Mississauga Real Estate Board News

Government of Ontario Newsroom: Ontario Championing Housing Choice at Every Stage of Life (2019-12-11)

Ontario is helping seniors live independently and find homes they can afford that meet their unique needs. Life leases are often more affordable than condominiums and offer senior-focused services, social programs and a sense of community. The Life Lease Housing Guide is the third in a series under More Homes, More Choice: Ontario's Housing Supply Action Plan designed to spur innovation and new approaches to home ownership. Read More...




The Globe and Mail: Canadian housing starts edge up in November (2019-12-11)

Canada Mortgage and Housing Corp. says the annual pace of housing starts edged higher last month compared with October, although there were declines in five provinces. The national housing agency says the seasonally adjusted annual rate for November was 201,318 units, up 0.3 per cent from 200,674 units. CMHC says the six-month moving average of monthly seasonally adjusted rates was 219,047 units, up from 218,253 units in October. Read More...




REM Online: Alternative real estate sectors attract new investment (2019-12-11)

Investment is growing in alternative real estate sectors as the industry looks to diversify portfolios to increase revenues. Long-term care facilities, students housing, self storage and data centres are among the new assets worth a look. But understanding alternative assets – what might work for your company – doesn’t happen overnight. “It’s a journey of discovery,” said David Cervantes, senior vice-president of CBRE Limited.  Cervantes moderated a panel session on the subject recently at the Canadian Real Estate Forum held at the Metro Toronto Convention Centre. Read More...




Real Estate Professional: Canadian credit scores are improving (2019-12-11)

Canadians’ credit health improved during the second quarter of the year, with average credit scores rising across the board for those with and without mortgages, and new home-loan borrowers, according to the latest study by the Canada Mortgage and Housing Corporation (CMHC). Of the three groups, credit scores of borrowers with existing mortgages were the highest. Read More...




Global News: Toronto councillors and advocates demand improvements to housing plan (2019-12-11)

Ahead of Toronto’s Planning and Housing Committee, city councillors and housing advocates called on the committee to strengthen the city’s proposed 10-year housing plan, which they feel doesn’t go far enough. The plan unveiled last week by Mayor John Tory showcases the city’s effort to address a commitment to creating 40,000 affordable housing units over the next decade. Of the $23.4 billion plan, the city has committed to paying $8.5 billion into it, leaving the rest up to uncommitted funds from the provincial and federal governments. Read More...




The Star: These are the changes that could open the rules around buying a home — or selling one: Ask Joe (2019-12-09)

With the changes that the provincial government is making to real estate laws, how will I be affected when I buy or sell a home? Good on you for keeping your finger on the pulse of real estate in Ontario. This past November, the Ontario government announced plans to change the rules that real estate salespeople and brokerages must follow. The changes are outlined in Bill 145, the Trust in Real Estate Services Act, 2019. The bill proposes changes to the Real Estate and Business Brokers Act, 2002. It’s this act that the Real Estate Council of Ontario (RECO) now administers in order to protect home buyers and sellers, and to uphold professional integrity within the real estate industry. Read More....




Real Estate News Exchange: Robots, Colliers, VTS push tech into spotlight at TREF (2019-12-09)

If there was one takeaway from a couple of days in Toronto for the Real Estate Forum (TREF) it is that tech has begun its reign in commercial real estate. The two-day conference opened with an interactive robot on stage with the co-chairs, featured a jam-packed proptech Demo Day event hosted by Colliers and Techstars, and a half-dozen presentations exploring the sector. Read More....




Toronto Sun: Tax hikes hard to stomach for cash-strapped, debt-burdened Torontonians (2019-12-09)

Financially, Torontonians are stretched pretty thin. And in the wake of Mayor John Tory’s public intentions to increase Toronto’s city building levy, cash-strapped Torontonians are left wondering how they’re going to make ends meet. “We could agree that $50 per year is a small amount, but is that the only expense that’s changing for people,” said insolvency trustee Doug Hoyes, co-founder of Hoyes, Michalos & Associates Inc. “Of course, the answer is no.” Read More....




REM Online: Stream Property Solutions hopes to take on industry giants (2019-12-09)

A new Canadian real estate web platform has been launched, and its owners hope it will challenge international firms such as Zillow, Redfin and Purple Bricks. Stream Property Solutions is an all-Canadian effort built to compete against the American and British giants in the field, says Michael McNeil, one of the real estate professionals behind the venture, who is providing broker advisory services to the company. McNeil is a sales rep with Re/Max Escarpment Golfi Realty in Hamilton, Ont.Read More....




