Industry Update • April 7, 2023

Bill 97, Helping Homebuyers, Protecting Tenants Act (“HHPA”), 2022

by Gerald Lawrence

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:

Helping Landlords & Tenants;
Streamlining Land-Use Planning Policy; and
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.

March 29, 2023

JUST SOLD: 3+1 Beds, 3 Baths, 2-Car Garage on 1 Acre*

by Gerald Lawrence


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	JUST SOLD

	496 Centreline Road \| Lindsay, ON K9V4R5

	After only three-(3) days on the market, the property is now SOLD firm! Buying and selling a home can be a complicated and stressful process. You need a knowledgeable and skilled agent like me to assist you with the sale of your property or the purchase of a new home. I will diligently guide you through your real estate transactions from beginning to close. Contact me today to discuss your real estate needs and in the meantime visit http://QuickHomeValues.ca to get a FREE Home Market Evaluation!

			Gerald Lawrence Manager – REALTOR® Mobile (416) 556-0238 \| Office (905) 852-4338 Send me an email \| Visit my website COLDWELL BANKER R.M.R. REAL ESTATE, BROKERAGE

www.MultipleListings.ca

©️Coldwell Banker. All Rights Reserved. Coldwell Banker®️ and the Coldwell Banker®️ logos are trademarks of Coldwell Banker LLC. Innovate Real Estate Group of Canada Inc. has been licensed the right to use and to sublicense others the right to use the Coldwell Banker®️ System and trademarks in Canada. The Coldwell Banker®️ System in Canada is comprised of offices owned by Innovate Real Estate Group of Canada Inc., or its subsidiaries or related corporations, and franchised offices which are independently owned and operated. Not intended as a solicitation if your property is already listed by another broker.If your property is listed with a real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. We are happy to work with them and cooperate fully.
Copyright ©2023 Coldwell Banker Real Estate LLC. Pub 3/23

Market Update • Market Update • Market Update • March 28, 2023

Prohibition on the Purchase of Residential Property by Non-Canadians Act

by Gerald Lawrence

On January 1, 2023, the federal Prohibition on the Purchase of Residential Property by Non-Canadians Act and associated Regulations (the “Act”) came into force and effect. As the name suggests, the Act bans Non-Canadians, as defined by the Act, from directly or indirectly purchasing certain Residential Property in Canada for a period of two years.

NEW AMENDMENTS EFFECTIVE MARCH 27, 2023
Enable more work permit holders to purchase a home to live in while working in Canada.

The amendments will allow those who hold a work permit or are authorized to work in Canada under the Immigration and Refugee Protection Regulations to purchase residential property. Work permit holders are eligible if they have 183 days or more of validity remaining on their work permit or work authorization at time of purchase, and they have not purchased more than one residential property. The current provisions on tax filings and previous work experience in Canada are being repealed.

Repealing existing provision so the prohibition doesn’t apply to vacant land.

We are repealing section 3(2) of the regulations, so the prohibition does not apply to all lands zoned for residential and mixed use. Vacant land zoned for residential and mixed use can now be purchased by non-Canadians and used for any purpose by the purchaser, including residential development.

Exception for development purposes.

This exception allows non-Canadians to purchase residential property for the purpose of development. The amendments also extend the exception currently applicable to publicly traded corporations under the Act, to publicly traded entities formed under the laws of Canada or a province and controlled by a non-Canadian.

Increasing the corporation foreign control threshold from 3% to 10%.
For the purposes of the prohibition, with regards to privately held corporations or privately held entities formed under the laws of Canada or a province and controlled by a non-Canadian, the control threshold has increased from 3% to 10%. This aligns with the definition of ‘specified Canadian Corporation’ in the Underused Housing Tax Act.

March 24, 2023

Stunning Brick Bungalow with Fully Updated Kitchen, Finished Basement, and an Incredible Backyard Oasis Sitting On 1 Acre Near Pigeon Lake!

by Gerald Lawrence

If you’re looking for a cozy and spacious home in a peaceful neighborhood, this red brick bungalow with 3+1 bedrooms, and 3 bathrooms on a sprawling 1-acre lot with a finished basement is definitely worth considering. Located in the tranquil area of Downeyville, this property has a lot to offer with its impressive backdrop and country setting.

As soon as you step inside the house, you’ll be greeted by the bright and airy living space with an open-concept living and dining area. The bay window and sliding doors provide ample natural light and create a welcoming atmosphere. The floors add a warm touch, and the elegant finishes throughout the home create a relaxed feel.

