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Development

Pump prices, airline tickets help propel Canadian inflation to 2.3%

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

Pump prices, airline tickets help propel Canadian inflation to 2.3%

OTTAWA — Canada’s annual inflation rate continued creeping higher last month to hit 2.3 per cent. The March figure from Statistics Canada shows the pace of inflation inched a little farther past the midpoint of the central bank’s ideal range of between one and three per cent. By comparison, inflation was 2.2 per cent in February and 1.7 per cent in January. The annual pace of inflation was the highest since it hit 2.4 per cent in October 2014, just as the oil-price slump was...

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Builders scrap pre-sold Toronto condo towers as costs escalate

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

Builders scrap pre-sold Toronto condo towers as costs escalate

Builders in Toronto’s frenzied condo market are walking away from giant towers they have pre-sold, reflecting a rougher road to profits — and leaving buyers in the lurch. Soaring construction costs and condo values in Canada’s largest city, where prices have surged amid a booming economy and strong immigration, have spurred developers to cancel projects they started when construction was cheaper and pre-sales were less lucrative. Condo prices have increased about 20 per cent since...

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Winners and losers from Ontario’s Fair Housing Plan, one year later

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

Winners and losers from Ontario’s Fair Housing Plan, one year later

It’s been one year since the Ontario Fair Housing Plan changed the rules of the real estate game in the Toronto region, and it’s a dramatically different market 12 months later. Some 40 per cent fewer homes are changing hands year-over-year, according to the latest figures from the Toronto Real Estate Board. And the average Greater Toronto Area home price has slumped 15 per cent from frenzied peak of April 2017. While the year-over-year figure is alarming, the price correction was actually...

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Hamilton: Pier 8 Proposal Draws Inspiration from Nature and Heritage

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

Hamilton: Pier 8 Proposal Draws Inspiration from Nature and Heritage

With partnerships and a “small moves, big results” approach, UrbanCapital, Milborne, and Core Urban have teamed up to create a proposal for redevelopment of Hamilton’s Pier 8, one of four now shortlisted as finalists to win a commission to create a landmark community at the west end of Lake Ontario. Collaborating with Saucier + Perrotte, RAW Design, and Public Work, the plan draws inspiration from Hamilton’s natural surroundings and its industrial roots. Partnerships with the Hamilton Public...

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Montréal baby boomers not yet returning to rental market

Posted in Communications, Development, Health & Safety, Housing, Industry Trends

Montréal baby boomers not yet returning to rental market

This report looks at the influence of Montréal baby boomers on the real estate market, comparing data from 2006 and 2016. The boomers are divided into four cohorts, by their age in 2016, as follows: 1 (65 – 69 years old) 2 (60 – 64 years old) 3 (55 – 59 years old) 4 (50 – 54 years old) Overall, over time, baby boomers have tended to own rather than rent. Still, it is often put forth that many baby boomers, as they get older, sell their property in order to return to the rental market. Trends...

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Condo owners make big gains, but nearly half aren’t making enough rent to cover costs

Posted in Appraisal, CMHC, Communications, Development, Finance, Housing, Newsworthy, Rent Control

Condo owners make big gains, but nearly half aren’t making enough rent to cover costs

About half of the newly completed condos in the GTA last year were bought as rental investments and these investors likely realized a return of about 155 per cent before closing costs Nearly half of all investors who bought condominiums completed in the Toronto area last year aren’t making enough rent to cover their holding costs, despite chalking up exceptional gains on the value of their properties, a new study finds. No less than 44 per cent of investors who took possession of new units in...

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Who are the condo investors in Toronto? A new study sheds some light

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

Who are the condo investors in Toronto? A new study sheds some light

A study, called A Window Into the World of Condo Investors, found that only about 10 per cent of condo investors are international buyers. They are a ghostly presence in Toronto’s property market – the buyers who gobble up the most and best units at developer pre-sales in the towers sprouting across the region. Until now, not much has been known about the largely invisible ranks of condo investors, nearly half of whom feed the region’s vacancy-hungry renters by leasing their properties. But a...

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Are the Liberals really crossing $1-trillion mark on market debt for first time?

Posted in Appraisal, Bylaws / Regulations, Communications, Development, Employment, Finance, Industry Trends, Legal, Legislation, Newsworthy

Are the Liberals really crossing $1-trillion mark on market debt for first time?

“Fact: When Fiscal Year 2018 begins on April 1, 2018, Canada’s market debt will be OVER $1 TRILLION for the first time ever. This is no April Fool’s joke. Justin Trudeau is failing Canadians.” — a Conservative ad posted April 1 on the Twitter page of Tory Leader Andrew Scheer. The Opposition Conservatives have opened up a new line of attack on the Liberals in recent days after media reports said the country’s market debt had eclipsed the $1-trillion mark for...

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Housing speculation risky for British Columbia growth: Finance minister

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

Housing speculation risky for British Columbia growth: Finance minister

British Columbia must diversify its economy away from real estate speculation and the housing market needs to be moderated but the province is not looking at further new measures to cool it, the province’s finance minister said on Friday. “You don’t build a long-term, sustainable economic plan for your province based on speculation in the real estate market,” Carole James told Reuters in an interview. The West Coast province’s New Democratic government in February...

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Ontario Budget 2018 supports portable housing benefits

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

Ontario Budget 2018 supports portable housing benefits

On March 28, Ontario Finance Minister Charles Sousa released the 2018 Ontario Budget, which included a substantial package of pre-election commitments funded by going back into deficit starting the next fiscal year. Of note for rental housing providers, Ontario committed to cost-match the Federal‐Provincial/Territorial Housing Partnership and the Canada Housing Benefit (previously the Investment in Affordable Housing program) under the National Housing Strategy. The NHS includes a Canada-wide...

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