Licensed in Real Estate, experienced in Interior Design and Faux Finishing, Jaclyn Solomon brings her expertise and flair to you. REALITY IN REALTY with Jaclyn Solomon, B.A., let Jaclyn make the difference. Jaclyn is also a licensed paralegal with the Law Society of Ontario (LSO) and a Commissioner for Taking Affidavits. Attention to detail is her forte.
The purchase of a home is probably the largest single investment you will ever make and if you are thinking doing it alone, you may want to reconsider. All the details involved in the home buying process, particularly the financial aspects, can be confusing. A REALTOR® will have the time, sources of information, and contacts to make the home buying process as straightforward as possible.
With immediate access to homes as soon as they're put on the market, a REALTOR® can save you hours of time hunting for the perfect home. When it's time to make an offer on a home, a REALTOR® can point out ways to structure your deal to save you money. He or she will explain the advantages and disadvantages of different types of mortgages, guide you through the paperwork, and be there to answer last-minute questions when you sign the final papers at closing.
When deciding on a realtor, Jaclyn Solomon will help you find... Reality In Realty!
When you buy and sell with Jaclyn, it's the real deal!
One stop for your estate requirements!
Jaclyn’s team includes real estate lawyers and estate lawyers.
She will clear estate contents and or sell and manage your estate sale seamlessly.
As Jaclyn is duly licensed she can handle your Landlord and Tenant matters as well.
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Call today for your free no obligation evaluation and project management proposal.
Notice
Ontario Extends Declaration of Emergency to July 15
June 24, 2020
The provincial government has passed legislation to extend the Declaration of Emergency to July 15 from the current June 30 expiry date. The government is hoping that this will be the last extension of the emergency declaration.
This latest extension provides Ontario with the additional time, flexibility, and the necessary tools to safely and gradually allow more places to reopen, while continuing to support frontline health care providers in the fight against COVID-19. This will allow the province to make or amend emergency orders as needed as it continues to ease restrictions in support of its phased reopening.
Many of the emergency orders made under the state of emergency are expected to continue even after July 15, including bans on large gatherings.
Ontario housing starts have seen some dramatic ups and downs over the last 20 years. Between 2001 and 2021, according to data from Statista/Canada Mortgage and Housing Corp. (CMHC), about 1.5 million new homes were added to the Ontario housing market.The Progressive Conservative Party of Ontario took a step to address the critical supply shortage in the Province, by establishing the Ontario Housing Affordability Task Force in December, 2021. What we have seen are home sales declining by at least 20 per cent nearing to the end of 2022 relative to last year's peak. The forecast is even more dire, however, expecting a 23 per cent decline in year-over-year sales by the end of this year and a further 14 per cent drop in 2023.
The Crown corporation said in an updated housing outlook released that it believes the national average home price in Canada will fall 14.3 per cent by the second quarter of 2023, as compared with the historical peak of $770,812 seen in the first quarter of this year. While Toronto has already experienced steep price declines this summer and is likely to see prices hold relatively stable going forward.
It is an excellent time to BUY!
I have seen, that both my selling clients and buying clients have been in a holding pattern as rates are rising, and continue to be on the rise. Many sellers are holding tight and plan to test the market again in the spring.CMHC is also joining a growing chorus of forecasts that expect Canada will fall into a in the near future, predicting the national economy — of which housing represents a significant chunk —which has hit the downturn as we approach the end of 2022.
The agency said it expects the recession to be “shallower” than most, a sentiment shared among Royal Bank of Canada, which have also forecast a looming recession.
A recession — or even fears of a recession — could cut down demand in the housing market,CMHC noted in its report that drops in sale prices will not see housing affordability meaningfully improve, as rising rents, higher mortgage rates and reduced household income in 2023 will limit renters’ ability to achieve homeownership.
Rent or Buy? That is the question. The rental market has been bearing the brunt of the pain from increasingly unaffordable homes. It is evident that the higher interest rates “transfer pressure” from the ownership market to rentals.
CMHC said in its report that once interest rates stabilize, home-buying demand should return, putting upward pressure on prices again. The agency expects the average home price will rise 2.1 per cent in 2024.
