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Development

Skyline Apartment REIT Expands in Mirabel With $17.2M Acquisition

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

Skyline Apartment REIT Expands in Mirabel With $17.2M Acquisition

On July 15, 2019, Skyline Apartment REIT, a privately-owned and managed portfolio of multi-residential properties across Canada, announced the acquisition of M7- the newest phase of the M3 Condos Locatifs development acquired by the REIT in February 2019. The latest acquisition of M7 is comprised of 1 multi-residential building (totalling 71 units) for $17.2M. “Our latest acquisition in Mirabel is very exciting for the Trust,” commented Matthew Organ, President of Skyline Apartment REIT....

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Bank Of Canada Lowers Qualifying Rate Used In Mortgage Stress Tests

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

Bank Of Canada Lowers Qualifying Rate Used In Mortgage Stress Tests

OTTAWA – The Bank of Canada has lowered the rate used by mortgage stress tests to determine whether would-be homeowners can qualify, marking the first drop in three years. The central bank’s five-year benchmark qualifying rate is now 5.14 per cent, down from 5.34 per cent. It’s the first decrease in the five-year fixed mortgage rate since September 2016, when it dropped from 4.74 per cent to 4.64 per cent, and increased steadily since. The qualifying rate is used in stress tests for both...

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From heated bike lanes to privacy concerns: What you need to know about Sidewalk Labs

Posted in Appraisal, Bylaws / Regulations, CMHC, Communications, Development, Finance, Health & Safety, Housing, Industry Trends, Newsworthy, Real Estate Law, Recreational

From heated bike lanes to privacy concerns: What you need to know about Sidewalk Labs

Sidewalk Labs is in the news again. After over a year of planning and amassing controversy, the futurist company released the master blueprint for its “smart city” project in Toronto’s underdeveloped eastern waterfront last week. With both enthusiasts and opponents poring over the behemoth 1,500-page document, here’s a breakdown on what you need to know about the Sidewalk Labs and its vision. WHAT IS SIDEWALK LABS? Sidewalk Labs is the urban planning subsidiary of Google’s parent company...

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The 10 key themes from CMHC’s National Housing Conference

Posted in Bylaws / Regulations, CMHC, Development, Finance, Housing, Industry Trends, Real Estate Law, Senior Housing, Student Housing, Tax Law, Tenancy Law

The 10 key themes from CMHC’s National Housing Conference

Organized as part of the National Housing Strategy, the Conference brought together housing industry experts, researchers, policy makers and practitioners. The event was a forum for collaboration and sharing of experiences and lessons from Canada and around the world. By bringing a diverse group of professionals together, we hoped to innovate on solutions to address Canada’s housing needs. The 10 key themes from the National Housing Conference During the various discussions and sessions held...

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Toronto set for record apartment surge after rent control lifted

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

Toronto set for record apartment surge after rent control lifted

Toronto’s apartment crunch is finally easing as new supply hits the market and the removal of rent controls leads to record units on the drawing board, according to a new report. The vacancy rate rose to 1.5 per cent in the second quarter, the highest since 2015, when research firm Urbanation began tracking the data. Rent increases eased to 7.6 per cent from 10.3 per cent last year, bringing the cost of an average-sized unit of 794 square feet to $2,475 ($1,894). Conditions eased as nine...

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Edmonton real estate investment is on a hot streak

Posted in Appraisal, CMHC, Communications, Development, Finance, Newsworthy

Edmonton real estate investment is on a hot streak

Edmonton real estate investment volume grew for the third straight year in 2018, according to a new analysis by Altus Group. Total investment in the city’s properties grew to $3.94 billion last year, “despite a national struggle to balance supply and demand in real estate,” Altus noted. “This level of investment lead to robust gains in the Industrial sector and the Apartment sector in 2018.” Investment property sales also grew by 37% in 2018, with the industrial sector contributing the largest...

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Peterborough Housing Market Insight: Converted Buildings

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

Peterborough Housing Market Insight: Converted Buildings

Challenges to housing affordability are common across Canada. Increasing new housing supply is one way to confront these challenges, but how should cities go about doing this? The construction of new buildings is one way. Another is to convert under-utilized non-residential buildings into residential rental units. That’s exactly what developers have done in the city of Peterborough. From 2014 to 2018, 198 rental apartments were created through conversion. That’s more than the 183 new...

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Highlights from Canada’s seniors’ housing market

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

Highlights from Canada’s seniors’ housing market

Vacancy rates for seniors’ housing have varied across Canada this year. Still, there have been some regional trends and exceptions. In Atlantic Canada, for example, vacancy rates have hovered between 7% and 11%. In the Prairies, meanwhile, they’ve trended higher, between 13% and 17% in Alberta and Saskatchewan. Manitoba was a notable exception, with a vacancy rate of just 2.8% in 2019. We’ve just released the Seniors’ Housing Reports for 2019. These annual reports provide descriptions and...

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A dorm with pub crawls, only fancier: co-living comes to Canada

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

A dorm with pub crawls, only fancier: co-living comes to Canada

Canada is getting its first big taste of co-living rentals — the housing trend that’s spreading amid the global affordability crunch. Dream Unlimited is developing a 24-storey tower in Ottawa that will have communal apartments alongside regular rentals. The apartments — likely two or three bedrooms — will be fully furnished, come with cleaning services and share common areas such as kitchens. Monthly rents will start at about $1,225, about 30 per cent less than similar one-bedrooms in the...

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Rental stigma holds Canadians back

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

Rental stigma holds Canadians back

It will take a monumental market crash for home prices to come down—that isn’t likely to happen—so the time is nigh for Canadians to relinquish the stigma associated with renting. “We do think of renters, too often, as a second-class neighbours and we use that second-class status to discourage having rental buildings in neighbourhoods that have typically been more oriented to single-family detached homes,” said Dr. Paul Kershaw, founder and lead researcher of Generation Squeeze, an advocacy...

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