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Toronto Real Estate Prices Rise Despite Weakest January Sales Since 2009

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Greater Toronto real estate agents have been dropping anecdotal evidence the market is firming. It might be true, according to the latest composite benchmark prices presented by the Toronto Regional Real Estate Board (TRREB). Home prices generally fell across the region, except in the most dense part—the actual City of Toronto. In the City, the price of a typical home actually climbed. One month isn’t enough to declare that a trend has changed, but it likely has the central bank sweating bullets.

Greater Toronto Real Estate Prices Fell, Just Not In The City

Greater Toronto real estate prices seem to have found a floor in some regions. The TRREB-wide composite benchmark fell 0.2% (-$2,500) to $1,078,900 in January. However, in the City of Toronto, the benchmark price climbed by 0.5% (+$5,100) to reach $1,067,000 in the month. While one month doesn’t make a trend, the data comes after Oakville-Milton single-family homes made a big jump higher in December. Not exactly the cooling expectations the Bank of Canada (BoC) had in mind for the market when it announced a pause.

Greater Toronto Real Estate Are Off The Peak

The composite benchmark price of a home across Greater Toronto.

Jan 2005Jan 2006Jan 2007Jan 2008Jan 2009Jan 2010Jan 2011Jan 2012Jan 2013Jan 2014Jan 2015Jan 2016Jan 2017Jan 2018Jan 2019Jan 2020Jan 2021Jan 2022Jan 2023C$0C$200,000C$400,000C$600,000C$800,000C$1,000,000C$1,200,000

