Mississauga Real Estate Board News

CBC News: Homeowners, advocates call for end to Tarion monopoly (2020-01-23)

Homeowners who've fought for years for restitution after discovering defects in their newly built homes are demanding the provincial government reconsider its efforts to reform the Tarion home warranty program and instead open it up to private insurers. They were joined by consumer advocates — and even a former high-ranking Tarion employee — at a provincial standing committee on justice policy Wednesday in Ottawa, where they called for an end to Tarion's monopoly. Read More...




Financial Post: Rental construction is starting to boom again, but it won't be enough to satisfy big-city demand (2020-01-23)

After decades in the doldrums, rental housing construction is starting to pick up again in Canada. Statistics Canada data shows an increase in the number of purpose-built rental (PBR) units under construction in urban regions, where the demand for rental housing has been high. The increase in PBR construction is led by the Montreal Census Metropolitan Area (CMA), where the share of renter households is the highest among the major cities in Canada. Read More...




Toronto Storeys: Bank of Canada Holding Interest Rates as Concerns Over Housing Affordability Continue (2020-01-23)

The Bank of Canada announced Wednesday it’s holding interest rates at 1.75%, while informing Canadians that attention will be on “developments in consumer spending, the housing market, and business investment” in 2020. Canada remains to have the highest policy rate among advanced economies, but there also “remains a high degree of uncertainty and geopolitical tensions have re-emerged, with tragic consequences,” the Bank says. Indicators since October’s Monetary Policy Report (MPR) have been “mixed.” Read More...




Better Dwelling: Not A Single Major Canadian Real Estate Market Is A Buyer’s Market (2020-01-23)

Must be something in the water… or credit supply, since every Canadian market is becoming tight. Canadian Real Estate Association (CREA) data shows the sales to new listings ratio increased across the country in December. The rising ratios made for an unusual month – not a single major real estate market across Canada is a buyer’s market. Read More...




Real Estate News Exchange: Data tracks 60 years of change in Canadian housing sector (2020-01-23)

Housing starts in Canada averaged 201,000 per year during the past decade – mirroring the 10-year period from 2000-’09 and tied for the second-best on record after the 1970s – according to an Altus Group report analyzing six decades of data. Starts ranged from a low of just under 188,000 in 2013 to a high of almost 220,000 in 2017. The decade was the least volatile in the past 60 years according to Patricia Arsenault, executive vice-president of research consulting services for Altus Group Data Solutions. Read More...




Toronto Storeys: Toronto Named the 6th ‘Least Affordable’ City on the Planet: Report (2020-01-23)

Due to the sky-high cost of living, Toronto has been recognized as having one of the least affordable housing markets in the world, according to a new report. The findings come from the 16th annual Demographia International Housing Affordability Survey, which analyzed 309 housing markets in eight countries including Canada, the United States, Australia, New Zealand, Ireland, the United Kingdom, China, and Singapore. Read More...




Mississauga News: Massive Mississauga housing development at Square One won’t include affordable units (2020-01-23)

A plan to change parking lots and lands around Square One Shopping Centre into a mixed-use community includes 18,000 new residential units. But, while around 9,000 of the units are intended to be rentals, none are designated for affordable housing. Square One District, a development proposal from Oxford Properties and Alberta Investment Corporation (AIMCO), also includes plans for offices, retail space and parks. It is bound by Burnhamthorpe, Confederation Parkway, Highway 403 and City Centre Drive. Read More...




The Globe and Mail: A luxury market logjam (2020-01-23)

Ten good houses. That’s all it would take to break the grip inertia has on Toronto’s high-end real estate market. But finding a handful of owners eager to part with a desirable house in a lovely enclave is proving to be increasingly difficult. “We’re in a vice,” Jimmy Molloy of Chestnut Park Real Estate Ltd. says of the tight inventory. Meanwhile, a healthy economy and robust immigration are contributing to rising demand from buyers. Foreign investors also view the city’s market as reassuringly stable – without as many punitive taxes as the Vancouver area’s housing market. Read More...

 




BlogTO: Toronto is now less affordable to live in than San Francisco or London (2020-01-22)

The exorbitantly-expensive city of Toronto continues to move up in Demographia's annual ranking of the most unaffordable housing markets on earth, a new report from the global analysis firm shows. Rising four spots over last year's 10th place tie, Toronto now boasts the sixth least affordable housing market out of 309 major cities worldwide. Hong Kong remains the most expensive city in which to live as of 2020, according to the 16th Annual Demographia International Housing Affordability Survey, while Vancouver and Sydney similarly reprise their roles from last year's ranking in second and third place. Read More...




