Mississauga Real Estate Board News

Chatham This Week: Break on land transfer tax touted by provincial real estate group (2020-09-25)

Policies like a land transfer tax holiday and a home renovation tax credit could benefit areas like Chatham-Kent, local and provincial real estate officials say. The Ontario Real Estate Association has released a report with recommendations to upper levels of government to use the real estate sector to help with the economic recovery after COVID-19. “People, despite the uncertainty of COVID, rightly believe that real estate is a smart long-term investment,” OREA president Tim Hudak said in an interview with Chatham This Week. Read more...




St. Catharines Standard: Realtors say more home sales, renovations would help fix economy (2020-09-25)

Ontario’s government should look close to home to help the economy recover from the ravages of COVID-19, realtors say. More home sales, more home renovations and more homes built outside the urban core would promote consumer spending and create jobs, according to the Ontario Real Estate Association. “The key instrument for economic recovery in Ontario is the sale of homes, which will result in an injection of more homes on the market and create spin-off jobs and consumer spending,” said association president and former Niagara-area MPP Tim Hudak. Read more...




Toronto Storeys: COVID Continues to Influence First-Time Homebuyers Behaviours (2020-09-25)

It’s no secret that COVID-19 has had an unprecedented impact on the economy and the wellbeing of Canadians. But as the country continues to rebuild, it’s becoming clear that the pandemic has re-shaped the needs of consumers — particularly first-time homebuyers. Read more...




Better Dwelling: Moody’s Doubles Down On Forecast Of Canadian Real Estate Prices Falling Soon (2020-09-25)

One of the world’s largest credit rating agencies doubled down on its Canadian home price forecast. Moody’s Analytics sent clients its September update on Canadian real estate prices. The forecast reiterates they expect price declines to begin towards the end of this year. The report also names impacted cities this time, with Toronto expected to be a leader lower. Read more...




Postmedia Network: BILD: Lumber shortages will hurt housing supply (2020-09-25)

As any home owner looking to build a deck or a shed will tell you, lumber is in short supply across Canada at the moment. This scarcity has resulted in delays and added costs for residential and commercial construction projects, hampering the addition of much-needed housing supply. To ensure this situation doesn’t compound the housing crisis in the GTA, governments need to prioritize the normalization of supply chains disrupted by the pandemic. Read more...




Wealth Professional: CMHC: Housing's worst case scenario is unlikely but prices will fall (2020-09-25)

For the second day in a row there has been a downbeat outlook for Canada’s house prices in the months ahead. Following a gloomy assessment from Moody’s, the CEO of Canada Mortgage and Housing Corporation (CMHC) says that homeowners and investors should be prepared for widespread price decline in 2021. Read more...




Mortgage Broker News: Toronto might be implementing a vacant homes tax soon (2020-09-25)

A vacant home tax for Toronto is in the works, according to the city government’s HousingTO 2020-2030 Implementation Plan for tackling homelessness and other housing issues. In the plan, a final report outlining the feasibility of such a tax will be presented to committee and council by December, blogTO.com reported. Read more...




Windsor Star: Ontario Real Estate Association touts ideas to boost COVID-19 economic recovery (2020-09-24)

Windsor realtors are calling for new government policies, including “opportunity zones” and a land transfer tax holiday, to help boost Ontario’s economic recovery from the COVID-19 pandemic. “The purpose behind these recommendations is really just to kick start our economy provincially, and it will certainly give us a leg up here locally as well,” said Damon Winney, president-elect of the Windsor-Essex County Association of Realtors. Read more...




Toronto Life: Adventures in real estate: How the pandemic is changing the way we live now (2020-09-24)

The smart money this pandemic year was on manufacturers of trampolines, pools and, yep, top-loading washers. Wherever you looked, the answer was sold out, check back later. Some enterprising types tried scalping above-ground pool kits. Stuck indoors in our sweatpants, we craved a jump, a dip and in-home laundry. Most of all, we craved space. Read more...




Financial Post: Home prices to drop, new report predicts — and even Toronto and Vancouver won't be immune (2020-09-24)

The pandemic will punish Prairie house prices the most in Canada, but even hotspots Toronto and Vancouver will see prices drop on the back of rising rental market vacancies and lower immigration rates, according to a new report. Average single family detached house prices will fall by 6.7 per cent next year as the recovery stalls, economic stimulus fades and debt problems increase, Moody’s Analytics and RPS Real Property Solutions Inc. forecast in a housing market outlook published Wednesday. Read more...




