Prep Your Home for the Season with Our Fall Maintenance Checklist

 As the season begins to change, it's time to prep your home for falling leaves, cooler weather, and, eventually, winter storms. Tackling a few fall home maintenance tasks now can help ward off issues later in the season, so you can enjoy everything you love about autumn worry-free. Most of the tasks listed below are well within the average homeowner's ability. But even if you'd rather hire a professional to handle them, it can be well worth the expense. You'll save money in the long run by preventing costly (and potentially dangerous) damage to your home. Follow this fall maintenance checklist and learn essential tips for cleaning gutters, roofs, fireplaces, and more.

1. Clean your gutters.

Your roof's drainage system annually diverts thousands of gallons of water from your house's exterior and foundation walls, so it's vital to keep this system flowing smoothly. Clogged gutters can lead to damaged exterior surfaces and water in your basement. They are also more prone to rust and corrosion. Before the leaves fly this fall, clean your gutters, then cover them with mesh gutter guards to keep debris from returning.

2. Seal up air leaks.

A home with air leaks around windows and doors is like a coat left unbuttoned. Gaps in caulk and weatherstripping let cold air into your warm home, and sealing up a drafty house can save up to 20% on your heating bills.

Weatherstripping is easily the most cost-effective way to rein in heating and cooling costs. This humble material also reduces drafts and keeps your home more comfortable year-round. Because weatherstripping can deteriorate over time, it is important to inspect it periodically. If you suspect a problem with your weatherstripping, try closing a door or window on a strip of paper. If the paper slides easily, your weatherstripping isn't properly sealing the opening. Alternatively, close the door or window and hold a lighted candle near the frame. (Don't let the flame get near anything flammable!) If the flame flickers at any spot along the frame, you have an air leak.

In addition to inspecting weatherstripping, check for missing or damaged caulk around windows, doors, and entry points for electrical, cable, phone, and gas. Seal any gaps with a suitable caulk. If drafts around windows persist, consider getting your windows replaced. Glass with multiple panes, spacers, or filler gasses (such as argon or krypton) will likely solve these problems. A professional can swap out your problem windows with more efficient models that will increase your level of comfort while decreasing your heating bills.

3. Inspect your roof.

Few homeowner problems are more vexing than a leaky roof. Once the dripping starts, finding the source of the problem can be time-consuming. Stop problems this fall before ice and winter winds turn them from annoyances into disasters.

Start by inspecting your roof from top to bottom, using binoculars if necessary. Check ridge shingles for cracks and wind damage. Look for damage to metal flashing in valleys and around vents and chimneys. Scan the entire roof for missing, curled, or damaged shingles. Look in your gutters for large accumulations of granules, a sign that your roof is losing its coating, which can portend larger problems. Finally, make sure your gutters are flowing freely.

Tip: Roof-mounted television antennas, even if they aren't in use, may have guy wires holding them in place. Look for loose or missing guy wires. If you see some, and your antenna is no longer being used, consider having it removed altogether.

4. Protect faucets from freezing temperatures.

If you live in an area with freezing weather, take steps to ensure that outside faucets (also called sill cocks) and in-ground irrigation systems don't freeze and burst. First, close any shut-off valves serving outside faucets, then open the outside faucet to drain the line. (There may be a small cap on the faucet you can loosen to facilitate this draining.) If you don't have shut-off valves, and your faucets are not "freeze-proof " types, you might benefit from styrofoam faucet covers, which are sold at many home centers.

To freezeproof an in-ground irrigation system, follow the manufacturer's procedure for draining it and protecting it from winter damage.

5. Freshen your furnace filter.

Furnace filters trap dust that would otherwise be distributed throughout your home. Clogged filters make it harder to keep your home at a comfortable temperature, thus increasing your utility bills. Simple monthly cleaning is all it takes to keep these filters free of debris. Disposable filters can be vacuumed once before replacement. Foam filters can also be vacuumed, but they don't need to be replaced unless they are damaged. Use a soft brush on a vacuum cleaner. If the filter is metal or electrostatic, remove and wash it with a firm water spray.

6. Give your furnace a checkup.

Once a year, it's a good idea to have your heating system inspected by a professional. To avoid the last-minute rush, consider scheduling this task in early fall before the heating season begins. Here are signs that you should have an inspection performed sooner:

• Noisy belts: Unusual screeches or whines could be a signal that belts connected to the blower motor are worn or damaged.
• Poor performance: A heating system that doesn't seem to work as well as it once did could be a sign of various problems. Your heating ducts might be blocked, the burners might be misadjusted, or the blower motor could be on its last legs. The first step, however, is to make sure your furnace filter is clean.
• Erratic behavior: This could be caused by a faulty thermostat or a misadjusted furnace.

7. Ready your fireplace.

Even if you use your fireplace only occasionally, you should check it annually for damage and hazards. First, inspect the flue for creosote, a flammable by-product of burning wood. Too much accumulation in a flue or chimney can result in a devastating fire. Get your chimney inspected annually for creosote buildup. If you use a fireplace or wood stove frequently, have the flue inspected after each cord of wood burned.

For most people, the best option is to have your entire chimney system inspected by a chimney sweep. Once you know what to look for, you can perform the inspection by shining a bright flashlight up the flue, looking for any deposits approaching 1/8 inch thick. These deposits should be cleaned by an experienced chimney professional.

Additionally, check your chimney for damage or flue blockages. Ensure the flue cap (the screen or baffle covering the top of the chimney) is in place. Birds often nest at the top of unprotected flues; a chimney cap can prevent this from happening. If you don't have a cap, look up the flue to ensure that there are no obstructions. Inspect brick chimneys for loose or broken joints. If access is a problem, use binoculars. Inside, exercise the damper, which is the metal plate that opens and closes the flue just above the firebox. Move it to the open and closed positions to ensure that it is working properly.

8. Keep the humidifier humming.

Dry winter air can be tough on your skin and airways, but did you know it can also make fine wood more prone to cracking? You and your home will feel more comfortable if you keep your central humidifier in tip-top shape during the months it is running. First, inspect the plates or pads and if necessary, clean them in a strong laundry detergent solution. Rinse and scrape off mineral deposits with a wire brush or steel wool.

9. Ward off gas problems.

Keeping a gas heater in good shape is both a safety and a cost issue. An improperly maintained heater can spew toxic gases into the air of your home, or it could simply be costing you more to operate. Have a professional check these devices annually. There are also some maintenance items you should address. First, shut off the heater. Then check the air-shutter openings and exhaust vents for dirt and dust. If they are dirty, vacuum the air passages to the burner and clean the burner of lint and dirt. Follow the manufacturer's advice for any other needed maintenance.

