23 condo towers planned for Vancouver redevelopment

23 condo towers planned for Vancouver redevelopment

An ambitious redevelopment project will remodel Lougheed Town Centre and its immediate vicinity into one of the Metro Vancouver region’s largest town centre areas. The main proponent of the area’s redevelopment is developer Shape Properties, which owns the sprawling shopping mall site. The plan calls for the construction of as many as 23 residential towers. 

Vancity Buzz

WAM proposes three towers for downtown Toronto

Toronto’s Moss Park is set to get a major overhaul in the coming years, spearheaded by a proposed massive new development. WAM Development Group currently owns a parcel of land that stretches from McFarrens Lane to Ontario street between Queen and Richmond. On it, it proposes to build three towers with over 1,600 units.

blogTO – Urban Toronto

Farm may be last frontier of GTA sprawl

Time has chipped acres away from the old Westney family farm for more than a century, and now nearby residents in Ajax and Pickering want to halt suburban sprawl to save what’s left of a piece of local history. The two-acre plot of former farmland is subject to a development proposal that would plop 19 new houses in a cluster around the 19th-century Westglen farmhouse, designated a heritage site in 1985.

Toronto Star

Ottawa votes to cut building, reno permit fees

Contractors and home renovators in Ottawa could soon be paying 10 per cent less for building permit fees, after the city’s planning committee endorsed the plan Tuesday. The city studied whether it could afford to reduce the fees after councillors suggested last fall the building code branch was collecting more than enough money to fill its reserve accounts.

CBC News

Builders decry new Winnipeg fees

More than 80 new fees for Winnipeggers are proposed in this year’s budget and the lion’s share is being levied against home builders and developers. It is a move Mike Moore, president of the Manitoba Home Builders’ Association, has christened a “new neighbour tax” that will disproportionately impact the property development and construction community and by proxy, new home buyers. 

Winnipeg Free Press – Winnipeg Free Press

Developer unveils Saskatoon’s first residential car-sharing program

North Prairie Developments Ltd. CEO Andrew Williams says Saskatoon’s first residential car-sharing program will benefit young people moving into the downtown core. “You’ve got a significant amount of millennials that are coming into the market and changing their buying habits . . . not only are small units popular, but less vehicle dependence is popular,” he said.

Saskatoon StarPhoenix – CBC News

Car-less apartment buildings to accelerate: Campbell

An apartment building with no designated car parks? John Campbell, the man who steered Toronto’s $35-billion waterfront precinct overhaul for 13 years, says authorities around the world will need to factor in the diminishing need for car parks in multi-storey developments as the digital economy and a shift away from vehicle ownership takes hold.

Sydney Morning Herald

CMHC revs up hunt for foreign home buyers

Canada Mortgage & Housing Corp., looking for new methods to track foreign ownership in the country’s soaring real estate markets, may tap money-laundering police and classify international university students as foreign buyers, according to internal documents. CMHC  has been in contact with at least eight government agencies to find data on offshore buyers in Vancouver, Toronto and Montreal.

Bloomberg – CBC News – Maclean’s – CBC News

UN raises concern over Canada’s ‘housing crisis’

Affordable housing activists are applauding the UN for giving Canada “a boot in the butt” for failing to live up to its international obligations to protect vulnerable Canadians. The UN Committee on Economic, Social and Cultural Rights expressed “concern about the persistence of a housing crisis” and called for a national housing strategy that recognizes the right to housing.

Toronto Star

Fear factor fuelling hot markets

Metro Vancouver has a finite land base and a steady stream of newcomers chasing a limited housing supply. The fear factor is also  contributing to the dire housing situation. Observers agree the fear of selling one’s home and not being able to find another property is part of the low inventory of real estate listings, both in Vancouver and Toronto.

Vancouver Sun – Financial Post – CBC News – CTV News

P.E.I. realtors want government help marketing to U.S.

Some P.E.I. realtors are calling on the province to help them sell Island property by mounting a marketing campaign touting the bargains that can be bought with U.S. dollars and relaxing foreign-ownership rules. “I think it’s a government opportunity to increase business here by touting the value of the dollar for Americans to come here,” said PEI Real Estate Association president Wayne Ellis.

