Mississauga Real Estate Board News

Canadian Real Estate Magazine: OREA sets new ground rules as Ontario's economy restarts (2020-05-27)

The Ontario Real Estate Association (OREA) has published its latest guidelines on home purchase transactions in the era of COVID-19. “The health and safety of our realtors and their clients is OREA’s top priority during this pandemic,” said Sean Morrison, president of OREA. “As Ontario’s economy reopens, many Ontarians are looking to get back into the real estate market. Realtors are here to help make home buyers and sellers feel comfortable and safe while they work to find their dream home. Read more...




The Star: Grim forecast from head of Canada’s housing agency a worst-case scenario (2020-05-27)

When the CEO of the country’s housing agency says the pandemic will hit hard at home prices and that 20 per cent of those currently deferring their mortgage payments could be in arrears come the fall — well, you have to take that seriously. Last week, Canada Mortgage and Housing Corp. (CMHC) chief Evan Siddall told a parliamentary committee that Canadian housing prices could sink 9 to 18 per cent and a fifth of mortgage holders, who are deferring their payments, could find themselves in arrears once the COVID-19 deferral period ends in September. Read more...




Canadian Real Estate Magazine: Market players challenging CMHC's home-price drop predictions (2020-05-27)

Housing industry players are opposing Canada Mortgage and Housing Corporation’s dire forecast of an 18% decline in home prices over the next 12 months, claiming that demand remains elevated and inventories continue to hover near record lows. “Assuming that demand continues its current course, Canadian real estate prices will likely remain relatively stable or experience a single-digit price correction at worst,” RE/MAX said, adding that its agents are still reporting multiple offers on a regular basis. Read more...




Toronto Storeys: New Report Suggests the Toronto Real Estate Market is Entering a ‘Slump Phase’ (2020-05-27)

More than three million Canadians have lost their jobs since the outbreak of the COVID-19 pandemic; stay-at-home orders have brought much of the economy to a halt and there’s already been a decline in GDP. In turn, many Canadian industries are at a standstill, including much of the country’s real estate market. Though, while many housing markets across the country remain in a slump, one city is about to enter into a “boom,” according to Real Estate Investment Network’s (REIN) latest COVID-19 Special Edition: Real Estate Cycle Update report. Read more...




Wealth Professional: Slate launches special-situations real-estate strategy (2020-05-27)

Slate Asset Management has announced a strategy to provide liquidity to the Canadian real estate industry, particularly to those experiencing disruption in the face of COVID-19, with up to $500 million of transitional capital. In a statement, Founding Partner Blair Welch said the firm is pursuing an immediate opportunity to provide transitional capital through a blend of credit and structured equity to the Canadian real estate market. Read more...




Toronto Storeys: Toronto Identifies Six City-Owned Sites to Open More Affordable Housing (2020-05-27)

The City has announced it has located six new sites to create more affordable housing options throughout Toronto as part of the second phase of the Housing Now Initiative. The new site locations are all within mixed-income, mixed-use, and transit-oriented communities on City-owned lands across Toronto. Read more...




The Star: New guidelines issued for home showings as ‘buyer pressure’ heats up (2020-05-26)

Consumers in the real estate market can expect more digital, low-touch home searches and transactions to continue for the foreseeable future. Realtors are being advised against handshakes and taking clients out in their cars even as the industry prepares for more activity in the coming weeks as the economy reopens. New guidelines by the Ontario Real Estate Association (OREA) on Monday suggest that agents continue to take their cue from public health officials in terms of the same precautions seen in the past two months, when in-person open houses and showings were discouraged. Read more...




Financial Post: Big banks to report results as mortgage 'deferral cliff' starts to loom, loan loss expectations rise (2020-05-26)

When Canada’s biggest banks last reported financial results in February, executives said it was too early to tell what kind of effect COVID-19 would have on their business. That there will be some effects is no longer in doubt…To avoid a wave of defaults, banks have allowed more than 700,000 Canadians to skip or defer mortgage payments since March, or about 15 per cent of the total mortgages in their portfolios, according to the Canadian Bankers Association. Read more...




Better Dwelling: Most Of Canada’s Insured Mortgages On Deferrals Projected To Be Underwater Soon (2020-05-26)

Canadian homeowners on insured mortgage deferrals are starting to feel the heat. The Canada Mortgage and Housing Corporation (CMHC) updated the federal government on the state of housing last week. During this update, they warned first-time homebuyers to be extra careful purchasing. To highlight this, they ran through a scenario on how a small downturn could leave the homeowner paying multiples of what they put down. Read more...




