The Toronto Real Estate Board (TREB) welcomes the provincial announcement on proposed changes to the Real Estate and Business Brokers Act, 2002 (REBBA) pertaining to conflict of interest issues that arise in multiple representation situations in real estate transactions.Original Post: http://www.trebhome.com/market_news/release_market_updates/news2017/nr_multiple_representation_100617.htm Post Imported Time: 1507310864 Original Author: Original Author Link:
Toronto Real Estate Board President Tim Syrianos announced commercial sales and leasing statistics reported through TREB’s MLS® System for the third quarter of 2017.Original Post: http://www.trebhome.com/market_news/release_market_updates/news2017/nr_comm_watch_0917.htm Post Imported Time: 1507129797 Original Author: Original Author Link:
Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 6,379 sales through TREB’s MLS® System in September 2017. This result was down by 35 per cent compared to September 2016.Original Post: http://www.trebhome.com/market_news/release_market_updates/news2017/nr_market_watch_0917.htm Post Imported Time: 1507129797 Original Author: Original Author Link:
The Toronto Real Estate Board is urging caution on the issue of a possible vacant home tax in the City of Toronto. A measured approach to the issue can help to avoid any unintended consequences on the housing market and property owners.Original Post: http://www.trebhome.com/market_news/release_market_updates/news2017/nr_vacancy_tax_092617.htm Post Imported Time: 1506441842 Original Author: Original Author Link:
By Tim Syrianos, TREB President
The Toronto Real Estate Board is concerned that another tax on residential units in the city of Toronto will have unintended consequences on the housing market and property owners.
City Hall is considering introducing such a tax to encourage property owners to free up empty units to increase rental supply, however TREB is concerned that not enough empirical data has been collected to support the merits and enforcement tools of such a tax.
At this time, it is not clear that the issues targeted by a vacancy tax are fully understood, nor is it clear how effective such a policy would be, or if it would have unintended outcomes that run counter to the stated City goal of increasing rental supply.
TREB believes that not only is this tax premature, but it poses legal and ethical questions about the government’s ability to undermine private property rights. The application of a vacancy tax on a property owner who is abiding by property standard by-laws, zoning rules, and all other municipal requirements, must be carefully considered.
The administrative challenges of running this program, including the approach for identifying vacant homes (e.g. a mandatory system, a self-declaration by owners, and/or a complaints-based model) are overwhelming. In addition, a vacancy tax could possibly result in a net loss to the City’s budget when program start-up costs of $5 million and $700,000 net annual revenue are factored into the equation (if we look at the Vancouver statistics).
There are better and more sensible policy measures to assist in increasing housing supply, and TREB has participated in discussions with policymakers and has taken the initiative to conduct research that has contributed valuable data, and we will continue to do so, including on this issue.
In light of recent policy measures aimed at the housing sector at both the provincial and national levels, it may be time for a pause to assess the impacts of these already announced policy decisions.
The post TREB Questions Impact of Potential Vacancy Tax in Toronto appeared first on TREB Wire .Original Post: http://www.trebwire.com/index.php/2017/09/14/treb-questions-impact-potential-vacancy-tax-toronto/ Post Imported Time: 1505407448 Original Author: Toronto Real Estate Board Original Author Link:
Toronto Real Estate Board President Tim Syrianos announced that TREB Commercial Network Members reported 215,353 square feet of leased industrial, commercial/retail and office space in August 2017 that was leased on a per square foot net basis with pricing disclosed.Original Post: http://www.trebhome.com/market_news/release_market_updates/news2017/nr_comm_watch_0817.htm Post Imported Time: 1504701519 Original Author: Original Author Link:
Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 6,357 home sales through TREB’s MLS® System in August 2017. This result was down by 34.8 per cent compared to August 2016.Original Post: http://www.trebhome.com/market_news/release_market_updates/news2017/nr_market_watch_0817.htm Post Imported Time: 1504701518 Original Author: Original Author Link:
By Tim Syrianos, TREB President
Members believe in giving back to the communities they live and work in. With fundraising efforts focused on shelter-based charities and education, Members help to improve the quality of life throughout Greater Toronto Area communities.
Gilda’s Club Greater Toronto was selected as the charity organization to benefit from TREB FEST, an annual TREB Member fundraising event. Gilda’s Club offers emotional, social, and practical support to cancer patients and their families and friends. TREB FEST was hosted in April at a downtown venue, and it was great to see so many TREB Member REALTORS® come out to show their support for a worthy cause. TREB is happy to report that $10,000 was raised in support of Gilda’s Club.
Eleventh Annual TREB Past President’s Scholarships Awarded
Now in its eleventh year, TREB’s Past President’s Scholarship program annually awards scholarships to graduating high school seniors pursuing post-secondary education. Two $5,000 first place scholarships and two $2,500 second place scholarships are awarded each year..
Earlier this year, applications were distributed to nearly 300 public and Catholic secondary schools in the GTA, as well as posted on TREB social media websites and scholarshipscanada.com. A record of academic achievement and a range of leadership qualities and community involvement are required for application; however, judging is based on a 1000-word (or less) essay.