10. Keep wood fires burning brightly.

Wood-burning stoves add cozy ambiance and warmth to your home, but regular inspections are needed to ensure that these devices don't become a safety hazard. Follow these steps to check your wood-burning stove:

• Inspect stovepipes: Cracks in stovepipes attached to wood stoves can release toxic fumes into your home. Throughout the heating season, you should check for corrosion, holes, or loose joints. Clean the stovepipe, and then look for signs of deterioration or looseness. Replace stovepipe if necessary.
• Look for corrosion and cracks: Check for signs of rust or cracking in the stove's body or legs.
• Check safety features: Make sure that any required wall protection is installed according to the manufacturer's specifications and that the unit sits on an approved floor material. If you have young children, be sure to fence off the stove when it is in operation.

11. Repair walkways.

Damaged walkways, drives, and steps are a hazard year-round, but their dangers are compounded when the weather turns icy. Fixing issues in the fall is also critical to preventing little cracks from becoming expensive headaches. Look for cracks more than 1/8-inch wide, uneven sections, and loose railings on steps. Check for disintegration of asphalt or washed-out materials on loose-fill paths. Most small jobs are well within the ability of a DIYer, but save major repairs for experienced hands.

12. Review safety features.

At least once a year, do a top-to-bottom review of your home's safety features. This is also a good time to get the family together for a review of your fire evacuation plan. Use these steps to complete a home safety check:

• Smoke and carbon monoxide detectors: Replace the batteries in each smoke and carbon monoxide (CO) detector, then vacuum them with a soft brush attachment. Test the detectors by pressing the test button or holding a smoke source (like a blown-out candle) near the unit. If you haven't already, install a smoke detector on every floor of your home, including the basement.
• Fire extinguishers: Every home should have at least one fire extinguisher rated for all fire types (look for an A-B-C rating on the label). At a minimum, keep one near the kitchen; having one per floor isn't a bad idea. Annually, check the indicator on the pressure gauge to make sure the extinguisher is charged. Make certain that the lock pin is intact and firmly in place, and check that the discharge nozzle is not clogged. Clean the extinguisher and check it for dents, scratches, and corrosion. Replace if the damage seems severe. Note: Fire extinguishers that are more than six years old should be replaced. Mark the date of purchase on the new unit with a permanent marker.
• Fire escape plans: Every bedroom, including basement bedrooms, should have two exit paths. Make sure windows aren't blocked by furniture or other items. Ideally, each upper-floor bedroom should have a rope ladder near the window for emergency exits. Review what to do in case of fire, and arrange a safe meeting place for everyone away from the house.
• General cleanup: Rid your home of accumulations of old newspapers and leftover hazardous household chemicals. (Check with your state or local Environmental Protection Agency about the proper way to discard dangerous chemicals.) Store flammable materials and poisons in approved, clearly labeled containers. Keep a clear space around heaters, furnaces, and other heat-producing appliances.

13. Prep your lawn for winter.

To ensure your lawn's health and beauty come spring, there are several important yard work projects to complete in the fall. Raking leaves and aerating will prevent your lawn and garden beds from suffocating. Fertilizing and winterizing grass, trees, and shrubs will allow your greenery to enter its winter slumber comfortably and properly nourished. Professional lawn care services will make quick work of these projects, freeing up your time for family, friends, and football.

14. Touch up exterior paint.

Fall offers plenty of days that are warm enough to work with exterior paint, and a touch-up can help prolong the life of your siding and trim. A fresh coat of paint or sealer on any surface that potentially will be covered with snow, such as porch stairs or wood floors, also is a wise idea. Sooner is better to contact a local painter or attempt the project yourself, as many paints aren't recommended for application on days when the temperature will dip colder than 7 to 10 °C / 45 to 50 °F.

15. Clean your carpets.

Fall is an ideal time to clean your carpets. The humid days of summer have passed, but the below-freezing days of winter have yet to arrive. It's the best time to open windows for ventilation, which should speed the drying process. If you're not comfortable operating a carpet cleaning machine, let a professional wrangle the bulky cleaning equipment. With a house full of wet carpet, you'll be best suited to get outdoors and enjoy the lingering warm days.

Source: Better Homes and Gardens

Foreign buyers' ban proposals: private lending association reacts

Proposals by the federal government to restrict foreign access to the Canadian housing market run the risk of complicating mortgage financing while not adequately addressing the affordability crisis facing buyers, the CEO of a national lending association has said.

Samantha Gale of the Canadian Association of Private Lenders (CAPL) told Canadian Mortgage Professional that the measures, which will come into effect at the beginning of 2023 and remain in place for two years, could have significant negative repercussions for lenders and borrowers alike.

“It depends on what the final regulations look like, but it may be challenging for mortgage lenders to ensure that investors do not run afoul of any of the final rules,” she said. “In addition, if borrowers breach the ownership prohibition, then the government can proceed to seek a court-ordered sale of the property.”

A consultation paper outlining what form the foreign buyers ban would take was recently published by Canada Mortgage and Housing Corporation (CMHC), the national housing agency.

Federal finance minister Chrystia Freeland has described the move as one that would prevent foreign investors from “parking their money in Canada” through real estate purchases, although there are exemptions included in the legislation for permanent and temporary residents.

Still, CAPL has criticized the formulation of the ban exemption for certain students, which requires that the student have filed a Canadian income tax return for at least five years prior to their date of purchase.

The fact that most post-secondary students are younger adults makes it “very unlikely” that they could avail of that exemption, Gale said, effectively rendering it a “meaningless” caveat.

CAPL also said the language in the consultation paper’s proposal to exclude recreational property from the ban was limiting and needed revision.

Under current proposals, property which is “not located within a Census Metropolitan Area or Census Agglomeration” would be excluded from the ban – with a CMA defined as having a total population of at least 100,000 (and more than 50,000 living in the core) and a CA having a core population of at least 10,000.

That’s problematic, according to CAPL, because many recreational communities such as Whistler have a population of more than 10,000, with that municipality “highly dependent on participation by American tourists who may wish to purchase property in the area.”

The consultation document also recommends that “control” of corporate entities, for instance by foreign owners, should be defined as ownership of shares or interest worth 3%, a criterion that CAPL described as “exceedingly low.”

