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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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Which neighbourhoods have seen large spikes in rent? The Star mapped 5 years of rental data in 15 Canadian municipalities

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

Which neighbourhoods have seen large spikes in rent? The Star mapped 5 years of rental data in 15 Canadian municipalities

A conversation about housing has to start with numbers. Whether you’re a tenant struggling to find a home or a government crafting new policy during a nationwide housing crisis, you need to have a grip on good data. The hunt for rental housing, particularly in Toronto and Vancouver, has become increasingly competitive and confusing as the number of people looking to live in cities continues to outpace what is actually being built. “Renters going to shop for a place to rent have almost no...

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Toronto apartment inventory having trouble catching up with demand

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

Toronto apartment inventory having trouble catching up with demand

Toronto’s apartment segment is experiencing a healthy infusion of new supply, but a new analysis by Marcus & Millichap indicated that the rate of addition is not proving enough to address the inflamed levels of demand for the city’s residential spaces. The Toronto Multifamily Spotlight report for November 2018 stated that the first 3 quarters of 2018 saw the addition of 2,500 new apartments, putting the delivery rate on track to reach the highest level since 1994. However, elevated prices...

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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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3 trends expected to define Calgary’s housing market in 2019

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

3 trends expected to define Calgary’s housing market in 2019

With 2018 nearly over, Calgary’s housing market has yet to recover to previous heights, the result of a drawn-out slump resulting from lower oil prices and the knock-on effects that’s had on employment. But how about next year? Ann-Marie Lurie, the Calgary Real Estate Board’s chief economist, suggests the market will continue to face a number of headwinds in the coming year. “The current situation that we’re in is we have an oversupplied market, prices have been trending down, and we just...

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Cannabis and the Code: Human Rights Commission releases new policy statement in advance of legalization

Posted in Bylaws / Regulations, Communications, Fire Safety, Health & Safety, Housing, Industry Trends, Insurance, Interior Building, Legislation, Maintenance, Newsworthy, Real Estate Law, Tenancy Law

Cannabis and the Code: Human Rights Commission releases new policy statement in advance of legalization

On October 11, 2018, the Ontario Human Rights Commission (OHRC) released a new policy statement on cannabis and the Human Rights Code. The policy statement confirms that provincial smoke-free legislation prohibits smoking or vaping cannabis for a recreational or medical purpose in common areas of apartments and condominiums.  The Commission acknowledges that people can smoke, vape or consume edible cannabis for medical or recreational purposes inside apartments and condominiums unless there...

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