Aug 7, 2015 | CREA/OREA/RECO News |
OREA will be bringing you six new Emerge events across Ontario in 2015. Stay tuned for the exciting topics that will be covered and OREA’s great book give-away from Debra Trappen – Fire up! Taking Your Life and Business to 11.
Ottawa – September 17, 2015, The Shaw Center
Peterborough – October 8, 2015, Holiday Inn Peterborough Waterfront
Sudbury – October 21, 2015, Holiday Inn Sudbury
Burlington – November 5, 2015, Holiday Inn Burlington Hotel & Conference Centre
Stratford – November 26, 2015, The Arden Park Hotel
Mississauga – December 8, 2015, Mississauga Convention Center
Jul 20, 2015 | CREA/OREA/RECO News |
According to statistics released by The Canadian Real Estate Association (CREA), national home sales activity edged slightly lower on a month-over-month basis in June 2015.
Highlights:
- National home sales edged back by 0.8% from May to June.
- Actual (not seasonally adjusted) activity stood 11% above June 2014 levels.
- The number of newly listed homes edged down 0.2% from May to June.
- The Canadian housing market remains balanced overall.
- The MLS® Home Price Index (HPI) rose 5.43% year-over-year in June.
- The national average sale price rose 9.6% on a year-over-year basis in June; excluding Greater Vancouver and Greater Toronto, it increased by 3.1%.
The number of home sales processed through the MLS® Systems of Canadian real estate Boards and Associations declined by 0.8 per cent in June 2015 compared to May. Sales levels in May and June marked the strongest monthly readings in more than five years.
Read the report.
Jul 7, 2015 | CREA/OREA/RECO News |
Congratulations to Mike Cusano (RE/Max Escarpment Realty Inc.) on his re-election as Region 2 Director on the RECO Board of Directors.
Jun 17, 2015 | CREA/OREA/RECO News |
According to statistics released by The Canadian Real Estate Association (CREA), national home sales activity posted a fourth consecutive month-over-month increase in May 2015.
Highlights:
- National home sales rose 3.1% from April to May.
- Actual (not seasonally adjusted) activity stood 2.7% above May 2014 levels.
- The number of newly listed homes was little changed from April to May.
- The Canadian housing market remains balanced overall.
- The MLS® Home Price Index (HPI) rose 5.17% year-over-year in May.
- The national average sale price rose 8.1% on a year-over-year basis in May; excluding Greater Vancouver and Greater Toronto, it increased by 2.4%.
The number of home sales processed through the MLS® Systems of Canadian real estate Boards and Associations rose 3.1 per cent in May 2015 compared to April. This marks the fourth consecutive month-over-month increase and raises national activity to its highest level in more than five years.
May sales were up from the previous month in about 60 per cent of all local markets, led by increases in the Greater Toronto Area, Calgary, Edmonton, Ottawa and Montreal.
Read the whole report.
Jun 2, 2015 | CREA/OREA/RECO News |
The Ontario Real Estate Association forwarded the following information to all members on March 19.
Re: Bill 55, the Stronger Protection for Ontario Consumers Act, 2013.
On July 1st, 2015, Ontario Regulation (307/14)<http://www.e-laws.gov.on.ca/html/source/regs/english/2014/elaws_src_regs_r14307_e.htm>, which implements amendments made to the Real Estate and Business Brokers Act, 2002 (“REBBA”) under Bill 55, will come into force. These changes are intended to address the issue of “phantom offers” in the real estate marketplace.
What REALTORS® Need to Know
Bill 55 introduced a number of changes to REBBA 2002 which created new requirements for real estate registrants. Most notably:
- Bill 55 prohibits a registrant working on behalf of a purchaser from presenting or representing an offer unless the offer is in writing and signed.
- Bill 55 requires that a brokerage must retain copies of all written offers to purchase real estate (that it receives to be presented to its seller) or copies of an equivalent prescribed document for each of those offers.
Ontario Regulation (307/14) outlines the required information that must be contained in a ‘prescribed document’ and states that the selling brokerage must retain a copy of the document or a copy of the written offer for a period of one year after receiving the written offer.
OREA has prepared a new Standard Form #801, “Offer Summary Document”, to help you comply with Bill 55. It is available on orea.com (https://www.orea.com/Members/Standard-Forms); it will be available in WEBForms by mid-June.
Jun 2, 2015 | CREA/OREA/RECO News |
Earlier this spring, RECO issued an e-blast to brokers of record and branch managers regarding new rules for handling written offers, stemming from Bill 55, the Stronger Protection for Ontario Consumers Act, 2013. In response to feedback from brokers of record and branch managers, RECO has updated the fact sheet.
Bill 55, the Stronger Protection for Ontario Consumers Act, 2013, takes effect on July 1, 2015 and there are new rules you must know for handling written offers. Your brokerage must create processes and policies that comply with these legislative changes.
RECO has prepared a detailed fact sheet about the changes. All registrants should review it so that they can ensure compliance as of July 1, 2015.
