E.B.Dungey Realty Ltd. Brokerage

TORONTO, October 23, 2017 — Toronto Real Estate Board President Tim Syrianos announced that year-over-year increases in average rents for condominium apartments were up very strongly in the third quarter, based on rental transactions reported by Greater Toronto REALTORS® through TREB’s MLS® System.

The average rent for one-bedroom condominium apartments in the TREB market area was up by 11.2 per cent on an annual basis to $1,976 in Q3 2017.  The average two-bedroom condominium apartment rent was up by 7.7 per cent over the same period to $2,607.

“Competition between renters remained very strong for available units in Q3.  It is clear that supply is part of the issue.  Different levels of government have committed to looking at housing supply through the policy lens.  TREB has participated in these policy discussions and looks forward to continuing the dialogue.  To this end, TREB does have concerns that increased rent controls and a possible vacancy tax in the City of Toronto could serve to reduce the supply of available rental units as potential investors look to less-regulated sectors in which to invest,” said Mr. Syrianos.

The number of condominium apartments listed during the third quarter and the number of rental agreements signed were down by similar amounts on a year-over-year basis.

“It is reasonable to assume that the vacancy rate for condominium apartments has trended lower this year.  If the current relationship between rental demand and supply remains in place moving forward, rent increases for available units will continue to trend well-above the rate of inflation.  Economic and demographic trends suggest that rental demand will increase and there are real concerns that the already constrained supply of units for rent could get worse,” said Jason Mercer, TREB’s Director of Market Analysis.

Article source: http://www.trebhome.com/market_news/release_market_updates/news2017/nr_rental_report_Q3-2017.htm

TORONTO, October 23, 2017 — Toronto Real Estate Board President Tim Syrianos reported continued average price growth on a year-over-year basis for condominium apartments listed and sold through TREB’s MLS® System by Greater Toronto Area REALTORS®.  The average selling price was $510,206 in Q3 2017 – up by 22.7 per cent compared to the average of $415,894 reported in Q3 2016.

“The condominium apartment market segment has exhibited the strongest average rates of price growth since the spring, relative to other major market segments.  Competition between buyers remains strong, as listings remain below last year’s very constrained levels.  Over the past few months, TREB has participated in discussions at various levels of government pointed at developing solutions for the housing supply issue in the GTA.  As these discussions continue, it will be important to remember that the condominium apartment market is not immune to a listings shortage,” said Mr. Syrianos.

“TREB will also be paying close attention to the potential impacts of the new OSFI Guideline B-20 concerning new mortgage rules and underwriting standards, and the possibility of a vacancy tax in the City of Toronto.  We will be asking consumers about their opinion on these initiatives, from the prospective of buying and selling intentions, during our fall polling cycle,” continued Mr. Syrianos.

There were 5,684 condominium apartment sales reported through TREB’s MLS® System in the third quarter of 2017.  This result was down from 7,991 sales reported during the same period in 2016.

New condominium apartment listings were also down on a year-over-year basis by 10 per cent to 9,845 in Q3 2017 compared to 10,967 in Q3 2016.

“Condominium apartments will likely account for a greater share of home sales as we move forward.  Consumer polling undertaken for TREB by Ipsos in the spring pointed to increased buying intentions for condominium apartments.  With this in mind, it is not surprising that we have continued to see robust price growth, as demand has remained strong relative to available listings,” said Jason Mercer, TREB’s Director of Market Analysis.

Article source: http://www.trebhome.com/market_news/release_market_updates/news2017/nr_condo_report_Q3-2017.htm

HAMILTON, ON, October 20, 2017 — The governments of Canada and Ontario have partnered to help fund affordable rental housing for residents in Hamilton.

A groundbreaking ceremony was held today for a 45-unit housing facility for individuals, including those living with mental health issues and physical disabilities, at 500 James Street North. The development received $6.3 million in combined federal and provincial funding through the Canada-Ontario Investment in Affordable Housing agreement.

Bob Bratina, Member of Parliament for Hamilton East-Stoney Creek, on behalf of the Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC), and Ted McMeekin, Member of Provincial Parliament for Ancaster-Dundas-Flamborough-Westdale, on behalf of the Honourable Peter Milczyn, Minister of Housing and Minister Responsible for the Poverty Reduction Strategy, made the announcement.

The City of Hamilton contributed more than $990,000 to the initiative and also participated in the groundbreaking ceremony.

Quick facts:

• The facility is a partnership between Indwell and Hughson Street Baptist Church and will include both affordable housing and a place of worship.
• Many units will be barrier-free.
• Developers will seek to meet passive house certification for 500 James Street North, a highly energy-efficient building standard that significantly reduces heating and cooling costs.
• Planned amenities in the complex include a common room, gymnasium/auditorium, atrium, chapel, community kitchen and classrooms for youth programs.

