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Housing need stable in Canada, 1.7 million Canadian households affected

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

Housing need stable in Canada, 1.7 million Canadian households affected

The Canada Mortgage and Housing Corporation, in collaboration with Statistics Canada, is releasing today the core housing need figures from the 2016 Census. Data indicate that the proportion of Canadian households in housing need has remained stable since 2006. In 2016, the rate of core housing need in Canada stood at 12.7%, representing 1.7M households. Statistics Canada’s data tables on core housing need Core housing need is the indicator used in Canada1 to identify households not living in,...

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Vancouver Bans Some Short-Term AirBnB Rentals

Posted in Appraisal, Bylaws / Regulations, Communications, Finance, Health & Safety, Housing, Industry Trends, Insurance, Legal, Legislation, Newsworthy, Real Estate Law

Vancouver Bans Some Short-Term AirBnB Rentals

Vancouver has banned owners of basement suites and laneway houses from listing them on Airbnb after a heated debate in which some city councillors warned that homeowners would not be able to pay their mortgages without the extra income. City council approved new regulations in a 7-4 vote Tuesday for vacation websites such as Airbnb and Expedia. The rules prohibit hosts from listing homes that are not their principal residence, including any secondary suites on their property. Mayor Gregor...

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Commuting time is the key for young professionals

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

Commuting time is the key for young professionals

Distance to the job is the top factor in where Toronto’s talented young workers choose to live. When it comes to choosing where they live, it’s all about the journey to work for the Toronto region’s young professionals. They ranked commute times ahead of proximity to other amenities and even above the cost of living when it comes to deciding where they will buy or rent a home. Seventy-six per cent of respondents to a survey for the Toronto Region Board of Trade said their...

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Ontario’s Fair Housing Plan: New rules for buying a property with a tenant

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

Ontario’s Fair Housing Plan: New rules for buying a property with a tenant

If you’re interested in buying a property, but it has a tenant, make sure to extend the closing date because the required notice days in Ontario have now doubled in length. In the past, only 30 days written notice was required to terminate a tenancy. Now it’s 60. Another glitch: the date the tenancy ends must coincide with the end of term or rent period. This could result in a full year passing before your client can move in. For example, if the tenant’s lease ends Dec. 1, 2018, your...

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EPIC 2017: A huge success!

Posted in Bylaws / Regulations, CMHC, Communications, Development, Elevators, Events, Finance, Housing, HVAC / Mechanical, Industry Trends, Insurance, Interior Building, Legislation, Maintenance, Newsworthy, Professional Services, Rebates, Restoration, Retrofit, Roofing, Suite Renovations, Technology, Utility Management

EPIC 2017: A huge success!

On Monday November 6th 2017 our industry was witness to the highly successful, informative, new and innovative show that brought LCD’s, Owners and trades together for a true insight on how to take advantage of industry incentive programs. RHB Magazine was the media sponsor of Energy Programs and Incentives Conference (EPIC) 2017, which showcases active energy programs within the City of Toronto, in addition to rebates and incentives that help building owners and managers, as well as engineers...

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CMHC partners to improve housing data in Canada

Posted in Appraisal, Bylaws / Regulations, CMHC, Communications, Condo Conversions, Development, Finance, Housing, Industry Trends, Insurance, Legislation, Newsworthy, Professional Services, Real Estate Law

CMHC partners to improve housing data in Canada

At Canada Mortgage and Housing Corporation (CMHC), we see ourselves as Canada’s authority on housing. If we don’t have the answers or expertise in-house, we can tell you who does. That’s part of being a trusted source of information on housing. Being an authority means that we continuously work to maintain the data, tools and partnerships we need to have a complete picture of Canada’s housing markets. It also means that we need to identify the data gaps that stand in the way of bringing that...

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Toronto’s vacancy rate at a 15-year low, experts call for purpose-built rental

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

Toronto’s vacancy rate at a 15-year low, experts call for purpose-built rental

Toronto is seriously lacking in purpose-built rental, according to Scotiabank Senior Economist Adrienne Warren. “For a large cohort of millennials establishing their own households, renting may be the only option if they choose to reside in Canada’s highest-cost urban centres,” writes Warren in a recent note. “In Toronto, the vacancy rate for purpose-built rentals fell to 1.4 per cent last year, the lowest level in 15 years.” The number of Canadian households choosing to rent has risen by...

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Census data sheds light on rental supply

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

Census data sheds light on rental supply

This week’s census data revealed Canadians’ changing living habits – and the trickle-down effect that’s affecting the rental market and its existing stock in Toronto. Only 50.2% of Millenials own their own homes, compared with 56% of boomers who owned when they were that age, according to the Census. However, Phil Soper, president and CEO of Royal LePage referred CREW to a summer study the organization commissioned on peak Millenials (aged 25 to 30) that found 87% believed homeownership was a...

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Rolling Out Legal Weed Comes With a High Price Tag for Canada

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

Rolling Out Legal Weed Comes With a High Price Tag for Canada

Enforcing Canada’s new legalized marijuana comes with a high price tag. The federal government will spend C$546 million ($426 million) over the next five years to implement its new cannabis laws, according to the latest budget forecast. Agencies such as Heath Canada and the Royal Canadian Mounted Police will receive a portion of the funds to license, inspect and enforce the new rules. A “cost recovery scheme” will also be implemented to reduce the overall spending on the initiative, according...

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This Toronto building shows why developers are converting rentals to condos

Posted in Appraisal, Bylaws / Regulations, CMHC, Communications, Condo Conversions, Development, Finance, Housing, Industry Trends, Legislation, Newsworthy, Real Estate Law, Rent Control

This Toronto building shows why developers are converting rentals to condos

This week, a major new development’s condo units sold out, just days after they went on sale. But those same units had originally been designated as rental, before the new rent control legislation led the developers to have a change of heart. On Tuesday, RioCan and Allied Properties announced that the condo units at the downtown Toronto King Portland Centre — 133 units which went on sale just a few days before, on October 14 — where substantially sold out. “The strong response to the sales...

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