Toronto Storeys: RE/MAX Calls Recent CMHC Report “Panic-Inducing and Irresponsible” (2020-05-26)

We’re almost halfway through 2020 and it’s safe to say how the year will play out remains unclear at best – particularly in Canada’s real estate market. Since COVID began there have been any number of conflicting real estate forecasts released, which have painted a very murky outlook – with some industry leaders say home prices could increase by 7.8%, while some have said prices could drop by 14%. However, a new report from RE/MAX reports that while their brokers seeing housing inventory down in many markets, demand is remaining high, with multiple offers a common scenario. Read more...




Financial Post: Ignore the gloomy forecast — property prices are not poised to decline 18% (2020-05-26)

Shaun Cathcart, senior economist at The Canadian Real Estate Association, talks to Financial Post’s Larysa Harapyn about the state of Canada’s real estate in the wake of the pandemic and how the overheated market could become a source of strength. Read more...




CBC News: COVID-19 may be the catalyst — not the cause — of a painful but useful economic transformation: Don Pittis (2020-05-25)

As people are thrown out of work, as businesses fail and as the oil and housing sectors weaken, there is a branch of economics that insists it all may have a silver lining...As the CMHC worries Canadian real estate prices will crash by as much as 18 per cent, the oil industry struggles to recover from negative pricing and unemployment rises toward Depression levels, it is hard to see the bright side. Read more...




The Star: ‘Are you sure that’s a good idea?’: Here’s how I bought my first home in the middle of the COVID-19 pandemic (2020-05-25)

Buying jeans online scares me. In quarantine, I bought my first home. It drove me nuts and kept me sane over 70-plus days of isolating alone. And like everything else in the time of COVID-19, it was far from typical. Here’s the backstory. I’m the product of a real estate family. My grandfather started a namesake Century 21 franchise in Ottawa in 1976. My parents, aunt and uncle all followed him into the family biz. Buying a place isn’t for everyone but it was always part of my “plan” — if delayed a handful of years by the skyrocketing prices of condos in Toronto. Read more...




Better Dwelling: One In Five Of Canada’s Insured Mortgage Deferrals Are In Ontario (2020-05-25)

Canadians are suddenly short on cash for their jumbo sized mortgages. Canada Mortgage and Housing Corporation (CMHC), the country’s national housing agency, estimates over a tenth of insured mortgages are now on payment deferrals. The agency also added they expect the ratio of deferrals to nearly double over the next few months. By total volume of mortgages deferred, Quebec, Alberta, and Ontario are leading the country. Read more...




Narcity: Houses Are Getting Cheaper Across Canada Except In 7 Regions Where Prices Keep Going Up (2020-05-25)

COVID-19 has impacted so many Canadian industries including the real estate market. The average house price in Canada has dropped by 10% during the pandemic. However, some parts of the country have actually seen increases. Zoocasa, a full-service brokerage, shared an analysis of what Canada's real estate market has been going through during the COVID-19 pandemic compared to before it. Read more...




Advisor.ca: Housing market warming up after April chill, CIBC report says (2020-05-25)

The future of Canada’s housing market may not be rosy, but there are “clear early signs” that activity might warm up heading into the summer, says a new report from CIBC Capital Markets economists Benjamin Tal and Katharine Judge. “The housing market was basically frozen in April,” the Friday report said, with both sales and new listings down substantially last month. Read more...




Toronto Sun: Construction pivoted rapidly during the COVID-19 crisis (2020-05-25)

In the period of time that has elapsed between my writing and you reading this, much will already have changed, as that is the way things have been moving lately with the COVID rollercoaster – particularly in residential construction. We continued working through the shutdown because housing is a need and Premier Doug Ford committed to those waiting for their homes, sometimes desperately, that they would get them. Read more...




Global News: Coronavirus: Markham landlord in eviction fight with real estate agent (2020-05-25)

A Markham woman says she doesn’t know where else to turn after her tenant refuses to move out or pay rent. She also said the tenant is asking for money to even talk. As Albert Delitala explains, COVID-19 restrictions make a resolution unlikely anytime soon. Read more...




REM Online: How to stand out and get noticed (2020-05-25)

With more than 130,000 real estate agents and brokers in Canada, it’s easy to get lost in the crowd. So how do you stand out? Read more...




Yahoo Finance Canada: Real estate resilient during COVID-19 but CMHC warns about debt’s effect (2020-05-22)

Home prices are holding up during the coronavirus pandemic despite lockdowns. The most recent sign of resiliency comes from the Teranet-National Bank House Price Index for April, a composite of 11 major markets, is up 5.3 per cent from a year earlier. It’s up 1.3 cent compared to the previous month, but the report’s authors acknowledged prices could fall in the months ahead. Read more...




The Star: Canada’s housing prices could plunge, our COVID recovery could falter. It all depends on what we do now (2020-05-22)

Evan Siddall has dared to go where his fellow regulators won’t. The head of the national housing agency is talking publicly — and with numbers — about his forecast. He is warning of a deep plunge in housing prices, a spike in mortgage defaults and a strain on his own agency’s balance sheet. The mountain of debt held by households before the pandemic was worrisome, and now, Siddall says, it’s about to crush us. Read more...




