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Builders scrap pre-sold Toronto condo towers as costs escalate

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

Builders scrap pre-sold Toronto condo towers as costs escalate

Builders in Toronto’s frenzied condo market are walking away from giant towers they have pre-sold, reflecting a rougher road to profits — and leaving buyers in the lurch. Soaring construction costs and condo values in Canada’s largest city, where prices have surged amid a booming economy and strong immigration, have spurred developers to cancel projects they started when construction was cheaper and pre-sales were less lucrative. Condo prices have increased about 20 per cent since...

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Winners and losers from Ontario’s Fair Housing Plan, one year later

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

Winners and losers from Ontario’s Fair Housing Plan, one year later

It’s been one year since the Ontario Fair Housing Plan changed the rules of the real estate game in the Toronto region, and it’s a dramatically different market 12 months later. Some 40 per cent fewer homes are changing hands year-over-year, according to the latest figures from the Toronto Real Estate Board. And the average Greater Toronto Area home price has slumped 15 per cent from frenzied peak of April 2017. While the year-over-year figure is alarming, the price correction was actually...

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Hamilton: Pier 8 Proposal Draws Inspiration from Nature and Heritage

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

Hamilton: Pier 8 Proposal Draws Inspiration from Nature and Heritage

With partnerships and a “small moves, big results” approach, UrbanCapital, Milborne, and Core Urban have teamed up to create a proposal for redevelopment of Hamilton’s Pier 8, one of four now shortlisted as finalists to win a commission to create a landmark community at the west end of Lake Ontario. Collaborating with Saucier + Perrotte, RAW Design, and Public Work, the plan draws inspiration from Hamilton’s natural surroundings and its industrial roots. Partnerships with the Hamilton Public...

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Condo owners make big gains, but nearly half aren’t making enough rent to cover costs

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

Condo owners make big gains, but nearly half aren’t making enough rent to cover costs

About half of the newly completed condos in the GTA last year were bought as rental investments and these investors likely realized a return of about 155 per cent before closing costs Nearly half of all investors who bought condominiums completed in the Toronto area last year aren’t making enough rent to cover their holding costs, despite chalking up exceptional gains on the value of their properties, a new study finds. No less than 44 per cent of investors who took possession of new units in...

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Who are the condo investors in Toronto? A new study sheds some light

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

Who are the condo investors in Toronto? A new study sheds some light

A study, called A Window Into the World of Condo Investors, found that only about 10 per cent of condo investors are international buyers. They are a ghostly presence in Toronto’s property market – the buyers who gobble up the most and best units at developer pre-sales in the towers sprouting across the region. Until now, not much has been known about the largely invisible ranks of condo investors, nearly half of whom feed the region’s vacancy-hungry renters by leasing their properties. But a...

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Housing speculation risky for British Columbia growth: Finance minister

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

Housing speculation risky for British Columbia growth: Finance minister

British Columbia must diversify its economy away from real estate speculation and the housing market needs to be moderated but the province is not looking at further new measures to cool it, the province’s finance minister said on Friday. “You don’t build a long-term, sustainable economic plan for your province based on speculation in the real estate market,” Carole James told Reuters in an interview. The West Coast province’s New Democratic government in February...

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Vancouver housing sales slump as market braces for tax impact

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

Vancouver housing sales slump as market braces for tax impact

Home sales slumped 9 per cent last month in the Vancouver region as transactions for detached properties sagged while prices remain high, with the full impact yet to be felt of new residential taxes levied by the B.C. government. In its budget delivered on Feb. 20, the NDP minority government announced a variety of measures designed to reduce home prices, including what it calls a speculation tax imposed on out-of-province residents. The NDP also increased and expanded the province’s...

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Top Bank of Canada Deputy Says Rates Are a Blunt Tool for Financial Risks

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

Top Bank of Canada Deputy Says Rates Are a Blunt Tool for Financial Risks

The Bank of Canada’s ability to counter financial stability risks is limited, and policy makers need to do more to strengthen other available tools to combat problems such as high household debt, the central bank’s No. 2 official said. In a speech at a conference about the 2008 financial crisis, Senior Deputy Governor Carolyn Wilkins cited three areas of “unfinished business” that need to be tackled in order to ensure the durability of reforms that have taken place over the past 10 years. One...

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CFAA Rental Housing Conference – Executive Roundtable now set

Posted in Association News, Bylaws / Regulations, CMHC, Communications, Development, Employment, Events, Finance, Housing, Industry Trends, Interior Building, Legal, Legislation, Maintenance, Marketing, Newsworthy, Professional Services, Real Estate Law, Rent Control, Senior Housing, Student Housing, Tax Law, Technology, Tenancy Law

CFAA Rental Housing Conference – Executive Roundtable now set

Join CFAA and landlords from across Canada in Vancouver this May 14 to 16. Hear what other rental housing leaders think is The Future of the Rental Housing Industry. Find out how other companies are solving new problems and seizing opportunities. Early registration closes this week! Book by Thursday, March 29 to save! Read on, or visit www.CFAA-RHC.ca for more information or to register! Education Sessions Sessions include: Economic Update – by keynote speaker Benjamin Tal Deputy Chief...

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Ontario’s best investment hubs this year

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

Ontario’s best investment hubs this year

A new report from independent research think-tank Real Estate Investment Network (REIN) ranked Ontario’s largest metropolitan areas by real estate market performance and suitability for investment over the next 5 years. In terms of growth, diversity, and fundamental strength, Ottawa came out on top of the wide-ranging survey, which looked at multiple factors including economic health, employment numbers, GDP and population growth, housing prices and overall affordability, rent and vacancy...

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