Tag Archives: Tim Hudak


Housing sector calls on Queen’s Park to take immediate action to address home affordability

Latest News

Housing sector calls on Queen’s Park to take immediate action to address home affordability

(Marketwired) — Population growth and a strong economy in the Greater Toronto and Hamilton Area (GTHA) have created a high-demand housing market where housing supply is critically low and home prices are becoming out of reach for many families and first-time homebuyers.

The Ontario Home Builders’ Association (OHBA) and the Ontario Real Estate Association (OREA) are urging the provincial government to create a housing experts task force to provide ideas for increasing housing supply in Ontario, thus alleviating the growing home affordability challenges facing Ontarians.

Off the top, they list four things the government can do to relieve the underlying housing supply crunch that threatens the dream of homeownership for young families and future generations:

Fix the “One Size Fits All” Growth Plan

Instead of a blanket provincial preference for high density, give municipalities more flexibility and create more choice in housing for growing families and empty nesters, such as family homes and townhomes.

Improve the Planning Approvals Process

With better alignment of municipal and provincial housing priorities, including the requirement for updated zoning around transit corridors, the industry can get new homes to the market quickly in exactly the places where we want them.

Address the “Missing Middle” of Housing Supply

There is huge opportunity to modernize outdated zoning laws and build the “missing middle” of housing supply in existing communities that are connected to transit and closer to jobs. This includes innovative solutions like laneway housing and multi-unit homes, such as townhouses, stacked flats or midrise buildings.

Target Infrastructure to Support New Housing Supply

The province should support new housing supply with targeted infrastructure investments to get more housing to the market for consumers.

The OHBA and OREA agree that sustainable, long-term solutions are necessary to get to the root of the affordability problem, and it starts with increasing housing supply. Together, they are appealing to the provincial government to take stock of the housing supply problem and work with real estate industry leaders to design solutions that will improve home affordability for all Ontarians.

“Ninety-five per cent of Ontario’s new housing supply is built by our industry, and new home prices reflect the market conditions affected by government policy, like municipal and provincial approvals,” said Joe Vaccaro, CEO at OHBA. “It only makes sense to bring together private sector expertise and government policy makers if we are serious about making home ownership more affordable.”

“The Canadian dream of home ownership is at risk in the GTA,” said Tim Hudak, CEO at OREA. “This is the year for provincial and municipal governments to step up with solutions to ensure the dream of home ownership does not slip away from future generations. The housing supply issue is a real problem, but the solutions exist. We need the government to get real estate experts together on this issue, to hammer out a plan for putting more homes on the market and making home ownership more affordable for young families and first-time buyers.”

OHBA is the voice of the land development, new housing and professional renovation industries in Ontario. OHBA represents over 4,000 member companies, organized through a network of 29 local associations across the province. ohba.ca

OREA represents 70,000 brokers and salespeople who are members of the 39 real estate boards throughout the province. OREA serves its realtor members through a wide variety of professional publications, educational programs, advocacy, and other services. OREA.com


Featured Products



Latest News


Toronto’s housing market may need a Vancouver-style cooling: RBC

The Globe and Mail
Toronto may need to consider Vancouver-style measures to address a “dangerous mix” of factors that are fuelling the region’s overheated housing market, the chief executive of Canada’s largest bank warned on Friday (Feb. 24).
In an interview, Royal Bank of Canada CEO Dave McKay said he has grown increasingly concerned about the country’s largest housing market, where average detached-home prices have soared more than 26 per cent in the past year, while condo prices have jumped more than 14.5 per cent.

Builders’ and agents’ suggestions on improving access to home ownership in GTA

Mortgage Broker News

Grim predictions from the Toronto Real Estate Board and the Building Industry and Land Development Association pointed to an even more difficult year ahead for first-time buyers, amid growing purchase costs and ever-declining supply.
TREB recently forecast that the average price of a home in the GTA will see double-digit percentage growth in 2017, up to an average of $825,000. Coupled with BILD figures noting that only 13,670 new homes were for sale in the GTA as of December (compared to 30,400 a decade ago), think tanks and industry players are stressing that homeownership in the region is an increasingly unlikely prospect.

Homeownership a wise goal for all Canadians

Real Estate News Exchange

Over the past few years, demographics regarding homeownership in Canada have changed, especially for those entering the marketplace – largely because of rising home prices. The great news is that first-time buyers are still finding ways to become owners, just a little later in life.
A BMO study from 2013 indicated the average first-time homebuyer was approximately 29 years of age. Reasons for this changing life cycle vary, from people postponing marrying and having children until later in life, to needing longer time periods to save for down payments.