Date Canadian Dollars
Jan 2005 316,400
Feb 2005 325,400
Mar 2005 318,700
Apr 2005 328,400
May 2005 334,200
Jun 2005 336,100
Jul 2005 332,900
Aug 2005 333,500
Sep 2005 335,100
Oct 2005 336,400
Nov 2005 338,800
Dec 2005 335,700
Jan 2006 339,800
Feb 2006 342,900
Mar 2006 346,700
Apr 2006 350,600
May 2006 352,200
Jun 2006 352,400
Jul 2006 350,300
Aug 2006 349,800
Sep 2006 351,800
Oct 2006 350,600
Nov 2006 350,400
Dec 2006 348,100
Jan 2007 350,000
Feb 2007 356,900
Mar 2007 360,900
Apr 2007 365,300
May 2007 368,700
Jun 2007 371,700
Jul 2007 372,100
Aug 2007 373,600
Sep 2007 376,000
Oct 2007 378,000
Nov 2007 378,300
Dec 2007 377,400
Jan 2008 380,500
Feb 2008 383,100
Mar 2008 383,600
Apr 2008 385,000
May 2008 384,300
Jun 2008 382,700
Jul 2008 379,100
Aug 2008 377,200
Sep 2008 375,300
Oct 2008 371,000
Nov 2008 365,900
Dec 2008 358,000
Jan 2009 353,300
Feb 2009 352,100
Mar 2009 354,500
Apr 2009 359,200
May 2009 365,300
Jun 2009 372,000
Jul 2009 377,200
Aug 2009 383,100
Sep 2009 388,900
Oct 2009 394,300
Nov 2009 398,300
Dec 2009 399,600
Jan 2010 404,900
Feb 2010 411,700
Mar 2010 415,200
Apr 2010 416,800
May 2010 416,100
Jun 2010 414,300
Jul 2010 410,800
Aug 2010 410,600
Sep 2010 411,100
Oct 2010 411,600
Nov 2010 412,500
Dec 2010 411,700
Jan 2011 417,300
Feb 2011 424,500
Mar 2011 430,300
Apr 2011 435,900
May 2011 440,100
Jun 2011 443,400
Jul 2011 444,400
Aug 2011 446,600
Sep 2011 448,600
Oct 2011 450,000
Nov 2011 452,000
Dec 2011 453,400
Jan 2012 457,900
Feb 2012 465,900
Mar 2012 472,200
Apr 2012 478,100
May 2012 481,200
Jun 2012 480,700
Jul 2012 479,100
Aug 2012 476,300
Sep 2012 477,100
Oct 2012 476,100
Nov 2012 472,700
Dec 2012 474,800
Jan 2013 474,500
Feb 2013 482,700
Mar 2013 488,400
Apr 2013 493,800
May 2013 497,300
Jun 2013 498,200
Jul 2013 498,500
Aug 2013 499,300
Sep 2013 501,200
Oct 2013 504,400
Nov 2013 505,600
Dec 2013 506,400
Jan 2014 512,400
Feb 2014 521,800
Mar 2014 527,700
Apr 2014 533,900
May 2014 537,300
Jun 2014 539,900
Jul 2014 539,700
Aug 2014 540,500
Sep 2014 543,500
Oct 2014 545,900
Nov 2014 547,300
Dec 2014 548,200
Jan 2015 553,500
Feb 2015 564,300
Mar 2015 574,400
Apr 2015 583,000
May 2015 588,200
Jun 2015 592,800
Jul 2015 594,600
Aug 2015 597,400
Sep 2015 601,600
Oct 2015 602,700
Nov 2015 603,600
Dec 2015 605,900
Jan 2016 616,500
Feb 2016 631,600
Mar 2016 646,400
Apr 2016 665,000
May 2016 680,500
Jun 2016 692,000
Jul 2016 698,100
Aug 2016 706,600
Sep 2016 716,800
Oct 2016 724,700
Nov 2016 728,900
Dec 2016 735,700
Jan 2017 759,800
Feb 2017 804,500
Mar 2017 851,000
Apr 2017 865,500
May 2017 849,300
Jun 2017 822,400
Jul 2017 793,700
Aug 2017 774,600
Sep 2017 769,800
Oct 2017 766,200
Nov 2017 761,100
Dec 2017 756,600
Jan 2018 758,600
Feb 2018 764,200
Mar 2018 771,500
Apr 2018 775,800
May 2018 774,200
Jun 2018 771,700
Jul 2018 768,100
Aug 2018 764,000
Sep 2018 766,800
Oct 2018 767,300
Nov 2018 761,500
Dec 2018 756,300
Jan 2019 755,700
Feb 2019 763,200
Mar 2019 771,500
Apr 2019 776,400
May 2019 779,500
Jun 2019 779,600
Jul 2019 779,700
Aug 2019 779,200
Sep 2019 783,100
Oct 2019 787,700
Nov 2019 790,100
Dec 2019 792,500
Jan 2020 806,000
Feb 2020 830,600
Mar 2020 845,000
Apr 2020 832,100
May 2020 837,100
Jun 2020 842,400
Jul 2020 857,300
Aug 2020 869,900
Sep 2020 875,200
Oct 2020 877,000
Nov 2020 883,900
Dec 2020 893,800
Jan 2021 927,500
Feb 2021 970,100
Mar 2021 998,900
Apr 2021 1,010,900
May 2021 1,018,500
Jun 2021 1,021,900
Jul 2021 1,025,100
Aug 2021 1,033,200
Sep 2021 1,065,300
Oct 2021 1,113,100
Nov 2021 1,153,000
Dec 2021 1,187,200
Jan 2022 1,257,500
Feb 2022 1,326,100
Mar 2022 1,335,000
Apr 2022 1,303,900
May 2022 1,261,800
Jun 2022 1,204,900
Jul 2022 1,157,500
Aug 2022 1,124,600
Sep 2022 1,110,700
Oct 2022 1,098,200
Nov 2022 1,089,800
Dec 2022 1,081,400
Jan 2023 1,078,900

Source: TRREB; Better Dwelling.

Greater Toronto Real Estate Prices Are Still Down Significantly

Might not want to read too much into a single-month increase with prices still down significantly from last year. TRREB home prices are down 14.2% (-$178,400) from a year ago, while the City of Toronto is 10.2% (-$120,700) lower. For those curious, the rate of decline is still decelerating despite the month’s increase due to a base effect. Prices in January failed to rise as much as last year.

Greater Toronto Real Estate Price Growth Is Decelerating

The 12-month percent change for the composite benchmark price of a home across Greater Toronto.

