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Is Ontario’s Fair Housing Plan working?

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

Is Ontario’s Fair Housing Plan working?

The Ontario government says recent home-sales data suggests its Fair Housing Plan is improving affordability in the province, but not all market observers are showing the same support for the 16-point policy move first announced this April. “While experts agree that it is too soon to tell, the numbers suggest that the housing market is moving in a more stable direction — making it easier for families and first time buyers to get into the market, while protecting the investment of homeowners,...

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Bidding wars on the rise: Rental Market set for turbulence

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

Bidding wars on the rise: Rental Market set for turbulence

Competition in Toronto’s condo rental market has become so fierce that bidding wars are on the rise. “Competition amongst renters [for condo rentals] is going to remain pretty intense, and there’s not going to be a lot of availability,” said Urbanation’s Vice President, Shaun Hildebrand. “Rentals will have multiple bidders on them and the situation won’t correct itself any time soon. We will need more supply in the marketplace through higher condo completions as we move into 2020, 2021, which...

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It’s Official: Canada’s Tallest Building is Under Construction

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

It’s Official: Canada’s Tallest Building is Under Construction

It’s tough scheduling ground breaking ceremonies for the day that ground is actually broken on a development, so today, what has been evident to us for weeks now was made official (and made more public) as Sam Mizrahi, President of Mizrahi Developments, stood upon a podium erected on the site of The One and declared it was full-steam-ahead for the skyscraping new complex. Mizrahi spoke about his intentions for the property; to create something worthy of the important location, to create...

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Affordability crisis worsens homelessness in Metro Vancouver: Report

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

Affordability crisis worsens homelessness in Metro Vancouver: Report

Metro Vancouver’s affordability crisis is driving up the number of homeless people in the region, and it’s getting worse for seniors and First Nations people, according to the latest homeless count. The 2017 count found 992 people — or 45 per cent of the total homeless population — are homeless for the first time. “We know affordable dwellings have declined within Metro Vancouver at an estimated rate of eight per cent per year since 2007,” said Mike Clay, chair of the Metro Vancouver Housing...

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Apartments and townhouses push Vancouver activity above historical averages

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

Apartments and townhouses push Vancouver activity above historical averages

Residential property sales in the Greater Vancouver area shot up by 25.2% on a year-over-year basis last month, a development that the region’s real estate board attributed to the sustained strength of the apartment and townhouse segments. In its latest report, the Real Estate Board of Greater Vancouver (REBGV) stated that the region’s September sales numbers (which totalled 2,821) were 13.1% above the 10-year sales average for that particular month. “Our detached homes market is balanced...

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Report: Renovation Investment and the Role of Vacancy Decontrol

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

Report: Renovation Investment and the Role of Vacancy Decontrol

FRPO released a second research report undertaken by Urbanation, this time focused on the importance of vacancy decontrol. The report attached is called Renovation Investment and the Role of Vacancy Decontrol. Key findings of the report include three quarters (77%) of purpose built rentals in Ontario received renovation expenditures of $5,000 or more since 2012 with a total investment of $5.2 billion as a result of vacancy decontrol. Vacancy decontrol is a key component on Ontario’s Rental...

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Kelowna to become multi-family housing hub?

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

Kelowna to become multi-family housing hub?

In its latest study, real estate team HM Commercial Group found that Kelowna is poised to distinguish itself in the B.C. housing market through its accelerated pace of building in the residential segment. “Demand for all forms of housing remains exceptionally strong and the City of Kelowna favours a policy towards densification in the urban town centres, which also bodes well for more affordable forms of multi-family development,” according to the Fall 2017 HM Commercial Report. Most notably,...

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Canadian Housing Affordability At Its Worst In 27 Years: RBC

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

Canadian Housing Affordability At Its Worst In 27 Years: RBC

Royal Bank says housing affordability in Canada hit the worst level since 1990 in the second quarter of this year. In a new report Friday, RBC Economics says its national housing affordability measure deteriorated for the eighth straight quarter. The Toronto area was the hardest hit, where RBC says affordability declined the most and hit the lowest level ever measured in the city. RBC says the Ontario government’s actions in April to cool down the housing market did not have an immediate...

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I Don’t Envy The Politician Who Tries To Sort Out Canada’s Housing Mess

Posted in Appraisal, Bylaws / Regulations, CMHC, Communications, Development, Finance, Health & Safety, Housing, Industry Trends, Legislation, Real Estate Law, Senior Housing, Student Housing, Tax Law, Tenancy Law

I Don’t Envy The Politician Who Tries To Sort Out Canada’s Housing Mess

Ensuring adequate shelter. Safeguarding homeowners’ value. Protecting the environment. I do not envy politicians. It seems like every decision our elected officials make, thousands of people immediately attack their keyboard, criticizing everything about it. Even when a politician’s choice is heavily supported, the vocal minority shouts from the rooftop that this politician doesn’t care, doesn’t understand, or is willfully ignorant of the needs of a certain subsection...

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Montreal: Canada’s next investors’ paradise

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

Montreal: Canada’s next investors’ paradise

A city of multiplexes — which continue to yield high returns for investors — Montreal’s burgeoning condo market is also attracting international attention. In particular, the southwest neighbourhoods of Griffintown and neighbouring St. Henri, the latter of which has rehabilitated its rough and tumble image through gentrification, are the surest bets, according to Fred Serrecchia, Partner, Broker of Record and Head of Real Estate at Montreal-based NestReady. “Things are changing quite rapidly,”...

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