realestate

Ontario Realtors Exit Amid Shifts in Market and Industry

Homeownership often leads to wealth accumulation, but renting can still provide a secure financial future in retirement.

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    The Globe and Mail's top housing stories this week include a look at why seasoned realtors are leaving Ontario's biggest real estate board. According to Toronto realtor Scott Ingram, membership in the Toronto Regional Real Estate Board (TRREB) dropped 8 per cent in January, the steepest fall since 1991. Industry pros say veteran agents are being replaced by part-time realtors and those who do minimal transactions.

    New financial products offer cashback on rent, but it's essential to consider whether these rewards justify fees. Paying interest on rent through a credit card can be a significant new expense, so renters must ensure they're spending enough to offset the additional fee.

    Despite a federal ban on foreign buying in place since 2023, data analysis shows that foreign involvement in British Columbia real estate has spiked this year, with nearly $824 million in residential transactions. The majority of these transactions are for properties under $1-million, which could indicate presales that took years to close.

    A recent Statistics Canada report showed homeowners were wealthier than renters, but personal finance columnist Rob Carrick argues that young people priced out of home ownership can still build the wealth they need to retire and reach other financial goals. Rents may be expensive today, but they remain a cheaper way to live than owning.

    The Home of the Week is 38 Lascelles Blvd., Toronto, a five-bedroom house built in 1926 with a large formal living room, kitchen with white cabinets, and finished basement providing a recreation room and additional bedroom or office. The asking price for this property is $3.35-million.

Ontario realtors exit market amidst shifts in industry and economic landscape.