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Rental Housing Business Newsreel

Tenant’s Insurance

Posted in Bylaws / Regulations, Communications, Fire Safety, Health & Safety, Housing, Insurance, Legislation, Newsworthy

Tenant’s Insurance

It’s not uncommon lately to see on the news that a fire, flood or other natural disaster has left a building uninhabitable, and tenants without insurance leaving them without a home or possessions. Statistics Canada says that less than 50% of renters purchase tenant’s insurance. Owners and managers understand the risk and are looking for ways to reduce their exposure to damage caused by tenants. The issues for owners are encouraging tenants to protect themselves and to confirm tenants maintain...

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1 dead, hundreds of homes evacuated as floods swamp eastern Canada

Posted in Communications, Finance, Health & Safety, Housing, Insurance, Newsworthy

1 dead, hundreds of homes evacuated as floods swamp eastern Canada

One woman has died and hundreds have been forced from their homes after spring flooding washed out parts of Quebec and eastern Canada, prompting the deployment of Canadian Armed Forced soldiers to provide assistance as waters continue to rise. A 72-year-old woman died Saturday morning after driving her car into a massive sinkhole caused by flooding in Pontiac, Que., police said. Other drivers parked nearby tried to warn the woman, identified as Louise Seguin Lortie, but she couldn’t stop in...

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Housing Market Insight: Non-individual owned real estate

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

Housing Market Insight: Non-individual owned real estate

CMHC’s latest Housing Market Insight (HMI) looks at the ownership of residential property (including vacant land) in British Columbia (B.C.), Ontario and Nova Scotia. Using data from Statistics Canada, the HMI shows, specifically, how much residential property is owned by individuals and non-individuals. Who are non-individual owners? Non-individual owners fall into separate categories according to various factors, including their legal status. They can be corporations, governments, sole...

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Luxury homeowners renting to avoid Vancouver’s EHT

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

Luxury homeowners renting to avoid Vancouver’s EHT

Students and other renters in Vancouver are able to live in luxury thanks to Vancouver’s tax on vacant homes. Rather than pay the Empty Homes Tax, some owners of high-end homes are renting out their properties according to a report by Bloomberg, especially as sales have weakened. With wealthy Chinese owners pulling back and home prices impacted by the mortgage stress test, a growing number of owners are turning to the rental market where the vacancy rate has been near-zero. It’s easy to see...

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Rental Completions Reach 25-Year High in Q1-2019

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

Rental Completions Reach 25-Year High in Q1-2019

Milder Rent Growth Emerges as Supply Increases The number of purpose-built rental apartments that began occupancy in the GTA in Q1-2019 reached a more than 25-year high of 1,849 units, which was nearly five times greater than the quarterly average since Q1-2016 and represented significant growth considering only 13,520 units have been built since 2005. Demand for the newly completed rental buildings was strong, with several projects leasing close to half of their units by the end of the...

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What Jason Kenney’s UCP victory in Alberta could mean for the rest of Canada

Posted in Appointments, Communications, Finance, Industry Trends, Legislation, Newsworthy

What Jason Kenney’s UCP victory in Alberta could mean for the rest of Canada

After a bitter four-week campaign fraught with controversies and personal attacks, Jason Kenney’s United Conservative Party has unseated Rachel Notley and the NDP in Alberta’s provincial election. The UCP win marks a return to centre-right politics for Alberta after Notley disrupted 44 years of Progressive Conservative rule with her win in 2015. It also marks the first time a government has failed to win a renewed mandate in the province on its first try. Holding on to 24 seats, Alberta’s NDP...

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The new Liberal strategy: turn into Conservatives

Posted in Communications, Finance, Housing, Legislation, Newsworthy, Tax Law

The new Liberal strategy: turn into Conservatives

Andrew MacDougall: The Liberals’ about-face on refugees, hidden away in an omnibus bill, saws at a pillar of their core identity, to say nothing of their brand promise. Hark! Word comes from Ottawa of the vaunted channel change from SNC-Lavalin! With everyone busy rubbernecking the multi-car, highway-closing SNC-Lavalin pile up, Finance Minister Bill Morneau went ahead and tabled his budget implementation bill. And buried in that 392-page (!) behemoth was a change to the Immigration and...

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Ontario Government Lines Up New Toronto Transit Plan

Posted in Communications, Finance, Industry Trends, Newsworthy

Ontario Government Lines Up New Toronto Transit Plan

Premier Doug Ford along with some cabinet colleagues announced that the Province of Ontario would build a new rapid-transit project through central and east-end Toronto that it’s dubbing “the Ontario Line“. The proposal is the keystone of a $28.5 billion plan to expand “Ontario’s” transit network for which the province is committing $11.2 billion, and is hoping the federal and municipal governments will come on board for the rest. Three suburban York Region...

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Even more new condo projects are stalling all over the Vancouver area

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

Even more new condo projects are stalling all over the Vancouver area

Lower Mainland condos are stuck in neutral. Earlier this year, researchers at MLA Advisory predicted BC developers would hold off on launching some Metro Vancouver and Fraser Valley condo projects until the market recovers. In the first quarter, developers brought 2,950 new units to market, down 40 percent from the 4,825 condos launched same time last year, according to MLA Advisory, the research branch of condo-marketing firm MLA. “The first quarter of 2019 saw a number of project delays as...

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Canadian Electricity Providers Say At Least 20,000 New Workers Needed By 2022 To Keep Country’s Power On

Posted in Communications, Employment, Finance, Industry Trends, Utility Management

Canadian Electricity Providers Say At Least 20,000 New Workers Needed By 2022 To Keep Country’s Power On

Workers under 25 account for fewer than one in 20 employees in the sector. Canada’s electricity providers say they need to appeal to a younger and more diverse workforce if they’re going to keep the country’s lights on. A new report on the industry’s labour needs from Electricity Human Resources Canada suggests at least 20,500 new workers will be needed in power plants and transmission systems before 2022. “It’s extremely critical,” said Michelle...

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