{"id":262,"date":"2016-12-07T20:05:37","date_gmt":"2016-12-07T20:05:37","guid":{"rendered":"https:\/\/www.realestateleads.ca\/blog\/?p=262"},"modified":"2023-09-27T14:06:35","modified_gmt":"2023-09-27T14:06:35","slug":"recapping-november-in-the-canadian-real-estate-world","status":"publish","type":"post","link":"https:\/\/www.realestateleads.ca\/blog\/recapping-november-in-the-canadian-real-estate-world\/","title":{"rendered":"Recapping November in the Canadian Real Estate World"},"content":{"rendered":"
<\/div>
\"Recapping<\/a>

Canada High Resolution Real Estate Concept<\/p><\/div>\n

2016 is drawing to a close. While we\u2019re all eagerly looking forward to a less-hectic pace during the holiday season, the real estate market across the country isn\u2019t pausing in the slightest. November has featured markets in big cities continuing to stay hot \u2013 especially in Toronto \u2013 along with several new rules, taxes and stats that are definitely worth taking note of.<\/p>\n

Let\u2019s get right to November\u2019s top real estate headlines.<\/p>\n

Shady Agent Practices Exposed via the CBC<\/strong><\/h3>\n

Some of you may have seen the expose shown on CBC\u2019s Marketplace<\/em> where it highlighted the way some agents are \u2018double ending\u2019 a deal. If you didn\u2019t, you may very well have heard about it as it certainly reflects badly on our profession. Journalists sporting hidden cameras posed as prospective homebuyers, and caught six real estate agents making promises \u2013 such as revealing other buyers\u2019 offers and guaranteeing the home sale \u2013 in exchange for representing them as well as the seller. Now, most provinces have regulations here, where a realtor must provide both ends of a transaction to all parties in writing.<\/p>\n

Not doing so is highly unethical, and since the broadcast aired there has been strong condemnation from both the Real Estate Council of Ontario (RECO) and the Ontario Real Estate Association (OREA).<\/p>\n

We\u2019ll add to this that such practice is also extremely detrimental for the seller as well. When a realtor is contractually engaged to represent seller clients, you\u2019re expected to do everything in your power to represent their best interests. Failing to do so is one thing, but choosing not to do so in the interest of leveraging on your own behalf is extremely poor practice and reflects very badly on the individual \u2013 as it should!<\/p>\n

Bravo CBC and Marketplace<\/em>, please take further initiative if you feel it\u2019s warranted here. Maintaining integrity and trust in this business is of paramount importance, and we ALL have much to lose without it.<\/p>\n

Suburban Swells<\/strong><\/h3>\n

The trend of homebuyers being priced out of metro-city real estate doesn\u2019t need any introduction to folks in Vancouver and Toronto, and Calgary to a lesser extent. Accordingly, these folks are moving to the suburbs in droves. Let\u2019s take Toronto for example; according to Toronto Real Estate Board, the areas around Toronto saw the greatest sales and price growth in October, with some cities in the 905 area code seeing as much as a 40% increase. The 6,053 homes sold in the 905 dwarfed the 3,715 that were sold in the 416 area code. Buyers who\u2019ve had their sights set on the detached home dream are realizing it\u2019s only doable if you get out of the metro area \u2013 suburban single-family house sales were up a whopping 13.4%. Oppositely, Toronto detached home demand rose only 1.5% last month with the lacking supply overruling the constant demand. South Simcoe County seems to be the newest hotspot, which saw the greatest year-over-year growth at 25.38% for all home types. York was next with 24.48%.<\/p>\n

Vancouver City Council Finally Passes Empty Home Tax<\/strong><\/h3>\n

In a move that was grossly overdue considering how the infusion of foreign capital into Vancouver\u2019s housing market has been very detrimental for people who actually live in the city, Vancouver mayor Gregor Robertson introduced new legislation that will go into effect January 1, 2017.<\/p>\n

Absentee homeowners (a disturbingly common trend in Vancouver) now need to pay 1% of their home\u2019s total value, and will face steep fines \u2013 potentially daily \u2013 if they are dishonest about whether the home is occupied or not. The hope is that it will cut back on purchases made by out-of-country investors who don\u2019t intend to dwell in their homes. Then, this should improve the supply of rental housing from the nearly non-existent vacancy rate of 0.6% to a far-better 3.5%.<\/p>\n