Jan 2006Jan 2007Jan 2008Jan 2009Jan 2010Jan 2011Jan 2012Jan 2013Jan 2014Jan 2015Jan 2016Jan 2017Jan 2018Jan 2019Jan 2020Jan 2021Jan 2022Jan 2023-100102030Percent

Date Percent
Jan 2006 7.4
Feb 2006 5.4
Mar 2006 8.8
Apr 2006 6.8
May 2006 5.4
Jun 2006 4.8
Jul 2006 5.2
Aug 2006 4.9
Sep 2006 5
Oct 2006 4.2
Nov 2006 3.4
Dec 2006 3.7
Jan 2007 3
Feb 2007 4.1
Mar 2007 4.1
Apr 2007 4.2
May 2007 4.7
Jun 2007 5.5
Jul 2007 6.2
Aug 2007 6.8
Sep 2007 6.9
Oct 2007 7.8
Nov 2007 8
Dec 2007 8.4
Jan 2008 8.7
Feb 2008 7.3
Mar 2008 6.3
Apr 2008 5.4
May 2008 4.2
Jun 2008 3
Jul 2008 1.9
Aug 2008 1
Sep 2008 -0.2
Oct 2008 -1.9
Nov 2008 -3.3
Dec 2008 -5.1
Jan 2009 -7.1
Feb 2009 -8.1
Mar 2009 -7.6
Apr 2009 -6.7
May 2009 -4.9
Jun 2009 -2.8
Jul 2009 -0.5
Aug 2009 1.6
Sep 2009 3.6
Oct 2009 6.3
Nov 2009 8.9
Dec 2009 11.6
Jan 2010 14.6
Feb 2010 16.9
Mar 2010 17.1
Apr 2010 16
May 2010 13.9
Jun 2010 11.4
Jul 2010 8.9
Aug 2010 7.2
Sep 2010 5.7
Oct 2010 4.4
Nov 2010 3.6
Dec 2010 3
Jan 2011 3.1
Feb 2011 3.1
Mar 2011 3.6
Apr 2011 4.6
May 2011 5.8
Jun 2011 7
Jul 2011 8.2
Aug 2011 8.8
Sep 2011 9.1
Oct 2011 9.3
Nov 2011 9.6
Dec 2011 10.1
Jan 2012 9.7
Feb 2012 9.8
Mar 2012 9.7
Apr 2012 9.7
May 2012 9.3
Jun 2012 8.4
Jul 2012 7.8
Aug 2012 6.7
Sep 2012 6.4
Oct 2012 5.8
Nov 2012 4.6
Dec 2012 4.7
Jan 2013 3.6
Feb 2013 3.6
Mar 2013 3.4
Apr 2013 3.3
May 2013 3.3
Jun 2013 3.6
Jul 2013 4
Aug 2013 4.8
Sep 2013 5.1
Oct 2013 5.9
Nov 2013 7
Dec 2013 6.7
Jan 2014 8
Feb 2014 8.1
Mar 2014 8
Apr 2014 8.1
May 2014 8
Jun 2014 8.4
Jul 2014 8.3
Aug 2014 8.3
Sep 2014 8.4
Oct 2014 8.2
Nov 2014 8.2
Dec 2014 8.3
Jan 2015 8
Feb 2015 8.1
Mar 2015 8.8
Apr 2015 9.2
May 2015 9.5
Jun 2015 9.8
Jul 2015 10.2
Aug 2015 10.5
Sep 2015 10.7
Oct 2015 10.4
Nov 2015 10.3
Dec 2015 10.5
Jan 2016 11.4
Feb 2016 11.9
Mar 2016 12.5
Apr 2016 14.1
May 2016 15.7
Jun 2016 16.7
Jul 2016 17.4
Aug 2016 18.3
Sep 2016 19.1
Oct 2016 20.2
Nov 2016 20.8
Dec 2016 21.4
Jan 2017 23.2
Feb 2017 27.4
Mar 2017 31.7
Apr 2017 30.2
May 2017 24.8
Jun 2017 18.8
Jul 2017 13.7
Aug 2017 9.6
Sep 2017 7.4
Oct 2017 5.7
Nov 2017 4.4
Dec 2017 2.8
Jan 2018 -0.2
Feb 2018 -5
Mar 2018 -9.3
Apr 2018 -10.4
May 2018 -8.8
Jun 2018 -6.2
Jul 2018 -3.2
Aug 2018 -1.4
Sep 2018 -0.4
Oct 2018 0.1
Nov 2018 0.1
Dec 2018 0
Jan 2019 -0.4
Feb 2019 -0.1
Mar 2019 0
Apr 2019 0.1
May 2019 0.7
Jun 2019 1
Jul 2019 1.5
Aug 2019 2
Sep 2019 2.1
Oct 2019 2.7
Nov 2019 3.8
Dec 2019 4.8
Jan 2020 6.7
Feb 2020 8.8
Mar 2020 9.5
Apr 2020 7.2
May 2020 7.4
Jun 2020 8.1
Jul 2020 10
Aug 2020 11.6
Sep 2020 11.8
Oct 2020 11.3
Nov 2020 11.9
Dec 2020 12.8
Jan 2021 15.1
Feb 2021 16.8
Mar 2021 18.2
Apr 2021 21.5
May 2021 21.7
Jun 2021 21.3
Jul 2021 19.6
Aug 2021 18.8
Sep 2021 21.7
Oct 2021 26.9
Nov 2021 30.4
Dec 2021 32.8
Jan 2022 35.6
Feb 2022 36.7
Mar 2022 33.6
Apr 2022 29
May 2022 23.9
Jun 2022 17.9
Jul 2022 12.9
Aug 2022 8.85
Sep 2022 4.25
Oct 2022 -1.34
Nov 2022 -5.49
Dec 2022 -8.9
Jan 2023 -14.19

