On Monday, December 16, the province of Ontario cancelled their commitment to Hamilton’s LRT. The Minister of Transportation, in a written statement, said that the project costs were severely underestimated, and that the government, “…was not prepared to download $1-billion in unforeseen costs onto the taxpayers of Hamilton.”
The provincial government will honour the $1-billion capital commitment to transportation infrastructure investments in the City of Hamilton.
For the Minister of Transportation’s full statement, please see below:
Effective Tuesday, December 10, 2019, a new business rule was implemented in the RAHB Matrix system for Cumulative Days on Market (CDOM).
When a listing is “cancelled” or “expires” and is relisted with the same Brokerage within a period of 60 days from the date of cancellation or expiry, the cumulative days on market (CDOM) will continue counting the total days on market.
When a listing is “cancelled” or “expires” and is relisted after a period of 60 days with the same Brokerage, the CDOM counter will reset and begin counting at zero.
If a listing is “cancelled” or “expires” and is relisted with a different Brokerage, the CDOM rule will not apply.
This change will ensure the actual Days on Market is reflected in the listing history.
The CDOM will appear on the REALTOR® Full report for all property types.
Should you have any questions, please contact the RAHB MLS® Help Desk at 905.667.4650 or [email protected].
If you volunteered on a RAHB Committee or Task Force in 2019, please check your e-mails for your invitation to the Annual Awards and Appreciation Gala.
There are many reforms in the legislation that will improve protection for Ontario buyers and sellers:
Adding clarity for buyers and sellers so that they know whether they are represented by a brokerage, or if they are self represented;
Requiring new disclosures to buyers and sellers to support informed decisions;
Additional regulatory powers that will give RECO more tools to get the worst offenders in the industry out of the business; and
Making it easier for RECO to levy fines against real estate salespeople for certain violations of the legislation.
Why did the government introduce this legislation?
The real estate industry has evolved in many ways since 2006 when the last significant changes were made, so it was time to revisit the laws.
What will happen next, and when will the new rules come into effect?
There are several steps that need to take place before the rules and laws can change. It is also possible that the proposed rules may be amended through the process. The new rules could come into effect as early as 2021.
The REALTORS® Association of Hamilton-Burlington (RAHB) reported 955 sales of residential properties located within the RAHB market area were processed through the Multiple Listing Service® (MLS®) System in November 2019. November sales are down from October and September, but up from November 2018 by 5.5 per cent. The average price for residential properties increased by 5.6 per cent from November 2018 to $591,334.
BLACK FRIDAY SALE in the Realty Shoppe! Enjoy a 10% discount, on November 29 only, on Realty Shoppe products purchased in person (some restrictions apply and while quantities last).
From Sunday, November 17 to Tuesday, November 19, delegates from RAHB went to Toronto for OREA’s ORP Conference to hear some dynamic speakers and meet with elected officials from within RAHB’s market area. Below are some photos from the conference, as well as information regarding the new legislation that was introduced at Queen’s Park on Tuesday, November 19, 2019.
RAHB delegates (RAHB President Bob Van de Vrande, GR Vice-Chair Dave Zalepa and GR Chair Margaret Reid) had the pleasure of meeting with NDP leader Andrea Horwath, MPP. RAHB provided Ms. Horwath with information about RAHB, as well as information regarding the modernization of REBBA, 2002.
Trust in Real Estate Services Act, 2019
Personal Real Estate Corporations.
We have been fighting for them for almost a decade.
For far too long, REALTORS® have not had access to the same tax treatment as most other regulated professions in Ontario and that is finally changing.
The Government of Ontario has just introduced legislation that will modernize the Real Estate and Business Brokers Act, 2002 (REBBA). The Trust in Real Estate Services Act, 2019, is a game-changing piece of legislation that, once passed, will allow REALTORS® to form Personal Real Estate Corporations.
This is a historic day for Ontario REALTORS® and the buyers and sellers they represent.
In addition to permitting Personal Real Estate Corporations, the Act promises to:
Fix the broken real estate disciplinary system – the provincial regulator, RECO, will have greater ability to suspend or revoke licenses and pursue investigations of the worst offenders.
Create higher education standards– implement specialty certifications for REALTORS® that will allow Ontario consumers to identify REALTORS® who have training or expertise in a particular area of real estate.
Maintain a consumer’s right to choose the REALTOR® they know and trust– continue to permit the practice of multiple representation.
The Act will bring forward a number of other key changes to reflect real estate in Ontario today. OREA will be sharing the details of all the changes with Ontario REALTORS® shortly.
In accordance with RAHB Bylaw Article 14 – Notices, Section 1.02, please find below your electronic copy of the Notice of Election Meeting for the December 4, 2019 Annual Election Meeting.
NOTICE OF ANNUAL ELECTION MEETING
Wednesday, December 4, 2019
Michelangelo Events and Conference Centre
1555 Upper Ottawa Street, Hamilton
Registration 8:30 a.m. | Meeting: 9:30 a.m.
Click the below button for the complete Notice of Meeting Package (including RAHB Proxy, Standing Rules, and Meeting Minutes for March 27, 2019).
