Mississauga Real Estate Board News

The Globe and Mail: With the return of open houses, agents tread cautiously (2021-07-29)

Stella McCollum hasn’t hosted a real estate open house for more than a year during the Coronavirus pandemic, but she saw a rare property in Hamilton as the ideal setting for a return to the weekend afternoon tradition…Open houses have been allowed in Ontario only since July 16, when the province reached stage three of reopening. The Ontario Real Estate Association acknowledges that a large portion of agents are in no hurry to hold open houses and provides guidance on how to hold them safely.   READ MORE...




Financial Post: Supply isn't the whole housing problem. The growing demand for 'more house' is, too (2021-07-29)

House prices in Canadian cities rose rapidly over the past decade, much faster than household incomes. A narrative has developed that this is because we’re not building enough houses for our growing population. It has the intuitive appeal of Economics 101: demand for housing is up because of population growth, income growth, and falling mortgage interest rates. If supply had responded more strongly, prices would have risen but not so dramatically; ergo, the problem must be lack of new construction.   READ MORE...




Wealth Professional: More than 10% of hot-market homeowners own more than one home (2021-07-29)

Canny Canadian homeowners are using the build-up of equity in their primary residence to invest in other homes. In three large and hot urban housing markets – Greater Vancouver Area (GVA), Greater Toronto Area (GTA), and Greater Montreal Area (GMA) - more than 1 in 10 homeowners owns more than one property according to a new survey by Royal LePage.   READ MORE...




Daily Hive: 18% of young GTA homeowners have multiple properties (2021-07-29)

Real estate prices in the GTA may be at an all-time high, but a surprising number of young homeowners who have broken into the market own not just one but multiple properties. A new report from Royal LePage found that 18% of GTA homeowners aged 18 to 35 currently own more than one home. Surprisingly, this is a higher percentage than those over the age of 35, of whom just 11% own multiple properties.   READ MORE...




Canadian Underwriter: Home insurance rates dropping but no reprieve for condo owners (2021-07-29)

Personal property premiums were a mixed bag in the first quarter of 2021, with insurance for condo owners continuing to rise, but home insurance rates trending down, according to a new report from LowestRates.ca released Tuesday. Year-over-year, home insurance premiums (other than condo) quoted on the rate comparison site were down 12% in British Columbia, 6% in Alberta and 1% in Ontario, said the Home Insurance Price Index Report for Q1 2021.   READ MORE...




STOREYS: Pickering Condo Values Soar as the Once Underdog City Preps for Massive Growth (2021-07-29)

Condo seekers have turned their eyes and dollars to Pickering, Ontario — and it has proved a lucrative move on the property value front. The once underdog city — which many have historically associated with its eponymous power plant — has seen condo values increase about 40% since the start of last summer(!), according to a new report from Strata.ca.   READ MORE...




National Post: To address housing affordability, we need high vacancy taxes (2021-07-28)

Vacancy taxes, which penalize property owners for leaving their homes empty, have become a popular idea in Canada as a means of discouraging speculators from driving up prices by hoarding supply. Although Canada’s housing-affordability problem would best be solved by building more homes, high, punitive vacancy taxes should be used as a stop-gap measure to increase the supply of rental units.   READ MORE...




Royal LePage News Release: More than one in ten homeowners in Canada's three largest urban centres owns multiple properties (2021-07-28)

According to a recent Royal LePage survey1 of 1,500 homeowners in Canada's three largest urban centres - Greater Toronto Area (GTA), Greater Montreal Area (GMA) and Greater Vancouver (GV) - more than ten per cent of Canadians polled currently own more than one property (13% in GTA, 12% in GMA, 14% in GV). "While some secondary properties are used for recreational purposes, many of these homes are foundational to Canada's critical supply of rental housing," said Phil Soper, president and CEO, Royal LePage.   READ MORE...