Here is an outline of the changes:
- Offers must be made in writing. Please keep in mind that a written offer must be signed to be valid.
- A registrant cannot indicate that they have an offer, unless they have a written offer.
- The seller’s brokerage must keep a record of all written offers that it receives.
- RECO is developing a process to confirm the number of offers that were received for a property.
- RECO will provide updates between now and July 1 in response to questions that registrants submit.
To review the relevant changes, see section 35.1 of REBBA 2002 and section 19.1 of Ontario Regulation 579/05 made under REBBA 2002.
(Note: OREA will design a new form for brokerages to use to comply with the requirements of Bill 55. See following article and stay tuned for more information.)
May 19, 2015 | CREA/OREA/RECO News |
According to statistics released by The Canadian Real Estate Association (CREA), national home sales activity posted a third consecutive month-over-month increase in April 2015.
Highlights:
- National home sales rose 2.3% from March to April.
- Actual (not seasonally adjusted) activity stood 10% above April 2014 levels.
- The number of newly listed homes was little changed from March to April.
- The Canadian housing market overall remains balanced.
- The MLS® Home Price Index (HPI) rose 4.97% year-over-year in April.
- The national average sale price rose 9.5% on a year-over-year basis in April; excluding Greater Vancouver and Greater Toronto, it increased by 3.4 %.
The number of home sales processed through the MLS® Systems of Canadian real estate Boards and Associations rose 2.3 per cent in April 2015 compared to March. This marks the third consecutive month-over-month increase and raises national activity back to where it was during most of the second half of last year.
Read the entire report.
May 7, 2015 | CREA/OREA/RECO News |
Have you joined the REALTOR® Action Network (RAN) yet?
The REALTOR® Action Network is the Canadian Real Estate Association’s online interactive platform that connects REALTORS® with federal government decision makers who affect your business.
Be a part of the REALTOR® Action Network to:
- Change the outcome of political decisions that affect you, your business, your clients and your community.
- Shape and direct the focus of REALTOR® advocacy, ensuring political issues that are important to you are given the attention they deserve at the federal level.
- Get the inside track on political decisions as they are happening to more effectively adapt your business to possible change and help your clients understand how new legislation might affect them.
- Gain the recognition of peers for your advocacy work and commitment to your profession.
Joining is easy! Log in using your REALTOR Link® ID at www.REALTORActionNetwork.ca.
May 7, 2015 | CREA/OREA/RECO News |
How great would it be to have a website address like www. JaneDoe.REALTOR, or an email address like [email protected]? Or [email protected]?
Now you can! Register for your own .REALTOR domain and join other REALTORS® across Canada and the U.S. in declaring that you are a REALTOR® – that you work to a high ethical standard and you are entitled to use the trademarked term REALTOR®.
Here’s more information about the .REALTOR domain and how to claim your own .REALTOR domain.
Check out the video
Get more information
Rules for claiming and using a .REALTOR TLD
Claim your .REALTOR domain
May 7, 2015 | CREA/OREA/RECO News |
| Effective August 1, 2015, RECO will begin sending electronic registration renewal reminders and will phase out the post card reminder. Moving to electronic will allow RECO to provide registrants with multiple reminders to help everyone renew on time, avoiding any unnecessary interruptions to registration. The initiative is a more sustainable approach, saving the thousands of post cards issued annually.It’s critical that RECO has an up-to-date email address for all registrants. Please ensure that RECO has your correct email address! Update your email address with RECO by using MyWeb. |
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Apr 15, 2015 | CREA/OREA/RECO News |
According to statistics released by The Canadian Real Estate Association (CREA), national home sales activity was up on month-over-month basis in March 2015.
Highlights:
- National home sales edged up 4.1% from February to March.
- Actual (not seasonally adjusted) activity stood 9.5% above March 2014 levels.
- The number of newly listed homes rose 1.8% from February to March.
- The Canadian housing market remains balanced.
- The MLS® Home Price Index (HPI) rose 4.95% year-over-year in March.
- The national average sale price rose 9.4% on a year-over-year basis in March; excluding Greater Vancouver and Greater Toronto, it increased by 2.4%.
The number of home sales processed through the MLS® Systems of Canadian real estate Boards and Associations rose by 4.1 per cent in March 2015 compared to February.
March sales were up from the previous month in nearly two-thirds of all local markets, led by Greater Vancouver, Fraser Valley, Calgary and Edmonton. Despite the monthly rebound, Calgary and Edmonton sales came in below the 10 year average for the month of March.
Read the entire report.
Apr 6, 2015 | CREA/OREA/RECO News |
Effective August 1, 2015, RECO will begin sending electronic registration renewal reminders and will phase out the post card reminder. Moving to electronic will allow RECO to provide registrants with multiple reminders and help everyone renew on time, avoiding any unnecessary interruptions to registration. This measure will save on the thousands of post cards issued annually.
It’s critical that RECO has an up-to-date email address for all registrants. Please ensure that RECO has yours! Update your email address by using MyWeb.
