Mississauga Real Estate Board News

Better Dwelling: The IMF Crunched Numbers On Canadian Real Estate. Here’s How Overpriced It Is (2019-10-21)

Canadian real estate prices are soaring, but only a few markets have detached from reality. The ones that have though, boy oh boy – have they ever detached. New numbers obtained from IMF staff, show the gap between prices and fundamentals. For the most part, Canadian real estate prices can be explained through access to easy credit. Hamilton, Toronto, and Vancouver are notable exceptions, and may be 50% overvalued. Read more...




Global News: Ignored and Ignited: Affordable housing crisis has some Canadians feeling trapped (2019-10-21)

Terry O’Connor is the new face of Canada’s affordable housing crisis. He may have a full-time job as a truck driver in Pemberton, B.C., but he can’t afford to rent an apartment for his family…For a special election series called Ignored and Ignited, Global News asked people to send in issues they feel are being ignored in this federal election campaign, or that have them excited. The shortage of affordable housing was once a big city problem, but has now spread to small and medium-sized communities. With demand far outpacing supply, rents have skyrocketed in towns and cities across the country. Read more...




The Canadian Press: Singh says his housing plan is ambitious, but necessary (2019-10-21)

NDP Leader Jagmeet Singh acknowledges that his plan to build 500,000 affordable housing units is ambitious, but says that's what Canada needs right now. The New Democrats propose to build that housing over 10 years, with half of the units coming in five years. The plan would come at a cost of $5 billion in the first year and $3 billion in subsequent years. Read more...




The Star: High stakes for affordable housing as Canada heads to the polls (2019-10-21)

Toronto Community Housing and the inhabitants of its vast and aging portfolio waited close to two decades for the return of badly needed federal support...On Monday, the current municipal-federal partnership will be at stake and with it the management of the Liberal’s entire national housing strategy that, despite all parties pledging to make it easier for Canadians to access housing in one form or another, has been largely absent from public debate. Read more...




Which Mortgage: Canada still needs mortgage stress test – National Bank CEO (2019-10-21)

Canada’s housing markets still need the mortgage stress test as the country’s political leaders look to offer new housing policies, according to National Bank of Canada’s CEO. “I think we need to give a little bit more time to go by to assess how [the stress test is] impacting different markets in different parts of the country,” Louis Vachon told BNN Bloomberg. For Vachon, the key to determining how to regulate housing in the country is to focus on regional markets instead of one national policy. Read more...




AdvocateDaily.com: Sharing information benefits entire mortgage sector (2019-10-21)

Improving the professional conduct and educational standards of brokers and lenders would provide “great consumer protection,” Toronto real estate lawyer Sarita Samaroo tells The Lawyer’s Daily. Those were among the recommendations the Ontario government is considering as part of its review of the province’s Mortgage Brokerages, Lenders and Administrators Act. A report released by the Ministry of Finance also suggests increased oversight and “incentivizing registration for private lenders." Read more...




The Star: A homeowner and a renter share their experiences at Trinity Bellwoods: ‘You’re just going, “I have no control”’ (2019-10-21)

Bre Dillon had to move three times because her landlords kept wanting to sell their home. The lack of security got so frustrating that when she inherited some money, she and her partner jumped at the chance to buy a condo in Liberty Village almost four years ago, excited to have a place to call her own. “We feel really fortunate, obviously, to be out of the renting world because rents are just crazy,” Dillon, 36, says. “You’re just going, ‘I have no control.’" Read more...




REM Online: Millennial real estate investors should look at U.S. (2019-10-21)

Recent studies are showing that as the millennial generation matures, a growing number are considering property investment. And the high cost of urban living has many of them consider recreational properties as a feasible choice to enter the real estate market. A Re/Max Recreational Property Trends study found that 56 per cent of millennials are in the market to purchase a recreational property. That represents an increase of 14 per cent from 2018. While the go-to markets for this new-found interest in recreational properties tend to be in vacation spots in Canada, many may not realize the advantages of investing in the U.S. Read more...




