Mississauga Real Estate Board News

Commission claim dismissed – buyer representation agreement ruled unenforceable (2021-05-17)

Agents often require buyer clients to enter into a Buyer’s Representation Agreement (BRA), which sets out the buyer’s agreement to pay the agent a commission on certain terms. The BRA is intended to provide an agent with some protection when working for a buyer to look for a home, without any guarantee that a deal will ever result. Often a BRA may have a term that requires a buyer to pay a commission if they find another property using the services of another agent during a specified period of time.

Agents must ensure that their clients understand and agree to the terms of the BRA or it may not be enforceable.  READ MORE...




Do you want a happy buyer or commission? (2021-05-14)

Would you sell a house built in the 1940s to your mother without a home inspection? Would a happy buyer and the potential of repeat business be of higher importance and morally just, rather than a quick commission? One would think so, but it’s not always the case. The recent frenzy to offer blindly on a property in multiple offers often results in the successful buyers having serious buyers’ remorse. A seasoned, reputable agent would hopefully recommend a home inspection on a 75-year-old property, but sadly some of my clients have not been so lucky and have been guided by someone with less experience and more interest in a quick commission payout.   READ MORE...




CTV News: Auction process won’t help climbing home prices: Ontario Real Estate Association (2021-05-14)

The Ontario Real Estate Association says home buyers are rightly concerned about rising prices, but an auction process won’t help. OREA argues in jurisdictions where auctions are common, prices have actually risen as “auction fever” leads to higher bids. The association says auctions could also mean buyers would have to share private information during the auction.   READ MORE...




AM800 The Dan MacDonald Show: Real Estate Offer Process (2021-05-14)

First time home buyers: how hard has it been? What’s the process been like? Have you had to rent instead of buy? Do you regret renting? Interview - Tim Hudak, OREA CEO   READ MORE...




STOREYS: Ontario Homebuyers Deserve Choice When it Comes to Auction Buying: OREA (2021-05-14)

In Ontario’s housing market, where demand continues to outstrip supply, homebuyers are snapping up what’s available, often following highly competitive bidding contests. Multiple offers on properties continue to be the norm, driving up already high prices for homes throughout the province, with the average price of resale residential homes sold across Ontario in April reaching $869,788, a year-over-year increase of 46%.   READ MORE...




STOREYS: A Return to Urban Centres More Promising Than Ever, But Lack of Affordable Supply Remains (2021-05-14)

It’s a tale as old as time — well, at least as old as COVID, anyway. Residents living in dense urban centres turned to suburban areas outside of large cities, searching for more space and affordability amid the pandemic as they continued to work remotely from home. Throughout the pandemic, condo-dense cities like Toronto lost tens of thousands of residents to neighbouring regions.   READ MORE...




The Canadian Press: Budget's foreign-homebuyers tax could bring in $509 million over four years, PBO says (2021-05-14)

Parliament's spending watching suggests in a new report that the federal government may not bring in as much new revenue as it expects from a proposed tax on foreign homebuyers. The Liberals are proposing a one per cent tax on vacant homes owned by foreign non-residents to cool an overheated housing market across the country. The government's recent budget estimated the tax would bring in $700 million between 2022 and 2026, once the details are finalized and the tax put in place.   READ MORE...




BNN Bloomberg: The U.S. housing market is hot. Canada's is even hotter (2021-05-14)

Discouraged U.S. homebuyers, take heart. At least you’re not house-hunting in Canada. The U.S.’s cold-weather neighbor to the north has the hottest housing market in North America, according to a report Thursday by Toronto-Dominion Bank. Even as the pace of U.S. sales increased by 13 per cent in March compared with 2019, the increase was a whopping 75 per cent in Canada, according to the report by senior economist Sri Thanabalasingam.  READ MORE...




Narcity: Over A Third Of Young Canadians Have Given Up On The 'Dream Of Home Ownership' (2021-05-14)

Young Canadians are starting to abandon the concept of one day buying a home in Canada. In fact, a new report from RBC shows that 36% of non-homeowners under the age of 40 say that they've given up on the dream of ever owning a home in Canada. While nearly two in five survey respondents said that they'll never own a home in the country, even more people feel that way in Western Canada.   READ MORE...




STOREYS: Houses on This Small Toronto Street Keep Selling for $500K Over Asking – Why? (2021-05-14)

In Toronto’s red-hot real estate market, where demand grossly outstrips precious supply, fierce and dramatic bidding wars have become a given. Multiple offers on a property have become the norm, driving up already high prices for a coveted piece of Toronto’s extremely limited stock of single-family homes. That’s no surprise.  READ MORE...




