REIT buys Edmonton mixed-use rental portfolio for $205M
A three-complex, high-rise apartment portfolio with a total of 832 rental suites, plus commercial space, sold for $205 million, reports Marcus & Millichap. Property type: Multi-family Locations: Oliver Place: 10130 117 Street NW; Grand Central Manor: 10904 102 Avenue NW, 19094 109 Street NW, and 10903 103 Avenue NW; Riverside Towers: 8610/20 Jasper Avenue NW, Edmonton Number of units: 832 rental suites combined Commercial property size: 38,702 square feet (approx.) Built: Oliver Place,...
read more‘I’m just stuck’: Downtown Windsor landlord says tenant board backlog means evicted client can’t be removed
Downtown Windsor landlord Marie Vieira successfully argued an eviction case in front of Ontario’s Landlord and Tenant Board (LTB) last November. At the time, she received verbal confirmation that a tenant who caused more than $15,000 worth of water damage to two rental units after forgetting to turn off the tap would be evicted. Due to a backlog within the LTB, however, Vieira says she’s still waiting to receive a sheriff’s notice that will allow her to formally evict her...
read moreCouncil to mull cash incentives for affordable housing
City politicians today will debate whether the city should offer cash incentives to builders and homeowners to create affordable housing in new developments as well as in existing homes. Two proposed affordable housing programs would offer loans of up to $20,000 per unit when a developer builds a new project or when a homeowner converts a part of their house into an apartment. “We have been talking about the idea of inclusionary zoning, and talked about it and talked about it and talked about...
read moreEdmonton rental market sees vacancy rate decrease despite growing supply
The rental market got a little tighter over the last year in Edmonton with the vacancy rate falling to 4.9 per cent from 5.3 per cent in 2018, even though supply was on the rise. “The overall vacancy rate has decreased due to greater demand from a growing population supported by migration,” says Pershing Sun, Canada Mortgage and Housing Corp. market analyst. Despite growing demand, the market still remains favourable to renters in the city as supply continued to grow with “more than half of...
read moreProperty Managers Face Unprecedented Change In 2020
Property managers are at the center of the collision between rising rental demand, declining profitability, changing regulations, and the nationwide shortage of affordable places to live, according to the fifth annual survey of 1,738 property managers by Buildium and the National Association of Residential Property Managers. In addition to the property managers, the report also surveyed 1,118 renters, 603 rental property owners and 217 association board members in 340 metro areas. Chris...
read moreRents up 4.3% in Canada, Rentals.ca report says
Average monthly rents for 3 largest cities led surge in 2019: Toronto at 9%; Montreal at 25%; Vancouver at 11% The average monthly asking rent for Canada rose 4.3 per cent year over year at the end of December, according to the January National Rent Report from Rentals.ca and Bullpen Research & Consulting. The nation’s three largest cities experienced significant rent increases in 2019 for all property types listed on Rentals.ca: Toronto at 9 per cent; Montreal at 25 per cent and...
read moreGTA Rental Supply Pipeline Reaches Nearly 70,000 Units
Urbanation’s quarterly rental survey collects data for new purpose-built rental projects under construction and in the pre-construction development stage, as well as for every new purpose-built rental apartment project that has been completed in the Greater Toronto Area (GTA) since 2005. At the end of 2019, the number of purpose-built rentals under construction in the GTA reached 12,367 units — the highest level since the 1970s when modern rent controls were enacted. The number of rentals that...
read moreGo Big: Multi-family and commercial projected for continued strong growth in 2020 says new report
Earlier this month, Mississauga, Ontario-based real estate management company Morguard Corporation released its Economic Outlook and Market Fundamentals report. In its exploration of the trends driving Canada’s commercial, industrial, office, retail and multi-suite residential sectors, the report paints a decidedly positive picture of the prospects facing Canada’s non-residential investors. Heading into 2020, the office and purpose-built multi-family spaces are both expected to reward...
read moreHalf of $500K Sudbury social housing writeoffs due to damaged units
Crisis at Landlord/Tenant Board makes complicated eviction process harder, council told. Evicting tenants who damage their social housing units or don’t pay their rent is a complicated process made much harder by problems at the Landlord/Tenant Board, city council heard this week. Barbara Dubois, the city’s director of housing operations, outlined the process Tuesday for addressing issues with problematic clients of Greater Sudbury Housing Corp. The city has 1,848 housing units,...
read moreBig city rental blues: a look at Canada’s rental housing deficit
A new report on Canada’s rental market argues for a new policy approach in favour of building new rental supply. Learn what this means for Canada’s biggest cities. Canada’s largest cities have a rental housing deficit. Strong demand has pushed rental vacancy rates to historically low levels and rents are now reaching uncomfortable highs. In the coming years, rental demand is only set to go up—way up in the case of Toronto and Vancouver, where high home prices have crushed some...
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