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Bylaws / Regulations

Alberta official questions data used in B.C. money laundering report

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

Alberta official questions data used in B.C. money laundering report

A report commissioned for the government of British Columbia warned that money laundering in real estate is widespread across Canada – but a government official in Alberta is alleging that the conclusions are based on unreliable data. According to the report from former B.C. deputy attorney general Maureen Maloney, more than $7 billion in dirty money was laundered in the province in 2018, hiking the cost of buying a home by about 5%. The report also estimated that Alberta had $10 billion...

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Steven Mnuchin: U.S. Close To Scrapping Steel, Aluminum Tariffs Against Canada, Mexico

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

Steven Mnuchin: U.S. Close To Scrapping Steel, Aluminum Tariffs Against Canada, Mexico

“The president has instructed us to try to figure out a solution.” A top Trump administration cabinet member says the end of punishing steel and aluminium tariffs on Canada and Mexico is close at hand. “I think we are close to an understanding with Mexico and Canada,” Treasury Secretary Steven Mnuchin said Wednesday, as Foreign Affairs Minister Chrystia Freeland met with Trump trade czar Robert Lighthizer in a renewed push to get the tariffs lifted. Mnuchin was testifying before...

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New zoning bylaw could impel unprecedented growth

Posted in Appraisal, Bylaws / Regulations, Communications, Development, Employment, Finance, Newsworthy

New zoning bylaw could impel unprecedented growth

Toronto City Council can learn a thing or two from Newmarket Council after the latter approved a new zoning bylaw for its Urban Centres neighbourhood. The Urban Centres Zoning By-law for the Yonge St. and Davis Dr. area updates regulations surrounding permitted land uses, building heights, densities and right-sizing parking, and in doing so the Town of Newmarket hopes to attract business. “This will bring in almost 20 million square feet of mixed-use space literally overnight, so you can...

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Fragile corporate debt emerges as Bank of Canada vulnerability

Posted in Bylaws / Regulations, Communications, Finance, Newsworthy

Fragile corporate debt emerges as Bank of Canada vulnerability

The Bank of Canada has added one new worry to its assessment of financial stability: corporate borrowing. Debt to income levels among Canadian non-financial corporations are “well above” historical levels and are one of the top vulnerabilities to the country’s financial system, the central bank said Thursday. As of the end of 2018, non-financial corporate debt was 315 per cent of income, the Bank of Canada said in its annual Financial System Review. In addition, the share of outstanding...

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Housing starts beat expectations, jumping 20%; condos, apartments up 30%

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

Housing starts beat expectations, jumping 20%; condos, apartments up 30%

The pace of housing starts in Canada picked up in April as they rose more than 20 per cent compared with March, fuelled by the start of work on new multi-unit projects such as condominiums, apartments and townhouses. Canada Mortgage and Housing Corp. said Wednesday the seasonally adjusted annual rate of housing starts increased to 235,460 units in April, up 22.6 per cent from 191,981 in March. Economists had expected an annual pace of 196,400, according to Thomson Reuters Eikon. Priscilla...

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Ontario and Saskatchewan premiers meeting today in Toronto

Posted in Bylaws / Regulations, Communications, Finance, Industry Trends, Legislation, Newsworthy, Utility Management

Ontario and Saskatchewan premiers meeting today in Toronto

The premiers of Ontario and Saskatchewan are set to meet in Toronto. Doug Ford and Scott Moe will meet at the Ontario legislature to discuss a variety of issues including the federal carbon tax, interprovincial trade and an upcoming meeting of Canada’s premiers. The Conservative leaders have been vocal opponents of the federal carbon tax and both launched court challenges against it last year. Last week, the Saskatchewan Court of Appeal ruled the federal government does have the...

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B.C. says $5B laundered in housing market, pushing prices up 5%

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

B.C. says $5B laundered in housing market, pushing prices up 5%

A report that estimates $5 billion was laundered through British Columbia’s real estate market last year also lifts the lid on the extent of illegal cash moving across Canada. Some $7.4 billion overall was laundered in B.C. in 2018, out of an estimated total of $47 billion in Canada, concluded the report by an expert panel led by former B.C. deputy attorney general Maureen Maloney. The report is one of two released Thursday and says B.C. ranks fourth for money laundering among a division...

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Ontario Government Announced its Housing Supply Action Plan: More Homes More Choice

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

Ontario Government Announced its Housing Supply Action Plan: More Homes More Choice

The Honourable Steve Clark announced the provincial government’s Housing Supply Action Plan. The measures proposed will help get more purpose-built rental housing built in Ontario. It will reduce barriers to development by: Speeding up the development approvals process by reducing the costs of delayControlling fees and charges that must ultimately be paid by the renterUpdating policy to encourage more units in the right places, like transit hubs, and other places where density is both...

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Immigrant demand to fuel housing activity in the largest cities

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

Immigrant demand to fuel housing activity in the largest cities

Immigrants, mostly young individuals and households, will account for a significant portion of renewed housing demand in Canada’s largest cities, according to RBC Economic Research. The millennial influx will be especially important in light of the increasingly important role that the tech industry is plating in Canadian real estate. Considering the nation’s status as a world leader in innovation, a significant portion of the demographic is expected to work in the technology sector. In 2018...

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Kenney and Ford discuss carbon tax, pipelines at Toronto meeting

Posted in Bylaws / Regulations, Communications, Finance, Industry Trends, Newsworthy, Tax Law, Utility Management

Kenney and Ford discuss carbon tax, pipelines at Toronto meeting

Alberta Premier Jason Kenney visited Ontario on his fourth day on the job to meet with Premier Doug Ford and discuss their mutual opposition to the federal carbon tax. Both premiers are strongly against the levy, and Kenney thanked Ford for being a key player in a coalition of provinces fighting the carbon tax. “Premier, as you know, my party even in Opposition has been in court supporting you, fighting for Ontario taxpayers, because ultimately you’ve got to fight for Canadian...

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