Toronto Sun: HUDAK: Time to get dirty money out of Canadian housing market (2019-10-18)

Keeping the Canadian dream of home ownership within reach has become a key issue in the 2019 federal election and rightly so. Home ownership rates in Canada are on the decline for the first time in history as young families struggle to do what generations before them have done — buy a home. Among all of the ideas to support affordable homes, three parties — the Conservative Party, the Liberal Party and the New Democratic Party — have committed to addressing the problem of money laundering in the Canadian housing market.. Read More.....




Toronto Storeys: ELECTION SPECIAL: Parties Target Money Laundering Housing Schemes (2019-10-18)

The Liberals and the Conservatives are both promising to crack down on the criminals behind money-laundering schemes that are inflating housing prices in Canada’s big cities. Housing has been a significant talking point in the federal election campaign. All parties are rolling out proposals to make it easier for Canadians to buy homes, include a Conservative plan to make mortgages easier to obtain and a Liberal promise to create more affordable housing. But the Liberals and the Conservatives, who remain in a tough battle for first place, are also pledging to shut down the criminal enterprise that artificially drives up real estate values. Read More.....




CTV News: Hot housing: How each party aims to help homebuyers (2019-10-18)

Billions of dollars are being spent on the construction of new public transit across Canada and the leading political parties have promised even more transit funding during the current election campaign. While new infrastructure is bound to reshape the mobility landscape in cities where such investments are made, it also can influence property values, especially those in the vicinity of newly constructed stations. Read More....




Building.ca: Affordable Housing If Necessary, But Not Necessarily Affordable Housing (2019-10-18)

Affordable housing is having a moment. Research conducted by Abacus Data on the eve of the Federal election ranked housing affordability fifth among voter concerns, just short of perennial front-runners, healthcare and taxes. The media is filled with stories of Canadian families struggling to get by. Today, more than 1.7 million Canadian households spend more than 30 per cent of their income on housing. In only three per cent of Canadian neighbourhoods can an individual earning minimum wage, working full-time hours, afford to rent an average two-bedroom apartment. Yet, the cost of accommodation is constantly on the rise. Read More....




https://building.ca/feature/affordable-housing-if-necessary-but-not-necessarily-affordable-housing/ (2019-10-18)

Despite rock bottom borrowing rates, some Canadian real estate buyers are paying more. Bank of Canada (BoC) numbers show variable rates on residential mortgages made a big jump. Even with borrowing rates generally falling, variable interest mortgages are at a six year high.Read More....




https://betterdwelling.com/canadian-variable-mortgage-rates-are-rising-very-very-fast/ (2019-10-18)

Toronto-area rents may be hitting a ceiling at about $2,515 a month, according to research. The rapid rise in rents that saw prices increase 30 per cent over the last few years has moderated somewhat. Market research firm Urbanation says rents for purpose-built apartments barely budged between the second and third quarter of this year. It found that growth in the last quarter, 6.1 per cent year-over-year, was the lowest it’s been in two years. The findings suggest that the high cost of rent is prompting more tenants to share, or move to smaller units and less expensive areas of the region, said an Urbanation press release. Read More....




Toronto Storeys: Does Canada Still Need The Mortgage Stress Test? (2019-10-18)

Would-be buyers are often shut out of the market – despite having that 20 per cent down payment sitting in their savings account. The mortgage stress test ebbs and flows with the interest rates, but it has had a huge impact on Canada’s housing market. So it’s no surprise affordable housing and revisions on the mortgage stress test have become key election issues. But according to the National Bank of Canada’s chief executive officer Louis Vachon, federal party candidates need to pause before making any major changes to housing policies. Read More....




The Star: ‘Supportive housing saved my life’: For B.C. voters, housing and homelessness loom large (2019-10-18)

Josh Hoflin says the Lower Mainland’s lack of affordable housing could easily have killed him. A breakup left Hoflin living alone and unable to afford his rent in Maple Ridge, B.C. He turned to friends and family, expecting to couch-surf for a short while until he found an apartment he could pay for on his own. “I just couldn’t find a place that was willing to accept a single guy on disability,” Hoflin said. Read More.....




