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Average GTA condo rental rate hits $2,000 a month as landlords increase ahead of controls

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

Average GTA condo rental rate hits $2,000 a month as landlords increase ahead of controls

Landlords are boosting rents to try and beat new rent control rules brought in across the province in April Rental rates in Ontario soared just before the province implemented its expanded rent control rules in April, according to a report out Friday. Condominium research firm Urbanation Inc. said the 5.1-per-cent jump in rents from the first quarter to the second quarter was the largest quarterly increase on record and sent the average rent in the Greater Toronto Area condominium market to...

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Realtors brace for next mortgage crackdown amid shadow banking fear

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

Realtors brace for next mortgage crackdown amid shadow banking fear

The real estate industry is “holding its breath” as regulators look to extend tough mortgage rules in the face of a sharp slowdown in the country’s largest market. Canada’s banking regulator, the Office of the Superintendent of Financial Institutions, is taking aim at the uninsured mortgage market – where homeowners make a down payment of 20 per cent or more. OSFI is proposing stringent stress tests for those borrowers, in line with what’s already happening in the insured market. The period...

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As Toronto rents near Brooklyn-level prices, tenants grow desperate

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

As Toronto rents near Brooklyn-level prices, tenants grow desperate

Apartment-seekers are driving the streets looking for rentals and creating web profiles, similar to dating bios, to attract landlords. Trying to find an apartment in Toronto is a lot like online dating, only more demoralizing. Ask Kin Lau. Normally, landlords would be swiping right on him. He’s got a perfect credit score and a good job. But last week he drove 40 minutes to check out a one-bedroom — only to discover another suitor had snapped it up first. “Do people just not go to see the place...

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Calgary growth ‘far stronger’ than expected for the first half of 2017

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

Calgary growth ‘far stronger’ than expected for the first half of 2017

Latest numbers from the Calgary Real Estate Board (CREB) revealed reliable growth in the city’s housing sales for the first half of this year, in what is appearing to be even more proof of a recovering market. On an annual basis, residential real estate sales grew by 9.24 per cent, up to 11,957 total closed transactions in that 6-month time frame. This is despite some weakness in this metric by July, with sales declining by 6.14 per cent year-over-year (down to 1,637 sales). “When we look at...

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Don’t Fear REITs When Rates Rise – Unless You’re in Canada

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

Don’t Fear REITs When Rates Rise – Unless You’re in Canada

Real estate investment trusts aren’t to be avoided as interest rates rise — except in Canada, where lower cash-flow growth and higher leverage make them riskier bets, according to the head of securities at a C$6.5-billion ($5.1 billion) real estate fund. “If you look at the empirical evidence, REITs actually outperform in a rising-rate environment,” Corrado Russo, global head of securities at Timbercreek Asset Management Inc., said in a phone interview. “They tend to do...

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Individual investors still own half the country’s apartments

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

Individual investors still own half the country’s apartments

The first-of-its-kind study from CMHC breaks down the rental ownership structure in Canada for what is called purpose-built apartments Individual investors own almost half of the apartment stock in the country and a new survey from Canada Mortgage and Housing Corp. shows those landlords are getting lower rental rates and dealing with higher vacancy rates. The first-of-its-kind study from the Crown corporation released Wednesday breaks down the rental ownership structure in Canada for what is...

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CMHC and housing co-ops tussle over low-income families

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

CMHC and housing co-ops tussle over low-income families

The Canada Mortgage and Housing Corp. has responded to three Ontario housing co-ops’ refusal to comply with the former’s alleged demands to cancel assistance to low-income members. In a statement sent to MBN, CMHC said that it remains “committed to families like those at the Quarry, Chadwick Towers and Spruce Courts co-ops.” “We have supported them with 5.5 million in subsidies over the last 7 years and have helped them for more than 40 years,” CMHC added. “We recognize that a home is the...

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Alberta Is About to Be Canada’s Fastest Growing Economy Again

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

Alberta Is About to Be Canada’s Fastest Growing Economy Again

Alberta’s economy is more than just back on its feet, it’s about to run faster than any other region in Canada. Gross domestic product in the western province will rise by 2.9 percent this year, according to a Bloomberg survey of economists, up from an April estimate of 2.5 percent. That matches forecasts for neighboring British Columbia, and in 2018 Alberta comes out on top with a 2.4 percent expansion that would be tops among Canada’s 10 provinces. It’s a huge comeback from Alberta’s last...

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Developers call for changes to Ontario rent-control measures

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

Developers call for changes to Ontario rent-control measures

Property developers in Ontario are calling for changes to rent-control measures announced by the province in April, saying they are too harsh and are already causing builders to cancel apartment construction projects. Jim Murphy, chief executive officer of the Federation of Rental-housing Providers of Ontario, said representatives of his industry have met with Ontario government officials to urge them to remove rent controls on buildings constructed in the future while maintaining the limits...

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Inflation Paves Way for More Canada Rate Hikes

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

Inflation Paves Way for More Canada Rate Hikes

Canadian government bond yields spiked and the loonie strengthened for a fourth day, as today’s economic data paves the way for another Bank of Canada interest rate hike this year. RBC’s Deputy Chief Economist Dawn Desjardins joins Bloomberg TV Canada’s Lily Jamali to discuss her outlook.  WATCH THE VIDEO: https://www.bloomberg.com/news/videos/2017-07-21/inflation-paves-way-for-more-canada-rate-hikes-video

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