The Globe and Mail: The two top Remax execs call for more transparency in bidding on houses (2021-05-12)

Re/Max Canada’s two top executives are calling for more transparency in the home bidding process, and say homebuyers should be allowed to know what their competition is offering. The common realtor practice of blind bidding has angered buyers and is being blamed for pushing up prices in the country’s overheated real estate market. Some economists and a handful of realtors have said blind bidding needs to end.  READ MORE...




Financial Post: Housing markets self-corrected in April, but they could get hotter as summer approaches (2021-05-12)

Some industry observers believe that only sizable regulatory interventions by governments can put brakes on what they say is a runaway housing market train. But moderating housing sales and average prices during April in numerous markets across Canada suggest that some stability has been restored without any such intervention at all. The modest declines in sales and price growth, relative to March, in both large and small housing markets, need an explanation.   READ MORE...




Canadian Real Estate Magazine: The hidden housing bubble (2021-05-12)

If there is a housing bubble in Canada, it’s probably not where you think. In the wake of the COVID-19 pandemic, Torontonians fled the dense urban core for arcadia and scooped up cottages in droves with the intention of living in them year-round. However, according to Bradley Watson, a broker with Sutton Group – Summit Realty Inc. in Toronto, the cottage segment of the housing market is niche in nature and does not usually experience such a rush of demand as it has in the last year, which indicates an aberration occurred.   READ MORE...




Narcity: Here's What A Down Payment For A House Will Cost You In Canada's Big Cities (2021-05-12)

If you're looking to dive into Canada's real estate market, it can be exciting and terrifying at the same time. From the prices of homes across the country to how much money is required for a down payment, there's a wide range that's worth taking note of. A new report from the National Bank of Canada breaks down the median home prices in some of Canada's big cities as well as how much a down payment costs in each.   READ MORE...




STOREYS: Toronto Condo Market Reaping Benefits of Sky-High Home Prices (2021-05-12)

For the past 12 months, while all eyes have been on Toronto’s red-hot single-family housing market, it seems as if condos were forced to sit on the back burner as a large swath of downtown residents suddenly turned their attention to finding more space in the suburbs. As a preference for ground-level homes with more space increased — both in the Toronto area and in the aforementioned neighbouring suburbs — pressure formed on the downtown condo market, while a critical decrease in immigration served to only further depress demand.   READ MORE...




Financial Post: Housing mania requires tough decisions, something the government can't be trusted to make (2021-05-12)

Bill Morneau had been finance minister for only 36 days when he first attempted to do something about runaway housing prices and mortgage debt. He announced in December 2015 that the minimum downpayment for an insured mortgage would in two months rise to 10 per cent from five per cent on the portion of the loan that exceeds $500,000. It was a risky move for Morneau, a first-time member of Parliament from Toronto, since it would irritate constituents who had become wealthier by owning real estate from the beginning of the housing boom.   READ MORE...




The Peterborough Examiner: End blind-bidding to end house-price insanity (2021-05-12)

While everyone knows there’s a crisis in Canadian housing prices, almost no one is doing anything even remotely meaningful to end it. And for the good of the entire nation — not only all those who feel shut-out of the market — that needs to change. As the costs of a single detached home, semi or townhouse have hit stratospheric heights, the homeownership hopes long cherished by millions of Canadians have turned into unattainable fantasies.   READ MORE...




Real Estate Magazine: Putting ‘For Sale By Owner’ into perspective (2021-05-12)

An ancient irritant in the real estate industry is the homeowner who is convinced they can save money by selling their home without a real estate agent. The “For Sale By Owner” listing, affectionately known as a FSBO, has been the subject of ongoing debate for years. Today there are a number of real estate companies that help homeowners sell their own house with promises of big savings.   READ MORE...




Peterborough This Week: ‘It’s morally wrong’: Peterborough renter concerned home showings could lead to COVID-19 exposures (2021-05-12)

Up to 75 people were coming and going through one Peterborough home, according to a resident whose landlord listed her home while she was still a tenant. “That’s a lot of people in a home during COVID,” says Jane, a renter who is worried strangers coming into her home could potentially expose her to COVID-19. With more than a year into the pandemic, the process of renting apartments or buying and selling homes has been considered essential by the province, and the field continues to operate.   READ MORE...




Postmedia Network: Estate sales bring extra stress in difficult times (2021-05-12)

Navigating the process of selling the home of a parent or close relative was thorny before COVID. But the pandemic has added significant new stress, complexity and in some cases heart-wrenching tragedy to what has always been a difficult time for families. Then there’s the market.   READ MORE...




Narcity: 8 TikTok Videos That Reveal The Horrors Of Renting In Toronto (2021-05-12)

If you have ever tried to rent in the 6ix, chances are you have some stories to tell. Whether it be about cockroaches becoming your new best friend, or holding together your fridge with duct tape, you probably aren't alone. These Toronto renting TikToks perfectly show the horrors that some tenants have to deal with on the daily. However, most Torontonians are more than happy to put up with a few inconveniences if it means they get to live in the 6ix.   READ MORE...