The fully-finished basement is one of the standout features of this property. It includes a bedroom, a 3-piece bathroom with a urinal, a wet bar, a gym area, a laundry room, and a cozy fireplace. This space is perfect for relaxing, hosting gatherings, or even converting into a separate living space. You’ll have plenty of room for all your hobbies and interests.

When it’s time to unwind, head to the fully fenced backyard. The pergola provides shade and adds character to the space, while the hammock and fire pit offer the perfect place to relax and enjoy the outdoors. The hot tub is an excellent feature that adds relaxation to your lifestyle, while the perennial gardens and adjoining planted forest add a touch of nature to your surroundings. The garden shed provides ample storage for your tools and equipment.

Overall, this red brick bungalow is a must-see for anyone looking for a comfortable and convenient home with an abundance of flora and fauna. The combination of functional, spacious living areas, decently sized bedrooms, and beautiful outdoor space make this property an excellent investment for families or anyone who loves to entertain.

Book a showing today and see for yourself all that this property has to offer!

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.

March 7, 2023

February 2023 Real Estate Market Update Videos

by Gerald Lawrence

Durham Region Real Estate Market Update

York Region Real Estate Market Update

Greater Toronto Area Real Estate Market Update

Township Of Uxbridge Real Estate Market Update

Town Of Whitchurch-Stouffville Real Estate Market Update

Town Of Ajax Real Estate Market Update

City Of Pickering Real Estate Market Update

Town Of Whitby Real Estate Market Update

City Of Oshawa Real Estate Market Update

City Of Markham Real Estate Market Update

Town Of Newmarket Real Estate Market Update

Town Of Aurora Real Estate Market Update

City Of Vaughan Real Estate Market Update

Municipality Of Clarington Real Estate Market Update

Town Of Caledon Real Estate Market Update

City Of Barrie Real Estate Market Update

City Of Brampton Real Estate Market Update

City Of Mississauga Real Estate Market Update

March 4, 2023

February 2022 Real Estate Market Update For The Greater Toronto Area

by Gerald Lawrence

GTA HOME SALES AND LISTINGS DROP IN FEBRUARY Uptick in Homebuying Expected Later This Year TORONTO, ONTARIO, MARCH 3, 2023 – February sales in the Greater Toronto Area (GTA) were down substantially from the pre-rate hike levels of early 2022. However, the number of new listings also dropped substantially year-over-year. The result was that the average selling price and MLS® HPI continued to level off after trending lower through the spring and summer of last year.

“It has been almost a year since the Bank of Canada started raising interest rates. Home prices have dropped over the last year from the record peak in February 2022, mitigating the impact of higher borrowing costs. Many homebuyers have also decided to purchase a lower-priced home to help offset higher borrowing costs. The share of home purchases below one million dollars is up substantially compared to this time last year,” said Toronto Regional Real Estate Board (TRREB) President Paul Baron.

GTA REALTORS® reported 4,783 sales through TRREB’s MLS® System in February 2023 – down 47 per cent compared to February 2022, the last full month before the onset of interest rate hikes. The number of new listings entered into the system was down by a similar annual rate of 40.9 per cent to 8,367.

“New listings continued to drop year-over-year in the GTA. Recently released Ipsos polling suggests buying intentions have picked up for 2023. This increased demand will run up against a constrained supply of listings and lead to increased competition between buyers. This will eventually lead to renewed price growth in many segments of the market, especially those catering to first-time buyers facing increased rental costs,” said TRREB Chief Market Analyst Jason Mercer.

The average selling price for February 2023 was $1,095,617 – down 17.9 per cent compared to February 2022. Some of this decline is attributable to the fact that the share of sales below $1,000,000 was 57 per cent in February 2023 versus only 38 per cent a year earlier. On a monthly basis, the average price followed the regular seasonal trend, increasing relative to January 2023. The MLS® Home Price Index (HPI) Composite Benchmark was down year-over-year by a similar annual rate of 17.7 per cent, but was also up on a monthly basis.

“As we move toward a June mayoral by-election in Toronto, housing supply will once again be front and centre in the policy debate. New and innovative solutions, including the City of Toronto’s initiative to allow duplexes, triplexes and fourplexes in all neighbourhoods citywide, need to come to fruition if we are to achieve an adequate and diverse housing supply that will support record population growth in the years to come,” said TRREB Chief Executive Officer John DiMichele.