STOREYS: Insurance Premiums Dip for Homes, But Rise Drastically for Condos (2021-07-28)

Following a year filled with bad news, many Canadian homeowners received some much-needed positivity in the first quarter of the year as home insurance rates declined in British Columbia, Alberta, and Ontario. Unfortunately, the good news wasn’t shared with condo owners, as prices for condo premiums saw double-digit increases throughout British Columbia and Alberta, while rates rose just below 10% in Ontario, according to LowestRates.ca’s Home Insurance Price Index Report for Q1-2021.  READ MORE...




Canadian Real Estate Magazine: How do mortgages work in Canada? (2021-07-28)

After the United States 2016 election, the search "How to move to Canada" increased in search engine results dramatically. Since then, there has been an increase in curiosity surrounding what it’s like to move to, and live in, Canada. Alongside these international expats are a whole new demographic entering the housing market. More Canadians in their twenties and thirties are looking to buy their first home. This influx of people entering the Canadian real estate market has caused more people to question, "How do mortgages work in Canada?".   READ MORE...




STOREYS: New Home Sales in GTA Up 25% Over 10-Year Average in First Half of 2021 (2021-07-28)

Demand for new homes remains high throughout the Greater Toronto Area (GTA), despite the lack of new inventory that continues to struggle to keep up with sales and put more pressure on prices in the process. June’s activity brought the total number of sales during the first six months of the year up 25% above the 10-year average, according to the Building Industry and Land Development Association (BILD).   READ MORE...




Yahoo Finance Canada: Residential investment overtakes business in share of Canadian economy: CIBC (2021-07-27)

Canada's real estate market is such a key economic driver that residential investment recently surpassed business investment in percentage share of the economy. While it's true prices have soared in just about every major market during the pandemic, residential investment isn't a measure of home prices. Rather, it weighs construction, renovation, and ownership transfer costs.   READ MORE...




Canadian Real Estate Magazine: How soon can you sell a house after buying it in Ontario? (2021-07-27)

Sometimes, life doesn't go according to plan. While most people plan on staying in their newly purchased homes for a long time - even forever in some cases! - some find that they need to sell their homes not long after they initially bought them. Whether you need to relocate for your job, are getting divorced, have found unexpected (and expensive) issues or simply find that you don't love the property as much as you thought you would, you are likely asking yourself, "How early can I sell my home?".   READ MORE...




The Globe and Mail: Big real estate boom hits Canada’s small cities and big towns (2021-07-27)

Mat Clancy, president of the Kingston and Area Real Estate Association (KAREA), has been watching friends, family, and clients alike move back to Kingston from places like Toronto for the past couple of years and he doesn’t expect that trend to stop anytime soon. “I mean, if you can buy a house for half the price or even a third of the cost of a home in Toronto, in a city where it takes you 15 minutes to drive anywhere and you get to have a nice big backyard and still work in the job that you were doing, why wouldn’t you want to do that?” says Mr. Clancy.   READ MORE...




The Globe and Mail: Short-term property rentals start to rebound as economy reopens (2021-07-27)

Airbnb increase and Vrbo bookings in major Canadian cities are increasing as the economy reopens and travel restrictions ease. The number of booked nights has risen steadily since hitting a low in February when the country had a surge in COVID-19 cases, according to new data from AirDNA, a research firm for real estate investors and property managers. In Toronto, booked nights climbed 32 per cent to 38,486 from February to June, 2021, while booked nights in Vancouver rose 66 per cent to 22,032 over the same period, and Montreal jumped 60 per cent to 47,625.   READ MORE...




The Star: GTA new home sales exceed pre-pandemic levels (2021-07-27)

New home sales in the Greater Toronto Area in the first six months of 2021 are up 25 per cent over the 10-year average, totalling almost two thirds of all GTA new home sales in 2020. According to the Building Industry and Land Development Association (BILD), the first half of 2021 saw 24,060 new home units sold. Data from Altus Group, BILD’s home market data source, shows that 3,860 units were sold in June, up four per cent from the 10-year average.   READ MORE...