Source: TRREB; Better Dwelling.

Greater Toronto Home Sales Had The Worst January Since 2009 

Greater Toronto residential real estate sales through the MLS are getting weaker. Sales across TRREB fell 44.6% to 3,100 homes in January. Being roughly cut in half is as bad as it sounds, it was the fewest homes sold since 2009.

Greater Toronto Real Estate Sales

The number of existing-homes sold across Greater Toronto through the TRREB, the local real estate board.  

2009201120132015201720192021202301,0002,0003,0004,0005,0006,0007,000Homes

Year Homes
2009 2,670
2010 4,986
2011 4,199
2012 4,432
2013 4,229
2014 4,103
2015 4,318
2016 4,640
2017 5,155
2018 3,987
2019 3,968
2020 4,546
2021 6,888
2022 5,594
2023 3,100

Source: TRREB; Better Dwelling.

Greater Toronto Inventory More Than Doubled, “Balanced”

At the same time, inventory pressures are still releasing. The number of active listings for sale jumped 124.6% to 9,299 homes in January. New listings showed a mild drop of 3.7%, and fell to 7,688 units over the same period. However, the drop was much smaller than that of sales, meaning less pressure on prices.

The result is the sales to new listings ratio (SNLR) is MUCH lower than last year. This is the indicator that determines if a market is a “buyers” or “sellers” market. The SNLR fell from 70% this time last year to 40% last month. That’s right, at the cusp of the 40%-to-60% range where the ratio is considered balanced, and priced right for the market.

So what’s happening? Once again, one month doesn’t make a trend, but there’s a few conditions that may be attracting buyers. The interest rate on a 5-year fixed rate mortgage is falling, meaning the market expects interest rates to fall relatively soon. At the same time, the Bank of Canada (BoC) is signaling the end of rate hikes, leading many antsy buyers to see this as close to the bottom.

The softening expectations are likely to be a big concern for the BoC in the coming months. Rising rates were supposed to throttle expectations for 18 to 24 months. Now with the general public reading into every move the central bank makes, their expectations are softening before inflation issues have been resolved. If it wasn’t just an anomaly, the BoC has a big problem on its hands.

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Canada’s Best Cities for Renters in 2024: A Comprehensive Analysis

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In the quest to find cities where renters can enjoy the best of all worlds, a recent study analyzed 24 metrics across three key categories—Housing & Economy, Quality of Life, and Community. The study ranked the 100 largest cities in Canada to determine which ones offer the most to their renters.

