OREA In the News

Huffington Post: Housing Could Well Be The Biggest Issue Of Ontario's Upcoming Election 

The 2015 federal election, you may recall, was dubbed Canada's "housing election." An improved Home Buyers' Plan, better data collection on foreign buyer activity, more affordable housing and the creation of a National Housing Strategy were tops among the agenda items. Three years later, eventual winner Justin Trudeau has addressed many of these issues. As Ontario prepares for its own election on June 7, housing is quickly emerging as a hot topic. "There's no denying the challenges faced by millennial home buyers today; the Ontario government tried to alleviate the pressure earlier this year when it doubled the first-time home buyer tax rebate," says Tim Hudak, CEO of the Ontario Real Estate Association (OREA) said recently. "So, we know policy makers are aware. Now they just need to enforce policies that effectively bring more housing supply to the marketplace." 

 

Toronto Star: Canadian real estate debt raises red flag, but don’t worry 

The Bank for International Settlements (BIS), a Switzerland-based research and advisory organization comprised of the 60 central member banks that own it, has flagged Canada for a banking crisis in its latest quarterly review. In its Early Warning Indicators, BIS flagged Canada flashing red for credit-to-GDP gap (how fast total credit to the private sector changes compared to GDP) and debt-to-service ratio (interest payments and amortizations relative to income), which they say portends a banking crisis. 

 

Canadian Press: Greater Toronto Luxury Home Sales Drop 60%, Report Shows 

 Luxury home sales in the Greater Toronto Area, Oakville and Hamilton-Burlington have fallen by almost 60 per cent year-over-year, according to a RE/MAX report. The real estate company says 76 freehold and condominium properties in the GTA sold for more than $3 million between Jan. 1 and Feb. 28, down from 180 sales during the same period last year. In Oakville, six homes in the same price range sold early this year, in comparison to 15 a year ago. 

 

Canadian Real Estate Magazine: Don't be fooled by this year's luxury housing market 

According to a REMAX report, sales in the Greater Toronto and Hamilton Area’s luxury real estate market are down from last year, but it doesn’t tell the whole story. Christopher Alexander, REMAX Integra’s vice president and regional director for Ontario-Atlantic Region, high-net-worth individuals in Toronto have increased 10% in each of the last two years, but that isn’t reflected in luxury sales statistics because of supply constraints and dated inventory. 


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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