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Finance

Alberta’s metropolitan markets reaping the fruits of economic recovery

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

Alberta’s metropolitan markets reaping the fruits of economic recovery

Amid a gradual climb in the aftermath of the oil downturn several quarters ago, Alberta’s economy is finally giving steam to the long-struggling housing markets of Edmonton and Calgary, according to CMHC regional economist Lai Sing Louie. Edmonton has been projected to experience a 10% increase in home sales this year (up to 18,800 transactions), making it the hottest market on the Prairies. Meanwhile, Calgary’s residential sales volume was forecast to increase by 6% in 2018. These trends...

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CMHC and Stats Canada release foreign buyer numbers

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

CMHC and Stats Canada release foreign buyer numbers

They have been shouldering much of the blame for Vancouver’s and Toronto’s rapidly escalating housing prices, but foreign buyers, in fact, own less Canadian real estate than originally thought. They do, however, own more expensive abodes. CMHC and Statistics Canada just released numbers tracking non-resident ownership dating back to 2014. Beginning with the Greater Vancouver Area, 4.8% of residential properties are owned by non-residents, however, that number increases in Vancouver proper,...

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New laws and rules coming into effect in 2018 across Canada

Posted in Bylaws / Regulations, Communications, Employment, Finance, Health & Safety, Housing, Industry Trends, Legal, Legislation, Newsworthy, Tenancy Law

New laws and rules coming into effect in 2018 across Canada

A number of laws and regulations are coming into effect on Jan. 1 or later in 2018 across Canada, including marijuana legalization nationwide and higher minimum wages in Ontario and Alberta. Here are the highlights you need to know: The federal Liberals have set July, 2018 as the deadline to legalize recreational marijuana. Sales of pot will be restricted to people 18 and older, although provinces will be able to set their own minimum age requirements. Provinces are also tasked with figuring...

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Ontarians Are Quickly Losing Access To Affordable Housing

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

Ontarians Are Quickly Losing Access To Affordable Housing

Ontario’s vacancy rate is at the lowest level in 17 years, and there’s no relief for us on the horizon. It’s official. Ontario’s vacancy rate is at its lowest level in 17 years, and there’s no relief on the horizon. The most recent report by Canada Mortgage and Housing Corporation (CMHC) painted a grim picture of the province’s rental market, revealing that Ontario’s purpose-built vacancy rate dropped from 2.1 per cent to 1.6 per cent in the last year....

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The ‘Switzerland of North America’ Smashes Another Investing Record

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

The ‘Switzerland of North America’ Smashes Another Investing Record

Canadian commercial-property investment is on track to break last year’s record, according to CBRE Group Inc., driven by demand for a haven from global instability and a quest for yield. CBRE forecasts transactions topping C$40 billion (US$31 billion) for 2017, up at least 15 percent from last year’s record of C$34.7 billion, the real estate services firm said in a statement. Transactions for the fourth quarter haven’t been accounted for yet, but investments for this year through September...

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NAFTA, wage hikes and housing clouding Canada’s economic outlook for 2018

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

NAFTA, wage hikes and housing clouding Canada’s economic outlook for 2018

If you’re down on the Canadian economy heading into 2018, there is no shortage of challenges to feed your concern: NAFTA talks, housing market stress and record debt loads, to list just a few. Still, the biggest risk could be “uncertainty.” “There are plenty of risks heading into 2018, both foreign (NAFTA-related) or domestic (housing and debt), but it’s worth considering that uncertainty in-and-of-itself could be a major 2018 headwind to growth,” Frances Donald, senior economist at Manulife...

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AODA Reporting Requirements: Time Is Running Out!

Posted in Appraisal, Bylaws / Regulations, Communications, Finance, Health & Safety, Housing, Industry Trends, Insurance, Interior Building, Legislation

AODA Reporting Requirements: Time Is Running Out!

If you are a private or non-profit corporation or organization with 20+ employees, you are required to file a 2017 accessibility compliance report by December 31, 2017.  The accessibility compliance report requirement of the Accessibility for Ontarians with Disabilities Act (the “AODA”) is a method of confirming that you have met all of your current obligations under the AODA.   The Accessibility Compliance Report can be downloaded from the Central Forms Repository, which is...

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Boardwalk REIT sells 641-unit apartment portfolio for $71.65m

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

Boardwalk REIT sells 641-unit apartment portfolio for $71.65m

Boardwalk Real Estate Investment Trust announced on Wednesday the sale of a 641-unit apartment portfolio in Regina, Saskatchewan to Mainstreet Equity. The $71.65m-deal includes approximately 2 acres of residual land and a warehouse. According to Boardwalk, the figure represents a price per door of approximately $112,000 and falls in line with the fair value of the assets as recorded on Boardwalk’s balance sheet at the end of September. “The Trust had identified these assets as non-core...

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How an expected U.S. interest rate increase will affect Canadians: Don Pittis

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

How an expected U.S. interest rate increase will affect Canadians: Don Pittis

In a few hours we’ll know for sure, but it seems like a foregone conclusion that Janet Yellen will use her last monetary policy news conference as chair of the U.S. Federal Reserve to raise interest rates. And even though Bank of Canada governor Stephen Poloz decided to hold Canadian rates steady at one per cent last time around, there is no way Canadians can escape the impact of Yellen’s actions. According to most expert commentary, the biggest surprise would be if the outgoing...

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Relief for Some Landlords in the Latest Changes to the Pending CCPC Tax Reforms

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

Relief for Some Landlords in the Latest Changes to the Pending CCPC Tax Reforms

By John Dickie, President, Canadian Federation of Apartment Associations On December 13, 2017, Finance Minister Morneau released further changes to the tax reforms planned for Canadian Controlled Private Corporations (CCPCs). The latest changes will provide relief to some landlords. The federal tax reforms were first announced on July 18. After intense pressure from business people and business and professional groups, the reforms were then revised in the three announcements during the week of...

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