Toronto Real Estate Board President Tim Syrianos announced commercial leasing and sales statistics reported through TREB’s MLS® System for the fourth quarter of 2017.Original Post: http://www.trebhome.com/market_news/release_market_updates/news2017/nr_comm_watch_1217.htm Post Imported Time: 1515083863 Original Author: Original Author Link:
Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 92,394 sales through TREB’s MLS® System in 2017. This total was down 18.3 per cent compared to the record set in 2016.Original Post: http://www.trebhome.com/market_news/release_market_updates/news2017/nr_market_watch_1217.htm Post Imported Time: 1515083862 Original Author: Original Author Link:
Yesterday, Bill 166, Strengthening Protection for Ontario Consumers Act, 2017, passed third reading and received Royal Assent. To help Ontario’s REALTORS® better understand the legislation, OREA has drafted some Frequently Asked Questions (FAQ). If you have any other questions about the REBBA Review and the next steps, please contact the Government Relations team at REBBAReform@orea.com.
1. What is the REBBA Review?
In the Fair Housing Plan, the government committed to a full review of the Real Estate and Business Brokers Act, 2002 (REBBA). The government’s ongoing review of REBBA is being conducted in a phased approached which will raise the bar and increase professional standards.
The first phase focused on multiple representation and mandatory designated representation and has culminated with the introduction of Bill 166, Strengthening Protection for Ontario Consumers Act, 2017. The second phase, scheduled for early spring 2018, will focus on all other aspects of REBBA, 2002.
2. What is Bill 166?
Bill 166, Strengthening Protection for Ontario Consumers Act, 2017 provides the government with the ability to introduce Mandatory Designated Representation (MDR) through regulations. The Bill also increased the maximum fine for Code of Ethics violations to $50,000 for realtors and $100,000 for brokerages.
While Bill 166 is only enabling legislation, which means that all of the details are still to be determined by regulations. The government has signaled their intention to implement MDR with facilitation as the only exemption.
3.What is Mandatory Designated Representation (MDR)?
In short, Mandatory Designated Representation (MDR) only permits a registrant or a REALTOR® to work with one client in a transaction.
4. Are there any exemptions to MDR?
Currently, there are no exemptions to MDR. Although, this could change depending on what arises in the consultation. The only way that a salesperson or broker will be able to work with two clients in a transaction is if a buyer and seller agree to proceed to facilitation after certain conditions have been met. These conditions, which will be determined through regulation, could include written consent etc.
5. What is the facilitation model?
The facilitation model allows a registrant or a REALTOR® to continue working with both parties in a transaction as long as it is in an even-handed manner. The registrant is no longer representing, advocating or advising for either party, but rather, is facilitating a transaction and providing information.
For example, in Alberta, the salesperson can share a comparative market analysis, but can’t instruct or give advice on what price point a buyer or seller should include in their offer. They can present options for clauses, but they can’t offer advice on which ones to include.
However, what’s unique to facilitation is that information received in confidence prior to and during the relationship must also remain confidential.
6. How does the facilitation model work?
In this model, the registrant becomes an impartial facilitator to the trade. The rules and regulations are still to be determined. But, for the purpose of illustrating an example, let’s assume that a registrant has a buyer and a seller, and the buyer is interested in making an offer on their registrant’s listing. The registrant would be required to disclose the conflict to their buyer and then present them with options. The options with a registrant are:
- The registrant can refer them to another designated agent in the brokerage; or,
- They can enter into facilitation.
For example, in Alberta, if the buyer wants to move into the facilitation model, the registrant would take them through the appropriate process and get their signature and consent to move forward.
The offer is then written with the buyer. After which, the designated agent takes the facilitation form and offer to the seller.
Before the offer is presented, the designated agent explains the situation to the seller and gets written permission to proceed with the facilitation model.
If the seller agrees, the offer is presented, if not, the agent returns to the buyer without presenting the offer.
7. Can you explain the difference between facilitation and representation?
When a real estate professional represents a client in a real estate trade, he or she must act in that client’s best interests, including negotiating the best deal for that client and consistently advocating for that client.
In contrast, a real estate professional acting in a facilitation role should be required to act impartially towards all parties in the trade and could not advocate for the best interests of any particular party, nor could he or she provide negotiation advice.
8. A person uses a registrant because they provide advice in the home buying process. Why do you support this proposal if it limits our ability to provide advice?
The proposed facilitation model gives consumers a choice. Through better disclosure and plain, simple language, consumers will better understand the services that they will be getting. If they feel they need a higher level of representation, they can choose to be represented by another registrant.
9. Why is the government not following British Columbia’s proposal of banning multiple representation except in remote areas?
