Oshawa, Ontario – Nestled within the welcoming community of Oshawa, a hidden gem awaits, offering the perfect blend of comfort, convenience, and elegance. Introducing a superb Kassigner-built home that exudes charm and function, providing an idyllic family home for you and your loved ones.

A Perfect Family-Oriented Location

Located in a fantastic family-oriented area, this property boasts a prime location, making it a top choice for families seeking a warm and friendly neighborhood. With proximity to five top-notch schools, parents can rest assured their children will receive an excellent education.

Nature’s Playground at Your Doorstep

Nature lovers will rejoice in the abundance of green spaces nearby. Just a mere 5-minute stroll will lead you to three picturesque parks, offering endless opportunities for outdoor activities and quality family time. For more play options, you’ll find four inviting playgrounds and two expansive sports fields within a pleasant 20-minute walk.

Convenience at Your Fingertips

For those with a daily commute, the property’s unbeatable convenience comes to light. A transit stop is just 4 minutes away, providing easy access to public transportation options.

Exquisite Interior and Generous Spaces

Step inside to be greeted by stunning hardwood and tile floors on the main level, creating a warm and inviting ambiance. The second level showcases elegant parquet flooring, adding a classic touch to every room.

The home boasts four spacious bedrooms, offering ample space for your family’s comfort. Additionally, an unfinished fifth bedroom in the basement provides exciting possibilities for customizing your living space. With three total bathrooms, including one with a rough-in for an additional shower, there is tremendous potential for expanding your home to suit your needs.

A Garage Fit for Your Needs

No need to worry about parking space – the high and deep garage is perfect for accommodating your large vehicle, complete with a soaring 9ft header for extra height.

Your Private Oasis Awaits

Step outside to your own private oasis, a fully fenced backyard providing the perfect sanctuary for relaxation, entertaining friends, and creating cherished family memories.

Welcome Home

Don’t miss this incredible opportunity to call this beautiful property your forever home. Contact us today for more information and to schedule your private tour of this fantastic Kassigner gem.

Oshawa, Ontario offers the perfect blend of city amenities and a welcoming community, making it the ideal place to call home. Take the first step towards your dream life by discovering the charm and elegance of this superb Kassigner-built residence.

Disclaimer: This property is currently listed for $799,900. (Listing ID: E6701622)

Coldwell Banker R.M.R. Real Estate, Brokerage is a leading real estate agency in Durham Region, dedicated to helping you find your dream home. For inquiries and to book a viewing, please contact Gerald Lawrence at 416-556-0238.

Disclaimer: The above blog is for informational purposes only and is not a formal real estate listing. Prices and availability are subject to change. Please verify all information with the respective real estate agent.

Bank of Canada raises policy rate 25 basis points, continues quantitative tightening

The Bank of Canada today increased its target for the overnight rate to 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is also continuing its policy of quantitative tightening.

Global inflation is easing, with lower energy prices and a decline in goods price inflation. However, robust demand and tight labour markets are causing persistent inflationary pressures in services. Economic growth has been stronger than expected, especially in the United States, where consumer and business spending has been surprisingly resilient. After a surge in early 2023, China’s economic growth is softening, with slowing exports and ongoing weakness in its property sector. Growth in the euro area is effectively stalled: while the service sector continues to grow, manufacturing is contracting. Global financial conditions have tightened, with bond yields up in North America and Europe as major central banks signal further interest rate increases may be needed to combat inflation.

The Bank’s July Monetary Policy Report (MPR) projects the global economy will grow by around 2.8% this year and 2.4% in 2024, followed by 2.7% growth in 2025.

Canada’s economy has been stronger than expected, with more momentum in demand. Consumption growth has been surprisingly strong at 5.8% in the first quarter. While the Bank expects consumer spending to slow in response to the cumulative increase in interest rates, recent retail trade and other data suggest more persistent excess demand in the economy. In addition, the housing market has seen some pickup. New construction and real estate listings are lagging demand, which is adding pressure to prices. In the labour market, there are signs of more availability of workers, but conditions remain tight, and wage growth has been around 4-5%. Strong population growth from immigration is adding both demand and supply to the economy: newcomers are helping to ease the shortage of workers while also boosting consumer spending and adding to demand for housing.

