Mississauga Real Estate Board News

Global News: How the pandemic pushed Canadian millennials to home ownership (2021-02-26)

Nearly 48 per cent Canadians aged 25 to 35 currently own their home, and a quarter of these homeowners purchased a property during the coronavirus pandemic, according to a recent demographic survey by Royal LePage. The pandemic has steered young Canadians along “a path to home ownership,” Phil Soper, president and CEO, Royal LePage, told Global News Thursday. “As mortgage rates fell to historically low levels and the competition for entry-level housing lessened, young people saw a window of opportunity and went for it,” he said.  READ MORE...




The Canadian Press: Home sales shifting towards pricier housing in several major markets, CMHC says (2021-02-26)

Buyers are spending more money on home purchases in several major Canadian cities, even as the COVID-19 pandemic causes layoffs and income reductions across the country. The Canada Mortgage and Housing Corp. said Thursday that home sales have shifted toward more expensive housing types in Vancouver, Toronto, Ottawa and Montreal in recent months. The federal housing agency attributed the shift to fewer new immigrants, government relief programs that helped Canadians manage costs and pandemic-related employment troubles, which disproportionately kept younger and lower-paid Canadians out of the market.  READ MORE...




KitchenerToday: Remote work and rural communities: what does the changing work landscape mean for the rural one? (2021-02-26)

For many of us, COVID-19 has dramatically altered the way we work. While the pandemic has certainly taken away a lot of freedoms, it's also seemingly offered many of us new freedom when it comes to where we work and live. "We couldn't ignore how much COVID has changed the labour market in Canada and changed how we work and so we did some work over the Fall to really try and understand some of these changes," said Heather Russek, Collaborator, Brookfield Institute for Innovation & Entrepreneurship.  READ MORE...




The Star: CMHC reverses course and predicts a soaring Toronto housing market through to the end of the year (2021-02-26)

Canada Mortgage and Housing Corporation says historic household savings, low mortgage rates and pent-up demand are fuelling a soaring pandemic-housing market in Toronto and other major cities — with the trend expected to continue through 2021. But CMHC also cautioned on Thursday that there are still forces that could bring the market back down to earth. Deputy chief economist Aled ab Iorwerth cited “major risks” including employment levels that have yet to return to pre-pandemic thresholds and the eventual withdrawal of government financial supports.  READ MORE...




Toronto Storeys: Toronto Named 5th Most ‘Severely Unaffordable’ City in the World: Report (2021-02-26)

Due to the sky-high cost of living, Toronto has been (once again) recognized for having one of the most unaffordable housing markets in the world, according to a new report. The Urban Reform Institute recently released its 2021 report on international housing affordability, in which Toronto ranked fifth on the list of the top “severely unaffordable” cities around the world — this is up one spot from last year’s ranking…Amid the global pandemic and subsequent lockdowns last year, it’s not surprising that housing affordability — given the large influx of new buyers, particularly in suburban and outlying areas — has continued to deteriorate.  READ MORE...




CBC News: Bank of Canada warns buyers of 'early signs' of overheating in housing market (2021-02-24)

Despite early signs of overheating in Canada's housing market, Bank of Canada Governor Tiff Macklem so far has no plans to raise interest rates until the economy and employment are back on track following the slump caused by COVID-19. Speaking remotely to the combined Calgary and Edmonton chambers of commerce on Tuesday, Canada's top central banker said that the economy would continue to need monetary stimulus, likely until 2023, even though there are already signs it could be distorting the residential real estate market.  READ MORE...




CBC News: Toronto tenants unionize to demand rent relief in the face of looming pandemic evictions (2021-02-24)

Inside an apartment building in Toronto's East York neighbourhood, residents passed by each other while doing the laundry or taking out the garbage, taking care to avoid possible transmission of COVID-19. But they shared stories nonetheless, says resident Carly Tisdall, of feeling pressured by their property management to continue paying rent — even as the pandemic and lockdown measures took a toll on their bank accounts.  READ MORE...