Quotes:

“Our Government is investing in affordable housing in Ontario and across the country to help create jobs and improve the quality of life for people who need it most. When complete, this new development will bring 45 more affordable rental housing units to our city of Hamilton, giving a new place to call home for families in our community.”
— Bob Bratina, Member of Parliament for Hamilton East-Stoney Creek

“We are proud to help fund projects that give members of our community a safe and affordable place to call home. Partnerships such as this one not only benefit the people who will be living at this new facility, but our city and our province as a whole.”
— Ted McMeekin, Member of Provincial Parliament for Ancaster-Dundas-Flamborough-Westdale

Associated links:

• As Canada’s authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to all levels of Canadian government, consumers and the housing industry. For more information, please call 1-800-668-2642.
• Investing in affordable housing programs is part of Ontario’s plan to create jobs, grow the economy and help people in their everyday lives. Since 2003, the province has committed more than $5 billion in funding for affordable housing, which has helped support more than 22,000 new affordable rental housing units, more than 335,000 repairs and improvements to social and affordable housing units and rental and down payment assistance to more than 93,000 households in need. These investments complement the commitments made through Ontario’s recent Long-Term Affordable Housing Strategy update, and support the province’s goal of ending chronic homelessness by 2025. For more information on affordable housing in Ontario, visit ontario.ca/affordablehousing.

Stay connected:

• Follow us on Twitter, YouTube, LinkedIn and Facebook.
• Follow Ontario’s Ministry of Housing on Twitter.

Media contacts:

Émilie Gauduchon
Press Secretary
Office of Minister Duclos
819-654-5546
emilie.gauduchon@hrsdc-rhdcc.gc.ca

Wilbur McLean
Public Affairs
Canada Mortgage and Housing Corporation
416-218-3331
wmclean@cmhc-schl.gc.ca

Myriam Denis
Press Secretary and Communications Advisor
Office of Minister Milczyn
416-585-6333
myriam.denis@ontario.ca

Conrad Spezowka
Communications
Ministry of Housing
416-585-7066
conrad.spezowka@ontario.ca

Article source: http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2017/2017-10-20-0915.cfm

TORONTO, October 6, 2017 — The Toronto Real Estate Board (TREB) welcomes the provincial announcement on proposed changes to the Real Estate and Business Brokers Act, 2002 (REBBA) pertaining to conflict of interest issues that arise in multiple representation situations in real estate transactions.

“TREB is pleased that the Ontario Government is listening to the advice provided by the industry and is working to bring forward a workable solution. Throughout 2017, TREB has demonstrated its commitment to consumer protection and efficiency for real estate transactions in meetings with the Ministry of Government and Consumer Services, and provided input on their ongoing consultations regarding potential changes to REBBA,” said TREB President Tim Syrianos.

Phase One of the current provincial review is focusing on issues associated with multiple representation situations, consumer understanding of real estate transaction agreements, and penalties for unethical behaviour.

TREB supports the move towards a mandatory designated representation model where the brokerage would be required to designate different representatives from that brokerage to represent each client in the same transaction. However, the industry is working with the government to allow for flexibility in the rules to allow two clients in the same transaction, such as a buyer and seller or more than one buyer, to work with the same REALTOR® as an impartial facilitator, with consumer consent. This will provide for consumer choice.

“The detail still needs to be sorted out and the legislation still has to go through the legislative process, including public consultations. However, the government has committed to moving forward with a model similar to what the industry is advocating for,” said TREB CEO John DiMichele.

“The vast majority of TREB Members are ethical and comply with the Real Estate and Business Brokers Act. TREB looks forward to continuing to work with the province on all aspects of this and other important issues under REBBA such as raising educational standards and requirements,” said Syrianos.

Article source: http://www.trebhome.com/market_news/release_market_updates/news2017/nr_multiple_representation_100617.htm

TORONTO, October 4, 2017 — Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 6,379 sales through TREB’s MLS® System in September 2017.  This result was down by 35 per cent compared to September 2016.

The number of new listings entered into TREB’s MLS® System amounted to 16,469 in September – up by 9.4 per cent year-over-year.

“The improvement in listings in September compared to a year earlier suggests that home owners are anticipating an uptick in sales activity as we move through the fall.  Consumer polling undertaken for TREB in the spring suggested that buying intentions over the next year remain strong.  As we move through the fourth quarter we could see some buyers moving off the sidelines, taking advantage of a better-supplied marketplace,” said Mr. Syrianos.

The average selling price in September 2017 was $775,546 – up 2.6 per cent compared to September 2016.  The MLS® Home Price Index (HPI) composite benchmark was up by 12.2 per cent on a year-over-year basis.  A key reason for the difference in annual growth rates between the average price and the MLS® HPI composite is the fact that detached homes – the most expensive market segment on average – accounted for a smaller share of overall transactions this year compared to last.

“With more balanced market conditions, the pace of year-over-year price growth was more moderate in September compared to a year ago.  However, the exception was the condominium apartment market segment, where average and benchmark sales prices were up by more than 20 per cent compared to last year.  Tighter market conditions for condominium apartments follows consumer polling results from the spring that pointed toward a shift to condos in terms of buyer intentions,” said Jason Mercer, TREB’s Director of Market Analysis.

Article source: http://www.trebhome.com/market_news/release_market_updates/news2017/nr_market_watch_0917.htm