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The real ‘Manhattanization’ of Toronto’s housing market

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

The real ‘Manhattanization’ of Toronto’s housing market

When people talk about the Manhattanization of Toronto, they usually mean the myriad new skyscrapers and exorbitant price points. But the term might actually have more to do with how people live than how much they pay. New York has a relatively equal measure of renters to homeowners, but in Toronto the number skews heavily in favour of the latter. Yet with escalating pricing, there’s an emergent cohort of renters that’s only expected to grow. Heidi Schweichler, a broker with REMAX West Realty,...

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Relief ahead for Vancouver’s tight housing market by late 2018, experts say

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

Relief ahead for Vancouver’s tight housing market by late 2018, experts say

The British Columbia Real Estate Association says home builders are responding to a lack of available homes by dramatically increasing multi-family housing starts. A real estate association watching Metro Vancouver’s tight and costly housing market predicts conditions should begin to ease by the third quarter of 2018. The British Columbia Real Estate Association says home builders are responding to a lack of available homes across the region by dramatically increasing multi-family housing...

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Calgary’s housing market in store for a “bumpy recovery” in 2018

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

Calgary’s housing market in store for a “bumpy recovery” in 2018

Although Calgary has emerged from its two-year economic slump, it might not be smooth sailing for the city’s housing market this year. In fact, the path to recovery is expected to be bumpy, according to the Calgary Real Estate Board’s (CREB) 2018 forecast, published today. With the market facing stricter mortgage regulations and higher interest rates, CREB predicts that these headwinds will likely offset the impact of the economy’s modest improvements this year, thereby prolonging the city’s...

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Renters pushed to the 905 as vacancies hit 16-year low: Report

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

Renters pushed to the 905 as vacancies hit 16-year low: Report

Tenants eye 905 region as average rent in downtown Toronto hits $2,392 in final quarter of 2017. The squeeze on Toronto-region rentals is approaching strangulation with a constrained supply and climbing rents. Condo rents, which rose 9 per cent across the region in the last quarter of 2017 to $2,166 on average, are pushing tenants out of the downtown and into buildings in the 905 area, according to a report from market research firm Urbanation. Its data on rentals leased through the Multiple...

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This historically affordable Canadian city is now home to the country’s fastest rising rents

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

This historically affordable Canadian city is now home to the country’s fastest rising rents

Renters looking for an affordable alternative to Toronto and Vancouver have long looked to this city for relief — but they may soon have to look elsewhere. According to rental website PadMapper, Montreal now has the fastest rising rent in Canada. In January the average rent for a one-bedroom jumped a whopping 15.9 per cent year-over-year to $1,310. The increase in price makes Montreal the city with the fourth most expensive rent in Canada, though it still falls well below the top three cities...

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The economics of developing purpose-built rental housing

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

The economics of developing purpose-built rental housing

CMHC commissioned a research project to assess the general economics of developing purpose-built rental apartment buildings in six of Canada’s major markets. These were Vancouver, Calgary, Winnipeg, Toronto, Montréal and Halifax. The project was undertaken to provide insight on current factors that can influence investors’ and developers’ decisions to fund purpose-built rental housing. To that end, the analysis used a pro forma spreadsheet tool. This tool was used to summarize the financial...

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Toronto finally has the most expensive rent in Canada

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

Toronto finally has the most expensive rent in Canada

For years, Vancouver has had the priciest rent in Canada. But according to one rental website, another city has now claimed that dubious title. According to data from Padmapper, the average rent for a one-bedroom Toronto apartment came in at a whopping $2,020 in January, edging Vancouver out of the top spot by twenty dollars. The change represents a massive 15.4 per cent year-over-year jump, as the city’s demand for rental grows ever stronger. Toronto’s apartment vacancy rate currently sits at...

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Canada’s largest generation is flocking to these cities

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

Canada’s largest generation is flocking to these cities

In its latest study, real estate portal Point2 Homes found that quality employment and housing affordability are two of the most important factors that push Canadian millennials toward certain metropolitan markets. The report added, however, that “this upbeat generation obsessed with life-work balance is looking for more than just a well-paying job and a nice house. They want engaging leisure activities, opportunities to socialize with other like-minded millennials, eco-friendly resources, and...

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Renters pushed to the 905 as vacancies hit 16-year low: Report

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

Renters pushed to the 905 as vacancies hit 16-year low: Report

Tenants eye 905 region as average rent in downtown Toronto hits $2,392 in final quarter of 2017. The squeeze on Toronto-region rentals is approaching strangulation with a constrained supply and climbing rents. Condo rents, which rose 9 per cent across the region in the last quarter of 2017 to $2,166 on average, are pushing tenants out of the downtown and into buildings in the 905 area, according to a report from market research firm Urbanation. Its data on rentals leased through the Multiple...

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One in three Canadians can’t cover bills amid ‘debt trap’: Survey

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

One in three Canadians can’t cover bills amid ‘debt trap’: Survey

One third of Canadians have stretched themselves so thin that they can no longer cover monthly bills and debt payments, according to a survey released Monday that paints a disconcerting picture of household finances in this country ahead of the Bank of Canada’s next interest rate decision. Thirty-three per cent of respondents to the MNP survey, conducted by Ipsos, admitted to being stretched beyond their means on a monthly basis, marking an eight-point increase since MNP’s last...

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