VICTORIA CONDO OWNERS SEEK COMPENSATION FOR PROPERTY VALUE DROP DUE TO NEW RENTAL RULES
Owners of 22 former short-term rental units in Victoria have filed nine lawsuits against the province, arguing legislation banning short-term rentals amounts to expropriation of their units, and owners are owed compensation.The lawsuits were filed in the Supreme Court of B.C. in Victoria last week.Provincial rules banning most short-term rentals unless they are in an owner’s principal residence came into effect May 1, prompting an outcry from owners of condo units used for vacation rentals....
read morePBO PROJECTS DEFICIT EXCEEDED LIBERALS’ $40B PLEDGE, ECONOMY TO REBOUND IN 2025
The federal government likely failed to keep its deficit below the promised $40-billion cap in the last fiscal year, the parliamentary budget officer said on Thursday. The budget watchdog estimates in its latest economic and fiscal outlook that the federal government posted a $46.8 billion deficit for the 2023-24 fiscal year. The final tally of the last year’s deficit will be confirmed when the government publishes its annual public accounts report this fall. “Based on our analysis, the...
read more3 HOUSING EXPERTS WEIGH IN ON WHAT’S MISSING IN NEW BRUNSWICK HOUSING POLICY
A rent cap, tax reform and funding for a broader spectrum of housing are three of the keys to solving New Brunswick’s housing woes, according to people with close eyes on the sector. “The crisis is continuing,” said Julia Woodhall-Melnik, a housing researcher with the University of New Brunswick in Saint John. Rents are up about 10 per cent in the last year, encampments have grown around cities and unaffordability has increased in rural areas, she said. Woodhall-Melnik is in...
read moreBLUE MOUNTAIN COUNCIL REJECTS RENTAL HOUSING PROJECT … AGAIN
For the second time in two weeks, Town of the Blue Mountains council has rejected a developer’s request for help to speed up a proposed rental housing project. At its recent meeting, in a 4-3 vote, council rejected a new motion to explore all planning process options available to move forward a proposal to build a significant rental housing project not far from the Village at Blue. Councillors Paula Hope, Gail Ardiel, June Porter and Alex Maxwell combined to vote against the resolution that...
read moreCANADIAN TEMPORARY RESIDENT GROWTH FALLS 48%, LONG “OVERDUE”: BMO
Canada’s policymakers went from explaining that millions of temporary residents are needed, to cheering on the reversal of their policies over a few short months. Statistics Canada (Stat Can) data shows the flow of non-permanent (temporary) residents slowed in Q2 2024. After doubling in a couple of years, the temporary population remains robust but marks a stark shift in policy. Consequently, one of the country’s largest banks is telling investors to pay close attention, as it can mean big...
read moreEDMONTON RESIDENTS EVICTED BY FEDS FROM AFFORDABLE GRIESBACH RENTALS
Rows on rows of aging red brick townhomes sit around a quiet grassy courtyard in a residential area of north Edmonton. Empty, lifeless.Until a few months ago this part of the Griesbach neighbourhood was bustling with activity: groups of children playing and roaming the vast green space, birds singing, adults walking dogs after work. One of these townhouses was Laidler’s home for more than a decade.Hers and 173 other families were evicted by their landlord, federal Crown corporation Canada...
read moreINVESTORS CONTINUE TO DEMONSTRATE CONFIDENCE IN MULTI-SUITE RESIDENTIAL AND INDUSTRIAL SECTORS
According to Morguard’s 2024 Economic Outlook and Market Fundamentals Second Quarter Update, the Canadian commercial real estate sector showed positive momentum in the second quarter, the multi-suite residential rental property investment remained largely stable due to healthy fundamentals and there was a surge in industrial investment property transactions. In terms of the rest of 2024, further rate cuts by the Bank of Canada and a continued easing of inflationary pressure are anticipated and...
read moreTORONTO CALLS ON RESIDENTS TO WEIGH IN ON A NEW RENOVICTIONS BYLAW
The city of Toronto is set to gather feedback from the public this month on a plan for a new bylaw that would crack down on illegitimate evictions. City staff hope the feedback from both tenants and landlords will help in drafting the renovictions bylaw. Renovictions occur when a landlord illegitimately evicts a tenant, claiming they require a rental unit for renovations or repairs. That can lead to significant rental increases or refusing to allow tenants to return to their homes, according...
read moreCANADA TO ROLL OUT NEW STEEL TARIFFS, HOME BUILDING COSTS TO RISE
Canadian home building costs surged as rates were cut, and stimulus fueled record demand. Policymakers assured households that it was just supply shortages and the inflation was transitory. Supply chains will scale up and prices will come down, eventually. That day is finally here for steel. It turns out that was never the goal. Earlier today, the Government of Canada (GoC) announced it will impose import tariffs for steel imported from China, the world’s largest producer. The politics of the...
read more‘DEMAND, DEMAND, DEMAND’: INVESTMENT RED HOT IN CALGARY’S RENTAL REAL-ESTATE MARKET
Investment in Calgary rental properties almost doubled over the first six months of 2024 — a response to the city’s skyrocketing population and rent prices, one expert says. The data comes amid Calgary’s third-highest six-month stretch of commercial real estate investment since 2013, showing the greatest amount of interest in rental properties and industrial land. But while greater investor interest in rental properties could be a positive signal for renters weary of increases to their monthly...
read more