Real Estate News Exchange: The feds may move to hike capital gains tax: a bad idea (2020-09-24)

Concerns are mounting that the delayed 2020 federal budget will include an increase in the capital gains tax on income-producing real estate. We contend that lowering the tax should be considered for owners of multifamily housing. Originally scheduled to be released in March, the 2020 federal budget has been delayed indefinitely due to the COVID-19 pandemic. The pandemic has also caused the federal debt to increase exponentially, which will have a direct bearing on federal budget considerations. Read more...




Mortgage Broker News: StatsCan: Home prices had strongest monthly growth in three years (2020-09-24)

Canada’s new homes saw their strongest monthly price growth in more than three years in August, impelled by intensified demand, inventory shortages, and a looming scarcity of building materials. Nationally, new home prices increased by 0.5% from July to August, the largest such upswing since May 2017, according to Statistics Canada. The largest urban markets posted noticeable increases, with Vancouver’s 1% monthly gain and Toronto’s 0.3%. Read more...




The Globe and Mail: GTA’s September housing market downgraded from 'crazy,’ but only just (2020-09-24)

In Toronto and the surrounding Greater Golden Horseshoe, house hunters are entering bidding contests with resolve. Many pockets of Toronto are still “insanely competitive right now,” says John Pasalis, president of Realosophy Realty Inc. “It’s like an extension of the summer,” Mr. Pasalis says. “I think most people have been shocked by how busy and competitive the market is.” Read more...




The Globe and Mail: Toronto advocacy group fights for more rental units at city-owned ‘lazy land’ (2020-09-24)

Stand at any corner at the windswept intersection of Kennedy Road and Eglinton Avenue East and look across to any other, and it’s like déjà vu all over again. Nothing rises over five storeys – save for one 1990s tower in the distance – and strip plazas and gas stations dominate the flat landscape. Yet, in the middle of Eglinton, work progresses in what was, formerly, six lanes of blacktop as the 19-kilometre Crosstown light-rail line prepares to open in 2022. Read more...




The Globe and Mail: Studies suggest Toronto’s rental shortage will skyrocket in coming years (2020-09-24)

A new report suggesting the Greater Toronto Area could be facing a shortage of 200,000 rental apartments within a decade is highlighting the conundrum of a region that is building more high-rise apartment buildings than anywhere else in North America but still has a stubbornly unaffordable housing market. The report – prepared by real estate research firm Urbanation Inc. for the Federation of Rental-Housing Providers of Ontario – says rapid population growth in Ontario means the rental market needs to expand faster than its current capacity. Read more...




InsideHalton.com: 'Record-breaking': Real estate report shows Halton Hills house prices have hit an all-time high (2020-09-24)

House prices in Halton Hills have hit a new peak, according to a real estate report examining recent sales in GTA markets. Real estate agency Zoocasa said the real estate market in the Greater Toronto Area (GTA) continued on an "upward trajectory" this summer, with August 2020 hitting a second month of "record breaking sales" following a slow spring market. Read more...




CTV News: Concerns over open house held with sick tenant (2020-09-23)

OREA CEO Tim Hudak interviewed by CTV News.

The CEO of the Ontario Real Estate Corporation said that it was "disgraceful" that an open house was held at a home where a tenant was sick. Read more... 




Toronto Storeys: Open House Held in Toronto Despite Sick Tenant Who Later Tested Positive for COVID-19 (2020-09-23)

An open house was held in Toronto over the weekend, despite there being a sick tenant inside, who later tested positive for COVID-19...Area resident Jeffery Wood told CTV News Toronto that he went with his friends to see the listing and that potential buyers were asked to wear masks, remain physically distant, and provide contact information. These are all safety measures the Ontario Real Estate Association (OREA) called to be used during open houses and showings in July when most of the province entered Stage three and open houses were permitted to resume after being temporarily suspended since April due to COVID-19. Read more...




Better Dwelling: CMHC: Nearly Half Of Canadian Real Estate Markets Have “Moderate” Vulnerability (2020-09-23)

More Canadian real estate markets are seeing increased levels of vulnerability. Canada Mortgage and Housing Corporation (CMHC) released the September edition of the Housing Market Assessment (HMA). The assessment shows almost half of Canada’s major real estate markets have moderate levels of risk now. Many markets are also benefiting from government pandemic supports. That means they may be worse off than they appear on paper. Read more...




