Average payments on new mortgages climbing faster than inflation, CMHC says
Canada’s federal housing agency says the average scheduled monthly mortgage payment for new loans climbed to $1,328 in the fourth quarter of 2016, up 4.6 per cent from $1,269 a year ago. The increase came as house prices continued to rise, particularly in the cities of Toronto and Vancouver and their surrounding areas. Canada Mortgage and Housing Corp. says the fact that the average scheduled monthly payment is growing faster than inflation is concerning because it suggests that homeowners...
read moreNon-profit collab inaugurates new seniors’ residence complex
Two non-profit entities have entered into a partnership and launched a new purpose-built community in downtown Toronto, in a bid to improve the supply of residential units catering to the needs of Canada’s elderly. Charity corporation The Reikai Centres and non-profit developer Options for Homes have announced their collaboration aimed at providing more long-term care space for Canadian seniors. The newest Community Hub on the north-west corner of Front and Cherry Street marked the first in...
read more‘Horrible feeling’: Economist warns more housing measures would be disastrous
After several big policy moves aimed at cooling Canadian real estate, a prominent housing bear says he can’t shake the “horrible feeling” that any further steps will lead to disaster. In the almost 12 months since Finance Minister Bill Morneau announced his working group on housing, Ottawa has made it harder for Canadians to get an insured mortgage through more stringent stress tests. In the meantime, B.C. and Ontario have pulled policy levers – most notably taking aim at foreign investors...
read moreUnleash the Power of Video Marketing
The capabilities of video in multifamily marketing stand alone as one of the most powerful tools for you and your community. While high-quality photographs continue to be an important aspect of the community evaluation process, the quick, informative nature of video has become increasingly popular among prospective renters. As a property manager, you must take advantage of video in your marketing strategy to effectively communicate with today’s consumers. Proper use of video marketing requires...
read moreRising debt, sizzling housing markets leave economy more vulnerable: Bank of Canada
As household debt levels continue to climb and housing markets remain hot, the central bank warned that Canada’s weak spots have widened. The country’s financial system has become increasingly exposed to economic shocks amid the continued rise of household debt and still-scorching housing prices in major markets, the Bank of Canada said Thursday. But even as the central bank warned the country’s most significant weak spots have widened, governor Stephen Poloz offered words aimed at reassuring...
read moreStarlight Investments to infuse new supply into Ontario apartment market
A Toronto-based real estate investment and asset management company has announced the closure of a forward purchase of 283 apartment units in two newly constructed residential buildings in Ontario. Starlight Investments, which currently manages $7 billion of multi-residential and commercial properties across Canada and the United States, stated that it has acquired the units situated at Sally Creek in 325 Lakeview Drive, Woodstock, Ontario and at Paisley Square in 1042 Paisley Road, Guelph,...
read moreGMBREB: Montreal residential property market boosted by condo activity
The outsized performance of Montreal’s condo market has led to a record number of homes being sold in the area last month, according to the Greater Montreal Real Estate Board. 5,057 residential properties were sold in May, a new high for that month and up 15 per cent year-over-year. The surge came amid concerns that a foreign buyers’ tax in Toronto could be having a spillover effect on Canada’s second-largest city, The Canadian Press reported. Real estate market observers have offered...
read moreCanada defies expectations with 54,500 new jobs in ‘Memorable May’
Canada’s labour market was surprisingly strong last month, when 77,000 full-time positions were created. As a result of the full-time work, Statistics Canada says 54,500 net new jobs were gained overall — far more than expected. “Canada has now generated 185,000 full-time jobs through the first five months of 2017, far exceeding the 73,500 created all of last year … on track, actually, for the best year since the tech boom of 1999!,” wrote Gluskin Sheff Economist David...
read moreCanada posts largest trade surplus with U.S. since May 2014
With U.S. trade tension already running high, the latest data from Statistics Canada might be putting an even bigger target on Ottawa’s back. Canadian exports to the United States reached a record $36.1 billion in April, according to data released by the national statistics agency on Friday. Top shipments included cars, natural gas and softwood lumber, which has emerged as a major sticking point in cross-border relations. Thanks to those export gains, Canada’s trade surplus with the U.S....
read moreNational Report: Vacancy rate in seniors’ residences drops in key regions
The vacancy rate for seniors’ residences decreased modestly over the past year in Quebec, Ontario and British Columbia, according to the regional Seniors’ Housing Reports released by Canada Mortgage and Housing Corporation (CMHC). Highlights Quebec The vacancy rate in standard spaces dropped to 6.2% in 2017 from 6.8% in 2016 while that of non-standard spaces also dropped to 5.0% from 5.5% over the same period. The capture rate dipped slightly to 17.9%. The average rent for standard spaces...
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