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Condo Conversions

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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Can marijuana dispensaries enhance home values?

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

Can marijuana dispensaries enhance home values?

A report last week shed light on the surprisingly positive impact marijuana dispensaries have had on Denver, Colo. properties, raising their values US$27,000. But as Canada prepares for the legalization of pot, will dispensaries have the same effect on real estate in the Great White North? Christopher Alexander, executive vice president and regional director of REMAX Integra, thinks they will. For one, he expects crime rates to drop—provided the government doesn’t overprice the...

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Is rent control making Toronto’s vacancy squeeze worse?

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

Is rent control making Toronto’s vacancy squeeze worse?

There are other business complications in developing rentals that would loosen the vacancy squeeze. If developers were allowed to add 10 floors to every building proposal this year, there would be thousands of new rental units on the market in a short time, says Joseph Feldman, director of development for Camrost Felcorp. “Ten storeys — that takes an extra 10 weeks on the construction cycle. A new 10-storey building takes a couple of years,” he said. “By just allowing a couple more floors, the...

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CMHC partners to improve housing data in Canada

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

CMHC partners to improve housing data in Canada

At Canada Mortgage and Housing Corporation (CMHC), we see ourselves as Canada’s authority on housing. If we don’t have the answers or expertise in-house, we can tell you who does. That’s part of being a trusted source of information on housing. Being an authority means that we continuously work to maintain the data, tools and partnerships we need to have a complete picture of Canada’s housing markets. It also means that we need to identify the data gaps that stand in the way of bringing that...

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This Toronto building shows why developers are converting rentals to condos

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

This Toronto building shows why developers are converting rentals to condos

This week, a major new development’s condo units sold out, just days after they went on sale. But those same units had originally been designated as rental, before the new rent control legislation led the developers to have a change of heart. On Tuesday, RioCan and Allied Properties announced that the condo units at the downtown Toronto King Portland Centre — 133 units which went on sale just a few days before, on October 14 — where substantially sold out. “The strong response to the sales...

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Building New Rentals Can Help Ontario Kick Its Housing Crisis

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

Building New Rentals Can Help Ontario Kick Its Housing Crisis

by Jim Murphy President, Federation of Rental Housing Providers of Ontario Failure to do so will put more pressures on vacancy rates and continue to inflate housing prices while squeezing new entrants out of the market. With housing prices and apartment rents at an all-time high, Ontario is facing a housing affordability and supply challenge that’s left many people unable to find affordable housing options in its biggest cities. Even with a fall back in the market over the past few...

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Is Airbnb really stripping this many homes from Canada’s biggest rental markets?

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

Is Airbnb really stripping this many homes from Canada’s biggest rental markets?

As major Canadian housing markets like Toronto and Vancouver grapple with limited housing supply and worsening affordability, many have speculated that Airbnb may be exacerbating the issue. A new study from McGill University has quantified just how much of an impact the hugely popular short term rental platform is having on the rental housing pool in Canada’s three largest cities. The study by McGill’s School of Urban Planning found Airbnb was responsible for slashing roughly 14,000 rental...

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Converting an old factory into new affordable housing

Posted in CMHC, Communications, Condo Conversions, Development, Finance, Housing, Newsworthy, Retrofit

Converting an old factory into new affordable housing

A former factory building that closed in 1990 has reopened in 2015 as a new, bright and comfortable 54-unit residence. Managed by Indwell, a local charity, Harvey Woods Lofts provides affordable housing and a measure of independence to low-income residents living with mental illnesses or other disabilities, who require housing with supports. For residents like Dennis, the new housing is helping him to create a better life. “I was homeless, sometimes crashing on people’s couches, sometimes on...

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Cracking down on Airbnb

Posted in Bylaws / Regulations, Communications, Condo Conversions, Finance, Housing, Industry Trends, Insurance, Legislation, Newsworthy, Real Estate Law, Tenancy Law

Cracking down on Airbnb

Story by: Justin da Rosa Condo managers are already cracking down on Airbnb rentals prior to the expected regulation in Toronto. The city is currently reviewing the impact short-term rentals such as Airbnb have on Toronto real estate, with an eye on regulating that increasingly lucrative investment option. It released a report earlier this about the growing influence of the home-sharing program and claimed it is currently researching key issues, consulting with key stakeholders and will...

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