It will be challenging to determine whether an individual meets the consultation’s definition of a “foreign person,” CAPL added, although Gale said the overall impact of the low threshold for shareholders being defined as foreign will only become clear some way down the line.

“I think it will impact some lenders, but most are not aware of the details of the proposed requirements,” she said. “Once they are introduced later this year, if the prohibition impacts lender recoveries against defaulting borrowers, lenders will have to examine the salient characteristics of their investors and shareholders to determine risks and take any necessary corrective action.”

Indeed, the precise nature of what the legislation will entail is still not entirely apparent, Gale added, especially as the consultation paper provides only discussion points and examples but no exact details of what’s in store. Still, mortgage professionals of all stripes will need to keep the new proposals top of mind, even if they won’t be tasked with enforcing them.

“The foreign property ownership ban exemptions are complicated, and whether or not a person satisfies an exemption is likely to be somewhat fluid as a person’s circumstances and relationships change over time,” she said.

“All professionals involved in the property acquisition process, which includes mortgage brokers, lenders, lawyers, and realtors, will not be saddled with a responsibility to police the new ban, but they will be charged with a duty to inform buyers, borrowers, and mortgage investors of the requirements.”

The most noteworthy negative repercussions of the proposals for Canadian lenders are still unclear, and it depends what the final regulations look like, Gale said – “but it may be challenging for mortgage lenders to ensure that investors do not run afoul of any of the final rules.”

Source: Canadian Mortgage Professional

Big banks hike short-term fixed mortgage rates

Over the past few weeks, nearly all of Canada’s Big-6 banks have increased their shorter-term fixed mortgage rates.

The rate hikes have largely been limited to 1-, 2- and 3-year fixed mortgage products, including both special offer and posted mortgage rates. The hikes were seen at TD, Scotiabank, RBC, BMO and National Bank of Canada, and range from 10 to 55 basis points.

But the big banks haven’t been the only lenders raising rates on those terms.

According to data from MortgageLogic.news, the average nationally available deep-discount rates for uninsured 1- and 2-year fixed rates have jumped by 27 bps and 22 bps, respectively, since the beginning of the month. In comparison, average uninsured 5-year fixed rates rose 5 bps over the same period.

Ryan Sims, a mortgage broker with TMG The Mortgage Group and former investment banker, said yield curve inversion is the main culprit.

“It is very true that shorter-term fixed rates have moved a lot more. Currently, we are seeing the 1- and 2-year notes yield far more than a 5-year note."

Jargon Buster: What is yield curve inversion? Yield curve inversion happens when shorter-term interest rates rise above longer-term rates in the bond market. This indicates more investor money is moving into longer-term bonds, and typically signals growing pessimism about near-term economic prospects.

So, why is this happening?

As mentioned above, there’s been growing volatility in near-term economic sentiment among investors.

“Recent economic data has been coming in consistently on the negative side,” Sims noted, pointing to declining GDP in July and August, rising unemployment since June, and net job losses in August that “rivalled monthly data not seen since the Great Financial Crisis of 2008.”

“While yield curve inversion is a topic of much debate, the length of time the curve has been inverted and the sheer amount that the curve is inverted signals to me that a recession is coming, and that it will not be routine,” he said.

“The BOC has signalled that fighting inflation is their only goal, but I think they have to be wary of the medicine being stronger than the diagnosis,” he added. “Inflation is a problem, but if we raise too far, too fast, then we risk the solution being greater than the problem we were trying to solve.”

What can mortgage shoppers do?

Given the sharp and rapid rise of mortgage rates over the course of the year, many mortgage borrowers—both new borrowers and those renewing—have gravitated towards shorter-term rates, which are generally priced lower than most 5-year terms.

Data from the bank of Canada shows the volume of mortgages advanced for new and existing lending from chartered banks has shifted towards terms under five years.

Between March and July (the latest data available), funds advanced for 1- to 3-year fixed terms rose by roughly 40% (for both insured and uninsured mortgages), while volumes for insured and uninsured 5-year fixed terms were down 13% and 5%, respectively.

Sims added that another reason for the recent rate increases, aside from yield curve inversion, could be that the banks have “figured out where consumer sentiment is.”

What strategy does that leave for today’s borrowers?

Rate expert Rob McLister, editor of MortgageLogic.news, says the best value is still generally found in the shorter terms.

“Everyone’s needs are different, but the sweet spot for most well-qualified borrowers is any 1- to 3-year fixed term near/below 4.50%.” While his rate simulations are run using the OIS-implied rate path, “that doesn’t mean these are guaranteed to be the best-performing terms.”

Another hedge for borrowers can be to spread their mortgage between both a fixed and variable rate with a hybrid mortgage.

“Term selection is first about risk management,” he says. “If a 20% jump in your payment would break your family budget, mitigate risk with a hybrid or (at least) medium-term fixed mortgage. The more qualified and liquid you are, the more you can gamble on: (A) a shorter term, or (B) added variable exposure in a hybrid.”

GTA home prices show signs of stabilizing

 It is the first year-over-year decrease in Toronto real-estate prices since an aggressive campaign to hike interest rates began to weigh on the market last March.

In a news release, TRREB said that the housing market appears to be continuing “its adjustment to higher borrowing costs” with sales down 44.1 per cent from September 2021.

But there are some signs that the market could be slowing its descent as September marked the third straight month of marginal price increases. Previously, TRREB’s home price index had fallen for four consecutive months.

“Hovering just below $1.1 million, the average selling price may have found some support during the last couple months of summer,” TRREB Chief Market Analyst Jason Mercer said in the release. “With new listings down quite substantially year-over-year and well-below historic norms, some home buyers are quite possibly experiencing tighter market conditions in some GTA neighbourhoods.”

The Bank of Canada has increased its key overnight lending rate from 0.25 per cent to 3.25 per cent so far this year, significantly increasing the cost of borrowing.

That, in turn, has put pressure on the housing market, with RBC suggesting that a “historic” correction was likely to materialize.

CMHC also recently adjusted its housing forecast and is now projecting that home prices could fall by as much as 15 per cent from peak to trough.

The latest data provided by TRREB for September shows that more expensive property types have been hit the hardest, with the average price across the GTA falling by more than 10 per cent year-over-year.

Condominium apartments were the only property type in which prices rose year-over-year. They were up 3.2 per cent on average.

Meanwhile, the data points to much more favourable conditions for buyers compared to a year ago.