As higher interest rates continue to work their way through the economy, the Bank expects economic growth to slow, averaging around 1% through the second half of this year and the first half of next year. This implies real GDP growth of 1.8% in 2023 and 1.2% in 2024. The economy will move into modest excess supply early next year before growth picks up to 2.4% in 2025.

Inflation in Canada eased to 3.4% in May, a substantial and welcome drop from its peak of 8.1% last summer. While CPI inflation has come down largely as expected so far this year, the downward momentum has come more from lower energy prices, and less from easing underlying inflation. With the large price increases of last year out of the annual data, there will be less near-term downward momentum in CPI inflation. Moreover, with three-month rates of core inflation running around 3½-4% since last September, underlying price pressures appear to be more persistent than anticipated. This is reinforced by the Bank’s business surveys, which find businesses are still increasing their prices more frequently than normal.

In the July MPR projection, CPI inflation is forecast to hover around 3% for the next year before gradually declining to 2% in the middle of 2025. This is a slower return to target than was forecast in the January and April projections. Governing Council remains concerned that progress towards the 2% target could stall, jeopardizing the return to price stability.

In light of the accumulation of evidence that excess demand and elevated core inflation are both proving more persistent, and taking into account its revised outlook for economic activity and inflation, Governing Council decided to increase the policy interest rate to 5%. Quantitative tightening is complementing the restrictive stance of monetary policy and normalizing the Bank’s balance sheet. Governing Council will continue to assess the dynamics of core inflation and the outlook for CPI inflation. In particular, we will be evaluating whether the evolution of excess demand, inflation expectations, wage growth and corporate pricing behaviour are consistent with achieving the 2% inflation target. The Bank remains resolute in its commitment to restoring price stability for Canadians.

Information note
The next scheduled date for announcing the overnight rate target is September 6, 2023. The Bank will publish its next full outlook for the economy and inflation, including risks to the projection, in the Monetary Policy Report on October 25, 2023.

LACK OF LISTINGS LED TO TIGHTER GTA MARKET CONDITIONS IN JUNE TRREB Urges Governments to Accelerate Action on Housing Supply TORONTO, ONTARIO, July 6, 2023 – Home sales and the average selling price in the Greater Toronto Area (GTA) in June 2023 remained above last year’s levels. Seasonally adjusted sales dipped on a month-over-month basis. The seasonally adjusted average selling price and the MLS® Home Price Index (HPI) Composite benchmark were up compared to the previous month.

“The demand for ownership housing is stronger than last year, despite higher borrowing costs. With this said, home sales were hampered last month by uncertainty surrounding the Bank of Canada’s outlook on inflation and interest rates. Furthermore, a persistent lack of inventory likely sidelined some willing buyers because they couldn’t find a home meeting their needs. Simply put, you can’t buy what is not available,” said Toronto Regional Real Estate Board (TRREB) President Paul Baron.

GTA REALTORS® reported 7,481 sales through TRREB’s MLS® System in June 2023 – up 16.5 per cent compared to June 2022. The number of listings was down by three per cent over the same period.

The year-over-year increase in sales coupled with the decrease in new listings mean market conditions were tighter this past June relative to the same period last year. The average selling price was up by 3.2 per cent to $1,182,120. The MLS® HPI Composite benchmark was still down by 1.9 per cent on a yearover-year basis – the lowest annual rate of decline in 2023. On a month-over-month basis the seasonally adjusted average price and MLS® HPI Composite benchmark were up.

“A resilient economy, tight labour market and record population growth kept home sales well above last year’s lows. Looking forward, the Bank of Canada’s interest rate decision this month and its guidance on inflation and borrowing costs for the remainder of 2023 will help us understand how much sales and price will recover beyond current levels,” said TRREB Chief Market Analyst Jason Mercer.

