OREA In the News

CTV: Housing agency explores cutting red tape for self-employed borrowers 

The national housing agency is exploring ways to make it easier for entrepreneurs and new immigrants to buy a home by cutting some of the red tape required to prove they can afford to pay the mortgage. "Right now, under our mortgage insurance policies, you have to be able to document income to get mortgage insurance, to a level of specificity that discriminates against new Canadians, because they can't do that," Evan Siddall, the CEO of the Canada Mortgage and Housing Corp., said in a wide-ranging interview with The Canadian Press. 

 

Mortgage Broker News: 8 in 10 mortgage holders have high credit scores – report 

Individuals who take out a mortgage tend to have higher credit scores, according to a recent report by the Canada Mortgage Housing Corporation. About 8 in 10 (80.7%) of mortgage holders across Canada had a very good or an excellent credit score during the first three months of 2017, continuing an upward trend since the third quarter of 2015. On the other hand, the share of those with poor or fair credit scores dropped to 10.2%, in the first quarter of 2017, from 11.2% two years earlier. 

 

Huffington Post: No Autumn Rebound As Toronto Home Sales Tank Again 

Realtors hoping for a rebound in Toronto's housing market this fall will likely be disappointed by September's numbers, which show that the city's market continued to put in a weak performance. Preliminary data for the city shows sales fell between 38 and 45 per cent compared to a year earlier, depending on the location, according to an analysis of data from real estate site Zoocasa. 

 

REM: Study says Ontario’s rental housing faces shortfall of 6,000 units per year 

A new study commissioned by the Federation of Rental-housing Providers of Ontario (FRPO) says that rental housing supply will continue to diminish and vacancy rates will drop further unless at least 6,250 additional new rental units are built each year for the next decade, in addition to the expected level of new development. The FRPO says that before the introduction of Bill 124 earlier this year, which will impose rent controls on units that were previously exempt, proposed rental projects were at a 25-year high with 28,000 units in the planning pipeline. Since then, at least 1,000 planned rental units have already been cancelled or converted to condos, says the association. 

 

Home Builder Magazine: BILD bullish as new homes sales fall 69 per cent 

August new home sales in the Greater Toronto Area (GTA) dropped 69 per cent from the same month a year ago, but the Building Industry and Land Development Association (BILD) contends year-to-date sales are “still very strong.”  There were just 795 new homes sold in August across the GTA, according to new-home market research firm Altus Group. Low-rise single-family homes, which include detached and semi-detached houses and townhomes, accounted for only 114 of the homes sold, while the remaining 681 were condo apartments in high-rise and mid-rise buildings and stacked townhomes. 

 

Blackburn News: Housing Market Cools Slightly 

There was a slight dip in the number of homes changing hands across the London region last month, but area realtors are still on track for a record year. The London and St Thomas Association of Realtors (LSTAR) said on Monday 802 homes were sold in September, a slight drop from the same period last year. However, this is the third consecutive year more than 800 homes were sold in September. 

 

Parry Sound North Star: Parry Sound home sales post best August ever, according to Realtors' group 

Residential property sales recorded through the MLS System of the Parry Sound and Area Association of Realtors numbered 82 units in August 2017, up 1.2 per cent or just one sale from August 2016. It was also a record for the month. Home sales over the first eight months of the year totalled 498 units, rising 17.5 per cent from the same time in 2016. This was also a record for the period by a large margin. 

 

Newswire: Ontario Building Partnership to boost consumer confidence in new home building 

The Ontario Building Officials Association (OBOA), Tarion Warranty Corporation, and the Ontario Home Builders’ Association (OHBA) announced today a groundbreaking partnership agreement to increase consumer protection for new home buyers, improve industry standards and achieve greater consistency in education and application of standards in the province’s new home building industry. 

 

OPINION 

 

Policy Options: How do governments come up with good public policy when an issue has polarized the public? There are some basic guidelines that can help. 

A summer of discontent: how else to describe the turbulent few months in which Omar Khadr’s lawsuit was settled to the tune of $10.5 million; thousands of asylum-seekers streamed across the US-Canada border into Quebec; Canadian support for the alt-right movement reached the public consciousness with The Rebel’s presence at a white nationalist rally in Virginia; and in which the government announced that it intended to amend long-standing tax rules to extract additional revenue from small businesses and professionals. Across the country, Canadians reacted quickly and vigorously, often expressing seemingly irreconcilable views 


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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