Deadline for Admissions

  • Admissions documents for The Salesperson Registration Education Program must be received by the OREA Real Estate College no later than April 30, 2019
  • The Admissions Test (if applicable) must be successfully completed on or before April 30, 2019
  • Admissions to The Broker Registration Education Program will not be accepted after April 30, 2019
  • No exceptions or extensions will be permitted

Deadline to complete Programs

  • All course requirements for The Salesperson Registration Education Program and The Broker Registration Education Program must be completed on or before November 28, 2020. This includes examinations and examination rewrites (if applicable)
  • No exceptions or extensions will be permitted
  • NOTE: RECO will accept the articling course completed before or after registration as a salesperson

The OREA Real Estate College will cease to operate on December 31, 2020

Log in as a…


Login


Login

We can help

articleimage

April 29, 2014

Toronto loses $2.3 billion in economic activity and almost 15,000 jobs due to Municipal Land Transfer Tax (MLTT)

New research released today by the Ontario Real Estate Association (OREA) shows a massive loss of economic activity in the City of Toronto and a corresponding loss of thousands of jobs due to the Municipal Land Transfer Tax (MLTT), imposed in Toronto in 2008.

The report, Economic Implications of the Municipal Land Transfer Tax in Toronto, conducted by Altus Group Economic Consulting, outlined the economic losses incurred by the City of Toronto between 2008 and 2013 including:

  • A loss of 38,278 resale home transactions
  • A loss of $2.3 billion in economic activity
  • A reduction of $1.2 billion in GDP
  • A loss of 14,934 full-time jobs
  • A loss of $772 million in wages and salaries

“The MLTT is bad for our economy,” said Costa Poulopoulos, OREA president.  “For one, it kills jobs. With an unemployment rate worse than the national rate and even that of the province as a whole, the City of Toronto could have used those jobs. It also adds to household debt and pushes the dream of home ownership even further away.”

The study shows the MLTT has cost Toronto billions over the past five years – significantly more than the annual average of $270.2 million in revenue the city collected since 2008. The MLTT is applied to purchases on all properties in the City of Toronto over and above the existing provincial Land Transfer Tax (LTT). By increasing the total expense associated with housing transactions in Toronto, the tax makes buying a home in Toronto more costly. As a result, a significant number of housing transactions within the City of Toronto did not take place, which has, in turn, affected several aspects of Toronto’s economy.

Resale housing transactions across Ontario generate significant economic activity. The purchase and sale of homes generates fees to professionals such as lawyers, appraisers, Realtors and surveyors, as well as taxes and fees to government. In addition, homebuyers often purchase new appliances or furnishings and typically undertake renovations that tailor the new home to specific household requirements.

“This research proves that the MLTT is doing more harm than good where our economy is concerned,” said Poulopoulos. “It gets in the way of the economic spin-off that occurs when homes are purchased and sold.  It should be repealed in Toronto and it should never be endorsed by the provincial government for any other municipality in this province.”

By repealing the MLTT, the City of Toronto could effectively increase the number of housing sales and purchases by an estimated 32,216 units over the next five years, resulting in the following economic benefits for Toronto:

  • An additional $1.9 billion in economic activity
  • An increase of $990 million in GDP
  • The creation of 12,570 new full time jobs
  • The addition of $650 million in wages and salaries

Toronto residents say the MLTT is a barrier to home ownership

The economic study by Altus is being released in conjunction with new research from Ipsos Reid that revealed home ownership is a dream many Torontonians have but find difficult to fulfil due in part to the MLTT. Some of the study highlights include:

  • 85% of Toronto residents agree that the MLTT makes home ownership more difficult to achieve
  • 70% of 416-ers say that the MLTT would make them incur more debt in order to pay the tax
  • 72% say that the MLTT would make them spend less on renovations, furniture or appliances for the home they would purchase

The full Altus report and Ipsos Reid factum are available at www.donttaxmydream.ca

About the Ontario Real Estate Association

The Ontario Real Estate Association represents over 58,000 brokers and salespeople who are members of the 40 real estate boards throughout the province. OREA serves its REALTOR® members through a wide variety of professional publications, educational programs, advocacy, and other services. www.OREA.com

About Altus Group Economic Consulting

Altus Group Economic Consulting was formed in February 2007 when Clayton Research Associates Limited (est. in 1972) joined in Altus Group. Altus Group Economic Consulting is a group of urban and real estate economists and provides strategic advice and information to both private and public sector clients across Canada. The division specializes in real estate market analysis, land use planning issues, property investment and financing, and building products and technology analysis. Altus Group Economic Consulting has gained a reputation for astute and independent advice and analysis, based on extensive in-house expertise, a unique information base, leading edge analytical techniques and extensive contacts throughout Canada.

Methodology (Ipsos Reid Study)

These are some of the findings of an Ipsos Reid poll conducted on behalf of the Ontario Real Estate Association (OREA) from February 28th to March 6th, 2014.  For the survey, a sample of 1,537 (including 310 Torontonians) adult Ontarians was interviewed online via Ipsos’s I-Say online panel. The precision of Ipsos online surveys is measured using a Bayesian Credibility Interval.  In this case, the survey is considered accurate to within +/- 2.9 percentage points, 19 times out of 20, had all adult Ontarians been surveyed and within +/- 6.3 percentage points had all Torontonians been polled.  These data were weighted to ensure that the sample's age/sex composition reflects that of the actual Canadian population according to the latest Census information.


For more information contact:

Katarina Markovinovic-Praljak

Head of Communications & Media Relations

katarinam@orea.com


More News & Press Releases

articleimage

OREA Statement on Federal Government’s Refusal to Allow Provinces the Ability to Ban Home Growth of Cannabis

Ontario Realtors are disappointed the federal government rejected the Senate recommendation that would have allowed provinces to ban home growth of cannabis. Provinces should have the ability to protect home owners and communities from the problems associated with former grow ops. Quebec and Manitoba have committed to standing firm on this issue and the ambiguity in the legislation has opened the door to court challenges. We look forward to working with Premier-Designate Ford to address Realtor concerns and ensure we protect Ontario homes and families.

Read More
articleimage

York region politicians want a new municipal land transfer tax grab on home ownership

York Region councillors are demanding new tax powers from the province, and they have their eyes set on the municipal land transfer tax (MLTT). If implemented, the tax would add over $15,000 to an average priced York Region home, impacting housing affordability for all home buyers and making the Canadian dream of home ownership less achievable for thousands of young buyers. This could set a dangerous precedent for housing affordability across the wider Greater Toronto Area and the rest of the province.

Read More
articleimage

700,000 Millennials looking to move out of their parents’ basement in the next decade, new research shows

Over the next decade, 700,000 Millennials in the Greater Toronto and Hamilton Area (GTHA) will enter the housing market in search of their first home. According to the report – Millennials in the Greater Toronto and Hamilton Area: A Generation Stuck in Apartments? – released today by Ryerson University’s Centre for Urban Research & Land Development (CUR) and sponsored by the Ontario Real Estate Association (OREA), Millennials will represent the largest source of housing demand in the next ten years.

Read More
Back to News & Press Releases
To MP Survey
OREA Contract