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National Home Affordability Study

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

National Home Affordability Study

The number of bedrooms is without a doubt one of the most important criteria when searching for a home. So, exactly how much house can one get across Canada? Our researchers took the national average home price (~$500K) as a reference point and analyzed the country’s 50 largest cities to determine the number of bedrooms it can buy in each. VIEW RESULTS Here are some key takeaways you might want to explore: At the nationwide level, the Canadian average home price ($495,100) buys 3.3 bedrooms;...

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Toronto condo rents surge amid ‘critically low’ supply: Urbanation

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

Toronto condo rents surge amid ‘critically low’ supply: Urbanation

Supply in Toronto’s already-tight rental market has hit a “critically low level” while rents continue to rise, warns Urbanation Inc. A new report released Thursday by the real estate consulting firm revealed that condo lease transactions fell eight per cent to 7,754 units in the second quarter amid tight supply. “Current rental supply has fallen to a critically low level,” said Urbanation President Shaun Hildebrand in a release.   “Demand has been pouring into the market while rental...

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‘There are worries ahead’: Experts react to Bank of Canada’s rate hike

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

‘There are worries ahead’: Experts react to Bank of Canada’s rate hike

The Bank of Canada raised its benchmark interest rate by a quarter percentage point to 1.5 per cent Wednesday, even as the economy faces fallout from widening trade uncertainty. Here’s a look at what economists and analysts are saying about Governor Stephen Poloz’s fresh interest rate increase. “I thought this was about as neutral a statement as you possibly can put into the marketplace given that you have hiked rates…We’re pretty much in uncharted territory in the sense of we’ve never...

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Don’t blame real estate investors for rental market woes

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

Don’t blame real estate investors for rental market woes

Unlike owner-occupied housing, our understanding of rental housing is inadequate at best. Even basic information on the rental market, such as by the type and size of housing and across neighbourhoods, is not readily available. This leaves landlords, investors, and renters make do with incomplete and, at times, dated information. A straightforward question about what percentage of the dwellings in an urban market are rented out by private households requires a serious exercise in data mining....

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Is the municipal government sacrificing Vancouver’s future for votes?

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

Is the municipal government sacrificing Vancouver’s future for votes?

Vancouver’s municipal government has proposed building height caps in Chinatown—but that’s myopic, charges the Urban Development Institute, which believes it will exacerbate the shortage of housing. Metro Vancouver is expecting 65,000 new residents annually until 2021, and UDI is confounded by the municipal government’s proposed cap. “We’re surprised they’d make a move like this in the middle of a housing crisis, and at a time when that area needs revitalization,” said Anne McMullin, UDI’s...

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New finance minister declares Ontario is ‘open for business’

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

New finance minister declares Ontario is ‘open for business’

Ontario’s new finance minister wants to get the message out that the province is open for business. In his first television interview since being appointed Ontario’s finance minister, Vic Fedeli told BNN Bloomberg on Wednesday that he expects his new government to create a better investment environment in the province. “We are lowering corporate taxes, we are lowering small business taxes, we are lowering hydro costs, eliminating cap-and-trade,” Fedeli told BNN Bloomberg. “Those are all key...

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U.S. will get ‘hammered’ in global trade war: Barton

Posted in Communications, Finance, Industry Trends, Newsworthy

U.S. will get ‘hammered’ in global trade war: Barton

The chair of the Prime Minister’s economic advisory council says the United States could be one of the biggest losers in the event of a global trade war. “Hopefully, [that] common sense prevails, because trade wars don’t help anyone, particularly the United States,” McKinsey global managing partner Dominic Barton told BNN Bloomberg on Friday. “The United States is going to get hammered. You’ve heard the United States Chamber of Commerce and what they’re saying on this. This is like...

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Rent Increase Guideline for 2019 is 1.8%

Posted in Appraisal, Bylaws / Regulations, Communications, Finance, Housing, Industry Trends, Maintenance, Newsworthy, Real Estate Law, Rent Control, Suite Renovations

Rent Increase Guideline for 2019 is 1.8%

The rent increase guideline is 1.8% for increases between January 1 and December 31, 2019.  This is the maximum a landlord can increase most tenants’ rent during a year without the approval of the Landlord and Tenant Board. The guideline applies to most private residential rental units covered by the Residential Tenancies Act. In most cases, the rent for a unit can be increased 12 months after: the last rent increase a tenant first moves in A tenant must be given written notice of a rent...

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What are tenants’ rights under proposed marijuana laws?

Posted in Bylaws / Regulations, Communications, Fire Safety, Health & Safety, Housing, HVAC / Mechanical, Industry Trends, Insurance, Interior Building, Janitorial, Legislation, Maintenance, Newsworthy, Real Estate Law, Utility Management

What are tenants’ rights under proposed marijuana laws?

With the federal government’s announcement to legalize recreational marijuana by October 2018, landlords across Canada have been raising concerns about marijuana use in rental units. Many landlords want to prohibit tenants from growing and smoking marijuana on their properties, but one lawyer says it may not be so easy. Bob Aaron, a Toronto-based real estate lawyer, said that just like with cigarette use, landlords may not be able to prevent all tenants from smoking marijuana inside their...

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Got $2,166 a month? — you’ll need it to rent a condo in Toronto, if you can find one

Posted in Development, Finance, Housing, Newsworthy

Got $2,166 a month? — you’ll need it to rent a condo in Toronto, if you can find one

Renting an apartment in Canada’s biggest city has become a losing battle as vacancy rates hit all-time lows. The feat is getting even harder, with supply tight and prices showing no sign of retreating. The vacancy rate in the fourth quarter was among the lowest ever, at 0.3 per cent, according to Urbanation Inc. The average monthly rent for a condominium rose by 9.1 per cent to $2,166 from a year earlier. That’s the second-largest increase since 2010, when Urbanation began tracking the number,...

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