In September there were 13,534 active listings in the GTA, compared to 9,187 in September 2021. Properties also sat on the market for an average of 35 days last month compared to 19 days in September 2021.

Source: CTV News

Supply Remains an Issue Despite Impact of Higher Mortgage Rates

The Greater Toronto Area (GTA) housing market continued its adjustment to higher borrowing costs in September 2022. Sales for the month reached 5,038, but were down by 44.1 per cent compared to September 2021.

New listings were also down on a year-over-year basis by 16.7 per cent to 11,237. This was the lowest number of new listings reported for the month of September since 2002. This is especially troublesome given that the stock of homes in the GTA increased markedly over the last 20 years.

Recent polling by Ipsos Public Affairs for TRREB suggests that the public agrees the lack of housing supply is a key issue in the GTA. The poll found that 71 per cent of combined Toronto and ‘905’ regions residents believe that municipalities should focus their efforts on increasing the supply of homes for sale and rent rather than trying to reduce demand for housing.

“We must ensure that the temporary dip in housing demand is not allowed to mask the critical shortage of homes available for sale in the GTA. Candidates running in the upcoming Ontario municipal elections must ensure home buyers and renters have adequate housing options in the years to come. Municipal council decisions have a direct impact on housing affordability, in terms of the protracted development approval processes, high development fees and other related policies that preclude timely housing development,” said TRREB President Kevin Crigger.

“Elected councils must also reconsider existing policies that preclude homeowners from listing their homes for sale, including significant added upfront costs like the land transfer tax. Potential new policies like mandatory home energy audits could also create unnecessary interference and delays in the home selling process and dissuade some homeowners from listing their homes for sale,” said TRREB CEO John DiMichele.

“Energy audits should be voluntary, a feeling which is supported 73 per cent of Torontonians and 78 per cent of ‘905’ residents recently polled by Ipsos Public Affairs for TRREB. If councils continue to support policies that restrict new home development and existing home listings, such as exclusionary zoning, housing affordability will be severely hampered over the long term, which will also hamper our region’s future growth,” added DiMichele.

The MLS® Home Price Index (HPI) Composite benchmark was up on a year-over-year basis by 4.3 per cent. Over the same period of time, the average price dipped by 4.3 per cent to $1,086,762. The average price was up compared to August 2022.

“Hovering just below $1.1 million, the average selling price may have found some support during the last couple months of summer. With new listings down quite substantially year-over-year and well-below historic norms, some home buyers are quite possibly experiencing tighter market conditions in some GTA neighbourhoods. October generally represents the peak of the fall market, so it will be important to see where price trends head over the next month,” said TRREB Chief Market Analyst Jason Mercer.

Market Stats at a Glance

 

SUPPLY REMAINS AN ISSUE DESPITE IMPACT OF HIGHER MORTGAGE RATES

The Greater Toronto Area (GTA) housing market continued its adjustment to higher borrowing costs in September 2022. Sales for the month reached 5,038, but were down by 44.1 per cent compared to September 2021.

New listings were also down on a year-over-year basis by 16.7 per cent to 11,237. This was the lowest number of new listings reported for the month of September since 2002. This is especially troublesome given that the stock of homes in the GTA increased markedly over the last 20 years.

Recent polling by Ipsos Public Affairs for TRREB1 suggests that the public agrees the lack of housing supply is a key issue in the GTA. The poll found that 71 per cent of combined Toronto and ‘905’ regions residents believe that municipalities should focus their efforts on increasing the supply of homes for sale and rent rather than trying to reduce demand for housing.

“We must ensure that the temporary dip in housing demand is not allowed to mask the critical shortage of homes available for sale in the GTA. Candidates running in the upcoming Ontario municipal elections must ensure home buyers and renters have adequate housing options in the years to come. Municipal council decisions have a direct impact on housing affordability, in terms of the protracted development approval processes, high development fees and other related policies that preclude timely housing development,” said TRREB President Kevin Crigger.

“Elected councils must also reconsider existing policies that preclude homeowners from listing their homes for sale, including significant added upfront costs like the land transfer tax. Potential new policies like mandatory home energy audits could also create unnecessary interference and delays in the home selling process and dissuade some homeowners from listing their homes for sale,” said TRREB CEO John DiMichele.

“Energy audits should be voluntary, a feeling which is supported 73 per cent of Torontonians and 78 per cent of ‘905’ residents recently polled by Ipsos Public Affairs for TRREB. If councils continue to support policies that restrict new home development and existing home listings, such as exclusionary zoning, housing affordability will be severely hampered over the long term, which will also hamper our region’s future growth,” added DiMichele.

The MLS® Home Price Index (HPI) Composite benchmark was up on a year-over-year basis by 4.3 per cent. Over the same period of time, the average price dipped by 4.3 per cent to $1,086,762. The average price was up compared to August 2022.

“Hovering just below $1.1 million, the average selling price may have found some support during the last couple months of summer. With new listings down quite substantially year-over-year and well-below historic norms, some home buyers are quite possibly experiencing tighter market conditions in some GTA neighbourhoods. October generally represents the peak of the fall market, so it will be important to see where price trends head over the next month,” said TRREB Chief Market Analyst Jason Mercer.

Bank of Canada preview: A 100-bps rate hike can't be ruled out

All eyes will be on the Bank of Canada’s interest rate decision this week, which some say could be its last increase of the year, and perhaps of this rate cycle.

Markets are pricing in a 75-bps hike, which would bring the Bank of Canada’s overnight rate to 3.25%, just above its 2%-3% “neutral” range and into restrictive territory.

If that happens, economists from CIBC, TD Bank and National Bank of Canada believe this could be the central bank’s last rate hike of this cycle, with the overnight sitting at 3.25% through to the end of 2023.

However, some aren’t ruling out the possibility of the Bank surprising markets again, as it did in July, with a second outsized rate hike of 100 bps on Wednesday.

RBC economists Nathan Janzen and Claire Fan wrote that, while they expect a 75-bps rate hike, “the Bank’s commitment to front-loading rate hikes in the face of red-hot inflation means an even bigger 100-bps increase (matching July’s hike) can’t be ruled out.”

Economist Taylor Schleich at NBC agrees, writing that, following July’s surprise 100-bps hike, “we’re certainly more cognizant of the risk of a second straight 100-basis-point interest rate hike and we think it’s a greater risk than is broadly appreciated.”

