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Rent Control

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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Census data sheds light on rental supply

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

Census data sheds light on rental supply

This week’s census data revealed Canadians’ changing living habits – and the trickle-down effect that’s affecting the rental market and its existing stock in Toronto. Only 50.2% of Millenials own their own homes, compared with 56% of boomers who owned when they were that age, according to the Census. However, Phil Soper, president and CEO of Royal LePage referred CREW to a summer study the organization commissioned on peak Millenials (aged 25 to 30) that found 87% believed homeownership was a...

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This Toronto building shows why developers are converting rentals to condos

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

This Toronto building shows why developers are converting rentals to condos

This week, a major new development’s condo units sold out, just days after they went on sale. But those same units had originally been designated as rental, before the new rent control legislation led the developers to have a change of heart. On Tuesday, RioCan and Allied Properties announced that the condo units at the downtown Toronto King Portland Centre — 133 units which went on sale just a few days before, on October 14 — where substantially sold out. “The strong response to the sales...

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Bidding wars on the rise: Rental Market set for turbulence

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

Bidding wars on the rise: Rental Market set for turbulence

Competition in Toronto’s condo rental market has become so fierce that bidding wars are on the rise. “Competition amongst renters [for condo rentals] is going to remain pretty intense, and there’s not going to be a lot of availability,” said Urbanation’s Vice President, Shaun Hildebrand. “Rentals will have multiple bidders on them and the situation won’t correct itself any time soon. We will need more supply in the marketplace through higher condo completions as we move into 2020, 2021, which...

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Affordability crisis worsens homelessness in Metro Vancouver: Report

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

Affordability crisis worsens homelessness in Metro Vancouver: Report

Metro Vancouver’s affordability crisis is driving up the number of homeless people in the region, and it’s getting worse for seniors and First Nations people, according to the latest homeless count. The 2017 count found 992 people — or 45 per cent of the total homeless population — are homeless for the first time. “We know affordable dwellings have declined within Metro Vancouver at an estimated rate of eight per cent per year since 2007,” said Mike Clay, chair of the Metro Vancouver Housing...

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Report: Renovation Investment and the Role of Vacancy Decontrol

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

Report: Renovation Investment and the Role of Vacancy Decontrol

FRPO released a second research report undertaken by Urbanation, this time focused on the importance of vacancy decontrol. The report attached is called Renovation Investment and the Role of Vacancy Decontrol. Key findings of the report include three quarters (77%) of purpose built rentals in Ontario received renovation expenditures of $5,000 or more since 2012 with a total investment of $5.2 billion as a result of vacancy decontrol. Vacancy decontrol is a key component on Ontario’s Rental...

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Average GTA condo rental rate hits $2,000 a month as landlords increase ahead of controls

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

Average GTA condo rental rate hits $2,000 a month as landlords increase ahead of controls

Landlords are boosting rents to try and beat new rent control rules brought in across the province in April Rental rates in Ontario soared just before the province implemented its expanded rent control rules in April, according to a report out Friday. Condominium research firm Urbanation Inc. said the 5.1-per-cent jump in rents from the first quarter to the second quarter was the largest quarterly increase on record and sent the average rent in the Greater Toronto Area condominium market to...

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As Toronto rents near Brooklyn-level prices, tenants grow desperate

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

As Toronto rents near Brooklyn-level prices, tenants grow desperate

Apartment-seekers are driving the streets looking for rentals and creating web profiles, similar to dating bios, to attract landlords. Trying to find an apartment in Toronto is a lot like online dating, only more demoralizing. Ask Kin Lau. Normally, landlords would be swiping right on him. He’s got a perfect credit score and a good job. But last week he drove 40 minutes to check out a one-bedroom — only to discover another suitor had snapped it up first. “Do people just not go to see the place...

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Developers call for changes to Ontario rent-control measures

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

Developers call for changes to Ontario rent-control measures

Property developers in Ontario are calling for changes to rent-control measures announced by the province in April, saying they are too harsh and are already causing builders to cancel apartment construction projects. Jim Murphy, chief executive officer of the Federation of Rental-housing Providers of Ontario, said representatives of his industry have met with Ontario government officials to urge them to remove rent controls on buildings constructed in the future while maintaining the limits...

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2018 Annual Rent Increase Guideline

Posted in Bylaws / Regulations, CMHC, Communications, Housing, Industry Trends, Legislation, Newsworthy, Rent Control

2018 Annual Rent Increase Guideline

Today the Ontario Ministry of Housing announced that the 2018 annual rent increase guideline will be 1.8%, an increase from the current rate of 1.5%. Click here to read the Ministry of Housing news release.  The rent increase guideline is the maximum landlords can raise a tenant’s rent without approval of the Landlord and Tenant Board, and applies to rent increases between January 1 and December 31, 2018.  The guideline calculation is set out in legislation, and is based on the Ontario...

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