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Sizes of new condos in largest cities trending downward

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

Sizes of new condos in largest cities trending downward

The median sizes of new condos in Vancouver and Toronto have been on a significant downward trajectory over the last few years, according to a Better Dwelling analysis of assessments and floor area numbers from Statistics Canada. Newly built units in Vancouver are approximately 16% smaller than the city’s peak condo size, which was seen between 1971 and 1991. A unit dating from 2016 to 2017 measured 769 square feet on average, around 3.6% smaller than a unit built between 2011 and 2015. The...

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New zoning bylaw could impel unprecedented growth

Posted in Appraisal, Bylaws / Regulations, Communications, Development, Employment, Finance, Newsworthy

New zoning bylaw could impel unprecedented growth

Toronto City Council can learn a thing or two from Newmarket Council after the latter approved a new zoning bylaw for its Urban Centres neighbourhood. The Urban Centres Zoning By-law for the Yonge St. and Davis Dr. area updates regulations surrounding permitted land uses, building heights, densities and right-sizing parking, and in doing so the Town of Newmarket hopes to attract business. “This will bring in almost 20 million square feet of mixed-use space literally overnight, so you can...

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Fragile corporate debt emerges as Bank of Canada vulnerability

Posted in Bylaws / Regulations, Communications, Finance, Newsworthy

Fragile corporate debt emerges as Bank of Canada vulnerability

The Bank of Canada has added one new worry to its assessment of financial stability: corporate borrowing. Debt to income levels among Canadian non-financial corporations are “well above” historical levels and are one of the top vulnerabilities to the country’s financial system, the central bank said Thursday. As of the end of 2018, non-financial corporate debt was 315 per cent of income, the Bank of Canada said in its annual Financial System Review. In addition, the share of outstanding...

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Housing starts beat expectations, jumping 20%; condos, apartments up 30%

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

Housing starts beat expectations, jumping 20%; condos, apartments up 30%

The pace of housing starts in Canada picked up in April as they rose more than 20 per cent compared with March, fuelled by the start of work on new multi-unit projects such as condominiums, apartments and townhouses. Canada Mortgage and Housing Corp. said Wednesday the seasonally adjusted annual rate of housing starts increased to 235,460 units in April, up 22.6 per cent from 191,981 in March. Economists had expected an annual pace of 196,400, according to Thomson Reuters Eikon. Priscilla...

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Ontario and Saskatchewan premiers meeting today in Toronto

Posted in Bylaws / Regulations, Communications, Finance, Industry Trends, Legislation, Newsworthy, Utility Management

Ontario and Saskatchewan premiers meeting today in Toronto

The premiers of Ontario and Saskatchewan are set to meet in Toronto. Doug Ford and Scott Moe will meet at the Ontario legislature to discuss a variety of issues including the federal carbon tax, interprovincial trade and an upcoming meeting of Canada’s premiers. The Conservative leaders have been vocal opponents of the federal carbon tax and both launched court challenges against it last year. Last week, the Saskatchewan Court of Appeal ruled the federal government does have the...

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RioCan plans its first CMHC-backed financing for Toronto rental tower

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

RioCan plans its first CMHC-backed financing for Toronto rental tower

RioCan Real Estate Investment Trust (REI_u.TO 0.43%) is planning to tap funding backed by Canada’s housing agency for the first time to help finance a rental building in Toronto, according to its chief executive officer. Toronto-based RioCan plans to borrow about $200 million of Canada Mortgage and Housing Corp.- backed financing from a bank for their 36-story rental tower at Yonge and Eglinton, dubbed eCentral. The company, Canada’s second largest REIT by market value, is still awaiting...

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B.C. says $5B laundered in housing market, pushing prices up 5%

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

B.C. says $5B laundered in housing market, pushing prices up 5%

A report that estimates $5 billion was laundered through British Columbia’s real estate market last year also lifts the lid on the extent of illegal cash moving across Canada. Some $7.4 billion overall was laundered in B.C. in 2018, out of an estimated total of $47 billion in Canada, concluded the report by an expert panel led by former B.C. deputy attorney general Maureen Maloney. The report is one of two released Thursday and says B.C. ranks fourth for money laundering among a division...

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Canada surprises with biggest one-month jobs gain on record

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

Canada surprises with biggest one-month jobs gain on record

Canada’s economy posted record job gains in April that, along with a pick-up in wages, is the strongest signal yet the country is coming out of a six-month stint of weakness. Employment rose by 106,500 in April, Statistics Canada said Friday in Ottawa, the biggest one-month increase in data going back to 1976. That trounced the median economist forecast for a gain of 12,000 positions. The country’s jobless rate dropped to 5.7 per cent, and is hovering near four-decade lows. “As much as I try...

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Ontario Government Announced its Housing Supply Action Plan: More Homes More Choice

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

Ontario Government Announced its Housing Supply Action Plan: More Homes More Choice

The Honourable Steve Clark announced the provincial government’s Housing Supply Action Plan. The measures proposed will help get more purpose-built rental housing built in Ontario. It will reduce barriers to development by: Speeding up the development approvals process by reducing the costs of delayControlling fees and charges that must ultimately be paid by the renterUpdating policy to encourage more units in the right places, like transit hubs, and other places where density is both...

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Immigrant demand to fuel housing activity in the largest cities

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

Immigrant demand to fuel housing activity in the largest cities

Immigrants, mostly young individuals and households, will account for a significant portion of renewed housing demand in Canada’s largest cities, according to RBC Economic Research. The millennial influx will be especially important in light of the increasingly important role that the tech industry is plating in Canadian real estate. Considering the nation’s status as a world leader in innovation, a significant portion of the demographic is expected to work in the technology sector. In 2018...

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