“GTA municipalities continue to lag in bringing new housing online at a pace sufficient to make up for the current deficit and keep up with record population growth. Leaders at all levels of government, including the new mayor-elect of Toronto, have committed to rectifying the housing supply crisis. We need to see these commitments coming to fruition immediately, or we will continue to fall further behind each month,” stressed TRREB CEO John DiMichele.

“In addition to the impact of the listing shortage, housing affordability is also hampered on an ongoing basis by taxation and fees associated with home sales and construction as well as the general level of taxation impacting households today. Going forward, we need to look at all of the factors influencing the household balance sheet and people’s ability to house themselves,” continued DiMichele.

The real estate market inside scoop for the community you love. See homes that are for sale and have recently sold. Find out if home sales in your neighbourhood are trending up or down. See what homes around you are currently selling for.

Introduction:
Welcome to my blog post, where I invite you to explore the charm and elegance of a truly remarkable property. Nestled in a desirable location, this beautiful 2+2 bedroom, 3 full bathroom open concept bungalow offers a sanctuary of comfort and style. With its impeccable design and thoughtful features, it presents an opportunity for a lovely home for small family or downsizers .

Exquisite Design and Features:
Built in 2004, this brick and vinyl siding bungalow seamlessly blends modern aesthetics with enduring quality. The open concept layout provides a sense of spaciousness, perfect for both relaxation and entertainment.

The 1258 square footage above grade ensures ample room to create memorable experiences. As you step outside, a large wooden deck awaits, offering a breathtaking southwest view that promises unforgettable sunsets and gatherings with loved ones.

Step inside and be captivated by the elegant vinyl laminate floors that adorn the entire main floor. The vaulted ceilings in the family room create an airy and grand ambiance, complemented by the stylish Hunter Douglas blinds on three windows. These blinds offer the perfect balance of privacy and natural light, allowing you to create the ideal atmosphere for every occasion.

Comfort and Convenience:
This bungalow features 2+2 well-appointed bedrooms, providing space for relaxation and restful nights. With 3 full bathrooms, the morning rush will be a thing of the past, ensuring everyone can start their day with ease.

Located just steps away from Valleymore Park, you’ll have nature’s beauty at your fingertips. Take leisurely walks, engage in outdoor activities, and immerse yourself in the serenity of the surroundings.

The convenient proximity to Lansdowne Street and Hwy 7/115 makes commuting and accessing amenities a breeze. Whether you’re heading out for work or leisure, you’ll find that everything you need is just a short drive away.

A Cozy and Versatile Basement:
The finished basement offers a retreat for relaxation or recreation. Plush broadloom creates a warm and inviting atmosphere, making it the perfect space for movie nights, home office setups, or even a play area for the little ones. The possibilities are endless.

Conclusion:
In summary, this beautiful 2+2 bedroom, 3 full bathroom open concept bungalow presents an unparalleled opportunity for a fulfilling lifestyle. From its tasteful design and captivating features to the convenient location near Valleymore Park, Lansdowne Street, and Hwy 7/115, every aspect of this home has been thoughtfully considered.

Come and experience the tranquility, convenience, and elegance this property has to offer. Embrace the warmth of the wooden deck, the charm of vinyl laminate floors, and the versatility of the finished basement. Make this beautiful bungalow your own and savor a life of comfort and contentment in a truly remarkable setting.

See More Information And Other Details About The Home An Neighbourhood By Clicking Here!

The real estate market inside scoop for the community you love. See homes that are for sale and have recently sold. Find out if home sales in your neighbourhood are trending up or down. See what homes around you are currently selling for.

Welcome to this beautifully appointed 3-bedroom, 2-bathroom home situated on a quiet cul-de-sac, nestled on a 100 x 150 ft double lot that abuts a serene forest. Located in the sought-after McRae Beach Private Lake Community, this sun-filled home offers a delightful living experience.