What the forecasters are saying…

The following is a collection of comments and analysis pertaining to the BoC’s upcoming rate decision:

On what happens after this week

• NBC: “While we could realistically see the BoC raise its policy rate anywhere from 0.5% to 1.0%, uncertainty is just compounded thereafter. As we’ve argued before, there’s a case to be made for pausing the tightening once definitively into restrictive territory. But given the increasingly hawkish central bank rhetoric globally, our conviction here has waned and we view the odds of additional hike(s) in Q4 as meaningfully higher.”
• Scotiabank: “Calling a rate peak [this] week would…require such (false) comfort as the resulting post-75 policy rate of 3.25% would barely push into restrictive territory, only by assuming that the neutral rate range is still 2–3% when it may well be higher now by, say, guessing that we should add 50bps to the bottom and top ends of the range. It would also leave any definition of the real policy rate still in negative territory and hence stimulative on both counts. My preference would be getting to a 4-handle on the policy rate in order to have more comfort that the BoC is doing enough on inflation, and then we’ll see.”

On the impact on trigger points

• Ben Rabidoux: Mortgage borrowers “with the best deeply discounted rates will begin to hit payment triggers if the Bank of Canada raises rates another 50 bps [this week]. But, for the average rate of [borrower] pool as a whole, the trigger is closer to 100 bps from current levels.” In his latest Edge Realty Analytics newsletter, Rabidoux says the pool of originations that need to be monitored are those from March 2021 to February 2022, which he estimates amount to $261 billion, or roughly 15% of outstanding mortgage debt.

On what to look for in the BoC’s statement

• NBC: “While there’s no shortage of uncertainty on the headline decision, we’ll be just as closely watching the guidance provided in the statement. In recent decisions, the statement has read: “The Governing Council continues to judge that interest rates will need to rise further, and the pace of increases will be guided by the Bank’s ongoing assessment of the economy and inflation.” With an-already restrictive policy setting (after the assumed hike), the retention of this line would, of course, be unambiguously hawkish. Alternative, less aggressive (and perhaps more likely?) guidance might read something like: “Governing Council judges that rates may need to increase further.”

On GDP

• CIBC: “While growth in Q2 as a whole was solid at an annualized +3.3%, and little changed from Q1’s pace, it was disappointing relative to consensus expectations (+4.4%) and was largely driven by an acceleration in early spring…While we still expect that the Bank of Canada will hike interest rates further to combat high inflationary pressures, a cooling economy supports our view that the peak will be lower than financial markets have been pricing in.”

On how the BoC’s rate tightening compares globally

• BMO: “While advanced world central banks have been travelling at slightly different speeds, they are all moving rapidly in the same direction—save Japan. If the Bank of Canada meets market expectations at next week’s decision with a 75-bps hike, it will re-take the leadership as the most aggressive hiker among the G10, with the highest overnight rate (3.25%) and the biggest cumulative move this year (300 bps).”

On rate cuts

• CIBC: “As for rate cuts, we’d need a recession, or two years of soft growth, to open up enough economic slack to justify any steps to ease off on monetary policy.”

Borrowing Costs and Housing Supply Impacting The GTA Real Estate Market

 There were 5,627 home sales reported through the Toronto Regional Real Estate Board’s (TRREB) MLS® System in August 2022, representing a year-over-year dip of 34.2 per cent – a lesser annual rate of decline compared to the previous four months. The August sales result also represented a month-over-month increase compared to July.

Sales represented a higher share of new listings compared to the previous three months. If this trend continues, it could indicate some support for selling prices in the months ahead. On a year-over-year basis, the MLS® Home Price Index (HPI) was up by 8.9 per cent and the average selling price for all home types combined was up by 0.9 per cent to $1,079,500. The average selling price was also up slightly month-over-month, while the HPI Composite was lower compared to July. Monthly growth in the average price versus a dip in the HPI Composite suggests a greater share of more expensive home types sold in August.

“While higher borrowing costs have impacted home purchase decisions, existing homeowners nearing mortgage renewal are also facing higher costs. There is room for the federal government to provide for greater housing affordability for existing homeowners by removing the stress test when existing mortgages are switched to a new lender, allowing for greater competition in the mortgage market. Further, allowing for longer amortization periods on mortgage renewals would assist current homeowners in an inflationary environment where everyday costs have risen dramatically,” said TRREB President Kevin Crigger.

“The Office of the Superintendent of Financial Institutions (OSFI) should weigh in on whether the current stress test remains applicable. Is it reasonable to test home buyers at two percentage points above the current elevated rates, or should a more flexible test be applied that follows the interest rate cycle? In addition, OSFI should consider removing the stress test for existing mortgage holders who want to shop for the best possible rate at renewal rather than forcing them to stay with their existing lender to avoid the stress test. This is especially the case when no additional funds are being requested,” said TRREB CEO John DiMichele.

“There are other issues beyond borrowing costs impacting housing affordability in the Greater Golden Horseshoe. The ability to bring on more supply is the longer-term challenge. However, we are moving in the right direction on this front. The strong mayor proposal from the province coupled with the recent commitment from Toronto Mayor John Tory to expand ownership and rental housing options are examples of this. TRREB looks forward to hearing additional initiatives from candidates vying for office in the upcoming municipal elections,” said TRREB Chief Market Analyst Jason Mercer.

What are the pros and cons of buying a house in a recession?

 A recession may feel like a volatile time to purchase a property. Home prices appear to rise and fall at the drop of a hat. If you are savvy enough, however, it could be your best bet to finding a great deal. Here are the pros and cons of buying a house in a recession—and everything in between.  

What is a recession?
A recession is traditionally defined as consecutive quarters of negative growth. Prior to declaring a recession, the federal government will wait for the second quarter of statistics. In recent times, such as the beginning of the COVID-19 pandemic, when economic collapse was looming, an unprecedented number of corporate bankruptcies and unemployment claims seemed inevitable. At that point, a recession was almost a guarantee, with a new recession—as well as housing market fluctuations—likely to be a casualty of market disruptions.

Is it a good time to buy a house?
Experts historically have done a poor job predicting future housing market crashes. For most of 2020 and 2021, for instance, housing costs increased dramatically; however, the federal government then hiked interest rates, therefore changing the calculations for buyers and depressing home prices. Rising interest rates force homebuyers to save money on their home purchases where possible.

