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The federal government has announced changes to the rules for government-backed insured mortgages (less than 20 percent down payment) as follows:
- All borrowers will be required to meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter terms.
- Reduced maximum amount that can be withdrawn in refinancing a government-backed insured mortgage to 90 per cent from 95 per cent of the value of the home.
- Require a minimum down payment of 20 per cent for government-backed mortgage insurance on non-owner occupied properties purchased for speculation. Borrowers purchasing owner-occupied residential properties will still be able to access government-backed mortgage insurance with a 5 per cent down payment.
Additional detail is available here.
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Greater Toronto REALTORS® reported 7,446 sales in November – slightly more than double the November 2008 result when GTA home sales had dipped markedly due to the economic downturn. Year-to-date sales were up 14 per cent compared to the first 11 months of 2008.
“This year in the GTA home sales will be in line with the healthy levels experienced between 2004 and 2006,” said Toronto Real Estate Board President Tom Lebour. “Increased resale home transactions in the Toronto area and country-wide played a key role in pushing the Canadian economy out of recession in the third quarter.”
The average price for November transactions was up 14 per cent year-over-year to $418,460. The average price year-to-date was up four per cent to $394,464.
“Very strong annual growth rates for sales and average price should be expected through the first quarter of 2010, because we will be comparing the current recovery to the housing market decline experienced last winter,” according to Jason Mercer, TREB’s Senior Manager of Market Analysis. “As we move into the spring, growth rates will move to more sustainable levels.”
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July 10, 2009 -- Greater Toronto REALTORS® reported 10,955 sales last month, making it the best June on record. Compared to June 2008 when 8,600 homes changed hands, last month’s sales increased an incredible 27 per cent.
The news with respect to house prices is also favourable. The average price of a home in the GTA was $403,972 last month, up two per cent from a year ago when the average price was $395,866.
In the City of Toronto there were 4,362 sales compared to 3,481 transactions a year ago. The average price meanwhile, was $441,703 compared to $433,082 last June.
In the 905 Region there were 6,593 transactions in contrast to 5,119 sales a year ago, while the average price was $379,008, up from $370,559 a year ago.
With 18,704 properties available for sale, June’s active listings were down 30 per cent from a year ago when 26,697 properties were on the market.
Limited availability can have a positive effect on the market but it is only one factor in the equation. Most significantly, low borrowing rates continue to make home ownership more affordable. Currently the five-year fixed rate remains at about five per cent.
As we move into the autumn months, we may see some seasonal moderation however; June’s numbers demonstrate the GTA resale housing market has weathered the global economic climate with remarkable resiliency.
From a broader perspective the news is also encouraging. In Ottawa the province’s second biggest city, housing sales increased 12.5 per cent in June and the average price grew three per cent compared to a year ago.
On the national front, the Canadian Real Estate Association reported 49,521 sales in May, within one per cent of last May’s total. The average house price in Canada meanwhile, peaked to a monthly record of $319,757 in May.
The Organization for Economic Co-operation and Development, a British based think tank, also expressed cautious optimism with respect to the world economy recently.
Its latest report, which covers more than 80 per cent of the world economy, is the first in two years to see previous projections for economic growth revised upwards rather than downwards. After the deepest decline since WWII, global economic activity is showing signs of stabilization and in fact, Gross Domestic Product is expected to increase moderately in all of the G7 nations in 2010.
One key concern at home and abroad is employment. Canada’s unemployment rate in May was 8.4 per cent - the highest rate in 11 years, and some forecasts project it to rise to 9.3 per cent by the end of the year. This is favourable though, compared to estimates of a 10 per cent global unemployment rate at the year’s close.
Given that we’re all inextricably linked, the most significant factor from a global perspective will be the timing that world leaders choose to scale back economy fuelling measures; doing so too soon could cut off growth while leaving it too late could cause government deficits to skyrocket.
From nearly every perspective, the road ahead won’t be completely free of bumps but it can be stated with relative certainty that we can look forward to a much brighter picture in real estate and the economy in general in the months ahead.