CityNews: Mayor Tory announces new sites for city's modular affordable housing initiative (2021-02-24)

Toronto Mayor John Tory has announced two new sites where affordable supportive housing will be built in the city as part of its Modular Housing Initiative (MHI) launched last year. The sites are located in north and east York, at 175 Cummer Avenue and the corner lot at Trenton Avenue and Cedarvale Avenue respectively. The city-owned sites were revealed in a virtual announcement Tuesday and are part of phase two of the MHI, which aims to build 150 units.   READ MORE...




Global News: Peterborough-Kawartha MPP ‘pleased’ with city’s housing partnership, mum on mayor’s ‘personal attack’ (2021-02-24)

Peterborough-Kawartha MPP Dave Smith says he won’t comment on what he calls a “personal attack” from the city’s mayor as their debate over affordable housing continues. Smith and Mayor Diane Therrien have been embroiled in a battle of words over the past week over affordable housing funding. Therrien at a meeting last week said Smith was “missing from the equation” when discussing a proposal for 1,400 new housing units in the city.   READ MORE...




Real Estate Magazine: Insightt offers interactive housing market apps (2021-02-24)

Insightt, a fintech start-up based in Oakville, Ont. is launching interactive housing market solutions that Realtors, real estate companies and real estate boards will be able to use and share with their clients. The company says it was founded to help the industry more easily understand housing market trends and insights through real time and interactive data solutions. The solutions have been developed and are currently in testing with Realtors in the Greater Toronto Area, with more apps and geographic expansion planned in the short term.   READ MORE...




Realtor safety: When a stranger calls (2021-02-23)

f you were to sit in a park and watch the people around you without being able to hear their voices or what they are talking about, could you tell if those individuals were happy, sad, upset, angry or disappointed? With only visual facial expressions provided to you, could you understand what is happening within that conversation at that very moment? You may not understand the full context, but seeing the facial expressions, you would have a good grasp of what’s happening between the people.  READ MORE...




CBC News: It's a renters' market for businesses that believe the office will make a comeback post-pandemic (2021-02-23)

Empty offices left behind by newly minted remote workers and other upheaval caused by the pandemic have begun to show up on the rental market, and it's presenting some prospective tenants with opportunities they couldn't have imagined prior to COVID-19. "They're getting the red carpet rolled out," said Darren Fleming, an Ottawa-based commercial real estate broker. It's almost a year into the pandemic, and Fleming and his team at Real Strategy Advisors are seeing companies that were on the fence about what to do with office space that's been sitting empty now starting to downsize.  READ MORE...




The Hamilton Spectator: Solving Canada’s housing crisis through partnerships and purpose (2021-02-23)

Canada’s affordability crisis isn’t a breaking news story. Housing shortages have plagued all of our country’s major cities over the past decade and, even in the grip of the pandemic in November of last year, the housing market continued to record double-digit price increases. But what the pandemic has done is focus wider attention on the escalating severity of unaffordability. As COVID-19 impacts the labour market and people’s incomes, more and more families are experiencing job insecurity and — in turn — housing insecurity. Finding tangible solutions to finally address the housing crisis has never been more urgent.  READ MORE...

  




Toronto Storeys: Not Enough Homes Are Being Built for Public Transit Riders in Toronto (2021-02-23)

When it comes to housing in Toronto, the city tends to have more homes built within the downtown core where people can walk or ride to work or in the outer suburbs for those who drive to work. Subsequently, there’s a lack of homes being built for those who rely on public transit and live near transit lines, according to a new housing market insight report from the Canada Mortgage and Housing Corporation (CMHC).  READ MORE...




Real Estate Magazine: What was the real estate industry like 30 years ago? (2021-02-23)

Have you ever wondered what it was like to be a real estate agent in the ’80s or earlier? If you weren’t even born then, you wouldn’t be able to imagine it. Computers? No, we used MLS tear sheets and MLS books. Email? No, we spoke face to face. Cell phone? No, we used phone booths. DocuSign? No we used a pen and paper and six copies of an offer! Canada411? Nope, we used a Bowers Book. (I know, what’s that?)  READ MORE...




The Globe and Mail: Off the charts: How Canada’s real-estate market defied expectations in the COVID-19 pandemic (2021-02-22)

When the pandemic hit last March and lockdowns started, many assumed the economic downturn would hammer real estate. People would be thrown out of work, default on their mortgage payments, maybe even lose their homes. The federal housing agency, Canada Mortgage and Housing Corp., forecast home prices could drop as much as 18 per cent in the worst case scenario. The exuberant housing market would surely fizzle out. And it did, for a minute. But then, it came roaring back.   READ MORE...