Financial Post: The unintended consequences of doubling the minimum down payment on a house (2020-05-22)

The drastic decline in housing sales and forecasts for falling prices over the next year may require governments to tighten credit supply to prevent borrowers from excessive debt obligations in case of job losses, while at the same time trying to stimulate the economy to sustain consumption and avoid job losses. This is easier said than done. Read more...




Wealth Professional: Finance and real estate almost 10% of Canada's 226,700 job losses (2020-05-22)

The extent of Canadian job losses – and the impact on households - since the start of the coronavirus lockdown is highlighted in a new report. ADP Canada’s stats show that 226,700 jobs were lost from March to April 2020, based on an analysis of non-farm payroll data…The next highest loss by sector group was for finance and real estate, where 24,900 jobs were lost in the month, with the stalled housing market likely to be the main cause. Read more...




CityNews: Will coronavirus bring down Airbnb? (2020-05-22)

In today’s Big Story podcast, nearly every story on a housing crisis casts Airbnb as one the chief villains driving up rents and home prices. So it should not come as a shock that the crisis facing the company as worldwide travel grinds to a halt has been met with glee from people who have struggled to find affordable housing. But will this virus kill the short-term rental app, or merely change it? Read more...




Toronto Storeys: What Real Estate Agents Are Doing to Keep Showings Safe During COVID-19 (2020-05-22)

It’s been just over two months since social distancing orders were enacted and our sense of normalcy was forever changed. While social distancing measures such as staying six feet away from non-household members are in place to protect the public from the spread of COVID-19, it still takes some getting used to. And not only have these precautionary safety measures changed our day to day lives, they have also impacted virtually every industry, including real estate. Read more...




CTV News: Is this a once-in-a-lifetime chance for first-time homebuyers to get into the market? (2020-05-21)

The pandemic could be the gift first-time homebuyers have been waiting for. Many parents have wanted to help their children financially buy their first home but in some cases it still wasn't enough for a downpayment. Real estate prices have remained stubbornly high and the dream of owning a home has been pushed out further and further with stricter qualifying guidelines being enforced. The higher prices driving the higher downpayment, sidelining potential buyers who weren't quite ready for the financial commitment homeownership demands. Read more...




Toronto Storeys: CMHC Now Forecasting Up to 18% Drop in Average House Prices as “Deferral Cliff” Looms (2020-05-21)

In notes prepared for the Standing Committee on Finance yesterday, CMHC CEO Evan Siddall said the housing corporation is now forecasting between a 9 and 18% drop in average house prices over the next 12 months. According to Siddall, through the COVID-introduced relaunch of the Insured Mortgage Purchase Program, a coordinated effort with both the Bank of Canada and the Department of Finance, CMHC stands ready to purchase up to $150 billion of insured mortgages. Read more...




Mortgage Broker News: COVID-19 will continue hammering Canada's home-purchasing power (2020-05-21)

The impact of the COVID-19 pandemic on the housing market, and especially on long-term purchasing power, will be more pronounced the longer business closures drag on, according to provincial officials. This will be especially apparent in the largest markets like Ontario, according to Peter Weltman, the province’s financial accountability officer. Read more...




Freshdaily: Cities in Canada worry about student housing vacancies as more universities go online (2020-05-21)

As more universities in Canada prepare to offer classes online for the fall semester, landlords across the country may find themselves without tenants come September. Landlords renting out apartments or houses in "student towns" such as St. Catharines, London and Kingston are particularly vulnerable to the consequences of universities choosing to cancel in-person classes — and many Canadians have questions. Read more...




Mortgage Broker News: Mortgage rates have plenty of space for upward movement – analyst (2020-05-21)

With the Bank of Canada’s target for the overnight rate currently at a historic low of 0.25%, there’s little chance of rates moving down further, but significantly more room for them to rise, according to Ratehub.ca. “Fixed rates are already pretty close to their historic lows,” said James Laird, co-founder of Ratehub.ca. “For borrowers interested in getting a variable rate, prime rates are likely as low as they will get. However, there is still some room for lenders to offer further discounts to prime.” Read more...




The Canadian Press: Trudeau asks commercial landlords to give tenants help through new program (2020-05-21)

Prime Minister Justin Trudeau is asking Canada's commercial landlords to buy into a federal program launching next week that would give companies a break on the rent due in only a few days. Applications open Monday but business groups have warned that leery landlords are unlikely to take part in the program, which is delivered jointly with provinces and territories. Landlords that do sign up can receive a forgivable loan to cover half monthly rents in April, May and June, so long as they drop rents by at least 75 per cent over the same period. Read more...




