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Finance

BENJAMIN TAL SHARES AN EXCLUSIVE LOOK ON THE ECONOMY

Posted in Association News, Finance, Industry Trends, Newsworthy

BENJAMIN TAL SHARES AN EXCLUSIVE LOOK ON THE ECONOMY

As governments continue rolling out the vaccine and the country heads towards reopening, it’s important we get a good financial picture. Recently, Benjamin Tal, Deputy Chief Economist for CIBC World Markets, gave an insightful presentation to kick off the 2021 CFAA Virtual Rental Housing Conference. Benjamin explained that Canada is starting from behind economically, compared to the US. Our economy is doing worse during the pandemic than the US, due to Canada’s tighter restrictions to reduce...

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NO RENTAL SUBSIDY, BUT RENT FREEZE CONTINUES IN B.C.

Posted in Affordable Housing, Coronavirus, Development, Finance, Housing, Industry Trends, Media Releases, Newsworthy

NO RENTAL SUBSIDY, BUT RENT FREEZE CONTINUES IN B.C.

B.C. released its budget for 2021-2022 on Tuesday and there was no sign of the $400 annual renter’s rebate Premier John Horgan promised during the provincial election last year. That rebate, for households with an income of up to $80,000 a year, is still something the government is working towards, Finance Minister Selina Robinson said. “I think it’s safe to say that affordability has worsened during the pandemic,” housing advocate Jill Atkey said Tuesday. She’s the CEO of the BC Non-Profit...

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TRUDEAU GOVERNMENT’S FEDERAL BUDGET ENTERS HOUSING FREY WITH TAX ON FOREIGN OWNERS

Posted in Affordable Housing, Finance, Housing, Industry Trends, Newsworthy

TRUDEAU GOVERNMENT’S FEDERAL BUDGET ENTERS HOUSING FREY WITH TAX ON FOREIGN OWNERS

The federal Liberal government is planning to intervene in Canada’s red-hot housing market with a new tax aimed at foreign owners of underused residential real estate and with additional efforts to increase the supply of affordable places to live. Finance Minister Chrystia Freeland tabled a budget on Monday that proposes to put a countrywide tax in place on the value of “non-resident, non-Canadian owned residential real estate” that is deemed vacant or underused. If passed, the annual...

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STUDY FINDS ONLINE REPUTATION BOOSTS APARTMENT PERFORMANCE

Posted in Finance, Industry Trends, Newsworthy, Rental Rates

STUDY FINDS ONLINE REPUTATION BOOSTS APARTMENT PERFORMANCE

It has always been assumed that online reputation boosts apartment property performance. A new report from J Turner Research and RealPage puts some teeth to that assumption. On average, properties enjoyed a three-basis-points premium to market returns for each point a community improved its Online Reputation Assessment (ORA) score. Additionally, the study showed that property performance fell with an adverse change in online reputation. By zeroing in on four markets Dallas, Phoenix, Atlanta,...

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SCOTIABANK TARGETS $10 BILLION COMMITMENT IN SUPPORT OF AFFORDABLE HOUSING IN CANADA

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

SCOTIABANK TARGETS $10 BILLION COMMITMENT IN SUPPORT OF AFFORDABLE HOUSING IN CANADA

Scotiabank announced that it is the first large financial institution in Canada to align with Canada Mortgage and Housing Corporation (CMHC) to transform housing affordability across the country. Scotiabank plans to mobilize $10 billion over the next ten years in support of CMHC’s aspiration – that by 2030, everyone in Canada has a home they can afford and that meets their needs. “We are facing a clear shortage of affordable housing in Canada and Scotiabank is proud to work with...

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HOUSEHOLDS EXPECT RETURN TO PRE-PANDEMIC SPENDING WITHIN A YEAR, BANK OF CANADA SAYS

Posted in Coronavirus, Finance, Health & Safety, Industry Trends, Newsworthy

HOUSEHOLDS EXPECT RETURN TO PRE-PANDEMIC SPENDING WITHIN A YEAR, BANK OF CANADA SAYS

Canadian household spending will eclipse earnings in the coming months as vaccinations increase and uncertainty from the pandemic recedes, the Bank of Canada said in a report released Monday. The central bank says the gap between spending and wage expectations has never been so wide in its quarterly survey of consumer expectations. Officials at the bank suggest that gap is likely the result of households intending to spend some of the billions in savings built up during the pandemic, either...

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CIBC CEO URGES ACTION ON INCREASING RENTAL HOUSING SUPPLY

Posted in Finance, Housing, Industry Trends, Newsworthy

CIBC CEO URGES ACTION ON INCREASING RENTAL HOUSING SUPPLY

Canadian policy makers need to take steps to increase housing supply, particularly rental stock, according to the chief executive officer of Canadian Imperial Bank of Commerce. CIBC CEO Victor Dodig said he welcomes steps by regulators to address short-term pressures in the Canadian housing market, such as a recent proposal by Canada’s banking regulator to toughen so-called “stress tests” on uninsured mortgages. “I look to our regulators to put policies in place, and we adapt to them, and they...

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MANITOBA LAUNCHES ‘RENT BANK’ PROGRAM TO LOAN MONEY TO LOW-INCOME RESIDENTS

Posted in Coronavirus, Finance, Housing, Industry Trends, Newsworthy

MANITOBA LAUNCHES ‘RENT BANK’ PROGRAM TO LOAN MONEY TO LOW-INCOME RESIDENTS

The province is launching a “rent bank” in the hopes of assisting low-to-moderate income families who need help paying their rent. The $5.6-million program will hand out interest-free loans to people who are behind on their rent or need to move to more appropriate housing, said families minister Rochelle Squires on Monday. “The COVID-19 pandemic has highlighted a need to support renters experiencing an unexpected interruption of income that threatens their tenancies,” Squires said. “This...

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ONTARIO IMPLEMENTS PROVINCEWIDE EMERGENCY BRAKE

Posted in Bylaws / Regulations, Coronavirus, Employment, Finance, Health & Safety, Industry Trends, Media Releases, Newsworthy

ONTARIO IMPLEMENTS PROVINCEWIDE EMERGENCY BRAKE

The Ontario government, in consultation with the Chief Medical Officer of Health and other health experts, is imposing a provincewide emergency brake as a result of an alarming surge in case numbers and COVID-19 hospitalizations across the province. The provincewide emergency brake will be effective Saturday, April 3, 2021, at 12:01 a.m. and the government intends to keep this in place for at least four weeks. Details were provided today by Premier Doug Ford, Christine Elliott, Deputy Premier...

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ECONOMIC ANXIETY HAUNTS TWO-IN-FIVE CANADIANS; POLITICAL DIVIDES OVER GOVERNMENT PRIORITIES

Posted in Finance, Industry Trends, Media Releases, Newsworthy

ECONOMIC ANXIETY HAUNTS TWO-IN-FIVE CANADIANS; POLITICAL DIVIDES OVER GOVERNMENT PRIORITIES

On April 19, Canadians will learn the contents of the first federal budget they have seen in more than two years. On its face, the budget will account for the hundreds of billions of dollars spent during the pandemic, and outline how, where, and how much Ottawa will spend in the years ahead. But more than an accounting document, the budget will be one of the most anticipated and scrutinized political products the Trudeau government has produced. Will it be a so-called “election budget” – one...

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