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Development

Average GTA condo rental rate hits $2,000 a month as landlords increase ahead of controls

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

Average GTA condo rental rate hits $2,000 a month as landlords increase ahead of controls

Landlords are boosting rents to try and beat new rent control rules brought in across the province in April Rental rates in Ontario soared just before the province implemented its expanded rent control rules in April, according to a report out Friday. Condominium research firm Urbanation Inc. said the 5.1-per-cent jump in rents from the first quarter to the second quarter was the largest quarterly increase on record and sent the average rent in the Greater Toronto Area condominium market to...

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Realtors brace for next mortgage crackdown amid shadow banking fear

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

Realtors brace for next mortgage crackdown amid shadow banking fear

The real estate industry is “holding its breath” as regulators look to extend tough mortgage rules in the face of a sharp slowdown in the country’s largest market. Canada’s banking regulator, the Office of the Superintendent of Financial Institutions, is taking aim at the uninsured mortgage market – where homeowners make a down payment of 20 per cent or more. OSFI is proposing stringent stress tests for those borrowers, in line with what’s already happening in the insured market. The period...

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Calgary growth ‘far stronger’ than expected for the first half of 2017

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

Calgary growth ‘far stronger’ than expected for the first half of 2017

Latest numbers from the Calgary Real Estate Board (CREB) revealed reliable growth in the city’s housing sales for the first half of this year, in what is appearing to be even more proof of a recovering market. On an annual basis, residential real estate sales grew by 9.24 per cent, up to 11,957 total closed transactions in that 6-month time frame. This is despite some weakness in this metric by July, with sales declining by 6.14 per cent year-over-year (down to 1,637 sales). “When we look at...

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Possible housing slowdown could trigger real estate jobs exodus

Posted in Appraisal, Communications, Development, Employment, Finance, Housing, Industry Trends, Newsworthy, Professional Services

Possible housing slowdown could trigger real estate jobs exodus

Multiple observers have warned of a performance drop for the Canadian residential real estate market looming just beyond the horizon, a development that might prompt a mass exodus among the thousands of workers (from agents and home stagers to construction workers) that have entered the sector over the past few years. In turn, this could prove to be the straw that breaks the camel’s back as the loss of a large number of skilled professionals might lead to even further industry slowdown—and an...

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Individual investors still own half the country’s apartments

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

Individual investors still own half the country’s apartments

The first-of-its-kind study from CMHC breaks down the rental ownership structure in Canada for what is called purpose-built apartments Individual investors own almost half of the apartment stock in the country and a new survey from Canada Mortgage and Housing Corp. shows those landlords are getting lower rental rates and dealing with higher vacancy rates. The first-of-its-kind study from the Crown corporation released Wednesday breaks down the rental ownership structure in Canada for what is...

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Ontario to roll out new rules for condo boards

Posted in Appraisal, Bylaws / Regulations, Communications, Development, Health & Safety, Housing, Industry Trends, Legal, Legislation, Maintenance, Newsworthy

Ontario to roll out new rules for condo boards

Condo dwellers who want to sit on their building’s board will be required to be trained in the management and operation. Ontario’s 1.6 million condo dwellers will be able to take disputes to a tribunal under new provincial rules that include mandatory training for condo directors and licensing for building managers. Until now, condo owners and corporations had to hire a private mediator or go through the courts to pursue issues ranging from noisy neighbours to corporate record access. It’s an...

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CMHC and housing co-ops tussle over low-income families

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

CMHC and housing co-ops tussle over low-income families

The Canada Mortgage and Housing Corp. has responded to three Ontario housing co-ops’ refusal to comply with the former’s alleged demands to cancel assistance to low-income members. In a statement sent to MBN, CMHC said that it remains “committed to families like those at the Quarry, Chadwick Towers and Spruce Courts co-ops.” “We have supported them with 5.5 million in subsidies over the last 7 years and have helped them for more than 40 years,” CMHC added. “We recognize that a home is the...

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Alberta Is About to Be Canada’s Fastest Growing Economy Again

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

Alberta Is About to Be Canada’s Fastest Growing Economy Again

Alberta’s economy is more than just back on its feet, it’s about to run faster than any other region in Canada. Gross domestic product in the western province will rise by 2.9 percent this year, according to a Bloomberg survey of economists, up from an April estimate of 2.5 percent. That matches forecasts for neighboring British Columbia, and in 2018 Alberta comes out on top with a 2.4 percent expansion that would be tops among Canada’s 10 provinces. It’s a huge comeback from Alberta’s last...

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Lifetime Developments and INK Entertainment host media preview at Bisha Hotel and Residences in downtown Toronto

Posted in Communications, Development, Housing, Industry Trends

Lifetime Developments and INK Entertainment host media preview at Bisha Hotel and Residences in downtown Toronto

A new luxury lifestyle hotel brand is coming this summer to downtown Toronto. Bisha Hotel and Residences is a joint partnership between Toronto-based Lifetime Developments and INK Entertainment, Canada’s leading lifestyle and entertainment company. The 44-storey mixed-use tower will house 96 hotel rooms, 355 residential units, several restaurants and cafes and a plethora of luxurious amenities. Last night BuzzBuzzNews got a sneak peek at the sleek interior spaces and exquisite rooftop terrace...

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Developers call for changes to Ontario rent-control measures

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

Developers call for changes to Ontario rent-control measures

Property developers in Ontario are calling for changes to rent-control measures announced by the province in April, saying they are too harsh and are already causing builders to cancel apartment construction projects. Jim Murphy, chief executive officer of the Federation of Rental-housing Providers of Ontario, said representatives of his industry have met with Ontario government officials to urge them to remove rent controls on buildings constructed in the future while maintaining the limits...

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