of 28 put forward by the association for the government to consider during its review of the Real Estate and Business Brokers Act (REBBA), which was implemented in 2002. [...] Banning bully offers “will ensure that all interested buyers of a particular home get a fair shot at making an offer,” OREA president Karen Cox said in a news release. Read more...




BNN Bloomberg: 56% of Canadians would wait until next year to buy a home: Survey (2019-04-09)

The majority of Canadians say they think it’s better to hold off until next year to buy a home, according to a new survey. A poll conducted by Ipsos on behalf of Royal Bank of Canada found that 56 per cent of Canadians would wait until next year to purchase a home despite some forecasts that the country’s housing prices will remain flat this year. The two main reasons cited were the expectation prices will drop (54 per cent) and uncertainty about the economy (47 per cent). Read more...




Real Estate Professional: Most people think the Canadian housing market is balanced (2019-04-09)

The share of Canadians who believe the housing market is favouring sellers and those who think it favours buyers is aligned. Just 2 percentage points divide the two opinions, making it the first time in 5 years that a balanced market is perceived according to a survey by RBC. Roughly a third of respondents fall into each group: those who say it is now a buyers’ market (36%) and those who say it’s a sellers’ market (34%). Read more...




Toronto Star: Consumers need more protection from condo developers who fail to build (2019-04-09)

Typically, pre-construction condo buyers want to see floor plans, hear about the amenities and ask what’s included in their monthly fees. But these days there’s also a much more basic question: “Are you guys going to build the building?” That’s what happens when condo developers kill projects, leaving consumers in the dust of a rising market, only to come out with a similar, higher-priced development. Read more...




BNN Bloomberg" Canadian home building rebounds in March from deep freeze (2019-04-09)

Canada housing starts rebounded in March from a sluggish performance a month earlier, returning to levels more in line with demographics and highlighting the buoyancy of the nation’s battered real estate market. Builders started an annualized 192,527 homes in March, the Canada Mortgage and Housing Corp. reported Monday. That’s up from 166,290 a month earlier, when excessively cold weather slowed construction. Read more...




Digital Journal: Legally growing pot in Canada could void your home insurance (2019-04-09)

A recent court ruling in British Columbia, Canada that focused on the "material change" clause in homeowners insurance policies could have the potential to shed a spotlight on the incompatibility of such a position with new federal cannabis laws. According to the Globe and Mail, The decision of Vancouver Supreme Court Justice Margot Fleming in February 2019 could very well have far-reaching effects for all homeowners in Canada who grow even a single marijuana plant inside their home. Read more...




CBC News: Ontario Realtors advise Ford government to end 'bully' offers (2019-04-08)

Ontario's Realtors say the province should ban "bully" offers that they say give some homebuyers an unfair advantage. Ontario Real Estate Association president Karen Cox says the government should use its current review of the act that governs Realtors in the province to bar the practice. So-called bully offers are submitted by a buyer ahead of a seller's established offer date, usually at the asking price or above it and with a short window for acceptance — a move usually made to avoid competing with other buyers and pressure the seller into accepting the bid. 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