Eight in 10 millennials intend to buy in five years

Canadian Mortgage Trends
About a third (34 per cent) of millennials (Canadians born in the 1980s and ’90s) are homeowners, finds a new HSBC survey.
Of those who don’t own, 82 per cent plan to buy in the next five years. But there’s a minor problem: 70% of them haven’t saved enough for a down payment.

This is the danger of helping your Gen Y kids buy a house

The Globe and Mail

When you look at house prices in markets like Toronto, Vancouver and the surrounding areas, you have to wonder about the extent to which parents are helping their adult kids save a down payment. Now, we have an indication. A recent survey by the international bank HSBC found that 37 per cent of millennial homebuyers got some financial help from parents.
Here’s why that’s a bad idea in some cases. According to the HSBC survey, 21 per cent of millennials who recently bought a house borrowed from family after buying to cover unexpected costs. See what you’re doing, parents? You’re helping your kids into a financial obligation they may not be ready to take on.

Expect a cautious federal budget as Liberals brace for the Trump effect

The Globe and Mail

Expect this year’s federal budget to have a big helping of cautious wait-and-see – in case next year’s requires a response to what Donald Trump is doing south of the border.
The new U.S. president has promised major tax cuts that could eventually have an impact on Canada, and his administration is starting to outline some of its budget plans.

Toronto’s home prices in line with other world cities

Toronto Star
Bubble. What bubble?
Toronto’s soaring home prices are in line with the reality of other world cities such as New York, Hong Kong and London, says Mark Renzoni, president of global commercial real estate giant CBRE.
“The market is fairly balanced. It’s not being driven by foreign capital. It’s being driven by Canadians, moving up, buying for the first time,” he told the Star, following a speech at CBRE’s annual market forecast event.
“There’s great jobs, there’s a sense of optimism, there’s confidence in the job market and interest rates are low,” said Renzoni, who suggested that concerns about foreign speculation in the Toronto housing market are overblown.

Ottawa keeps wary eye on home prices in Toronto, Vancouver

The Globe and Mail

Finance Minister Bill Morneau says rising home prices in Toronto and Vancouver are supported by low unemployment and higher incomes, but acknowledged the government remains “very focused” on monitoring the Canadian housing market.
The minister’s comments come as some Bay Street leaders are expressing growing concern over the Toronto housing market in particular.

How to buy a home the right way, according to CMHC

CBC News

Canada Mortgage and Housing Corporation, has updated its free guide to the process of buying a home, with an emphasis on encouraging Canadians to think long term about what kind of home they should buy — or whether they would be better off renting.
The national housing agency first released the guide, called Homebuying Step by Step, in 1998, but has updated it over the years. The latest version streamlines the document, splitting off workbook content and making it available online as a series of interactive printable checklists and questionnaires.

No fixed zddress: A first-time renter’s guide to rental numbers in Toronto

CBC News

Renting in Toronto, quite frankly, is tough.
Trying to find a place to rent? You can wind up shell-shocked over what a one-bedroom will cost you these days.
But take solace: everyone else is trying to navigate renting in Toronto, too. In fact, there is a whole group of us on Facebook here. Join, discuss and vent.

Tim Hudak talks millennials, headlines, and what he misses about politics (actually, not much)

Toronto Storeys

Tim Hudak must love the heat, because the man can’t seem to get out of the kitchen. After 21 years in politics, he’s stepped into real estate — as new CEO of the Ontario Real Estate Association (OREA) — during a GTA-wide shortage of housing supply and subsequently spiking prices, which has left a generation of southern Ontarians struggling to enter the market. The former leader of the Progressive Conservative Party of Ontario is working with municipal and provincial governments to improve affordability and supply, and recently chatted with Toronto Storeys about his new job. (This interview has been lightly edited.)

Protecting purchase history data: What would virtual office websites do with it?

Real Estate Magazine

The issue of permitting virtual office websites (VOWs) to publicly display sold data – a property’s purchase history – is still before the courts, a years-long litigation between the Toronto Real Estate Board, CREA and the federal competition bureau. But with finality possibly in sight, just what would VOWs do with the disputed data that TREB argues would compromise privacy if made public?
Canada’s largest real estate board believes publicly displaying sold data impinges upon customers’ right to privacy, although its sales agents are authorized to share it member-to-member and with clients in person, by fax or email. Yet, some VOW operators contend it is in consumers’ best interest to have as much information as they can to make informed purchasing decisions.

