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Rental Completions Reach 25-Year High in Q1-2019

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

Rental Completions Reach 25-Year High in Q1-2019

Milder Rent Growth Emerges as Supply Increases The number of purpose-built rental apartments that began occupancy in the GTA in Q1-2019 reached a more than 25-year high of 1,849 units, which was nearly five times greater than the quarterly average since Q1-2016 and represented significant growth considering only 13,520 units have been built since 2005. Demand for the newly completed rental buildings was strong, with several projects leasing close to half of their units by the end of the...

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The new Liberal strategy: turn into Conservatives

Posted in Communications, Finance, Housing, Legislation, Newsworthy, Tax Law

The new Liberal strategy: turn into Conservatives

Andrew MacDougall: The Liberals’ about-face on refugees, hidden away in an omnibus bill, saws at a pillar of their core identity, to say nothing of their brand promise. Hark! Word comes from Ottawa of the vaunted channel change from SNC-Lavalin! With everyone busy rubbernecking the multi-car, highway-closing SNC-Lavalin pile up, Finance Minister Bill Morneau went ahead and tabled his budget implementation bill. And buried in that 392-page (!) behemoth was a change to the Immigration and...

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Even more new condo projects are stalling all over the Vancouver area

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

Even more new condo projects are stalling all over the Vancouver area

Lower Mainland condos are stuck in neutral. Earlier this year, researchers at MLA Advisory predicted BC developers would hold off on launching some Metro Vancouver and Fraser Valley condo projects until the market recovers. In the first quarter, developers brought 2,950 new units to market, down 40 percent from the 4,825 condos launched same time last year, according to MLA Advisory, the research branch of condo-marketing firm MLA. “The first quarter of 2019 saw a number of project delays as...

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Novelty units reap premium rents

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

Novelty units reap premium rents

Toronto, with its myriad condominiums, is short on a very particular kind of layout that could yield incredible returns for investors—that is, if they’re lucky enough to find one of these units. Units with two master bedrooms could reap premium rents for investors because no longer will the tenant with the larger bedroom carry the larger share of the monthly rent. “These units have tremendous potential because, very often, if you’re an investor and your unit has a typical layout, one of the...

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Toronto Skyline Evolution: Video Shows How City Is Transforming Amid Skyscraper Boom

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

Toronto Skyline Evolution: Video Shows How City Is Transforming Amid Skyscraper Boom

Torontonians probably don’t need another ego boost, but here’s one anyway: The high-rise construction boom in Canada’s largest city is set to continue, and promises to reshape the city’s appearance in the coming years. Using data from the Skyscraper Center database, real estate site Point2 Homes estimates that there are currently 81 skyscrapers either under construction or in the planning phase around Toronto. That would be more than double the current tally. The city...

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Park Hyatt makeover includes revamped rooftop bar, luxury rental apartments

Posted in Communications, Condo Conversions, Development, Finance, Housing, Industry Trends

Park Hyatt makeover includes revamped rooftop bar, luxury rental apartments

Oxford Properties has torn the wrapping off the design of its Park Hyatt hotel makeover revealing what it calls an artistic homage to Canada that includes the preservation of the brick and limestone facade on all sides of the landmark south tower at Avenue Rd. and Bloor St. When it reopens about a year from now, that building will house 65 luxury one- and two-bedroom rental apartments, including five penthouse suites, known as The Residences at Two Avenue Road. It will connect to the 219-room...

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Almost half of Montreal’s renters live alone – CMHC

Posted in CMHC, Communications, Housing, Industry Trends, Newsworthy

Almost half of Montreal’s renters live alone – CMHC

A study from the Canada Mortgage and Housing Corporation (CMHC) revealed that nearly half (45%) of Greater Montréal area households are renters – and that many of them live alone. According to the CMHC’s Housing Market Insight report, 48% of renter households in the Montréal were people living alone. The report also found that about 35% of all renter households had incomes below $30,000, before taxes. Households with incomes above $100,000 accounted for only 5% to 8% of renters in most sectors...

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Starlight acquires 45 buildings in less than 60 days

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

Starlight acquires 45 buildings in less than 60 days

Starlight Investments is a privately held Toronto-based, full service, multi-family and commercial real estate investment and asset management company driven by an experienced team of over 150 professionals. The company currently manages over $9.0 billion of direct real estate as well as real estate investment securities. Investment vehicles include institutional joint ventures, True North Commercial REIT, Starlight U.S. Multi-Family Funds and Starlight Capital Funds. Starlight Investment’s...

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Gardening greens up multi-family architecture

Posted in Exterior Building, Housing, Industry Trends, Newsworthy

Gardening greens up multi-family architecture

As the price of produce continues to edge upwards and the stresses of everyday life nudge people toward nature, more homeowners are donning gardening gloves, cultivating a sunny, earth-filled spot and conjuring up some homegrown fresh goodness. “You don’t need to have a giant backyard to be successful,” says gardening guru and HGTV’s Home to Win host Carson Arthur. “You can grow fresh food anywhere,” he says. In fact that is the gist of his recently released new book, Vegetables, Chickens...

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Vancouver city council to consider removing developer incentives for new rental housing

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

Vancouver city council to consider removing developer incentives for new rental housing

COPE councillor Jean Swanson has submitted a motion for consideration to “suspend, as soon as possible,” the development cost levy waiver private developers are provided for building market rental housing, until a review of Rental 100 is completed. She is requesting city staff to explore ways to use the municipality’s new rental-only zoning powers to incentivize new rental housing that “truly meets the needs of low and middle-income renters” and “stop incentivizing demovictions by excluding...

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