|
OREA - Yesterday, the Government of Ontario announced the Homeowner Protection Act, 2024 – with several major wins for Ontario REALTORS® and hardworking families across the province, which OREA has advocated for in recent months and years.
The Act includes several REALTOR®-led advocacy priorities, most notably a 10-day cooling-off period for buyers of newly built freehold homes. This will allow purchasers 10 days to review and cancel an agreement without penalty, a protection that is already in place for pre-construction condo sales in Ontario. Extending this protection to newly constructed homes will enhance consumer protection and level the playing field between hardworking families and corporate developers.
And thanks to the lobbying efforts of OREA and our nearly 100,000 REALTORS® across the province, the Government will not be extending this protection to resale homes, which would have negatively impact both buyers and sellers.
The new legislation also bans the registration of Notices of Security Interest (NOSIs), reducing unnecessary fees from being tacked onto the price tag of a home. Too many Ontarians, when selling their home, have been surprised by one or more NOSIs – fine print in contracts for water coolers, furnaces, or security systems that include exorbitant buyout charges to be paid before the home can be sold.
Additionally, the Act will modernize zoning rules to allow for more homes to be built near public transit, making it easier and faster to increase Ontario’s housing supply in urban areas – a change that OREA has long-advocated for, including in our recent report, Analysis of Ontario’s Efforts to Boost Housing Supply.
The Homeowner Protection Act, 2024 is a significant step toward enhancing consumer protection for Ontarians making one of the largest transactions in their lives, all while building much-needed housing supply across the province.
Read our full statement here.
Storeys – Ontario moves forward with 10-day ‘cooling-off’ period on new freehold purchases
Globe and Mail – Ontario extends cooling off period, bans some liens on homes by vendors
Toronto Sun – Half of GTA residents would move to one of Canada's more affordable cities: Survey
London Free Press – London condos record Canada's biggest year-over-year 'benchmark' price hike
CBC Kitchener Waterloo – Waterloo region preparing for 1 million residents by 2050 — Redman
CMP Magazine – High housing costs drive urban Canadians to cheaper markets
Ontario cottage country sees soaring prices amid new capital gains tax increase (Real Estate Magazine)
Burlington offers best work-life balance in Ontario, according to new report (Insauga)
The Standard $1.56-billion EV battery plant a ‘game-changer for Niagara’
Dr Sherry Cooper: Odds of a Rate Cut Next Week Rise with Disappointed Canadian GDP Growth
👀 Are we witnessing a stronger spring market compared to last year? Because Canadian real estate prices have rebounded after a seven-month slump, with April seeing a 4% rise from the start of the year.
Learn more >>
🧑🏽🍳 Considering a fresh kitchen design but worried about the mess of a demo? Discover 6 creative, budget-friendly upgrades to achieve your dream kitchen without the demo hassle.
Learn more >>
Wealth Professional – Are Canada's major cities facing an exodus to more affordable alternatives?
Globe and Mail – Making homeowners into home builders
Toronto Star – What do I need to know about the outside of my house? Here’s a checklist of essential tasks
BMO reports increased delinquencies, predicts prolonged high interest rates (Canadian Mortgage Trends)
Immigration provides important buffer for Canadian economy as population greys: RBC (Canadian Mortgage Trends)
Posthaste: Why the Bank of Canada just might hold interest rates again (Financial Post)
Mortgage discounts fail to lure borrowers away from shorter-terms as rate cuts near (Financial Post)
Fix or float is the big mortgage question as Bank of Canada rate cuts approach (Financial Post)
Canada must more than double the average number of homes built annually to meet the federal housing plan (The Hub)
Homeowners turn to savings as financial pressure mounts (CMHC)
Storeys – ‘Calm is good’ in Canada’s housing market: BMO
Global News – Are home inspection conditions back in the cards? What buyers should know
Wealth Professional – Spring should be a boom time for the housing market, it's not
Financial Post – Waiting for warmth: Housing sales slump as spring blooms
Financial Post – Would-be homebuyers are in limbo and only the Bank of Canada can free them
Globe and Mail – CESTNICK: How the personal-residence exemption can help minimize taxes on capital gains
Zoocasa - How the new capital gains tax is impacting cottage country this year
Zoocasa - Do this first before you hire a moving company!
Inflation is down - enough to bring the bank rate down and lower mortgage costs? June 5th is the next critical date (Burlington Gazette)
What to consider before co-owning a home (The Globe and Mail)
Regulations, ‘fragmented’ construction sector holding back housing starts: CMHC (Canadian Mortgage Trends)
CREA: Rising inventory signals prime buying opportunities
|
