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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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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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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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New Federal Cabinet Ministers important to rental housing issue

Posted in Appointments, Bylaws / Regulations, CMHC, Communications, Development, Employment, Finance, Health & Safety, Housing, Industry Trends, Newsworthy

New Federal Cabinet Ministers important to rental housing issue

On November 20, Prime Minister Trudeau introduced his new cabinet. This sets out some background on the five Ministers who are of particular relevance for Canada’s rental housing providers. Minister of Finance – Bill Morneau Bill Morneau is returning as the Minister of Finance. He has been the Minister and the M.P. for Toronto Centre since 2015. Over the past term, Minister Morneau has overseen an increase in the income tax rate on the top bracket, changes in the taxation of small businesses,...

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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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Rents up 5.5% in Canada year over year

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

Rents up 5.5% in Canada year over year

Toronto highest rents for a one-bedroom, while Vancouver priciest for two-bedroom homes in October. The average monthly rent for Canadian properties in October was $1,940 per month, a decrease of 0.7% monthly, but an increase of 5.5% annually, according to the November National Rent Report from Rentals.ca and Bullpen Research & Consulting. The median rental rate was $1,850 per month in October, up 8.9% from a year earlier ($1,700). Toronto’s average monthly rent edged up slightly to...

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Renting the good life: Apartments no longer need be a temporary stop on the way to bigger and better things

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

Renting the good life: Apartments no longer need be a temporary stop on the way to bigger and better things

According to a 2017 report from RentCafe, an apartment search website, high-income tenants are the fastest-growing segment of the rental market. At 101 St. Clair, a midtown property from Camrost Felcorp, there’s a 24/7 concierge as well as a “day porter” for package deliveries. Fitness facilities include a pool — but also squash courts and a golf simulator room. Outside, there’s a dog parkette and a barbeque space complete with a waterfall. What residents at this upmarket building do not have,...

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Rental demand to boost further apartment construction – CMHC

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

Rental demand to boost further apartment construction – CMHC

Ever-increasing prices in Canada’s hottest residential markets will trigger accelerated demand for rental space – in turn driving near-future growth in apartment construction, according to the Canada Mortgage and Housing Corporation. In its Fall 2018 Housing Market Outlook, the Crown corporation stated that this would be especially evident in Ontario and Atlantic Canada. “Single-family existing home sales and starts will post a partial recovery in 2019 as better than expected job growth and...

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