As you step inside, you’ll immediately notice the abundance of natural light that fills the space, creating a warm and inviting atmosphere. The main floor features two natural gas fireplaces, adding both charm and coziness to the living areas. The layout of the home has been thoughtfully designed with entertaining in mind, making it ideal for hosting guests or enjoying quality time with family.

Hardwood floors flow gracefully throughout the main level, enhancing the elegance of the home. From the foyer, you’ll be greeted by a heated marble floor that leads into the large, eat-in kitchen. This well-appointed kitchen is perfect for culinary enthusiasts, offering ample space for meal preparation and a comfortable dining area.

One of the highlights of this home is its connection to nature. With six walk-outs on the main floor, you can easily access the wraparound deck and enjoy the tranquility of the surroundings. The deck provides a fantastic outdoor space for relaxation, entertaining, or simply taking in the picturesque views of the forest and the expansive double lot.

The primary bedroom is a true retreat, featuring his and her closets complete with closet organizers to keep your belongings tidy and organized. Additionally, the main floor conveniently includes a laundry room for added convenience.

The partially finished basement offers versatility and additional living space, providing ample room for a variety of activities or storage needs. With plenty of closets and storage spaces throughout the home, you’ll have no shortage of room to keep your belongings neatly stowed away.

Residents of this remarkable property have the privilege of enjoying the nearby lake, as well as two private parks with a boat launch and community docks, offering easy access to water activities and boating adventures. A nominal beach association fee of $60 per year grants access to these exclusive amenities.

Immerse yourself in the beauty of this location, where you can witness spectacular sunsets and indulge in the crystal-clear waters of the lake. This home presents an incredible opportunity to embrace a peaceful and idyllic lifestyle within a desirable community.

Click here for more information

Introduction:

Welcome to a remarkable property that captures the essence of tranquility and presents boundless opportunities. Nestled in the picturesque town of Sunderland, this extraordinary estate spanning 225 acres is a sanctuary of natural beauty. With its abundance of features and expansive grounds, this property truly offers a lifestyle beyond compare.

A Natural Paradise:

As you step onto this vast property, you are greeted by a breathtaking landscape. Spanning 225 acres, the estate boasts a picturesque Vrooman Creek, protected greenspace, and open fields, providing a canvas for your imagination to roam. Immerse yourself in the serene surroundings, explore the trails along the river, or simply find solace in the beauty of nature.

Exceptional Living Spaces:

This magnificent property features four spacious bedrooms and three full bathrooms, ensuring ample room for comfortable living. With two kitchens, with one that includes an eat-in breakfast area, hosting gatherings and culinary adventures become effortless. The partially finished basement offers a blank canvas for customization, allowing you to create the ultimate recreational or entertainment space.

Versatility at Its Finest:

The estate showcases its versatility with two staircases, providing convenient access to each floor. Two road frontages offer accessibility and flexibility for various endeavors. Additionally, the property is not only capable of sustaining cash crop farming and boarding animals, but the house also presents the potential for three rental suites, providing a lucrative opportunity to generate additional income.

Endless Possibilities:

With its expansive grounds and diverse features, this estate presents endless possibilities. Embrace the opportunity to cultivate the land, start your own agricultural venture, or transform it into an idyllic equestrian estate. Alternatively, you can explore the potential for income generation through rental suites, tapping into the thriving rental market. The choice is yours to create a lifestyle that aligns with your dreams and aspirations.

Location:

Situated in Sunderland, Brock Township, Ontario, Canada, this property offers the perfect balance of tranquility and convenience. Enjoy the serenity of the countryside while being within reach of essential amenities and nearby attractions. Immerse yourself in the vibrant community and take advantage of everything the surrounding area has to offer.

Conclusion:

Step into a world of serenity and endless possibilities with this exceptional estate in Sunderland. With its 225 acres of natural beauty, four spacious bedrooms, multiple kitchens, and potential for cash crop farming and rental suites, this property is a true gem. Seize the opportunity to create a lifestyle that embraces nature, versatility, and boundless potential.

Contact me today at 416-556-0238 or Gerald-Lawrence@ColdwellBanker.ca to explore this remarkable estate and embark on a journey of endless possibilities in Sunderland.