Here are the top 10 cities that emerged as the best for renters in 2024:

St. John’s, NL

St. John’s, Newfoundland and Labrador, stand out as the top city for renters in Canada for 2024. Known for its vibrant cultural scene, stunning natural beauty, and welcoming community, St. John’s offers an exceptional quality of life. The city boasts affordable housing, a robust economy, and low unemployment rates, making it an attractive option for those seeking a balanced and enriching living experience. Its rich history, picturesque harbour, and dynamic arts scene further enhance its appeal, ensuring that renters can enjoy both comfort and excitement in this charming coastal city.

 

Sherbrooke, QC

Sherbrooke, Quebec, emerges as a leading city for renters in Canada for 2024, offering a blend of affordability and quality of life. Nestled in the heart of the Eastern Townships, Sherbrooke is known for its picturesque landscapes, vibrant cultural scene, and strong community spirit. The city provides affordable rental options, low living costs, and a thriving local economy, making it an ideal destination for those seeking both comfort and economic stability. With its rich history, numerous parks, and dynamic arts and education sectors, Sherbrooke presents an inviting environment for renters looking for a well-rounded lifestyle.

 

Québec City, QC

Québec City, the capital of Quebec, stands out as a premier destination for renters in Canada for 2024. Known for its rich history, stunning architecture, and vibrant cultural heritage, this city offers an exceptional quality of life. Renters benefit from affordable housing, excellent public services, and a robust economy. The city’s charming streets, historic sites, and diverse culinary scene provide a unique living experience. With top-notch education institutions, numerous parks, and a strong sense of community, Québec City is an ideal choice for those seeking a dynamic and fulfilling lifestyle.

Trois-Rivières, QC

Trois-Rivières, nestled between Montreal and Quebec City, emerges as a top choice for renters in Canada. This historic city, known for its picturesque riverside views and rich cultural scene, offers an appealing blend of affordability and quality of life. Renters in Trois-Rivières enjoy reasonable housing costs, a low unemployment rate, and a vibrant community atmosphere. The city’s well-preserved historic sites, bustling arts community, and excellent educational institutions make it an attractive destination for those seeking a balanced and enriching lifestyle.

Saguenay, QC

Saguenay, located in the stunning Saguenay–Lac-Saint-Jean region of Quebec, is a prime destination for renters seeking affordable living amidst breathtaking natural beauty. Known for its picturesque fjords and vibrant cultural scene, Saguenay offers residents a high quality of life with lower housing costs compared to major urban centers. The city boasts a strong sense of community, excellent recreational opportunities, and a growing economy. For those looking to combine affordability with a rich cultural and natural environment, Saguenay stands out as an ideal choice.

Granby, QC

Granby, nestled in the heart of Quebec’s Eastern Townships, offers renters a delightful blend of small-town charm and ample opportunities. Known for its beautiful parks, vibrant cultural scene, and family-friendly environment, Granby provides an exceptional quality of life. The city’s affordable housing market and strong sense of community make it an attractive option for those seeking a peaceful yet dynamic place to live. With its renowned zoo, bustling downtown, and numerous outdoor activities, Granby is a hidden gem that caters to a diverse range of lifestyles.

Fredericton, NB

Fredericton, the capital city of New Brunswick, offers renters a harmonious blend of historical charm and modern amenities. Known for its vibrant arts scene, beautiful riverfront, and welcoming community, Fredericton provides an excellent quality of life. The city boasts affordable housing options, scenic parks, and a strong educational presence with institutions like the University of New Brunswick. Its rich cultural heritage, coupled with a thriving local economy, makes Fredericton an attractive destination for those seeking a balanced and fulfilling lifestyle.

Saint John, NB

Saint John, New Brunswick’s largest city, is a coastal gem known for its stunning waterfront and rich heritage. Nestled on the Bay of Fundy, it offers renters an affordable cost of living with a unique blend of historic architecture and modern conveniences. The city’s vibrant uptown area is bustling with shops, restaurants, and cultural attractions, while its scenic parks and outdoor spaces provide ample opportunities for recreation. Saint John’s strong sense of community and economic growth make it an inviting place for those looking to enjoy both urban and natural beauty.