Generally, purchasing a property during a recession could get you a better deal on a home. The reason for this is the number of owners or foreclosures who are forced to sell their properties to stay financially viable rises, which therefore leads to more properties becoming available on the market and lower housing prices. But because the current COVID-19-related recession is unique, each potential homebuyer is in a somewhat unprecedented financial situation. For instance, if you work in tourism or hospitality, your financial positioning will be very different from someone who is able to work from home and earn a regular, steady paycheque without any disruptions.

What impact does a recession have on house prices?
Recessions usually depress prices in almost every market—and the real estate market is no exception. Poor economic conditions typically mean there are fewer potential homebuyers with disposable income. When demand for properties drops, home prices go with it, and income generated from real estate stalls. This scenario is common, but it is still merely a general rule. It is also possible that during a recession housing prices do not rise or fall at all, but experience volatility in either direction.

The pros of buying a house during recession
Do not fret. There are pros of buying a housing during a recession. The following are some definite benefits that you can consider:

Lower prices. There are usually fewer homebuyers during a recession, which means that properties remain on the market for longer. It also means that sellers are more likely to drop their listing prices, making their property easier to sell. This scenario could mean that you find your dream home with a lucky bid at an auction, for example.

Lower mortgage rates. During a recession, it is common for interest rates to be lowered as a means of stimulating the economy. Major banks often follow suit—including by lowering mortgage rates. That means with a lower mortgage rate you will wind up paying less for your home in the long run. It is also likely to give you significant savings, depending on how low the mortgage rate goes.

Seller concessions. A property that sits on the market a long time usually makes sellers skittish. You can take advantage of this by requesting concessions like asking the seller to pay for closing costs, for example.

The cons of buying a house during recession
Buying a house during a recession also comes with its downsides. Some things that you should consider when deciding to purchase a property in the middle of a recession include:

Job uncertainty. During typical recessions, unemployment rates can skyrocket, with a lot of jobs on the chopping block, or at least in danger of cutbacks. As the COVID-19 pandemic showed with the hospitality industry, your job situation can change quickly, no matter how secure you think your position or industry. It is also important to keep in mind that your mortgage is one of many costs that come with owning a home. To avoid a situation where you are forced into a foreclosure, ensure first and foremost that you have job security.

Banks are less likely to lend money. Economic uncertainty can impact anyone’s job—and banks understand this. For fear of having to foreclose your home, lenders are less likely to approve mortgages in this economic environment.

Title issues. Title issues could potentially impact your property purchase if the current owners you are buying from go deep into debt. It is important, for this reason, to ensure your title company’s search is thorough.  

Possible difficulty selling your home. Selling during a recession could be a problem if you need to sell your current home before buying a new one. Due to the recession, you could get less money than you expected, or your house could languish on the market, depending on your location.

Source: Canadian Mortgage Professional

What are the pros and cons of buying a house in a recession?

 A recession may feel like a volatile time to purchase a property. Home prices appear to rise and fall at the drop of a hat. If you are savvy enough, however, it could be your best bet to finding a great deal. Here are the pros and cons of buying a house in a recession—and everything in between.  

What is a recession?
A recession is traditionally defined as consecutive quarters of negative growth. Prior to declaring a recession, the federal government will wait for the second quarter of statistics. In recent times, such as the beginning of the COVID-19 pandemic, when economic collapse was looming, an unprecedented number of corporate bankruptcies and unemployment claims seemed inevitable. At that point, a recession was almost a guarantee, with a new recession—as well as housing market fluctuations—likely to be a casualty of market disruptions.

Is it a good time to buy a house?
Experts historically have done a poor job predicting future housing market crashes. For most of 2020 and 2021, for instance, housing costs increased dramatically; however, the federal government then hiked interest rates, therefore changing the calculations for buyers and depressing home prices. Rising interest rates force homebuyers to save money on their home purchases where possible.

Generally, purchasing a property during a recession could get you a better deal on a home. The reason for this is the number of owners or foreclosures who are forced to sell their properties to stay financially viable rises, which therefore leads to more properties becoming available on the market and lower housing prices. But because the current COVID-19-related recession is unique, each potential homebuyer is in a somewhat unprecedented financial situation. For instance, if you work in tourism or hospitality, your financial positioning will be very different from someone who is able to work from home and earn a regular, steady paycheque without any disruptions.

What impact does a recession have on house prices?
Recessions usually depress prices in almost every market—and the real estate market is no exception. Poor economic conditions typically mean there are fewer potential homebuyers with disposable income. When demand for properties drops, home prices go with it, and income generated from real estate stalls. This scenario is common, but it is still merely a general rule. It is also possible that during a recession housing prices do not rise or fall at all, but experience volatility in either direction.

The pros of buying a house during recession
Do not fret. There are pros of buying a housing during a recession. The following are some definite benefits that you can consider:

Lower prices. There are usually fewer homebuyers during a recession, which means that properties remain on the market for longer. It also means that sellers are more likely to drop their listing prices, making their property easier to sell. This scenario could mean that you find your dream home with a lucky bid at an auction, for example.

Lower mortgage rates. During a recession, it is common for interest rates to be lowered as a means of stimulating the economy. Major banks often follow suit—including by lowering mortgage rates. That means with a lower mortgage rate you will wind up paying less for your home in the long run. It is also likely to give you significant savings, depending on how low the mortgage rate goes.

Seller concessions. A property that sits on the market a long time usually makes sellers skittish. You can take advantage of this by requesting concessions like asking the seller to pay for closing costs, for example.

The cons of buying a house during recession
Buying a house during a recession also comes with its downsides. Some things that you should consider when deciding to purchase a property in the middle of a recession include:

Job uncertainty. During typical recessions, unemployment rates can skyrocket, with a lot of jobs on the chopping block, or at least in danger of cutbacks. As the COVID-19 pandemic showed with the hospitality industry, your job situation can change quickly, no matter how secure you think your position or industry. It is also important to keep in mind that your mortgage is one of many costs that come with owning a home. To avoid a situation where you are forced into a foreclosure, ensure first and foremost that you have job security.

Banks are less likely to lend money. Economic uncertainty can impact anyone’s job—and banks understand this. For fear of having to foreclose your home, lenders are less likely to approve mortgages in this economic environment.

Title issues. Title issues could potentially impact your property purchase if the current owners you are buying from go deep into debt. It is important, for this reason, to ensure your title company’s search is thorough.  

Possible difficulty selling your home. Selling during a recession could be a problem if you need to sell your current home before buying a new one. Due to the recession, you could get less money than you expected, or your house could languish on the market, depending on your location.