Mortgage Broker News: More bad news for owners of condos in Ontario (2021-02-22)

If owning a condo property in Ontario wasn’t already hard enough – price per square foot on new builds continues to climb, making one of the last “affordable” property types in the provinces even less so; COVID-19’s throttling of tourism has killed many investors’ income streams, leading many market-watchers to speculate around a looming mass sell-off; a lack of immigrants and students has forced the owners of countless condo units to lower their rents – it’s starting to get a little tougher.   READ MORE...




CBC News: Ontario lawyers to offer free legal advice for tenants as 'wave of evictions' looms (2021-02-22)

The Ontario Bar Association has launched a new pro bono legal service to help tenants at risk of losing their homes when residential evictions resume across the province in the coming weeks. The enforcement of eviction orders was paused in Ontario when the provincial government introduced a stay-at-home order on Jan. 14 to slow the spread of COVID-19. Evictions have since resumed across most of the province, though the moratorium will remain for Toronto, Peel Region and North Bay-Parry Sound until at least March 8.   READ MORE...




NOW Magazine: Toronto real estate falls behind on building homes for public transit riders (2021-02-22)

The Toronto real estate market isn’t focusing on building homes for transit commuters at the same pace as Montreal and Vancouver. According to a new housing market insight report from the Canada Mortgage and Housing Corporation (CMHC), over the past three decades Toronto has built more housing within the city centre where people can walk or bike to work or the far-out suburbs for those who drive to work. But the real estate market dips way below other Canadian cities when it comes to building housing near TTC lines.   READ MORE...




Real Estate Magazine: Tyler McLay’s experience as a young buyer helps clients get into the market (2021-02-22)

The day after a snow day, Tyler McLay’s math teacher asked the class how they had spent their time off. Many spent the time playing video games, but not McLay. He knocked on doors and shovelled snow. His teacher wasn’t surprised that his student didn’t sit around. McLay was a go-getter then, and he’s a go-getter now, his hard work already showing results – at 25, he officially surpassed $1 million in net worth.   READ MORE...




Toronto Storeys: “Your House Makes More Than You Do”: Ontario Home Prices Outpacing Household Incomes (2021-02-18)

Housing has been costly throughout most of the province for some time now, with the lack of supply helping drive prices higher, and now it appears that the growth in home prices (and this should surprise no one) is outpacing household income growth. In a recent research note titled “Your House Makes More Than You Do,” Senior Economist and Director at BMO Capital Markets, Sal Guatieri highlighted a common narrative in some of Canada’s real estate markets: home prices are steadily outpacing the incomes of the people who live in them, which is undoubtedly a cautionary sign, especially in a weak economy.  READ MORE...




The Star: Trusting Doug Ford to expand the Greenbelt ‘is like trusting an arsonist with a pack of matches,’ critics warn (2021-02-18)

The Progressive Conservative government’s ambitious plan to expand the Greenbelt of protected lands is being greeted with suspicion and derision by opposition critics. But Environmental Defence, which has strongly questioned most Tory land-use policy moves in recent years, called the proposal “welcome news.” As first disclosed by the Star on Wednesday, Municipal Affairs Minister Steve Clark wants to increase the size of the 800,000-hectare swath of Greater Golden Horseshoe lands.   READ MORE...




NOW Magazine: Higher tax on luxury home sales would ease housing crisis (2021-02-18)

We’re in the home stretch of the 2021 budget process, with the final vote by Toronto city council set for Thursday, February 18. This year’s budget has been a tough one. COVID-19 has dramatically reduced municipal revenues, leaving the city with a budget shortfall of $649 million. To put that in perspective, it would take a residential property tax increase of more than 20 per cent to fill the hole.   READ MORE...




The Star: One bedroom plus office with open-concept classroom: How the pandemic has changed home staging (2021-02-18)

Whatever your reason for browsing real estate listings in Toronto — whether you want to buy property or stress yourself out about how you’ll never be able to buy property — you may have noticed a change in the market recently. It isn’t the prices. (They’re still insanely high and climbing higher; the average selling price for homes in the GTA is predicted to top one million dollars later this year.) It’s the staging.   READ MORE...