 

Saint-Hyacinthe, QC

Saint-Hyacinthe, located in the Montérégie region of Quebec, is a vibrant city known for its strong agricultural roots and innovative spirit. Often referred to as the “Agricultural Technopolis,” it is home to numerous research centers and educational institutions. Renters in Saint-Hyacinthe benefit from a high quality of life with access to excellent local amenities, including parks, cultural events, and a thriving local food scene. The city’s affordable housing and close-knit community atmosphere make it an attractive option for those seeking a balanced and enriching lifestyle.

Lévis, QC

Lévis, located on the southern shore of the St. Lawrence River across from Quebec City, offers a unique blend of historical charm and modern conveniences. Known for its picturesque views and well-preserved heritage sites, Lévis is a city where history meets contemporary living. Residents enjoy a high quality of life with excellent public services, green spaces, and cultural activities. The city’s affordable housing options and strong sense of community make it a desirable place for renters looking for both tranquility and easy access to urban amenities.

This category looked at factors such as average rent, housing costs, rental availability, and unemployment rates. Québec stood out with 10 cities ranking at the top, demonstrating strong economic stability and affordable housing options, which are critical for renters looking for cost-effective living conditions.

Québec again led the pack in this category, with five cities in the top 10. Ontario followed closely with three cities. British Columbia excelled in walkability, with four cities achieving the highest walk scores, while Caledon topped the list for its extensive green spaces. These factors contribute significantly to the overall quality of life, making these cities attractive for renters.

Victoria, BC, emerged as the leader in this category due to its rich array of restaurants, museums, and educational institutions, offering a vibrant community life. St. John’s, NL, and Vancouver, BC, also ranked highly. Québec City, QC, and Lévis, QC, scored the highest in life satisfaction, reflecting a strong sense of community and well-being. Additionally, Saskatoon, SK, and Oshawa, ON, were noted for having residents with lower stress levels.

For a comprehensive view of the rankings and detailed interactive visuals, you can visit the full study by Point2Homes.

While no city can provide a perfect living experience for every renter, the cities highlighted in this study come remarkably close by excelling in key areas such as housing affordability, quality of life, and community engagement. These findings offer valuable insights for renters seeking the best places to live in Canada in 2024.

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Former B.C. Realtor has licence cancelled, $130K in penalties for role in mortgage fraud

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The provincial regulator responsible for policing B.C.’s real estate industry has ordered a former Realtor to pay $130,000 and cancelled her licence after determining that she committed a variety of professional misconduct.

Rashin Rohani surrendered her licence in December 2023, but the BC Financial Services Authority’s chief hearing officer Andrew Pendray determined that it should nevertheless be cancelled as a signal to other licensees that “repetitive participation in deceptive schemes” will result in “significant” punishment.

He also ordered her to pay a $40,000 administrative penalty and $90,000 in enforcement expenses. Pendray explained his rationale for the penalties in a sanctions decision issued on May 17. The decision was published on the BCFSA website Wednesday.

Rohani’s misconduct occurred over a period of several years, and came in two distinct flavours, according to the decision.

Pendray found she had submitted mortgage applications for five different properties that she either owned or was purchasing, providing falsified income information on each one.

Each of these applications was submitted using a person referred to in the decision as “Individual 1” as a mortgage broker. Individual 1 was not a registered mortgage broker and – by the later applications – Rohani either knew or ought to have known this was the case, according to the decision.

All of that constituted “conduct unbecoming” under B.C.’s Real Estate Services Act, Pendray concluded.

Separately, Rohani also referred six clients to Individual 1 when she knew or ought to have known he wasn’t a registered mortgage broker, and she received or anticipated receiving a referral fee from Individual 1 for doing so, according to the decision. Rohani did not disclose this financial interest in the referrals to her clients.

Pendray found all of that to constitute professional misconduct under the act.

‘Deceptive’ scheme

The penalties the chief hearing officer chose to impose for this behaviour were less severe than those sought by the BCFSA in the case, but more significant than those Rohani argued she should face.