The government’s proposal strikes a balance in achieving both consumer protection and consumer choice. Completely banning the ability to work with two parties in the same trade could have significant implications for registrants, such as those who operate in niche real estate areas that may have specialized business models (e.g., commercial and industrial real estate), or areas with fewer registrants to work with (e.g. remote areas). Consumers trading in these markets may encounter a limited ability to choose who they work with.
10. When will these changes take effect?
With the passage of Bill 166, the increased fines have come into effect immediately. Other changes will not be immediate and require further consultation. However, the government indicated that changes could be introduced by the end of 2019.Original Article by Ontario Real Estate Association Available Here Article Posted On Ontario Real Estate Association - Government Relations Blog Original Post: http://www.oreablog.com/index.php/bill-166-strengthening-protection-for-ontario-consumers-act-2017-qa/ Post Imported Time: 1513389984 Original Author: Jeremy Chaput Original Author Link:
Toronto Real Estate Board President Tim Syrianos announced that TREB Commercial Network Members reported over 378,000 square feet of combined industrial, commercial/retail and office space leased through TREB’s MLS® System in November 2017.Original Post: http://trebhome.com/market_news/release_market_updates/news2017/nr_comm_watch_1117.htm Post Imported Time: 1512482752 Original Author: Original Author Link:
Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 7,374 transactions through TREB’s MLS® System in November 2017. This result was up compared to October 2017, bucking the regular seasonal trend.Original Post: http://trebhome.com/market_news/release_market_updates/news2017/nr_market_watch_1117.htm Post Imported Time: 1512482752 Original Author: Original Author Link:
A foreign buyer ban is just one of numerous supply and demand measures outlined in Vancouver’s new 10-year housing strategy.
Article From The Financial Post
VANCOUVER — The city of Vancouver is considering restricting ownership of housing to local residents, among other strategies, as it looks to cool a hot real estate market that it says is fuelled by foreign and local speculation.
A foreign buyer ban is just one of numerous supply and demand measures outlined in Vancouver’s new 10-year housing strategy, which was announced late last week and presented to city council on Tuesday. Council will vote on it on Wednesday.
Even if passed, as expected, many of the measures being considered will need the support of federal and provincial governments, particularly those around taxation.
“There is a perfect storm in Vancouver,” Gil Kelley, Vancouver’s General Manager of Planning, told council on Tuesday, pointing to the “excessive supply of global capital” flowing into the city, along with builders targeting investors, low interest rates, and favourable tax policies.
Vancouver, long Canada’s most expensive housing market, has already made numerous moves to try to curb the crisis, including imposing an empty home tax and restricting short-term rentals.
Rents have also jumped in recent years, with the vacancy rate hovering below 1 per cent, the city said.
The lack of affordable housing is putting strain on local businesses, with restaurants, retailers, and even the city itself struggling to find enough workers.
To address the crunch, Vancouver is considering new strategies including imposing a speculation tax, an increase to the luxury tax, and the possibility of “restricting property ownership by non-permanent residents.”
It is also planning to rezone neighbourhoods across the city to allow for denser housing, including more townhomes and low-rise condos, in areas traditionally dominated by detached homes.
It is the latest jurisdiction to consider restricting foreign investment in housing, following in the footsteps of Australia and New Zealand.
British Columbia last year imposed a 15-per cent tax on foreign buyers in the Vancouver area, which has helped cool the market for expensive detached homes, though demand for condos has exploded.
© Thomson Reuters 2017
With November 22, 2017 formally recognized as National Housing Day, the Toronto Real Estate Board (TREB) is proud to be doing its part to raise awareness of important housing issues.Original Post: http://www.trebhome.com/market_news/release_market_updates/news2017/nr_nhd2017_112217.htm Post Imported Time: 1511379194 Original Author: Original Author Link:
With the City of Toronto’s Planning and Growth Management Committee holding public hearings, today, on proposals to regulate short-term rental housing accommodations, the Toronto Real Estate Board (TREB) has submitted formal comments on this issue to City Councillors.Original Post: http://www.trebhome.com/market_news/release_market_updates/news2017/nr_short-term-rental_111417.htm Post Imported Time: 1510711200 Original Author: Original Author Link:
Toronto Real Estate Board President Tim Syrianos announced that TREB Commercial Network Members reported 263,420 square feet of combined industrial, commercial/retail and office space leased through TREB’s MLS® System in October 2017.Original Post: http://www.trebhome.com/market_news/release_market_updates/news2017/nr_comm_watch_1017.htm Post Imported Time: 1510603063 Original Author: Original Author Link:
Toronto Real Estate Board President Tim Syrianos reported 7,118 residential sales through TREB’s MLS® System in October 2017. This result represented an above-average increase between September and October of almost 12 per cent, pointing to stronger fall market conditions.Original Post: http://www.trebhome.com/market_news/release_market_updates/news2017/nr_market_watch_1017.htm Post Imported Time: 1509626918 Original Author: Original Author Link: