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We are more than half-way through 2019 and as such are taking a look back at the biggest Canadian real estate news so far this year.
The Canadian real estate industry moves quickly and January to June 2019 was no exception.
Here are some of the biggest stories that have been making headlines:
Calls for B-20 Reform
Across the country, real estate leaders have been calling for changes to the B-20 Guidelines that imposed a new mortgage stress test. Mortgage Professionals Canada, the Canadian Home Builders’ Association, major economists, such as CIBC’s Benjamin Tal, and others believe the stress test should be modified.
OREA Bully Offers
The Ontario Real Estate Association (OREA) recommended an end to “bully offers,” meaning a pre-emptive offer that comes in before the offer date.
“If a home listing includes an offer date, that’s the date on which all offers should be considered; an offer made before that date, which is known as a pre-emptive, or ‘bully offers’, should not be allowed,” said Karen Cox, OREA President.
“This will ensure that all interested buyers of a particular home get a fair shot at making an offer. For sellers, it means they will have a chance to work with their REALTOR® to carefully and thoughtfully consider all offers without feeling like they are in a pressure cooker.”
The Ontario government received public input for updating the Real Estate and Business Brokers Act (REBBA). Real estate professionals across the province gave recommendations for REBBA reform.
“It has been almost two decades since the last comprehensive review of the Real Estate and Business Brokers Act. The market has dramatically changed since then,” said Bill Walker, Minister of Government and Consumer Services, in a statement.
“Our government is looking for input from the public, including homeowners, renters and real estate professionals, about strengthening the legislation so the people are better served.”
Research from Ryerson University’s Centre for Urban Research and Land Development (CUR) found that nearly 6,000 government-owned properties across the Greater Golden Horseshoe could be used for real estate development. CUR, the Ontario Home Builders’ Association, and OREA recommended that it be used to create affordable housing.
Teranet Market Insights Report
The 2019 Q1 Teranet Market Insights Report came out in March of 2019 with an analysis of the impacts of the mortgage stress test and how it affected mortgage activity and the market share of Ontario’s banks and lenders.
Teranet Market Insights Forum
On March 29, 2019, real estate industry leaders attended the first Teranet Market Insights Forum of the year.
Stéfane Marion, Chief Economist and Strategist at the National Bank spoke about what is to come for the Canadian economy in 2019. Roger Vandomme, Chief Data Scientist at SMC, discussed the role AI and Human Decision Making has to play in the real estate market. And Michael Pertsis, Director of Mortgage Business, Global Funding, and Treasury at National Bank, presented about the Teranet-National Bank House Price Index.
Teranet National-Bank House Price Index
The Teranet-National Bank House Price Index, an independent representation of the rate of change of Canadian single-family home prices, is released monthly. In 2019 Q1, the Composite Index continued to decline.
Read the January 2019 report: https://housepriceindex.ca/2019/02/january2019/
Read the February 2019 report: https://housepriceindex.ca/2019/03/february2019/
Read the March 2019 report: https://housepriceindex.ca/2019/04/march2019/
Read the April 2019 report: https://housepriceindex.ca/2019/05/april2019/
Read the May 2019 report: https://housepriceindex.ca/2019/06/may2019/
Read the June 2019 report: https://housepriceindex.ca/2019/07/june2019/
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