NOW Magazine: A down payment for a Toronto house will take 25 years to accumulate (2021-05-12)

You need to save for 25 years to afford the down payment on the average house in the Toronto real estate market, according to the National Bank’s latest Housing Affordability Monitor…With a 10 per cent savings rate and perhaps accounting for price increases in the time it takes to save a down payment, the Housing Affordability Monitor estimates 297 months to accumulate what’s needed to become a homeowner in the Toronto real estate market.   READ MORE...




The News Forum: Boom and Bust | Making Sense of Canada's Real Estate Market (2021-05-12)

Tony welcomes Tim Hudak, the CEO of The Ontario Real Estate Association with a look at the factors contributing to Canada's real estate boom.   READ MORE...




STOREYS: What the Cost of Lumber Means for New Homes (and Homebuyers) (2021-05-12)

Anyone who’s entertained the idea of building a new fence or upgrading their backyard deck as of late knows that the additions will make a surprisingly high dent in the wallet. Once a relatively modest commodity, lumber has seen an increase in both price and demand that’s never been higher. In fact, the price for lumber and other construction materials has skyrocketed during the pandemic.   READ MORE...




The Globe and Mail: Buyers stung by fierce competition exit the market (2021-05-12)

When real estate agent Angela Hogben launched a three-bedroom house onto the Hamilton real estate market with an asking price of $499,900, she braced for an onslaught. “I had a ton of showings – I didn’t get a single offer,” says the agent with Re/Max Escarpment Realty Inc. Ms. Hogben listed the house in April with an attention-grabbing asking price and set an offer date for one week later because that’s the strategy that has successfully sold many properties for huge premiums in the city west of Toronto.    READ MORE...




BlogTO: The average house in Toronto is going to cost $275K more in two years (2021-05-12)

Rents may be low (though not as low as they were, and not nearly as low as they are practically everywhere else). But any hope that the sales market might at some point level out, or even bow a bit to come into line with it and give some people without a mid six-figure salary somewhere in the family tree a chance to buy something in the 6ix were just dashed by the latest housing forecast.   READ MORE...




STOREYS: This is Where Home Values Have Jumped the Most in Toronto (2021-05-12)

While real estate remains hot throughout Toronto, as downtown residents continue to search for more space and affordability, home values in areas on the outskirts of the city have seen the greatest appreciation. If you bought a home in Scarborough before the pandemic, you could be looking at a 25% increase in value, according to a new report from Toronto-based real estate brokerage Properly.   READ MORE...

   




Courts show little empathy for failed purchasers (2021-05-04)

Despite the economic disruption caused by COVID-19, the residential real estate market has continued its upward climb. Pressures on home buyers have intensified. “Clean” offers without meaningful conditions – for financing, for the sale of an existing residence, or for inspection, by way of example – have become the norm. In many cases though, unconditional offers are poor choices: they often result in purchasers being unable to close in time. But our courts have shown little empathy for failed purchasers.  READ MORE...




CBC News: Buyers fed up with blind bidding, other shenanigans in red-hot real estate market (2021-05-04)

Jenny Kim has just about had enough of what's happening in Canada's real estate market right now…Complaints about high prices may be nothing new for anyone trying to buy into one of Canada's hottest markets, where average prices have risen by more than 21 per cent in the past year, to just over $1 million. But Kim said a big part of her frustration is that the system is making things even worse, as opaque rules and nebulous enforcement let realtors bend the rules to benefit themselves.   READ MORE...




The Globe and Mail: Real estate sales tactics under fire as Canadian home prices spiral out of control (2021-05-04)

When Darrell Parsons recently tried to buy a mobile home in Erin, Ont., northwest of Toronto, at the listed price of $269,000, the seller’s real estate agent told him his unconditional offer was unacceptable, and he would have to wait for all the other bids. The home sold for $312,000 a few days later. It’s standard practice for realtors to list a price below what the seller really wants in order to spark a bidding war, but the listing did not specify a bidding date. In any case, Mr. Parsons took exception. “It was bait and switch,” Mr. Parsons said. “Realtors are tricking people to come in.”  READ MORE...




Postmedia Network: Bold action needed for housing policy (2021-05-04)

For all of the theories on why GTA real estate prices seem so completely out of hand, the issue can really be summed up quite simply — we don’t have sufficient housing supply to meet demand. It’s not morally bankrupt real estate agents (though, of course, as with any profession, those certainly live among us). Nor is it a blind-bidding process artificially driving prices up (though bidding wars definitely aren’t helping.) Nor is it the rock-bottom interest rates.  READ MORE...




