NOVA SCOTIA PROPOSES EXTENDING FIVE PER CENT RENT CAP UNTIL 2027
Nova Scotia introduced a bill Friday to extend the province’s rental cap which currently sits at five per cent per year. The temporary rent increase cap, originally scheduled to expire at the end of 2025, would be in place until Dec. 31, 2027, according to the proposed bill. “The low vacancy rate in Nova Scotia is creating challenges when it comes to the availability and the choice for tenants to decide where they want to live and how they want to live,” said Service Nova Scotia Minister...
read moreAMERICAN INVESTMENT FIRMS POUR BILLIONS INTO CANADIAN REAL ESTATE MARKET
The American real estate titan Hines Interests LP recently announced it is looking to invest $2 billion in Canadian real estate, focusing on apartment rental developments. Hines currently has $3.7 billion in assets under management in Canada. The nearly 70-year-old, privately held company has operated in the country for over two decades and has a mix of commercial and residential projects in its Canadian portfolio. As housing prices in Canada have increased dramatically for several years,...
read moreCANADIAN CONDO PRICES SEE FIRST DOUBLE DIP DECLINE ON RECORD
Canada’s condo market has provided big returns for investors, but it’s currently running on fumes. Canadian Real Estate Association (CREA) data shows the price of a benchmark, or typical, condo apartment fell in July. The investor-dominated segment didn’t see prices fall nearly as much as the general market since rates began climbing. However, condos have resumed a downturn after a short break, as rate cuts fail to bring a surge of buyers that many had anticipated. Canadian Condo Prices Slip...
read moreTORONTO’S CONDO MARKET TO ‘GET WORSE’ AS PRE-CONSTRUCTION STARTS ‘FALLING OFF A CLIFF’: EXPERT
Real estate markets will feel the downstream effects from a slowdown in Toronto’s condo market, according to one real estate expert who expects fewer completions of new units over the next few years. Last month, Bloomberg News reported that Toronto’s condo developers saw sales of new units in the first half of the year fall 57 per cent from the previous year, marking the slowest pace in 27 years amid high interest rates and a pullback in demand. Additionally, a report by CIBC Economics and...
read moreMISSISSAUGA LAUNCHES $44 MILLION PROGRAM TO BOOST AFFORDABLE RENTAL HOUSING
Mississauga city council has approved a $44 million Community Improvement Plan (CIP) aimed at increasing the supply of affordable rental housing, including financial support for developers committed to constructing affordable rental units. “The availability of affordable rental housing is a critical issue in Mississauga. Through financial incentives, we aim to address some of the financial challenges developers face,” said Andrew Whittemore, Commissioner of Planning and Building. “We listened...
read moreTORONTO EXPANDS AFFORDABLE HOUSING EFFORTS WITH $50 MILLION FUND TO ACQUIRE VACANT CONDOMINIUMS AMID MARKET GLUT
Toronto has expanded its housing acquisition programs to support the purchase of condominiums — some vacant for months and deeply discounted amid a glut of new units — to bring them into the city’s affordable housing fold. “We often get approached by people who are interested in finding partners to buy units that are currently unoccupied or available, so we have changed some of our programs to enable that to happen,” Abigail Bond, the executive director of the city’s Housing Secretariat, said...
read moreLEGAL EXPERTS WARN TENANT RATING WEBSITES COULD UNFAIRLY LABEL RENTERS
Landlords posting tenant reviews on so-called blacklist websites is a trend some in the industry worry could add to the housing crisis. Websites like Tenantscore, Openroom and other similar blacklisting sites allow landlords and tenants to air their grievances, potentially preventing tenants from finding housing in the future. A legal expert said that even if tenants have had negative relationships with landlords in the past, it shouldn’t hinder their ability to find a place to call...
read moreB.C. CITY WANTS HOUSING PLAN DISCLOSURE ORDER QUASHED
The City of Vancouver has asked B.C. Supreme Court to quash an information commissioner’s order that it disclose plans for new rental housing sought in a freedom of information request. The B.C. Information and Privacy Commissioner’s Office made the order June 14 in response to a request under the Freedom of Information and Protection of Privacy Act. The city had withheld information in its response to the person requesting the information. It cited harm to financial or economic interests and...
read moreAVISON YOUNG SELLS MONTREAL OFFICE BUILDING FOR RESIDENTIAL CONVERSION
Avison Young announced the sale of a Montreal office building that will be converted into residential housing, and said it sees other opportunities for conversions in the city. In a press release Thursday, Avison Young announced the sale of 1434 Sainte-Catherine St. West to 5AM Capital, saying the office building will be used for student housing due to its proximity to Concordia and McGill universities. “Repurposing this property into a home for students will give it a new life and contribute...
read moreB.C. GOVERNMENT TO LAUNCH WEBSITE TO COMBAT ‘BAD FAITH’ EVICTIONS
The B.C. government says a new online portal launching this month will combat bad-faith evictions made by landlords who falsely claim to be putting a property to “personal use,” only to increase rent on the unit. The Ministry of Housing says the Landlord Use Web Portal will go live on July 18 and will require landlords to generate eviction notices under the Residential Tenancy Act’s provision allowing tenants to be evicted from a unit if a family member or caretaker intends...
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