“Canada’s house prices will resume their upward trend in the second half of 2023 as demand rises with the recovery in economic and income conditions and mortgage rates begin normalizing,” CMHC said.Renters boxed out of the ownership market may well make the leap when rates stabilize again
We’re not going to see a shock like we saw during COVID when the Bank of Canada slashed rates virtually to zero. We’re unlikely to see that again.
Are you thinking about buying? Are you renting? Need to know your rights as a tenant and or a landlord having issues with tenants?
Jaclyn is dually licensed by both RECO as a real estate Broker, and as a Licensed Paralegal experienced in Landlord/ Tenant matters, Landlord and Tenant Tribunal proceedings, the Condo Authority Tribunal, and Small Claims Court. Know your rights! Call Jaclyn in to ACTION.
City of Toronto offers zero-interest loans, incentives to accelerate home retrofits and emissions reductions
July 7, 2022
The City of Toronto has announced an enhanced Home Energy Loan Program (HELP) that will offer zero-interest loans and incentives to help homeowners in Toronto make their homes more energy-efficient and reduce the emissions contributing to climate change. The HELP program has been in existence since 2014, but it has now been enriched and expanded.
For a limited time, through the enhanced HELP program, Toronto homeowners will be able to access:
Zero-interest loans of up to $125,000 for terms of up to 15 years; 20-year terms are available for retrofits that include rooftop solar PV, geothermal, new windows and electric heat pumps.
Incentives for specific measures including electric heat pumps, which can replace a home’s natural gas furnace and air conditioner; rooftop solar PV and deep retrofits that significantly reduce a home’s emissions.
The Government of Canada provided funding to enhance the program through the Green Municipal Fund, administered by the Federation of Canadian Municipalities (FCM), including a loan of up to $9.712 million to fund the zero-interest loans and a grant of up to $4.856 million.
The new zero-interest loans and incentives will be available until the funding allocated for each is fully subscribed, after which homeowners can continue to access low-interest loans. Home improvements eligible for financing include:
electric heat pumps
insulation (attic, wall, basement)
upgraded windows/doors
air sealing
geothermal systems
rooftop solar PV
tankless water heaters
solar hot water systems
EV charging stations (Level 2)
battery storage and more.
Eligibility has been expanded to include tax-exempt properties (e.g., non-profit homes, supportive housing, rooming houses) in addition to the currently eligible detached, semi-detached, row/townhouses, and duplex and triplex apartment buildings.
In addition to the loans and incentives available through HELP, homeowners may also be eligible for the federal government’s Canada Greener Homes Grant of up to $5,000.
Market Uncertainty as Measured by the Share of Re-Listed Properties
June 10, 2022
As the housing market evolves over time, uncertainty in the market ebbs and flows. One measure of uncertainty is the share of re-listed properties each month. In other words, the share of properties listed more than once by the same combination of owner and brokerage during the original contract period.
A property owner, in conjunction with their brokerage and salesperson, may choose to terminate their original listing and relist their property under a new agreement if they feel that their property was not properly positioned in the marketplace. This type of activity is more common during periods of rapidly changing market conditions. In recent years, market conditions have changed markedly and uncertainty has increased due to changes in government and monetary policy. Examples include:
The onset of the Non-Resident Speculation Tax included in the 2017 Fair Housing Plan;
The application of the OSFI two percentage point stress test in 2018; and
The recent rapid increase in borrowing costs over the past three months.
Expanding Housing Options for Residents New and Old
June 6, 2022
The City of Toronto will welcome new immigrants to the tune of 700,000 people by 2051 – but how will it house them? Existing, interrelated housing supply and affordability issues mean that the city needs to act fast to bring new and varied housing types online.
Joining TRREB Chief Market Analyst and Ready to Real Estate podcast host Jason Mercer is the City’s Chief Planner and Executive Director, Gregg Lintern, who walks through some of the new initiatives City Council has passed to encourage a diversity and density of homes across all neighbourhoods.
