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Development

Montreal by-law mandates developers to help improve affordability

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

Montreal by-law mandates developers to help improve affordability

Montreal’s new by-law is strictly requiring property developers to help improve the availability of low-cost homes in the market. Last week, the city government unveiled its By-law for a Diverse Metropolis, which included the mandate as a prerequisite for multi-family construction permits. “To qualify for a residential construction permit, the contractor will have to enter into an agreement with the city, whereby they will contribute to increasing the supply of social, affordable and family...

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Toronto’s office spaces rapidly getting snapped up by red-hot demand

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

Toronto’s office spaces rapidly getting snapped up by red-hot demand

The pace of office development in Toronto is largely stoked by outsized appetite for the asset class, with vacancy levels at a vanishingly low 1%, according to Colliers International (Toronto) senior managing director Daniel Holmes. Currently, around 9.4 million square feet of new office projects are being built in the GTA – although it remains an open question if these supply additions can accommodate the fevered demand. “If you look at Manhattan, Chicago, Washington, San Francisco, Boston,...

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Make 20 per cent of units ‘affordable’ in larger condo projects, Victoria councillors say

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

Make 20 per cent of units ‘affordable’ in larger condo projects, Victoria councillors say

Victoria council could soon require developers to make 20 per cent of units “affordable” in larger new residential strata buildings, despite expert advice warning against the move. An analysis by Vancouver-based Coriolis Consulting said a policy requiring 10 per cent of units be affordable was all the Victoria market would bear. Anything more would make projects not viable for developers and discourage them from applying to rezone properties. A final decision won’t be made until June 27, but...

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Healthcare assets offer stable investment opportunity – analyst

Posted in Appraisal, CMHC, Communications, Development, Finance, Health & Safety, Industry Trends, Newsworthy

Healthcare assets offer stable investment opportunity – analyst

Investing in healthcare sector assets might be a potent, if unconventional, buffer against the worst effects of housing market weakness, according to The Motley Fool columnist Andrew Button. This is largely because of the industry’s evergreen nature, Button noted. “The healthcare sector is noted for its stability. In Canada, it is largely government funded, and what isn’t funded is usually covered by private insurance, which makes the healthcare industry very reliable in terms of income and,...

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Metro Vancouver’s urban enclaves promise even more investment

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

Metro Vancouver’s urban enclaves promise even more investment

Investors are gravitating towards large mixed-use developments situated near rapid transit lines in Metro Vancouver, according to a new analysis by Avison Young. The trend is being spurred on by the city’s political borders and geographic limitations – factors that have led to a consistently severe shortage of developable land. “As land prices have risen and the availability of development sites declined, investor interest has grown exponentially in the redevelopment of typical low-rise...

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Opportunities abound in Montreal multi-residential market

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

Opportunities abound in Montreal multi-residential market

Minto Apartment REIT now offers more inroads in Montreal’s thriving multi-residential market. Earlier this month, the company announced its acquisition of a 50% interest in Rockhill, a six-building multi-residential property at 4850-4874 Côte-des-Neiges Road in Montreal. “It is with great enthusiasm and pride that we are entering the strong Montreal rental market for the first time with the purchase of Rockhill,” Minto Apartment REIT CEO Michael Waters said. Built in 1967-68, the 7.6-acre...

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National Rent Rankings: Richmond Hill not far behind Vancouver

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

National Rent Rankings: Richmond Hill not far behind Vancouver

Richmond Hill is a long way from Vancouver — just not in terms of apartment rents. The average listed rent for a one-bedroom apartment in the suburb located to the north of Toronto was $1,879 in March, up 1.6 percent from the previous month, according to the latest monthly report from rentals.ca. That’s not far off prices in the notoriously expensive Vancouver market. On average, Vancouver landlords were asking $1,927 per month for available one-bedroom apartments. But it’s Toronto that was...

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Wood frame buildings could help alleviate ‘missing middle’ shortage

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

Wood frame buildings could help alleviate ‘missing middle’ shortage

Wood frame buildings are not only bringing dynamism to Ontario’s landscape, they’re being touted as a way to develop “missing middle” housing in Toronto. “Wood frame is a gentle-density option,” said Joe Vaccaro, CEO of the Ontario’s Home Builders’ Association. “It’s that missing middle piece that you can bring into the right location to help people find a home where they can work, live and play. In our mind, it’s a great option as a new supply chain. There are also lots of transit areas with...

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Positive Developments for Housing Providers on Reasonable Accommodation

Posted in Bylaws / Regulations, Communications, Development, Elevators, Escalators, Exterior Building, Fire Safety, Health & Safety, Housing, Industry Trends, Insurance, Interior Building, Legal, Legislation, Newsworthy, Tenancy Law

Positive Developments for Housing Providers on Reasonable Accommodation

Two recent decisions of the Human Rights Tribunal are instructive for those in property management with respect to the duty to accommodate.  Both cases involved physical modifications to residential complexes and include insight into: the procedural duty to accommodate; the substantive duty to accommodate; and, what is reasonable accommodation. In Polito v. Briarlane, the tenant requested accessible access to the residential complex by way of an automatic door opener on the front doors.  The...

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Canada’s First Accessibility Bill Could Become Law Next Month: Minister

Posted in Bylaws / Regulations, Communications, Development, Exterior Building, Housing, Industry Trends, Insurance, Interior Building, Legal, Legislation, Newsworthy, Real Estate Law, Suite Renovations

Canada’s First Accessibility Bill Could Become Law Next Month: Minister

The federal government will heed the calls of Canada’s disabled community and amend the country’s first piece of national accessibility legislation to include some of the changes they sought, the minister spearheading the effort said Thursday. Accessibility Minister Carla Qualtrough said the government will be adopting all the amendments the Senate introduced to Bill C-81, also known as the Accessible Canada Act, when it comes back before the House next week. Earlier this month, the upper...

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