OREA In the News

Financial Post: 20% more mortgages are being denied by big banks, sending borrowers down the credit ladder 

Mortgage brokers say the borrower rejection rate from large banks and traditional monoline mortgage lenders has gone up as much as 20 per cent after Canada’s banking regulator imposed a new stress test for home buyers who don’t need mortgage insurance. As a result, alternative lenders are seeing an uptick in business as brokers increasingly direct home buyers toward borrowing options that are beyond the reach of the Office of the Superintendent of Financial Institutions’ newly enacted tighter lending requirements. 

 

Canadian Press: New mortgage rules sending borrowers to alternatives 

Mortgage brokers say the borrower rejection rate from large banks and traditional monoline mortgage lenders has gone up as much as 20 per cent after Canada’s banking regulator imposed a new stress test for home buyers who don’t need mortgage insurance. As a result, alternative lenders are seeing an uptick in business as brokers increasingly direct home buyers toward borrowing options that are beyond the reach of the Office of the Superintendent of Financial Institutions’ newly enacted tighter lending requirements. 

 

CBC: Hamilton housing sales drop in January, is 'stress test' the cause? 

Housing sales in the city dropped over a quarter last month compared to January of 2017, according to new numbers from the Realtors Association of Hamilton-Burlington (RAHB). The reported 665 monthly sales were also 12.5 per cent lower than the 10-year average, the report says. In the meantime, property listings were 6.3 per cent higher than the same month last year, but still 22.3 per cent lower than the 10-year average. 

 

 

Canadian Press: Tenants protest ‘loophole’ that allows landlords to break rent control caps 

Tenants at a highrise in an up-and-coming Toronto neighbourhood have staged a rent strike, saying landlords are taking advantage of loopholes in Ontario’s housing law to drive low-income residents out of their homes. Over 50 tenants of a building in Toronto’s rapidly gentrifying Parkdale community are refusing to pay their rent after the property manager — Nuspor Investments — applied for government permission to increase rent by nearly double the legally permitted amount. 

 

Canadian Real Estate Magazine: Amazon's HQ2 may inflate Toronto rents by this much 

Back in September 2017, Amazon announced its intent to establish a “sister” installation to its Seattle headquarters, and a leading property portal predicted in its latest report that Toronto’s renters might have to pay at least another $137 annually should Amazon push through with building the new HQ in the city. Just a few weeks ago, Toronto was named among Amazon’s short list of 20 finalists. TorontoRentals.com estimated that such a sister HQ in the city will bring as much as 50,000 highly paid Amazon workers and an assumed 66,250 supplementary workers over a 10-year period. 

 

 

OPINION 

Toronto Sun: AGAR: Stop attacking landlords 

It is easy to feel sorry for people caught up in circumstances they seemingly can’t control. 

It is especially easy to get emotional when it seems the subject of our sympathy is victimized by someone else’s greed....Tim Hudak, CEO of the Ontario Real Estate Association says there are ways to increase housing supply, which would help with the pressure on prices. Make land more available and speed up the approval process. Allow developers to build many stories high along subway lines. Right now local councilors fight to keep buildings to two or three stories, which Hudak says is “ridiculous.” 

 

CBC: What faltering stocks and bonds could mean for house prices: Don Pittis 

Stocks and bonds may be going through a bad patch, but a more important question for many Canadians is how a new feeling of financial uncertainty is affecting their biggest single investment: their homes. Statistics Canada doesn't ask Canadians directly whether they invest in stocks or bonds. However, as of May 2016, 67.8 per cent of Canadian households owned their own homes. 


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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