OREA In the News

CTV Windsor: Former PC leader helps CK realtors learn the latest skills and innovations in their field 

 

Blackburn News: Hudak Says More Home Buyers Looking To Southwestern Ontario 

Former PC leader and Ontario Real Estate Association CEO Tim Hudak says Southwestern Ontario “seems to be doing quite well” in the real estate market. Hudak visited Chatham on Wednesday to speak about an upcoming review of Ontario’s Real Estate Brokers and Business Act at the Chatham EMERGE conference, which was held at the Retro Suites Hotel. “More people are discovering Southwestern Ontario as a great place to live. The economy is doing better than it was — it’s not going all cylinders, but that’s also a good sign. The biggest challenge we have is making sure we have enough inventory and enough choice in the marketplace. That’s a big job we do as Ontario realtors to make sure there’s enough choice there so millennials can actually afford a place to call home,” explains Hudak. 

 

Chatham Daily News: Former PC leader finding common ground with premier 

The former leader of the Progressive Conservative Party of Ontario still deals with politics in his new role as CEO of the Ontario Real Estate Association, he said during a visit to Chatham Wednesday. Tim Hudak spoke to realtors about an upcoming review of Ontario's Real Estate Brokers and Business Act at the Retro Suites Hotel as part of OREA's Emerge Conference tour. Hudak was the minister in charge of overseeing the act when it was drafted in 2002, but he said the market is much different in 2017. 

 

CBC: 'Spot the grow-op' no easy game for homebuyers 

The story of a woman in Limoges, Ont., who unwittingly bought a former grow-op highlights an ongoing challenge for homebuyers, experts say. Home inspectors in Ottawa contacted by CBC said homebuyers in this city have also fallen for properties that once housed marijuana growing operations, in some cases because they were so anxious to close a deal in a hot market that they bought without conditions and passed on an inspection...."There are issues like mould in the walls. A lot of them have structural issues," said Matthew Thornton, vice-president of public affairs and communications with the Ontario Real Estate Association, which represents the province's 70,000 realtors. "The grower will tamper with wiring or drill holes in the foundation to vent the grow-op, that kind of thing. "A lot of people don't know that they're buying a grow-op, and that's a problem." 

 

Province OKs rent-to-own program that helps 'avoid' foreign buyers' tax 

The B.C. finance ministry has reviewed a developer's rent-to-own scheme that promises to help homebuyers "avoid paying the 15-per-cent foreign buyers' tax" and found it doesn't violate any law. 

The Vancouver Rent to Own program from Apex Western Homes offers potential buyers a lease agreement on a home, with the option to buy within five years. That gives foreign buyers time to secure permanent residency or a work permit in Canada. 

 

Canadian Press: Slide in average home price in Toronto ends but sales down 35% 

The average price of a home sold in the Toronto area last month climbed higher on a month-over-month basis for the first time since hitting a record in April. The average price has been falling since April when the Ontario government announced plans to try and cool the hot housing market including the introduction of a tax on foreign buyers. The Toronto Real Estate Board said Wednesday the average selling price for a home sold in September was $775,546, up 5.9 per cent from $732,039 in August. 

 

Ottawa Sun: House prices up nearly seven per cent in Ottawa as supply tightens 

With the exception of a couple of outliers, Ottawa’s real estate market in September continued to be marked by a great east-west divide. Overall, the benchmark price for single-family homes jumped 6.8 per cent year over year in September, reaching $401,100, according to figures published Wednesday by the Ottawa Real Estate Board. It’s the first time benchmark prices have topped $400,000. 

 

Toronto Star: Tougher mortgage rules would cause ‘substantial damage,’ says broker 

Mortgage broker Dominion Lending Centres is warning the federal government that another round of lending restrictions will further stifle the home ownership dreams of Canadians and potentially stunt the economic contributions of the housing sector. The company ran full-page newspaper ads on Tuesday asking Prime Minister Justin Trudeau and Finance Minister Bill Morneau to change mortgage rules that Dominion Lending says have “reduced the average Canadian family’s purchasing power by upwards of 20 per cent.” 

 

Reuters: Toronto home sales fall again, prices down 15.5 percent from peak 

Toronto home sales plunged in September from a year earlier and prices were down 15.5 percent from their April peak, but sales and prices inched up from August, suggesting housing in Canada's largest city may be stabilizing, data showed on Wednesday. Sales fell 35.1 percent from September 2016, the Toronto Real Estate Board (TREB) said in a report. It was the sixth straight month of declining year-on-year sales after a years-long boom that sparked fears of a bubble. 

 

BNN: Toronto home sales sink 35% while owners count on ‘uptick’ 

The sales slump sweeping across Toronto's housing market extended into September as buyers and sellers continued jockeying for position in the wake of the provincial government's 16-point plan to improve affordability. Sales across the Greater Toronto Area sank 35.1 per cent year-over-year last month as 6,379 properties traded hands, according to data released by the Toronto Real Estate Board on Wednesday. 

 

CBC: Hamilton home prices continue slide from spring 

Hamilton home prices continued to slide in September from a high reached in April, according to numbers released Wednesday by the Realtors Association of Hamilton-Burlington.  The median price of a home sold in September was $466,500.  That's down about 13 per cent from the $535,000 median price of homes sold in April. But it's still up about 7 per cent from September last year. 

 

CBC: September housing market a 'saner playing field,' K-W realtors say 

The number of homes sold in Kitchener and Waterloo dropped to 470 in September, down from 483 in August. It was also a decrease of 12.8 per cent compared to September 2016, when 540 residential units were sold. But the number still remains higher than the five-year September average of 437 sales, the Kitchener-Waterloo Association of Realtors (KWAR) said Wednesday. Year-to-date, 5,357 residential units have sold compared to 5,239 during the same period in 2016, a 2.3 per cent increase. Of the total number of residential sales in September, 285 detached homes, 38 semi-detached homes, 37 freehold townhouses and 105 condominium units — which includes apartments, semis and townhouses — were sold. 


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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