Disclaimer: The availability and details of the property mentioned in this blog post are subject to change. Please contact the provided contact information for the most up-to-date information.

The real estate market inside scoop for the community you love. See homes that are for sale and have recently sold. Find out if home sales in your neighbourhood are trending up or down. See what homes around you are currently selling for.

TRREB: GTA SALES AND PRICE CONTINUE TO IMPROVE WHILE LISTINGS REMAIN CONSTRAINED TORONTO, ONTARIO,

May 3, 2023 – The Greater Toronto Area (GTA) housing market continued to tighten in April 2023. On a year-over-year basis, sales edged lower compared to April 2022, but new listings were down by more than one-third. Fewer listings relative to sales meant there was more competition between buyers, supporting an improvement in selling prices since the beginning of this year.

“In line with TRREB’s outlook and recent consumer polling results, we are seeing a gradual improvement in sales and average selling price. Many buyers have come to terms with higher borrowing costs and are taking advantage of lower selling prices compared to this time last year. The issue moving forward will not be the demand for ownership housing, but rather the ability to meet this demand with adequate supply. This is a policy issue that requires sustained effort from all levels of government,” said TRREB President Paul Baron.

GTA REALTORS® reported 7,531 sales through TRREB’s MLS® System in April 2023 – down by 5.2 per cent compared to April 2022. In comparison to March 2023, sales increased on an actual and seasonally adjusted basis. On a year-over-year basis, new listings were down by 38.3 per cent in April 2023.

The MLS® Home Price Index (HPI) Composite Benchmark was down by 12.1 per cent year-over-year in April 2023. Compared to March, the benchmark price was up on an actual and seasonally adjusted basis. The average selling price in the GTA was $1,153,269 in April 2023 – down 7.8 per cent compared to $1,250,704 in April 2022. The average selling price also increased compared to March, both on an actual and seasonally adjusted basis.

“As demand for ownership housing has picked up relative to supply, we are seeing renewed upward pressure on home prices. For a short period of time, higher borrowing costs trumped the impact of the constrained housing supply in the GTA. Renewed competition between buyers is once again shining the spotlight on the persistent lack of listings and resulting impact on affordability,” said TRREB Chief Market Analyst Jason Mercer.

“Lack of affordability in the GTA ownership and rental housing markets has been well-documented. On top of this, households faced with steep price increases for basic goods and services have had to make tough decisions to adapt. It is time for governments to make tough choices as well. On average, every dollar a household makes in the first half of the year goes to taxes. Governments need to provide more value for every tax dollar they collect and should be looking for ways to reduce tax burdens moving forward,” said TRREB CEO John DiMichele.

The real estate market inside scoop for the community you love. See homes that are for sale and have recently sold. Find out if home sales in your neighbourhood are trending up or down. See what homes around you are currently selling for.

Looking for a stunning lakeside home with all the amenities and comforts you need? Look no further! This beautiful house, located on a quiet private road, is just steps away from the picturesque Lake Couchiching.

Enjoy lakefront living at its best with direct access to the lake from across the road. Swim, sunbathe, or simply relax by the water’s edge. Inside, you’ll find a bright and spacious open-concept design with beautiful finishes throughout. The second bedroom on the main floor is currently being used as a second living space, giving you plenty of room to spread out and enjoy your surroundings.

Located just minutes from shopping, restaurants, and recreational activities, this home offers the perfect combination of convenience and serenity. Take advantage of nearby trails and outdoor activities, or head into Orillia just 15 minutes away for even more options. And if you’re feeling lucky, Casino Rama is only 7 minutes down the road.

Don’t miss your chance to experience lakeside living at its finest. Contact us today to schedule a viewing of this beautiful home!

Bank of Canada maintains policy rate, continues quantitative tightening

The Bank of Canada today held its target for the overnight rate at 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%. The Bank is also continuing its policy of quantitative tightening.

