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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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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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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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Removing rent control on new units won’t ease Toronto’s housing crisis, tenant and housing experts say

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

Removing rent control on new units won’t ease Toronto’s housing crisis, tenant and housing experts say

The Ontario government’s removal of rent controls on new, previously unoccupied rental units will mean higher housing costs in the future but won’t do much to relieve Toronto’s historically low vacancy rate, at least in the near term, say tenant and housing experts. Starting immediately, rent control rules will no longer apply to buildings and flats being rented for the first time, the Progressive Conservative government announced in an economic statement on Thursday. “Everybody who’s an...

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Canada vs. USA: Which Housing Market Has It Worse?

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

Canada vs. USA: Which Housing Market Has It Worse?

A decade has passed since the collapse of Lehman Brothers, the largest bankruptcy case in history, which fueled the global financial crisis of 2008-2009. We investigated how the housing markets have changed these past 10 years in two of the world’s most influential nations, Canada and the U.S. Our researchers examined the real estate metrics from 2008 and 2018 and put together a side-by-side comparison to determine which country has it worse. . Here are a few takeaways that you might want to...

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These 5 Canadian cities have the fastest rising rents in the country

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

These 5 Canadian cities have the fastest rising rents in the country

Toronto has claimed the title of highest rent in the country for the past few months, but other Canadian cities have seen rents rise at a steeper rate, according to a new report from rental listings site PadMapper. While the average rent for a Toronto one-bedroom apartment sat at $2,200 last month, the city saw a 14 per cent year-over-year price appreciation, a slower rate than five other Canadian cities. In fact, the city with the fastest rising year-over-year rent in September was Windsor....

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Rental Rates In Canada: Ontario Cities Soar By Double Digits As Vancouver Cools Off

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

Rental Rates In Canada: Ontario Cities Soar By Double Digits As Vancouver Cools Off

Ontarians struggling with rising living costs will find little encouragement in the latest rental rates report from rental site Padmapper. Advertised rates for apartments in Toronto have jumped by double digits over the past year, with one-bedroom apartments averaging $2,200 in Padmapper’s September report, up 14 per cent in a year. Two-bedrooms are up 15.6 per cent, to $2,820 on average. Strong rental rate inflation was also seen across many of the Ontario cities covered in the survey,...

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B.C. Renters Face Biggest Rate Hikes In A Decade

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

B.C. Renters Face Biggest Rate Hikes In A Decade

An extra $1,080 a year on a median one-bedroom apartment in Vancouver. The B.C. government has released its 2019 rental guidelines dictating exactly how much landlords can hike the rent by, and tenants may want to brace themselves. The maximum allowable rental increase for 2019 is 4.5 per cent, up from this year’s cap of four per cent and the biggest allowable increase since 2004, when hikes were limited at 4.6 per cent. The rental increase is based on the provincial government’s...

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