Real Estate Professional: How agents can make the most of a resurgent luxury market (2020-01-22)

On January 15, Sotheby’s International Realty Canada released its Top-Tier Report, an examination of real estate activity in the $1 million-plus price range in Canada in 2019. If the report is any indication, realtors wary of the sector amidst significant market cool-downs in Vancouver and the GTA now have new reason to set their sights on high net-worth consumers. The report found that the upper echelon of properties in three of the four markets studied – Toronto, Vancouver, Montreal, and Calgary – saw a significant uptick in activity in the latter half of 2019. Read More...




The Canadian Press: Oxford Properties plans major development around Mississauga, Ont., shopping mall (2020-01-22)

Oxford Properties Group has announced an ambitious plan to transform 53 hectares of largely parking lots around a Mississauga, Ont. shopping mall into a major 37-tower mixed-use community. The Toronto-based real estate giant says it plans to build more than 18,000 residential units along with community buildings, parks, and modern office space around the Square One shopping centre as part of the phased, multi-decade project in the centre of the city. Oxford says more than half the units will be rental apartments, but has made no commitments to affordable housing. Read More...




The Star: A Toronto couple bought this shed for $50,000. Now it’s a five-storey tower home listed for $2.25 million (2020-01-22)

Fifteen years ago, before laneway and infill housing were common in the urban vernacular, Julie Dyck, 48, and Michael Humphries, 49, saw the potential in a tiny overlooked lot that was sitting on the market around the corner from their former Queen Street East home. Even though it wasn’t entirely clear what they could build on the site, the couple bought the 25-by-28-foot lot with a ramshackle garage for $50,000. It was a risk likely fuelled by reading a lot of Dwell Magazine, says a joking Humphries. Read More...




REM Online: Realtors are the regulators of the staging industry (2020-01-22)

Certification for a stager is as important as a real estate license is to an agent. Why?  Simply so people know what to expect when hiring a stager. Real estate regulation has been in place for over 100 years but staging is in its infancy, barely two decades old as a practice and less than 10 as an industry. It is female-dominated, smattered with hobbyists with dreams, including part-time struggling moms who are trying to balance work, home, life and a business start-up. They are sandwiched between professionals with training, business insurance and business overheads in an industry with no official measure of talent or pricing. Read More...




TVO: There's no way around it: cities need new taxation powers — now (2020-01-22)

The Rural Ontario Municipalities Association — which represents all but the 20 largest of Ontario’s cities and towns — held its annual conference in Toronto this week, and one perennial complaint of Canadian cities was again on the agenda: municipalities have growing costs they’re finding increasingly difficult to manage, and new types of revenue would make that job easier. The fiscal problems for big cities are serious enough — as tonight’s episode of TVO’s Political Blind Date, featuring Toronto councillors Gary Crawford and Shelley Carroll, illustrates, it's a struggle to contain property-tax increases while delivering effective services — and there are no easy answers. Read More...




REM Online: The Dark Side of Residential Landlording: Stories “stranger than fiction” in new landlording book (2020-01-22)

Toronto real estate broker and frequent REM columnist Chris Seepe has written a new book, The Dark Side of Residential Landlording. Seepe describes it as “a no-nonsense, in-the-trenches, irreverent, occasionally contemptuous, sometimes funny, decade-long deeply researched, mostly firsthand account of the exploitation, perils, pain, trials, tribulations, maltreatment, uncommon risks of and sometimes deliberate abuses against residential landlords everywhere.” Read More...




The Globe and Mail: Canadian home prices rise 0.2 per cent in December (2020-01-21)

Canadian home prices rose in December, helped by gains for some metropolitan areas in the central and eastern parts of the country, data showed on Monday. The Teranet-National Bank Composite House Price Index, which measures changes for repeat sales of single-family homes, showed prices rose 0.2 per cent last month from November. “This was a good showing for a month of December, equalled or bettered in only three of the last 13 years,” said Marc Pinsonneault, a senior economist at National Bank of Canada. Read More...




