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Tighter mortgage rules continue to take their toll on BC’s deteriorating housing affordability

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

Tighter mortgage rules continue to take their toll on BC’s deteriorating housing affordability

Similar to the rest of the country, stricter mortgage regulations that came into effect in January continued to weigh on BC home sales in May. Last month, a total of 8,837 homes changed hands across the province, a roughly 29 per cent decline from the 12,402 units sold a year ago, according to the latest data from the British Columbia Real Estate Association (BCREA), published Friday. “Across the country, the biggest hits [in demand] were in the higher priced markets, so Toronto and Vancouver...

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How can Doug Ford fix Toronto-area housing?

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

How can Doug Ford fix Toronto-area housing?

Premier-designate Doug Ford must make housing affordability a priority, say builders, realtors and urbanists. “This really is a generational challenge. The challenge of the folks who are going to live in the GTA over the next 25 years is something that needs to be the central focus of the provincial government,” said David Wilkes, CEO of the Building Industry and Land Development Association (BILD). He was among seven experts who told the Toronto Star how a new Ontario Progressive Conservative...

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CMHC TAKING SUBMISSIONS ON ADOPTING A HUMAN RIGHTS BASED APPROACH TO HOUSING

Posted in Bylaws / Regulations, CMHC, Communications, Development, Finance, Health & Safety, Housing, Industry Trends, Legal, Legislation, Newsworthy

CMHC TAKING SUBMISSIONS ON ADOPTING A HUMAN RIGHTS BASED APPROACH TO HOUSING

A submission was made to CMHC’s proposal to adopt a human rights based approach to housing at its website www.placetocallhome.ca. Through such, CFAA has communicated the needs of our industry to ensure landlords are properly represented. CFAA’s position In principle, CFAA supports the move to adopt a human rights approach to housing. Governments should ensure that people have the means to access adequate housing. However, CFAA has concerns about particular aspects of positions that are...

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Greater Toronto New Home Sales Clock Their Worst April In Decades

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

Greater Toronto New Home Sales Clock Their Worst April In Decades

Toronto’s very colourful housing market is still ringing up superlatives, just of a different kind these days. The city has gone from earning descriptions like “record high home sales” a few years ago to superlatives like “biggest price drop in 17 years” in more recent months. And now add another: The region has clocked the slowest pace of new home sales for an April in this century, and quite possibly the slowest pace in more than 20 years, according to new data...

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Meet the Coalition for Small Business Tax Fairness

Posted in Bylaws / Regulations, CMHC, Communications, Development, Finance, Housing, Industry Trends, Legal, Legislation, Newsworthy, Professional Services, Tax Law

Meet the Coalition for Small Business Tax Fairness

Federal corporate tax increases not yet a done deal Through CFAA and the Coalition for Small Business Tax Fairness, Canada’s residential landlords have again called on the federal government to cancel, delay or moderate its planned corporate tax increases. On May 25, the Coalition proposed specific changes to the tax reforms which are to apply to Canadian-controlled private corporations (CCPCs).  Read more On May 25, 2018, the Coalition for Small Business Tax Fairness wrote Finance Minister...

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GTA’s hot condo market moderates in first quarter

Posted in Appraisal, Bylaws / Regulations, CMHC, Communications, Condo Conversions, Development, Finance, Housing, Industry Trends, Newsworthy, Tenancy Law

GTA’s hot condo market moderates in first quarter

Rising development costs and high-profile project cancellations have injected a note of caution into Toronto’s hot condo market, with more project terminations likely to come, says development research company Urbanation. It found Toronto condo launch prices were up 23 per cent year over year at the end of the first quarter, but also an extraordinary number of projects that launched a year ago — 53 developments with nearly 14,000 units — still hadn’t begun construction. It’s not unusual for a...

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Canada’s Retiring Boomers Face ‘Severe Housing Crisis’: DBRS

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

Canada’s Retiring Boomers Face ‘Severe Housing Crisis’: DBRS

People living on a fixed income are ill-equipped to handle large rises in housing costs. When looking at the housing affordability issues in Canada, we often focus on the younger generations and their problems breaking into the real estate market. But a new report from credit rating agency DBRS says it’s seniors who will see some of the worst affordability problems in the years to come, because the supply of senior-oriented housing is simply not keeping up with population growth in that...

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West Is Best in One of Canada’s Most Synchronized Expansions

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

West Is Best in One of Canada’s Most Synchronized Expansions

Western Canada retook its lead in the country’s growth tables last year, with Alberta recording the fastest expansion among the 10 provinces and British Columbia posting its strongest pace in more than a decade. Gross domestic product grew by 4.9 percent in Alberta, with the oil-producing province recovering from two straight years of falling output following the collapse of oil prices. British Columbia’s economy expanded by 3.9 percent, the fastest pace for that province since 2005. It’s a...

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Montreal Is Canadas Next Hot Housing Market

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

Montreal Is Canadas Next Hot Housing Market

Montreal’s housing market is finally getting on the map. An economic revival in Canada’s second-biggest city is fueling a real-estate renaissance, speeding up sales, shrinking inventories, and luring foreign buyers. More stringent lending rules have curbed transactions and slowed price growth in Toronto but have had little effect on Montreal, where buyers are flocking to new condos and sellers are gaining the upper hand. The trend continued in April, as home sales rose 10 percent from a year...

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Greenwin Inc. Unveils Plan to Develop Approximately 700 Rental Housing Units

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

Greenwin Inc. Unveils Plan to Develop Approximately 700 Rental Housing Units

Greenwin Inc. Unveils Plan to Develop Approximately 700 Rental Housing Units, Incl. Affordable Suites, in Downtown Toronto Veteran developer, landlord and property manager partners with CREIT, the Ministry of Housing and the City of Toronto to build a new 0.9-acre mixed-use development featuring 30% affordable housing units in the City’s Yonge/College corridor Cary Green, Chairman of Greenwin Inc., joins Canadian Real Estate Investment Trust (“CREIT”)(TSX:REF.UN), the Ministry of Housing and...

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