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Rental Rates

RENT CONTROL IS NOT THE ANSWER

Posted in Newsworthy, Rent Control, Rental Rates

RENT CONTROL IS NOT THE ANSWER

Halifax is booming, which is a blessing and a curse. Even before the pandemic, population growth was straining the housing supply. I’ve lost count of the number of times I’ve heard “vacancy rates on the peninsula are less than one per cent.” Understandably, many Halifax residents are concerned and feeling the stress of high and increasing rents. Calls for rent control are getting louder and gaining traction. Last week, two Liberal Party leadership candidates in Nova Scotia, Labi Kousoulis and...

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IT’S PAST TIME TO IMPROVE RENTAL MARKET DATA REPORTING

Posted in CMHC, Coronavirus, Industry Trends, Newsworthy, Rental Rates, Vacancy Rates

IT’S PAST TIME TO IMPROVE RENTAL MARKET DATA REPORTING

A long time ago when the Earth was green, Canada Mortgage and Housing Corp. (CMHC) provided twice-annual rental market reports for cities across Canada. They didn’t come often enough, but it certainly beat the annual reports landlords, tenants, policymakers and housing authorities must now rely on. CMHC, let us note, is a federal Crown corporation providing mortgage insurance and various real estate market reports to the public. It does manage to keep a close monthly eye on housing starts and...

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LARGE MULTI-FAMILY PORTFOLIOS LISTED IN VANCOUVER

Posted in Coronavirus, Industry Trends, Newsworthy, Rental Rates, Vacancy Rates

LARGE MULTI-FAMILY PORTFOLIOS LISTED IN VANCOUVER

For decades Vancouver had the highest rents and the lowest vacancy rates in Canada, creating a multi-family mega-market that turned small landlords into paper millionaires and attracted and entrenched some of the biggest players in the business. But the pandemic has hardened anti-landlord legislation and honed the razor-thin margins in a city now characterized by soaring costs and restricted incomes. B.C. rent increases have been frozen since March and are expected to remain locked until the...

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INFLUX OF SUPPLY LIKELY TO PUSH DOWN PRICES, RENTS IN MONTREAL

Posted in CMHC, Coronavirus, Industry Trends, Newsworthy, Rental Rates, Vacancy Rates

INFLUX OF SUPPLY LIKELY TO PUSH DOWN PRICES, RENTS IN MONTREAL

The steady increase in Montreal’s housing supply since the coronavirus outbreak took hold earlier this year will likely reduce pressure on prices and rents, according to Canada Mortgage and Housing Corporation. “Since the pandemic started, the number of units for sale or for rent has increased in some of Montreal’s more central sectors, providing more choice for Montreal households,” said Francis Cortellino, economist at CMHC’s Market Insights unit. “On the rental side, supply appears to have...

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A FIX FOR TORONTO’S HOUSING CRISIS COULD BE HIDING IN PLAIN SIGHT

Posted in Affordable Housing, Housing, Industry Trends, Newsworthy, Rental Rates, Vacancy Rates

A FIX FOR TORONTO’S HOUSING CRISIS COULD BE HIDING IN PLAIN SIGHT

Across Toronto and the wider region, up to 176,000 new units could be added to rental sites to meet crushing demand. These 950 infill sites are already purchased and zoned — there is simply room and an opportunity to add more. A recent rental market study projects a shortage of up to 200,000 rental units in the Toronto and the Greater Hamilton Area (GTHA) within a decade, a trend that has been pushing vacancies low and prices high. But with a global pandemic blunting travel, immigration,...

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NO RENT INCREASES IN B.C. UNTIL AT LEAST JULY 2021

Posted in Bylaws / Regulations, Coronavirus, Industry Trends, Newsworthy, Rent Control, Rental Rates

NO RENT INCREASES IN B.C. UNTIL AT LEAST JULY 2021

The province of B.C. says it is taking steps to ensure ongoing housing security for renters who might be facing financial challenges due to COVID-19 pandemic health regulations. In a statement, the province said it is extending the freeze on rent increases until July 10, 2021, under the powers of the Emergency Program Act and COVID-19 Related Measures Act. It said it is an “interim measure” to provide stability and advance notice for renters and landlords, while the newly formed...

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DECLINES IN IMMIGRATION, RENT UPENDING VANCOUVER HOUSING AMID COVID-19

Posted in Coronavirus, Industry Trends, Newsworthy, Rental Rates

DECLINES IN IMMIGRATION, RENT UPENDING VANCOUVER HOUSING AMID COVID-19

Declines in nationwide immigration flows and notable dips in local rental prices are among the top reasons Vancouver’s housing market is being upended amid the pandemic, according to a new report from RBC Economics. “COVID-19 has severely disrupted the flow of immigrants moving to Canada — a major source of housing demand,” senior economist Robert Hogue stated in his October 29 report. In the first quarter of 2020, migration to Canada had fallen slightly to 70,400 individuals compared with...

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MAKING SENSE OF THE COMPLEX COVID RENTAL MARKET

Posted in Coronavirus, Industry Trends, Newsworthy, Rental Rates, Vacancy Rates

MAKING SENSE OF THE COMPLEX COVID RENTAL MARKET

Rental markets are showing signs of weakness, with rents falling and vacancies climbing, particularly in and around the downtown cores. From Manhattan to Toronto, and San Francisco to Vancouver, rental markets are transacting at a discount, which is what many of those priced out of centrally located communities need to find digs in choice neighbourhoods. Take the Greater Toronto Area. The average rent for a one-bedroom apartment was down by 11.1 per cent in the third quarter from a year...

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TORONTO’S CONDO MARKET IS IN MORE TROUBLE THAN YOU THINK

Posted in Condo Conversions, Coronavirus, Industry Trends, Legislation, Newsworthy, Rental Rates

TORONTO’S CONDO MARKET IS IN MORE TROUBLE THAN YOU THINK

Real estate is a favourite topic of Ontarians, particularly those residing in the Greater Toronto and Hamilton Area. The ones who got into the market on its way up tend to pat themselves on the back for their decision-making savvy, while those left out have been calling for the bubble to burst for years, even decades. Now, it appears that those priced out of the market will soon have their moment — and that a deep correction of the industry is an inevitability. The pandemic has exposed...

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SAINT JOHN TENANTS NERVOUS ABOUT HISTORICAL REAL ESTATE DEAL

Posted in Affordable Housing, Housing, Industry Trends, Newsworthy, Rental Rates

SAINT JOHN TENANTS NERVOUS ABOUT HISTORICAL REAL ESTATE DEAL

A major real estate transaction in uptown Saint John has many tenants concerned. Hazen Property Investments has sold 20 of its buildings to Historica Developments. They include the McArthur on Germain Street and another 12-unit building on the west side to name just a couple. “My gut feeling was anxiety — stress,” said Jeff Arbeau, who has been renting from Hazen for years. Hazen is known for good-quality units at reasonable prices. Historica is known for fixing up older buildings...

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