The Globe and Mail: Staying put: How Toronto’s tenants are coping with a rental crisis (2020-01-21)

Toronto tenants are increasingly hunkering down in their apartments as the city copes with a rental housing crisis that’s seen the price of new listings skyrocket. The turnover rate for apartments in the Toronto area was 9.5 per cent last year, down from 15.9 per cent in 2016, according to new figures from Canada Mortgage and Housing Corp. Toronto had the lowest turnover rate among 35 census metropolitan areas in Canada, well below Vancouver’s 13.6 per cent, Montreal’s 15.7 per cent and Calgary’s 33.3 per cent. Read More...




Canadian Real Estate Magazine: Go Big: Multi-family and commercial projected for continued strong growth in 2020 says new report (2020-01-21)

Earlier this month, Mississauga, Ontario-based real estate management company Morguard Corporation released its Economic Outlook and Market Fundamentals report. In its exploration of the trends driving Canada’s commercial, industrial, office, retail and multi-suite residential sectors, the report paints a decidedly positive picture of the prospects facing Canada’s non-residential investors. Heading into 2020, the office and purpose-built multi-family spaces are both expected to reward investors handsomely, as surging demand collides with growing, but still insufficient levels of supply. Read More...




Canadian Real Estate Magazine: Demand for rental units outstrips supply (2020-01-21)

The demand for rental apartment units continued to outshine the housing supply in 2019, leading to the third consecutive annual decline in the national vacancy rate to 2.2%, according to the recent figures from the Canada Mortgage and Housing Corporation (CMHC). The national vacancy rate hit its lowest level for all bedroom types since 2002, said CMHC chief economist Bob Dugan. Read More...




Real Estate Professional: More debt is the only way to cope for half of Canadian households (2020-01-21)

Canadian households continue to struggle with rising debts and managing their budgets, meaning a further rise in debt is likely in 2020. According to the latest MNP Consumer Debt Index released Monday, 3 in 10 Canadians say that they are already insolvent and half say that they are $200 or less away from being insolvent at the end of the month. Almost half of respondents said they aren’t confident they will be able to cover their family and living expenses without going further into debt this year, up 2 points since the end of the third quarter of 2019. Read More...




CBC News: Statistics are great unless they measure the wrong things: Don Pittis (2020-01-21)

If prices are rising by about two per cent, as inflation data is likely to show this week, why did one of my newspaper subscriptions just go up by 17 per cent? And if wages are rising at about four per cent, as recent jobs data has shown, why are some provincial governments insisting that wage increases be held below one per cent? As house prices go through the roof, the fact that the price of the biggest purchase Canadians make in their lives is not included in our inflation statistics makes it easy to see why many young people have expressed doubts about the accuracy of those figures. Read More...




Rates.ca News Release: Two Out of Three Mortgage Shoppers Would Sacrifice Traditional Mortgage Advice for a Lower Rate, New Survey (2020-01-20)

While 72 per cent of Canadian mortgage shoppers get mortgage advice in person, a majority would opt for a fully online mortgage to save money, according to a new survey by Rates.ca. Almost one in five mortgage shoppers say they'd be "happy to get a mortgage without talking to people on the phone or in person." But, an additional 45 per cent would consider it, if it meant getting a lower interest rate. For this 45 per cent, the rate savings would have to be at least 0.05 to 0.20 percentage points to sway them away from lenders who employ in-person or phone advisors. Read More....




City News: Toronto residential rental construction on the upswing: report (2020-01-20)

Construction of residential rental buildings in the Toronto region is on the upswing, according to a new report released Friday. At the end of 2019, the number of rental units under construction in the Greater Toronto Area reached 12,367 units, data released by real estate consulting firm Urbanation said. “[This is the] highest level since the 1970s when modern rent controls were enacted,” Urbanation said in a news release.Read More....




The Star: Why is the head of Canada’s housing agency so opposed to home ownership? (2020-01-20)

You may have heard about the latest Swedish linguistic export — Flygskam, or flight shame. It’s a word directed at people who fly and is intended to make them feel bad about their travel choice due to its environmental implications. With this in mind, allow me to make a reckless prediction about the next crusading phrase meant to make people feel guilty about acting in their own best interests: Ensamfamiljhemskam...Last month, Evan Siddall, president of Canadian Mortgage and Housing Corporation (CMHC), gave a speech to a Toronto housing conference that might be considered an early warning sign of approaching Ensamfamiljhemskam. Read More....




Real Estate Professional: What next for Canada's rental housing market? (2020-01-20)

Rents are expected to continue rising in many Canadian markets according to a new report. Rentals.ca says that annual rent growth could reach 7% in Toronto, 5% in Montreal, 4% in Ottawa and 3% in Vancouver, boosting returns for investors but further challenging stretched household budgets for renters and weakening their ability to save for a down payment. The firm’s survey of CMHC senior analysts, data analysts, economists, developers, affordable housing advocates, investors and city councillors from across Canada reveals that creative thinking and collaboration is required to address affordability issues. Read More....




