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Affordability worse for Canadians looking for rentals, report shows

Posted in Appraisal, Bylaws / Regulations, CMHC, Communications, Finance, Housing, Industry Trends, Newsworthy

Affordability worse for Canadians looking for rentals, report shows

Data shows affordability for low-income Canadians looking for a place to rent is worse than reported in mid-July by the Canadian Centre For Policy Alternatives (CCPA). The August National Rent Report,  produced by Rentals.ca and Bullpen Research & Consulting, shows that a Canadian making $13 an hour would have to work 62 hours a week to afford the average lower-cost rental, maintaining the recommended 30% rent to income ratio.  On the lower end of rental prices —  in the 10th...

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Edmonton rental market spurred by steady recovery in employment

Posted in Appraisal, Bylaws / Regulations, CMHC, Communications, Development, Finance, Housing, Industry Trends, Newsworthy

Edmonton rental market spurred by steady recovery in employment

Edmonton’s rental apartment segment is feeling ever-greater pressure from consistent growth in the region’s employment, according to a new analysis. In its Q3 2019 Multifamily Market Report covering the Greater Edmonton Area, Marcus & Millichap stated that in the 12 months ending June, developers completed work on 1,050 apartments in the city. As of mid-year, more than 2,300 purpose-built rentals were being constructed in response to heavy demand. Marcus & Millichap cited Alberta’s...

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“Ghost” Homes Across Canada: A Decade of Change in 150 Cities

Posted in Appraisal, Bylaws / Regulations, CMHC, Communications, Development, Finance, Housing, Industry Trends, Newsworthy, Real Estate Law, Rent Control, Tenancy Law

“Ghost” Homes Across Canada: A Decade of Change in 150 Cities

With over 1.3 million empty and temporarily occupied homes in 2016, Canada’s housing problem extends beyond foreign buyers jacking up prices and unaffordability taking over major cities. Speculation and short-term renting are the main culprits behind the high vacancy rates in places like Toronto and Vancouver. In many other cities across the country, falling population and fluctuations in the local economy drive the number of vacant homes up. In 2001, when the government first started...

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Developers can’t get enough of new Canada loans for rentals

Posted in Appraisal, Bylaws / Regulations, CMHC, Communications, Development, Finance, Housing, Industry Trends, Newsworthy

Developers can’t get enough of new Canada loans for rentals

Prime Minister Justin Trudeau has ramped up loans to boost rental housing in Canada and developers are snapping them up. Demand has been so hot for the low-cost loans from Canada Mortgage & Housing Corp. that the government plans to increase the program to almost $14 billion over the next nine years. That’s up from $2.5 billion when it was launched in 2017. “I’ve been fielding a lot of calls,” Robyn Adamache, senior specialist of affordable housing for the housing agency, said by phone....

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Canada’s housing market sticks its soft landing: BMO

Posted in Appraisal, Bylaws / Regulations, CMHC, Communications, Development, Housing, Industry Trends, Newsworthy

Canada’s housing market sticks its soft landing: BMO

Canadian policymakers appear to have succeeded in bringing the country’s once-overheated housing market to a soft landing, according to a new report from BMO Capital Markets. “With few exceptions, the market has absorbed earlier measures and is now warming without overheating,” BMO senior economist Sal Guatieri wrote in the report released on Friday. In the most recent quarter, the value of home sales in most Canadian markets rose, after falling in four of the past five quarters and dragging...

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GTA new condo sales surge 77% in Q2

Posted in Appraisal, CMHC, Development, Finance, Housing, Industry Trends, Newsworthy

GTA new condo sales surge 77% in Q2

Condominium sales in the Greater Toronto Area have rebounded, according to an Urbanation report. Surging 77% during the second quarter of 2019 over the period last year, there were 8,902 sales—the highest since Q2-2017 when there were 11,413 sales—and 10,848 presale units launched. As active as the market was in Q2, the same cannot be said for the first quarter of 2019, as total there were a total of 11,967 through the first two quarters of the year. It did, however, push the sales volume...

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FRPO Housing Tour

Posted in Appraisal, Communications, Development, Finance, Housing, Industry Trends, Newsworthy

FRPO Housing Tour

This year’s annual US Housing Tour will take place in Washington, DC this October. This unique educational experience will provide our attendees with a networking opportunity on the evening of October 2nd at ChurchKey followed by a full day property tour in the metro Washington area. Representatives from the National Apartment Association as well as the local chapter; (AOBA) Apartment & Office Building Association of Metropolitan Washington will be in attendance. The bus tour will include...

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Federal government commits $11.9 million for PEI affordable housing complex

Posted in Appraisal, CMHC, Development, Finance, Housing, Industry Trends, Newsworthy, Real Estate Law

Federal government commits $11.9 million for PEI affordable housing complex

The governments of Canada and Prince Edward Island have committed $11.9 million to finance the construction of a 60-unit affordable housing complex in the PEI capital of Charlottetown. The complex, called Martha’s Place, will be situated at 2 Acadian Drive in Charlottetown and will also house part-time social services from the Sisters of St. Martha. Fifty affordable units will be leased to the PEI Housing Corporation, who in turn, will lease the units to people on their wait list on a rent...

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Vancouver outskirts seeing the vast majority of new rental development

Posted in Appraisal, Bylaws / Regulations, CMHC, Development, Finance, Housing, Industry Trends, Newsworthy

Vancouver outskirts seeing the vast majority of new rental development

The number of rental construction proposals in Vancouver’s periphery currently far exceeds that seen in the city itself, according to the Goodman Report’s 2019 Mid-Year Metro Vancouver Rental Apartment Review. Since 2016, new proposals for rental-purpose buildings in the city have declined by 29%. Much of the new volume has manifested on the suburbs, which have enjoyed a sharp 147% increase in proposals. “This telling difference reveals Vancouver’s failure to ramp up new supply opportunities,”...

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Loonie nears one-month low as Fed decision looms

Posted in Appraisal, CMHC, Communications, Finance, Industry Trends, Newsworthy

Loonie nears one-month low as Fed decision looms

The Canadian dollar is seeing mixed performance, nearing a one-month low after rallying earlier this month. As of 10:15 a.m. ET, the Canadian dollar was trading at 75.96 cents U.S., edging in positive territory after being down earlier in the day. The recent weakness in the loonie comes as the U.S. Federal Reserve is widely expected to cut interest rates on Wednesday and amid resuming U.S.-China trade talks on Tuesday in Shanghai.  “There’s still a lot uncertainty as to how this whole trade...

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