OREA In the News

Globe and Mail: Home ownership is key to national housing strategy, report urges 

A new report urges the federal government to encourage more home ownership as a central feature of the upcoming national housing strategy. Canada's home ownership rate stood at 67.8 per cent in 2016, down slightly from 70 per cent in 2011. The report from the Macdonald-Laurier Institute acknowledges that its recommendations go against the grain of current thinking about how to address concerns about house prices and personal debt loads. Yet it takes the position that governments have gone too far in recent years to address these concerns, depriving many Canadians of the social and societal benefits that come from home ownership. 

Global News: Starting next year, a B.C. realtor can’t represent both buyer and seller on one deal 

In B.C., a single realtor can currently represent both buyer and seller on a home sale. 

It’s an arrangement that will end in March, as part of a slate of new rules that B.C.’s Office of the Superintendent of Real Estate (OSRE) introduced on Wednesday. The rules ban what’s called a “dual agency” deal, in which a realtor acts on behalf of the homebuyer and the seller at the same time. 

B.C. will be the first province in Canada to ban the practice, when the rules come into effect on March 15, 2018, according to OSRE. 

Canadian Press: Worried your presale condo might be cancelled? Research the developer first 

With a sigh and hesitant pause, Jason Paris confides that in retrospect he wishes he’d done more research before putting down a deposit on the now defunct Museum FLTS condominium project in Toronto’s trendy Lower Junction area. The 43-year-old television production manager is one of hundreds of would-be homeowners who recently had their money returned and dreams dashed when the building’s developer, Castlepoint Numa, cited lengthy delays obtaining the necessary approvals, building permits and financing, as reasons for the halt. 

Mortgage Broker News: CMHC takes aim at shadow lenders amid rising debt levels 

Canada’s housing agency is seeking more data on home loans from shadow lenders, amid concern rising levels of debt aren’t being adequately tracked and may increase the risk of financial instability. Canada Mortgage & Housing Corp. (CMHC) will seek data from participants in the securitization program on their uninsured conventional mortgage lending, said Evan Siddall, chief executive officer at the Ottawa-based agency. CMHC needs to “know what risk we are exposed to,” and so will use the reported information to decide if changes are needed to their rules, he said. 

Waterloo Record: It's a bad bet to buy an ‘illegal' home, builders warn 

Home builders worry that as the region grows and house prices soar, buyers may be more tempted to save a few bucks by turning to unlicensed builders. Don't do it, home builders and building officials warn. Ask questions. Research your biggest purchase. Ponder risks such as shoddy construction and warranty headaches. While it's OK in Ontario to build your own home without licensing, it's illegal for an unlicensed contractor to build a new home and offer it for sale. Ontario's homebuilding regulator, Tarion, has opened eight investigations into 11 local homes since 2015, resulting in three convictions for illegal building. 

Home Builder Magazine: CHBA warns of new energy code costs 

The proposed new federal energy building code will nail costs ranging from $30,000 to $50,000 onto the price of a new house, according to the Canadian Home Builders’ Association (CHBA). 
The new code is being drafted with Natural Resources Canada (NRCan), which is currently in consultations to implement significantly higher energy efficiency standards into new-home construction.  

Better Dwelling: Teranet: Canadian Real Estate Prices Drop 1%, Largest Single-Month Decline Since 2010 

Canadian real estate prices are seeing tapering growth in many cities. Numbers from the Teranet-National Bank of Canada index show one of the largest monthly declines in the index’s history. The declines were led by a massive drop in Toronto, which is the biggest component of the index. The monthly decline wasn’t enough to bring any of the cities into negative territory. 


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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