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Multifamily Investors Are Spending More Capital in Secondary, Tertiary Markets

Posted in Appraisal, CMHC, Development, Finance, Housing, Industry Trends, Newsworthy

Multifamily Investors Are Spending More Capital in Secondary, Tertiary Markets

Slightly higher yields and still expanding economies are driving multifamily investors to smaller cities. Multifamily investors are now more likely to spend their money on properties in secondary and tertiary markets rather than in primary markets. “In secondary and tertiary markets… the number of offers that we are generating is much higher than what it was,” says John Sebree, Midwest-based first vice president and national director of the national multi housing group with brokerage firm...

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Mayor John Tory pitches tax hike to fund transit & housing

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

Mayor John Tory pitches tax hike to fund transit & housing

Toronto taxpayers may have to dig a little deeper. Average homeowner can expect to pay $43 more per year starting in 2020. Mayor John Tory says he will go before council later this month with a plan to increase the City Building Fund in the upcoming 2020 budget — initially meant to top out at 2.5% by 2022 — but now expected to peak at 10.5% by 2025. “By approving an increase in this levy … and extending it over the next five years, we can raise needed funds that will be dedicated to improving...

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B.C. rental shortage should spur multi-family investments

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

B.C. rental shortage should spur multi-family investments

Landlords have the opportunity to reposition existing Vancouver rental properties or buy and build in sub-markets to capture accelerating demand. Vancouver’s vacancy rate for rental apartment properties has hit a record low, decreasing to only 0.8 percent, the tightest vacancy rate in Canada, followed closely by Victoria and Toronto. However, rental demand is increasing right across Canada as many delay homeownership because of steep prices, high-interest rates and the implementation of...

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Toronto leads in housing overcrowding: StatsCan

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

Toronto leads in housing overcrowding: StatsCan

In major cities across Canada, rental housing construction has not been a priority for close to 40 years and the effect is an affordable housing crisis that is happening at a time when immigration is at a really high level. Nearly one in 10 Canadian households that rent on the open market are suffering from overcrowding, Statistics Canada reported in the first batch of data from its Canadian Housing Survey. But given Canadian housing affordability has severely eroded over the past decade, and...

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Vancouver rental developments to be fast-tracked

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

Vancouver rental developments to be fast-tracked

Vancouver City Council is hoping to fast-track rental developments in more areas of the city with a series of changes. The measures include rental-only zoning, allowing up to six storeys in commercial zones, a new family-friendly housing pilot program for four to six storey buildings close to schools, parks and shops, as well as policies for increased affordability and a partnership with CleanBC that will enable reinvestment in existing buildings while keeping tenants in place. “Vancouver...

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Toronto Welcomes $17M Affordable Housing Land Trust

Posted in Appraisal, Communications, Development, Finance, Housing, Industry Trends, Newsworthy

Toronto Welcomes $17M Affordable Housing Land Trust

Habitat for Humanity GTA has announced the launch of a $17 million dollar land trust, which will enable the creation of new affordable housing options for Toronto residents. Supported by local developers, this land trust is the result of a collaboration between Capital Developments, Metropia, the City of Toronto, Habitat for Humanity GTA, St. Clare’s Multifaith homes, and community group Build a Better Bloor Dufferin. “Through an initial call to action and continued engagement from Deputy...

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CAPREIT: RECENT ACQUISITIONS

Posted in Appraisal, CMHC, Finance, Housing, Industry Trends, Newsworthy

CAPREIT: RECENT ACQUISITIONS

CAPREIT announces public unit financing of $350 million and six new multi-residential acquisitions Mark Kenney, President and CEO of CAPREIT, said “In addition to making some fine acquisitions, this equity offering will de-lever CAPREIT’s balance sheet and reload our credit facility, providing productive financing capacity to allow us to capitalize on exciting future acquisition and intensification opportunities, which are expected to be accretive to CAPREIT’s NFFO on a...

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MARKET SPOTLIGHT: VANCOUVER

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

MARKET SPOTLIGHT: VANCOUVER

Here are a number of stories surrounding Vancouver’s rental housing market. Suburbs and beyond lure Vancouver’s rental property investors Vancouver landlords are looking to suburban markets and deeper into the boondocks to capture higher yields and escape the spiralling cost of buying and owning big-city apartment buildings. [Read Now] Vancouver rental completions down 30 per cent from last year: report After years of a chronically low rental vacancy rate, Vancouver lags far behind its...

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Suburbs and beyond lure Vancouver’s rental property investors

Posted in Appraisal, Communications, Finance, Industry Trends, Newsworthy

Suburbs and beyond lure Vancouver’s rental property investors

Vancouver landlords are looking to suburban markets and deeper into the boondocks to capture higher yields and escape the spiralling cost of buying and owning big-city apartment buildings. Real estate agents say that per-door prices for apartment buildings outside the region are less than half of what they are in Metro Vancouver, yet rents are similar and capitalization rates – the annual yield – can be two to three times higher. An average one-bedroom apartment in the Metro region rents for...

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This Year Could Break a Record for Multifamily Sales Volume

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

This Year Could Break a Record for Multifamily Sales Volume

In the first nine months of 2019, multifamily sales volume has been higher than during any other comparable period in the past 10 years. Despite concerns about potentially slowing economic growth and new rent control laws around the country, investors continue to go after apartment properties. The volume of U.S. multifamily acquisitions in the first nine months of 2019 was higher than during any other comparable period since this expansion cycle began a decade ago. In fact, this year might set...

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