Real Estate Update
Feb. 2, 2015

Ethics and Business Practice
MREB
Real estate is a business built on trust. Working ethically is essentially building a solid relationship with your clients, employer and peers. Build your real estate industry career/business, by building your reputation for high ethical business standards.More

Memorandum
MREB
Keep yourself updated on changes to REBBA... take a look at what coming and how it affects you.

Donna Metcalfe, Executive Officer, MREB.More

Mississauga councillors hopeful for LRT funds after Hamilton mayor's comments
Mississauga
Ward 9 Councillor Pat Saito said she's taking recent news out of Hamilton about funding for that city's light rail transit project as "precedent" for Mississauga. Recently, Hamilton Mayor Fred Eisenberger met with Premier Kathleen Wynne and, following the meeting, told reporters that the province was going to fund 100 per cent of the capital costs of Hamilton's more than $800 million LRT.More

Condo buyer should review status certificate
Toronto Star
The status certificate contains the condominium's declaration, bylaws, and rules enforced by the condo’s board of directors. The status certificate also indicates the monthly fees for upkeep of the common areas — including building maintenance, landscaping and snow removal — and the utilities. If the condo you're looking at includes a parking space and/or locker, the certificate will tell you whether you own the space yourself, or whether it's a common element owned and assigned by the condo corporation. More

Study: Toronto makes list of least affordable housing markets
Metro News
A study placing Toronto yet again among the least affordable housing markets in the world has raised a debate about whether or not Ontario's Greenbelt is to blame for sky high house prices. On one side there's the head of an American think tank who describes himself as "pro-choice" on the issue of urban sprawl and on the other is a pro-densification and transit building philosophy shared by Toronto's chief planner and the Pembina Institute.More

How one buyer scored on the cheapest real estate day of the year
The Globe and Mail
Alexander Lush didn't know that the third Tuesday in January has been pegged as the cheapest day of the year to buy a house in Canada when he made an offer on a detached century home in Oshawa. At the time, he was just happy to nail an agreement before any rival buyers rushed in. "It was a lot less stressful than I thought it was going to be," Mr. Lush says. "It was very nice to not have to compete."More

Halton Region to hike property taxes 1.5 per cent
Inside Halton
Halton property owners will have to dig into their wallets, but the increased costs for regional and police services in 2015 will still be far less than a 24-case of beer. Regional council approved an operating budget of $464.3 million for regional services, calling for a 1.5 per cent property tax hike. That means owners of an average home assessed at $400,000 in Burlington, Oakville, Milton, and Halton Hills will pay $844, about $12 more than they paid in 2014. More

Real estate rep may also be mortgage agent
Toronto Star
In Ontario, registered real estate professionals can also be licensed mortgage agents. Mortgage agents are regulated under the Mortgage Brokers Act by the Financial Services Commission of Ontario (FSCO) — not the provincial Real Estate Council. A person who is both a registered real estate professional and a licensed mortgage broker is allowed to act in both capacities.More

Eve Adams won't rule out running for Mississauga council seat
Toronto Star
Mississauga MP Eve Adams, who is engaged to Dimitri Soudas, the ousted member of Prime Minister Stephen Harper's inner circle, won't rule out an exit from Ottawa to run in a municipal by-election. When asked to confirm a rumour that she will run in an upcoming Mississauga by-election, Adams, a former city councillor, said she has made no decision.More

Royal LePage: Toronto home prices to lead Canada in 2015
CBC News
Royal LePage says the price of a Canadian home is expected to rise by a relatively modest 2.9 per cent on average in 2015 as price appreciation slows across the country. Toronto is expected to lead the pack when it comes to price increases this year, with the realtor saying the average home price in Canada's largest city is forecast to rise by 4.5 per cent, although that would be well behind last year's pace.More

Royal Bank cuts prime rate to 2.85 per cent; other big banks follow suit
The Province
Canada's biggest banks have started passing on some — but not all — of the Bank of Canada's recent rate cut, lowering the interest charged to borrowers with loans and mortgages tied to the prime rate. Royal Bank was the first to cut its prime rate when it announced it would go down to 2.85 per cent from three per cent.More

Realtors offer cash rebates to woo do-it-yourself homebuyers
CBC News
The role of realtors is changing, as Canadians are no longer relying on them to find the right homes. High-tech real estate websites are now empowering consumers to shop for their dream homes on their own. As the internet transforms their industry, where does the real estate agent fit in? A new breed of realtors say they're often not needed until the home stretch. So they're offering clients a cut to their commission that can amount to a rebate of thousands of dollars.More

Hamilton core leads in home price hikes
The Hamilton Spectator
Average home sale prices in the lower central city have crossed the $200,000 threshold for the first time on a big jump in value last year. Hamilton Centre had an average sale price of $202,011 in 2014 on 1,461 sales. That was an increase of 14 per cent over the average of $177,044 in 2013. The figures were released as part of the Realtors Association of Hamilton-Burlington's 2015 forecast.More