REM Online: Swanepoel report says iBuying is No. 1 trend (2019-12-09)

iBuying is the No. 1 real estate trend for 2020, says a new report by California-based research firm T3 Sixty. “The way consumers buy and sell homes is radically changing, and 2020 will be the year that more will recognize these fundamental shifts happening within real estate,” says Stefan Swanepoel, chairman and CEO of T3 Sixty and the report’s editor-in-chief. “The industry is changing more and faster now than it has in decades, something that becomes abundantly clear when reading this study.” Read More....




Wealth Professional: KPMG: Many Canadian millennials will never own a home (2019-12-05)

Soaring house prices and rising debt means that millions of Canadian millennials feel they may never be able to follow previous generations into homeownership. A newly-released survey from KPMG Canada reveals that 72% of millennials want to own a home but 46% say it is a pipedream. "The combination of rising house prices, high levels of personal debt and annual incomes that are just a fraction of the cost of buying a home compared with their parents' generation, is pushing the dream of home ownership out of reach for many millennials," says Martin Joyce, Partner, National Leader, Human & Social Services, KPMG. Read More...




The Globe and Mail: Opportunities pop up on Toronto housing market as owners look to close deals by year-end (2019-12-05)

New properties for sale are still arriving on the Toronto-area real estate market as sellers hope to strike a deal before the end of 2019. “There’s maybe two weeks to three weeks of runway left,” Ira Jelinek of Harvey Kalles Real Estate Ltd., says. As the fall market wanes, the owners who are listing now usually have an urgent reason for doing so, Mr. Jelinek says. “There’s very little trickling in,” he says. “It’s not the most ideal time to sell.”  Read More...




Canadian Real Estate Magazine: CBRE: Lenders are feeling optimistic ahead of 2020 (2019-12-05)

A survey of lenders has revealed strong sentiment for commercial real estate lending as the new year approaches. CBRE’s Canadian Real Estate Lenders’ Report found that most respondents plan to maintain or increase allocations to real estate lending in 2020. The past three years has seen near-record investment in Canadian CRE and this is boosting confidence among lenders. The survey included both Canadian and international lenders. Read More...




680 NEWS: Tory proposes tax increase for transit, affordable housing (2019-12-05)

Toronto homeowners could see their property taxes rise as the City of Toronto looks to invest in transit and affordable housing. Mayor John Tory is proposing an increase in the City Building Fund, which would see one per cent added on to the existing 0.5 per cent levy in 2020 and 2021. “By approving an increase in this levy, which I will propose to the council, one per cent more, and extending it over the next five years, we can raise needed funds that will be dedicated to improving our existing transit system and building more affordable housing across our city,” Tory said on Wednesday. Read More...




The Star: Affordable housing ‘critical’ as people with autism age, parents and advocates say (2019-12-05)

Wynona Marleau describes the day she helped her 18-year-old son Gabe move into a low-income housing complex as “heartbreaking.” For one thing, she didn’t necessarily want to see him move away from her. For another, she wasn’t sure if the busy downtown housing facility run by The Mustard Seed, a community agency that helps people facing housing issues, would be a good fit for her son. Gabe lives with Autism Spectrum Disorder (ASD) and has trouble controlling his behaviour and emotions...When he turned 18, he tried living with family friends for a few months, but when that didn’t work out, Wynona said the only option was to find him his own housing. Read More...




Canadian Real Estate Magazine: The REIT Stuff: Why real estate investment trusts may be the smart bet for an uncertain 2020 (2019-12-05)

CREW readers who have picked up their copy of this year’s Property Forecast mega-issue will already be familiar with the high level of uncertainty that is expected to hamper both Canada’s housing market and its economy in 2020. Housing projections remain fluid, and have increased in optimism as 2019 has rolled on, but with the global economy set for further turmoil, it’s fair for investors to question just how much faith to put in the housing market, particularly in high-priced, cash flow-challenged cities where continued appreciation is the only thing making the frequently colossal mortgages worth the risk. Read More...




Real Estate Professional: How will replacing REBBA affect Ontario’s realtors? (2019-12-04)

On November 19, Ontario’s Conservative government introduced Bill 145, the Trust in Real Estate Services Act (TRESA), a proposed replacement for the province’s Real Estate and Business Brokers Act (REBBA). After passing second reading on November 25, TRESA appears to be on its way to becoming the new standard to which Ontario’s real estate professionals will be held. Ontario Real Estate Association CEO Tim Hudak is confident the changes laid out in TRESA will ensure that agents in the province hew more closely to established ethical guidelines. Read More...




