Real Estate in the News

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This week’s top real estate news in Ontario and how your real estate business could be affected.

‘Impossible to say’ what outcome of new housing rules will be: Morneau
Finance Minister Bill Morneau says it’s “impossible to say with absolute clarity” what the impacts of new mortgage rules introduced by Ottawa earlier this month will be.

A foreign buyers tax for Toronto? Three-in-four in the GTA would support following Vancouver’s lead
While support for a GTA tax is high, foreign investment in the real estate market did not top the list of main causes for high housing prices when residents were asked last year, as seen in the graph that follows.

How much will the new rules impact homebuyers?
Agents can glean some insight into just how much the new mortgage rules will impact buyers, based on a recent lender’s commentary on how it will affect their own bottom line.

3 reasons why recent mortgage rule changes will actually cool the Canadian housing market
There are three reasons the most recent changes — more stringent mortgage stress testing, streamlined requirements for low- and high-ratio mortgages, and the closing of a loophole that allows foreign buyers to flip homes without paying capital gains taxes — will pack more punch than previous measures.

Province Proposing Changes to Ontario Municipal Board
Ontario’s independent, arms-length land-use appeals board has been subject to recent criticism over its apparent overreach in Toronto’s municipal planning affairs, particularly controversially, its frequent overruling of development applications that many consider to be inappropriately-scaled and which have been refused by City planning staff.

This chart shows why you should expect higher Toronto home prices and a Vancouver correction
“Notably, sales-to-new listings ratios… have gone in opposite directions in recent months, with Vancouver quickly loosening up, while sellers remain in firm control in Toronto,” Robert Kavcic, a senior economist with Bank of Montreal, writes in a note published last Friday.

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