In accordance with RAHB Bylaw Article 5, Section 7.03, the final slate of candidates for the 2020 Board of Directors was being sent to all members on November 20, 2019. Please click on the below button for the report from the Nomination Committee, including the list of six candidates:
Advance electronic voting is available November 26, 27 and 28, 2019 commencing a 12:01 a.m. on the first day and ending at 11:59 p.m. on the last day. Video presentations from the candidates and candidates’ profiles are also available on this site.
To view the candidate videos and to vote, please click the below button:
This year’s Election Meeting will feature CMHC’s Senior Analyst, Anthony Passarelli, who will be speaking on the Housing Market Outlook report that was released on October 24, and providing specific information on the Hamilton-Burlington area.
This is exclusive to RAHB members only, and is free for members who attend and participate in the election meeting. There will be a $10 + HST charge to your RAHB account:
If you pre-register for the meeting and CMHC Housing Market Outlook, but do not attend, and do not cancel prior to Wednesday, November 27, at 4:30 p.m., OR
If you attend the CMHC Housing Market Outlook only.
On the agenda:
Hot breakfast
Presentation of Scholarships in Memory of Karan Barker
On October 30 and November 8, RAHB volunteers participated in a Habitat for Humanity Halton and Hamilton Build Day, respectively.
The October 30 Build Day with Habitat for Humanity Halton was in conjunction with RAHB’s $38,763.35 donation through HOAP, which was funded by RAHB REALTORS®. The Habitat for Humanity Halton Build Day featured nine fantastic RAHB volunteers who worked together to put up drywall.
Also, RAHB was asked by Habitat for Humanity Hamilton to come back to their Waterdown Build Site to help put up a special type of fence that helps to reduce the sound coming from Highway 5. This November 8 Build Day featured seven amazing RAHB volunteers who braved weather as low as -5 degrees!
Thank you to everyone who volunteered their time in RAHB’s three Build Days to help create stable and affordable housing in Hamilton and Burlington this year.
Below are buttons with resources that you can download to give to your clients to make them feel as prepared as possible. Please click the buttons below to download a list of what to bring to the first meeting with a mortgage specialist, as well as a list of key terms that they may hear when purchasing a home:
Twenty years after it first premiered on September 30, 1999, HGTV’s House Hunters continues to offer an idealized glimpse into a far from the truth process of purchasing one’s first home.
On House Hunters we tend to see either the classic nuclear family that is looking to move onto bigger and better things compared to their first family home or the newlyweds looking to move into a house that reflects their respective parents’ homes. In summary, shows like House Hunters create an on-screen utopia that far from mimics the current housing market; as well as, perpetuates many of the classic myths about first-time home buyers.
More often than not, shows on HGTV have a first-time home buyer couple with a very modest budget accompanied by what can be imagined as a very modest income. While at the same time, this couple wants a granite counter-top, a pool in the back yard, a walk-in closet and finally, enough bedrooms for their growing family — all within their modest budget.
However, this is not the reality for most first-time home buyers today. While speaking with a mortgage specialist from TD Bank, he argued that first-time home buyers today have normalized expectations because of the stress test. Although first-time home buyers are used to living in their parents’ homes, they understand the importance of not being “mortgage poor.”
As REALTORS®, it is important to continue to de-bunk myths perpetuated by the media. A great way to accomplish this is to help your client be as prepared as possible when going to their first meeting with a mortgage specialist.
Currently, Canadians are struggling to find affordable housing options close to their workplace and family. As a result, the conversation about “affordable housing” has become a reoccurring topic for all the levels of government. As a result, it is important to ensure that when talking about affordable housing, the proper terminology is being used when speaking towards housing that is affordable vs. social housing.
According to the Canada Mortgage and Housing Corporation and RAHB, spending more than 30 per cent of before tax income on housing is unaffordable. It does not solely refer to social or subsidized housing. RAHB is advocating for elected officials and governments to use the proper terminology of “affordable housing” in policies and officials documents, and when speaking to the media.
Secondary suites are an untapped market that enables homeowners to create affordable rental spaces. The creation of affordable rental units will help to stimulate the rental market, while also helping to reduce the homeowner’s expenses.
Dr. Frank Clayton, senior research fellow, Center for Urban Land Research and Development at Ryerson University, argues that secondary suites are the most cost-effective way to create rental units. Below are the estimated costs* to create a rental unit:
Secondary Suite in Existing Dwelling = $55,000
High-end Downtown Area = $425,680
Median Central (Not Downtown) = $345,746
Basic Fringe = $242,623
Non-Profit = $229,00 – $266,000
* The above costs are based on the Toronto Market Area.
A secondary suite is a great way for a first-time home buyer client to help subsidize monthly mortgage payments, while at the same time, helping to create more affordable rental units within the RAHB area.
However, to create a legal rental unit within the RAHB market area has become increasingly difficult. Thus, it is important that as REALTORS® you continue to speak about the importance of secondary suites and how they can help the RAHB market areas become more affordable not just for first-time home buyers, but for everyone.
For more information about affordable and social housing, please click the button below:
The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,145 sales of residential properties located within the RAHB market area were processed through the Multiple Listing Service® (MLS®) System in October 2019. October sales are up from September and August, as well as up from October 2018 by 6.4 per cent. The average price for residential properties increased by 7.1 per cent from October 2018 to $602,029.
