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Phantom real estate bids targeted by new Ontario law
Toronto Star
Soon, homebuyers in Ontario will have new protections against phantom bids, a practice used by unscrupulous real estate agents to drive up the prices of homes. Agents may hint they have received competing offers when they haven’t in order to spook potential buyers into raising their offers or rushing into a deal. Some homebuyers believe the practice occurs during bidding wars in cities with red-hot real estate markets such as Toronto and Vancouver. But prior to the new law, these suspicions have been difficult to prove.
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Senior $1 transit fare pilot starts this month
Mississauga.com
Seniors will be able to ride MiWay transit buses for $1 during select hours starting under a six-month pilot project. The project, which was approved recently by councillors, allows seniors to ride MiWay for just $1. According to Geoff Marinoff, the City's director of transit, the $1 fare would be for off-peak hours, which on weekdays are considered between 9:30 a.m. and 3:30 p.m. and after 7 p.m., and all-day on weekends and holidays.
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Ontario investing $5 million in health care services in Mississauga and Etobicoke
Ontario.ca
Ontario is investing in Trillium Health Partners to help the three-site hospital move forward with planning for patient care to ensure Mississauga and Etobicoke residents have continued access to high quality care. The Ontario government is committing a new $5 million planning grant to Trillium Health Partners, one of the largest hospitals in the province, which serves some of the highest patient volumes in Ontario.
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Gap between Toronto condos and low-rise homes jumps a record $100,000 from a year ago
Financial Post
There is no end in sight to the rising price of new low-rise homes relative to high-rise condominiums in Canada's largest city, say Toronto builders. There is no end in sight to the rising price of new low-rise homes relative to high-rise condominiums in Canada's largest city, say Toronto builders.
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CREA: May sees stronger Canadian home sales
Remi Network
According to the Canadian Real Estate Association (CREA), May 2015 was the fourth consecutive month where Canadian home sales showed an increase over the previous month. The MLS systems of Canadian real estate boards and associations processed 3.1 per cent more home sales in May 2015 compared to April, making home sales the strongest they have been in more than five years.
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Apartment vacancy rate dips in Waterloo Region
The Record
It's getting a little bit harder to find an apartment to rent in Waterloo Region. The apartment vacancy rate in the Kitchener-Cambridge-Census metropolitan area dipped to 2.9 per cent in April, down from 3.6 per cent a year earlier, the Canada Mortgage and Housing Corp. reported. The decline echoes the trend across Ontario. The vacancy rate for 15 urban centres across the province declined to 2.5 per cent from 2.8 per cent a year ago.
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Vintage buildings in high demand for condo buyers young and old
The Globe and Mail
Real estate agent Jill Lubinski had no plans to set an offer date when she was getting ready to list a condo unit for sale at 15 McMurrich St. in central Toronto. But the renovated two-bedroom unit was already drawing attention from neighbours in the circa 1981 building near Yonge and Davenport. One young woman had appeared at the door with her agent in tow while Ms. Lubinski was in the throes of sweeping and cleaning, she recalls with a laugh.
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Poll: Many Canadians would struggle if mortgage payments grew slightly
The Globe and Mail
A survey by Manulife Bank of Canada says nearly half of Canadian homeowners are taking steps to whittle down their mortgage debt, but many would be in trouble if their monthly payments grew even slightly. Manulife says 18 per cent of homeowners made extra lump-sum payments towards their mortgages in the past year, while 17 per cent increased their regular payments. Another 5 per cent of respondents did both.
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Thought the real estate market couldn't get any crazier? Think again
Maclean's
Robert Ellis purchased his two-storey house in Toronto's Leaside neighbourhood 14 years ago. He was drawn to the area's leafy streets, sturdy, double-brick 1930s-era homes and the proximity to local merchants on nearby Bayview Avenue—the proverbial "butcher, baker and candlestick-maker," as he calls them. But the idyllic existence was shattered in 2012 when the bungalow next door sold for $760,000.
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TRENDING ARTICLES
Missed last week's issue? See which articles your colleagues read most.

    Mississauga passes new storm water tax with higher fee for larger homes (Metro News)
Mississauga and Brampton rise on best places to live list (Mississauga.com)
Why the sky still isn't falling on Canada's real estate market (Financial Post)

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Real Estate Update
Frank Humada, Director of Publishing, 289.695.5422
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Joanne Lam, Content Editor, 289.695.5474   
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