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Housing

No blank cheque for Toronto’s housing repair backlog, new minister says

Posted in Appraisal, Bylaws / Regulations, Communications, Finance, Fire Safety, Housing, HVAC / Mechanical, Industry Trends, Interior Building, Janitorial, Legislation, Newsworthy, Restoration, Retrofit, Suite Renovations

No blank cheque for Toronto’s housing repair backlog, new minister says

MPP Peter Milczyn is a former Toronto councillor. Mayor John Tory has warned that hundreds of community housing units may because $1.73 billion in repairs are needed. Ontario will not be handing Mayor John Tory a “blank cheque” to deal with a backlog of repairs needed in crumbling Toronto Community Housing units, says the new minister of housing. The province is waiting to see Toronto’s plan to reconfigure the agency before any money is forked over, Etobicoke-Lakeshore MPP Peter Milczyn said...

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Average GTA condo rental rate hits $2,000 a month as landlords increase ahead of controls

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

Average GTA condo rental rate hits $2,000 a month as landlords increase ahead of controls

Landlords are boosting rents to try and beat new rent control rules brought in across the province in April Rental rates in Ontario soared just before the province implemented its expanded rent control rules in April, according to a report out Friday. Condominium research firm Urbanation Inc. said the 5.1-per-cent jump in rents from the first quarter to the second quarter was the largest quarterly increase on record and sent the average rent in the Greater Toronto Area condominium market to...

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Is Airbnb really stripping this many homes from Canada’s biggest rental markets?

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

Is Airbnb really stripping this many homes from Canada’s biggest rental markets?

As major Canadian housing markets like Toronto and Vancouver grapple with limited housing supply and worsening affordability, many have speculated that Airbnb may be exacerbating the issue. A new study from McGill University has quantified just how much of an impact the hugely popular short term rental platform is having on the rental housing pool in Canada’s three largest cities. The study by McGill’s School of Urban Planning found Airbnb was responsible for slashing roughly 14,000 rental...

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Realtors brace for next mortgage crackdown amid shadow banking fear

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

Realtors brace for next mortgage crackdown amid shadow banking fear

The real estate industry is “holding its breath” as regulators look to extend tough mortgage rules in the face of a sharp slowdown in the country’s largest market. Canada’s banking regulator, the Office of the Superintendent of Financial Institutions, is taking aim at the uninsured mortgage market – where homeowners make a down payment of 20 per cent or more. OSFI is proposing stringent stress tests for those borrowers, in line with what’s already happening in the insured market. The period...

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As Toronto rents near Brooklyn-level prices, tenants grow desperate

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

As Toronto rents near Brooklyn-level prices, tenants grow desperate

Apartment-seekers are driving the streets looking for rentals and creating web profiles, similar to dating bios, to attract landlords. Trying to find an apartment in Toronto is a lot like online dating, only more demoralizing. Ask Kin Lau. Normally, landlords would be swiping right on him. He’s got a perfect credit score and a good job. But last week he drove 40 minutes to check out a one-bedroom — only to discover another suitor had snapped it up first. “Do people just not go to see the place...

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Calgary growth ‘far stronger’ than expected for the first half of 2017

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

Calgary growth ‘far stronger’ than expected for the first half of 2017

Latest numbers from the Calgary Real Estate Board (CREB) revealed reliable growth in the city’s housing sales for the first half of this year, in what is appearing to be even more proof of a recovering market. On an annual basis, residential real estate sales grew by 9.24 per cent, up to 11,957 total closed transactions in that 6-month time frame. This is despite some weakness in this metric by July, with sales declining by 6.14 per cent year-over-year (down to 1,637 sales). “When we look at...

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Possible housing slowdown could trigger real estate jobs exodus

Posted in Appraisal, Communications, Development, Employment, Finance, Housing, Industry Trends, Newsworthy, Professional Services

Possible housing slowdown could trigger real estate jobs exodus

Multiple observers have warned of a performance drop for the Canadian residential real estate market looming just beyond the horizon, a development that might prompt a mass exodus among the thousands of workers (from agents and home stagers to construction workers) that have entered the sector over the past few years. In turn, this could prove to be the straw that breaks the camel’s back as the loss of a large number of skilled professionals might lead to even further industry slowdown—and an...

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Don’t Fear REITs When Rates Rise – Unless You’re in Canada

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

Don’t Fear REITs When Rates Rise – Unless You’re in Canada

Real estate investment trusts aren’t to be avoided as interest rates rise — except in Canada, where lower cash-flow growth and higher leverage make them riskier bets, according to the head of securities at a C$6.5-billion ($5.1 billion) real estate fund. “If you look at the empirical evidence, REITs actually outperform in a rising-rate environment,” Corrado Russo, global head of securities at Timbercreek Asset Management Inc., said in a phone interview. “They tend to do...

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Loonie Touches 2-Year High As Canada’s Economy Silences Doubters

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

Loonie Touches 2-Year High As Canada’s Economy Silences Doubters

We haven’t seen economic growth like this since the heady days of the dot-com boom. It might soon make sense to go cross-border shopping once again. The Canadian dollar spiked by nearly a full cent on Friday after new data showed unexpectedly strong economic growth for the month of May. The loonie touched a high of 80.55 cents U.S., its highest level in two years, after Statistics Canada reported the country’s economic output grew by 0.6 per cent in May, blowing away...

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Individual investors still own half the country’s apartments

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

Individual investors still own half the country’s apartments

The first-of-its-kind study from CMHC breaks down the rental ownership structure in Canada for what is called purpose-built apartments Individual investors own almost half of the apartment stock in the country and a new survey from Canada Mortgage and Housing Corp. shows those landlords are getting lower rental rates and dealing with higher vacancy rates. The first-of-its-kind study from the Crown corporation released Wednesday breaks down the rental ownership structure in Canada for what is...

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