NewmarketToday: York Region leads GTA in June sales of new homes (2021-07-27)

New home sales in the Greater Toronto Area continue to rise with York Region being the leading market last month, according to a report from the Building Industry and Land Development Association (BILD). In June 2021, York Region saw 493 sales of new condo apartments and 426 sales of new single-family homes for a total of 919 sales — the highest total sales in the GTA last month, followed by Toronto with 882 and Halton with 853 total sales.   READ MORE...




Real Estate Magazine: Pacaso luxury second-home firm expands to Canada (2021-07-27)

Pacaso, a company that helps people buy and co-own luxury second homes and the fastest U.S. company to receive unicorn ($1 billion) valuation, has expanded into Canada and hired Canadian entrepreneur Razor Suleman to be president of Pacaso International. Suleman will oversee the company’s international expansion into Canada, Europe and Mexico. It currently operates in 20 second-home destinations across the United States.   READ MORE...




Government of Canada Newsroom: Helping over 320 Canadian families find affordable homes in Ontario (2021-07-21)

Every Canadian deserves a safe and affordable place to call home, yet many Canadians in Ontario and across the country continue to struggle with high housing costs. That is why the Government of Canada continues to invest in affordable, energy-efficient housing to build back better, grow the middle class, and tackle climate change, while working to end homelessness and help vulnerable Canadians. The Prime Minister, Justin Trudeau, today announced $5 million in funding to help over 320 Ontario families and individuals find a place to live and build their future.   READ MORE...




Daily Hive: 33% of Canadian house hunters exploring "alternative options" to afford homes (2021-07-21)

Canadian house hunters are considering “alternative options” to be able to enter the country’s red hot — and largely unaffordable — real estate market. A new report from RE/MAX exploring housing affordability across the country found that a third of Canadian homebuyers — 33% — were looking into unconventional ways to help themselves get a foot in the real estate market door. The most popular option by far was renting out a portion of their primary residence, with 21% saying they would consider it.   READ MORE...




Financial Post: You need to plunk down at least $175,000 and 40% of your monthly income to afford a home in these cities (2021-07-21)

Canadian housing affordability is, rightfully, emerging as an election issue (whenever that will be held) — it certainly is on the radar of the federal government that is hoping to get a majority in the next cycle. A new report by Re/Max shows that some of Canada’s most populous cities require households with median income to plunk down at least $175,000 for a 20 per cent downpayment and still had to allocate more than 40 per cent of their monthly income for the next 20 to 25 years to purchase a house.   READ MORE...




CTV News: Canadian home prices up 16 per cent in June for largest 12-month gain on record, says index (2021-07-21)

Canadian home prices increased in June to mark the largest 12-month gain on record as prices climbed in all 11 markets, says the Teranet National Bank composite price index. The index was up 16 per cent from June 2020, beating the 14.2 per cent rise of June 2017 that preceded the introduction of macroprudential measures designed to restrain home prices.   READ MORE...




Daily Hive: Ontario has one of the most affordable neighbourhoods in Canada (2021-07-21)

Although it may not always seem like it, Canada still has pockets where there’s more affordable real estate. And as it turns out, Ontario is home to one of the most affordable neighbourhoods in the country. A report from RE/MAX released on Tuesday took a look at housing affordability across the country and, more specifically, where in Canada has the most affordable housing prices. As to be expected, Ontario was home to some of the least affordable markets in the country.   READ MORE...




Financial Post: Toronto-based real estate startup Properly raises $44 million with plans to expand across country (2021-07-21)

Real estate technology startup Properly Inc. has raised $44 million to expand across Canada as it bids to disrupt an industry “largely focused on serving itself.” The funding round for Toronto-based company — which allows buyers to purchase a new home before listing their current property on the market — was led by California-based Bain Capital Ventures. Boosted by surging demand in Toronto’s heated housing market during the pandemic, the round values Properly at $220 million.   READ MORE...