Property Update • Property Update • Property Update • Property Update • Property Update • Property Update • February 25, 2023

Open House Weekend – Executive Home in Gated Community

by Gerald Lawrence

February 21, 2023

JUST LISTED: 52 Wyndance Way, Uxbridge (The Estates Of Wyndance)

by Gerald Lawrence

Coldwell Banker Global Luxury Just Listed Flyer

Market Update • February 6, 2023

January 2023 Market Update

by Gerald Lawrence

GTA REAL ESTATE MARKET STARTS THE NEW YEAR THE SAME AS IT ENDED LAST YEAR

Monthly MarketWatch Report for January 2023 by TRREB

TORONTO, ONTARIO, FEBRUARY 3, 2023 – As we moved from 2022 into 2023, the Greater Toronto Area (GTA) housing market unfolded as expected. The number of January sales and the overall average selling price were similar to December 2022. On a year-over-year basis, both sales and prices were down markedly, continuing to highlight the impact of higher borrowing costs on affordability over the last year.

“Home sales and selling prices appear to have found some support in recent months. This coupled with the Bank of Canada announcement that interest rate hikes are likely on hold for the foreseeable future will prompt some buyers to move off the sidelines in the coming months. Record population growth and tight labour market conditions will continue to support housing demand moving forward,” said Toronto Regional Real Estate Board (TRREB) President Paul Baron.

GTA REALTORS® reported 3,100 sales through TRREB’s MLS® System in January 2023 – in line with the December 2022 result of 3,110, but down 44.6 per cent from January 2022. The average selling price for January 2023 at $1,038,668 was slightly lower than the December 2022 result and down by 16.4 per cent compared to the January 2022 average price reported before the onset of Bank of Canada interest rate hikes. The MLS® Home Price Index (HPI) Composite Benchmark was in line with the December result, but down by 14.2 per cent compared to January 2022.

“Home prices declined over the past year as homebuyers sought to mitigate the impact of substantially higher borrowing costs. While short-term borrowing costs increased again in January, negotiated medium-term mortgage rates, like the five-year fixed rate, have actually started to trend lower compared to the end of last year. The expectation is that this trend will continue, further helping with affordability as we move through 2023,” said TRREB Chief Market Analyst Jason Mercer.

“All three levels of government have announced policies to enhance housing affordability over the long term, including many initiatives focussed on increasing housing supply in the ownership and rental markets. Most recently, we were encouraged to see Toronto City Council support the Mayor’s 2023 Housing Action Plan as part of the City’s overall $2 billion commitment to housing initiatives,” said TRREB CEO John DiMichele.

Property Update • Property Update • Property Update • Property Update • February 5, 2023

Just Listed: End Unit Townhouse in the heart of downtown

by Gerald Lawrence

Just Listed For Sale In North Durham Region

Click Here To See This Listing With All Pictures & More Information

This Luxurious End-Unit Overlooking Green Space On 2 Sides Is Completely Finished From Top To Bottom With Upgrades & Luxury Finishes! An Entertainer’s Dream, Enjoy The Brightly Lit Kitchen & Living Room With 9Ft Ceilings, Custom Island, Ss Appliances, Quartz Counters, Gas Fireplace, Shiplap Accent Walls In Entryway & Living Room And Custom Motorized Blinds. The Primary Bedroom Features A Shiplap Wall, Custom Bathroom With Stunning Shower, His & Hers Sinks And Heated Floors Along With A Custom Walk-In Closet! Even The 2nd Floor Laundry Room Has Been Upgraded To Include Upper Cabinets. The Second & Third Bedrooms Share A Jack & Jill 5 Piece Bathroom, With One Bedroom Having Double Closets And The Other Having A Walk-In. Fully Finished Basement With Potlights, Heated Floors, 3 Pc Bathroom, French Doors With Built-In Blinds Which Lead Out Onto The Landscaped Backyard With A Covered Patio With Potlights, Fan And A Shed.

Bedrooms	3
Bathrooms	4
Square Footage	1500-2000
Garage Spaces	1

Click Here To See This Listing With All Pictures & More Information

The Full-Width Deck Has A Like New Blaze Bbq With Natural Gas, 100% Waterproof Tufdeck Flooring, A Remote Retractable Awning Which Overlooks Green Space. The Garage Is Fully Heated & Insulated, Including The Door, With Epoxy Finished Floor.