Source: Canadian Mortgage Professional

Rent prices in Toronto rose by fastest pace on record

 GTA rent prices rose by “the fastest pace on record” in the second quarter of this year with the average one-bedroom unit being leased out for nearly $2,200 a month, a new report has found.

Urbanation Inc. say that rent prices rose for the fifth consecutive quarter due, in part, to “near record-low unemployment, and a sharp reduction in home purchasing power as interest rates increased.”

The market research firm says that average condo rents in the GTA were up 5.9 per cent from the first quarter of 2022 and 16.7 per cent year-over-year.

The average cost for a one-bedroom unit was $2,182 per month in the second quarter, while two-bedroom units were rented out at an average cost of $2,862 per month and three-bedroom units were rented out for $3,740 a month, on average.

Urbanation says that vacancy rates in the GTA also plummeted, dropping from 5.1 per cent one year ago to 1.4 per cent today.

“Driving that growth is really just demand and supply moving in the opposite direction. On the demand side we have seen a reacceleration in population growth, we have a near record low unemployment rate and also a very strong deterioration in home ownership affordability with prices remaining near record highs, interest rates rising very quickly and a lot of first time buyers being shut out of the market,” Urbanation President Shaun Hildebrand told CTV News Channel on Tuesday. “So there has been a confluence of factors that have boosted demand at a time when supply just isn’t keeping pace. In fact, in the second quarter we recorded the lowest number of rental construction starts in the GTA that we have seen since we started tracking the data back in 2015.”

According to the latest data, Toronto rent prices are now approaching their pre-pandemic level across most property types.

Studio apartment rent prices are down about one per cent from the second quarter of 2019 while units with dens saw gains of between 6.4 per cent and 9.4 per cent over the same time period as renters sought out additional space while working from home.

Urbanation says that condo rental inventory also dropped to a record low of a third of a month’s supply in the second quarter, which could foreshadow further increases in the cost of rent particularly in the core.

“During the first year of the pandemic a lot of people were fleeing their small units in the downtown area as working from home became more common. So those rents dropped very quickly. But with offices reopening, entertainment venues reopening, schools reverting back to in-class learning and just high commuting costs in general we have seen demand for the core outstrip demand for the 905 for the first quarter since the pandemic began,” Hildebrand told CTV News Channel.

Source: CTV News

Toronto new condo sales decline 19%, prices rise

 Sales of new condominiums in the greater Toronto area declined by 19 per cent sequentially in the second quarter of this year, while the average price per square foot reached a record high of $1,453, according to the latest report from real estate consulting firm Urbanation Inc.

A total of 6,792 new condo units sold in Q2 of 2022, plummeting 24 per cent compared to a year prior. Sales did however remain above the 10 year average.

The drop in buying activity caused 11,703 new condo units to remain unsold, marking a 36 per cent increase from the 18-quarter low in the first quarter of 2022. Despite this uptick, the figure is still a six per cent decline annually.

While new condo purchases slowed, the cost per square foot of these units surged by 20 per cent on an annual basis, reaching an all-time high.

Several driving factors were behind the price spike, including soaring construction costs, labour shortages and higher-priced projects, according to the report. Looking ahead, rising interest rates and delayed approval timelines for projects will likely keep the cost of new condos elevated.

“Prices are expected to hold firm amid low inventory and high development costs,” Shaun Hildebrand, president of Urbanation said in a press release on Tuesday.

“The strength in the rental market and shift in demand towards more affordable ownership options should provide support for condominium activity as the market works through the effects of higher interest rates.”

The supply of presale condo units reached the third highest volume of on record with 9,924 units to hit the market in Q2. The recent pullback in buying activity however has caused main way projects to cancel or delay future launch plans. 

The data shows there were 35,000 new condo units anticipated to come to market for the region in 2022. In the first half of this year, roughly 16,000 units have launched and 10,000 more are expected, leaving 10,000 units on hold.

GTA Home Sales and Listings Trend Downwards in July

 here were 4,912 home sales reported through the Toronto Regional Real Estate Board (TRREB) MLS® System in July 2022 – down by 47 per cent compared to July 2021. Following the regular seasonal trend, sales were also down compared to June. New listings also declined on a year-over-year basis in July, albeit down by a more moderate four per cent. The expectation is that the trend for new listings will continue to follow the trend for sales, as we move through the second half of 2022 and into 2023.

Market conditions remained much more balanced in July 2022 compared to a year earlier. As buyers continued to benefit from more choice, the annual rate of price growth has moderated. The MLS® Home Price Index (HPI) Composite Benchmark was up by 12.9 per cent year-over-year. The average selling price was up by 1.2 per cent compared to July 2021 to $1,074,754. Less expensive home types, including condo apartments, experienced stronger rates of price growth as more buyers turned to these segments to help mitigate the impact of higher borrowing costs.

“The Greater Toronto Area (GTA) population continues to grow and tight labour market conditions will drive this growth moving forward. Despite more balanced market conditions resulting from rapidly increasing mortgage rates, policymakers must continue to take action to boost housing supply to account for long-term population growth. TRREB has put realistic solutions on the table to address the existing housing affordability challenges. With savings high and the unemployment rate still low, home buyers will eventually account for higher borrowing costs. When they do, we want to have an adequate pipeline of supply in place or market conditions will tighten up again,” said TRREB Chief Market Analyst Jason Mercer.

TRREB is also calling on all levels of government to reassess and clarify policies related to mortgage lending and housing development.

“Many GTA households intend on purchasing a home in the future, but there is currently uncertainty about where the market is headed. Policymakers could help allay some of this uncertainty. As higher borrowing costs impact housing markets, TRREB maintains that the OSFI mortgage stress test should be reviewed in the current environment. Consumers looking to renew their existing mortgages with a different lender should not be subject to an additional stress test burden beyond what they would face with their existing lender. Given the importance of the housing industry as a driver of economic growth, a transparent process and sound rationale in the development and management of stress test guidelines are also of utmost importance,” said TRREB CEO John DiMichele.

“With significant increases to lending rates in a short period, there has been a shift in consumer sentiment, not market fundamentals. The federal government has a responsibility to not only maintain confidence in the financial system, but to instill confidence in homeowners that they will be able to stay in their homes despite rising mortgage costs. Longer mortgage amortization periods of up to 40 years on renewals and switches should be explored. With the benefit of hindsight, it appears that the Bank of Canada’s rate increases started too late. Now we are dealing with outsized increases to curb generationally high inflation. The federal government must enact measures which will assist buyers facing affordability challenges in an inflationary environment where costs are rising at the gas pumps, the grocery stores and everywhere in between,” said TRREB President Kevin Crigger.