Toronto Storeys: Trudeau Government Commits $1 Billion to Modular Housing Across the Country (2020-09-23)

If one thing’s for certain, having a safe place to call home is more important than ever — especially amid the COVID-19 pandemic. To ensure every Canadian has a safe and affordable place to reside, the federal government has pledged $1 billion dollars to put toward a new Rapid Housing Initiative (RHI) to help address the urgent housing needs of vulnerable Canadians by quickly creating new affordable housing. Read more...




Financial Post: Toronto condo dwellers flock to exurbs, creating domino effect across Southern Ontario real estate (2020-09-23)

A flood of Toronto residents leaving their downtown condos in search of more space and greater affordability is causing a domino effect across Southern Ontario real estate that is being felt as far away as Fort Erie, according to multiple brokers and agents in the province. After COVID-19 reached Canada and made working from home the new norm for thousands, the first domino fell in Toronto’s downtown core as swaths of residents left their condos behind in search of affordable homes with backyards and office space. Read more...




BNN Bloomberg: Housing hurdles municipalities face with development and affordability (2020-09-23)

David Wilkes, president and CEO of BILD (Building Industry and Land Development Association), talks about the future of housing development and affordability in the Greater Toronto Area. He talks about the different hurdles that municipalities can address to improve the development process. Read more...




BlogTO: City of Toronto may soon adopt a vacant home tax and it's what residents want (2020-09-23)

Toronto's housing market has not only failed to slow despite the global pandemic, but has seen sales and prices skyrocket in recent weeks, reinforcing our reputation as an overvalued city that certainly favours sellers. There are a lot of factors that lead our market to be the most expensive in the country, and some of them make sense: property taxes, low lending rates, high immigration rates. Read more...




BlogTO: Developers in Toronto could have to reserve portion of units for affordable housing (2020-09-23)

A proposal facing Toronto's Planning and Housing Committee on Tuesday could see the city moving to make major condo developers help out with the ongoing affordable housing crisis instead of making matters worse. Residents have long bemoaned watching swaths of their neighbourhoods — including some of their favourite institutions — be demolished for uninspired condo towers that few locals could ever actually afford to live in, and the rate at which this type of housing is going up in Toronto continues to astound. Read more...




Ontario Real Estate Association: Majority of Ontarians Believe Real Estate Can Be The Engine For Ontario’s Economic And Confidence Recovery (2020-09-22)

A very strong majority of Ontarians think housing is an important (60%) or somewhat important (32%) contributor to the provincial economy, according to research conducted by Nanos Research for the Ontario Real Estate Association’s (OREA) recently released policy report, Rebuilding Ontario: A Framework for Recovery. “The aftermath of the COVID-19 pandemic reminds us how important the housing sector is to Ontario’s economic health,” said OREA CEO Tim Hudak. Read more...




REM Online: OREA pitches land transfer tax holiday, renovation tax credit (2020-09-22)

A new policy report from the Ontario Real Estate Association (OREA) recommends that the government focus on implementing growth-friendly policies to stimulate recovery, including a Land Transfer Tax holiday and a new renovation tax credit. “The aftermath of the COVID-19 pandemic reminds us how important the housing sector is to Ontario’s economic health,” says OREA CEO Tim Hudak. “The key instrument for economic recovery in Ontario is the sale of homes, which will result in an injection of more homes on the market and create spin-off jobs and consumer spending. Read more...




Toronto Storeys: Majority of Ontarians Believe Housing is Important Force for Economic Recovery: OREA (2020-09-22)

When the COVID-19 pandemic hit Ontario, the real estate market was witnessing climbing prices month-after-month due to continually increasing demand mixed with a chronic shortage of new housing supply...Though the situation has changed immensely, the Ontario Real Estate Association (OREA) says the issues of supply shortages and affordability concerns are likely to remain. What’s more, OREA says the need to implement policies to ensure an affordable housing market that can drive the provincial economy is as important as ever. Read more...




CTV News: Tenant with COVID-19 was inside Toronto home during open house (2020-09-22)

A listing for a three-floor house in Toronto has been removed after an agency showed the home to potential buyers while a person diagnosed with COVID-19 was inside. An open house was held for the Riverdale property, located on Bowden Street just south of Danforth Avenue, over the weekend. On Saturday, area resident Jeffery Wood told CTV News Toronto that he went with his friends to see the listing. Potential buyers were asked to wear masks, remain physically distant and provide contact information. Read more...




Mortgage Broker News: New CMHC initiative to focus on rapid creation of new housing supply (2020-09-22)

The Canada Mortgage and Housing Corporation has announced its new Rapid Housing Initiative (RHI), which is intended to address urgent housing needs and stimulate further economic recovery through the rapid creation of new housing units. Complementing the National Housing Strategy, the $1-billion RHI will cover the construction of modular housing, the acquisition of land, and the conversion of existing buildings to housing supply. Read more...




