Wednesday, April 4, 2018
TORONTO, ONTARIO, APRIL 4, 2018 – Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 7,228 residential transactions through TREB’s MLS® System in March 2018. This result was down by 39.5 per cent compared to a record 11,954 sales reported in March 2017 and down 17.6 per cent relative to average March sales for the previous 10 years. The number of new listings entered into TREB’s MLS® System totaled 14,866 – a 12.4 per cent decrease compared to March 2017 and a three per cent decrease compared to the average for the previous 10 years. “TREB stated in its recent Market Outlook report that Q1 sales would be down from the record pace set in Q1 2017,” said Mr. Syrianos. “The effects of the Fair Housing Plan, the new OSFImandated stress test and generally higher borrowing costs have prompted some buyers to put their purchasing decision on hold. Home sales are expected to be up relative to 2017 in the second half of this year.” The MLS Home Price Index Composite Benchmark was down by 1.5 percent on a year-over-year basis for the TREB market area as a whole. The overall average selling price was down by 14.3 per cent compared to March 2017. While the change in market conditions certainly played a role, the dip in the average selling price was also compositional in nature. Detached home sales, which generally represent the highest price points in a given area, declined much more than other home types. In addition, the share of high-end detached homes selling for over $2 million in March 2018 was half of what was reported in March 2017, further impacting the average selling price. “Right now, when we are comparing home prices, we are comparing two starkly different periods of time: last year, when we had less than a month of inventory versus this year with inventory levels ranging between two and three months. It makes sense that we haven’t seen prices climb back to last year’s peak. However, in the second half of the year, expect to see the annual rate of price growth improve compared to Q1, as sales increase relative to the below-average level of listings,” said Jason Mercer, TREB’s Director of Market Analysis. TREB continues to stress that housing and housing affordability need to be at the forefront of the policy debates leading into this year’s provincial and municipal elections.
“A well-functioning housing market is not only important to ensure that people have a place to live; it is also important because it supports hundreds of thousands of jobs, billions of dollars in spin-off expenditures and billions of dollars in government revenues. Issues such as the below-average level of housing supply and often inadvisable policy ideas and negative measures such as land transfer taxes, vacancy taxes, speculation taxes and second home taxes should also be thoroughly debated by all candidates,” said Mr. Syrianos.
Tuesday, February 27, 2018
New Law will Protect Consumers at Home
February 23, 2018 10:00 A.M.
Businesses will only be able to enter into a contract in the consumer's home if the consumer has contacted the business ahead of time and invited them into their home for the purpose of entering into a contract. Contracts that are in violation of the new rules relating to door-to-door contract solicitation will be considered void, and consumers will be able to keep the goods and services with no obligations.
The new rules will apply to:
- Air cleaners
- Air conditioners
- Air purifiers
- Duct cleaning services
- Water filters
- Water heaters
- Water purifiers
- Water softeners
- Water treatment devices
- Bundles of these goods and services
Protecting consumers is part of Ontario's plan to create fairness and opportunity during this period of rapid economic change. The plan includes a higher minimum wage and better working conditions, free tuition for hundreds of thousands of students, easier access to affordable child care, and free prescription drugs for everyone under 25 through the biggest expansion of medicare in a generation.
QUOTES" These new laws will ensure that people aren’t being taken advantage of through unsolicited door-to-door contracting. We have heard from many consumers, including many seniors, who are being taken advantage of at their doorsteps. Our government is taking steps to protect Ontario consumers and provide them with more protection against aggressive and misleading door-to-door contracting tactics so that they can enjoy peace of mind in their homes."
- Tracy MacCharles
Minister of Government and Consumer Services
- Door-to-door contracts have been among the top complaints received by the Ministry of Government and Consumer Services.
- Ontario is the second province in Canada to restrict door-to-door solicitation and contracts.
- If a consumer calls for a repair, maintenance or any other reason, businesses will only be allowed to leave information about the products and services they offer, unless the business has a written contract in place with the consumer and secures the consumer’s approval in advance of the visit to solicit a contract for the restricted goods or services.
- Businesses will need to keep a record of how contact with the consumer was made and provide consumers with clear information about their rights.
- Know your rights about door-to-door contracts
Mahreen Dasoo Minister’s Office
Sue Carroll Communications Branch