RECO News – Are your records in the cloud?
The following is an excerpt from the Summer, 2012 edition of “For the Record” published by RECO.
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OREA Update – Wind Turbines and their effect on real estate values
OREA’s Government Relations Committee recently heard presentations regarding wind turbines and their effect on real estate values.
The Government Relations Committee is taking the following actions:
1. The Committee will investigate the feasibility of doing research related to the impact wind turbines might have on property values.
2. The Committee is in the process of consulting with the OREA College as to whether or not OREA could develop a continuing education course to educate members on wind turbine related issues.
3. The Committee has asked the Standards Forms Committee to look at the feasibility of incorporating wind turbine related clauses directly into the Standard Form Agreement of Purchase and Sale.
4. OREA wrote the Minister of Energy and the Minister of the Environment and asked them to work with REALTORS® and municipal governments to mitigate any adverse effects these alternate energy projects may have.
Questions about these issues should go to Matthew Thornton, Assistant Director of Government Relations at 416.385.6624 or [email protected].
Canadian home sales edge lower in June
According to statistics released by The Canadian Real Estate Association (CREA), national resale housing activity edged lower on a month-over-month basis in June 2012. Price gains remained strong in Toronto, continued slowing in Greater Vancouver, and accelerated in Calgary.
Read the whole story here.
CREA News
Want to know more about the CREA Data Distribution Facility (DDF)?
Go to the DDF page on the CREA website on REALTOR Link® (REALTOR Link®>CREA>Technology Products>Data Distribution Facility (DDF) Button) and check out the videos explaining the three modules of the DDF and read FAQs and updates.
Here’s what you’ll find:
CREA partners with NAR in its application for .REALTOR Top Level Domain Extention
The Canadian Real Estate Association partners with the National Association of REALTORS® in its application for .REALTOR Top Level Domain Extension.
The Canadian Real Estate Association (CREA) has entered into an exclusive partnership agreement with the National Association of REALTORS® (NAR) that will result in CREA members being able to operate websites using the .REALTOR Top Level Domain (TLD).
The Internet Corporation for Assigned Names and Numbers (ICANN), the organization that controls the creation and distribution of domain names globally, has approved a procedure for establishing a new set of TLDs. If the NAR application is successful, CREA’s partnership arrangement will provide CREA members an alternative to the familiar .ca and .com Only licensed real estate professionals who are members of CREA and subscribe to a strict Code of Ethics have the right to call themselves a REALTOR® in Canada, and only REALTORS® will be allowed to use the new .REALTOR TLD.
Additionally, in order to protect its MLS® trademark, CREA has applied for the .MLS TLD.
ICANN is expected to make a decision on the application some time in 2013.
More details will be made available once ICANN approves the application.
MLS® HPI trends vary by region in May
According to statistics released by The Canadian Real Estate Association (CREA), the MLS® Home Price Index, the leading measure of Canadian home prices, increased in May 2012.
Highlights:
• The Aggregate Composite MLS® Home Price Index rose 5.2% on a year-over-year basis in May 2012.
• Prices rose further in all five markets and in every Benchmark home category tracked by the index.
• Price increases were biggest in Greater Toronto (7.9%), followed by Calgary (4.8%), Greater Vancouver (3.3%), the Fraser Valley (2.4%), and Montreal (2.2%).
• One-and two-storey single family homes continued to post the biggest year-over-year gains (5.8% and 6.7% respectively), followed by townhouse units (3.3%) and apartment units (2.9%).
To read more, click here.
Canadian home sales activity moderates in May
According to statistics released by The Canadian Real Estate Association (CREA), national resale housing activity softened in May 2012 compared to April.
Highlights:
- Home sales down 3.1% from April to May.
- Actual (not seasonally adjusted) up 9% from levels in May 2011.
- The year-over-year increase continues to reflect the slowdown in sales a year ago following changes to mortgage rules that came into effect in March 2011.
- The number of newly listed homes edged up 0.3% from April to May.
- Easing sales activity and a small uptick in new listings resulted in a more balanced national housing market.
- The national average home price edged down 0.3% on a year-over-year basis in May.
For the full report, click here.
For CREA’s updated housing forecast, click here.
OREA News
OREA endorses Bill to enhance electronic real estate transactions
The Ontario Real Estate Association (OREA) endorsed proposed legislation introduced at Queen’s Park that, if passed, would facilitate the use of electronic agreements of purchase and sale of real estate. Currently, Ontario REALTORS® are reluctant to use electronic agreements of purchase and sale because they are exempt from the legal protections of the Electronic Commerce Act, 2000. (more…)
RECO Update – New Region 2 Director
Congratulations to RAHB member and Past President Mike Cusano on his election as RECO Region 2 Director! Mike joins RAHB’s Rebecca Ryder on the RECO Board.
RECO Updates
Region 2 Election
RAHB Broker member Mike Cusano (RE/MAX Escarpment Realty Inc.) is running for the position of Regional Director for Region 2 of RECO.
Mike has been a member of RAHB for 21 years and has devoted much of his professional life to organized real estate. He has served on many RAHB committees and task forces as well as the Board of Directors and was President in 2007. He has been a member of committees and task forces at OREA and served as a member of the REALTORS Care Finance Committee. He also served as a regional director on the OREA Board of Directors.
Members should have received online voting instructions, including their unique control number, from RECO the week of April 9. Online voting will close at 4:30 p.m. on Thursday, May 17, 2012 and results will be posted on RECO’s website on May 18.
For more information about the candidates or voting procedures, go to http://www.reco.on.ca/section-professional/tc-212/sc-395.html.
New RECO service
RECO recently launched their online transfers and terminations service.
As of April 30, 2012, brokers of record and branch managers can perform transfers and terminations for their employees on MyWeb with only a few clicks of a mouse. As long as all information entered is accurate and complete, immediate confirmation of the transfer or termination will be provided.
The enhancement of online services available on MyWeb is especially significant for registrants transferring brokerages. Under REBBA 2002, registrants cannot trade in real estate until their application for transfer is completed. By performing transfers online, registrants will be able to get back to trading immediately.
Additional information can be found in the Frequently Asked Questions document and Employee Transfer Worksheet, which can both be found on RECO’s website under the Registration section.
CREA’s new television ad
CREA’s new television ad airs starting today. Â Check it out online!
CREA Update
REALTOR.ca has new features and tools to improve the user experience of REALTOR.ca.
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Political Issues – CREA proposal to Stimulate Community Reinvestment
Budget 2012 provides the opportunity to remove a major obstacle preventing income property reinvestment by allowing owners to defer previously written-off depreciation [Capital Cost Allowance (CCA)] when they sell in order to reinvest. Income property investors face taxation on CCA when they sell, and are often left with insufficient funds after tax to acquire a property of similar value.  Consequently, many hold on to properties instead of reinvesting in the community.
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