Mississauga Real Estate Board News

CTV News: Feds announce $10M for RCMP to fight money laundering after ministers' meeting (2019-06-14)

 Read more...The federal government has announced $10 million to help the RCMP prosecute money laundering after a special meeting of Canada's finance and justice ministers to discuss the pervasive problem. British Columbia has been pushing for nationwide action and while its finance minister said the funding falls short, she stressed it was crucial that other provinces join the effort. [...] B.C. has introduced legislation to establish a beneficial ownership registry that is expected to be operational in 2020. The Ontario Real Estate Association has called for its provincial government to do the same. Read more...




Real Estate Professional: Stephen Harper is responsible for money laundering in Canada: lawyer (2019-06-14)

The Ontario government is calling on Ottawa to endow it with anti-money laundering funding. In a letter to federal Finance Minister Bill Morneau, Ontario Finance Minister Vic Fedeli indicated the province was willing to establish a beneficial ownership registry, but appeared to put the onus for funding on the feds. “Ontario faces similar challenges to B.C. and deserves equal treatment in allocation of funding,” the Globe and Mail reported Fedeli as saying. “I propose a new task force dedicated to anti-money laundering measures in Ontario that would be federally funded proportionately to the B.C. initiatives.” Read more...




HuffPost: Canadian Suburban House Prices Are A Ripoff, Global Comparison Shows (2019-06-14)

When people complain about the big jump in the cost of housing in Canada’s major cities, a common response is, “well, Toronto (or Vancouver or Montreal) is becoming a world class city, and world class cities are expensive.” True, world class cities are expensive. But what’s also true is that those world class cities to which we like to compare our Canadian cities also have affordable suburban areas. Read more...




Real Estate Professional: Most homebuyers won’t take financial risks says CMHC (2019-06-14)

A study of homeowner perceptions and risk attitudes has found that Canadians view homebuying as a long-term investment but are not willing to take financial risks in the process. CMHC’s Homebuyers’ Motivations survey found that 75% of respondents in three major markets were not willing to take financial risks and this was consistent across Montreal, Toronto, and Vancouver. Read more...




Canadian Real Estate Wealth: CRA warns against real estate investment scams (2019-06-14)

In a recent bulletin, the Canada Revenue Agency warned consumers about getting deceived into putting their hard-earned money in fraudulent real estate investment schemes. The cautionary statement is especially important in light of the prevalence of real estate investment across Canada. The trend, along with stronger buying and speculation activity by foreigners, has been cited as the main factor in the “pronounced imbalances” readily apparent in B.C. and Ontario, the Bank of Canada said. Read more...




Real Estate Professional: Millennials need a major home price drop or sharp wage increase (2019-06-13)

 Despite some lower prices recently, many young Canadians are still far from able to afford to buy a home according to a new report. Generation Squeeze says that in many cities there would have to be a major drop in home prices or a significant rise in wages to enable millennials to enter the housing market. For example, Vancouverites would need their typical full-time wages to increase to $200,400 or four times their current level; or house prices would need to fall by three-quarters (a $795K drop) to make homes affordable (based on CMHC’s measure of households spending no more than 30% of their pre-tax earnings on housing.) Read more...




Better Dwelling: Canada Has Never Had More Homes Under Construction At The Same Time (2019-06-13)

Canada has a lot of housing in the works. CMHC numbers show construction of new houses in the county’s largest cities picked up in May. The increase puts the number of homes being built at an all-time record high. Residential real estate under construction in Canada’s largest cities reached a record. There were 228,984 units under construction in May, up 0.97% from the month before. This represents an increase of 3.58% from last year. The annual pace of growth is picking up, and the total active construction is a new record. Read more...