REM Online: Virtual home staging thrives during pandemic (2020-05-21)

Every industry has been affected by COVID-19 in one way or another. And while the fallout has mostly been negative, one niche business that has experienced a positive impact is that of virtual staging. For Young Kim, founder of Vancouver-based Bella Staging, business had been ramping up before COVID-19, but then it got even busier, prompting him to add four new designers to his team of 11. Read more...




REM Online: Get ready for net zero homes (2020-05-21)

At this disorienting moment in 2020, as our industry grapples with fallout from the COVID-19 pandemic, it’s hard to believe the dust will settle. But it will. For usually busy Realtors who are looking to fill the disquieting pause, there’s an unusual opportunity right now to get up to speed on emerging aspects of the market. Take net zero homes for example. Read more...




REM Online: Mississauga Real Estate Board announces partnership with BrokerBay (2020-05-20)

The Mississauga Real Estate Board (MREB) and BrokerBay have created a strategic alliance that the board says is the first of its kind in Canada. BrokerBay offers a front-desk system for the management of appointments, 3D virtual showings, offers, communications, analytics and more in a secure, cloud-based solution. It is currently used by more than 26,000 agents in Ontario.

“Today’s agents and brokerages require modern systems that are responsive to today’s mobile-friendly environment, simplifying and expediting front-desk management,” says Asha Singh, president of MREB. “Our partnership adds to our long list of value-added services we provide to our members. Leveraging the size of our board allows our member brokerages to benefit from this innovative technology at a more competitive price.”

Costa Ntoukas, CEO of BrokerBay, says, “It’s BrokerBay’s mission to modernize traditional office systems and to empower the next generation of brokerages and agents. The system reduces administrator workload, (and) provides impressive brokerage analytics and comprehensive audit trails.”

Ntoukas says agents are fully connected with the company’s “state-of-the-art” mobile app.

The BrokerBay team also released its new MLS integrated 3D Virtual Interactive Showing platform recently. “Our clients can now offer the most advanced, user-friendly and collaborative 3D showing experience on their listings,” says Michael Gruenstein, director of sales.

“We are excited about our new partnership and look forward to working with MREB brokerages.”

Read more...




The Star: Home sales are down 69% — is this a once-in-a-decade chance to get into Toronto’s housing market? (2020-05-20)

House-hungry millennials could be forgiven for hoping that the silver lining in COVID-19’s economic rampage is an unexpected shot at the real estate market. With home prices set to soar at the start of this year, many would-be buyers went into lockdown feeling priced out and discouraged by heated bidding wars and bully offers. Then COVID-19 sent Greater Toronto Area home sales tumbling 69 per cent year over year in April. Read more...




The Canadian Press: April home sales plunged to levels not seen in almost 40 years on COVID-19 impacts (2020-05-20)

Canadian home sales plunged to levels not seen in almost 40 years in April as the COVID-19 outbreak forced distancing measures and created economic uncertainty. Home sales were down 57.6 per cent from a year earlier to 20,630 sales for the month, while seasonally adjusted sales were down 56.8 from March as home buyers and sellers stayed home. The levels of activity were the lowest since 1984, the Canadian Real Estate Association said Friday. Read more...




The Canadian Press: April home sales plunged to levels not seen in almost 40 years on COVID-19 impacts (2020-05-20)

Canadian home sales plunged to levels not seen in almost 40 years in April as the COVID-19 outbreak forced distancing measures and created economic uncertainty. Home sales were down 57.6 per cent from a year earlier to 20,630 sales for the month, while seasonally adjusted sales were down 56.8 from March as home buyers and sellers stayed home. The levels of activity were the lowest since 1984, the Canadian Real Estate Association said Friday. Read more...




Huffington Post Canada: Canadian Rental Rates Are Falling Fast Amid The COVID-19 Shutdown (2020-05-20)

It took a pandemic and an epic economic crisis to make it happen, but after years of rapid price growth, Canadians may finally get a bit of a break on the cost of housing. With an estimated three in 10 working Canadians either losing their job or having their pay cut in the past several months, advertised rental rates are on a downward slide in many cities. Read more...




REM Online: How the pandemic will reshape the rental market (2020-05-20)

How long has it been since we began hearing these words every day: COVID-19, coronavirus, pandemic? How long before we try to forget them? Who knows – it could be awhile. But the new words will probably change us – change the way we live, play and work, and will possibly bring a more massive digital transformation closer to home sooner than predicted. Take housing, renting, and all that’s associated with the search, the transactions and the move. Read more...




NOW Toronto: More than 80 per cent of Canadians paid rent in May (2020-05-20)

Well over 80 per cent of residential tenants in Canada paid their rent in May. And that figure could climb to 90 per cent as more rents are being collected in instalments during the COVID-19 pandemic, says CIBC’s deputy chief economist Benjamin Tal. The figures come as a surprise to some economists who feared that the severe rise in unemployment numbers that hit near March’s end due to coronavirus and continued through April. 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