Tom Lebour is President of the Toronto Real Estate Board, a professional association that represents 28,000 REALTORS® in the Greater Toronto Area.
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Greater Toronto REALTORS® reported 5,185 transactions in the first half of June – an increase of 19 per cent compared to the same period last year.
"Households in the GTA have become more confident in purchasing a home over the past three months," said TREB President Maureen O’Neill. "Affordability, due in part to very low borrowing costs, has played a key role."
The average price for MLS® sales was $407,716, up by two per cent compared to last year. "Heightened interest in ownership housing this spring has solidified resale home prices," according to Jason Mercer, TREB's Senior Manager of Market Analysis. “The number of home buyers has been high relative to the number of listings, pushing the average price above last year's level.”
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Greater Toronto REALTORS® reported 4,561 transactions in the first half of May – an increase of three per cent compared to May 2008.
“Members reported a rise in buying activity this month,” said TREB President Maureen O’Neill.
“Many home buyers who were undecided about purchasing a home during the winter months are now proceeding with confidence as a result of the GTA housing market's affordability.”
The average price for MLS® sales was in line with last year, down by less than one-half of one per cent at $399,811.
“More sales and fewer listings resulted in tighter market conditions which pushed the average selling price back up to last year's level,” according to Jason Mercer, TREB’s Senior Manager of Market Analysis. “Look for new listings to increase as home owners react to the positive news surrounding home sales and prices.”
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TORONTO, March 5, 2009 – Toronto Real Estate Board Members reported 4,120 sales in February 2009 compared to 6,015 sales recorded in February 2008. The average home price was $361,305 last month compared to $382,048 during the same month last year.
“A considerable number of transactions continued to take place in February 2009. Motivated buyers and sellers, who were aware that market conditions changed over the past few months, were able to negotiate transactions acceptable to both parties,” said Toronto Real Estate Board President Maureen O’Neill.
On a month-over-month basis, sales and average price were above January levels of 2,670 and $343,632 respectively. The housing market is seasonal. Traditionally, in the first half of every year, sales and average price climb to their highest levels in late spring before trending lower from July onward.
“While the economic downturn has had an impact, the GTA housing market is resting on a solid foundation. Current home prices and mortgage rates suggest that GTA homes have become more affordable on average,” according to Jason Mercer, TREB’s Senior Manager of Market Analysis. “A greater number of home buyers could take advantage of this affordability once their positioning in the economy becomes more certain.”
Typically the spring real estate market tends to experience more activity and with the Canadian economy experiencing a period of low mortgage rates and strong immigration, this trend could continue. According to Statistics Canada, Canada welcomed 247,202 permanent residents in 2008, 70,000 more than in 1998, and well within the government’s planned range of 240,000 to 265,000 new permanent residents for 2009.
The TREB President pointed out that Greater Toronto REALTORS® are an integral part of the real estate transaction process. “TREB Members are uniquely positioned to help home buyers and sellers adapt to changing market conditions,” added Ms. O’Neill. “In addition, TREB continues to advocate public policies that do not threaten affordability but support home ownership in the GTA such as lower taxation and less regulation.”
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TORONTO, February 19, 2009 – Greater Toronto REALTORS® reported 2,044 sales through the first 14 days of February, compared to 2,775 sales reported during the same period in 2008.
“While sales have been lower, the housing sector remains one of the pillars of the GTA economy,” said TREB President Maureen O’Neill. “Each existing home transaction generates, on average, more than $33,000 in spin-off spending on renovations and other housing-related items. This spin-off spending translates into jobs.”
“The City of Toronto needs to do its part to encourage homeownership by reducing the tax burden on existing and potential home owners,” said TREB President Maureen O’Neill. “To this end, Greater Toronto REALTORS® are calling on the City to roll back the municipal land transfer tax. We presented our views to the City’s Budget Committee yesterday.”
The average home price in the GTA was $364,748 compared to $385,735 in mid-month February last year.
“It is interesting to note that while the average price was down, the annual rate of price decline slowed compared to the previous four months,” according to Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis. “If this trend continues into the spring, it could point towards average home prices leveling off between $360,000 and $370,000.”
