New Norms in Toronto Real Estate

Dated: June 30 2021

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Toronto real estate is going through a tumultuous time in the wake of the COVID-19 pandemic. As a major city in Canada, Toronto has seen a wave of unsettling real estate sales deals and skyrocketing housing prices. The latest bilingual debt survey by Manulife Bank, one of the leading financial institutions in Canada, states a clear picture of the scenario. According to their 2021 survey report, 75% of Canadians wish to purchase housing but cannot afford the eye-popping numbers. 

 

However, the year 2021 comes with a ray of hope in the arena of Toronto real estate pricing. Let’s look at the detailed report.

 

Immigration Drive

Reports from Canadian Real Estate Association (CREA) stated that March 2021 saw an increase of 31.6% in housing price last year. It could still rise 14.1% further in the foreseeable future before stabilizing later this year. However, according to a recent report from the Royal Bank of Canada, the country is about to start an immigration surge. The report reveals that Canada will allow 1.2 million foreign newcomers over three years beginning in 2021. The immigration stunt will perhaps bring foreign revenues and help stabilize the fluctuating real estate scenario.

 

New Code of Ethics

The new set of regulations on ethics will come into force from July 1st this year. The norms set some strict disciplines on licensed builders, dealers, and housing brokers in Toronto

 

The regulations state the following:

 

  • Licensed dealers must stay truthful to the prices, features, and benefits regarding their housing deals.

  • They should make transparent explanations of their bids, values, and services to the potential homebuyers.

  • They must not engage in misinformation, dishonest dealings, and discrimination.

  • They must provide the regulatory authority with relevant and transparent deal documents and paper works.

  • They must be financially responsible.

  • This new code of ethics will reduce the increasing disputed real estate agreements and call for fair pricing.

 

Final Note

The Ontario Government offers to add points to the newly revised code of ethics to ensure transparent real estate deals. However, experts blame the lack of supply-demand balance for the massive instability of real estate prices in Toronto. What’s your take?

 

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