The Star: Shortage of affordable housing for workers costs the GTA a ‘staggering’ $8 billion annually (2021-07-21)

English teacher Deborah Buchanan-Walford figures about 40 per cent of her wages as an adult day school teacher go toward renting the house she shares with her parents, her partner and their eight-year-old son. She has given up on the idea that she might one day actually own a home. “There is literally nowhere in Toronto that I can think about affording to rent, much less buy,” she said. Although she is reconciled to renting, she still struggles with her energy-sapping daily commute.   READ MORE...




The Star: A home in Toronto? Careful what you wish for (2021-07-21)

People are angry about housing in Toronto. There’s not enough of it, it’s too expensive, they want suburban, they want downtown, there’s no space for kids, no green space, they don’t have a bulging down payment, the rent is teeteringly high, the commute is horrific, etc., but basically this is not the life they had planned. Nobody gets the life they planned, but they still get a life.   READ MORE...




BlogTO: People are now clamoring to rent tiny condos in downtown Toronto again (2021-07-21)

Not long after COVID-19 hit and forced most Toronto office employees to start working from home, people living in cramped downtown condos got the bright idea to leave the city and rent (or even buy) a bigger place for less money somewhere else. What's the point of living in one of Canada's most-expensive cities, after all, when you no longer have to leave the house to make money?   READ MORE...




STOREYS: Is Canadian Media Cheering for a Housing Market Collapse? (2021-07-20)

You’d be forgiven for thinking the housing market was fundamentally risky, unstable, and poised to collapse — a dangerous bubble waiting for its inevitable bust. Media coverage has breathlessly followed the industry’s record-breaking stats and the unexpected pandemic frenzy, with fairly regular references to an upcoming financial crisis…Realtors have an obvious stake in keeping Canadians happily buying and selling — but they’re also on the frontlines, says David Oikle, president of the Ontario Real Estate Association (OREA).   READ MORE...




Financial Post: This is what a 'moderating' housing market looked like in June (2021-07-20)

June marked the third consecutive month of declining home sales in Canada, according to data the Canadian Real Estate Association released on Thursday. It’s an encouraging narrative for anyone fretting over the future of Canada’s overpriced, overactive and, in terms of its importance to the overall economy, overburdened housing market. But even though sales are down on a month-over-month basis, they’re still considerably higher than they were a year ago.   READ MORE...




The Star: Landlords regaining the upper hand in Toronto’s rental market (2021-07-20)

There are signs the Toronto area rental market, particularly downtown, is heading back into the kind of tight rental conditions that saw tenants bidding up rents in a desperate bid for apartments amid tight vacancy rates. When the city emptied out during COVID-19, landlords found themselves in a similar position, offering free rent and other incentives to try to attract occupants for their units. That’s still going on and rents remain about 10 per cent below 2019 levels, said Shaun Hildebrand, president of development tracking market research firm Urbanation.   READ MORE...




Real Estate Magazine: The Canadian race to automated property valuation supremacy (2021-07-20)

Disruption tools have the potential to dramatically change the face of the real estate industry.  Nowhere is there a better example of real estate disruption than Zillow in the United States and their “Zestimate”, an automated property valuation (APV) that has been at the forefront of Zillow’s breathtaking rise to prominence within the industry. What they have accomplished with the Zestimate is impressive.   READ MORE...




Real Estate Magazine: Why nearly half of agents think this is a bubble (2021-07-20)

At 44 per cent, nearly half of Canadian real estate agents believe Canada is experiencing a residential real estate bubble. That’s according to the results of the recent Juwai IQI Property Survey and Index for Canada. In another shocker of a finding, only about half of agents believe this is a good time to buy a house or apartment. The survey queried nearly 300 agents on their market perceptions. Let’s have a closer look at these findings to see if we can make sense of them.   READ MORE...