Greater Toronto REALTORS® are passionate about their work. They adhere to a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Serving over 28,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada’s largest real estate board.
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TORONTO, February 9, 2009 – In advance of the release of the City of Toronto’s recommended 2009 Operating Budget tomorrow, Toronto’s REALTORS® are calling on the City to do its part for the economy by making home owners and buyers a priority in the City’s budget.
“We have seen governments at all levels taking action on the economy, and we’re hoping that the City will do its part too. We’re looking to the City to make this a home owners’ budget,” said Maureen O’Neill, President of the Toronto Real Estate Board (TREB). “The housing industry is critical to Toronto’s economy. It generates billions of dollars of spending and creates thousands of jobs. One of the best things that the City can do for the economy is to roll back the Toronto Land Transfer Tax.”
A recent study conducted by the C.D. Howe Institute and Economics Professors from the University of Toronto determined that the Toronto Land Transfer Tax is having a significant impact on Toronto’s real estate market, reducing housing sales by 16 per cent and values by 1.5 per cent.
A separate recent study, conducted for the Canadian Real Estate Association, determined that every resale housing transaction in Ontario generates approximately $33,425 in economic spin-off activity on things like renovations, furniture, and appliances. Based on these studies, TREB estimates that the Toronto Land Transfer Tax has cost the City’s economy about $200 million in consumer spending and has reduced Toronto home owners’ net worth by $3.5 billion in lost equity when selling their homes, and less credit available to them from equity lines of credit, thereby reducing spending and economic activity.
“City polices impact the housing sector. It was encouraging to see this recognized recently with action on development charges. We hope City Council will also recognize the impact of the Toronto Land Transfer Tax,” said O’Neill.
TREB is calling on the City to use its 2009 Operating Budget process to continue implementing recommendations made by the Mayor’s Fiscal Review Panel one year ago.
“The City has fiscal options. The Mayor’s Fiscal Review Panel pointed out that the City should be able to find $150 million in budget savings this year. Now, more than ever, it is important for the City to move in this direction, instead of options that reduce economic activity, like the Toronto Land Transfer Tax,” said O’Neill.
REALTORS® look forward to providing input during the City’s 2009 Operating Budget consultations.
SOURCE: TREB
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TORONTO, February 5, 2009 – Between September 1, 2008 and December 31, 2008, Toronto Real Estate Board (TREB) Members reported 3,433 rented condominium apartments and townhouses in the Greater Toronto Area.
This represented a 30 per cent increase over the 2,635 transactions recorded during the same time frame in 2007. A good part of this increase likely came from rental listings in newly completed condominium apartment buildings containing investor-owned units.
“The increasing strength of the rental market combined with low interest rates and reasonable home prices mean that now could be an excellent time to purchase an investment property,” said Maureen O’Neill, President, Toronto Real Estate Board.
“Given the demand for rental units, tenants can cover some of the owner’s operating costs for an investment property, while property owners look forward to a healthy return in owner's equity in the long term.”
Condominium apartment rents on an annual basis rose for one, two, and three bedroom types during the September to December period. Two bedroom units, for example, rose two per cent to $1,895 per month.
“Investor-owned condominium apartments have become an increasingly important component of the GTA rental market,” according to Jason Mercer, Senior Manager Market Analysis.
“Very few purpose-built rental apartments have been completed in the GTA over the past few years. Many renters searching for apartments with modern finishings and amenities have been attracted to rental condominium apartments listed by TREB Members on the TorontoMLS system.”
Greater Toronto REALTORS® are passionate about their work. They adhere to a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Serving over 28,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada’s largest real estate board.
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TORONTO, February 4, 2009 –
According to TREB president Maureen O'Neill, there are opportunities at any point in the housing market cycle.
“Moderated housing prices combined with low interest rates could present excellent long-term investment and homeownership opportunities in the GTA housing market,” noted TREB President Maureen O’Neill. ”REALTORS® can help potential home buyers and investors identify value in today’s market.”
Greater Toronto REALTORS® reported 2,670 sales in January compared to 5,075 in the first month of 2008.