BNN Bloomberg: Toronto home prices rise most since 2017 as listings plunge in November (2019-12-04)

Price growth in Canada’s largest housing market accelerated last month at the fastest pace since 2017 as sales rose and the inventory of homes available for purchase fell sharply. There were 7,090 residential property sales across the Greater Toronto Area (GTA) in November, representing a 14.2 per cent increase from a year earlier. Activity increased across all home types, with detached property sales rising at the fastest pace with a 23.8 per cent surge year-over-year. Homebuyers faced a deterioration in supply, as active listings sank 27.2 per cent year-over-year. Read More...




Real Estate Professional: Economy gets huge boost from realtor commissions (2019-12-04)

Canada's economic growth in Q3 got a huge shot in the arm from the real estate sector, which represented more than half of the country's gross domestic product (GDP) gains. Figures from Statistics Canada showed that real estate transaction revenues contributed $252.28bn to the country’s economic growth in the quarter, up 0.92% from the preceding quarter and 2.7% from the same period last year. Read More...




Mortgage Broker News: Real estate firms call for public disclosure of building energy and carbon data (2019-12-04)

Five Canadian real estate firms have called on federal and provincial governments to implement consistent building regulations and requirements for disclosing energy and carbon data. The call follows the participation of real estate firms QuadReal, Triovest Realty Advisors, Concert Properties, Colliers International, and the Minto Group in an initiative organized by the Canada Green Building Council (CaGBC) designed to “champion the importance of energy benchmarking and data transparency in the Canadian commercial real estate market.” Read More...




Financial Post: Toronto proposes $23.4-billion housing plan to address affordability crisis (2019-12-04)

Toronto Mayor John Tory is backing a $23.4-billion city housing proposal over the next decade that would help prevent evictions and build new rental accommodation. The city’s tab for the HousingTO 2020-2030 Action Plan would be $8.5 billion — $5.5 billion of which is already committed — plus $14.9 billion from the province and Ottawa, according to a statement Tuesday from the city. “This has to be a priority — we have to come together to support households who are struggling to pay the rent and keep, or put a roof over their heads,” Tory said in the statement. “Ensuring that residents in our city have access to housing will benefit our entire city.” Read More...




The Star: Short-term landlords launch court appeal of Toronto’s Airbnb rules (2019-12-04)

The city says it will move ahead with its short-term rental bylaws even though seven landlords for Airbnb-style rentals announced Tuesday they plan to ask a divisional court for leave to appeal the rules that were upheld last month by a provincial planning tribunal. The landlords use their properties exclusively as tourist rentals rather than homes. Under Toronto’s new bylaw, that would no longer be allowed. Short-term rentals would be restricted to a landlord’s principal residence. Read More... 




Huffington Post: Overcrowding In Housing Is Worst In Toronto, Western Canada: StatCan (2019-12-03)

Four decades of negligible rental housing construction is catching up to Canada’s cities, particularly those with rapid population growth. Nearly one in 10 Canadian households that rent on the open market are suffering from overcrowding, Statistics Canada reported in the first batch of data from its Canadian Housing Survey. This is the first time StatCan has run this survey, so there is no earlier data that would allow us to see whether the problem is intensifying. Read More...




The Star: Toronto renters are the least happy in the country, says StatCan (2019-12-03)

Toronto renters are the least happy in the country thanks to a combination of shrinking floor plans and sky-high rents. Overall satisfaction among renters in multiple unit dwellings is poorest in the Toronto area at just over 60 per cent, followed by Hamilton and Vancouver, according to a recent Statistics Canada survey which measured satisfaction in metropolitan areas across the country. Renters in St. John’s are the most satisfied. Read More...




Government of Ontario Newsroom: Ontario Encouraging Innovative Housing (2019-12-03)

The province is taking steps to help create more homes, and different types of homes, to give Ontarians more housing choices at a price they can afford. Tiny homes are less costly to build and maintain and can be more affordable than traditional housing. The Build or buy a tiny home guide offers practical advice about building or buying a factory-built tiny home that complies with Ontario's Building Code. It's the second in a series of guides highlighted in More Homes, More Choice: Ontario's Housing Supply Action Plan. Read More...




