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Housing Market Insight: Non-individual owned real estate

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

Housing Market Insight: Non-individual owned real estate

CMHC’s latest Housing Market Insight (HMI) looks at the ownership of residential property (including vacant land) in British Columbia (B.C.), Ontario and Nova Scotia. Using data from Statistics Canada, the HMI shows, specifically, how much residential property is owned by individuals and non-individuals. Who are non-individual owners? Non-individual owners fall into separate categories according to various factors, including their legal status. They can be corporations, governments, sole...

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Luxury homeowners renting to avoid Vancouver’s EHT

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

Luxury homeowners renting to avoid Vancouver’s EHT

Students and other renters in Vancouver are able to live in luxury thanks to Vancouver’s tax on vacant homes. Rather than pay the Empty Homes Tax, some owners of high-end homes are renting out their properties according to a report by Bloomberg, especially as sales have weakened. With wealthy Chinese owners pulling back and home prices impacted by the mortgage stress test, a growing number of owners are turning to the rental market where the vacancy rate has been near-zero. It’s easy to see...

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Do residential tenants pay property tax? Of course they do

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

Do residential tenants pay property tax? Of course they do

Just about everyone believes that residential rental property owners pay the property tax as part of their operating costs. It’s a universal misperception that politicians and municipalities exploit to the detriment of landlords. Every tenant in every municipality in Ontario pays property tax as part of their rent. These property taxes are a “hidden” part of each tenant’s living expense obligation to their municipality, which provides them with education, police, fire, garbage collection,...

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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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What Jason Kenney’s UCP victory in Alberta could mean for the rest of Canada

Posted in Appointments, Communications, Finance, Industry Trends, Legislation, Newsworthy

What Jason Kenney’s UCP victory in Alberta could mean for the rest of Canada

After a bitter four-week campaign fraught with controversies and personal attacks, Jason Kenney’s United Conservative Party has unseated Rachel Notley and the NDP in Alberta’s provincial election. The UCP win marks a return to centre-right politics for Alberta after Notley disrupted 44 years of Progressive Conservative rule with her win in 2015. It also marks the first time a government has failed to win a renewed mandate in the province on its first try. Holding on to 24 seats, Alberta’s NDP...

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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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Ontario Government Lines Up New Toronto Transit Plan

Posted in Communications, Finance, Industry Trends, Newsworthy

Ontario Government Lines Up New Toronto Transit Plan

Premier Doug Ford along with some cabinet colleagues announced that the Province of Ontario would build a new rapid-transit project through central and east-end Toronto that it’s dubbing “the Ontario Line“. The proposal is the keystone of a $28.5 billion plan to expand “Ontario’s” transit network for which the province is committing $11.2 billion, and is hoping the federal and municipal governments will come on board for the rest. Three suburban York Region...

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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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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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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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