Canada’s one stop platform and the #1 National voice to the rental housing industry

CMHC

Poloz faces inflation, Trump ‘dilemma’ in rate decision: Economist

Posted in Appraisal, CMHC, Communications, Employment, Housing, Industry Trends, Newsworthy

Poloz faces inflation, Trump ‘dilemma’ in rate decision: Economist

Bank of Canada Governor Stephen Poloz faces a big “dilemma” coming from both sides of the border when he makes his next interest rate decision in September. While the Canadian economy appears strong with the latest unemployment rate falling to a four-decade low of 5.8 per cent in July, Poloz also is battling accelerating inflation at home and economic risks from trade issues with the U.S. when considering what the central bank’s next move will be, said Benjamin Tal, deputy chief economist with...

read more

Millennials Study: Down Payments Delay Homeownership by up to 35 Years

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

Millennials Study: Down Payments Delay Homeownership by up to 35 Years

Most Millennials tend to greatly underestimate the amount they will need for a down payment. The national average down payment amount is about $25,000, but 30% of Canadian Millennials have less than $10,000 in savings, and 10% have no savings at all. In Canada’s 10 most populous cities, the time needed to save for a down payment varies significantly: from 20 years in Vancouver, to 4.6 in Toronto, and as little as 1 year in Edmonton. In the nation’s seven most expensive markets, Millennials...

read more

‘Fantastically good’ Canadian economy shifts focus to rate hike

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

‘Fantastically good’ Canadian economy shifts focus to rate hike

Canada’s economy is gaining strength instead of buckling amid a trade fight with the U.S. Exports rose to a record high in June even as President Donald Trump slapped tariffs on steel and aluminum, and gross domestic product expanded in May at its fastest clip in a year, according to data released this week by Statistics Canada. That has economists predicting second-quarter growth of more than 3 per cent and talking about the possibility of a second-straight rate increase from the Bank of...

read more

3 unexpected ways Montreal’s housing market continues to heat up

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

3 unexpected ways Montreal’s housing market continues to heat up

Strong immigration numbers and a red hot job market have been boosting the Montreal housing market all year, and last quarter was no exception. As other cities struggle to adjust to the effects of new policy, including a mortgage stress test, the Montreal market has posted month-after-month of rising home sales and prices. Read on for a closer look at three ways the market continued to outperform last quarter. Sales are climbing The second quarter of 2018 saw a 4 per cent quarter-over-quarter...

read more

These 3 groups of homebuyers are causing condo prices to soar in Greater Vancouver

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

These 3 groups of homebuyers are causing condo prices to soar in Greater Vancouver

Although overall home price growth has eased in Greater Vancouver over the past year, prices continue to rise in the region’s condo market, due to overwhelming demand for the more affordable homeownership option. But, Royal LePage President and CEO Phil Soper says there are three key groups of prospective homebuyers that are putting extra pressure on the condo market. “We have young people, Millennials, who are moving rapidly into homeownership and they are looking for condos. We have retiring...

read more

Housing intervention creating permanent generation of renters, association warns

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

Housing intervention creating permanent generation of renters, association warns

Recent government policies aimed at cooling some of Canada’s hottest housing markets will result in a permanent generation of middle-class renters, a new report from Mortgage Professionals Canada warns. In a study released Wednesday, the industry association estimates approximately 100,000 Canadians have already been priced out of buying a home as a result of Ottawa’s new mortgage stress tests that took effect in January. It also says that that about 18 per cent of prospective homebuyers who...

read more

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...

read more

‘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...

read more

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....

read more

Toronto housing chill may soon extend to high-flying condo market

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

Toronto housing chill may soon extend to high-flying condo market

The chill that has crept over some segments of the Toronto housing market may soon extend to one of its persistent hot spots: condominiums. Evidence of a slowdown is emerging as new rules make it tougher to get a mortgage and borrowing costs rise for the first time in almost a decade. That’s reducing the appeal of Toronto condos, whose average price now exceeds $560,000. Projects are taking longer to sell and, in some areas, developers are using incentives to move units. “There are cash...

read more