Financial Post: Rural rush — the real housing bubble is in Ontario’s cottage country (2021-05-04)

If you thought Canadian residential detached and semi-detached prices were out of control, take a look at Ontario’s cottage country. Canada-wide prices have jumped 20.1 per cent year-on-year, with Greater Toronto rising 16.5 per cent and 6.8 per cent in Greater Vancouver, according to The Canadian Real Estate Association. But they pale in comparison to prices in Ontario’s rest-and-recreation destinations, where residents have taken the idea of “remote” working too literally.  READ MORE...




Financial Post: Here's why the state of mortgage lending isn't precarious despite fear mongering about housing markets (2021-05-04)

Housing markets in Canada have defied all predictions of doom and gloom since the onset of the pandemic. Those with a bearish housing market outlook keep pushing the timing of an imminent collapse forward, but their dismal forecasts to date have not materialized. That raises a question of just when will the housing “bubble” pop? Will it be this year, the next or sometime later? A related question is what would bring about such a reversal in the housing market?  READ MORE...




The Globe and Mail: Canada’s housing market is hurting your brain, but you don’t have to lose your head over it (2021-05-04)

In years to come, some researcher will surely mark the phases of the pandemic by what we raced to buy: toilet paper when we feared a virus we knew little about, dogs when we sought company during lockdown and now houses as we crave security – and square footage – in an uncertain future. Home has never been more of a haven. And yet, for many Canadians, cooped up with working and studying family members, their homes have never felt so cramped. Have we ever so desired a little more room to breathe?   READ MORE...




Canadian Real Estate Magazine: Hotels hurt by pandemic could become affordable housing (2021-05-04)

The federal government’s 2021 budget includes $300 million to fund the conversion of vacant commercial units into housing, with a specific target of 800 market rental suites, but is it too ambitious? Qaiser Mian, senior director of research, valuations and advisory at Altus Group, says that, executed properly, it could work, but it’s contingent on a host of factors, including the cities in which the plan is implemented.   READ MORE...




The Star: Is the condo sales slump over? Toronto-area new construction sales near pre-pandemic levels in Q1 (2021-05-04)

The 5,593 new condominiums sold in the Toronto area in the first quarter put sales only four per cent below pre-pandemic levels and surpassed the 10-year average, a sign the market has shaken off last spring’s malaise, according to a condo report released Monday. Seventy-six per cent of the new condos launched in the first three months of 2021 were sold by the end of the quarter, the highest level since 2017, according to Urbanation, a market research firm that tracks GTA development.   READ MORE...




Mississauga News: Mississauga studying ways to increase housing choices and affordability (2021-05-04)

The City of Mississauga is undertaking a new study exploring ways to increase housing options in residential neighbourhoods...The study will support the implementation of recent changes to the Planning Act, which require municipalities “to increase housing diversity” by allowing up to two additional residential units, such as garden suites or garage conversions, on lots with a single detached, semi-detached or row house.   READ MORE...




Alliston Herald: 'Our house made more money than us': First-time buyers broke into housing market in Alliston at right time (2021-05-04)

Max Audet and his fiancé, Phil Sach, got into the housing market at just the right time. The former Toronto couple purchased a three-bedroom townhouse in Alliston in May, and they moved into their new abode July 24…He doubts they would have been able to call themselves homeowners if they decided to keep looking. "There's no way we would have gotten into the market if we didn't get in when we did," he said. "There's no way we could have made a move. I think even if we waited two months, things had just gotten too crazy."   READ MORE...

   




The Globe and Mail: The housing boom is ripping apart the financial fabric of Canadian life (2021-04-28)

https://www.theglobeandmail.com/opinion/article-the-housing-boom-is-ripping-apart-the-financial-fabric-of-canadian/If it’s not vaccinations dominating conversations these days, it’s housing. The national average selling price for existing homes last month was about 32 per cent higher than in March, 2020, and owners in communities across the country are feeling the benefits. Average prices in Chilliwack, B.C., Bancroft, Ont., and Yarmouth, N.S., were at least $100,000 higher than a year earlier, right in line with big cities such as Vancouver.... Read More




The Canadian Press: Experts, advocates say federal budget is hit-and-miss on housing (2021-04-21)

Experts and advocates say countrywide government measures aimed at putting housing within reach of more Canadians mark a step in the right direction, despite a few misses and ham-fisted moves...It allots $2.1 million over two years for the Industry Department to implement a beneficial ownership registry by 2025. “Money laundering is a multibillion-dollar problem in Ontario’s housing market, crowding out hardworking families looking to achieve their dream of one day owning a home,” said David Oikle, president of the Ontario Real Estate Association, in a statement.   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