CBC News

U. of Calgary looks for solutions for seniors

It’s estimated by 2030 one in four Canadians will be over 65 and will account for 80 per cent of housing demand. A team from the Faculty of Environmental Design at the University of Calgary has teamed up with the Faculty of Medicine and the Institute for Public Health to design and test a series of aging-in-place laneway house prototypes.

Globe and Mail

CPPIB Florida buy shows appetite for seniors housing

Senior housing investment and M&A activity reached record levels last year as occupancy hit an eight-year high, according to the just released CBRE Senior Housing Investor Survey and Market Outlook. A large joint venture portfolio acquisition by Welltower Inc. and the Canada Pension Plan Investment Board (CPPIB) suggests deal activity shows no sign of letting up in 2016. 

CoStar Group – Globest.com

MF rents hit new peak, but growth slows

U.S. apartment rents across 111 markets reached a new peak in February, climbing to an average of $1,175 per month, according to the latest Yardi Matrix report. However, “While overall rent growth is robust and . . . cracks are beginning to emerge in some of the top-performing markets that indicate a return to more normal growth.”

Globest.com – Commercial Property Executive – Multifamily Executive

Renters’ rise extends to U.S. suburbs

In the American imagination, suburbs are places to buy a house and put down roots. But a growing percentage of suburbanites rent, according to a new study. About 29 per cent of metropolitan-area suburbanites were renters in 2014, up from 23 per cent in 2006, according to a report released Tuesday by New York University’s Furman Center real estate think-tank and Capital One.

Winnipeg Free Press

RENX Columnists

Boomers a huge influence on future multi-res

In 2015 I wrote a book called The Stackable Boomer. Here is the introductory chapter. In subsequent posts on this blog I will share insights from the book, from our research, and ideas contributed by developers, architects, planners, designers, authors and Harvard professors.

Read more

Choosing a crowdfunded real estate portal

One of the fastest-growing investment vehicles over the last few years have been crowdfunding. Entrepreneurs have recognized the potential of crowdfunding and its ease of accessibility to investors through a variety of social media networks and platforms.

Read more

Market Conditions

Who was hit hardest when U.S. bubble burst?

When the 2008 financial crisis sent shockwaves through the US housing market, some lost out more than others. So, looking at the United States’ Census Bureau’s annual American Community Survey from 2006 to 2014, online real estate listing service Trulia has sought to survey the damage by demographic. 

Buzzbuzzhome.com

Hot Toronto market spurs suburban bidding wars

After a six-person bidding war, Kristen and John Large sold their semi-detached Toronto home to a buyer who had lost out on two other homes and was willing to pay $53,000 above their $518,000 asking price. Two months later, the Larges found themselves in competition with six other buyers for a four-bedroom detached house in Aurora, Ont.

Globe and Mail

Commodities rebound hinges on China’s real estate market

Iron ore prices soared the most ever Monday after China voiced willingness to stimulate the economy. The commodities rebound is being driven by speculation that investments in China’s housing market is recovering, Hao Hong, chief China strategist at Bocom International Holdings Co. in Hong Kong said in a report. That means Chinese real-estate investments should also register a bounce. 

Bloomberg – Reuters

Home ‘flipping’ soars in hot U.S. markets

Home flipping has risen in some hot U.S. housing markets, prompting concerns local housing bubbles could be developing. A recent report by RealtyTrac found home flippingin 12 active metropolitan areas last year was above a peak set in 2005, just two years before the U.S. mortgage market started to collapse, leading to a banking crisis and the Great Recession.

Reuters – Business Insider – CNBC

Toronto housing market still soaring

Realtors in Canada’s largest market say a federal initiative to increase the minimum down payment needed to buy a home has done little to slow the market. The Toronto Real Estate Board said Thursday there were 7,621 transactions in Greater Toronto Area in February, up 21.1 per cent from a year earlier.

