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Finance

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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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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Inflation Paves Way for More Canada Rate Hikes

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

Inflation Paves Way for More Canada Rate Hikes

Canadian government bond yields spiked and the loonie strengthened for a fourth day, as today’s economic data paves the way for another Bank of Canada interest rate hike this year. RBC’s Deputy Chief Economist Dawn Desjardins joins Bloomberg TV Canada’s Lily Jamali to discuss her outlook.  WATCH THE VIDEO: https://www.bloomberg.com/news/videos/2017-07-21/inflation-paves-way-for-more-canada-rate-hikes-video

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Toronto electricity bills highest in Canada, study finds

Posted in Communications, Finance, Housing, HVAC / Mechanical, Industry Trends, Newsworthy, Utility Management

Toronto electricity bills highest in Canada, study finds

Torontonians have the highest electricity bills in Canada, according to a new study from the Fraser Institute. On average, Toronto residents pay $201 per month – which marks an increase of about $77 over the last six years, the report says. Ottawa residents also pay a high price for electricity at an average cost of $183 per month. Other Canadian cities comparably have much lower monthly electricity bills. Montreal residents pay an average of $83, Calgary and Edmonton consumers pay $109 and...

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Data shows urban ownership purpose-built rental apartments in Canada

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

Data shows urban ownership purpose-built rental apartments in Canada

CMHC has new information regarding the ownership structure of the purpose-built rental apartment sector in Canada’s major urban markets. Highlights Roughly 90% of purpose-built rental apartment units in Canada are owned by individual investors or private corporations.  Units owned by individual investors tend to have lower rents than units owned by other types of owners; the difference is smallest in the most expensive markets. The share of foreign ownership of purpose-built rental apartments...

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The anatomy of historic housing bubbles (and how Canada’s market compares)

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

The anatomy of historic housing bubbles (and how Canada’s market compares)

DBRS has compared several housing bubbles dating back to the late ‘80s with Canada’s rapid growth in home prices and credit in recent years. The credit-rating agency’s findings suggest that even if Canada’s housing market is in a bubble, far bigger ones have existed before in terms of those two metrics. For example, the runups in Canadian home prices and household borrowing since 2012 are less rapid than in every historic example DBRS examined but one: the pre-recession US housing boom....

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New NAFTA Will Be A ‘Win, Win, Win’ Vice-President Pence Tells Governors’ Meeting

Posted in Bylaws / Regulations, Communications, Employment, Finance, Legal, Legislation, Newsworthy

New NAFTA Will Be A ‘Win, Win, Win’ Vice-President Pence Tells Governors’ Meeting

The Canadian government has gotten what it wanted during U.S. meetings this week: clear, public assurances from powerful Republican politicians that the North American Free Trade Agreement will be preserved. Those soothing messages came just days before the U.S. government is set to release its positions for NAFTA negotiations, which are scheduled to begin next month under the shadow of intermittent threats by President Donald Trump to rip up the three-country deal. Those reassurances...

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Affordable housing complex to arise in Niagara Region

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

Affordable housing complex to arise in Niagara Region

Government officials broke ground on a new affordable housing complex in St. Catharines earlier this week, heralding the commencement of an $11-million development aimed at residents currently on the region’s affordable housing waiting list. St. Catharines—which has one of the highest rates of affordable housing need in Niagara, with a waiting period of approximately 12 years for a one-bedroom unit—received the funding from the federal and provincial governments through the Investment in...

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Toronto’s housing market ‘turned on a dime,’ real estate analyst says

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

Toronto’s housing market ‘turned on a dime,’ real estate analyst says

Following the Toronto Real Estate Board’s latest data dump Thursday, one real estate analyst says we are probably witnessing the housing bubble burst. “This is just the market unwinding and correcting itself,” said John Pasalis, president at Realosophy Realty, in an interview with BNN. Pasalis said the data, which revealed a 37.3 per cent year-over-year drop in home sales in the Greater Toronto Area for the month of June, isn’t the result of Ontario’s 16-point housing plan introduced in April....

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