STOREYS: From the Ground Up: Building Your Dream Cottage Could Be the Best Move You Make (2021-07-20)

Purchasing a lot in Ontario’s pristine cottage country offers a blank canvas to turn a vision into reality on the dream vacation house front. For those in the market for a cottage – especially the discerning set of visionaries with a detailed list of must-haves – buying a plot of land and building from the ground up rather than purchasing a cottage could be the best way to go.   READ MORE...




CTV News: Rolling up the sleeves for home renovations? Proceed with caution (2021-07-20)

Reality TV has a way of idealizing the transformation of your home from depressing to dazzling, with home renovations made to look easy. The housing market has shown some signs of cooling over the last few months, but it’s far from crashing with prices up approximately 25% year over year, according to the Canadian Real Estate Association. However, that hasn’t dampened the desire to own a home, and it has forced some potential homebuyers to look to a "fixer upper" in an effort to drive housing costs lower.   READ MORE...




The Globe and Mail: What’s happening with Airbnbs? (2021-07-20)

The first cancellation hit in March, 2020, just as Sana Zareey and Dr. Alicia Cundall were hosting electricians working on getting the new Tom Patterson theatre ready for opening in Stratford, Ont. The workers’ plan to stay over a month in the couple’s Airbnb was abruptly cancelled with the province’s order to halt all non-essential work. One by one, bookings disappeared. “It was just a snowball effect,” says Mr. Zareey, then vice-principal at Nancy Campbell Academy, a private school in Stratford.   READ MORE...




Government of Canada Newsroom: Helping over 300 families find rental housing in Brampton (2021-07-20)

Every Canadian deserves a safe and affordable place to call home. To address high housing costs in Ontario and across the country, the Government of Canada continues to make smart investments in rental housing. These investments will help us build stronger communities, create jobs, and grow our middle class, while supporting vulnerable Canadians and helping end homelessness. The Prime Minister, Justin Trudeau, today announced an investment of nearly $120 million to help build a new 26-storey multi-residential, energy-efficient building in Brampton, Ontario.   READ MORE...




Real Estate Magazine: Mississauga Real Estate Board signs agreement with Dotloop (2021-07-20)

Dotloop, an online transaction and productivity optimization platform and the Mississauga Real Estate Board (MREB) announced a new agreement that will give the association’s 2,100 members free access to Dotloop Premium for two years as a member benefit. Brokers who want to upgrade may also take advantage of a 20-per-cent discount on Dotloop’s Business+ platform.   READ MORE...




Financial Post: Changing hands in Muskoka: The property boom is ushering in a new generation of cottagers (2021-07-20)

The two-bedroom waterfront Port Carling property had been the summer escape for a Courtice, Ont., couple for decades. They purchased the property in 1965. During their years at the cottage, they were fondly remembered as avid sailors who would bring their nieces and nephews up to the area to enjoy Muskoka. “They were just a lovely, lovely pair of people who made great neighbours,” said Sean Stokes, their cottage neighbour who knew the couple, now in their 80s, for 40 years.   READ MORE...




Blackburn News: Report suggests high housing prices could drive exodus out of Ontario (2021-07-19)

Have you ever considered moving out of Ontario to buy a home? A new poll by the Ontario Real Estate Association suggests almost half of prospective home buyers under the age of 45 either have considered it or are moving out of the province. A third of those 29 and under say they would seriously consider it or very likely will. It’s not just adventure and job prospects driving those numbers. With housing prices rising rapidly, they don’t believe they can afford to buy a home here.   READ MORE...




NOW Magazine: Survey: Most Toronto real estate brokers want to end blind bidding (2021-07-19)

Almost 90 per cent of the brokers and consumers in the Toronto real estate market support ending blind bidding, according to a survey conducted by iPro Realty. The results from the survey echo the frustration NOW has reported in recent months, particularly among buyers who are priced out of the Toronto real estate market where the average detached home is selling for $1.7 million…“We believe that buyers and sellers should be able to choose if they want to use the traditional offer process or an auction,” said Ontario Real Estate Association (OREA) CEO Tim Hudak, in a statement released in May.   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