National Post: Toronto city councillors want to make housing even less affordable. Ontario’s stopping them (2019-06-13)

Building more homes just became easier in two of the most densely populated areas in Ontario: Toronto’s downtown core and its “midtown,” a small strip of land centred at Yonge St. and Eglinton Ave. For anyone interested in finding a place to live in those areas, this is great news. Unfortunately, the responses from many Toronto city councillors and city staff have been more dire. After spending several years preparing and conducting studies, surveys and consultations with the current residents of those neighbourhoods, the city was set to introduce a wide array of (generally unprecedented) new constraints on new development through its “Midtown in Focus” and “TOcore” plans. Read more...




Toronto Star: Why every residential street in Toronto could use a little apartment building (2019-06-13)

If you ever find yourself wondering why there are so few little walk-up apartments in Toronto — of the kind that are absolutely commonplace all across Montreal — you can look to history. “In May 1912, the city declared a full-scale ban on apartment buildings in residential neighbourhoods,” writes Emma Abramowicz in an essay in the new anthology House Divided from Coach House books, which examines the affordability crisis in housing in Toronto. In the 1960s, she writes, planners cemented this occasionally overlooked rule by making preservation of the character of stable residential neighbourhoods a key goal. Read more...




The Globe & Mail: Ripples of labour discontent hit Toronto condo construction (2019-06-13)

As the Toronto development industry continues to roar through one of the hottest building booms in decades you might not even know that one of the largest construction labour disruptions in 30 years is happening right in Ontario. Until Tuesday this week, two major groups of unionized construction workers were on strike – plumbers and steamfitters as well as sheet-metal workers – which combined to represent more than 22,000 workers. Read more...




Real Estate Professional: Robust immigration helping to boost Toronto rental market (2019-06-13)

The Greater Toronto Area is carving out a strong position as a major home for the technology sector and that’s helping to drive housing demand. With immigration in the region increasing – as major tech names move in with the promise of high-paying jobs for young workers – demand for rental homes makes the market attractive to investors. Read more...




REM Online: Murder and disclosure: recent case law (2019-06-13)

Your son is shot and killed in front of your house. When you sell, must this be disclosed? Recent case law provides the answer to this, and disclosure obligations generally, for agents and sellers with regard to emotional vs physical situations that may have occurred at the property. Every time I lead a discussion on disclosure it becomes an emotional exchange with people passionate about their position one way or the other. Recent the British Columbia Court of Appeal provided some much-needed clarity on items referred to as stigma and when and how to disclose. Read more...

 




Maclean's: Dirty money: it’s a Canadian thing (2019-06-12)

On paper, Peter Zhang and his wife, Judy Wang, were models for the type of newcomers Canada wanted to attract with its immigrant investor program. Before it was scrapped in 2014, the program’s aim was simple: lure the world’s wealthy to Canada’s shores with the promise of a passport. In return they would bring their business savvy, invest in the economy and create jobs. [...] In Ontario, realtors are lobbying the province to follow suit. Last month, Tim Hudak, CEO of the Ontario Real Estate Association, said a beneficial ownership registry in Ontario was “well past due,” adding, “Ontario realtors don’t want to see a single dollar of dirty money coming into the housing market. When criminals hide their money here, it drives the price of real estate out of reach for regular Ontarians.” Read more...




Mortgage Broker News: Mortgage stress test is ‘working’ as expected – OSFI (2019-06-12)

The Office of the Superintendent of Financial Institutions stood by its stress test, maintaining that the much-tightened qualifications for mortgages is “working” as anticipated. “The revisions to B-20 are working; strengthening mortgage underwriting across Canada and improving the resilience of the Canadian financial system to future shocks,” OSFI stated earlier this week, as quoted by the Financial Post. [...]  Last month, Ontario Real Estate Association CEO Tim Hudak called on the federal government to seriously reconsider its current approach, as B-20 has actually inflicted damage “beyond what many thought was the worst case.” Read more...




