OREA In the News

REM: Ontario Real Estate Association seeks feedback on several proposals for regulation reform 

As the review of the act regulating Ontario real estate continues, the Ontario Real Estate Association (OREA) is asking members for feedback on several proposals, including removing the exemption that allows salespeople who work for builders or developers without being registered and creating greater transparency in the offer process. “The real estate market has changed tremendously since 2002 when REBBA and its Code of Ethics were first introduced,” says Ettore Cardarelli, OREA president. “Industry practices, business models and technology that are common place today were not present for the drafting of REBBA. Updating the act will ensure Ontario Realtors are held to standards that make sense in today’s real estate market.” 

 

Toronto Star: Price drop crushes pre-construction home buyers’ dreams 

A year ago, the Toronto region real estate market was so hot builders were towing cars to try to control the crowding at their sales centres. That’s the environment in which Dionne Thompson bought a house in Mattamy Homes’ Queen’s Common development in Whitby last January. Fast forward 12 months, and Thompson and her future neighbours say they have been devastated to learn that their builder is selling nearly identical houses for significantly less money. 

 

Bloomberg News: The last hot sector of Toronto’s housing market is set to cool this year 

Sales of new condominiums in Toronto will probably drop in 2018 from last year’s record high as developers face rising construction costs and slipping investor demand, according to Urbanation Inc. 

 

A total of 35,074 new condos were sold across the Toronto region last year, 30 per cent more than in 2016, a surge driven by investor purchases and openings of projects with 500-plus units, the research firm said in a report Thursday. Asking prices for available condos rose 35 per cent in the fourth quarter from a year earlier, to an average of $876 a square foot. 

 

Canadian Real Estate Magazine: Grave chill permeates the Toronto housing market 

The only thing that might be colder than Toronto in January is the city’s housing market. While the bleak mid-winter is never the best time to sell a home in Canada, a string of open houses in the country’s largest city were chillingly empty on a recent Saturday afternoon. Tougher mortgage rules went into effect on January 1 just as higher interest rates began to bite, and the market’s on edge, waiting to see if a downturn that began last year will accelerate under the added pressure. 

 

Reuters: Ontario revokes mortgage broker BDMC license over risky investments 

Ontario’s financial regulator said on Friday it has revoked the license of mortgage brokerage Building Development and Mortgages Canada Inc (BDMC) and Vince Petrozza, a co-founder of a related firm, Fortress Real Developments, following an investigation into risky syndicated mortgage investments. 

 

Canadian Real Estate Magazine: Ontario mortgage broker ceases trading after FSCO settlement 

Ontario mortgage broker Building & Development Mortgages Canada Inc. (BDMC) has ceased all mortgage activities following a settlement with the Superintendent of Financial Institutions. Reuters reports that BDMC’s license was revoked by the FSCO Friday following an investigation into risky mortgage investments. The license of a co-founder of Fortress Real Developments, Vince Petrozza, was also revoked. BDMC was the lead broker for Fortress developments.  

 

Regina Leader-Post: FSCO reaches $1.1 million settlement over syndicated mortgages 

Eight participants in Canada’s syndicated mortgage market have been sanctioned by the sector’s chief regulator as part of a $1.1-million settlement that saw several lose their broker licences. The eight parties, which includes four individual brokers and four brokerages, were involved in the distribution of syndicated mortgage investments for projects linked to Fortress Real Developments Inc., an Ontario-based real estate development company and consultant that partners with builders and developers in five provinces. 

 

CTV: Hot housing market increasing Ottawa's rental prices 

Ottawa's strong and stable housing market is having a noticeable impact on rental rates.  According to the popular listing website PadMapper, rental prices for a bachelor and four bedroom apartment have increased by 7% in the last month alone. One bedroom apartments have decreased by nearly 2%, but are still up about 7% from this time last year.  "The fact that Ottawa is beating the slow moving seasons with rent rising shows that people want to move there and people are trying to move now instead of when everyone is moving in the Summer," said PadMapper spokesperson Crystal Chen. 

 

Toronto Star: The intentions and expectations of 3 types of homebuyers 

The Canada Mortgage and Housing Corporation (CMHC) recently released the 2018 Prospective Home Buyer Survey results, which focuses on the buying intentions of three groups; first-time buyers, previous owners, and current owners. There are many interesting findings spread out between different categories, including purchase drivers, housing expectations, buyer readiness, the impacts of changes to the housing industry, and financing. 

 

Toronto Star: The ins and outs of home staging: Ask Joe 

I hear a lot on the home and garden TV shows about home staging, and how it helps get a better selling price. What do stagers do, and who pays for it? Home staging is a marketing tool to make a listed house more appealing to would-be buyers. Costs can vary, depending on the services provided. A minor home staging might consist of a thorough cleaning, decluttering, removing personal items, moving furniture to create more open space and a bit of painting. A more complex (and expensive) staging might include renting furniture, artwork and carpeting; buying floral decorations and new drapes; and even doing renovations such as installing granite countertops, adding more light fixtures or replacing the bathroom tiles. Staging can help show would-be buyers how great the home looks with fresh paint, new furniture and art. 

 

Mortgage Broker News; Brokers share tips about growing business 

Becoming a successful mortgage broker involves more than merely facilitating deals—sound business acumen is paramount, too. Ameera Ameerullah, CEO of Canada Mortgage and Financial Group, says that face-to-face meetings with clients is still the most effective to market oneself. Rather than remaining glued to the computer screen and solely relying on email blasts, meeting clients new and old is a recipe for success. 


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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