Mortgage Broker News: Economists unanimously predict BoC rate hold this week (2020-01-20)

In its latest survey of veteran industry observers, finance product comparison portal Finder found that virtually every economist is looking at another Bank of Canada rate hold decision this week. All respondents polled by Finder’s latest BoC Interest Rate Forecast Report are expecting the central bank to hold the interest rate on January 22, while 31% stated that the Bank should cut the rate. Laurentian Bank Securities chief economist Sebastien Lavoie said that Canada’s fundamental robustness – which is proving to be a great help to a consumer base labouring under multiple mortgage pressures – is a major component in making a cut unlikely. Read More....




Global News: Toronto developers collaborating with Pharrell reveal new condo details, including affordable housing (2020-01-20)

More details have been announced on a condominium development in mid-town Toronto being launched in collaboration with musician Pharrell Williams. The development named, ‘Untitled,’ first came to light in November with a downtown launch at Yonge-Dundas Square…The pitch from the developers is to take a cultural icon outside of the real estate sphere for another look at the condo development. According to the company’s website, the multi-tower development will feature 750 units and has a planned completion date for spring 2023. The sales website said units begin in the low $400,000 range. Read More....




The Star: Federal government announces $200 million for affordable rentals at former Honest Ed’s site (2020-01-17)

The federal government is committing $200 million for affordable rental units at the Bloor Street West and Bathurst Street site where iconic department store Honest Ed’s once stood, with Social Development Minister Ahmed Hussen saying the money will ensure the project stays true to its roots. The discount store Honest Ed’s was sold in 2013 and closed its doors for good just over three years later, with developer Westbank Corp. demolishing the building and saying it would turn the city block it sat on into a multi-use community space. Read More...




Maclean's: In the $1.6-trillion mortgage market Canadians don’t even understand the basics (2020-01-17)

It’s no secret that the financial literacy of Canadians is tenuous at best, but given the fact that households are carrying $1.6 trillion worth of residential mortgage debt, we should be particularly nervous about just how yawning the knowledge gaps are when it comes to the basics of a mortgage. A survey conducted for the Financial Consumer Agency of Canada and the Bank of Canada and made public this week found when it comes to simple mortgage terminology like “term” and “amortization” most Canadians are hopelessly lost. Read More...




Real Estate Professional: More than a third of Canadians hide from their lenders (2020-01-17)

Canadians are feeling stressed about debt but don’t trust their lenders to help them deal with it. Relationships between lenders and borrowers are so bad for 37% of people that they avoid financial services representatives because they feel under pressure to deal with finances in a way they are not happy with. The findings are part of a survey by DUCA Impact Lab with Angus Reid which included 2,000+ borrowers and 250+ lenders. Read More...




Better Dwelling: Toronto Rental Vacancy Rises To The Highest Level Since 2015, Despite Population Boom (2020-01-17)

Toronto’s population growth is booming, but so are rental vacancies. Canada Mortgage and Housing Corporation (CMHC) data shows primary rental vacancies climbed in 2019. The rate is now at the highest level since 2015, as vacancies climb from decade lows just a couple years ago. Toronto’s primary rental market is seeing vacancy rates climb to levels not seen in a while. The average vacancy came in at 1.5% in 2019, up a massive 25% from the year before. This is now the highest level since 2015, but still kind of low. However, Toronto has always been a tight primary rental market. Read More...




REM Online: Is Toronto’s housing market too big to fail? (2020-01-17)

Stories about Toronto’s booming real estate market dominated the headlines of 2019. Here’s hoping that stories about investing in Toronto’s infrastructure dominate the headlines of 2020. If not, we may end up in the unenviable position of New York City where crumbling infrastructure has led to an increase in taxes, which has led to a flight of jobs, followed by a flight of talent and followed by both a real estate market decline and higher rent rates. Read More...




Financial Post: Canada’s home sales drop for first time in 10 months, but prices rise because of dwindling supply (2020-01-16)

Canadian real estate is increasingly becoming a seller’s market as supply shrinks to decade lows, raising the prospect of rising prices and the re-emergence of froth in some major cities. New listings in cities such as Toronto, Montreal and Ottawa declined sharply at the end of last year, resulting in the fewest homes available for sale in 12 years, the Canadian Real Estate Association reported Wednesday. As a result, prices are rising nationally at the fastest pace since 2017. Read More...