BNN Bloomberg: Too soon to tweak mortgage stress tests: National Bank CEO (2019-10-17)

Canadian housing markets still need mortgage stress tests as Canada’s political leaders look to offer new housing policies ahead of Monday’s federal election, according to National Bank of Canada’s chief executive officer. “The so-called B-20 rule has been put in place now [for] almost a year,” Louis Vachon said in a Wednesday interview with BNN Bloomberg. “I think we need to give a little bit more time to go by to assess how it’s impacting different markets in different parts of the country.”. Read More....




CTV News: This four-bedroom Toronto home is on the market for $1 (2019-10-17)

A detached home with four bedrooms and three bathrooms that is close to public transit and schools is being advertised for only $1. It seems too good to be true - because it is. The home, located at 51 Soudan Avenue in the Yonge Street and Eglinton Avenue area, has been listed for 14 days and is currently the cheapest house on the market in Toronto. The home is less than five minutes to the subway and has a private backyard. The listing says the property would be an excellent place to raise a family. Read More....




The Star: Mayors urge sustained funding for cities (2019-10-17)

This federal election is an enormous opportunity to boost our quality of life — in ways we can see and feel every day. But that’s only going to happen if federal parties get serious about working with the local leaders who know Canadians best. If we get this right, Monday’s vote can bring key players together to make housing more affordable. It can set Canada on a path to better public transit, faster commutes and lower emissions. It can trigger a surge of upgrades to roads, recreational centres and other life-enriching core infrastructure. Read More....




Mortgage Broker News: Toronto real estate industry must adapt to survive – PwC (2019-10-17)

Amid a robust and ever-changing market, Toronto’s real estate sector must learn to quickly adapt to the multiple factors influencing tenant expectations, PwC stated earlier this month. In particular, the industry should explore the multiple possibilities in construction, especially in the realms of co-working space and higher-density housing. Read More....




Real Estate Professional: What commercial real estate brokers like and dislike about CRETech (2019-10-17)

Technology is increasingly part of the commercial real estate landscape but what do brokers see as the good and bad of CRETech? A new survey of CRE brokers by Ten-X Commercial and theBrokerList asked about attitudes to technology including its use and investment. It found that most are generally optimistic but there is mixed sentiment over factors including customization, complexity, cost, and job security. Read More....




REM Online: One year after legalization, buyers less worried about cannabis (2019-10-17)

It has been nearly one year since cannabis was legalized in Canada – but has the haze cleared from how Canadian home buyers and sellers feel about its presence? When Bill C-45 was passed into legislation last year, there was a considerable amount of uncertainty within the real estate industry. Would the presence of legally grown cannabis still stigmatize a home in the eyes of prospective buyers? Could a newly opened dispensary devalue nearby homes? And what would the implications be for those who owned rental properties, with tenants who wished to grow and consume within their units? Read More.....




REM Online: More people look to home equity for retirement income (2019-10-17)

Nhttps://www.remonline.com/more-people-look-to-home-equity-for-retirement-income/ew RBC survey says home equity is playing a more prominent role in Canadian’s retirement plans. More than half (55 per cent) of non-retired Canadians age 50+ said they expect to leverage the equity in their home as a source of retirement income (up from 49 per cent in 2018), with 52 per cent stating they would downsize or rent instead of owning to bring in more income if needed in retirement (up from 36 per cent in 2018). Read More....




Mississauga News: Affordable housing top concern for Mississauga Centre's new Canadians (2019-10-17)

The federal riding of Mississauga Centre is home to more than 124,849 people, with the majority of people coming from Asia, Europe and East India, according to the most recent data from Statistics Canada...One of the biggest challenges that newcomers face is affordable housing, said Praveen Kalra, manager of DBNC's newcomer program. “Rents have dramatically increased,” he said. Read More.....




CBC News: 1 in 5 homes in Canada bought by newcomers, Royal LePage survey says (2019-10-16)

One in every five homes in Canada is bought by newcomers to the country, according to a Royal LePage survey released on Wednesday. The Royal LePage Newcomer 2019 Survey, which was commissioned by the real estate company, found that newcomers spend about three years in Canada before buying a home and that 75 per cent of newcomers arrive with savings or cash to help buy a home. Read More....




