OREA In the News

Canadian Press: OREA seeking input on improving transparency of real estate industry 

The Ontario Real Estate Association is seeking feedback on whether it should push the provincial government into modernizing the real estate industry to make it more transparent. In a white paper released Thursday, OREA said the current sales system creates “suspicion and mistrust” by forcing prospective buyers to “blind bid” because realtors cannot disclose the contents of an offer to anyone other than the seller...OREA's president Ettore Cardarelli said whatever feedback OREA collects will inform the final policy proposals its board sends to the provincial government, which agreed to a review of the Real Estate and Business Brokers Act in April 2017. While Cardarelli stressed OREA is not taking an official position on the issue, he said many buyers in favour of bringing more transparency to the bid system lost out on a home purchase and want access to what others offered, so it can inform their future bids or reveal how much they lost out by. 

 

Globe and Mail: Ontario real estate agents seek increased transparency in home sales 

The group representing Ontario's real estate agents is considering urging the provincial government to allow a transparent bidding process for home sales as part of several proposals to improve the industry's ethics and reputation. The Ontario Real Estate Association (OREA), which issued a discussion paper seeking input from its members on Thursday, has been promoting higher standards in light of concerns raised about unscrupulous practices in the province's overheated real estate market in recent years..."Every party has to agree and that's easier said than done," said Ettore Cardarelli, president of OREA. "Sellers may be very reluctant to have any of their private information shared, so that may not happen. But this is a question that we're putting to our members: Do you want it? Do you not want it?" 

 

 

Mortgage Broker News: Canadian market 'highly vulnerable' for the 6th consecutive quarter – CMHC 

Continued signs of overheating in some cities have left Canada’s housing market highly vulnerable for the 6th straight quarter, the federal housing agency said Tuesday (January 30). The Canada Mortgage and Housing Corporation said that the country could fall prey to market instability. The cities of Toronto, Hamilton, Victoria, and Vancouver are its greatest source of concern. 

 

Construction Links: New CMHC survey provides insight into attitudes and expectations of future Canadian homeowners 

Canada Mortgage and Housing Corporation (CMHC) has released the 2018 Prospective Home Buyer Survey (#PHBS2018). This survey, the first of its kind for CMHC, explores the dynamics of home buying intentions for three groups of future homebuyers, including First-Time Buyers, Previous Owners and Current Owners, and provides a comprehensive review of overall awareness and understanding of the home buying process. “The Survey findings provide insights and valuable information for mortgage professionals about their future clients and their needs,” said Nathalie Fredette, Vice-President, Client Relationship Management. “It brings awareness amongst the industry and contributes to financial literacy by helping Canadians make informed and responsible home buying decisions.” 

 

Daily Commercial News: The Striking Shift into Multiples versus Singles in Canada’s Housing Market 

As can be seen in Graph 1, there has been a dramatic shift in the composition of Canada’s total housing starts since the door opened on the 21st century. From the early 1980s through the early 2000s, single-family structures consistently accounted for about 60% of annual Canadian residential groundbreakings 

Multi-family structures comprised only 40% of the total. (The percentages are based on housing starts expressed in units.) 

  

Greater Fool: Not good 

This got Dan’s attention. “My wife works at one of the big five banks,” he says. “Front lines. She has, by the clients’ requests, transferred mortgages to HELOCs, so they can pay interest-only. I can’t find any data or charts on this, but it definitely has the potential to become a worrying trend. Scary. This tells me one thing. It can be done.” You bet. It’s one of the current hot tricks for dealing with debt you can’t service, especially since the great real estate escalation is kaput. Buying more house than you could ever afford (because ‘prices always go up’) is so 2016. This year, with markets flatlining, B20 landed and mortgage rates rising, debt’s toxic. Especially amortized debt, which forces principal repayment. 


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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