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Montreal housing market continues hot streak to 2020

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

Montreal housing market continues hot streak to 2020

Continued economic growth will drive Montreal’s housing upswing to 2020, according to the latest Housing Market Outlook report from the Canada Mortgage and Housing Corporation (CMHC). The report also forecasts that the Montreal construction boom will continue its growth, with new projects coming off the ground in the next few months. “In the condominium segment, construction will increase thanks to a steady demand supported by employment growth and also to significantly lower inventories of...

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Toronto apartment inventory having trouble catching up with demand

Posted in Appraisal, Bylaws / Regulations, CMHC, Communications, Development, Finance, Housing, Industry Trends, Legal, Legislation, Newsworthy, Real Estate Law, Tax Law, Tenancy Law

Toronto apartment inventory having trouble catching up with demand

Toronto’s apartment segment is experiencing a healthy infusion of new supply, but a new analysis by Marcus & Millichap indicated that the rate of addition is not proving enough to address the inflamed levels of demand for the city’s residential spaces. The Toronto Multifamily Spotlight report for November 2018 stated that the first 3 quarters of 2018 saw the addition of 2,500 new apartments, putting the delivery rate on track to reach the highest level since 1994. However, elevated prices...

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Removing rent control on new units won’t ease Toronto’s housing crisis, tenant and housing experts say

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

Removing rent control on new units won’t ease Toronto’s housing crisis, tenant and housing experts say

The Ontario government’s removal of rent controls on new, previously unoccupied rental units will mean higher housing costs in the future but won’t do much to relieve Toronto’s historically low vacancy rate, at least in the near term, say tenant and housing experts. Starting immediately, rent control rules will no longer apply to buildings and flats being rented for the first time, the Progressive Conservative government announced in an economic statement on Thursday. “Everybody who’s an...

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Second Cup ‘ready to hit the gas pedal’ on pot, eyes Amsterdam-like lounges: Director

Posted in Appraisal, Communications, Employment, Finance, Health & Safety, Industry Trends, Insurance, Legal, Legislation, Newsworthy

Second Cup ‘ready to hit the gas pedal’ on pot, eyes Amsterdam-like lounges: Director

The future of Second Cup Ltd. is in cannabis as the company aims to spur growth amid an ultra-competitive Canadian coffee market, according to one of its directors. Michael Serruya, managing director of Serruya Private Capital and a major Second Cup shareholder who also sits on its board, said the company is “ready to hit the gas pedal” to sell legal pot as it looks to eventually shift its operations from a national coffee chain to an Amsterdam-like cannabis dispensary where patrons can enjoy...

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3 trends expected to define Calgary’s housing market in 2019

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

3 trends expected to define Calgary’s housing market in 2019

With 2018 nearly over, Calgary’s housing market has yet to recover to previous heights, the result of a drawn-out slump resulting from lower oil prices and the knock-on effects that’s had on employment. But how about next year? Ann-Marie Lurie, the Calgary Real Estate Board’s chief economist, suggests the market will continue to face a number of headwinds in the coming year. “The current situation that we’re in is we have an oversupplied market, prices have been trending down, and we just...

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Buyers of new condos get twice the space in Waterloo as in Toronto

Posted in Appraisal, CMHC, Communications, Development, Finance, Newsworthy

Buyers of new condos get twice the space in Waterloo as in Toronto

New condominium buyers deterred by soaring Toronto prices are apparently venturing further afield to Hamilton, Kitchener and Waterloo, which offer more bang for their buck and the promise of new transit links that will improve accessibility. Sales of new condominiums in these areas gained “notable traction” in the first six months of the year as regional economic activity picked up and Metrolinx moved forward with its $43-billion expansion plans, according to Altus Group, a market intelligence...

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Annual pace of housing starts picked up in October, topped expectations

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

Annual pace of housing starts picked up in October, topped expectations

An increase in multi-unit projects such as condominiums, apartments and townhouses helped push the annual pace of housing starts in October higher, Canada Mortgage and Housing Corp. said Thursday. The housing agency said the seasonally adjusted annual rate of housing starts last month came in at 205,925 units, up from 189,730 in September. Economists had expected an annual rate of 200,000, according to Thomson Reuters Eikon. CMHC said the six-month moving average of the monthly seasonally...

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Toronto’s housing market sees a shift to mid-rise development

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

Toronto’s housing market sees a shift to mid-rise development

There’s a subtle shift under way in the Greater Toronto Area’s presale condominium market in 2018: As developers are launching fewer towering projects designed to woo investors, they are finding there’s still a strong market for people looking to pay a little more money for a larger, family-friendly unit in neighbourhoods outside the downtown core. In 2017, developers set records for launching projects and units: 105 projects comprising 32,813 units were presold, compared with 2016’s 81...

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Calgary has a problem, and it’s building too much housing: report

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

Calgary has a problem, and it’s building too much housing: report

Canada’s national housing agency has released its latest quarterly evaluation of Calgary’s market, and it has again flagged a major vulnerability: overbuilding. According to the Canada Mortgage and Housing Corporation (CMHC), there was strong evidence in Calgary of overbuilding during the second quarter of the year, and the issue was not limited to condos. “A substantial number of purpose-built apartment and condominium units are under construction, posing a risk of rising inventory,...

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‘We have to be careful’: CIBC’s Tal warns Poloz on 3% interest rates

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

‘We have to be careful’: CIBC’s Tal warns Poloz on 3% interest rates

Bank of Canada Governor Stephen Poloz may want Canadians to prepare for three per cent interest rates as the new normal, but one economist is warning that the economy may not be ready. In a testimony before MPs on Tuesday in Ottawa, Poloz said the current benchmark interest rate is still too stimulative for the improved economy, and reiterated that it will rise to what the bank considers its neutral range of between 2.5 and 3.5 per cent. But Benjamin Tal, deputy chief economist with CIBC World...

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