Average condominium apartment rents continued to increase by double-digit annual rates in the fourth quarter of 2022. However, while market conditions remained tight enough to support very strong rent growth, there was more balance in the rental marketplace compared to the same period a year earlier in 2021.
The Toronto Regional Real Estate Board (TRREB) is calling on Toronto City Council to make housing affordability a priority of the City’s 2023 Operating Budget. The City’s Executive Committee and full City Council will be deliberating on the City’s budget in the coming weeks. With the new strong mayor powers, TRREB welcomes the Mayor’s dedicated focus on taking active and effective steps to deal with housing affordability across the City, and we are encouraged to see that the Mayor’s 2023 Housing Action Plan has been put forward and supported by Council.
TRREB subsidiary PropTx, Teranet and AMP are partnering with VisionMAX and Blocksyte to transform the home buying and selling process across Canada.
Together, they are introducing an industry-changing digital transaction of real property through a tokenized blockchain solution for real estate boards across the country.
This innovative blockchain solution will be integrated into REALM™. Designed with TRREB Members' needs at the forefront, it will enable a more trusted, streamlined, and automated process for managing real estate transactions.
"This is another innovation that will propel our industry forward," says TRREB CEO John DiMichele. "We are leading the way with a vision for a future-facing system that will ensure security, efficiency, and transparency. This is the first step in facilitating a seamless and less complex real estate transaction process."
Read the full news release.
The Boards of Directors of the Barrie & District Association of REALTORS® (BDAR) and the Toronto Regional Real Estate Board (TRREB) are pleased to announce BDAR’s recommendation to its Members that they integrate with TRREB.
This proposed integration will combine more than 1,500 BDAR Members within the existing TRREB membership, empowering Members and increasing their reach and advocacy strength.
“We’ve been aspiring towards this partnership for quite some time, with the objective of bringing a proposal to Members that ensures they benefit from the best possible service and access to comprehensive information,” said Julia Price-Greig, BDAR CEO. “This integration would allow us to give Members the best tools to do their job while maintaining a strong and important regional presence.”
If approved by BDAR Members, the integration would provide Members unfettered access to a single MLS® database, which means improved access to data and listings for Members and their clients. There is a significant overlap in the MLS® data provided by TRREB and BDAR in the Barrie and Simcoe area marketplace, as well as a large number of dual Members from the Barrie area currently leading to unnecessary redundancies and confusion in data access.
Crucially, this integration will maintain BDAR’s existing regional office and dedicated local employees. All Members will benefit from access to leading, local professional support services, ongoing professional development opportunities, high impact government advocacy, and public policy offerings.
“I truly believe the proposal we are bringing forward to BDAR Members will provide them with the best tools to serve clients, while reducing burdens and unlocking more opportunities,” said Luc Woolsey, BDAR President. “Our ability as Members to contribute to and guide the direction of the regional board is guaranteed through representation for regional Members at TRREB on the Board of Directors and within committees and task forces.”
Today’s announcement begins a formal consultation period with Members of BDAR and information sharing with TRREB Members. Throughout this process, Members of BDAR and TRREB will have the opportunity to learn the details and benefits of the plan. Once the BDAR consultation process is complete, the proposal will be put to the BDAR membership for a final vote.
“This proposal is the result of much work and collaboration by the Boards of Directors and management of BDAR and TRREB. We are pleased that both boards support this amalgamation unreservedly,” said Paul Baron, TRREB President. “Through this integration we will empower Members with the best access to information, innovation and technology, best infrastructure and best professional development opportunities.”
The Greater Toronto Area (GTA) housing market experienced a marked adjustment in 2022 compared to record levels in 2021. Existing affordability issues brought about by a lack of housing supply were exacerbated by sustained interest rate hikes by the Bank of Canada.
The Toronto Regional Real Estate Board (TRREB) will release December 2022 market statistics on Thursday, January 5 at 5:00 a.m. EST.
Our REALTOR® community is shocked and saddened by the tragic deaths of TRREB REALTOR® Member, Naveed Dada, Rita Camilleri and retired Member Vittorio Panza. Vittorio, Rita and Naveed were victims in the Vaughan condo mass shooting on December 18, 2022.
