OREA In the News

Global News: Foreign buyers ‘not the problem’ in Canada, says CEO of Chinese overseas real estate portal 

The CEO of a Chinese website that specializes in marketing overseas property said Wednesday that foreign buyers are “not the problem” in Canada’s housing markets. The comments followed Tuesday’s release of data by Statistics Canada and the Canada Mortgage and Housing Corporation (CMHC), which looked at the share of homes owned by non-residents across the country. 

 

Canadian Press: Fewer homes sold to foreign buyers since new tax introduced 

Foreign buyer home purchases are declining in a region of Ontario covered by a non-resident tax, according to provincial government figures released Wednesday. People who aren't citizens or permanent residents, as well as foreign corporations, accounted for 1.9 per cent of the transactions in the Greater Golden Horseshoe Region -- which includes Toronto -- from Aug. 19 to Nov. 17. 

That is down from 3.2 per cent from the previous three months. It is also not much higher than 1.6 per cent outside the Greater Golden Horseshoe Region, which is not covered by the tax. 

 

Reuters: Canadian Malls Are Converting To Condos As Stores Close 

Canadian mall owners are adding condos and apartments to their shopping centers, seeking to capitalize on a supply-constrained housing market while reducing exposure to a struggling retail sector. Developers such as RioCan REIT, Canada's largest property trust, and the property units of some Canadian pension funds are turning prime land that has historically not been put to best use — such as parking lots or low-rise retail — into housing in one of the world's most expensive, supply-constrained residential markets. 

The Auroran: Restrictions on developments in stable neighbourhoods eyed by Council 

The new year could bring a temporary crackdown on new building projects in Aurora’s stable neighbourhoods. Council last week tasked staff with coming up with a proposal for an Interim Control Bylaw intended to restrict developments in established communities with older housing for up to a year. 
The possible Interim Control Bylaw was first floated through a Notice of Motion from Councillor Tom Mrakas. In his motion, he said Aurora has experienced “a significant amount of pressure for infill residential development that has resulted in intensification through the construction of additions, conversion of existing floor area and the demolition of existing buildings for the construction of larger, more intense forms of development” and staff are already reviewing existing zoning policies. 

 

Condo Business: Ontario passes legislation to strengthen consumer protection 

Last week, the Ontario government passed the Strengthening Protection for Ontario Consumers Act, legislation that will strengthen protection for consumers making large purchases, including real estate. 

The new legislation will introduce stronger rules and professional standards in the real estate sector, including new measures to address conflict of interest issues that can be present in multiple representation situations and larger fines for Code of Ethics violations by real estate professionals. These proposed rules for real estate agents are part of the Ontario government’s Fair Housing Plan. 

 

Benefits Canada: Should Canadians be able to dip into RRSPs to help kids buy real estate? 

Should Canadians be able to dip into their registered retirement savings plans to help their children buy their first house? The Canadian Real Estate Association certainly thinks so. It recently made a submission to the House of Commons standing committee on finance recommending the idea for the 2018 federal budget, as an extension of the federal government’s homebuyer’s plan. 


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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