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Housing

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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Mayor John Tory pitches tax hike to fund transit & housing

Posted in Appraisal, Bylaws / Regulations, Communications, Finance, Housing, Industry Trends, Legislation, Newsworthy, Tax Law

Mayor John Tory pitches tax hike to fund transit & housing

Toronto taxpayers may have to dig a little deeper. Average homeowner can expect to pay $43 more per year starting in 2020. Mayor John Tory says he will go before council later this month with a plan to increase the City Building Fund in the upcoming 2020 budget — initially meant to top out at 2.5% by 2022 — but now expected to peak at 10.5% by 2025. “By approving an increase in this levy … and extending it over the next five years, we can raise needed funds that will be dedicated to improving...

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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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LTB Monetary Jurisdiction Increasing in New Year

Posted in Bylaws / Regulations, Communications, Housing, Industry Trends, Legal, Legislation, Newsworthy, Real Estate Law, Tenancy Law

LTB Monetary Jurisdiction Increasing in New Year

As of January 1, 2020, the maximum amount that may be claimed in Small Claims Court will increase from $25,000 to $35,000. Because the Landlord and Tenant Board’s (the “LTB”) monetary jurisdiction is equivalent to that of the Small Claims Court, the LTB’s jurisdiction will also be increasing from $25,000 to $35,000. A claim that was filed with the LTB before January 1, 2020 will continue to be limited to $25,000. Landlords who have large damage claims or rent arrears...

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Vancouver rental developments to be fast-tracked

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

Vancouver rental developments to be fast-tracked

Vancouver City Council is hoping to fast-track rental developments in more areas of the city with a series of changes. The measures include rental-only zoning, allowing up to six storeys in commercial zones, a new family-friendly housing pilot program for four to six storey buildings close to schools, parks and shops, as well as policies for increased affordability and a partnership with CleanBC that will enable reinvestment in existing buildings while keeping tenants in place. “Vancouver...

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Today’s letters: Landlords need protection too

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

Today’s letters: Landlords need protection too

It’s all well and good to strengthen tenants’ rights, but landlords put up with lots of abuse too, says one letter-writer to the Ottawa Citizen. The letter read: How about protecting landlords from abuse? I see that Ottawa Council is contemplating new regulations for landlords. These proposed regulations are designed to protect tenants and include such provisions as a requirement that landlords provide contact information to tenants; instructions for waste management; a large fee...

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Toronto Welcomes $17M Affordable Housing Land Trust

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

Toronto Welcomes $17M Affordable Housing Land Trust

Habitat for Humanity GTA has announced the launch of a $17 million dollar land trust, which will enable the creation of new affordable housing options for Toronto residents. Supported by local developers, this land trust is the result of a collaboration between Capital Developments, Metropia, the City of Toronto, Habitat for Humanity GTA, St. Clare’s Multifaith homes, and community group Build a Better Bloor Dufferin. “Through an initial call to action and continued engagement from Deputy...

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Landlords association ‘fears anarchy’

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

Landlords association ‘fears anarchy’

People are ‘losing their properties’ because of Landlord and Tenant Board hearing delays. North Bay and area landlords are “losing and at risk of losing their properties,” Tricia Marshall claims. The problem is it takes more than six months to get a hearing with the Landlord and Tenant Board, says Marshall, a member of the Affordable Housing Providers of Ontario and the Near North Landlords Association. The number of adjudicators has dwindled to 24 for all of Ontario, while some...

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New Toronto law means apartment buildings will be given colour-coded ratings, similar to restaurants

Posted in Bylaws / Regulations, Communications, Exterior Building, Finance, Fire Safety, Health & Safety, Housing, Industry Trends, Interior Building, Legislation, Maintenance, Newsworthy, Pest Control, Suite Renovations

New Toronto law means apartment buildings will be given colour-coded ratings, similar to restaurants

Landlords in Toronto will have to pay a fee to the city if they fail to provide for tenants in the event the buildings they live in are evacuated due to fire, flood or other service disruptions — part of a suite of changes adopted by city council Wednesday strengthening tenant rights. Landlords will also have to post a colour-coded sign in a prominent location, displaying a rating from the city, similar to what restaurants currently have to do under DineSafe. The move comes as the city...

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