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CMHC

B.C. Building Code Adjusted Upwards To Allow 12 Storey Wood Buildings

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

B.C. Building Code Adjusted Upwards To Allow 12 Storey Wood Buildings

The height limit for wood buildings in British Columbia is rising to 12 from six storeys in a move that Premier John Horgan expects to spur development using timber and give the province a headstart on other parts of the country. B.C. is changing its building code to allow the construction of taller wood buildings as a safe, economic and environmental alternative to concrete apartments and office buildings, Horgan said Wednesday. B.C.’s building code changes come one year ahead of expected...

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Chinese buyers now prefer Quebec, Alberta, and Nova Scotia

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

Chinese buyers now prefer Quebec, Alberta, and Nova Scotia

Real estate markets in Quebec, Alberta, and Nova Scotia are becoming increasingly popular among Chinese property buyers and investors, according to a new analysis by Juwai.com. “The Chinese buyer boom in Montreal began earlier and is larger than in other second-tier cities. However, some smaller markets saw bigger Chinese buyer booms on a relative basis during 2018,” Juwai.com CEO and Director Carrie Law said. All in all, Chinese-home buying intentions across Canada went up by 8% annually in...

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CMHC sets target to make housing affordable for every Canadian by 2030

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

CMHC sets target to make housing affordable for every Canadian by 2030

A federal housing agency hopes to see every Canadian with an affordable home by 2030 with a plan that lays out a path of experimentation to make it happen. The Canada Mortgage and Housing Corporation says today that meeting that 2030 target will take help from governments and the economy — hence the aspirational nature of the goal. An estimated 1.6 million households are considered in “core housing need,” meaning that people live in places that are too expensive for them or that don’t meet...

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Canadian Rental Rates Rise At Fastest Pace In 30 Years

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

Canadian Rental Rates Rise At Fastest Pace In 30 Years

If you’ve been paying the bills in your household, you’ve probably noticed that some things have fallen in price (gas), and some things have been largely stable (shoes and clothing, for instance). But if you’ve been shopping around for an apartment to rent, you’ve probably experienced sticker shock. The cost of renting an apartment in Canada shot up 0.9 per cent in a single month in January, according to Statistics Canada, the fastest one-month leap in since August,...

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The Bank of Canada might not be done hiking just yet

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

The Bank of Canada might not be done hiking just yet

Investors wagering that the Bank of Canada is ready to throw in the towel on its tightening cycle are setting themselves up for disappointment, say market strategists at some of the country’s biggest banks. As policy makers around the world pivot toward a more dovish interest-rate outlook, front-end traders are betting Canadian officials are set to follow suit and forgo raising rates again until at least 2020. Yet analysts at firms including TD Securities and Scotiabank disagree, arguing that...

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Surplus federal properties earmarked for affordable housing

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

Surplus federal properties earmarked for affordable housing

Communities in Ontario, Quebec, and Newfoundland will be among the first to see surplus federal properties repurposed into new affordable housing. A competitive process for five properties located across three provinces has begun accepting proposals from housing developers to create affordable, sustainable, accessible and socially inclusive housing. The Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development and  Minister Responsible for Canada Mortgage and Housing...

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Unaffordable Housing Is Hurting Canada’s Job Market

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

Unaffordable Housing Is Hurting Canada’s Job Market

A lack of affordable housing is holding back worker mobility, the Bank of Canada says. A top-ranking official with Canada’s central bank suggests high housing costs are holding the country’s labour market back. Bank of Canada senior deputy governor Carolyn A. Wilkins says investing in employees through training and education, for example, is one way to boost the labour market — but it isn’t the only approach needed. The availability of affordable housing plays an important...

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New supply should be for all, not just the top tier

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

New supply should be for all, not just the top tier

Much attention has been devoted to the feverish pace of housing construction nationwide, although whether this has successfully addressed the problem of supply remains an open question. However, a recent study published by the Housing Policy Debate journal argued that these inventory injections have in the past few years tended towards being valued at market prices, a fact that will still exclude a considerable number of would-be buyers. The report stressed that governments at all levels...

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Canadian companies bet on rentals amid record immigration

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

Canadian companies bet on rentals amid record immigration

Bentall Kennedy LP, the real estate arm of insurer Sun Life Financial Inc., is boosting its exposure to rental apartments as immigration in Canada’s biggest city booms. The Toronto-based firm, which managed $22 billion of assets in Canada as of September, plans to increase multi-residential investments to about 15 per cent of its portfolio from below 10 per cent, according to Doug Poutasse, head of strategy and research at Bentall. The “Canadian economy peaked but it is not necessarily coming...

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Rental market braces for influx of tenants

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

Rental market braces for influx of tenants

Rising interest rates and strict mortgage qualification resulted in fewer Canadians seeking homeownership than rental accommodations last year, and 2019 will bring more of the same. “It’s going to continue,” said Marcus & Millichap’s Vice President and Broker of Record Mark Paterson. “People will continue renting rather than dealing with residential mortgages. The rental market right now can barely keep up with the vacancy rate in Toronto, for example, being around 1%.” Competition for...

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