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Rental Housing Business Newsreel

INCLUSIONARY ZONING IN THE CITY OF TORONTO – WHAT YOU NEED TO KNOW

Posted in Affordable Housing, Bylaws / Regulations, Development, Housing, Industry Trends, Newsworthy, Zoning

INCLUSIONARY ZONING IN THE CITY OF TORONTO – WHAT YOU NEED TO KNOW

The City of Toronto is moving forward with proposed inclusionary zoning policies which have been released in draft form for public consultation. The purpose of inclusionary zoning is to increase the supply of affordable housing for low to moderate income households by establishing policies and by-laws to require a certain percentage of new development to contain affordable housing. The City’s proposed policies would be implemented within strong and moderate market areas that are limited...

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GOVERNMENTS OF CANADA AND NOVA SCOTIA SIGN HOUSING BENEFIT

Posted in Affordable Housing, Housing, Industry Trends, Newsworthy

GOVERNMENTS OF CANADA AND NOVA SCOTIA SIGN HOUSING BENEFIT

Every Canadian deserves a safe and affordable place to call home. That is why the Governments of Canada and Nova Scotia are providing additional support to hundreds of low-income households across the province. Today, Andy Fillmore, Member of Parliament for Halifax, on behalf of the Honourable Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC), along with the Honourable Chuck Porter, Minister of...

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HOW HAS COVID-19 IMPACTED CANADA’S STUDENT RENTAL MARKET?

Posted in Coronavirus, Health & Safety, Housing, Industry Trends, Newsworthy, Student Housing

HOW HAS COVID-19 IMPACTED CANADA’S STUDENT RENTAL MARKET?

With the return to school having achieved the topic of the day status for a few weeks in late summer, real estate investors’ thoughts undoubtedly turned toward the fate of the country’s student rental market. COVID-19 has forced most Canadian universities to adopt remote learning models until at least the end of 2020, but is the new paradigm really leading to a decline in demand for student rentals? Timbercreek’s executive director of origination, Geoff McTait, says student rentals have, like...

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RENT CONTROL IS BAD FOR RENTERS, BUT GOOD FOR POLITICIANS

Posted in Housing, Newsworthy, Rent Control, Rental Rates

RENT CONTROL IS BAD FOR RENTERS, BUT GOOD FOR POLITICIANS

Rent Control as a Means of Buying Votes Ontario’s modern history of rent control legislation began during the 1975 election campaign, when it was actively promoted by the New Democratic Party (NDP). This was the stagflation era, and the NDP conveniently ignored Canadian monetary policy as a major contributing factor to price inflation—7.8 percent in 1973, 11 percent in 1974, 10.7 percent in 1975—including higher rents, preferring instead to talk about “horror stories of individuals and bad...

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RENTAL RATES IN TORONTO, VANCOUVER TANK FASTER THAN ANYWHERE EXCEPT SAN FRANCISCO

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

RENTAL RATES IN TORONTO, VANCOUVER TANK FASTER THAN ANYWHERE EXCEPT SAN FRANCISCO

With the COVID-19 pandemic shifting where people live and work, the next few years could be tough ones for landlords in Canada’s largest cities. But they could be better for some of the country’s long-struggling secondary cities ― and for renters, who might finally find a good deal on housing after years of soaring prices. Rental rates in Canada’s largest cities are cratering. With millions more Canadians working from home, post-secondary students taking online classes and immigration to...

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HOMELESS WINNIPEGGERS OPTIMISTIC ABOUT RAPID AFFORDABLE HOUSING PLAN

Posted in Affordable Housing, Coronavirus, Housing, Industry Trends, Newsworthy

HOMELESS WINNIPEGGERS OPTIMISTIC ABOUT RAPID AFFORDABLE HOUSING PLAN

Some members of Winnipeg’s homeless community are cautiously optimistic about a federal plan to spend $1 billion over the next six months to create new affordable housing units across the country. The Liberal government is making the cash available to municipalities, provinces and non-profit organizations for the purchase of land and property that have become vacant during the COVID-19 pandemic. The funding can also be used to cover the construction of modular housing. The program is...

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WALL STREET’S NEW SUBURBAN SUBDIVISION IS FULL OF RENTERS

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

WALL STREET’S NEW SUBURBAN SUBDIVISION IS FULL OF RENTERS

Wall Street won big buying up homes during the foreclosure crisis and renting them out. Now, it’s headed back to the suburbs in hopes of scoring again. With the pandemic driving demand for larger living spaces, institutional investors are pouring money into single-family rentals. In addition to buying houses on the open market, they’re bankrolling subdivisions — inventing a new kind of suburban living that’s easier to afford, but where the financial benefits of homeownership go to Wall...

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TORONTO LOOKS AT FORCING NEW CONDO DEVELOPERS TO DEDICATE 10% OF RESIDENTIAL SPACE TO AFFORDABLE HOUSING

Posted in Affordable Housing, Development, Housing, Industry Trends, Legislation, Rental Rates

TORONTO LOOKS AT FORCING NEW CONDO DEVELOPERS TO DEDICATE 10% OF RESIDENTIAL SPACE TO AFFORDABLE HOUSING

Toronto’s chief planner is proposing new condominium developments in parts of the city be required to dedicate 10 per cent of their space to affordable rentals or owned homes and be guaranteed affordable for 99 years. Under the proposal, to be presented to a committee meeting on Tuesday, any condo development above a certain size in “strong market” areas of the city — including much of the old city and North Toronto, southwest Scarborough and Scarborough Town Centre, Don Mills, York Mills and...

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PEEL LOAN PROGRAM FOR SECOND UNIT AND BASEMENT RENOVATIONS LOOKS TO CREATE AFFORDABLE HOUSING

Posted in Affordable Housing, Development, Finance, Housing, Industry Trends, Newsworthy, Rental Rates, Suite Renovations

PEEL LOAN PROGRAM FOR SECOND UNIT AND BASEMENT RENOVATIONS LOOKS TO CREATE AFFORDABLE HOUSING

The Region of Peel announced it will be launching their ‘My Home Second Unit’ renovation pilot program in October 2020 to help residents repair their existing “illegal” or unregistered basements and second units. The program approved in February 2020 following a motion moved by Regional Councillor Gurpreet Singh Dhillon, was delayed due to the Covid-19 pandemic. The program will allow eligible homeowners to secure a 10-year interest-free loan to upgrade and renovate their existing unregistered...

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RENTAL HOUSING AND EVICTIONS

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

RENTAL HOUSING AND EVICTIONS

The Globe and Mail, in partnership with Canada Mortgage and Housing Corporation (CMHC) hosted a virtual event on September 16 to discuss the path forward for Canada’s rental housing market. Here are some of the highlights from the discussion: Rentals are key to affordable housing CMHC has set a goal to provide all Canadians with housing they can afford by 2030, said Romy Bowers, senior vice-president of client solutions with CMHC. In cities such as Toronto and Vancouver home ownership is less...

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