Better Dwelling: Canada’s Largest Real Estate Markets See Permanent Resident Declines Accelerate (2020-09-22)

Canada’s largest real estate markets have seen another demand factor almost disappear. Government of Canada (GoC) data shows permanent residents admitted fell in July. The decline was strongest in two of the country’s largest real estate markets – Toronto and Vancouver. Meanwhile, Montreal is starting to see improvements, in contrast to last year. Read more...




Mortgage Broker News: The state of multi-family real estate in Canada (2020-09-22)

If any readers are friendly with commercial real estate junkies, they’ll already have heard an earful about how industrial and multi-family properties are where the smart money is being spent by CRE investors. But with unemployment still over 10 percent in August, and rents in some of Canada’s tightest markets showing signs of softening, investors eyeing the multi-family space for the first time may feel there’s reason for worry. Read more...




The Star: Why Toronto has among the slowest housing development approval times in GTA (2020-09-22)

The City of Toronto has among the fewest planners and some of the longest approval timelines for residential development applications of 18 regional municipalities — factors that contribute to the high cost of housing, according to a new benchmarking study by the home construction industry. It shows that only Innisfil and Aurora had fewer planners on their municipal staff when measured per 1,000 housing starts. Read more...




The Star: ‘I may be setting myself up for a lot of hassles’: This home owner hopes to sell a majority share in his place so he can put money in the b (2020-09-22)

Richard Pearson is tired of being house poor and now, with his feet firmly in middle age, he wants to divert some of his income toward retirement. The catch is, he doesn’t want to leave the Barrie house he used to share with his family. So the 55-year-old divorced father of two university-aged sons has set himself a challenge: He is looking for at least one other person to share the cost, the equity and the comfort of his home. Read more...




MyKemptville Now: Real estate market balance leaning towards sellers in Leeds and Grenville (2020-09-21)

The real estate market balance is strongly leaning towards the seller currently. That is what Ron David, President of the Rideau-St. Lawrence Real Estate Board says...David says the Ontario Real Estate Association will be bringing a plan to Premier Ford’s government to outline how housing can help drive Ontario’s post-COVID economic recovery. He says presentations to MPPs will be done next week for the plan. Read more...




Postmedia Network: Consumers have confidence in homeownership (2020-09-21)

Despite COVID, Canadians maintain a mostly positive attitude about homeownership, says Will Dunning, chief economist of Mortgage Professionals Canada and author of Rapidly Evolving Expectations in the Housing Market based on a survey conducted from Aug. 7 to 24. “For a decade, our consumer surveys have investigated opinions on some housing-related and mortgage-related issues,” says Dunning. Read more...




CBC News: New tools, ideas needed to speed up housing strategy funding: CMHC president (2020-09-21)

The national housing strategy will need new tools to move more quickly from ideas to finished projects during the COVID-19 pandemic, says the head of the federal housing agency. The Canada Housing and Mortgage Corp. is a key overseer of the decade-long national housing strategy, which includes tens of billions in federal and provincial funding and financing. Read more...




Mortgage Broker News: Short-term real estate prices in Canada to be "flat to ten percent lower" – LowestRates CEO (2020-09-21)

According to a recent report by mortgage comparison site LowestRates.ca, the rocket the Canadian real estate market has been strapped to for the past four months will soon be subject to the multiple gravities of COVID-19: High unemployment, low immigration, and borrower uncertainty. “It’s impossible to know what’s going to happen, but we do think there is going to be some form of drop, largely due to the end of mortgage deferrals,” LowestRates’ CEO Justin Thouin told Mortgage Broker News. Read more...




Postmedia Network: OSFI gradually closing mortgage deferral program (2020-09-21)

When it was obvious COVID-19 would damage Canadian housing and financial markets, the Office of the Superintendent of Financial Institutions (OSFI) put into place special capital treatment for loan and insurance premium payment deferrals to be considered as performing as opposed to non-performing. Non-performing loans mean borrowers are late on making payments by 90 days or more. Read more...




Toronto Sun: There are signs of a softening real-estate market (2020-09-21)

For many of us, Toronto real estate has been its own beast for as long as we can remember. Sales figures that blow previous numbers out of the water, fierce competition, asking prices that are mere suggestions, and offer dates where buyers attempt to out-maneuver one another by offering as much money with as few strings as possible in order to snag a property. Read more...




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

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





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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