Canadian Apartment Magazine: Inclusionary zoning prompts debate in T.O. (2019-06-12)

Inclusionary zoning has become a heated subject once again in the wake of the Ford Government’s “More Homes, More Choice” action plan, otherwise known as Bill 108. Designed to reduce red tape and eliminate many of the barriers waylaying new construction, Ford’s plan has been largely embraced by housing developers, while other groups are calling it a detriment to the city’s future. And if there’s one policy sure to ignite controversy among the forces at work in the housing sphere, it’s inclusionary zoning. Read more...




Condo Business: Study ranks condo prices along Toronto’s subway stations (2019-06-12)

A Toronto study has revealed the varying price of condominium units along the city’s TTC subway line. The research was conducted by real estate search engine firm Homes.ca, which assessed the sale price of condos near TTC subway stops to determine a square foot average for each. It then used that data to determine the least and most expensive stops to live near. Read more...




The Star: Is the mortgage stress test making Toronto’s housing crisis worse? (2019-06-11)

We may be mortgaged to the hilt, but Canada’s loan default rate is still tiny: Just 0.3 per cent. We’ll do anything to ensure we don’t miss those payments. We juggle credit cards and car loans and postpone paying our home equity lines of credit, but that doesn’t help with our overall debt level, which hit a record high at the end of last year — we now collectively owe 178 per cent of our disposable income. [...] Siddall’s letter relegates some of the stress test criticism to the “plain self-interest” of groups such as the Canadian Home Builders Association, Mortgage Professionals Canada and the Ontario Real Estate Association, which have all argued for changes. Read more...




Financial Post: Regulator defends mortgage stress test in face of pushback from industry (2019-06-11)

Canada’s top federal banking regulator says a stress-test for uninsured mortgages is “working,” but that it is still keeping an eye on lending practices. The Office of the Superintendent of Financial Institutions published an information sheet on Monday for its B-20 guideline, which covers residential mortgage underwriting practices. A revision to the guideline came into effect at the start of 2018 and included a minimum qualifying rate for mortgages not insured against default. Read more...




CTV News: CMHC reports pace of Canadian housing starts slowed in May, below estimate (2019-06-11)

Canada Mortgage and Housing Corp. says the pace of housing starts slowed in May. The housing agency say the seasonally adjusted annual rate of housing starts slipped to 202,337 units in May, down 13.3 per cent from 233,410 units in April. Economists on average had expected an annual rate of 205,000, according to Thomson Reuters Eikon. Read more...




Real Estate Professional: CRA issues warning about real estate investment schemes (2019-06-11)

A warning has been issued regarding investment schemes that promise tax write-offs by investing in real estate through limited partnerships. The Canada Revenue Agency said Monday that promoters including some tax representatives and tax preparers are claiming that investors can get write-offs of more than double the amount they invest in real estate. Read more...




The Star: Would you live in a condo without an oven? 162 units in this downtown building don’t have one (2019-06-11)

As Toronto condos and their appliances get smaller and smaller, one developer is saving space by ditching an appliance altogether: the oven. In 162 units at 576 Front St. W. near Bathurst St., all suites under 480 square feet, there is no standalone oven. Instead, those apartments include convection microwaves, which combine the functions of microwaves and convection ovens. Read more...




Canadian Real Estate Wealth: Ontario passes legislation to cut red tape, ease housing crisis (2019-06-07)

The Ontario government has passed legislation which aims to tackle the province’s housing crisis. The More Homes, More Choice Act will cut red tape, helps keep costs predictable, and encourages new and innovative solutions to housing design, construction, and ownership. [...] The Act has been welcomed by Tim Hudak, CEO of Ontario Real Estate Association who said action is critical.  “For the first time in our lifetime, home ownership is on the decline across the country: there is simply not enough supply to meet demand. The Canadian Dream of home ownership has been slipping out of reach for thousands of families, millennials, and new Canadians,” he said. Read more...




Wealth Professional: Millennials are turning to recreational homes for affordable options (2019-06-07)

Young Canadians want to buy a home but for those living in some of the most expensive markets, it can seem impossible. But millennials are showing strong interest in the more affordable recreational housing markets, where they can buy a home while paying rent for their primary residence in pricier cities. Read more...