“Demand for existing homes in the Greater Toronto Area moderated as the housing market followed the broader economic slowdown in Canada,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.
The average home price in the Greater Toronto Area was $343,632, compared to $374,449 last January. The median price was $303,000 compared to $319,000 last year.
“Current selling prices are a reflection of more choice in the existing home marketplace,” said Mercer. “At the same time, low mortgage rates have helped keep ownership housing an affordable option. Given that we are not facing an early-1990s-style affordability crisis, the rebound in the housing market will likely be quick once economic recovery takes hold,” added Mercer.
Greater Toronto REALTORS® are passionate about their work. They adhere to a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Serving over 28,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada’s largest real estate board.
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TORONTO, December 17, 2008 -- Greater Toronto REALTORS® reported 1,487 resale transactions during the first half of December, from 2,868 sales recorded in the same period a year ago, Toronto Real Estate Board President Maureen O’Neill announced today.
The average price of a home in the Greater Toronto Area is currently $360,652. This compares to an average of $404,707 recorded during the first half of December 2007 and to an average of $343,048 recorded during the same period in 2006.
“Keeping today’s market statistics in perspective, MLS® statistics confirm that over the last 10 years the price of homes has increased in value. What this means for the consumer is that real estate continues to hold its value and is a solid choice for long-term investments,” said Ms. O’Neill.
In the 416 area, 619 transactions were recorded during the first half of this month, from 1,402 sales that took place during the same timeframe a year ago.
The average price in the 416 area is currently $382,759, from an average of $450,731 a year ago, and $367,650 recorded in the first half of December 2006.
In the 905 region 868 homes changed hands in the first two weeks of this month, from 1,466 transactions that took place in the first half of December 2007.
The 905 region’s current average price is $344,887 from an average of $360,691 recorded during the same timeframe a year ago and $325,477 recorded at mid-December 2006.
“The recent C.D. Howe land transfer tax study confirms REALTORS’® concerns that the second LTT imposed on homebuyers in the City of Toronto has indeed contributed to the economic conditions in the GTA,” added Ms. O’Neill.
There are currently 24,708 listings on the TorontoMLS system, from 17,027 a year ago. The average number of days a home now remains on the market is 43, as compared to 33 days a year ago. Sellers are achieving 96 per cent of their listing price, as compared to 98 per cent a year ago.
“Location, price and your own personal financial and family situation all play an important role when considering a purchase,” said Ms. O’Neill. “REALTORS® can provide you with information about neighbourhoods, school districts and realistic pricing because of their vast knowledge of the local community.”
This mid month release does not provide a year in review analysis. A summary of activity for all of 2008 including the month of December will be provided in the January 2009 Market Watch Report.
Toronto REALTORS® are passionate about their work. They adhere to a strict code of ethics and share a state-of-the-art Multiple Listing Service. Serving over 28,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada’s largest real estate board. Greater Toronto Area open house listings are now available on www.TorontoRealEstateBoard.com.
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Toronto Land Transfer Tax Costs City’s Economy $170 million
TORONTO, December 10, 2008
– Supported by a study on the impact of the Toronto Land Transfer Tax,recently authored by the C.D. Howe Institute and two University of Toronto Economics Professors,Greater Toronto REALTORS® are renewing calls for this tax to be rolled back. See complete study
“The housing sector is one of the most significant parts of Toronto’s economy,” said Maureen O’Neill,President of the Toronto Real Estate Board (TREB). “Unfortunately, the study prepared jointly by the C.D.Howe Institute and Economics Professors from the University of Toronto shows that the Toronto LandTransfer Tax has had a negative economic impact, which TREB estimates to be $170 million in 2008.
”The study found that the Toronto Land Transfer Tax, which costs average Toronto homebuyersapproximately $4,000 in addition to a similar amount for the provincial Land Transfer Tax, has reducedsales of re-sale single-family homes (condominiums not included in study) by 16 per cent, which meansapproximately 3,500 lost re-sale transactions in the first year of the tax. If condominiums are included,REALTORS® estimate that the impact could be in excess of 5,000 lost re-sale transactions in the firstyear of the tax.