In this episode, Gregg and Jason talk about the proposed changes, as well as the reasons for them:
The expected level of growth within the city boundaries, and how intensification is the only answer to a city that isn’t getting geographically larger;
How housing affordability is at the cornerstone of these decisions – making housing available not only to newcomers to Canada but also younger generations;
The Expanding Housing Options in Neighbourhoods (EHON) initiative which allows laneway suites to facilitate “aging in place”;
Future options for introducing gentle density into neighbourhoods, like garden suites and multiplexes;
The practice of inclusionary zoning, and how it will bring much-needed affordable units to transit hubs;
How a vacancy tax will encourage still more housing to buy or rent; and
The ways that the three levels of government can collaborate on expanding housing in the city.
The episode is a fascinating listen for anyone who’s curious about the state of housing in the city.
MARKET CONTINUES TO BALANCE OUT AS BORROWING COSTS TREND HIGHER
June 3, 2022
Greater Toronto Area (GTA) housing market conditions continued to evolve in response to higher borrowing costs. Similar to April results, May 2022 sales were down on a monthly and annual basis. Conversely, active listings at the end of May were up on a month- over-month and year-over-year basis. More balanced market conditions have provided buyers with more negotiating power. As a result, while benchmark and average home prices were up substantially compared to last year, selling prices trended lower on a month-over-month basis.
“Bank of Canada rate hikes, including the 50-basis point hike on June 1, are impacting home buyers in the short term. There is now a psychological aspect where potential buyers are waiting for a bottom in price. This will likely continue through the summer. However, as home buyers adjust to higher borrowing costs, housing demand will be supported by extremely low unemployment, high job vacancies, rising incomes and record immigration,” said TRREB President Kevin Crigger.
GTA REALTORS® reported 7,283 sales through TRREB’s MLS® System in May 2022 – down 38.8 per cent compared to May 2021 and down nine per cent compared to April 2022. The number of new May listings was similar to last year’s level and edged up on a month-over-month basis. With sales down and new listings trend flat to slightly up, the number of active listings was up on a year-over-year basis by 26 per cent.
Market conditions remained tight enough to support an overall average selling price of $1,212,806 for May 2022, representing an annual growth rate of 9.4 per cent. The MLS® Home Price Index Composite Benchmark was also up on a year-over-year basis by 23.9 per cent. On a month-over-month basis, both price metrics were lower, reflecting more balanced market conditions.
“Price trends observed over the past three months – both in terms of moderating annual growth rates and the recent month-over-month dips – are in line with TRREB’s forecast for 2022. After a strong start to the year, the current rate tightening cycle has changed market dynamics, with many potential home buyers putting their purchase on hold. This has led to more balance in the market, providing buyers with more negotiating power,” said TRREB Chief Market Analyst Jason Mercer.
“The recent elections have shown that senior levels of government understand the need for more housing to support regional growth. The approval of new and more diverse housing types happens at the municipal level, subject to provincial laws and regulations. It will be important to understand the stance of local policymakers as we move toward the fall local elections. The shorter term impact of higher interest rates will not be with us forever. Supply remains the long-term challenge,” said TRREB CEO John DiMichele.
GTA HOME AND CONDO SALES REACH NEW HEIGHTS FOR FEBRUARY
As of Monday, November 23rd at 12:01 a.m. the Province will move several regions to different levels inside the framework to help stop the spread of COVID-19. The regions marked with an * indicates regions that will be moving into a new level.
Here are the highlights:
Toronto and Peel will move into the Lockdown level;
Durham Region and Region of Waterloo will move into Red-Control;
York Region, Halton and Hamilton remain in Red-Control; and,
Ottawa moves back into Orange-Restrict.
Please see the full list below.
Lockdown:
Toronto Public Health; and
Peel Public Health.