Financial Post: Why hyper-local real estate indices may be the only ones that really matter (2019-06-07)

Real estate markets are inherently local in nature. The value of a property is informed by the sale of similar nearby properties in the recent past. Thus, house price changes in one city may have no relevance to prices in another. Recent research reinforces the notion that for housing markets, the extent of local may be restricted to the neighbourhood level. Housing values in a mid-income neighbourhood will not necessarily respond to fluctuations in prices in a ritzy part of the town. Read more...




The Globe & Mail: Water, water everywhere a problem for Toronto builders (2019-06-07)

Many of the forces that can delay or increase the costs of new construction in Toronto are well known – planning approvals, rising material and labour costs, public opposition, financial struggles – but there’s another problem that has been bubbling up for a few years now: water. Buildings – particularly big complexes that extend large parking structures dozens of feet underground – collect water, from groundwater seepage or from rain during construction. Read more...




The Star: Developer clears legal hurdle to build condos on same site as its cancelled Icona project (2019-06-07)

Gupta Group has cleared a legal hurdle that will likely allow it to resell condos on the same site as the Icona development — the project it cancelled last September when it returned the deposits and crushed the dreams of hundreds of homebuyers. A letter from the lawyer of a numbered company that held a restrictive covenant on the land that Gupta owns at the Vaughan Metropolitan Centre says it no longer opposes the developer’s application to build homes on the property. Read more...




Real Estate Professional: Tories’ tall building order upsets City Hall (2019-06-07)

Premier Doug Ford’s Progressive Conservatives are in yet another skirmish with Toronto City Hall. This time, the Tories are changing city plans and permitting development of tall buildings around transit hubs, but it also includes areas the city previously capped at eight storeys in midtown, as well as downtown. Read more...




Holr Magazine: A guide to Toronto's housing market for successful property investments in the city (2019-06-07)

As the largest metropolitan area in Canada, Toronto is the primary housing market in the country. It is also the center of commerce, business, finance, and retail. With that being said, it comes as no surprise that many people seek out housing in the metropolis, resulting in rapid growth of population. Not to mention the expected surge of immigrants to the city, which will contribute to the quick rise in the number of residents and, consequently, housing prices. Read more...




MoneySense: Top 35 best cities to buy real estate in Canada for 2019 (2019-06-06)

Not too long ago, Windsor, Ont., was the butt of jokes. Literally. In 2007, Stephen Colbert dubbed the southwestern Ontario city “the worst place on Earth”—and while many Canadians, not just Windsorites, took umbrage at the slur, others not-so-secretly shared his opinion. Buyers and real estate investors started to question whether Windsor was a good place to buy a home shortly after the U.S. housing crash hit in 2008. Positioned across the border from Detroit, one of America’s most famous auto-towns, Windsor really felt the pinch of the global credit contraction. Read more...




Daily Commercial News: CMHC spends over $750M on affordable housing in Q1 (2019-06-06)

Canada Mortgage and Housing Corporation (CMHC) spent over three-quarters of a billion dollars on affordable housing projects in the first three months of 2019, reports its Q1 financial report. Read more...




CBC: Province's plan to allow taller towers in midtown, downtown Toronto draws blowback (2019-06-06)

Another political battle is brewing over the province's plan to change key aspects of Toronto's official development plans, including allowing taller buildings to be erected around transit hubs. The revisions will specifically impact the midtown and downtown areas. Minister of Municipal Affairs and Housing Steve Clark says the looming amendments are necessary to increase the city's housing supply and boost affordability. Read more...




Globe & Mail: More condos in North Toronto? It’s not the end of the world (OpEd) (2019-06-06)

How much growth in Toronto is too much? That’s a complicated debate, and Doug Ford’s Ontario government just blew it up. When the pieces land – and we understand the details of the Ontario government’s plan to shake up planning rules in high-growth areas of Toronto – they will anger people at city hall. Indeed, the backlash has already begun. Read more...