Building codes across Canada to be updated to reflect climate change

Global News

Canada’s national building codes will be changing over the next five years to adapt to the effects of climate change, officials confirmed to Global News on Monday.
The National Research Council (NRC), which sets “model codes” for building, energy, plumbing and fire, has started working on updating some (or potentially all) of those documents to reflect the fact that Canada is seeing more heavy rain, floods, high winds, snow, ice, temperature swings and all-around extreme weather.

Is Canada (still) experiencing one of the biggest housing bubbles in the world?

Fortress Real Developments

I think it is worthwhile to look back at past housing market opinions, forecasts and predictions to see how they turned out. How well did my fellow housing analysts and I do at assessing the market at that time? Given renewed interest in the “Canadian housing bubble” I thought I’d take a look at this blog post I wrote in August of 2013: The Other Side of the Story V – Is Canada Experiencing one of the Biggest Housing Bubbles in the World?
It is almost laughable to think that anyone thought that Canada was in a housing bubble in 2013, especially after what we witnessed in 2016, and what is going on in Toronto as we speak


Scotiabank CEO concerned about housing market corrections in Toronto, Vancouver

National Newswatch

The CEO of Scotiabank (TSX:BNS) says he’s concerned about the possibility of a housing market correction in Toronto and Vancouver.
Brian Porter, who was asked about his outlook for the Canadian mortgage market during a conference call to discuss the bank’s first-quarter results, said he’s supportive of recent government changes introduced to reel in house price growth.
“Trees don’t grow to the sky and markets will correct at some stage here,” Porter told analysts Tuesday (Feb. 28) after the bank reported net income of $1.49 billion during the first quarter of the year.



Featured Products

Tim Hudak, OREA CEO

OREA calls on government to strike affordable homeownership task force

Latest News

OREA calls on government to strike affordable homeownership task force

(Marketwired) — The best way to ensure millennials have a good shot at achieving the Canadian dream of homeownership is by putting more homes on the market, the Ontario Real Estate Association (OREA) told the Standing Committee on Finance and Economic Affairs January 18, 2017. In its 2017 pre-budget consultation, OREA recommended the creation of an affordable homeownership task force to determine how government can best improve housing supply and expand consumer choice.

“We are facing a critical housing supply shortage that is putting homeownership out of reach for Ontario’s first-time buyers and young families,” said Valerie Miles, OREA government relations committee chair. “In some markets, housing inventory is at all-time lows and prices are at record highs. Increasing the housing stock is necessary to give buyers more options at affordable levels. We need industry leaders to come together on this issue before the supply problem gets any worse.”

The Building Industry and Land Development Association (BILD) recently reported that housing supply has plummeted over the past decade. The lack of housing supply is a main driving factor for increasing prices of new single-family detached houses and highrise condos in the GTA.

In its pre-budget consultation, OREA recommended several ways to increase housing stock, including: reducing the red-tape around getting building permits approved; dedicated funding to help service land designated for development to incent builders to start projects sooner; and moving away from the proposed one-size-fits-all intensification targets under the provincial growth plan to allow developers to build “missing middle” housing types, namely townhomes, duplexes and stacked townhomes.

Tim Hudak, OREO CEO
Tim Hudak, OREO CEO

“The government is asking Ontarians for ways to create jobs, grow the economy and help people in their everyday lives — a strong real estate market checks off all three boxes,” said Tim Hudak, OREA CEO. “Every home transaction generates $55,000 in economic spin-offs which creates jobs and supports local business, while homeownership offers endless social benefits for families and communities. If the goal of the pre-budget consultation is to build up Ontario’s future, then finding ways to make home ownership affordable is a great place to start.”

This month, Ontario increased the land transfer tax rebate to $4,000, which was previously $2,000, to help make homeownership more affordable for first-time buyers.

“The government deserves credit for taking positive steps to address affordability,” said Hudak. “We need more efforts like this to keep the dream of homeownership alive in Ontario. We look forward to continuing to work with policy makers on improving affordability even further.”

The Ontario Real Estate Association represents 70,000 brokers and salespeople who are members of the 39 real estate boards throughout the province. OREA serves its members through a wide variety of professional publications, educational programs, advocacy, and other services.



Featured Products