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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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First National’s mortgage investment fund to end by December

Posted in Communications, Finance, Newsworthy, Payments Processing, Professional Services

First National’s mortgage investment fund to end by December

First National Financial announced Wednesday its mortgage investment fund will be terminated by next month. Unitholders are not required to take any action, according to the fund’s manager, Stone Asset Management. Instead, the fund will pay them a special distribution before termination. The payout will be based on the amount necessary to eliminate the fund’s liability for non-refundable income tax under the Income Tax Act. The move comes as the favourable tax treatment for the forward...

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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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40% of Canadians want Morneau out as finance minister: Survey

Posted in Communications, Finance, Newsworthy

40% of Canadians want Morneau out as finance minister: Survey

It’s gone from bad to worse for Finance Minister Bill Morneau. A new Nanos survey released Monday shows four out of every 10 Canadians want to see a new finance minister as public opinion sours over Morneau’s handling of controversial small business tax changes and the handling of his personal finances. Twenty-nine per cent said he should continue in his role, while 31 per cent are unsure. The critical stance is most pronounced in the Conservative-bastion of the prairies, where more than half...

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Federal Government must be smoking something: Provinces balk at Ottawa’s marijuana tax plan

Posted in Bylaws / Regulations, Communications, Health & Safety, Industry Trends, Legal, Legislation, Newsworthy, Tax Law

Federal Government must be smoking something: Provinces balk at Ottawa’s marijuana tax plan

Provincial leaders say they are not impressed with the federal government’s proposal to evenly split excise tax revenue from marijuana sales. They say that type of tax distribution would simply be unfair, given the extra costs provinces will end up shouldering as they prepare for the legalization of recreational cannabis in July of 2018. “The federal government must be smoking something to think it will work for the provinces,” said Alberta Finance Minister Joe Ceci, while speaking to...

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