The Globe and Mail: Toronto area real estate is ‘back to full-on madness’ (2021-02-18)

With a severe contraction in the number of houses for sale in Toronto and surrounding cities, anxious buyers have been lobbing money at the few properties that do arrive on the market. In Oshawa, Ont., and other parts of Durham Region, Shawn Lackie, a real estate agent with Coldwell Banker R.M.R. Real Estate, says buyers have been paying eye-popping premiums even for modest houses. “These places that are selling are little shacks,” he says.   READ MORE...




Newstalk 610: Port Colborne and Port Cares Move Forward with Chestnut Park Affordable Housing Project (2021-02-18)

Port Colborne is moving forward with an affordable housing project in Chestnut Park. Port Cares representatives and members of the community took part in a virtual public meeting last night to discuss rezoning the area to allow for the build. Port Cares Executive Director Christine Clark LaFleur says one in four residents are at risk of homelessness in the city because they spend more than 30 percent of their income on housing.   READ MORE...




Niagara This Week: Ontario Real Estate Association’s ‘Small Towns, Big Opportunities’ report suggests pathways for rural growth (2021-02-17)

Small-town Ontario could be posed for a big comeback. That is, if the government follows some of the Ontario Real Estate Association's recommendations. The Ontario Real Estate Association (OREA) has released a report called “Small Towns, Big Opportunities,” which included 15 different policy recommendations. Tim Hudak, chief executive officer of the OREA, said the report offers several ideas for government to encourage job relocation and job creation in rural Ontario. “With COVID-19, there is renewed interest in moving to small town and working from home,” said Hudak.  READ MORE...




The Canadian Press: January home sales hit new record for the month as prices also post record high (2021-02-17)

Canadians didn't let COVID-19 or a lack of housing supply stop them from flocking to the real estate market in January as they snatched up a record number of homes and shelled out more than they had in previous years. The Canadian Real Estate Association said Tuesday that January sales were up 35.2 per cent compared with a year earlier and up two per cent when compared to December. The increase came as the national sales-to-new listings ratio rose to 90.7 per cent -- the highest level on record.   READ MORE...




Postmedia Network: New home regulatory agency launches in Ontario (2021-02-17)

A new Ontario regulator aimed at improving protection for new home buyers, which takes over the licensing function from Tarion, has started operations as of this month. The Home Construction Regulatory Authority (HCRA) is now responsible for regulating and licensing the people and companies who build and sell new homes in the province. Among the key changes, the HCRA is implementing a streamlined complaints process, “providing a clear, straightforward way for a new home buyer to raise real concerns about a builder or vendor’s conduct,” says Tim Hadwen, interim CEO of HCRA.  READ MORE...




Ottawa Business Journal: Housing starts stay strong in January thanks to multi-unit builds, CMHC says (2021-02-17)

Housing starts jumped more than 20 per cent in Ottawa last month compared with a year earlier as developers sought to keep up with sustained demand for new homes and rental units, the Canada Mortgage and Housing Corp. says. Homebuilders started work on 450 new dwellings in January, up from 371 starts in the same month in 2020, the federal agency reported this week.  READ MORE...




Niagara This Week: Affordable housing urgently needed in Niagara Falls (2021-02-17)

There is a great urgency for affordable housing for single and low-income individuals in the City of Niagara Falls. Property development companies are building mega homes and sprawl on the periphery of the city that is out of the reach for the average resident. Worse, due to the lack of rent control, prices on rental properties are increasing beyond affordable rates.  READ MORE...




The Canadian Press: Suburbs lead the way in housing completions as starts also climb: CMHC (2021-02-16)

The suburbs surrounding Toronto, Montreal and Vancouver's are fuelling an uptick in homes beginning construction and properties ready for occupancy, says Canada Mortgage and Housing Corp. In two reports released Monday, the federal housing agency said that the number of homes in Toronto, Montreal and Vancouver ready for tenants owners has begun soaring the farther one is from those city's centres, while the number of urban properties starting construction is also edging up.  READ MORE...