A separate recent study, conducted by Altus Clayton for the Canadian Real Estate Association,determined that every re-sale housing transaction in Ontario generates approximately $33,425 ineconomic spin-off activity on things like renovations, furniture, and appliances. This means that losing5,000 re-sale housing transactions because of the Toronto Land Transfer Tax costs the City’s economy approximately $170 million in consumer spending.
“When people buy a home, they usually spend thousands of dollars on related things like renovations,furniture, and appliances. Thousands of Toronto jobs depend on this spending,” said O’Neill. “ Any City policy that impacts housing sales has a direct impact on the City’s economy and jobs.”
With the City currently preparing a recommended operating budget for 2009, TREB is calling on City Council to roll back the Toronto Land Transfer Tax.
“REALTORS® have been clear that we believe that the Toronto Land Transfer Tax is unfair and now a study by respected economists is validating that view. Not only is this tax unfair to home buyers andsellers, but also to the thousands of people whose jobs depend on the housing sector,” said O’Neill. “City Council can, and should, show leadership by rolling back the Toronto Land Transfer Tax.”
REALTORS® are looking forward to opportunities to provide input to the City’s 2009 Operating Budget.
Greater Toronto REALTORS® are passionate about their work. They adhere to a strict Code of Ethicsand share a state-of-the-art Multiple Listing Service. Serving over 28,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada’s largest real estate board. Greater Toronto Area open house listings are now available on www.TorontoRealEstateBoard.com.
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New Info Re. Toronto LTT Rebates Provided By City
December 14, 2007 -- The City of Toronto has indicated that it has been able to make arrangements that will allow purchasers who are eligible for a FULL rebate of the Toronto Land Transfer Tax (TLTT) to close their transactions without paying the TLTT upfront (and then receiving a rebate at a later date). The City previously indicated that these arrangements would not be made until the “spring of 2008”, but has now indicated that changes will be made by February 1, 2008, when the Toronto land transfer tax takes effect.
Toronto land transfer tax is not payable on transactions closing before the tax takes effect on February 1, 2008. For transactions closing after the Toronto land transfer tax takes effect on February 1, 2008, the City of Toronto allows for certain rebates, as described below.
Details
According to the City, purchasers who are eligible for a FULL rebate of the Toronto land transfer tax will not have to pay the tax (meaning that they do not have to pay the tax upfront and be rebated later). This includes the following:
- Purchasers who have entered into an Agreement of Purchase and Sale for a property on or before December 31, 2007; and
- First-time home buyers where the total Toronto land transfer tax is $3,725 or less ($3,725 is the amount of TLTT payable on a home purchased for $400,000). First-time home buyers with Toronto land transfer tax payable above the maximum rebate amount of $3,725 (those purchasing homes above $400,000) will be required to pay the total Toronto land transfer tax, and then receive the maximum rebate of $3,725 at a later date from the City. Once all changes have been made to Teranet’s collection system, in the spring of 2008, these buyers will only have to pay the balance of the Toronto land transfer tax above $3,725.
More Information
Complete details of the Toronto land transfer tax are available here or by calling the City of Toronto at 416-338-0338.
SOURCE: TREB
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Province Expands Provincial Land Transfer Tax Rebate
December 13, 2007 -- The provincial government has announced that it is expanding the PROVINCIAL land transfer tax rebate for first-time buyers to include re-sale housing, something which REALTORS® have lobbied for.
Details
- First-time buyers of BOTH re-sale, and newly constructed homes, will be eligible for a rebate of the provincial land transfer tax of up to $2,000.
- Effective for first-time buyers who enter into Agreements of Purchase and Sale AFTER December 13, 2007.
- This change is being implemented by provincial legislation introduced on December 13, 2007. The Ministry of Finance has indicated that, until the legislation is passed, first-time buyers of re-sale properties eligible for the rebate can submit their applications for the refund and they will be processed once the legislation has passed. It is not known when the legislation will be passed. Buyers can consult with their lawyers if they have concerns.
