By Tess Kalinowski Real Estate Reporter Wed., April 17, 2019 Ontario real estate agents are lobbying the province against the mandatory disclosure of offers among competing home buyers in transactions involving multiple bids. The Ontario Real Estate Association (OREA) sent a bulletin to its 78,000 members this week urging them to contact their MPPs to oppose the compulsory sharing of offer prices and conditions among competing buyers. That’s something the province has said it is considering as part of its planned update to the 2002 Real Esate Business Brokers Act (REBBA). “Buyers and sellers should have the choice of using an open, transparent process,” said the OREA email. It says that sharing information about competing bids could lead to the disclosure of personal financial information to any interested parties. “The government should not force consumers to gamble their life savings in an experimental, mandated open offer … [Read more...] about Realtors oppose mandatory sharing of offers among competing home buyers
By Natalie Wong Bloomberg Natalie Obiko Pearson Tues., April 16, 2019 Isaiah Boodhoo, 22, thought it was a “complete hoax” when he saw a rental listing on Facebook for a bedroom in a Vancouver mansion for only $1,100 a month. It turned out the glass chandeliers, luxurious blue drapes, steam room and billiards table were for real. The nine-bedroom home, dubbed “The Castle” by the 14 students who share the property, is apparently owned by an Afghani pop artist, according to Boodhoo. “Honestly, I would stay here for as long as I could,” he said, sitting on a white couch while sipping from a Slurpee cup. “$1,000 bucks for all this?” Others may also soon find themselves as lucky as more mansion owners in the city turn to renting to avoid a new tax on empty homes. In the new world of Vancouver’s housing market, where Chinese investors are decamping and low-ball offers are the norm, students can find themselves living … [Read more...] about College kids living it up in pop artist’s mansion thanks to Vancouver’s topsy-turvy housing market
By Chris Fournier Bloomberg Tues., April 16, 2019 One of Canada’s largest banks is calling on the federal government to reconsider controversial new mortgage rules, as the transfer of risk to unregulated lenders potentially makes the market riskier than it appears. The introduction of a 200 basis-point stress test on new mortgage lending as part of the so-called B-20 regulations accounted for as much as 60 per cent, or $15 billion, of the $25 billion decline in new mortgage originations last year, according to Toronto-based Benjamin Tal, deputy chief economist at Canadian Imperial Bank of Commerce. While the new rules had the desired effect of improving overall credit quality, it has also led more borrowers into the unregulated sector for financing, resulting in a significant market-share increase for alternative lenders, Tal wrote. Alternative lenders, mostly private, nonfamily lenders and mortgage investment corporations, now account for close to 12 per cent of … [Read more...] about Canada should revisit mortgage rules as housing cools, CIBC says
Amnuay Preemonwong, the Treasury Department’s director-general, said that appraised building prices will be lower than the actual construction cost, resulting in the actual tax being lower than some had predicted. The appraised value of buildings will be based on its width and length regardless of the construction materials used. The land and building tax bill will come into force from January 1, 2020 onwards. So far, Treasury Department has appraised 20 million plots of land, with a further 13.4 million plots expected to be appraised this year. Local officers will walk the streets to survey every house and building in the relevant areas. The categories of buildings have been cut to 31 from 69 for easier appraisal. Amnuay said that area officers must survey and appraise every building in their areas, including those where the combined cost of residence and land is at or below Bt50 and so is tax exempt. Meanwhile, according to the land and building law, a second house … [Read more...] about New land and building taxes will not increase tax rates, says Treasury Department
By Stefanie Marotta Staff Reporter Claire Floody Staff Reporter Mon., April 15, 2019 It’s described as “a modern coach house” on the listing that asks would-be homeowners to pay $1.9 million to live in a home nestled behind a row of houses in the Junction. In a city tight on both space and privacy, there’s growing interest in coach house-style homes — free-standing houses behind another person’s property, says Roger Travassos, a real estate agent representing the house on Clendenan Ave. He said while it isn’t a “common” occurrence for these types of units to be sold as separate properties in Toronto, he is noticing it more often. “It’s definitely something that people are talking about more,” he said. Amid a housing crisis, Toronto has already warmed to backyard living with council last summer passing regulations to allow laneway suites, often converted garages backing … [Read more...] about Would you pay $2 million to live at the end of someone else’s backyard?