Financial Post – Toronto Star – Globe and Mail – Newinhomes.com

Latest reports:

* Montréal, Greater Montréal Real Estate Board (GMREB), Canada Newswire

* Ottawa home resales, Ottawa Real Estate Board (OREB), Ottawa Citizen

* Ottawa housing starts, Canada Mortgage and Housing Corp., Ottawa Business Journal

* Peterborough, Peterborough and the Kawarthas Association of Realtors, Peterborough Examiner

* Toronto, Vancouver luxury sales, Sotheby’s International Realty Canada, Toronto Star, Financial Post, Marketwired

* Toronto, Harvey Kalles Real Estate Ltd., Globe and Mail

* Winnipeg, Winnipeg Realtors Association (WRA), Winnipeg Free Press

* Regina, City of Regina, Regina Leader-Post

* Saskatoon, Saskatoon Region Association of Realtors (SRAR), Saskatoon StarPhoenix

* Edmonton, Realtors Association of Edmonton, Edmonton Journal

* Calgary, Calgary Real Estate Board, Globe and Mail, Financial Post, Calgary Herald

* Yellowknife, Century 21 Prospect Realty, CBC News

* Whistler, Re/Max, CBC News

* Vancouver, Real Estate Board of Greater Vancouver, Vancouver Sun, Business In Vancouver, Vancity Buzz, Globe and Mail

* Victoria, Victoria Real Estate Board, Victoria Times Colonist, Victoria Times Colonist 

* Canadian housing starts, Canada Mortgage and Housing Corp., Reuters, Financial Post

* New York, Federal Reserve, Business Insider

* Flint, Mich., Piper Realty Company, Here And Now

Vancouver leads global luxury housing ranking

Canada’s two hottest real estate markets are among the world leaders in a new study of prime housing markets. Vancouver, in fact, is the global leader, with Toronto at No. 12, in the rankings released Wednesday by Knight Frank, a real estate consultancy that tracks 100 luxury property markets in its annual wealth study. 

Globe and Mail – Business In Vancouver – CNBC – Globe and Mail

RENX Market Summaries

Mortgage and Finance

The lowdown on down payments

Saving for a down payment remains the primary way people are able to purchase a new home, says Richard Anderson, a mortgage broker with Enrich Mortgage Group, Mortgage Alliance. That includes dipping into RRSPs, which new home buyers can do to a maximum of $25,000 with no tax consequences. Many first-time buyers take advantage of the Bank of Mom and Dad.

Calgary Herald

Banks offer homeowners options in tough economy

As the plummeting price of oil leads to job losses across Alberta, many homeowners find themselves in tenuous positions, worried they might lose the roof over their heads. Donna Houston, a long-time resident of Fort McMurray and a local real estate agent, found herself asking serious questions about how to pay her bills after her husband lost his job.

CBC News

New Developments

Laneway homes proving popular

A neglected old warehouse in a downtown back alley: hardly the makings of a family home or business office. And yet an ambitious pair of young architects transformed the site into a contemporary live/work showplace. “The building was so simple and blank it became an easy canvas to start from,” Peter Tan says of Courtyard House.

Toronto Star

Modern condo sits atop Rosedale apartments

One bright, serene afternoon, I sat before the fireplace in a sprightly new dwelling perched atop an old, small apartment complex in Toronto’s Rosedale neighbourhood. Gentle winter sunshine seeped through the suite’s south-facing walls of glass, gilding the interior. The wide view out these glassy expanses and off the spacious terrace beyond them opened over the shingles of large family homes, over the urban forest.

Globe and Mail

Renovation, Repair and Maintenance

Vancouver dream home meets wrecker’s ball

The Vancouver house was marketed as a dream home when it went up for sale in 2012. “You’ve admired it — now it can be yours!” read the listing. “The charm and quality of the past, updated to today’s standards.” The three-bedroom house featured an updated kitchen with granite countertops, stainless steel appliances and French doors that opened onto a large terrace.

Vancouver Sun – Vancouver Sun

Taxes and Utilities

Toronto Hydro bills set to rise

Toronto households using more than 800 kilowatt-hours per month should brace for a jolt on their electricity bills this year. Toronto Hydro says residential customers will pay about $77 more in the current 12-month billing cycle after receiving approval from the Ontario Energy Board last year. The OEB regulates the province’s electricity and natural gas sectors and sets electricity rates.

Toronto Star

HST taxing to P.E.I. RE industry

The HST is decimating the construction and renovation industry in P.E.I. developers and realtors told the Standing Committee on Education and Economic Development on Thursday in Charlottetown. When asked if developers were in danger of going out of business, Summerside developer Peter Brown told the committee “we’re not far away.”

