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Finance

Hot real estate heats up apartment market to heights not seen in 30 years

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

Hot real estate heats up apartment market to heights not seen in 30 years

Story by: Garry Marr How hot is the residential housing market? Well, for the first time in decades, developers are considering building rental housing because they can actually make money — buoyed by consumers priced out of becoming homeowners. In Toronto’s red-hot housing market, where January prices across existing homes climbed 22.6 per cent from a year ago, consumers have been flooding back to apartments where the vacancy rate was already just 1.3 per cent, according to a Canada Mortgage...

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Ontario puts foreign buyers’ tax back on the table as hot housing market raises alarms

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

Ontario puts foreign buyers’ tax back on the table as hot housing market raises alarms

A year ago, Ontario’s finance minister said ‘Let market forces prevail’, but now after an almost 30% hike in GTA prices, fears of a housing bubble are sinking in. A foreign buyers’ tax is back on the table in Ontario, with the finance minister saying it’s one possible option he’s looking at to cool the housing market. The average price of homes sold in the Greater Toronto Area last month rose 27.7 per cent over last year, and the average price of a detached home in Toronto is now more than...

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Saskatoon apartment vacancy reaches record levels

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

Saskatoon apartment vacancy reaches record levels

Figures from the Canada Mortgage and Housing Corp. showed that the vacancy rate in Saskatoon’s roughly 13,500 apartments has breached the 10.3 per cent mark as of last November, representing an unprecedented increase from the 6.5 per cent in the same month in 2015. These numbers sit far beyond the CMHC’s 5 per cent ideal, Saskatoon StarPhoenix reported. And Colliers International managing director Tom McClocklin argued that the actual vacancy rate has grown to even higher levels (as much as 16...

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Alberta budget 2017-18: What to expect

Posted in Appraisal, Bylaws / Regulations, Communications, Development, Finance

Alberta budget 2017-18: What to expect

This week, Albertans will get a look at the NDP government’s fiscal and capital plans for the year ahead, as well as an outlook for the province’s economy. Finance Minister Joe Ceci will release the budget on Thursday, March 16. And there’s a chance some will be disappointed. “I expect to see another large deficit forecast for 2017-18,” says Ron Kneebone, a director with the University of Calgary’s school of Public Policy. “This will be justified as...

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Toronto Mayor Tory denies Hydro One is in talks to buy Toronto Hydro

Posted in Communications, Finance, Newsworthy, Utility Management

Toronto Mayor Tory denies Hydro One is in talks to buy Toronto Hydro

Story by: John Tilak, Reuters Toronto Mayor John Tory denied Hydro One Ltd is in talks to buy municipal electricity distributor Toronto Hydro Corp for about $3 billion. “I can confirm that no discussions are taking place with respect to the sale of Toronto Hydro to anyone,” Tory said in an emailed statement. Reports of the sale surfaced Friday. Reuters sources report the city of Toronto is exploring options to finance various infrastructure projects. The two companies have been in...

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Dreaded rent increase in Canada: what you need to know

Posted in CMHC, Communications, Finance, Housing, Industry Trends, Legislation, Newsworthy, Tenancy Law

Dreaded rent increase in Canada: what you need to know

Here is a national look at rent control rates, implications and required tenant proceedings. British Columbia Landlords must use the official “Notice of Rent Increase” form and give their tenant three months’ notice to increase rent. BC has rent control and the allowable increase for 2017 is 3.7 per cent. Alberta Landlords may increase rent if there hasn’t been an increase in the last 365 days or since the start of the tenancy, whichever is later. Written notice must be given and the time...

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Rent control loophole blamed for rising condo rents

Posted in Appraisal, Bylaws / Regulations, CMHC, Communications, Finance, Housing, Newsworthy, Tenancy Law

Rent control loophole blamed for rising condo rents

By SUSAN PIGG Business ReporterLESLEY CIARULA TAYLOR News reporter Tenant advocates call for controls on rent increases for newer condo and apartment buildings The Ontario government needs to close a loophole that has created a “two-tiered system of renters” — an increasing number of them in new downtown condos where some landlords are jacking up rents as a form of economic eviction, says the head of the Federation of Metro Tenants’ Associations. The federation has had numerous calls from...

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Open Door Affordable Housing Program

Posted in Communications, Development, Finance, Health & Safety, Housing, Legislation

Open Door Affordable Housing Program

Toronto City Council approved the Open Door Affordable Housing Program in 2016 to accelerate affordable housing construction by providing City financial contributions including capital funding and fees and property tax relief, fast-tracking planning approvals, and activating surplus public land. Open Door is designed to assist in achieving the goals of the City’s Housing Opportunities Toronto: An Affordable Housing Action Plan 2010-2020 (HOT). HOT sets targets of 1,000 new affordable...

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NAFTA Renegotiation May Be ‘Rough’ For Canada: Mulroney

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

NAFTA Renegotiation May Be ‘Rough’ For Canada: Mulroney

TORONTO — Former prime minister Brian Mulroney says the federal government may face a “rough negotiation” when it comes to NAFTA, but he believes Canada will nonetheless emerge with strong ties to the U.S. and Mexico. Speaking before the Canadian Council for the Americas, Mulroney said U.S. President Donald Trump may be unorthodox, but he’s smart and disciplined and will surprise many. Mulroney, who has been friends with Trump for years, said he felt Canada’s case...

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One-quarter of Vancouver homes could be torn down by 2030 because of rising land costs, study warns

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

One-quarter of Vancouver homes could be torn down by 2030 because of rising land costs, study warns

Stoey by: Joanne Lee-Young, Postmedia News About a quarter of single-family, detached homes in Vancouver are at risk of being torn down between now and 2030 due to rising land costs, predicts University of B.C. architecture professor Joseph Dahmen. He developed the “teardown index,” which compares the value of a residence to the value of the overall property, also known as its relative building value (RBV). The lower this RBV, the more likely a house will be torn down and replaced by a new...

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