The Canadian Press: CREA reports December home sales up 22.7 per cent compared with year ago (2020-01-16)

Canadian home sales ended last year with a 22.7 per cent jump in December compared with a year ago as prices rose as part of a trend that should continue into this year, said the Canadian Real Estate Association. Sales in the final month of 2019 were up across most of Canada compared with a year ago, when sales growth had slowed, the association said Wednesday. On a month-over-month basis, home sales in December were down 0.9 per cent to end a streak of monthly gains that began last March. Read More...




The Canadian Press: Canada’s rental vacancy rates last year lowest since 2002 (2020-01-16)

Canada Mortgage and Housing Corp. says rental apartment vacancy rates last year hit their lowest level since 2002 after a third consecutive year of declines. The federal housing agency says the national vacancy rate for purpose built apartments was at 2.2 per cent, down from 2.4 per cent in 2018 for all bedroom types. The vacancy rate in condo rentals was at one per cent, down from 1.4 per cent. Read More...




The Globe and Mail: Toronto home buyer strategy: Move quick, bid strong (2020-01-16)

The Toronto-area real estate market appears poised for a quick start to 2020. David Fleming of Bosley – Toronto Realty Group Inc. has already seen some signs that new buyers have entered the market this year. He’s seen only a sprinkling of new listings, however. The tone has been set by the sprint to the finish that ended 2019, he says. “I’m shocked at how strongly the year finished. For me it’s a sign of things to come.” Read More...




Canadian Real Estate Magazine: Housing construction reaches new peak (2020-01-16)

There were 274,829 housing units in construction across the country in the last quarter of 2019, a record that has never been witnessed by Canada, a market watcher said. The number of homes under construction in Q4 2019 was up by 2.82% on a quarterly basis and 7.4% on an annual basis, according to the Canada Mortgage and Housing Corporation (CMHC). This created another peak for housing construction, which was a little over 30% higher than any previous peak. Read More...




The Star: The RCMP is shutting down its financial crimes unit in Ontario. Here’s why former top Mounties says it’s a mistake (2020-01-16)

Despite multiple recent reports that identified Toronto’s vulnerability to money laundering, the RCMP has decided to disband its Ontario financial crimes unit, the Star has learned. Announced internally on December 10 in a series of meetings held in detachments across the province, the decision will see 129 officers and eight civilian staff re-assigned to other units, including organized crime, anti-terrorism and drugs, according to an internal email obtained by the Star. Breaking up a stand-alone unit devoted to investigating complex and difficult cases has financial crime experts worrying that fraud and money laundering activity will increase. Read More...




MREB's New Partnership Announcement (2020-01-16)

The Mississauga Real Estate Board and InCom Web & e-Marketing Solutions are pleased to announce a strategic partnership to provide every Member InCom’s state-of-the–art online marketing technology to be as productive as possible in today’s digital world, at the most affordable price. A REALTOR® 's personal website is now his/her digital business card and an essential tool.

MREB has negotiated the Deal of the Decade for Members - saving substantially on INCOM’s Full Featured, Lead Generating Website and All-Inclusive Online Marketing Platform. 

iNCOM is one of the largest real-estate website and online marketing providers in Canada to REALTORS® and brokerages for over 15 years. INCOM’s comprehensive suite of features is designed to maximize lead generation and conversion, while minimizing the amount of work REALTORS® do manually. 

Buyers and sellers can experience the most user-friendly website with the most interactive map search and cutting edge tools to quickly and easily search for properties meeting their specific search criteria in their preferred neighbourhoods. Clients are engaged and relationships nurtured every step of the way.

For further information please visit www.incomrealestate.com/MREBdealofthedecade 

P.  905-608-6732 ext 39
E. dealofthedecade@mreb.ca




Financial Post: CMHC head Evan Siddall announces departure, says he won't seek term renewal (2020-01-15)

Evan Siddall, the president and chief executive officer of the Canada Mortgage and Housing Corp., announced his departure Tuesday to staff, ending a career at the country’s largest mortgage insurer that was often at odds with the housing industry. In a letter seen by the Financial Post, Siddall did not set a firm leaving date, but his term, which was extended by two years in 2018 after an initial five, expires at the end of this year. “It is most important to tell you that I have decided not to seek a renewal of my term as CEO,” Siddall wrote. 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