- The provincial land transfer tax rebate applies in all Ontario municipalities. In Toronto, the provincial rebate is in addition to City rebates of the Toronto Land Transfer Tax. See details of Toronto Land Transfer Tax.
More Information
Further information is available by calling:
Ministry of Finance
Land Transfer Tax Section
905-433-6361
Or
Ministry of Finance
General Inquiry
1-800-263-7965
SOURCE: TREB
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Government of Ontario - Air Conditioner Rebate Program
April 19, 2006 -- Starting April 21, 2006, consumers will receive a $500 rebate when they replace an inefficient central air conditioner with a new ENERGYSTAR® qualified system. There is a $50 rebate for those who have their central air conditioner tuned up by a registered participating contractor, and a $75 rebate on the supply and installation of a programmable thermostat.
To undertake the Cool Savings program, the Conservation Bureau has partnered with the Heating, Refrigeration, and Air Conditioning Institute (HRAI) and has designed a program that will help reduce peak demand for electricity this summer and reduce overall demand during cooling seasons for years to come.
For consumer information call 1-888-668-4636.
SOURCE: TREB
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EnerGuide for Houses Retrofit Grant
March 2, 2006 -- Natural Resources Canada provides a grant to homeowners who undertake renovations that improve the energy efficiency rating of their homes.
Before undertaking any renovations, homeowners must first have an EnerGuide for Houses subsidized evaluation undertaken by a licensed service organization. The evaluation report will provide an EnerGuide for Houses energy efficiency rating and customized recommendations for renovations, which may range from simple measures like caulking and weatherstripping around windows and doors, to installing a new high-efficiency heating system or adding insulation in the basement or attic. Once the homeowner has completed the renovations, a second evaluation must be undertaken within 18 months of the first one to determine the change in the home's EnerGuide for Houses rating.
The grant is available for homes that:
- are low-rise, detached, semi-detached or row houses no more than three and a half stories high and have a footprint of no more than 600 square metres; or mobile homes on a permanent foundation
- must be capable of receiving an EnerGuide for Houses rating
- must not be a vacation property or a cottage.
The amount of the grant is $750 on average, but depends on the amount by which the home's energy rating improves as a result of the renovations. The rating must improve by a minimum amount for the homeowner to qualify for a grant. In addition, homeowners who install furnaces and boilers that are ENERGY STAR® qualified (or, in the case of oil-fired furnaces, have an annual fuel utilization efficiency rating of at least 85 percent) qualify for an additional $100. This additional incentive will be available until March 31, 2006.
Additional rebates or incentives are available to supplement the grant
- In Ontario, Enbridge Gas Distribution provides a $50 rebate to its customers who complete the second evaluation.
- The federal government has also announced the EnerGuide for Low-Income Households program due to start in January 2006, through which low-income households will be able to benefit from $1,000 to $5,000 of assistance per household for energy-saving renovations.
For more information
How to obtain this incentive
Following the second evaluation, the licensed EnerGuide for Houses service organization makes the application for the grant on behalf of the homeowner. A list of service organizations is provided here.
Source: TREB
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New Smoke Alarm Requirements
March 1, 2006 -- As of March 1, 2006, every home in Ontario is required to have working smoke alarms on every storey or level, including basements.
According to information from the Ontario Fire Marshal and as drafted in the Ontario Fire Code, "a smoke alarm is required to be installed between each sleeping area and the remainder of the dwelling unit. Where the sleeping areas are served by hallways, the smoke alarms must be installed in the hallways."
In addition, at least one smoke alarm is required to be installed on each storey that does not contain a sleeping area.
Non-compliance with the Ontario Fire Code smoke alarm requirements can result in a ticket for $235 or a fine of up to $20,000 for homeowners, tenants and individual landlords, and up to $50,000 for corporations.
The Ontario Fire Code has specific methods for determining what is considered a storey in a dwelling unit. For detailed information on this and other aspects of this new requirement, please see the Ontario Fire Marshal's web site and click on "Working Smoke Alarms: It's the Law", and then on "Q&A’s".
Source: TREB
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