Categories for Industry News

Commission Reduction Agreements

Originally published by RECO December 1, 2015 When REALTORS® use commission reductions, it is essential to create an appropriate agreement in order to comply with the Real Estate and Business Brokers Act, 2002 (REBBA 2002). In a commission reduction agreement, the listing brokerage agrees with the seller to reduce commission that was ...

Continue Reading

Commercial Real Estate: It’s Always Darkest Before Dawn

While there’s been significant disruption to commercial real estate due to the pandemic, many parts of the sector have been surprisingly resilient. Here we examine the damage, the recovery, and—most important—the opportunities. A spring of dramatic change and uncertainty Commercial real estate suffered during the pandemic: Hotels were shuttered, malls ...

Continue Reading

Toronto City Council Approves Plan to Implement Vacant Home Tax

Toronto city council has approved a plan to implement a vacant home tax starting next year. In a news release issued Thursday July 15th, city officials said the goal of the tax is not to collect revenue, but to create a disincentive for homeowners to keep their homes vacant and in ...

Continue Reading

Referral Fees in Real Estate

Originally published by RECO December 1, 2015 This post deals with the topic of REALTORS® receiving and/or paying referral fees to third parties who may not be directly involved in a real estate transaction. Depending on the specific situation, this may not be permitted under the Real Estate and Business Brokers Act, ...

Continue Reading

More Than One in Ten Homeowners in Canada’s Three Largest Urban Centres Owns Multiple Properties

Highlights: 14% of homeowners in Greater Vancouver, 13% in the Greater Toronto Area and 12% in the Greater Montreal Area own more than one property More than 40% of secondary property owners in the greater regions of Vancouver and Toronto, and 21% in the Greater Montreal Area, used equity from ...

Continue Reading

Mortgage Stress Test Changes on June 1, 2021

Canada’s banking regulator has proposed changes that would strengthen the stress test applied to uninsured mortgages. The Office of the Superintendent of Financial Institutions (OSFI) unveiled its proposed changes on Thursday April 8th, which would require borrowers applying for uninsured mortgages—typically those with more than a 20% down payment—to qualify ...

Continue Reading

Can REALTORS®—or Clients—Secretly Record Potential Buyers?

Smile! You’re being secretly recorded. Oh, the joys of privacy law! With more twists and turns than an Agatha Christie novel, it truly is the gift that keeps on giving… if you’re a privacy lawyer. For normal people, maybe not so much. Perhaps it’s because of the warmer weather that’s ...

Continue Reading

Federal Budget 2021: What You Need to Know

Courtesy Canadian Real Estate Association Last month, Finance Minister Chrystia Freeland tabled the federal government’s first budget in more than two years. The budget includes $100 billion in stimulus measures to assist economic recovery as Canada moves through the pandemic, with a heavy emphasis on child care and climate change. ...

Continue Reading

One Quarter of Canadians Aged 25 to 35 Purchased a Property During Pandemic

According to a recent Royal LePage demographic survey, nearly half (48%) of Canadians aged 25 to 35 currently own their home, and 25 per cent of these homeowners purchased a property during the pandemic. Royal LePage reports, that among non-homeowners, there is a strong intention to purchase in the future ...

Continue Reading

Further Restrictions Imposed in Light of Record COVID-19 Numbers

To keep you abreast of developments in local real estate, I share this notice to members of the Toronto Regional Real Estate Board with you. The province has announced several major new public health restrictions in an effort to deal with record daily COVID-19 case counts and intensive care admissions. ...

Continue Reading