Huffington Post: Homebuying Intentions Soar As Canadians Redesign Their Lives For An Era Of Remote Work (2021-02-16)

As the world moves into the second year of the COVID-19 pandemic, Canadians are showing a distinct nesting instinct, with owners rearranging their priorities for home life and renters increasingly determined to get onto the property ladder. The exodus from urban centres to suburbs and rural areas is well-documented at this point, but what’s only becoming clear is how many renters are jumping into the housing market despite the economic uncertainty caused by the pandemic.  READ MORE...




Mortgage Broker News: Millennial home buyers bearing the brunt of income inequality in Canada (2021-02-16)

Born into greater income inequality than previous generations, millennial home buyers continue to struggle against enormous fiscal pressures, Statistics Canada suggested in a recent study which found that the top 1% of income earners’ share of national income swelled from 8.9% in 1980 to 13.6% in 2010. The earning differences between millennials and other buyer cohorts are especially stark when taking into account just how much income mobility has been enjoyed by different generations, Better Dwelling said in its analysis of the StatsCan report.  READ MORE...




The Globe and Mail: As pandemic lockdowns drag on, Canadians are tapping HELOCs to fund home renos (2021-02-16)

Cory Cook’s initial plan was to build out his backyard deck. But as the pandemic drags on, he’s looking to overhaul his entire basement. “The renovated basement would generate rental income and offer financial security in the event of a job loss,” says the 43-year-old Toronto father of two. To fund his home improvements, Mr. Cook, who helps businesses invest in energy efficiency, took out a $300,000 home equity line of credit (HELOC)...Spurred by soaring real estate values and low interest rates, Canadians like Mr. Cook have long been using HELOCs, which allow people to borrow against the equity they have in their homes, to fund big costs like renovations.  READ MORE...




NOW Magazine: Real estate prices in trendy Toronto neighbourhoods drop by 30 per cent: report (2021-02-16)

Housing in some of the most coveted neighbourhoods in Toronto dropped as low as 30 per cent in value over the past year, according to a February 2021 report from real estate platform Strata. The dip in sale prices can be chalked up to the influx of condos in Toronto and an exodus exacerbated by the pandemic to suburban real estate where buyers can afford green space, the report states. The Annex was the hardest hit with 29.96 per cent, followed by the Bloor-Yonge area, Yorkville and Casa Loma falling 11 to 12 per cent.  READ MORE...




Toronto Sun: Toronto condo market on fire once again (2021-02-16)

What a difference a year makes. At this point last year, as we took a gander at the January 2020 market figures, Toronto’s real estate future looked strong and bright. Inventory was tight, average sale price was on the rise, and market activity was unseasonably busy in a way that bleak, post-holiday Januarys typically just aren’t. Buyers were keen and it seemed that spring had sprung early in the real estate marketplace. We all know what came next.   READ MORE...




Financial Post: Why the Canadian love affair with housing continues even during a pandemic (2021-02-12)

The Canadian love affair with homeownership continues despite the pandemic-mandated lockdown in many parts of the country, with year-over-year sales volume and housing prices in the Greater Toronto Area rising 50 per cent and 15.5 per cent, respectively, in January. That sales and prices grew at rates significantly higher than during comparable periods before the pandemic reveals how much Canadians value investing in housing.  READ MORE...




The Canadian Press: Closing housing gap for urban Indigenous people could cost $1.4 billion a year: PBO (2021-02-12)

The federal government would have to spend about $1.4 billion more a year to close a housing gap facing urban Indigenous people, the parliamentary budget officer says in a report that hints at the scale of a promised federal strategy to address the issue. The cost in the report would be at the upper end of a range that starts at $159 million annually, depending on what percentage of construction costs and rent subsidies the government wants to cover.  READ MORE...




Mortgage Broker News: Toronto’s real estate board releases projections for 2021 (2021-02-12)

Despite the ongoing exodus from Canada’s urban core markets, growth in Toronto home sales this year will be supported by Canada’s continued economic recovery, improved employment and record- or near-record-low borrowing costs, said the city’s real estate board. In its latest forecast, the Toronto Regional Real Estate Board said that while the COVID-19 pandemic had an unprecedented impact across the board, it “hasn’t put a damper on the overall demand” for homes in the country’s tightest real estate market.  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