“The provincial government, elected on a platform of bolstering housing supply and increasing housing affordability, must take swift action as it relates to significantly rising municipal government fees across the GTA, such as development charges which are largely borne by home buyers. City of Toronto Council should reflect on its recently approved 46 per cent increase to development charges, bringing the average cost of all government charges and fees to an astounding $350,000+ for every new detached house and over $180,000 for a new condominium. We do commend the City for providing an exemption from development charges for up to three additional units on single lots which will encourage more missing middle multiplex housing, but this exemption alone is not enough. Every level of government agrees that the GTA needs more homes. Governments must stop their reliance on significant charges and fees on new homes and unpredictable taxes on existing homes or we will continue to see a growing housing crisis that will eventually inhibit the growth of the GTA’s economy. With a municipal election this fall, governments will be judged based on the steps they take,” added Crigger.

GTA home prices have surged 453 per cent over the last 25 years

 In 1996 the average price of a residential property in the GTA was less than $200,000.

Fast forward 25 years and more than 2 million transactions and it is now $1,095,475.

The sustained real estate boom, which has seen $1.1 trillion in properties change hands, is detailed in new report from Re/Max Canada examining the last quarter century of sales in eight GTA regions.

The report found that GTA home prices have risen by about seven per cent on average over the last 25 years, easily outpacing the rate of inflation.

But the acceleration in prices has varied, depending on where in the GTA you live.

In York Region the average priced home rose 875 per cent to nearly $1.3 million over the last 25 years whereas prices in central Toronto are up a more modest 300 per cent, from an average of $277,000 to just over $1.1 million.

Prices in Durham Region are up 507 per cent over the last 25 years while in Peel Region they are up 496 per cent and in Halton Region they are up 447 per cent.

“Performance of the GTA housing market over the 25-year period has been nothing short of remarkable,” Re/Max Canada President Christopher Alexander said in a news release accompanying the report. “This is especially so when considering this time period was characterized by the tech meltdown of 2000, 9/11, SARS, the Great Recession of 2008, Ontario’s Fair Housing Plan and the on-going pandemic.”

The Re/Max report said that new construction has been a “significant factor” in sales and price gains in the GTA over the last quarter century but it notes that Peel and York regions are now “approaching build out” with the focus of developers expected to shift from freehold to higher density homes in the coming years.

In fact, the report notes that condominiums now account for roughly half of all sales in Mississauga.

Across the GTA as a whole, condominiums account for nearly 36 per cent of all sales.

“The GTA’s housing stock continues to evolve based on land availability,” Alexander said in the release. “Builders and developers are faced with the harsh reality of a land supply crunch as affordability remains top of mind with the vast majority of buyers. While the preference may be freehold, the necessity to build vertical communities has never been more apparent in a city where the population has grown by two million people since 1996 and is expected to ramp up in coming years.”

The Re/Max report attributes much of the run up in prices across the GTA to population growth, low interest rates and waning land availability.

It says that in 2021 residential sales across the GTA were up 118 per cent compared to 1996. Though it notes that sales rose 326 per cent during the previous 25-year period (1971 to 1996).

GTA real estate prices at a glance over the last 25 years

• Toronto East - Up 452.9 per cent to $1,095,475
• Toronto West – Up 468.4 per cent to $997,195
• Toronto Central – Up 301.3 per cent to $1,000,478
• Durham Region – Up 507.6 per cent to $925,710
• Peel Region – Up 495.9 per cent to $1,052,438
• Halton Region – Up 446.8 per cent to $1,232,967
• York Region – Up 874.9 per cent to $1,291,217
• Dufferin Country – Up 334.5 per cent to $803,822

Record GTA Home Sales and Average Price In 2021

A record 121,712 sales were reported through TRREB’s MLS® System in 2021 – up 7.7 per cent from the previous 2016 high of 113,040 and up 28 per cent compared to 2020. Record demand last year was up against a constrained supply of listings, with new listings up by 6.2 per cent – a lesser annual rate than sales. The result was extremely tight market conditions and an all-time high average selling price of $1,095,475 – an increase of 17.8 per cent compared to the previous 2020 record of $929,636.

“Despite continuing waves of COVID-19, demand for ownership housing sustained a record pace in 2021. Growth in many sectors of the economy supported job creation, especially in positions supporting above-average earnings. Added to this was the fact that borrowing costs remained extremely low. These factors supported not only a continuation in demand for ground-oriented homes, but also a resurgence in the condo segment as well,” said TRREB President Kevin Crigger.

One sales trend that stood out in 2021 compared to 2020 was the resurgence in demand for homes within the City of Toronto. Overall sales in the “416” area code were up by a substantially greater annual rate (+36.8 per cent) compared to sales growth for the surrounding Greater Toronto Area (GTA) suburbs combined (+23.6 per cent). The marked recovery in the condominium apartment segment was a key driver of this trend.

“Tight market conditions prevailed throughout the GTA and broader Greater Golden Horseshoe in 2021, with a lack of inventory noted across all home types. The result was intense competition between buyers, pushing selling prices up by double digits year-over-year. Looking forward, the only sustainable way to moderate price growth will be to bring on more supply. History has shown that demand-side policies, such as additional taxation on principal residences, foreign buyers, and small-scale investors, have not been sustainable long-term solutions to housing affordability or supply constraints,” said TRREB Chief Market Analyst Jason Mercer.

In December, GTA REALTORS® reported 6,031 sales – a strong result historically, but still down by more than 1,000 transactions (-15.7 per cent) compared to the record of 7,154 set in December 2020. Over the same period, new listings were down by 11.9 per cent to 5,174. The MLS® Home Price Index Composite benchmark was up by 31.1 per cent year-over-year in December. The average selling price was up by 24.2 per cent annually to $1,157,849.

“On February 3, TRREB will release its latest Market Outlook and Year in Review report. The report will include survey results and research that will help us navigate 2022 and beyond. The findings will  highlight the latest consumer polling on home buying intentions; joint research with the Toronto Region Board of Trade on the future of employment and work; plus an outlook for home sales, listings and pricing over the next year. This will be a must-read report for Members, consumers, housing market watchers, researchers and policymakers,” said TRREB CEO John DiMichele.