Though amendments to the legislation are scheduled to take effect April 1st, 2023, the government is currently considering additional amendments RECO recently recommended be included as part of Phase 2. If the government accepts this recommendation, it may cause a delay in the proclamation of the Phase 2 changes.
In January, CREA's Board of Directors voted in favour of transitioning REALTOR.ca into a wholly owned, for-profit subsidiary of the Canadian Real Estate Association (CREA).
The new collaborative vision for the future of REALTOR.ca will be presented to CREA's membership for a vote in October.
A recent publication from MP Karen Vecchio (Elgin-Middlesex-London) has raised some concerns regarding the new tax law that came into effect on January 1st, 2023. The legislation could have significant tax ramifications for those homeowners who sell their property within one year of purchase.
The provincial government is making important changes to the law that governs agents and real estate brokerages in Ontario. To learn more about these changes, which are to take effect on April 1st, 2023, register for our April 4 webinar, "The Trust in Real Estate Services Act: What You Need to Know".
In February 2023, the MLS® System of LSTAR recorded only 436 residential transactions, thus marking the lowest number of February home sales seen by LSTAR since 1995. Despite the sluggish sales, 761 new listings entered the market during the same time frame, bringing the number of active listings to 1,320 by month-end. The overall sales-to-new listings ratio for the entire jurisdiction of LSTAR was 57.3%.
In January 2023, only 344 residential transactions were recorded via LSTAR’s MLS® System. This makes last month the January with the lowest number of home sales seen by LSTAR since 2009. During the same period, 823 new listings came on the market, bringing the number of active listings at month’s end to 1,261.
299 residential properties exchanged hands last month in LSTAR's jurisdiction, bringing the total number of homes sold through the Association’s MLS® System in 2022 to 7,639.
On Wednesday, December 21, the federal government released the supporting regulations on the Prohibition on the Purchase of Residential Property by Non-Canadians Act (Foreign Buyers Ban) which includes definitions, exceptions, and enforcement elements to help individuals understand and comply with the law.
On January 1st, 2023, the Prohibition on the Purchase of Residential Property by Non-Canadians Act comes into force. As of today, the government has still not released the supporting regulations for the law.
Planning for 2023 is in full swing and we want to hear from you! LSTAR is continuously looking to enhance its Member services and we want to know your opinion about the existing engagement initiatives of the Association. That is why we created three short surveys on three distinct areas of member engagement.
We would like to acknowledge the Indigenous Peoples in whose traditional territory we work and live: the Anishinabek; the Haudenosaunee; and the Lunaapeew. The three distinct First Nations communities within the Middlesex-London area are: Chippewas of the Thames First Nation; Oneida Nation of the Thames; and Munsee-Delaware Nation. We acknowledge the many longstanding treaty relationships between Indigenous Nations and Canada – including the London Township Purchase of 1796 between the Anishinabek and the Crown. This territory is now home to many First Nations, Metis, and Inuit peoples.
Each of us must honour these relationships, and we all have a responsibility to reconcile.
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