Guardian Charlottetown – CBC News

Winnipeg budget calls for tax and levy hike

The 2016 preliminary budget for the City of Winnipeg calls for a 2.33 per cent property tax increase in addition to an increased frontage levy. One per cent will be dedicated to local street, lane and sidewalk renewal, one per cent will go to the renewal of regional streets and sidewalks, with the remaining .33 per cent going to payments for the Southwest Rapid Transitway and the Pembina Highway Underpass project.

Winnipeg Free Press – CBC News – CTV News

Natural Disasters

B.C. mayor seeks funds to fix water system

Farmers in the South Okanagan could faces losses of $143 million if the B.C. government doesn’t help pay for emergency repairs to a water system damaged by a landslide earlier this year, the Town of Oliver has warned. Mayor Ron Hovanes says the slide impacted a siphon and flume that provide water to the Town of Oliver and Osoyoos Indian Band.

Vancouver Province

Legal Issues

Rise in Airbnb renters causes security concerns

Commotion in the night, clomping of feet and chatter of strangers in the hallways due to a “revolving door” of Airbnb tenants has become cause for concern among Edmonton’s condo-dwellers, according to lawyer Robert Noce. In response to a myriad of resident complaints, more than a dozen Edmonton condo boards have sought Noce’s legal advice on how to exclude Airbnb tenants from their properties.

CBC News – BBC

Condominium Management

Condo Scene: The ABCs of condo living, part two

The ABCs can be a useful rubric for condo buyers who want to be sure of their purchase before taking the plunge. Last time I looked at A to E. Today I’ll tackle F through I.

Ottawa Citizen

Affordable Housing

The Vancouver real-estate affordability crisis – suburban style

Brad West was visiting his mom at the Port Coquitlam home where he grew up, noticed a house for sale down the street and became curious. So he dropped by an open-house event and was shocked to discover the asking price: $1.1 million. “I couldn’t believe it,” said West, a 30-year-old Port Coquitlam city councillor.

Vancouver Province – Tri City News

Unions agree to less pay to build affordable apartments

Unions representing construction workers in Boston have agreed to work for lower pay on projects that will provide more affordable rental housing. The Metropolitan Building Trades Council is setting up units to specialize in apartment construction. Those units would be paid about one-third less than the unions’ standard commercial rates.

Winnipeg Free Press

Montreal activists demand more affordable housing

A coalition of housing committees is calling on the City of Montreal to reserve more space for social housing projects to help combat the serious shortage of affordable housing. The Front d’action populaire en réaménagement urbain (FRAPRU) launched a three-month campaign on Monday to bring a variety of actions to different boroughs across the city.

Montreal Gazette

Cities, Towns and Urban Issues

One in 20 Vancouver homes unoccupied

About five per cent of homes in Vancouver are not occupied, according to a new city report. But there appears to be no correlation between skyrocketing home prices and the city’s non-occupancy rate, which has been mostly flat since 2012, said Bruce Townson, CEO of Ecotagious Inc., a software company hired by the city to analyze electricity consumption.

Vancouver Sun

Windsor group attempting to fight sprawl

A group of Windsor residents is trying to bring attention to the city’s blight with an interactive online map of 400 boarded-up buildings and abandoned properties. Kathryn Tisdale launched the Facebook group — Windsor’s Vacant Buildings and Lots — after it was decided the region’s proposed new mega-hospital should be located on the city’s outskirts.

Windsor Star

Ottawa neighbourhoods recommended for revitalization studies

Three neighbourhoods, including the low-income Albion-Heatherington community in southeast Ottawa, will get special revitalization studies if council approves a strategy recommended by staff.  The studies would take a hard look at communities to see how they can be improved through planning policies, facilities, employment supports and resident engagement. 

Ottawa Citizen

Buying and Selling

Big Fat Deal: Locarno beach pad

Address: 4608 North West Marine Drive
Price: $14,900,000
MLS: V1141131
The skinny: Four-bedroom, seven-bathroom, 6,900-square-foot four-level home across from Locarno Beach on a 9,288-square-foot lot.
The bling: From the outside, it may look like a game of Jenga nearing collapse, but inside, this Point Grey beach house is all about suave sophistication.

BC Business

Other