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5 charts that put Canada’s 2017 real estate ups and downs in perspective

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

5 charts that put Canada’s 2017 real estate ups and downs in perspective

Between red hot first quarter prices and major policy bombshells like Ontario’s Fair Housing Plan, 2017 was one to remember for the Canadian housing market. It can be hard to keep track of everything that went down in the past year. To jog your memory, BuzzBuzzNews has rounded up five charts that make sense of 2017’s major real estate events. 1. The market was historically tight at the beginning of the year What’s going on here: A sales-to-new listings ratio determines how balanced a housing...

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

Posted in Appraisal, Communications, 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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Rate hike coming? Canada’s lowest unemployment rate in 41 years boosts odds

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

Rate hike coming? Canada’s lowest unemployment rate in 41 years boosts odds

Expectations that Canada’s central bank will boost interest rates later this month for the third time since July surged on Friday as the government reported jobs data significantly above analysts’ expectations. Statistics Canada on Friday reported 78,600 new positions in December, smashing analysts’ expectations of a modest 1,000 jobs gain. The jobless rate dipped to a 41-year low of 5.7 per cent. “It’s a spectacular year in terms of employment,” said...

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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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2017 Top Story: Cannabis capitalism booms in Canada

Posted in Bylaws / Regulations, Communications, Fire Safety, Health & Safety, Housing, Industry Trends, Interior Building, Legal, Legislation, Maintenance, Newsworthy, Real Estate Law, Tenancy Law

2017 Top Story: Cannabis capitalism booms in Canada

Cannabis investors had to be marathon runners to keep up with an onslaught of news in the sector this year. Developments in the last six weeks alone has been enough to leave Bay Street breathless. On the medical side, two big suppliers announced deals with Shoppers Drug Mart. Another large-cap launched a hostile half-a-billion-dollar bid for the oldest supplier in the country. On the recreational side, the Liberal government announced that 75 percent of marijuana taxes would be given to...

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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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Residential Tenancies Act amendments a potential source of claims

Posted in Bylaws / Regulations, Communications, Housing, Industry Trends, Legal, Legislation, Newsworthy, Professional Services, Real Estate Law, Tax Law, Tenancy Law

Residential Tenancies Act amendments a potential source of claims

LAWPRO is monitoring the impact of changes to the Residential Tenancies Act, 2006 introduced in April. Lawyers who represent landlords and the purchasers of rental properties will have significant responsibility for communicating the changes to their clients and for supporting compliance. The article below, prepared for us by Joe Hoffer of Cohen Highley LLP, provides a useful overview of the amendments. We will provide additional coverage, as warranted, (and including with respect to the new...

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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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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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