BNN Bloomberg: Canada's real estate market in full recovery mode as home sales rise (2019-10-16)

Canada’s realtors produced another strong month of sales and prices in September, with gains in most major markets in a sign of strength for the nation’s housing market. The number of units sold rose 0.6 per cent last month, extending a recent jump in activity that have seen transactions jump 16 per cent from a year ago, the Canadian Real Estate Association said Tuesday. Benchmark home prices rose 0.5 per cent in September, and are up 2.3 per cent over the past four months. Markets in British Columbia led gains in both sales and prices last month, with the country’s oil-producing regions the only ones showing any weakness. Read More....




Mortgage Broker News: Local housing markets see "economic renaissance" thanks to cannabis (2019-10-16)

Canada’s largest cannabis producers are being credited with micro-booms in some local economies, and the trickle-down effects are visible in nearby housing sales and price increases. This trend is more pronounced in Eastern Canada, where there’s a greater number of large-scale cannabis producers. Read More....




Building.ca: Stressed Out (2019-10-16)

It is only days before the 2019 Federal Election, and what many in our industry are waiting to see is what, if anything, the winning party will do to address a relatively new-ish top-of-mind- issue to most Canadians: housing affordability and supply. Across the real estate spectrum, builders to sellers and everyone in between are urging the federal parties to commit to policies that will help remove barriers and reduce the cost of home ownership. First on almost everyone’s list: revise the Office of the Superintendent of Financial Institutions’ (OSFI) mortgage stress test to take into account its impact on different real estate markets across the country. Read More....




The Globe and Mail: Hopeful buyers left waiting as dispute roils Toronto-area developer CIM (2019-10-16)

Hopeful townhouse buyers are waiting to see if the condominium units they prepurchased in 2016 will ever get built as shareholders wage a power struggle for control of CIM International Group Inc., a publicly-traded Toronto-area real estate development company. The dispute has caused construction delays and has already put several of the company’s projects “in jeopardy,” according to the company’s own statements. Read More....




Toronto Storeys: National Rent Report Finds Toronto Rent Prices Actually Decreased (2019-10-16)

Once in a blue moon, it happens – the Toronto benchmark for average rents actually takes a dip. Given the rental shortage, this should be front page of every Toronto newspaper! According to the new October 2019 Rent Report by Rentals.ca, the average monthly rent for a one-bedroom has been decreasing month-over-month! A one-bedroom apartment in Toronto, on average, goes for $2,304 this September down from its price of $2,330 this past August. Or could landlords simply be taking advantage of August, the renowned crunch time for university students to find housing? Read More....




Financial Post: These are the election promises that could affect your personal finances (2019-10-15)

As a financial planner, I pay close attention to federal and provincial budgets and elections. There is always a chance of changes to existing personal finance measures, as well as potential new policies. The main parties have all made interesting proposals leading up to the Oct. 21 federal vote. Here’s a look at some of them. Read More....




Financial Post: Improving job numbers, wages will keep fuelling our love of debt (2019-10-15)

The more the Bank of Canada sifts through the data left behind by the housing boom, the clearer it becomes that the economy would be in trouble if we weren’t so willing to borrow. Last month, the central bank published a staff note that shows household borrowing against the country’s various real-estate bubbles created a significant amount of domestic demand in recent years. Higher home prices influence consumption by triggering wealth effects that make us feel richer and, therefore, keener to spend. But we couldn’t act on that impulse without a mechanism to turn paper wealth into cash. It’s the collateral effect that yokes housing prices to spending, since rising values allow individuals to take out bigger lines of credit. Read More....