Inflation in many countries is easing in the face of lower energy prices, normalizing global supply chains, and tighter monetary policy. At the same time, labour markets remain tight and measures of core inflation in many advanced economies suggest persistent price pressures, especially for services.

Global economic growth has been stronger than anticipated. Growth in the United States and Europe has surprised on the upside, but is expected to weaken as tighter monetary policy continues to feed through those economies. In the United States, recent stress in the banking sector has tightened credit conditions further. US growth is expected to slow considerably in the coming months, with particular weakness in sectors that are important for Canadian exports. Meanwhile, activity in China’s economy has rebounded, particularly in services. Overall, commodity prices are close to their January levels. The Bank’s April Monetary Policy Report (MPR) projects global growth of 2.6% this year, 2.1% in 2024, and 2.8% in 2025.

In Canada, demand is still exceeding supply and the labour market remains tight. Economic growth in the first quarter looks to be stronger than was projected in January, with a bounce in exports and solid consumption growth. While the Bank’s Business Outlook Survey suggests acute labour shortages are starting to ease, wage growth is still elevated relative to productivity growth. Strong population gains are adding to labour supply and supporting employment growth while also boosting aggregate consumption. Housing market activity remains subdued.

As more households renew their mortgages at higher rates and restrictive monetary policy works its way through the economy more broadly, consumption is expected to moderate this year. Softening foreign demand is expected to restrain exports and business investment. Overall, GDP growth is projected to be weak through the remainder of this year before strengthening gradually next year. This implies the economy will move into excess supply in the second half of this year. The Bank now projects Canada’s economy to grow by 1.4% this year and 1.3% in 2024 before picking up to 2.5% in 2025.

CPI inflation eased to 5.2% in February, and the Bank’s preferred measures of core inflation were just under 5%. The Bank expects CPI inflation to fall quickly to around 3% in the middle of this year and then decline more gradually to the 2% target by the end of 2024. Recent data is reinforcing Governing Council’s confidence that inflation will continue to decline in the next few months. However, getting inflation the rest of the way back to 2% could prove to be more difficult because inflation expectations are coming down slowly, service price inflation and wage growth remain elevated, and corporate pricing behaviour has yet to normalize. As it sets monetary policy, Governing Council will be particularly focused on these indicators, and the evolution of core inflation, to gauge the progress of CPI inflation back to target.

In light of its outlook for growth and inflation, Governing Council decided to maintain the policy rate at 4½%. Quantitative tightening continues to complement this restrictive stance. Governing Council continues to assess whether monetary policy is sufficiently restrictive to relieve price pressures and remains prepared to raise the policy rate further if needed to return inflation to the 2% target. The Bank remains resolute in its commitment to restoring price stability for Canadians.

Today, the Government of Ontario introduced new housing legislation – Bill 97, Helping Homebuyers, Protecting Tenants Act (“HHPA”), 2022.

The HHPA is the latest in a series of steps the Province is taking to increase the housing supply and help more Ontarians find a home they can afford. Since 2015, TRREB has been a leading voice at the table with the Province advocating for policies to make homes more affordable for families, and we are thrilled to see the HHPA is acting on several TRREB recommendations.

The HHPA and assorted regulatory postings are proposing policy changes in three key areas:

1. Helping Landlords & Tenants;
2. Streamlining Land-Use Planning Policy; and
3. Helping Homebuyers.

Here’s what you need to know about the Bill:

Helping Landlords & Tenants

The province is moving forward on a series of measures to clear the Landlord and Tenant Board (“LTB”) backlog and strengthen protections for renters and tenants.

Here are the proposed changes:

Clearing the Landlord and Tenant Backlog

• An additional $6.5 million to appoint 40 additional adjudicators to improve service standards for landlords and tenants and reduce timeframes for decisions;
• Implement a Lean review of the current LTB processes and find opportunities for efficiencies; and
• More training for adjudicators to speed up file and hearing management.

Access to Air Conditioning

• Proposed changes that would clarify and enhance tenants’ rights to install window or portable air conditioning in their units.

