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Multi-family starts predominant in the hottest markets

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

Multi-family starts predominant in the hottest markets

In recent months, more multi-family buildings were constructed than any other housing type in Canada’s hottest markets, according to a new report by the Canada Mortgage and Housing Corporation. “The national trend in housing starts resumed its downward trajectory in February while still remaining above historical average,” CMHC chief economist Bob Dugan said. The Crown corporation said that despite the nationwide housing starts trend falling to 203,554 units in February 2019 (from the 207,742...

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New Brunswick property tax stifling investment in apartments

Posted in Appraisal, Bylaws / Regulations, Communications, Finance, Housing, Newsworthy, Tax Law

New Brunswick property tax stifling investment in apartments

New Brunswick’s property tax has led to virtually zero growth in new apartment investment, according to market players and observers. “It is stopping investors from coming here, it is stopping people coming in and purchasing income properties, and it is also hurting our economy,” according to Pamela Doak of the Fredericton Real Estate Board, speaking to GlobalNews.ca. These assertions were supported by Statistics Canada numbers, which indicated that apartment investment has grown in Nova...

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B.C. Building Code Adjusted Upwards To Allow 12 Storey Wood Buildings

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

B.C. Building Code Adjusted Upwards To Allow 12 Storey Wood Buildings

The height limit for wood buildings in British Columbia is rising to 12 from six storeys in a move that Premier John Horgan expects to spur development using timber and give the province a headstart on other parts of the country. B.C. is changing its building code to allow the construction of taller wood buildings as a safe, economic and environmental alternative to concrete apartments and office buildings, Horgan said Wednesday. B.C.’s building code changes come one year ahead of expected...

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Chinese buyers now prefer Quebec, Alberta, and Nova Scotia

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

Chinese buyers now prefer Quebec, Alberta, and Nova Scotia

Real estate markets in Quebec, Alberta, and Nova Scotia are becoming increasingly popular among Chinese property buyers and investors, according to a new analysis by Juwai.com. “The Chinese buyer boom in Montreal began earlier and is larger than in other second-tier cities. However, some smaller markets saw bigger Chinese buyer booms on a relative basis during 2018,” Juwai.com CEO and Director Carrie Law said. All in all, Chinese-home buying intentions across Canada went up by 8% annually in...

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Canada’s central bank could pull a U-turn on interest rate hikes as the economy takes a hit

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

Canada’s central bank could pull a U-turn on interest rate hikes as the economy takes a hit

The Bank of Canada for some time has been suggesting higher and higher interest rates are coming soon — until this week. Economists are noting the central bank took on a dovish (read: less aggressive) tone at its March 6th policy meeting when it announced the overnight rate was being held at 1.75 percent. “The Bank of Canada has finally pulled its head out of the sand and acknowledged that the deteriorating economy no longer justifies higher interest rates in the near term,” writes Stephen...

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CMHC sets target to make housing affordable for every Canadian by 2030

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

CMHC sets target to make housing affordable for every Canadian by 2030

A federal housing agency hopes to see every Canadian with an affordable home by 2030 with a plan that lays out a path of experimentation to make it happen. The Canada Mortgage and Housing Corporation says today that meeting that 2030 target will take help from governments and the economy — hence the aspirational nature of the goal. An estimated 1.6 million households are considered in “core housing need,” meaning that people live in places that are too expensive for them or that don’t meet...

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Dan Fumano: Minister ‘monitors’ Vancouver rental challenges, landlords want action

Posted in Appraisal, Bylaws / Regulations, Communications, Finance, Housing, Legislation, Newsworthy, Tax Law

Dan Fumano: Minister ‘monitors’ Vancouver rental challenges, landlords want action

“It’s a lot more cost-effective to have me continue to provide that below-market, family rental housing … than it is for them to go and build it.” B.C.’s property assessment and tax system, which landlords large and small say increasingly threatens Vancouver’s stock of older, affordable rental homes, is apparently causing agreement in some unlikely corners. Patti Bacchus, the left-leaning former Vancouver school board chairwoman, is largely supportive of the B.C. NDP....

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Canadian Rental Rates Rise At Fastest Pace In 30 Years

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

Canadian Rental Rates Rise At Fastest Pace In 30 Years

If you’ve been paying the bills in your household, you’ve probably noticed that some things have fallen in price (gas), and some things have been largely stable (shoes and clothing, for instance). But if you’ve been shopping around for an apartment to rent, you’ve probably experienced sticker shock. The cost of renting an apartment in Canada shot up 0.9 per cent in a single month in January, according to Statistics Canada, the fastest one-month leap in since August,...

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February 2019 Rent Report

Posted in Appraisal, Communications, Finance, Housing, Industry Trends, Newsworthy, Rent Control

February 2019 Rent Report

In January, the average property on Rentals.ca was listed for rent at $1,854 per month in Canada overall, the median rent was $1,747 per month. It should also be noted that properties listed for above $5,000 a month and below $500 a month are eliminated from the sample of units analyzed. Also, short-term, single-room and furnished rental units are eliminated from the sample where identifiable. National Overview The chart below shows average rent levels in Canada by the property’s built form...

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Where to find Ontario’s best student housing

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

Where to find Ontario’s best student housing

Few real estate investors aren’t sweet on student housing, and for good reason, but which regions in Ontario have the most to offer? The owner of Strauss Investments says cities with satellite schools are a good net because of their small but concentrated markets. “Laurier and Nipissing universities have satellites in Brantford,” said Strauss, who’s also a sales representative with Rock Star Real Estate. “In Kitchener, there’s the McMaster University Waterloo Regional Campus, and it’s its own...

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