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NEWS

June 7, 2021
According to figures released June 7 by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales increased in May compared to the same period in 2020. Monthly property sales went up by 385, totalling 821 compared to 436 in May 2020. The total number of new property listings also saw an increase of 375 this year: 1,020 new listings in May 2021 compared to 645 in 2020. CONTINUE
June 1, 2021
The Oakville, Milton and District Real Estate Board’s annual Scholarship Awards Ceremony recognizes the talented students and winners of the OMDREB Annual Scholarship. They have demonstrated an incredible drive and passion to excel both inside and outside of the classroom. For 2021, OMDREB’s Scholarship focus was surrounding how the home, grieving, and the human connection has been impacted during the COVID pandemic. This is in line with OMDREB’s President’s Charity, The Lighthouse Program For Grieving Children. This year’s essay submissions were creative, thought provoking, and well-researched. CONTINUE
May 21, 2021
On Thursday, May 20, the Office of the Superintendent of Financial Institutions (OSFI) announced it will move forward with a proposed new qualifying rate for uninsured mortgages, reinforcing the mortgage underwriting principles outlined in Guideline B-20. As of June 1, 2021, the qualifying rate for all uninsured mortgages should be the greater of the mortgage contractual rate plus 2%, or 5.25%. The change raises the minimum qualifying rate by 46 basis points from the current 4.79%. CONTINUE

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PREC Billing: How are my Association dues billed after forming a Personal Real Estate Corporation?

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Since October 1, REALTORS® in Ontario have had the opportunity to incorporate with the passing of Bill 145, Trust in Real Estate Services Act, 2020 (TRESA) and can earn an income through a Personal Real Estate Corporation (PREC). With the new rules and regulations in place, some REALTORS® may find they can benefit from a PREC. When TRESA became law, a number of questions have come up. One such question, “How are my Association dues billed after forming a Personal Real Estate Corporation?” has been frequent.

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