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Finance

Average Toronto condo rent creeps past $2,000 for the first time

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

Average Toronto condo rent creeps past $2,000 for the first time

Story by: Josh Sherman  |  BuzzBuzzHome Toronto renters and homebuyers in the city have at least one thing in common: both groups are facing blistering markets that have never been so expensive. The GTA-wide average home price broke the $1-million barrier for the first time ever last month, and today, real estate consulting firm Urbanation says average condo rent hit an all-time in this year’s third quarter. The average rent for a condo unit in the GTA was $2.71 per square foot — or $1,986 for...

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MPAC Multi-residential assessments coming out this week!

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

MPAC Multi-residential assessments coming out this week!

Out with the old and in with the new, sounds great but the devil is always in the details. As most Ontario multi-residential owners know the Municipal Property Assessment Corporation (MPAC), is mailing out Property Assessment Notices. These notices are leaving some scratching their heads and others trying to figure out the logic in the numbers.  Industry experts don’t agree with MPAC’s newly adopted calculation or procedure and are bracing for a surge in assessment increases and property...

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Calgary Office Vacancy Rate To Smash Record Set During 1980s Recession

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

Calgary Office Vacancy Rate To Smash Record Set During 1980s Recession

Story by: The Huffington Post Alberta  |  By Jesse Ferreras If you’re looking for some spooky Halloween fun in Calgary, you might consider visiting its downtown office towers. The city’s downtown had a record-high vacancy rate of 22.1 per cent in the third quarter, according to a recent report by Barclay Street Real Estate. That’s a 0.9 per cent increase from the second quarter, beating the 22 per cent record set during a recession in the 1980s. And office vacancies are only...

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CMHC data shows foreign buyers have almost disappeared from Vancouver market

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

CMHC data shows foreign buyers have almost disappeared from Vancouver market

Foreign buyers dropped to one per cent of the Vancouver resale market after being as high as 19 per cent, according to a new report from Canada Mortgage and Housing Corp. The Ottawa-based Crown corporation’s British Columbia office cautions that it’s “too early” to determine the long-term or even mid-term impact of the provincial government decision to slap a 15 per cent additional property transfer tax on foreigners, but its data does show the impact of overseas buyers was blunted after...

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Mortgage rules: What do the changes mean?

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

Mortgage rules: What do the changes mean?

Story by: CTVNews.ca The federal government is instituting significant changes to Canada’s mortgage rules aimed at ensuring homeowners will survive an increase in interest rates. A major shift in mortgage rules means that Canadians taking on loans to buy homes may not qualify to borrow as much as they previously could. The rules announced by federal Finance Minister Bill Morneau are aimed at making sure homebuyers aren’t taking on mortgages they can’t afford if interest rates rise. The...

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Canadian Wages Are Growing Slower Than They Have In 5 Years: StatsCan

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

Canadian Wages Are Growing Slower Than They Have In 5 Years: StatsCan

Story by: The Huffington Post Canada  |  By Jesse Ferreras Weekly Canadian wages are growing slower than they have in half a decade, according to Statistics Canada. On Thursday, the agency said average weekly earnings in July were $955 — down 0.2 per cent from the previous month and up only 0.1 per cent from a year earlier. StatsCan also said weekly wages have stayed roughly around the same level for the past two years. But they stand in stark contrast to bigger gains witnessed from 2011 to...

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Finance Minister Morneau reportedly set to close tax loophole for foreign homebuyers

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

Finance Minister Morneau reportedly set to close tax loophole for foreign homebuyers

Story by: Ethan Lou, Reuters Finance Minister Bill Morneau will make an announcement on Monday on the country’s housing market, a government official familiar with the matter said. The official, who spoke on condition of anonymity due to not being authorized to talk to media, did not disclose further details. The Globe and Mail newspaper, citing an unnamed government source, said Morneau will unveil new measures aimed at slowing the flood of foreign money pouring into overheated housing...

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RioCan to invest $1.3B in revamping properties as M&As take a backseat

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

RioCan to invest $1.3B in revamping properties as M&As take a backseat

Canada’s RioCan Real Estate Investment Trust is looking to invest about $1.3 billion over the next five years in the development and redevelopment of properties in urban markets, its top executive said this week. With the pace of rental rate growth slowing and its acquisition strategy taking a backseat, Canada’s biggest REIT has been looking for new ways to expand. RioCan owns about 300 properties across Canada, and its biggest tenants include Loblaw, Canadian Tire, Wal Mart and Cineplex....

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Why Torontonians will have to buy into the idea of renting

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

Why Torontonians will have to buy into the idea of renting

Egged on by low interest rates, Torontonians have been slow to give up their homeownership aspirations, but like it or not, the GTA is approaching a scenario in which more people will become long-term renters, says one economist. “In a normal situation, when you’re in an affordability crisis, the market will adjust,” says Benjamin Tal, CIBC’s deputy chief economist, in an interview with BuzzBuzzNews. “One of the adjustments would be an increased propensity to rent, but it’s really not...

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Vancouver Tax on Empty Homes to Target Near-Zero Rental Supply

Posted in Appraisal, Bylaws / Regulations, Communications, Finance, Housing, Industry Trends, Legal, Legislation, Real Estate Law, Tax Law

Vancouver Tax on Empty Homes to Target Near-Zero Rental Supply

Story by: Natalie Obiko Pearson Vancouver, suffering from a near-zero supply of homes available for rent, plans to slap investors sitting on vacant properties with a new tax in an effort to make housing more accessible in Canada’s most-expensive property market. The levy, which would start in January, may be as high as 2 percent of the property’s assessed value, Kathleen Llewellyn-Thomas, the city’s general manager of community services, told reporters Wednesday. That would mean a minimum...

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