TREB is pleased to announce that this year’s first place winners are Janae Knott and Xia (Sophia) Ge, and the second place winners are Brittany Chang-Kit and Mica Ong. On behalf of every TREB Member, we send our congratulations and best wishes for their future studies.
National Real Estate Day
National Real Estate Day is May 17, and is a day for all Canadians to celebrate achieving the Canadian dream of home ownership. TREB kicked off the celebration with an appearance on CityTV’s Breakfast Television where TREB announced the grand prize contest, a $3,000 RONA Home & Garden gift card. Frank Darling from Lindsay, Ontario took home this year’s prize!
While the above represent great examples of how TREB Members give back to their communities, it’s important to realize that beyond their charitable contributions, TREB Members help shape GTA communities every day by helping individuals and families achieve their real estate goals. TREB Members possess the knowledge and skills that enable them to help buyers, sellers, and renters alike navigate the GTA marketplace with confidence.
If you have questions about the Toronto real estate market, talk to a Toronto Real Estate Board Professional Member REALTOR®. For updates on the real estate market, visit TREBhome.com. If commercial property is what interests you, contact a TREB Commercial Professional Member REALTOR® by visiting trebcommercial.com.
By Tim Syrianos, TREB President
Toronto Real Estate Board Member REALTORS® released the monthly report for July’s resale housing market. The following is a summary of what you will find in the report.
The number of sales, at 5,921 transactions, was down 40.4 per cent on a year-over-year basis, while the number of new listings was up slightly at 5.1 per cent above last year’s level. The average selling price across all home types was also up by five per cent year-over-year to $746,218.
Summer market statistics are often not the best indicators of housing market conditions, and adding to this are the psychological effects from the recently introduced Ontario Fair Housing Plan, which influenced would-be buyers to sit on the sidelines until the effects of the new policy are better known. It’s expected that an uptick in sales will occur after Labour Day, as a greater number of would-be buyers and sellers are likely to enter the market and some of those who opted to sit on the sidelines jump back in as well. Recent Ipsos polling, undertaken after the Fair Housing Plan announcement, suggests that buying intentions for the next 12 months have not changed substantially from the fall.
It’s true that buyers did benefit from more choice in the market this July compared to the same time last year, and this was reflected in terms of home prices and home price growth. However, if, as predicted above, would-be home buyers move back into the market this fall and there is no subsequent increase in listing supply to match the influx of demand, we could see some of the newfound choice introduced this summer erode. In fact, recent changes in sales and price trends are masking the fact that housing supply remains an issue in the GTA marketplace.
If you have questions about the GTA housing market, talk to a Toronto Real Estate Board Professional Member REALTOR®. TREB Member REALTORS® possess the knowledge and skills that enable them to help buyers, sellers, and renters alike navigate the GTA marketplace with confidence. For updates on the real estate market, visit TREBhome.com . If commercial property is what interests you, contact a TREB Commercial Professional Member REALTOR® by visiting trebcommercial.com .
The post GTA Housing Market: Listing Supply Remains an Issue appeared first on TREB Wire .Original Post: http://www.trebwire.com/index.php/2017/08/21/gta-housing-market-listing-supply-remains-issue/ Post Imported Time: 1503342966 Original Author: Toronto Real Estate Board Original Author Link:
By Toronto Real Estate Board
In a meeting with the Ministry of Government and Consumer Services, the Toronto Real Estate Board (TREB) demonstrated its commitment to consumer protection and efficiency for real estate transactions. TREB met with Ministry officials to provide input on their ongoing consultations regarding potential changes to the Real Estate and Business Brokers Act.
“TREB is happy to work with the Province to ensure that the rules governing the real estate industry are modernized and adjusted to ensure consumer protection and an efficient marketplace for real estate professionals and the public,” said Tim Syrianos, President of the Toronto Real Estate Board. “We also believe that consumers deserve to be treated with fairness, honesty, and integrity when purchasing a home, often the biggest financial decision in most people’s lives.”
The provincial Ministry of Government and Consumer Services is currently reviewing the Real Estate and Business Brokers Act, 2002. Phase One of this review is focusing on issues associated with multiple representation situations, consumer understanding of real estate transaction agreements, and penalties for unethical behaviour.
“TREB supports, in principle, the proposal to move towards a mandatory designated representation model. This approach is consistent with numerous other Canadian jurisdictions, and we believe that it will allow for the efficient operation of the marketplace, while ensuring consumer protection,” said Syrianos.
Under Mandatory Designated Representation (MDR), where a circumstance arises that a buyer and seller are represented by the same real estate brokerage, the brokerage would be required to designate different representatives from that brokerage to represent each client. A salesperson/broker within a brokerage would be prohibited from representing both the buyer and the seller, or more than one buyer, in the same trade, but there should be provisions to allow for consumer choice in how and by whom they are represented when working with their brokerage and licensed representative.
“The vast majority of TREB Members are ethical and comply with the Real Estate and Business Brokers Act. There should be a review for consistency in enforcement and disclosure of fines and penalties. Any actions in this area should be evidence-based. With this in mind, we look forward to continuing to work with the Province on all aspects of this and other important issues such as raising educational standards and requirements,” said Syrianos.