Log in as a…


Login

NEW!

We’ve partnered with CREA to help improve your member experience and give your information the best security possible.

You will be returned to OREA once you have successfully logged in.

Login as a Member

We can help

articleimage

October 17, 2017

OREA statement: New OSFI rules just add to pile on

“In the last six months, Ontario’s real estate market has borne the brunt of government intervention after intervention. From a new stress test to an increase in land transfer taxes, rising interest rates and Ontario’s Fair Housing Plan, governments at all levels are piling on new regulation and taxes to try and cool the market.

As a result, sales activity in the Greater Golden Horseshoe has slowed.

While REALTORS® support a sensibly regulated real estate market, OSFI’s new stress test for uninsured mortgages is overkill. These changes will hurt middle class families and punish careful savers the most, forcing them to take on more debt and higher interest payments.

It’s time for governments to hit the brakes on more demand side policy interventions and take a wait and see approach. Ontario’s housing market is too important to the provincial economy to move ahead with unnecessary regulation that will hurt the dream of home ownership.

Ontario Realtors would like to see governments put more focus on bringing more supply into the market, specifically ‘missing middle’ type housing like townhomes, stacked townhomes and duplexes. The best long-term solution to give growing families and millennials a shot at affordable home ownership is to increase housing supply and choice in the marketplace.”

- Tim Hudak, CEO – Ontario Real Estate Association


For more information contact:

Katarina Markovinovic-Praljak

Head of Communications & Media Relations

katarinam@orea.com


More News & Press Releases

articleimage

Ontarians Feel Municipal Governments Need to Find Savings and Control Spending Before Being Given New Tax Powers

Ontarians believe that their municipal governments could be much more efficient with use of their funding, with about 7-in-10 agreeing that a lot more could be done to find savings and control spending.

Read More
articleimage

Minister Steve Clark joins OREA for discussion on housing and real estate in Eastern Ontario

The Ontario Real Estate Association (OREA) was joined today by the Honourable Steve Clark, Minister of Municipal Affairs and Housing, for a roundtable on housing and real estate in the Eastern Ontario region.

Read More
articleimage

Letter to Minister Thompson

Congratulations once again on your appointment as Minister of Government and Consumer Services. We look forward to working with you in your new capacity. I hope one of the first things you do is fix the broken real estate disciplinary system in Ontario.

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