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LANDLORDS AND TENANTS IN CANADA’S HOTTEST HOUSING MARKETS FINALLY AGREE ON SOMETHING: THE SYSTEM IS BROKEN ON BOTH SIDES

Posted in Affordable Housing, Coronavirus, Housing, Industry Trends, Newsworthy, Rental Rates, Vacancy Rates

LANDLORDS AND TENANTS IN CANADA’S HOTTEST HOUSING MARKETS FINALLY AGREE ON SOMETHING: THE SYSTEM IS BROKEN ON BOTH SIDES

In Toronto and Vancouver, the two cities in Canada with the highest costs of living, renters have gotten a reprieve during the pandemic from most kinds of evictions and rent increases. But as the moratorium on evictions was lifted in Ontario at the beginning of August, and will end on Sept. 1 in British Columbia, experts warn this will trigger thousands of eviction notices — and long-standing tensions between landlords and tenants may reach a tipping point. In interviews with the Star, both...

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GOVERNMENT IS WHY HOUSING IN CANADA IS UNAFFORDABLE AND MORE TAXES WON’T HELP

Posted in Affordable Housing, CMHC, Development, Housing, Industry Trends, Newsworthy, Rent Control, Rental Rates, Tax Law

GOVERNMENT IS WHY HOUSING IN CANADA IS UNAFFORDABLE AND MORE TAXES WON’T HELP

The Canada Mortgage and Housing Corporation (CMHC) is giving $250,000 to Generation Squeeze, an advocacy organization for young Canadians, to research ways to improve housing affordability. The group stated it will focus on “wealth generated by rising home values,” which incited fears the government is considering a home equity tax on the capital gains generated when Canadians sell their homes. But more taxes won’t increase affordability. If the government really wants to know why housing is...

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RESIDENTIAL-RENTAL INCENTIVES APPEAR WITH MODEST VACANCY INCREASE

Posted in Coronavirus, Development, Housing, Industry Trends, Newsworthy, Rental Rates, Student Housing, Vacancy Rates

RESIDENTIAL-RENTAL INCENTIVES APPEAR WITH MODEST VACANCY INCREASE

For the first time in years, the Greater Victoria residential rental market is seeing incentives to attract tenants, but industry experts suggest the phenomenon is unlikely to be widespread or long-lived. Rentals.ca, an online marketplace for rentals across Canada, says some building managers or property owners in Victoria and other major centres are offering a free month’s rent or credits ranging between $500 and $1,000. Rentals.ca suggests the inducements could be due to significantly...

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DOZENS OF TORONTO APARTMENT BUILDINGS OFFERING RENTAL INCENTIVES RIGHT NOW

Posted in Coronavirus, Industry Trends, Newsworthy, Rental Rates, Vacancy Rates

DOZENS OF TORONTO APARTMENT BUILDINGS OFFERING RENTAL INCENTIVES RIGHT NOW

In case you haven’t been paying attention, among the significant repercussions COVID-19 has wrought is the softening of the Toronto rental market. For the first time in years, average rents have consistently fallen over the last five months, with the average 1-bedroom dropping approximately $250 per month since the beginning of the year. The reasons for the market’s softening are many, and nuanced, but can generally be focused into a pair of main factors: There is more supply of rental units...

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CONTROVERSIAL PINE DRIVE APARTMENTS ONE STEP CLOSER TO BEING BUILT

Posted in Bylaws / Regulations, Development, Housing, Industry Trends, Legislation, Newsworthy, Rental Rates, Vacancy Rates

CONTROVERSIAL PINE DRIVE APARTMENTS ONE STEP CLOSER TO BEING BUILT

Rezoning for a controversial 41-unit apartment building in Charlottetown, one with eight years of history, passed second reading in city council on Monday after an attempt to defer the decision was rejected. The zoning change for 9 Pine Dr. from a single detached residential zone to a medium density residential zone was approved with a 5-3 vote. Coun. Mitchell Tweel attempted to defer second reading to give neighbours and the developer a chance to reach a compromise. Mayor Philip Brown...

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FREE RENT OFFERED AS MOVE-IN INCENTIVE AT THESE TORONTO PROPERTIES

Posted in Coronavirus, Housing, Industry Trends, Newsworthy, Rental Rates

FREE RENT OFFERED AS MOVE-IN INCENTIVE AT THESE TORONTO PROPERTIES

While Toronto continues to be an expensive city to live in, the COVID-19 pandemic has resulted in more rental units becoming available in the market. And with lack of jobs, along with short-term rentals going back into the market due to lack of tourism, Rentals.ca has highlighted some properties in and around Toronto offering move-in incentives like free month’s rent. “The pandemic health concerns, coupled with reduced employment and hiring activity, has resulted in less immigration and...

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MOVING DAY LEAVES AT LEAST 173 MONTREAL HOUSEHOLDS WITHOUT A HOME

Posted in Affordable Housing, Housing, Newsworthy, Rental Rates, Vacancy Rates

MOVING DAY LEAVES AT LEAST 173 MONTREAL HOUSEHOLDS WITHOUT A HOME

It was moving day in Quebec, but not all those moving had somewhere to move to. Between 80,000 and 100,000 Montreal residents were expected to move on Wednesday, but by midday 173 households were still seeking a home. “That’s enormous,” said Véronique Laflamme, spokesperson for tenants’ rights group FRAPRU, noting that the number is more than double last year’s, when 68 households were still seeking lodging on June 30. “It shows that the famous housing crisis, which affects a large number of...

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AVERAGE MONTHLY RENTS DOWN IN TORONTO, GTA

Posted in Coronavirus, Housing, Industry Trends, Newsworthy, Rental Rates, Vacancy Rates

AVERAGE MONTHLY RENTS DOWN IN TORONTO, GTA

Average monthly rents in the top 14 cities and former municipalities in the Greater Toronto Area declined in May, according to the latest TorontoRentals.com and Bullpen Research & Consulting Toronto and GTA rent report. The former City of Toronto saw rents dip 0.3 per cent month over month from $2,387 on average in April to $2,380 in May, following a more steep drop of 3.9 per cent the month before. Average rents have declined by 6 per cent to 10 per cent annually in North York, Markham,...

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GOVERNMENT URGED TO EXTEND EVICTION BAN TO ENSURE ‘EVICTIONS DON’T HAPPEN’

Posted in Coronavirus, Housing, Industry Trends, Legislation, Newsworthy, Rent Control, Rental Rates, Tenancy Law

GOVERNMENT URGED TO EXTEND EVICTION BAN TO ENSURE ‘EVICTIONS DON’T HAPPEN’

Landlords would be justified handing out eviction notices: Investment Property Owners Association The provincial ban on evictions for COVID-19 ends next week The province’s moratorium on evictions during COVID-19 is set to expire next week. The Investment Property Owners Association of Nova Scotia says eviction notices would be justified at that time. That’s according to Kevin Russell, the Executive Director of the Association. He says over the last 3 months, landlords have worked out about...

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TORONTO RESIDENTIAL RENTS DROPPING BECAUSE OF COVID-19, FIGURES SUGGEST

Posted in Coronavirus, Industry Trends, Newsworthy, Rental Rates

TORONTO RESIDENTIAL RENTS DROPPING BECAUSE OF COVID-19, FIGURES SUGGEST

The days of cut-throat competition in Toronto for an affordable rental unit — or any unit, for that matter — are gone, at least for now. The city’s rental market seems to be evening out as a result of various factors stemming from the COVID-19 pandemic, according to real estate research firm Urbanation. The organization found the number of new leases signed in the second half of June was down 27 per cent year-over-year, compared with a drop of 41 per cent in May. New listings increased...

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