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Development

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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Developers building more condos than ever before

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

Developers building more condos than ever before

Canadian real estate developers are on a tear, starting construction on a record number of multiple-unit projects. A November surge in everything from semi-detached homes to condos has brought the number of housing starts over the past 12 months to the highest on record in data going back to 1959, according to figures released Friday by the Canada Mortgage and Housing Corp. The jump surprised policy makers and analysts particularly given the softening that has taken place in the Toronto resale...

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How a zoning bylaw could transform 500 apartment sites across the city

Posted in Appraisal, Bylaws / Regulations, Communications, Development, Exterior Building, Finance, Health & Safety, Housing, Industry Trends, Legislation, Newsworthy, Recreational

How a zoning bylaw could transform 500 apartment sites across the city

Sabina Ali has seen what can happen when high-rise communities are transformed into community hubs. As chair of the Thorncliffe Park Women’s Committee, she helped revitalize the tower-heavy East York neighbourhood’s local park and playground from a sub-par gathering space into a hot spot with new swings, a splash pad, and a tandoor oven. But doing so, Ali said, meant navigating city hall — a tricky process. Now, she’s among the many Toronto residents hoping a new zoning...

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New initiative to boost purpose built rental development

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

New initiative to boost purpose built rental development

Ontario is encouraging developers to build purpose-built rental housing by offering millions in rebates. The province is offering rebates for development charges on new, purpose built rental housing, it announced Wednesday. “We believe everyone deserves a place they can call home. Building more rental housing not only helps individuals and families find places to live, it creates strong, vibrant communities,” Peter Milczyn, Minister of Housing and Minister Responsible for the Poverty Reduction...

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Rental vacancy rates lowest in 16 years

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

Rental vacancy rates lowest in 16 years

National Vacancy rate decreases to 3.0% According to CMHC, the average rental vacancy rate in major centres across Canada decreased from 3.4% in October 2016 to 3.0% in October 2017. Vacancy rates remain low in Ontario and BC, and elevated in Alberta and Saskatchewan. CFAA President, John Dickie, says, “Despite low vacancy rates in Ontario and BC, the turnover and availability rates show that there is adequate access to rental housing in some form in almost all centres.” New rental supply in...

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A cooling housing market won’t stop BC from dominating economic growth in Canada in 2018

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

A cooling housing market won’t stop BC from dominating economic growth in Canada in 2018

BC is poised to lead the nation in economic growth next year, despite an anticipated pullback in the province’s housing sector, says the Conference Board of Canada. In 2018, BC is expected to experience real GDP growth of 2.7 per cent, down from the 3.2 per cent growth level predicted for this year, according to the organization’s Autumn 2017 Provincial outlook, published today. “We have economic growth slowing in British Columbia but it’s still going to be quite strong relative to what we...

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Ontario Municipal Board Reform Update

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

Ontario Municipal Board Reform Update

Earlier this year the province introduced Bill 139. This legislation provides for significant amendments to Ontario’s land use planning system including the replacement of the Ontario Municipal Board (OMB) with a new body, known as the Land Planning Appeal Tribunal (the “LPAT”).  Bill 139 recently passed 2nd Reading in the legislature, and looks to be made into law before the holiday break. For more background on Bill 139 and its Implications click here.  To view how the Planning Approvals...

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Why rent control is a false cure for housing shortages

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

Why rent control is a false cure for housing shortages

Rent controls and stabilization are supposed to improve the lives of renters. They seldom do. Still, from New York to Toronto, such restrictions are politicians’ favoured response to housing shortages and affordability concerns. The Ontario Liberals followed that mantra in April when they restricted the annual rent increases for existing tenants to a maximum of 2.5 per cent. Ontario Premier Kathleen Wynne claimed such measures were needed to cool rents and house prices. Six months later, the...

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Landlords hold all the cards in the rental market

Posted in Appraisal, Development, Finance, Housing, Industry Trends, Marketing, Newsworthy, Rent Control, Tenancy Law

Landlords hold all the cards in the rental market

Toronto’s low vacancy rate coupled with its rental supply shortage has resulted in bidding wars, and landlords are taking full advantage to squeeze every last penny out of their investments. Potential tenants typically have to present landlords with financial statements, letters of employment, and references, but as many desperate Torontonians are finding out, that’s no longer sufficient. “Nowadays with such fierce competition, we’re seeing a lot more added to the rental package that’s being...

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National Housing Strategy a major step in the right direction

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

National Housing Strategy a major step in the right direction

The Canadian Federation of Apartment Associations (CFAA) applauds the federal government’s plan to improve support for low-income renters in the National Housing Strategy (NHS). In particular, CFAA applauds the plan to create a new portable housing benefit for some low-income renters in the private rental housing market, which is to be called the Canada Housing Benefit. CFAA commends the federal government for adding a portable housing benefit as a necessary pillar in its policy to reduce...

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