REM Online: A case for apprenticeship in the real estate industry (2019-12-03)

Tell me if this sounds strange to you. In many professional industries, such as financial planning or insurance sales, the consultant does not simply dash off into the fray after training. They become apprentices, practicing in real time with real clients under the mentorship of a seasoned professional. Yet in real estate, where we walk people through legal contracts and the sale or purchase of what will likely be the largest asset of their lives, this is not always the case. Read More...




Toronto Sun: BILD: Just do the math (2019-12-03)

As the President and CEO of an organization that represents 1,500 member companies and runs some of North America’s largest home shows, I always employ an approach that focuses on solutions not problems. In order to solve the generational housing shortage in the GTA, a situation that that is eroding affordability and driving up rents, we need adapt this same philosophy and define forward looking solutions. The root of the GTA’s housing supply challenge goes back over a decade. Read More...




The Globe and Mail: Construction labour shortage pinching supply (2019-12-03)

There is a great deal of discussion about creating more housing supply, but the question is, who is going to build it? The construction industry has a labour shortage and that’s a challenge for new development, including housing. “We are limited by labour in our market for sure as far as how much can we grow and how much can we deliver in terms of inventory to our market – there is a ceiling to it,” says Tony Vigini, vice-president of development for construction company, Wales McLelland, which is nearly 50 years old and builds major industrial and commercial projects. Read More...




The Globe and Mail: Ontario homes at risk of flooding should be made public: report (2019-11-29)

A government adviser said Ontario house hunters should be warned about properties at risk of flooding, a proposal that would have far-ranging implications for real estate transactions in Canada’s most populous province. The recommendation was one of more than 60 made by Winnipeg-based consultant Douglas McNeil in a report released on Thursday. Heavy rains, sudden rising temperatures and melting snow wreaked havoc across Ontario this spring, and Minister of Natural Resources John Yakabuski appointed Mr. McNeil in July to review the province’s approach to managing floods. Read More....




BlogTO: Toronto is urging the provincial government to reinstate rent control rules (2019-11-29)

Toronto City Council is formally asking the Ontario government to reinstate previous rules limiting how often and (perhaps more importantly) by how much landlords can raise rent prices, after tenants of a newly-built residential complex were notified of a whopping 25 per cent increase. Ward 5 Councillor Frances Nunziata put forth the request as part of an urgent motion titled "Protecting Tenants from unfair rent increases in new builds," seconded by Ward 19 Councillor Brad Bradford. Read More....




REM Online: Navigating the complexities of co-ownership (2019-11-29)

A couple of Gen Z university pals want to dive into the market together and get a two-bedroom downtown condo and they’ve asked you to be their agent. A multi-generational family solicits your help to suss out a duplexed house in the suburbs. Three urban seniors, friends for decades, want to explore co-ownership in their beloved urban neighbourhood. As the Globe and Mail noted in 2018, “Co-owning is an idea that is starting to catch on as housing prices get further out of reach.” And as an affordability report from RBC underlined earlier this year, in hot urban centres like Toronto and Vancouver, affordability remains at “crisis levels”. Read More....




BlogTO: Toronto is about to get a DineSafe-like rating system for apartment buildings (2019-11-29)

In an effort to better protect Toronto tenants from negligent or otherwise unscrupulous landlords, City Council just voted to amend the municipal code governing apartment buildings — and by quite a bit. Among a whole host of changes aimed at strengthening tenant rights is a new requirement for landlords to prominently display a copy of the results from their building's latest formal evaluation, both on a tenant notification board and upon request to anyone who asks for it. Read More....




REM Online: Protect Your Boundaries offers new online course (2019-11-29)

Protect Your Boundaries, an education online resource, recently introduced a new professional education course for Ontario real estate and land professionals. An accredited self-guided online course taught at user pace, the BoundaryWise course delivers “critical property and boundary knowledge that enables Realtors to help property-buying clients negotiate better deals, help property-selling clients negotiate better prices, safely navigate title insurance pitfalls and avoid legal crossfire over boundary disputes,” the company says in a news release. Read More....




REBBA Reform Update: Bill 145 Passes 2nd Reading (2019-11-28)

REBBA Reform Update:

Bill 145 Passes 2nd Reading

NOVEMBER 27, 2019 – Bill 145 the Trust in Real Estate Services Act, 2019 was brought forward for 2nd Reading on Monday, November 25, and only after two and a half hours of debate the bill passed second reading!

