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Canadian Home Construction Takes A Plunge In The Middle Of A Population Boom

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

Canadian Home Construction Takes A Plunge In The Middle Of A Population Boom

Canada’s housing market slowdown, which began with a drop in sales, is now spreading to home construction. Housing starts in Canada have fallen steeply in recent months as the country’s developers react to a slowdown sales brought on by rising interest rates, tough new mortgage rules and historically poor levels of home affordability. But the timing is wrong: Population growth has accelerated, and we may now not be seeing enough construction to keep up with demand. The number of...

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High-rise condo developments lose steam in 2018, amid demand for mid-rise projects: Urbanation

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

High-rise condo developments lose steam in 2018, amid demand for mid-rise projects: Urbanation

The GTA new condo market was dominated by a wave of high-rise launches in 2017. But this year, towering condo projects may be replaced with some more modest counterparts, according to a new report from Urbanation. There were just 27 launches of condo projects taller than 12 storeys in the first half of 2018, a 34 per cent drop from the 41 projects that launched during the same period in 2017. Meanwhile, there were 15 launches of mid-rise buildings under 12 storeys, down just slightly from...

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Vancouver Takes Step Towards Densification, Allows Duplexes In Single Family Home Areas

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

Vancouver Takes Step Towards Densification, Allows Duplexes In Single Family Home Areas

Mayor Gregor Roberts says it isn’t a “silver bullet” that will solve the housing crisis — but it’s an “important” change. Vancouver councillors have ended two days of public hearings by voting to allow duplexes in most city neighbourhoods currently restricted to single-family homes. Mayor Gregor Robertson says the decision is another step toward adding homes in the city for the so-called “missing middle,” which includes young families pushed out...

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Rental Rates In Canada: Ontario Cities Soar By Double Digits As Vancouver Cools Off

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

Rental Rates In Canada: Ontario Cities Soar By Double Digits As Vancouver Cools Off

Ontarians struggling with rising living costs will find little encouragement in the latest rental rates report from rental site Padmapper. Advertised rates for apartments in Toronto have jumped by double digits over the past year, with one-bedroom apartments averaging $2,200 in Padmapper’s September report, up 14 per cent in a year. Two-bedrooms are up 15.6 per cent, to $2,820 on average. Strong rental rate inflation was also seen across many of the Ontario cities covered in the survey,...

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Don’t blame real estate investors for rental market woes

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

Don’t blame real estate investors for rental market woes

Haider-Moranis Bulletin: A deep-dive into Toronto housing data should dispel some myths that have fuelled disdain for investors who make renting possible. 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...

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Condo buyers call for better protections as second major Vaughan condo project killed

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

Condo buyers call for better protections as second major Vaughan condo project killed

There are growing calls for stronger homebuyer protections in the wake of a second major condo cancellation at the Vaughan Metropolitan Centre, this time affecting buyers of 1,633 units in the sold-out Icona buildings that were launched between January and March last year. The project by the Gupta Group at Highway 7 and Edgeley Blvd. was supposed to include the tallest condo in Vaughan at 55 storeys. But this week, the developer sent cancellation letters dated Sept. 14, citing “circumstances...

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B.C. Renters Face Biggest Rate Hikes In A Decade

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

B.C. Renters Face Biggest Rate Hikes In A Decade

An extra $1,080 a year on a median one-bedroom apartment in Vancouver. The B.C. government has released its 2019 rental guidelines dictating exactly how much landlords can hike the rent by, and tenants may want to brace themselves. The maximum allowable rental increase for 2019 is 4.5 per cent, up from this year’s cap of four per cent and the biggest allowable increase since 2004, when hikes were limited at 4.6 per cent. The rental increase is based on the provincial government’s...

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Belleville: Housing Crisis Main Theme of Mayoral All-Candidates

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

Belleville: Housing Crisis Main Theme of Mayoral All-Candidates

Belleville Mayoral candidates will face residential landlords in the Quinte region at an upcoming all candidates meeting. The Quinte Region Landlord Association is hosting a Belleville mayoral all candidates meeting on Monday September 24 6:30pm in Belleville. The main theme of the meeting will be the local housing crisis and how landlords are being handcuffed by government policy to improve the situation. “We have a lot of upset members who would like to ask about key municipal issues which...

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Rent control is doing little to curb Toronto’s soaring rents

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

Rent control is doing little to curb Toronto’s soaring rents

Do stricter rent control laws slow the increase in residential rents? Housing advocates and left-leaning governments believe they do. However, recent data from Ontario appears to offer further proof that this is not the case. In April 2017, Ontario’s then-Liberal government introduced the Rental Fairness Act, which expanded rent control to all private rental units. The Act restricted rent increases to 1.5 per cent in 2017 and introduced additional provisions to protect tenants from being...

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Bank of Canada holds interest rate at 1.5% amid NAFTA negotiations

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

Bank of Canada holds interest rate at 1.5% amid NAFTA negotiations

Bank of Canada Governor Stephen Poloz held borrowing costs steady Wednesday as policy makers await the outcome of NAFTA negotiations, but reiterated “gradual” hikes will eventually be warranted because the economy is at capacity. The Ottawa-based central bank left its overnight benchmark interest rate unchanged at 1.5 per cent on Wednesday, as expected by 20 of 21 economists in a Bloomberg survey, after raising a quarter percentage point at its last decision in July. The statement introduces...

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