Red-Control:
Durham Region Health Department*
City of Hamilton Public Health Services
Halton Region Public Health
Region of Waterloo Public Health and Emergency Services*
York Region Public Health
Orange-Restrict:
Brant County Health Unit
Huron Perth Public Health*
Niagara Region Public Health
Ottawa Public Health
Simcoe Muskoka District Health Unit*
Southwestern Public Health*
Wellington-Dufferin-Guelph Public Health
Windsor-Essex County Health Unit*
Yellow-Protect:
Chatham-Kent Public Health*
Eastern Ontario Health Unit*
Grey Bruce Health Unit*
Haldimand-Norfolk Health Unit
Kingston, Frontenac and Lennox and Addington Public Health*
Middlesex-London Health Unit
Peterborough Public Health*
Public Health Sudbury and Districts
Thunder Bay District Health Unit*
Green-Prevent:
Algoma Public Health
Haliburton, Kawartha, Pine Ridge District Health Unit
Hastings and Prince Edward Counties Public Health
Lambton Public Health
Leeds, Grenville and Lanark District Health Unit
North Bay Parry Sound District
Northwestern Health Unit
Porcupine Health Unit
Renfrew County and District Health Unit
Timiskaming Health Unit
Help Stop the Spread
We are in a very critical time in the management of the COVID-19 pandemic.
Case counts are increasing in many regions across our Province and our hospital resources are being stretched dangerously thin.
For real estate, the Province has prohibited real estate open houses in Red-Control and Lockdown. If your region is entering those levels, you are restricted under the Framework from hosting an open house.
While some businesses in areas going into Lockdown must close, real estate is considered, under Provincial rules, an essential service. Therefore, real estate businesses in regions under Lockdown can continue to operate provided they follow the direction of public health officials. This is something OREA asked the Province to maintain so that Members can work with their clients to complete transactions.
Real estate brokerage offices and board offices must continue to adhere to requirements for workplace screening and for face coverings at indoor workplaces at all five levels of the Province’s framework.
CECRA Extension and CERB to Transition to EI
August 10, 2020
CECRA Extension
The government announced that the Canada Emergency Commercial Rent Assistance (CECRA) plan will be extended through the month of August. This program was initially designed to cover the months of April to June, and was further extended to July.
The rent relief program is a joint federal-provincial plan to lower base rent by up to 75 percent for eligible small businesses that have been impacted by COVID-19, if their landlords agreed to take part. Commercial property owners have been offered forgivable loans to cover 50 percent of their monthly rent payments. The loans will be forgiven if the property owner agrees to reduce eligible businesses" rent by at least 75 percent.
CERB to Transition to EI in the Fall
The government stated that it will soon start to transition remaining recipients of the Canada Emergency Response Benefit (CERB) to the federal Employment Insurance (EI) program. This move is expected to take place in September when the CERB is schedule to end. The last scheduled CERB pay period is set to end on Sept. 26. The taxable, personal income benefit — launched in early April — provides $2,000 every four weeks to eligible applicants who lost work or their jobs due to the economic impacts of the COVID-19 pandemic as of mid-March.
For those who don't qualify for EI (like contract workers, self-employed, part-time or those involved in the gig economy), the government will create a transition parallel benefit that is similar to EI. Going forward, recipients will be able to work more hours and earn more money while still receiving the benefit.
The government is taking this opportunity to overhaul the EI system by improving its IT systems, simplify its application process, and better reflect the growing number of self-employed and part-time workers in Canada.
More details on the CERB transition to EI are expected before the end of August.
Additionally, as of February 19, 2021, the Federal Government is looking to making further extensions to EI, CRCB and CRSB.
Toronto Short-Term Rental Regulation Clears Final Hurdle
July 3, 2020
The City passed a bylaw amendment restricting short-term rentals in late 2017, and the rules were supposed to take effect in June 2018. But an appeal by short-term landlords to the Local Planning Appeal Tribunal (LPAT) delayed the implementation of the zoning and accompanying licensing rules.
At the end of June 2020, the divisional court dismissed the landlords’ motion to appeal the decision of the provincial tribunal that sided with the city’s regulations of Airbnb-style accommodation in November.
Following the LPAT ruling, Toronto declared the bylaws to be in effect but it is still working out enforcement and accompanying licensing details. Those were to have been released in the fall of 2019, but COVID-19 means new timelines are expected this summer, according to City staff.
The City maintained its position that the bylaws permit homeowners to earn rental income from their principal residences, but they also protect the city’s housing stock and keep hotels from operating in residential neighbourhoods, including high-rise condominiums.