 

The new Bill 145, Trust in Real Estate Services Act, 2019 will replace the decades-old Real Estate and Business Act, 2002 (REBBA) and make Ontario the North American leader when it comes to professional standards, training and modern tools for real estate professionals.

 

The passage of Bill 145 through second reading on Monday is a testament to the strength of the REALTOR® voice at Queen’s Park.

 

This doesn’t mean, however, we can take our foot off the gas when it comes to our advocacy! If anything, we need to encourage more REALTORS® to contact their MPP.

 

Here is the link where members can take action:

www.REBBAReform.ca/action.html

 

So What Happens Next?

 

Bill 145 was referred to the Standing Committee on General Government and will be called for hearings sometime likely next week.

 

After committee hearings, the Bill will get called back for 3rd and Final Reading and then Royal Assent. OREA predicts that it will receive Royal Assent before Christmas.

 

How to Get Involved

 

OREA is concerned that Opposition Parties will try and amend the bill to ban multiple representation or eliminate Personal Real Estate Corporations. The Opposition Parties still have to do a technical briefing on the Bill and they could try to amend it at Committee, and we need a strong REALTOR® voice to make sure that doesn’t happen.

 

Here’s what we’re asking Mississauga REALTORS® to do:

 

 

  • Share/Post on Social Media about the Call for Action to contact your local MPP - check out MREB's or OREA's social media for sharable content

 

  • Email your colleagues - forward this email to your peers to help encourage more people to take action

 

We will continue to keep our Mississauga REALTORS® informed - be sure to follow MREB on social media for the latest news and updates.

 




Ontario Real Estate Association: Historic Real Estate Legislation Clears Important Hurdle with All Party Support (2019-11-28)

Bill 145, the Trust in Real Estate Services Act, 2019 (TRESA), passed second reading last night in the Ontario Legislature with all Party support. Bill 145 proposes to amend the Real Estate & Business Brokers Act, 2002 (REBBA) to make Ontario a leader in North American when it comes to consumer protection, education and business tools in real estate. “The Trust in Real Estate Services Act will ensure that the REALTOR® at your side during the largest financial transaction of your life has the highest professional standards, training and modern tools in North America,” said OREA CEO Tim Hudak. “Getting it through second reading is an important step towards getting passed into law.” Read More...




Real Estate Professional: Canadians satisfied with brokers — study (2019-11-28)

Canadian homebuyers had good experiences with real estate professionals this year, according to a study by Canada Mortgage and Housing Corporation. Around 78% of buyers interacted with a real estate agent, up from the 61% who consulted a professional in 2018. "There was a strong increase in buyers' perceptions of the value of working with a real estate agent," the study said. Read More...




Huffington Post: Canadian House Prices ‘Set To Surge’ In 2020, Forecasts Say (2019-11-28)

Next year is looking bright for Canada’s housing markets ― maybe too bright, if you’re hoping for more affordable housing options. A number of new housing-market forecasts are predicting an acceleration in house prices next year, thanks to lower mortgage rates and increased demand from first-time buyers and immigrants. The most optimistic forecast (or the most pessimistic, if you’re hoping for lower prices) comes from Capital Economics, which in a report last Friday said “momentum is building” in house price growth. Read More...




Real Estate Professional: Final week to recognize Canada's real estate superstars (2019-11-28)

The search for 2020’s Top Agents will conclude this Friday, November 29. Readers are encouraged to get involved in this year’s showcase by filling out this entry form. The Top Agents ranking recognizes the most hard-working and determined professionals who are at the top of their game in the Canadian real estate industry. The successful candidates will be profiled in the Canadian Real Estate Wealth March/April issue and online. Read More...




Canadian Real Estate Magazine: Where to place your bets in Ontario (2019-11-28)

Ontario’s housing market can expect steady growth next year, driven by the lower unemployment rates, strong economic growth, and improved overall affordability, according to the latest housing market outlook by RE/MAX. The residential sale price across the province is likely to grow by 6% on average next year, with cities like Windsor and Ottawa showing the most significant gain potential. Read More...

 




Mortgage Broker News: Canadian housing costs have more than tripled since the '80s (2019-11-28)

The cost of Canadian housing – which also covers water and utilities – shot up by more than 208.68% in the decades since 1980, according to Statistics Canada. The latest edition of the agency’s consumer price index also found that rent had a 144.2% increase during this period, while owner costs (inclusive of carrying costs) went up by 205.6%. Tuition had the most dramatic growth at 932.16%, Better Dwelling reported. 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