Huffington Post: Cannabis Creating ‘Micro-Booms’ In Canada’s Housing Markets: Report (2019-10-15)

The recreational cannabis industry has been very good to some small cities in Canada, which are experiencing a “micro-boom” in their housing markets, a new report has concluded. The report from real estate brokerage Re/Max ― released a few days ahead of the one-year anniversary of legalization ― points to a number of locations, particularly in central and eastern Canada, as boom towns to watch. One it highlights is Smiths Falls, Ont., some 80 km southwest of Ottawa and home to a cannabis facility owned by Canopy Growth, one of the largest cannabis companies in the world. Read More....




Postmedia: Homes becoming more and more part of retirement plans (2019-10-15)

For most Canadian homeowners, there comes a point when the house becomes more than a home, becoming part of their retirement plans. The 2019 RBC Retirement Myths and Realities poll found 55 percent of non-retired Canadians aged 50-plus said they expect to leverage the equity in their home as a source of retirement income, which is up from 49 percent a year ago. When queried, 52 percent said they would downsize or rent instead of owning to bring in more income if needed in retirement, up from 36 percent in 2018. Read More....




The Star: Why the Liberal plan to tame house prices is actually a tax grab from Toronto and Vancouver (2019-10-15)

Federal elections always feel a bit like Christmas from a municipal point of view, as party leaders try to prove how much they care about local issues with sacks full of policy gifts. Our current campaign is certainly no exception. The federal Liberal platform, for example, makes new promises to Toronto on everything from money for electric school buses to banning handguns to fighting gangs. Yet hidden away among these Liberal election goodies is a little-noticed package that ought to elicit shudders of fear from city halls. If Prime Minister Justin Trudeau wins on Oct. 21, one of the most important and sacrosanct sources of municipal revenue could come under direct assault by Ottawa. Read More....




BNN Bloomberg: Don't buy into 'quick win' housing promises from party leaders: Royal LePage CEO (2019-10-11)

Royal LePage is urging homebuyers not to buy into any quick-fix housing promises made by Canada’s political leaders in the run-up to the Oct. 21 federal election. “The introduction of the federal stress test turned the tap off on demand immediately. That’s the kind of results politicians are looking for: Really quick results. Quick wins,” Royal LePage chief executive officer Phil Soper told BNN Bloomberg in an interview on Thursday. “Housing is not a quick win. It doesn’t take a day to build a house, and it takes a long time to build multis – condos, towers – which will house a lot of our new homebuyers.” Read more...




The Star: Federal party platforms risk driving home prices further out of millennials’ reach, warns expert (2019-10-11)

As the election draws near, federal party leaders are pitching housing policies that promise to help millennials find a way out of their parents’ basements — but some of those “well-intentioned” platforms risk leading those voters down the garden path, says the head of one real estate company. Read more...




Toronto Storeys: Pace Of Mortgage Credit Speeds Up And Borrowers Need Guidance (2019-10-11)

Don’t look now but mortgage borrowing is accelerating. And, as the Globe and Mail’s Mike Babad warns, it’s definitely worth keeping an eye on. Writing in his Business Briefing column, Babad reminds Canadians of our country’s history with expanding debts and inflated housing markets and points to statements by BMO’s Benjamin Reizes about Bank of Canada numbers that show mortgage credit rose 4 per cent in August from a year ago. Read more...




The Globe and Mail: Co-living startup SoulRooms aims to take the hassle and fear out of finding a roommate in Toronto (2019-10-11)

A growing trend in rental property management is to convert apartments, houses and townhouses to so-called “co-living” spaces, that attempt to add a service layer onto the age-old practice of lodging with roommates. For Gaurav Madani and his business partner Arnab Dastidar, who founded co-living startup SoulRooms in July, their own experiences in Toronto’s property market convinced them of the need for co-living options. Read more...




REM Online: V6: A new take on the family compound (2019-10-11)

A cool take on the family compound, a building planned for east-end Toronto offers a way for extended family members to live under one roof, but in separate living spaces. The building, called V6, also includes a commercial/retail unit to provide income to offset expenses. In addition to its appeal to multi-generational families, the design is perfect for “golden girls” (single women who want to live in their own spaces but within a community of other women), says real estate agent Cailey Heaps Estrin, managing director and sales representative with the Heaps Estrin Team at Royal LePage. It’s also a gem for investors. 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