The federal and provincial governments have agreed to extend the commercial rent relief program for small businesses into July. The Canada Emergency Commercial Rent Assistance (CECRA) will continue to be available to landlords with small business tenants who have been heavily impacted by COVID-19.
The extension of the program comes with a few changes to the subsidy to increase uptake as CECRA aid faces questions about whether it is delivering as expected.
Among the changes included in the extension of the program is that insurance payments for missed rents and provincial rent supports won’t be clawed back from the forgivable loans for current and new applicants. Previous clawback amounts will be given back to landlords that previously received loans through this program. Also, those who qualified for loans by showing revenue declines of 70 per cent in April, May and June will qualify anew without being reassessed on whether their earnings have dropped by 70 percent in July.
For complete details of CECRA and the extension into July, please check the Short-Term Rentals website for complete details on the rules, licensing and implementation details.
Ontario Extends Declaration of Emergency to July 15
June 24, 2020
The provincial government has passed legislation to extend the Declaration of Emergency to July 15 from the current June 30 expiry date. The government is hoping that this will be the last extension of the emergency declaration.
This latest extension provides Ontario with the additional time, flexibility, and the necessary tools to safely and gradually allow more places to reopen, while continuing to support frontline health care providers in the fight against COVID-19. This will allow the province to make or amend emergency orders as needed as it continues to ease restrictions in support of its phased reopening.
Many of the emergency orders made under the state of emergency are expected to continue even after July 15, including bans on large gatherings.
TRREB Urges City to Move Forward with MLTT Relief for First-Time Home Buyers
June 22, 2020
With the City of Toronto’s Executive Committee considering a report today, with options to improve affordability for first-time home buyers by providing relief from the City’s Municipal Land Transfer Tax (MLTT), the Toronto Regional Real Estate Board (TRREB) is calling on the Committee to move ahead with long needed adjustments to the MLTT First-Time Home Buyer Rebate.
“First-time home buyers have been unfairly penalized by the MLTT for years. Adjustments to the MLTT first-time buyer rebate are long overdue,” said Michael Collins, TRREB President.
The average price of a residential property in the City of Toronto at the start of 2008, when the MLTT was first implemented, was $415,000, and the MLTT first-time buyer rebate was allowed up to a maximum of a $400,000 home, meaning that first-time buyers were almost completely exempt from paying any MLTT, as was City Council’s intention. The average price of a City of Toronto residential property is currently $881,000, and the MLTT first-time buyer rebate is still only allowed to a maximum of a $400,000 property. This means that a first-time buyer purchasing an average priced property today would pay $9,620 in MLTT, on top of about $10,000 of Provincial Land Transfer Tax (PLTT), for a total of about $20,000 in land transfer taxes, which must be paid up front on closing of the real estate transaction.
“Clearly, City Council’s intention of providing relief for first-time home buyers, up to the average priced property, is no longer being met,” added Collins.
Not only are first-time buyers not being given the relief that was intended by City Council, they are being forced to pay MLTT at the highest rates, even if they purchase a below average priced home. This is because the MLTT rate structure is such that the highest rates kick in starting on homes priced at only $400,000, which is 55% below the current average price. As noted by the City staff report being considered by the Executive Committee, two-thirds of first-time home buyers purchase homes priced between $400,000 and $800,000, well below today’s average home price in Toronto.
“The City is essentially forcing people, including first-time buyers, purchasing BELOW average priced properties to pay the highest MLTT rates. This is simply not progressive or fair,” said John DiMichele, TRREB Chief Executive Officer.
The City staff report, and TRREB survey research (conducted by Ipsos Public Affairs), show that the number of firsttime buyers entering the real estate market has been declining significantly in recent years. TRREB believes that this is largely because of affordability issues.
“First-time buyers are increasingly being priced out of Toronto’s real estate market and the Municipal Land Transfer Tax has exacerbated this. It is time to make adjustments to the MLTT rebate for first-time buyers, so that they receive the relief that was always intended by City Council,” added DiMichele.
