Canada’s Purpose-Built Rental Vacancy Rate Increases
In the privately initiated purpose-built rental market, the average rental apartment vacancy rate in Canada’s 35 larger centres1 increased slightly, to 2.8 per cent in October 2014, from 2.7 per cent in October 2013, according to the fall Rental Market Survey2 released today by Canada Mortgage and Housing Corporation (CMHC). “Between October 2013 and October 2014, the supply of purpose built rental housing units rose by 2.7 per cent. Overall, this increase in supply outpaced the rise in...
read moreWhy a weaker economy could be good for REITs
Story by: Jonathan Ratner | @jonratner Despite rising inflation and the negative economic impact stemming from lower oil prices, Canadian REIT executives are pretty optimistic about 2015. The reason: low interest rates. Canaccord Genuity analysts Mark Rothschild and Jenny Ma attended the Toronto Real Estate Forum last week and found the tone rather bullish, partly because the current low rates are expected to remain that way, at least in the near term. Cap rates have remained stable near the...
read moreBank of Canada: Housing market is overvalued, but soft landing remains likely
Story by: Sean MacKay | BuzzBuzzHome At the tail end of a year marked by strong house price growth, the Bank of Canada has warned that the country’s housing market could be overvalued by up to 30 per cent. Although imbalances in Canada’s housing market were identified as a “key vulnerability” to Canada’s financial system in the twice-annual Financial System Review released on Wednesday, the bank said that a soft landing is still “the most likely way forward.” In its report, the Bank of Canada...
read moreCities With Best Reputations: Vancouver, Montreal In Top 10 As Toronto Drops Out
The Huffington Post Canada | By Jesse Ferreras Sorry, Toronto, you no longer rank with the best. That’s the message from new rankings by the New York-based Reputation Institute, which placed Toronto second among the world’s most reputable cities last year, only to drop it out of the top 10 this year. Vancouver, however, clambered its way back into the top 10 after falling out completely in 2013, while Montreal was new to the elite class of global cities. The institute devises its...
read moreRental Crunch: B.C. Housing Minister warns of possible hikes under rent-control system
Talk by the provincial government about possible hikes to rent controls is sure to send shivers up the spine of B.C.’s 1.1-million renters. The current system of rent controls, which has been in effect since 2004, is defined as a two per cent increase per year plus the rise in the Consumer Price Index, which is currently running at 1.1 per cent. Housing Minister Rich Coleman told The Sunday Province that discussions will be held soon, with a view to perhaps permitting the level of increases to...
read moreWinnipeg: Applications open for new downtown residential housing tax credits
Developers interested in creating new downtown residential-housing units can apply today for a new round of city-provincial tax credits. In June, city council approved a new downtown-housing incentive program to piggy-back on a fully subscribed, $40-million city-provincial grant program that helped build approximately 1,300 units, most of them condominiums. The new program won’t offer grants up front, but will allow developers of pre-approved projects to receive a rebate of any...
read more4 Facts About Pond Fishing to Replace Top-Performing Employees
Losing top performing property management employees, who have long standing and “legacy expertise” within a company, can be difficult. Especially when top performers jump ship for your competitor. After the shock, anger, hard feelings, and the temptation to lure them back wears off, you are still left with an often ginormous vacancy. Some immediately start casting the opportunity externally while others look to their own employee base. It’s a common internal debate in the property management...
read moreGot Game? Three Secrets to Gamification in Multifamily
What is Gamification? Gamification is the use of game mechanics and design techniques to motivate people to solve problems or achieve certain goals. It is a key enterprise technology category that Gartner research firm has picked to mature over the next 5-10 years. Gartner’s Hype Cycle suggests gamification has traveled past the Peak of Inflated Expectations and is moving through the Trough of Disillusion and on to the Slope of Enlightenment. Therefore, setting realistic expectations related...
read moreTenant Damage Deposits in Ontario: Now is the Right Time
It is a well-known fact that Ontario’s rental housing stock is reaching a time-worn state. Over half of all rental housing units in the province were constructed prior to 1970, just before rent controls devastated new rental housing supply in the mid-seventies. Over 400,000 rental housing units, or 30% of the apartment stock, is now over 55 years old. Landlords in the private sector are responding by investing vast amounts of money into repairs, maintenance and new apartment construction,...
read moreFire Safety in Apartment Communities
There are special areas of concern when it comes to fire safety in apartment buildings. Families in apartment buildings live close together; affecting each other’s risks associated with fire. While the chances of a fire starting in an apartment are about the same as in a private home, apartment fires have the potential to spread fire, heat and smoke throughout the building affecting the safety of all occupants. Here are a few tips we hope you can share with your tenants: 1. KNOW YOUR EXITS...
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