Simcoe.com: Alliston councillor says Bill 108 will have 'negative impacts' on towns (2019-06-06)

New Tecumseth council wants the province to pull the handbrake on its plans to implement major legislative changes that a growing chorus of municipalities are saying will give them less control over their own destinies, among other hardships. The Doug Ford government claims Bill 108, the More Homes, More Choice Act, will make it easier for developers to build more attainable housing. This would be achieved by amending 15 different pieces of legislation, including the Local Planning Appeal Tribunal (LPAT) Act, the Development Charges Act, the Endangered Species Act, the Environmental Assessment Act, and the Planning Act. Read more...




May 2019 Mississauga Monthly Market Infographic (2019-06-06)

May 2019 Mississauga Monthly Market Infographic

CLICK HERE TO DOWNLOAD PDF VERSION.




Financial Post: Toronto home sales surge back to highest levels since 2017 (2019-06-05)

Toronto’s housing market came storming back in May. Sales in Canada’s biggest city soared 19 per cent from the same month a year earlier to 9,989 transactions, while prices rose, the Toronto Real Estate Board reported Wednesday. While a substantial jump, sales are picking up from a 15-year low last May, and are still below the 10-year average of about 10,300 for the month. May sales were the highest on a seasonally adjusted basis since December 2017, just before new stress tests came into place. Read more...




Canadian Real Estate Wealth: Consumers risk predatory lending in current environment (2019-06-05)

Canadians are taking significant risks when they go for alternative funding avenues in the current B-20 regulatory regime, a DLC mortgage professional claimed. “What’s happened is the new rules, particularly the stress testing, have begun excluding many responsible Canadian homeowners who had previously qualified for mortgages, so many are unfortunately trying their luck with alternative lenders; either to handle their entire mortgage (highly inadvisable), or to top up a down payment,” Quebec-based accredited mortgage professional Terry Kilakos wrote recently in his analysis. Read more...




Mortgage Broker News: Has Raptors’ Kawhi Leonard bought a home in Toronto? (2019-06-05)

Most home purchases are significant only to a handful of people but a Toronto transaction has piqued the interest of thousands of NBA fans. According to reports, Kawhi Leonard may not be heading back to California and could instead stay with the Raptors. You may remember he was traded in the last off-season despite having a year to run with the Toronto team. Rumours have been building since TrueHoop’s David Thorpe said that sources close to the player have said Leonard will be staying with the Raptors on an 18-month extension. Read more...




National Post: A better way to make housing more affordable (OpEd) (2019-06-04)

First-time homebuyers looking to buy into the Toronto market aren’t finding a lot of good options. The average price of a used three-bedroom condo is $587,815, which requires a household income of $136,007 to comfortably afford. New condos are even more expensive, averaging $836,456 and necessitating household incomes of $193,537. A house with a backyard? Forget about it. Despite the astronomical prices they can fetch, an unprecedented 6,350 condo units have been cancelled since 2017, according to the research firm Urbanation. Read more...




Mortgage Broker News: Household spending, investment will boost national economy (2019-06-04)

Strong gains in household spending and investment indicate more robust expansion for the Canadian economy soon despite the national engine being stagnant for the second consecutive quarter, according to market analysts. Latest figures from Statistics Canada showed that the economy grew by just 0.1% during Q1 2019, for an annualized pace of 0.4%. The growth figure remained flat from the 0.1% reading (0.3% annualized) during Q4 2018. Read more...




Toronto Storeys: Toronto’s Rapid Population Growth Could Cause Housing Crisis: Expert (2019-06-04)

Toronto is a big city, but its population is getting out of hand. In fact, a new study found that the city is growing at such a rapid pace, that pretty soon housing supply won’t be able to keep up. The report was conducted by Ryerson University’s Centre for Urban Research and Land Development. It found that Toronto is the fastest-growing city in Canada and the U.S. by a huge margin. 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