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Development

Student housing emerging as hot rental sector – even in Alberta

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

Student housing emerging as hot rental sector – even in Alberta

Foreign students represent wealthy and expanding base of tenants, attracting attention of one of Alberta’s biggest landlords. Western Canadian residential investors may want to look at an expanding and lucrative niche in the rental market that has drawn the attention of one of Alberta’s biggest landlords, as well as spawning multimillion-dollar developments in Metro Vancouver. It is student housing, especially that targeted at the more than 700,000 international students who study in...

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Federal ministers mandate letters released – capital gains review to proceed

Posted in Appointments, Bylaws / Regulations, Communications, Development, Employment, Finance, Health & Safety, Housing, Industry Trends, Legal, Legislation, Newsworthy, Real Estate Law, Tax Law, Tenancy Law, Utility Management

Federal ministers mandate letters released – capital gains review to proceed

On Friday, December 13, 2019, the federal government published the mandate letters given to the new (and re-appointed) cabinet ministers. This CFAA Newsletter addresses the elements of those letters which are the most important to rental housing providers. These fall into three areas, namely housing policy and programs, tax policy and programs and energy regulations and programs.  Those areas are addressed by five ministers. The mandate letter to the Minister of Finance strongly suggests that...

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‘Moderate income’ rental buildings get go-ahead from Vancouver council

Posted in Bylaws / Regulations, Communications, Development, Finance, Housing, Newsworthy, Tax Law

‘Moderate income’ rental buildings get go-ahead from Vancouver council

Two 6-storey buildings will add 178 rental units, of which at least 20% must be for households earning $30-$80K. Vancouver council has approved a pair of six-storey buildings in East Vancouver that will add 178 units of rental housing. Council voted unanimously for the new developments around Renfrew and East Broadway. Both are mixed-use buildings with commercial space at street level. They mark the first projects under the Moderate Income Rental Housing Pilot Program, which council approved...

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CAPREIT Significantly Expands Presence in Halifax, Nova Scotia

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

CAPREIT Significantly Expands Presence in Halifax, Nova Scotia

Canadian Apartment Properties Real Estate Investment Trust (“CAPREIT”) (TSX:CAR.UN) announced today that it has waived conditions and agreed to acquire, subject to regulatory approvals, a portfolio of eight properties containing fourteen apartment buildings totaling 1,503 rental suites, well-located throughout the downtown core and surrounding metro area of Halifax, Nova Scotia. A table summarizing the properties being acquired is below. Occupancy for the total portfolio currently stands at...

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ONE Properties and Revera break ground on “Glenora Park” – a luxury retirement residence with stunning river valley views in the heart of Edmonton

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

ONE Properties and Revera break ground on “Glenora Park” – a luxury retirement residence with stunning river valley views in the heart of Edmonton

State-of-the-art development is the first project for companies’ joint venture in seniors’ housing. ONE Properties, a dynamic real estate development company and Revera Inc., a leading owner, operator, developer and investor in the senior living sector, are pleased to announce construction is underway at the first project in the companies’ joint venture partnership to develop new retirement communities in key urban markets across Canada. The 290-suite, 23-storey, best-in-class senior living...

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‘Missing middle’ key to solving housing affordability, experts say

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

‘Missing middle’ key to solving housing affordability, experts say

With real estate markets continuing to heat up across the country, there are few topics hotter in Canada today than housing affordability. Just recently, the Liberal government put affordable housing at the core of its agenda, and the City of Toronto announced a $24-billion housing action plan which aims to build some 40,000 new dwellings over the next 10 years. For Councillor Ana Bailão, housing is more than just a hot policy topic: It’s a human right. The deputy mayor of Toronto urged...

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Rents in Canada to grow by 3% in 2020, Rentals.ca predicts

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

Rents in Canada to grow by 3% in 2020, Rentals.ca predicts

Average monthly rents for all property types increased 9.4% annually in November of this year, report says Average rents for Canada will increase 3% in 2020, according to the December National Rent Report from Rentals.ca and Bullpen Research & Consulting. The average monthly rent is forecast to increase 7% in Toronto in 2020, 5% in Montreal, 4% in Ottawa and and 3% in Vancouver, according to veteran housing analyst Ben Myers, president of Bullpen Research & Consulting Inc. Rents in...

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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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