According to a city-commissioned study, there are 10,800 homes sitting empty, with an additional 10,000 not fully used by their owners. The 2011 Census conducted by the Federal Government also found more than 22,000 homes in Vancouver are sitting empty.<\/p>\n

This is a smart and responsible move by Vancouver city council. Housing is not a commodity, and it should never be regarded as such<\/p>\n

BC \u2013 A Seller\u2019s Market No More<\/strong><\/h3>\n

In related news, the 15% foreign investor tax as well as new restrictive mortgage rules (also implemented in an effort to level the playing field for local<\/em> homebuyers) have led to sales dropping in the Province. Sales in BC fell by 16.7% year over year, with just 7,272 homes changing hands. The dollar volume of sold units also plunged by 24.2%, with an average price of $606,787 \u2013 a 9.1% decline.<\/p>\n

Short-term pain for long-term gain? Very likely.<\/p>\n

Good News for Ontario First-Time Buyer<\/strong><\/h3>\n

First-time homebuyers are often overwhelmed with just how much is required of them, so the news that the Ontario Government has announced measures that will reduce the extensive and often shocking costs that these people are subject to when closing their home purchases.<\/p>\n

The land transfer tax rebate will be doubled to $4,000 from $2,000 for first-timers as of January 1. The minimum threshold for the tax has also been raised \u2013 those buying homes priced up to $368,000 will avoid the tax altogether (from the previous $277,500). For a first-time buyer putting the minimum 5% down, an extra $2,000 will almost certainly be a huge advantage for them, often enabling them to make a larger down payment and thus reducing the amount of CMHC mortgage default insurance they will be required to pay.<\/p>\n

New National Housing Plan Taking Shape <\/strong><\/h3>\n

Canada Mortgage and Housing Corporation has bee hard at work over the better part of this year, and after releasing its \u2018Let\u2019s Talk Housing Report\u2019 \u2013 which included thousands of consultation with experts across different related industries within housing across Canada \u2013 it find the top issues facing Canadian real estate and housing is the need to bring awareness to the housing needs of Canada\u2019s most vulnerable. In addition to these findings, the federal government also announced a 5-year plan to improve affordable rental housing, with $2.5 billion earmarked for building 10,000 units throughout the country.<\/p>\n

Renting Not as Daunting as Before <\/strong><\/h3>\n

CMHC\u2019s Fall Rental Report indicates that while rental vacancy rates rose in several markets \u2013 even being dangerously high in Alberta \u2013 they are still incredibly tight for folks in Vancouver and Toronto who are looking to rent a home. Vacancies rose to 0.7% in the west coast city, and to 1.3% in Toronto, but prices rose with them\u2013 Increases of 5.7% to rent a two-bedroom unit in Vancouver, and 3.1% to rent in Toronto arrived at the same time.<\/p>\n

Please continue to visit us here and to stay up to date on what\u2019s happening in the world of real estate in Canada, and if you\u2019d like to have an online real estate lead generator working for you then you\u2019re in the right place as well. With Real Estate Leads, you can receive generated qualified leads that will put you in touch with legit prospective buyer and sellers in YOUR area, and you\u2019ll receive them exclusively. Sound good? check us out at www.realestateleads.ca<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

2016 is drawing to a close. While we\u2019re all eagerly looking forward to a less-hectic pace during the holiday season, the real estate market across the country isn\u2019t pausing in the slightest. November has featured markets in big cities continuing to stay hot \u2013 especially in Toronto \u2013 along with several new rules, taxes and […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-262","post","type-post","status-publish","format-standard","hentry","category-general-topics"],"yoast_head":"\nRecapping November in the Canadian Real Estate World - Real Estate Leads Blog<\/title>\n<meta name=\"description\" content=\"Recapping November in the Canadian Real Estate World - Real Estate Leads Blog\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.realestateleads.ca\/blog\/recapping-november-in-the-canadian-real-estate-world\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Recapping November in the Canadian Real Estate World - 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