Private Mortgage Source

04/25/2023

"The Canadian Real Estate Association has moved to force realtors with “off market” homes for sale to post those listing on its Multiple Listing Service within three days of making any public marketing moves. On April 18, delegates from the country’s major real estate boards at CREA’s annual general meeting voted 82% in favour of the measure. The three-day countdown would be triggered by any use of lawn signs, posts on social media, e-mail blasts or any mass form of communication. But agents will still be allowed to share exclusives within their own real estate office or brokerage, or in one-to-one dealings with outside agents without posting to MLS."

I think that this is a great thing for Canadians, especially those in markets like Toronto and Vancouver but I do also see the pro's and con's to this.

👍🏾Pros:

Firstly, this move could bring more transparency to the real estate market. Requiring realtors to post their listings on MLS would make it easier for buyers to access information on available properties, including price, location, and features. This would make the home buying process more efficient and transparent - transparency is the key word here.

Secondly, the move could level the playing field for buyers, who currently face stiff competition from investors and other buyers who have access to off-market listings. With all listings available on MLS, buyers would have more options and could potentially avoid bidding wars.

👎🏾Cons:

However, the move could have negative consequences for real estate agents who rely on exclusive listings as a means of attracting buyers and closing deals. Real estate agents who specialize in off-market properties may feel that this move is a threat to their business and could lead to a loss of income.

Moreover, the move could lead to an influx of listings on MLS, which could lead to a glut of properties on the market, potentially leading to lower home prices. I don't see this happening now, but potentially in the future.

Overall, the move by the CREA is a step towards greater transparency in the real estate market. However, it remains to be seen how it will affect real estate agents and buyers in the long term. The individual boards will have until January 2024 to create policies to enforce the new rules, and it will be interesting to see how they adapt to this change.

What are your thoughts?

The Canadian Real Estate Association is forcing realtors to post ‘off market’ listings on MLS within three days of any public marketing

06/09/2022

Borrowers that are looking to get a mortgage anytime soon better brace themselves for sticker shock because we're about to see another wave of fixed-rate mortgage hikes! The catalyst: rocketing bond yields, which in turn are being fuelled by soaring oil prices. The average uninsured five-year fixed rates are now approaching a 300-basis-point increase compared to last September. Wanna talk about it? book your call: https://hi.switchy.io/8H5F

refinance

Sticker shock is a symptom of the times as oil prices trigger another wave of fixed-rate hikes

04/20/2022

Good idea, but not good enough! “Home-sellers shouldn’t be able to pick and choose when the bidding process is transparent and when it is blind. That defeats the purpose of ending blind bidding, since it’s in sellers’ best interest to keep buyers in the dark," Mike Schreiner said. "Let’s end blind bidding and let’s do it properly.”

The Ontario government is introducing new real estate regulations that would allow home sellers to share bids on their property and disclose the details of competing offers.

03/29/2022

The British Columbia government says people buying homes in the province's hot real estate market could soon be protected by a cooling-off period that gives them time to back out of an agreement. Finance Minister Selina Robinson says the Property Law Amendment Act introduced in the legislature today will help build the framework for a protection period for homebuyers to properly assess, finance and inspect the home they want to buy. Read more: https://hi.switchy.io/7hY5

03/29/2022

The Epic Alliance group of companies shut down its operations at the end of January. Its investors and property partners learned of the collapse in a 16-minute Zoom call. The news of Epic's collapse went off like a bombshell in real estate and business circles. Epic Alliance controlled 504 properties in Saskatoon and North Battleford. The majority of the properties — a combined $115 million worth — are in Saskatoon. The fear in the local real estate community is what might happen should dozens, if not hundreds, of these homes hit the market. https://hi.switchy.io/7hXb

01/16/2022

A three-bedroom Toronto home hit the market on Tuesday with an asking price of $1,099,900 and it got scooped up later that same day by a bully offer of $1,625,000 — $525,100 over asking! 😱

According to the listing agent Melanie Wright of Wright Sisters Group “We ran a coming soon campaign knowing there was an appetite for a detached home on a premium lot, just steps from the school.”

09/05/2021

Three leadership lessons to propel your business forward

Area Specialist Founder Michael Choi believes in leading by example. Here, he shares some of his greatest real estate leadership secrets

09/01/2021

The Bank of Canada has warned that mortgage quality has ‘deteriorated’ in 2020. In the past, highly indebted households accounted for a small percentage of mortgage debt. The mortgage stress test was rolled out to reduce the share, and it worked for a while. Over one in five new mortgages now go to households with high debt.



https://swiy.io/5Ts4

08/29/2021

Fostering Equality in the Real Estate Industry

Six action steps you can take to start practicing inclusion and making positive changes toward eliminating discrimination.

08/27/2021

You don’t have to be rich to get a property before you’re 30 (well, ok, unless you live in or !). It takes patience, it takes the willpower to start saving right now, and it takes a close eye on the market. Here are tips on how you can get a property before you’re 30.

With property prices continuing to soar and average yearly earnings stagnating, it should be no surprise that millennials are finding it much harder to buy their own property than previous generations.

08/22/2021

‎Big Fat Real Estate Checks: Ep2: The 5 D's

‎Show Big Fat Real Estate Checks, Ep Ep2: The 5 D's - Marco Kozlowski - Sep 24, 2020