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Tax Law

The economics of developing purpose-built rental housing

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

The economics of developing purpose-built rental housing

CMHC commissioned a research project to assess the general economics of developing purpose-built rental apartment buildings in six of Canada’s major markets. These were Vancouver, Calgary, Winnipeg, Toronto, Montréal and Halifax. The project was undertaken to provide insight on current factors that can influence investors’ and developers’ decisions to fund purpose-built rental housing. To that end, the analysis used a pro forma spreadsheet tool. This tool was used to summarize the financial...

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4 issues (other than NAFTA) Canadians should watch in Trump’s second year

Posted in Bylaws / Regulations, Communications, Development, Employment, Finance, Housing, Industry Trends, Legal, Legislation, Newsworthy, Tax Law

4 issues (other than NAFTA) Canadians should watch in Trump’s second year

U.S. President Donald Trump’s first year in office consisted of many surprises, Twitter rants, executive orders –  and uncertainties that still linger heading into year two. Trade was a big focal point as tensions between NAFTA partners continued to mount. In the Bank of Canada’s latest rate decision, Governor Stephen Poloz pointed to uncertainty surrounding the trade deal as “the big cloud” hanging over its economic forecast. While NAFTA may be Canada’s biggest concern involving the U.S....

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Renters pushed to the 905 as vacancies hit 16-year low: Report

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

Renters pushed to the 905 as vacancies hit 16-year low: Report

Tenants eye 905 region as average rent in downtown Toronto hits $2,392 in final quarter of 2017. The squeeze on Toronto-region rentals is approaching strangulation with a constrained supply and climbing rents. Condo rents, which rose 9 per cent across the region in the last quarter of 2017 to $2,166 on average, are pushing tenants out of the downtown and into buildings in the 905 area, according to a report from market research firm Urbanation. Its data on rentals leased through the Multiple...

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Landlord Licensing Fees Result in Whopping Rent Increase

Posted in Bylaws / Regulations, Communications, Finance, Housing, Industry Trends, Legal, Legislation, Maintenance, Ministry Of Labour, Real Estate Law, Rent Control, Restoration, Retrofit, Suite Renovations, Tax Law, Tenancy Law

Landlord Licensing Fees Result in Whopping Rent Increase

The City of Waterloo is by far the greediest of all municipalities when it comes to the charges levied under its Landlord Licensing By-law.  Waterloo’s licensing fee and mandatory charges (the bulk of which go to its bureaucratic “cousin”, the Electrical Safety Authority) amount to over $1,000 per townhouse unit and are imposed on a “per bedroom” basis (the more bedrooms the higher the fee).  The fees are imposed on “converted residential dwellings”...

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A blueprint for change? The promises inside the new city, provincial and federal housing plans

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

A blueprint for change? The promises inside the new city, provincial and federal housing plans

The federal, provincial and municipal governments have all made recent, big-ticket promises to tackle the housing crisis in B.C. — promises that span from reducing homelessness at one end to making family homes more affordable on the other end. But how where and when will this plans become reality, and how much is the combined price tag? For the first time in 25 years, Vancouver has municipal, provincial and federal governments making pledges at the same time to invest in housing — a key...

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5 charts that put Canada’s 2017 real estate ups and downs in perspective

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

5 charts that put Canada’s 2017 real estate ups and downs in perspective

Between red hot first quarter prices and major policy bombshells like Ontario’s Fair Housing Plan, 2017 was one to remember for the Canadian housing market. It can be hard to keep track of everything that went down in the past year. To jog your memory, BuzzBuzzNews has rounded up five charts that make sense of 2017’s major real estate events. 1. The market was historically tight at the beginning of the year What’s going on here: A sales-to-new listings ratio determines how balanced a housing...

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CMHC and Stats Canada release foreign buyer numbers

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

CMHC and Stats Canada release foreign buyer numbers

They have been shouldering much of the blame for Vancouver’s and Toronto’s rapidly escalating housing prices, but foreign buyers, in fact, own less Canadian real estate than originally thought. They do, however, own more expensive abodes. CMHC and Statistics Canada just released numbers tracking non-resident ownership dating back to 2014. Beginning with the Greater Vancouver Area, 4.8% of residential properties are owned by non-residents, however, that number increases in Vancouver proper,...

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Residential Tenancies Act amendments a potential source of claims

Posted in Bylaws / Regulations, Communications, Housing, Industry Trends, Legal, Legislation, Newsworthy, Professional Services, Real Estate Law, Tax Law, Tenancy Law

Residential Tenancies Act amendments a potential source of claims

LAWPRO is monitoring the impact of changes to the Residential Tenancies Act, 2006 introduced in April. Lawyers who represent landlords and the purchasers of rental properties will have significant responsibility for communicating the changes to their clients and for supporting compliance. The article below, prepared for us by Joe Hoffer of Cohen Highley LLP, provides a useful overview of the amendments. We will provide additional coverage, as warranted, (and including with respect to the new...

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How an expected U.S. interest rate increase will affect Canadians: Don Pittis

Posted in Appraisal, Bylaws / Regulations, Communications, Finance, Housing, Industry Trends, Newsworthy, Tax Law

How an expected U.S. interest rate increase will affect Canadians: Don Pittis

In a few hours we’ll know for sure, but it seems like a foregone conclusion that Janet Yellen will use her last monetary policy news conference as chair of the U.S. Federal Reserve to raise interest rates. And even though Bank of Canada governor Stephen Poloz decided to hold Canadian rates steady at one per cent last time around, there is no way Canadians can escape the impact of Yellen’s actions. According to most expert commentary, the biggest surprise would be if the outgoing...

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Relief for Some Landlords in the Latest Changes to the Pending CCPC Tax Reforms

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

Relief for Some Landlords in the Latest Changes to the Pending CCPC Tax Reforms

By John Dickie, President, Canadian Federation of Apartment Associations On December 13, 2017, Finance Minister Morneau released further changes to the tax reforms planned for Canadian Controlled Private Corporations (CCPCs). The latest changes will provide relief to some landlords. The federal tax reforms were first announced on July 18. After intense pressure from business people and business and professional groups, the reforms were then revised in the three announcements during the week of...

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