Vittorio retired as a REALTOR® in 2014 and was a TRREB Member for 40 years. We applaud his long service and commitment to the real estate profession. His son-in-law is also an active TRREB Member. According to his family, Vittorio was an Italian immigrant and passionate about music. He was a husband and father to three daughters and seven grandchildren. He was the grandfather of Maple Leafs player Victor Mete.
As a member of TRREB's Young Professionals Network (YPN) and a condo board member, Naveed played a meaningful role as a volunteer and was committed to the real estate profession. He tirelessly volunteered his time and served to not only help those realize their homeownership dreams, but gave back to the community in which he lived and worked.
Rita was also an active volunteer in her community and a condo board member. Her family described her as a smart businesswoman with a contagious laugh and zest for life. She loved to travel, cook and host for her loved ones, and was a loving daughter, sister, partner and the most caring aunt.
We unequivocally condemn this senseless act of violence. Our thoughts are with the victims' families and friends.
Homeownership market activity in November continued to be influenced by the impact of higher borrowing costs on affordability. Sales were down markedly compared to the same period last year, following the trend that unfolded since the commencement of interest rate hikes in the spring. New listings were also down substantially from last year, and at a very low level historically. The fact that the supply of homes for sale has remained low, has supported average selling prices at the $1.08 to $1.09 million mark since August.
The Toronto Regional Real Estate Board (TRREB) will release November 2022 market statistics on Tuesday, December 6 th at 5:00 a.m. EST.
TRREB was pleased to participate in the consultation by the Office of the Auditor General of Ontario (OAGO) in conducting a RECO value for money audit and is encouraged by the response from the Ministry and RECO to act on a number of recommendations in the audit report. Effective oversight of the real estate industry is critical. So is effective oversight of the regulator, RECO.
TRREB has long held that there is no place in our profession for those who act unethically. For far too long, the reputation of many hardworking REALTORS® who work tirelessly on behalf of their clients has been tarnished by the actions of a few who have no place calling themselves a REALTOR®.
TRREB has called on the Real Estate Council of Ontario (RECO) for many years to address concerns about unethical behaviour. REALTORS® have themselves advocated for higher standards with no measurable result. The time for RECO to act is now.
Recent occurrences such as the major breach in exam integrity mentioned in the audit as well as media reports concerning REALTOR® involvement in potential mortgage fraud highlight these bad actors.
TRREB has a professional standards process where we hold Members to account. Our regulator needs to do the same if their role as the issuer of licenses and regulator of the profession is to be effective.
As part of their investigations, RECO should also ensure brokerages are providing effective oversight as required by the Real Estate and Business Brokers Act – soon to be the Trust in Real Estate Services Act (TRESA). Brokers of Record have a responsibility for the actions of their REALTOR® Members, and if pervasive abuses are evident within an organization, RECO should evaluate the fitness of the Broker of Record.
Furthermore, in all instances RECO should take decisive action and revoke the license of any real estate agent if there is proof of fraudulent behaviour.
The findings of the RECO value for money audit point to the need for the province to finally institute on oversight body for RECO by way of an ombudsperson. The government needs to consider an oversight body for the regulator since 74 per cent of complaints filed to RECO are from consumers, 24 per cent from registrants and 2 per cent other.
Most industries, and the real estate industry in other provinces, fall under an ombudsperson, and this is an area that requires attention since Ombudsman Ontario does not watch over RECO.
RECO is overseen only by the Ministry of Public and Business Service Delivery. However, the Ministry does not have the mandate or authority to deal with complaints regarding RECO. This means that RECO is not subject to the same oversight as other self-regulated/managed organizations. RECO would therefore benefit from additional oversight to provide transparency and accountability.
Despite the continued housing market transition to a higher borrowing cost environment, the average selling price in the Greater Toronto Area (GTA) found some support near $1.1 million since the late summer. GTA home sales continued to adjust to substantially higher interest rates in October 2022, both on an annual and monthly basis. However, new listings are also down year-over-year and month-over-month. The persistent lack of inventory helps explain why the downward trend in home prices experienced in the spring has flattened over the past three months.