Reinforcing Rules Against Evictions

• Proposed changes to further strengthen renter protections from evictions for renovations or when landlord/family member wants to move in.
• For example, when evicting a tenant to renovate a unit, landlords would be required to provide a report from a qualified person stating that the unit must be vacant for renovations to take place and the estimated completion date.
• For example, when evicting a tenant, the landlord (or their family) would be required to move into the unit by a specific deadline (to be prescribed).

Doubling Fines Under the RTA

• The Province is proposing to double fines under the Residential Tenancies Act (“RTA”) for things like bad faith evictions:
  • from $50,000 to $100,000 for individuals
  • from $250,000 to $500,000 for corporations

Rent Arears Repayment Agreements

• The Province is proposing to require the use of the LTB’s plain language repayment agreement form when a tenant is entering into a rent repayment agreement with the landlord.

Build More Homes for Renters

• The Province is consulting on regulation-making authorities that will help enable the creation of a balanced framework governing municipal rental replacement by-laws aimed at helping streamline the construction or revitalization of rental housing.
• For example, the regulations could include requirements that replacement units have the same core features as original units (e.g., bedrooms) or giving existing tenants the right to move back into the unit at the same rent.

Streamlining Land-Use Planning Policy

The government is seeking input on a proposed new land use planning policy document – the Provincial Planning Statement – that would combine the Provincial Policy Statement and a Place to Grow: Growth Plan for the Greater Golden Horseshoe to streamline and simplify Ontario’s land-use planning rules.

These proposed changes include several TRREB recommendations. Here are the highlights:

Increasing Housing Supply

• Maintain a mix of housing types. (TRREB recommendation) All municipalities would be required to provide a range and mix of housing options (e.g., low or mid-rise apartments) to address full range of housing needs in their community.
• Build up near transit. (TRREB recommendation) Twenty-nine of Ontario’s largest and fastest growing municipalities would be required to plan for growth in major transit station areas, and other strategic growth areas.
• Supporting multigenerational farming families. Permit family-owned farms to build three new residences on their existing property. In questions with the Ministry, it was explained that this would take the form of allowing three lots per family-owned farm property and up to two dwelling units per lot.
• Managing settlement boundary areas. Municipalities would have more flexibility deciding when and where to expand their settlement area boundaries, providing more land where it’s needed for housing.

Infrastructure to Support New Homes

• Schools and child-care in planning. The Province is proposing to require municipalities and school boards to work more closely to plan for schools and childcare facilities and integrate new facilities into developments.
• Planning for Pipes. The Province is proposing to reduce duplication in planning for water, wastewater and stormwater infrastructure to get more land ready for housing development.

Helping Homebuyers

Finally, the Province is proposing a series of changes aimed at helping-homebuyers. TRREB will be very engaged on the proposed cooling-off period for new freehold homes to ensure that a similar policy is not enacted for resale properties.

First Home Savings Account Protections

• The Province is proposing regulatory changes to provide unlimited deposit protection insurance for First Home Savings Account (FHSAs) held at Ontario credit unions or caisses populaires.
• FHSAs were introduced by the federal government in 2022 to give prospective first-time homebuyers the ability to save up to $40,000 on a tax-free basis.

Cooling-Off Period and Legal Review for New Home Purchases

• The Province will consult on a cooling-off period when people buy a new freehold home from a builder and a requirement that builders tell their customers about the cooling-off period.
• This change would allow buyers to cancel their purchase agreement within a specified time frame. The Province is seeking feedback on how long the cancellation period should last, disclosure requirements, and whether to include a purchaser cancellation charge.
• The Province is also seeking feedback on a requirement that buyers of new homes receive legal advice about their purchase agreements.

Next Steps

As a leading voice for new housing supply, TRREB is at the table with government consulting on these important changes.

Going forward, we will provide feedback directly to officials on the new legislation and proposed regulatory changes that emphasize the need for increased housing supply and stronger protections for new home buyers while avoiding unnecessary red tape for Greater Toronto Area REALTORS^® and real estate.

Stay tuned for more updates from TRREB on these important changes.