Rohani submitted that the appropriate penalty for her conduct would be a six-month licence suspension or a $15,000 discipline penalty, plus $20,000 in enforcement expenses.

For its part, the BCFSA asked Pendray to cancel Rohani’s licence and impose a $100,000 discipline penalty plus more than $116,000 in enforcement expenses.

Pendray’s ultimate decision to cancel the licence and impose penalties and expenses totalling $130,000 reflected his assessment of the severity of Rohani’s misconduct.

Unlike other cases referenced by the parties in their submissions, Rohani’s misconduct was not limited to a single transaction involving falsified documents or a series of such transactions during a brief period of time, according to the decision.

“Rather, in this case Ms. Rohani repetitively, over the course of a number of years, elected to personally participate in a deceptive mortgage application scheme for her own benefit, and subsequently, arranged for her clients to participate in the same deceptive mortgage application scheme,” the decision reads.

Pendray further noted that, although Rohani had been licensed for “a significant period of time,” she had only completed a small handful of transactions, according to records from her brokerage.

There were just six transactions on which her brokerage recorded earnings for her between December 2015 and February 2020, according to the decision. Of those six, four were transactions that were found to have involved misconduct or conduct unbecoming.

“In sum, Ms. Rohani’s minimal participation in the real estate industry as a licensee has, for the majority of that minimal participation, involved her engaging in conduct unbecoming involving deceptive practices and professional misconduct,” the decision reads.

According to the decision, Rohani must pay the $40,000 discipline penalty within 90 days of the date it was issued.

 

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Should you wait to buy or sell your home?

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The Bank of Canada is expected to announce its key interest rate decision in less than two weeks. Last month, the bank lowered its key interest rate to 4.7 per cent, marking its first rate cut since March 2020.

CTV Morning Live asked Jason Pilon, broker of Record Pilon Group, whether now is the right time to buy or sell your home.

When it comes to the next interest rate announcement, Pilon says the bank might either lower it further, or just keep it as is.

“The best case scenario we’re seeing is obviously a quarter point. I think more just because of the job numbers that just came out, I think more people are just leading on the fact that they probably just gonna do it in September,” he said. “Either way, what we saw in June, didn’t make a big difference.”

Here are the pros of buying/ selling now:

Pilon suggests locking in the rate right now, if you don’t want to take a risk with interest rates going up in the future.

He says the environment is more predictable right now, noting that the home values are transparent, which is one of the benefits for home sellers.

“Do you want to risk looking at what that looks like down the road? Or do you want to have the comfort in knowing what your house is worth right now?” Pilon said.

And when it comes to buyers, he notes, the competition is not so fierce right now, noting that there are options to choose from.

“You’re in the driver seat right now,” he said while noting the benefits for buyers.

Here are the cons of buying/ selling now:

He says one of the cons would be locking in the rate right now, then seeing a rate cut in the future.

The competition could potentially become fierce, if the bank decides to cut the rate further more, he explained.

He notes that if that happens, the housing crisis will become even worse, as Canada is still dealing with low housing inventory.

An increase in competition would increase the prices of houses, he adds.

Selling or buying too quickly isn’t the best practice, he notes, suggesting that you should take your time and put some thought into it.

Despite all the pros and cons, Pilon says, real estate remains a good investment.

According to the latest Royal LePage House Price Survey for the second quarter of this year, the average home price in Canada is $824,300. That’s up 1.9 per cent from the same time last year, and up 1.5 per cent from the first quarter of 2024.

In the Ottawa Housing Market Report for June 2024, the average price of a home was up 2.4 per cent from this time last year to $686,535, but down 0.6 per cent from May 2024.

Experts believe many potential buyers are still hesitant of jumping into the housing market and waiting for another interest rate cut of 50 to 100 basis points.

“I don’t think it’s going to be the rush that we see in the past, because people are used to more of a conservative approach right now,” said Curtis Fillier, president of the Ottawa Real Estate Board. “I think there’s still a bit of a hold back, but I definitely do think with another rate cut, we’ll probably see a very positive fall market.”

With files from CTV News Ottawa’s Kimberly Fowler

 

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