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Average vacancy rate across Canada decreases to 2.4%

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

Average vacancy rate across Canada decreases to 2.4%

According to CMHC, the average rental vacancy rate in major centres across Canada decreased from 3.0% in October 2017 to 2.4% in October 2018. Vacancy rates declined in Quebec, Alberta, Saskatchewan and the Atlantic provinces, while increasing by various amounts in centres in Ontario, British Columbia and Manitoba. CFAA President, John Dickie, says, “Despite low vacancy rates, the turnover rates show that there is adequate access to rental housing in some form in almost all centres, but more...

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Toronto Alliance to End Homelessness

Posted in Appraisal, Bylaws / Regulations, Communications, Development, Finance, Health & Safety, Housing, Newsworthy, Real Estate Law

Toronto Alliance to End Homelessness

In November 2018, the City of Toronto released the results of its 2018 Street Needs Assessment survey.  On the night of April 26, 2018 there were 8,700 individuals and families counted as homeless and either using shelters, respite sites, 24-hour drop-ins, motels or sleeping outdoors. The Toronto Alliance to End Homelessness (TAEH) is a collective impact initiative committed to ending homelessness in Toronto.  TAEH is working with the City to rapidly find units of permanent housing and match...

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Bitter lawsuit between wealthy developers reveals delays, downsizing of Yaletown affordable housing plan was inevitable

Posted in Appraisal, Bylaws / Regulations, Communications, Development, Finance, Housing, Industry Trends, Legal, Legislation, Newsworthy, Rent Control, Tenancy Law

Bitter lawsuit between wealthy developers reveals delays, downsizing of Yaletown affordable housing plan was inevitable

Thirty years ago, a deal between the provincial government and a private developer earmarked six large lots in Yaletown for affordable housing. Several weeks ago, the city announced affordable housing would be built on just three of the lots. Two business tycoons waged a little-known and vicious battle in and out of B.C. court over six empty Yaletown lots, assessed at a pittance because for three decades they have been designated for affordable housing. The high-stakes feud quietly escalated...

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Canadian firm Brookfield in talks to invest in Dubai property developer

Posted in Communications, Finance, Newsworthy

Canadian firm Brookfield in talks to invest in Dubai property developer

Brookfield Asset Management Inc. is in early talks for an investment in Dubai property developer Meraas Holding, according to people with knowledge of the matter, in a deal that would signal a vote of confidence in the emirate’s ailing property market. The Canadian firm is weighing options that would give it control of some retail properties from Meraas, including entering into a joint venture for those developments, the people said, declining to be identified as the deliberations are...

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Happy Chanukah!

Posted in Communications, Events, Newsworthy

Happy Chanukah!

May this festival of lights bring blessings upon you and all of your loved ones for happiness and health!

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Average vacancy rate across Canada decreases to 2.4%

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

Average vacancy rate across Canada decreases to 2.4%

Average vacancy rate across Canada decreases to 2.4% According to CMHC, the average rental vacancy rate in major centres across Canada decreased from 3.0% in October 2017 to 2.4% in October 2018. Vacancy rates declined in Quebec, Alberta, Saskatchewan and the Atlantic provinces, while increasing by various amounts in centres in Ontario, British Columbia and Manitoba. CFAA President, John Dickie, says, “Despite low vacancy rates, the turnover rates show that there is adequate access to rental...

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October 2018 Rent Report

Posted in Appraisal, Bylaws / Regulations, CMHC, Communications, Development, Finance, Housing, Industry Trends, Newsworthy, Rent Control, Tenancy Law

October 2018 Rent Report

For the fifth time since mid-2017, the Bank of Canada raised interest rates, hiking the overnight rate by a quarter of a percentage point to 1.75 per cent on October 24th. Higher borrowing costs will continue to weigh on prospective first-time homebuyers, resulting in delayed buying, and increased rental demand. National Overview In October, the average rental property on Rentals.ca was listed for rent at $1,836 per month, with the median property listed for $1,700 per month. It should be...

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Vancouver project promises 6 decades of affordability

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

Vancouver project promises 6 decades of affordability

In its announcement earlier this week, the CMHC introduced the latest project to benefit from its Rental Construction Financing initiative: Conrad by Cressey Development in Vancouver. The $40.2-million investment will ensure a prolonged haven of affordability for the city’s struggling middle-class families. “Over 60% of the units will have rents at or lower than 30% of median household income in the area and, under an agreement with the City of Vancouver, this affordability will be maintained...

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Montreal’s largest mixed-use complex to arise soon

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

Montreal’s largest mixed-use complex to arise soon

Devimco Immobilier, in cooperation with the Fonds immobilier de solidarité FTQ and Fiera Properties, has announced the development of the MAESTRIA mixed-use project, which will be the largest of its kind so far in Montreal’s Quartier des spectacles. Construction of the 2 towers (51 and 53 storeys tall) will commence by the end of next year. The entire complex will offer 1,000 condo units and 500 rental spaces. Marketing of units will start on February 2019, with the spaces offered ranging from...

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GM Plans to Close Canadian Plant in Global Overhaul

Posted in Communications, Employment, Finance, Industry Trends, Newsworthy

GM Plans to Close Canadian Plant in Global Overhaul

A car plant that General Motors Co. has operated for 65 years in Canada could be on the verge of shutting down as part of what a union says will be a global overhaul of the automaker’s operations. The company will announce Monday that it’s ending production at its plant in Oshawa, Ontario, two people familiar with the plans said, speaking on condition of anonymity. Unifor, Canada’s autoworkers’ union, said it’s been told there is no car production assigned to the factory beyond next year,...

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