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Annual pace of housing starts picked up in October, topped expectations

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

Annual pace of housing starts picked up in October, topped expectations

An increase in multi-unit projects such as condominiums, apartments and townhouses helped push the annual pace of housing starts in October higher, Canada Mortgage and Housing Corp. said Thursday. The housing agency said the seasonally adjusted annual rate of housing starts last month came in at 205,925 units, up from 189,730 in September. Economists had expected an annual rate of 200,000, according to Thomson Reuters Eikon. CMHC said the six-month moving average of the monthly seasonally...

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Toronto’s housing market sees a shift to mid-rise development

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

Toronto’s housing market sees a shift to mid-rise development

There’s a subtle shift under way in the Greater Toronto Area’s presale condominium market in 2018: As developers are launching fewer towering projects designed to woo investors, they are finding there’s still a strong market for people looking to pay a little more money for a larger, family-friendly unit in neighbourhoods outside the downtown core. In 2017, developers set records for launching projects and units: 105 projects comprising 32,813 units were presold, compared with 2016’s 81...

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Calgary has a problem, and it’s building too much housing: report

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

Calgary has a problem, and it’s building too much housing: report

Canada’s national housing agency has released its latest quarterly evaluation of Calgary’s market, and it has again flagged a major vulnerability: overbuilding. According to the Canada Mortgage and Housing Corporation (CMHC), there was strong evidence in Calgary of overbuilding during the second quarter of the year, and the issue was not limited to condos. “A substantial number of purpose-built apartment and condominium units are under construction, posing a risk of rising inventory,...

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‘We have to be careful’: CIBC’s Tal warns Poloz on 3% interest rates

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

‘We have to be careful’: CIBC’s Tal warns Poloz on 3% interest rates

Bank of Canada Governor Stephen Poloz may want Canadians to prepare for three per cent interest rates as the new normal, but one economist is warning that the economy may not be ready. In a testimony before MPs on Tuesday in Ottawa, Poloz said the current benchmark interest rate is still too stimulative for the improved economy, and reiterated that it will rise to what the bank considers its neutral range of between 2.5 and 3.5 per cent. But Benjamin Tal, deputy chief economist with CIBC World...

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Canada vs. USA: Which Housing Market Has It Worse?

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

Canada vs. USA: Which Housing Market Has It Worse?

A decade has passed since the collapse of Lehman Brothers, the largest bankruptcy case in history, which fueled the global financial crisis of 2008-2009. We investigated how the housing markets have changed these past 10 years in two of the world’s most influential nations, Canada and the U.S. Our researchers examined the real estate metrics from 2008 and 2018 and put together a side-by-side comparison to determine which country has it worse. . Here are a few takeaways that you might want to...

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Montreal: Immigrant and Identifiable Non-Resident Buyers

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

Montreal: Immigrant and Identifiable Non-Resident Buyers

Home purchases by non-resident buyers have been drawing attention lately. Most of the discussion has centered on the Vancouver and Toronto markets. However, since Montréal is also a major urban center in Canada, it is also important to continue to monitor the situation of non-resident buyers on the Montréal housing market. In our latest Housing Market Insight for Montréal, we update data from our previous report (September 2017) to see what the latest trends are so far in 2018. We also suggest...

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Vancouver condo prices are falling. So why are developers launching more condos this fall?

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

Vancouver condo prices are falling. So why are developers launching more condos this fall?

Despite declining prices, developers have ramped up condo launches in Vancouver this fall, according to real estate marketing and analysis firm MLA Canada. This month has seen developers bring more than 2,300 new condo units to market across Greater Vancouver and the Fraser Valley, surpassing MLA’s earlier forecast of 2,086 units and 17 projects. It was the busiest month of the year for launches. In October 2017, a little more than 1,600 pre-sale units were released, by MLA’s count. The annual...

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Bank of Canada likely to raise rates despite soft data: Economists

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

Bank of Canada likely to raise rates despite soft data: Economists

There is little doubt the Bank of Canada will raise interest rates next week, despite a pair of soft economic reports Friday, as the overall economy remains strong and the weight of trade uncertainty has finally been lifted, according to some analysts and economists. “I don’t believe that this is going to materially change the Bank of Canada’s longer term perspective, that this is an economy operating at capacity and that normalization of interest rates is required,” Frances Donald, head of...

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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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