We posted an earlier provincial announcement at the beginning of June that the Ontario government was looking at proposing changes to the Commercial Tenancies Act that would ban evictions of small businesses that are eligible for federal/provincial commercial rent assistance during the pandemic. This move was prompted as a result of a low uptake of the program by landlords, who argued that the application process is onerous and confusing.
The Ontario government has now passed Bill 192, Protecting Small Business Act, 2020 temporarily halting or reversing evictions of commercial tenants and protecting them from being locked out or having their assets seized during COVID-19.
The legislation applies to businesses that are eligible for the Canada Emergency Commercial Rent Assistance (CECRA) for evictions from May 1, 2020 (retroactively) until August 31, 2020. The pause on evictions does not apply to those already participating in CECRA, as that program already includes a stipulation of a 3-month eviction moratorium. Of note is that the legislation is reversing evictions as of May 1, whereas originally the province was considering reversing evictions on or after June 3.
To refer to the complete provincial government announcement, please click here.
MARKET WATCH REPORT AND MARKET WATCH BY THE NUMBERS INFOGRAPHIC
For a breakdown of TRREB's MLS® System housing figures for May, including sales, prices, and condo apartment rental transactions, view our latest Market Watch report, housing market charts and infographic below:
Read the complete Market Watch report for May 2020here, a quick overview here, and TRREB's News Release here.
Housing Market Charts, a series of bar charts that allows you and your clients to compare May's housing figures with those of the previous three years.
Market Watch by the Numbers (here), an infographic that offers an illustrative overview of May 2020 with some insight into the GTA rental market. The infographic breaks down the story behind the numbers.
Click here to view the full Market Watch by the Numbers infographic.
Access complete reports for other market segments here:
Due to the ongoing pandemic challenges, the City of Toronto has announced that both residential and commercial property owners may be able to request additional time to pay their property taxes, without incurring late payment penalties or interest charges for a six-month period effective June 1 to November 30, 2020.
However, the additional time given to pay property taxes does not reduce the amount of taxes that are owed to the City.
According to the City, to be eligible:
Applicants must be able to demonstrate financial hardship stemming from COVID-19, including:
a prolonged suspension of pay or loss of employment;
excessive business revenue loss or business closure;
pending business insolvency or bankruptcy
Property owners must have a good payment history – up to date on their tax payments as of March 2020.
All residential properties with a residential structure qualify. Commercial, shopping, office, industrial, multi-residential, or new multi-residential properties with a 2020 property assessment value equal to or under $10 million also qualify.
Property owners are able to apply to the program at any time between June 1 and October 31, 2020. Those interested in applying can find a list of all the required documents and other relevant information here.
Temporary Changes to Ontario Employment Standards Act
June 2, 2020
Ontario is temporarily amending its labour laws to help businesses avoid permanently laying off workers and paying out severance, which could send some into bankruptcy during the pandemic.
The government is amending the Employment Standards Act, which currently requires businesses to terminate employees who have been laid off for 13 weeks. The law then requires the business to pay severance to workers.
Terminations triggered when temporary layoffs exceed the permitted length under the Employment Standards Act can result in costly payouts, which for many businesses, especially small- and medium-sized businesses, could be the difference between survival and closure. Under the new regulatory change to the Employment Standards Act, non-unionized employees who have had their hours reduced or eliminated because of the COVID-19 pandemic will be deemed to be on Infectious Disease Emergency Leave. Workers will remain employed with legal protections and be eligible for federal emergency income support programs such as the Canada Emergency Response Benefit (CERB).
The regulatory amendment applies retroactively to March 1, 2020, and will expire six weeks after the declared emergency ends. The regulatory amendments do not include employees represented by a trade union.;
For complete details on the provincial announcement, please read here.;
Ontario Extending Emergency Orders During COVID-19 Outbreak
Licensed in Real Estate, experienced in Interior Design and Faux Finishing, Jaclyn Solomon brings her expertise and flair to you. REALITY IN REALTY with Jaclyn Solomon, B.A., let Jaclyn make the difference. Jaclyn is also a licensed paralegal with the Law Society of Ontario (LSO) and a Commissioner for Taking Affidavits. Attention to detail is her forte.
