Government News
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TRREB Statement on the Elimination of GST for First-Time Homebuyers
The Toronto Regional Real Estate Board (TRREB) welcomes the Government of Canada’s decision to eliminate the Goods and Services Tax (GST) on homes priced at or under $1 million for first-time homebuyers. This policy is a positive step toward addressing housing affordability challenges and supporting Canadians in achieving homeownership. The rising cost of housing has…
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TRREB Commends Approval for Development Charges Deferral by Mayor’s Executive Committee
Toronto City Council’s Executive Committee has endorsed the proposal to defer development charges for thousands of ownership condo units. City Council will have the final vote, and TRREB is encouraging Council to approve this measure. TRREB supported this positive step forward to help ensure the feasibility of essential housing projects needed to increase Toronto’s housing…
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TRREB Supports Deferral of Toronto Development Charges
TRREB is supporting a report from the Deputy City Manager, Development & Growth Services, and the Chief Financial Officer and Treasurer regarding the deferral of development charges (DCs) being considered by Mayor Chow’s Executive Committee.
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TRREB Congratulates Premier Ford and PC Party on Re-election
On behalf of our 68,000+ REALTOR® Members, the Toronto Regional Real Estate Board (TRREB) congratulates Premier Doug Ford and the Ontario Progressive Conservative (PC) Party on their third consecutive majority government. Since he was first elected in 2018, Premier Ford has demonstrated a strong commitment to tackling Ontario’s housing crisis, cutting red tape, and accelerating home construction.…
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TRREB Launches Fair Taxes on Ontario Homes Campaign to Tackle Rising Housing Costs
Newly Released Ipsos Polling Shows 72% of Young Ontarians Plan to Leave GTA Due to Affordability In response to the ongoing housing affordability crisis, the Toronto Regional Real Estate Board (TRREB) is launching a bold new campaign— Fair Taxes on Ontario Homes —to demand lower taxes and help bring homeownership back within reach for Ontarians. The campaign…
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TRREB: Ontario’s Home Renovation Savings Program – A Win for Homeowners and Energy Efficiency
High energy and construction costs are hurting families and individuals across the Greater Toronto Area (GTA). The Toronto Regional Real Estate Board (TRREB) commends Minister Lecce and the Government of Ontario for the launch of the Home Renovation Savings Program, coming into effect January 28, 2025. This new program is a win for homeowners, helping…
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TRREB Commends Mayor Del Duca’s Leadership in Reducing Development Charges
The Toronto Regional Real Estate Board (TRREB) commends the City of Vaughan and Mayor Del Duca for their decisive action to reduce development charges (DCs), a move that will significantly enhance housing affordability and supply in York Region. The new DCs officially took effect on November 19, 2024. Previously, the City’s published development charge rate for low-rise residential…
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TRREB Welcomes Ontario Government’s Measures to Support Fair Property Taxation and Increase Housing Supply
The Toronto Regional Real Estate Board (TRREB) applauds the Ontario government for introducing several key measures to support a fair and affordable property tax system while promoting housing supply across the province in the 2024 Fall Economic Statement. The government’s ongoing review of the property assessment and taxation system, which focuses on fairness, affordability, business competitiveness,…
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TRREB Encourages All Policymakers to Consider Lower Taxes for Home Buyers and Sellers
Families and individuals living in the Greater Toronto Area (GTA) pay some of the highest taxes on the purchase of a home in North America. In Toronto, buyers can expect a double land transfer tax, development charges and sales taxes, totalling over $200,000 in taxes and fees on the average priced home. Cutting taxes for…
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TRREB Submission on City of Toronto Avenues Review
TRREB has submitted feedback to the City of Toronto recognizing the potential of the City’s Avenues Review initiative to revitalize key corridors and add up to 160,000 new housing units. Designated Avenues, characterized by a mix of residential, commercial, and institutional uses, should guide sustainable growth and enhance urban design. Key Takeaways Areas of Concern…
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TRREB Applauds OSFI’s Decision to Eliminate Mortgage Stress Tests at Renewal for Uninsured Mortgages
The Toronto Regional Real Estate Board (TRREB) commends the Office of the Superintendent of Financial Institutions (OSFI) for its recent decision to eliminate the mortgage stress test requirement for uninsured borrowers switching lenders at renewal. This change is a significant step forward in ensuring that all Canadian homeowners, regardless of whether their mortgages are insured…
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TRREB Applauds Federal Government Mortgage Reforms
The Toronto Regional Real Estate Board (TRREB) welcomes the changes to mortgage rules announced by Deputy Prime Minister and Minister of Finance Chrystia Freeland. TRREB strongly supports the extension of 30-year insured mortgage amortizations to all first-time homebuyers which was limited to first time purchasers of new builds, and increasing the price cap for insured…