OREA In The News

Globe and Mail: Tougher mortgage rules could shut out 50,000 potential home buyers a year: report 

Tougher mortgage stress-testing rules could make it impossible for 40,000 to 50,000 Canadians to buy a home each year, driving down real estate sales and reducing the anticipated pace of new mortgage-lending growth, according to a new analysis. A report by Mortgage Professionals Canada, a national mortgage-broker industry association, forecasts about 18 per cent of home buyers – or about 100,000 people a year – would not qualify for their preferred home purchase option under new rules announced in October by Canada's banking regulator, the Office of the Superintendent of Financial Institutions. 

Bank of Mom and Dad thriving in urban housing markets, survey show

While millennials struggle to gain a toehold in some of Canada’s priciest real estate markets, baby boomers who have profited from rising property prices are demonstrating a desire to give the next generation a helping hand.  A new survey released on Tuesday by Sotheby’s International Realty and Mustel Group shows six in 10 (61 per cent) urban baby boomers living in Toronto, Vancouver, Calgary, and Montreal say their investments in real estate have fared better than other investments. And despite a wave of measures by various levels of government and among regulators, almost half (47 per cent) of urban baby boomers expect more outperformance in the next half-decade 

Canadian Press: Feds fear expanding Home Buyers’ Plan would fuel hot housing market: document 

The federal Liberals are having second thoughts about a 2015 campaign promise out of concern that expanding the popular Home Buyers’ Plan would throw fuel on overheated housing markets. An internal document suggests high housing prices are a key reason the Liberals don’t appear to be in a hurry to fulfil an election pledge that would enable Canadians to dip back into their registered retirement savings to help pay for a home. 

Mortgage Broker News: Gov't must ease young home buyers' financial woes – CREA 

The federal government should allow parents who want to help their offspring with the purchase of a home to tap into their retirement savings, according to the Canadian Real Estate Association. Extending the Home Buyers’ Plan to allow for “intergenerational RRSP loans” would ease the financial burden that many young Canadians face when trying to purchase a home for the first time, wrote CREA in its 2018 pre-budget submission to the House of Commons Standing Committee on Finance. 

Toronto Star: Is rent control making Toronto’s vacancy squeeze worse? 

If developers were allowed to add 10 floors to every building proposal this year, there would be thousands of new rental units on the market in a short time, says Joseph Feldman, director of development for Camrost Felcorp. “Ten storeys — that takes an extra 10 weeks on the construction cycle. A new 10-storey building takes a couple of years,” he said. “By just allowing a couple more floors, the impact to the typical pedestrian is negligible at grade. It’s low-impact but it will lead to a healthier market.” 

Real Estate Professional: Are recent Canadian market corrections really false positives? 

As Alberta, B.C. and Ontario have borne witness to market corrections over the last couple of years, residents have held their collective breath hoping they’ll be able to enter the housing market. But will  they?Royal LePage’s CEO Phil Sopher says they will, with time. “In Alberta there was a housing correction in 2015, in B.C. it was in 2016, and Ontario in 2017. In each of these cases, home prices flattened right out, so it’s going to get better for homeownership in the most expensive places because incomes and salaries will have a chance to catch up to rising home prices, and that’s what market corrections do,” he said. 


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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