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Development

12-Storey Affordable Rental Proposed on Kipling in Rexdale

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

12-Storey Affordable Rental Proposed on Kipling in Rexdale

As a housing crisis grows more urgent across the region, the City of Toronto’s 2016-approved Open Door Affordable Housing Program is finally starting to net results. The program aims to incentivize affordable housing construction by providing financial contributions and tax cuts for developers. One result is a newly submitted application for an affordable housing project at 2667 Kipling Avenue, a short distance north of Finch Avenue West in Etobicoke’s Rexdale area. The property...

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Non-resident ownership and participation in B.C., Ontario & Nova Scotia

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

Non-resident ownership and participation in B.C., Ontario & Nova Scotia

The presence of non-resident owners on Canada’s housing market is a subject that continues to generate a lot of interest. Our latest Housing Market Insight (HMI) takes a new look at non-resident ownership. Using data from Statistics Canada, we look at non-resident participation in British Columbia (B.C.), Ontario and Nova Scotia. We also examine the number of owners for each residential property in the 3 provinces. What is non-resident participation? A property is classified as having...

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BUDGET 2019 INCLUDES $10B OF NEW MONEY FOR RENTAL SUPPLY

Posted in Appraisal, Bylaws / Regulations, CMHC, Communications, Development, Employment, Finance, Health & Safety, Housing, Industry Trends, Newsworthy, Real Estate Law, Tax Law

BUDGET 2019 INCLUDES $10B OF NEW MONEY FOR RENTAL SUPPLY

In Budget 2019, tabled on March 19, the federal government announced an expansion of the Rental Construction Financing Initiative (“RCFI”) from $4B to $14B, over the remaining 9 year life of the National Housing Strategy (“NHS’). In a Budget clearly meant to address the issues of Millennials, the federal government has recognized the importance of increasing rental supply at close to new market rents. Another NHS program, the National Housing Co-Investment Fund (“NHCF”), demands affordability...

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Multi-family starts predominant in the hottest markets

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

Multi-family starts predominant in the hottest markets

In recent months, more multi-family buildings were constructed than any other housing type in Canada’s hottest markets, according to a new report by the Canada Mortgage and Housing Corporation. “The national trend in housing starts resumed its downward trajectory in February while still remaining above historical average,” CMHC chief economist Bob Dugan said. The Crown corporation said that despite the nationwide housing starts trend falling to 203,554 units in February 2019 (from the 207,742...

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B.C. Building Code Adjusted Upwards To Allow 12 Storey Wood Buildings

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

B.C. Building Code Adjusted Upwards To Allow 12 Storey Wood Buildings

The height limit for wood buildings in British Columbia is rising to 12 from six storeys in a move that Premier John Horgan expects to spur development using timber and give the province a headstart on other parts of the country. B.C. is changing its building code to allow the construction of taller wood buildings as a safe, economic and environmental alternative to concrete apartments and office buildings, Horgan said Wednesday. B.C.’s building code changes come one year ahead of expected...

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PETER FOSTER: Obama just wiped his shoes on the Maple Leaf, and Canadians cheered

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

PETER FOSTER: Obama just wiped his shoes on the Maple Leaf, and Canadians cheered

What brand of sado-masochism would lead Albertans to give ‘a rock star welcome’ to the man significantly responsible for the desperate state of the Canadian oil industry? One can understand how former President Obama would be greeted enthusiastically in Vancouver, but what brand of amnesiac sado-masochism would lead Albertans to give him “a rock star’s welcome,” as Global News reported it? Perhaps the analogy would be appropriate if the rock star were, say, Neil Young, who was...

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CMHC sets target to make housing affordable for every Canadian by 2030

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

CMHC sets target to make housing affordable for every Canadian by 2030

A federal housing agency hopes to see every Canadian with an affordable home by 2030 with a plan that lays out a path of experimentation to make it happen. The Canada Mortgage and Housing Corporation says today that meeting that 2030 target will take help from governments and the economy — hence the aspirational nature of the goal. An estimated 1.6 million households are considered in “core housing need,” meaning that people live in places that are too expensive for them or that don’t meet...

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Canadian Rental Rates Rise At Fastest Pace In 30 Years

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

Canadian Rental Rates Rise At Fastest Pace In 30 Years

If you’ve been paying the bills in your household, you’ve probably noticed that some things have fallen in price (gas), and some things have been largely stable (shoes and clothing, for instance). But if you’ve been shopping around for an apartment to rent, you’ve probably experienced sticker shock. The cost of renting an apartment in Canada shot up 0.9 per cent in a single month in January, according to Statistics Canada, the fastest one-month leap in since August,...

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Where to find Ontario’s best student housing

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

Where to find Ontario’s best student housing

Few real estate investors aren’t sweet on student housing, and for good reason, but which regions in Ontario have the most to offer? The owner of Strauss Investments says cities with satellite schools are a good net because of their small but concentrated markets. “Laurier and Nipissing universities have satellites in Brantford,” said Strauss, who’s also a sales representative with Rock Star Real Estate. “In Kitchener, there’s the McMaster University Waterloo Regional Campus, and it’s its own...

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Bank of Canada’s Poloz says rate hike path ‘highly uncertain’

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

Bank of Canada’s Poloz says rate hike path ‘highly uncertain’

Bank of Canada Governor Stephen Poloz said the path toward higher interest rates is “highly uncertain” due to lingering questions around housing and investment, even as he stuck to his message that borrowing costs eventually need to head higher. Poloz defended the central bank’s five rate increases since mid-2017, and cited two reasons for why he’s been on hold since October last year: the impact of higher rates on indebted consumers; and risks to the investment outlook. “We judge that we will...

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