Rethinking high-rise tower neighbourhoods

Rethinking high-rise tower neighbourhoods

“The dream is, you have an area where it’s vibrant and something’s going on,” says Ayan Yusuf. “The space comes to life.” Many of those with whom Yusuf works as a community organizer in northwest Toronto aren’t so lucky. They live in apartment towers: Modernist high-rises surrounded by parking lots and driveways and empty lawns.

Globe and Mail

Rising demand for balconies poses riddle for TO developers

In a city that’s growing up, literally, the (typically) small matter of the apartment balcony has become a polarizing obsession. “The higher up balconies are situated,” observes Ted Kesik, a building-science expert at the University of Toronto, “the less they are used, since high-wind speeds combined with large heights can be unsettling for many people.

Globe and Mail

Elad’s Emerald City condos site continues to grow

Developer Elad Canada Inc.’s master planned condo project Emerald City continues to grow with the announcement sales for its eighth tower, The Point, commenced this summer. The 279-unit Point tower illustrates the changing demands of Toronto buyers: bachelor units that were previously part of the mix in Emerald City buildings are no longer present.

Property Biz Canada

Groupe Magma develops transformative Montreal-Est condos

Groupe Magma believes a part of the island of Montreal known mainly for its oil refineries could become a new hotspot in the city for condominiums. Montreal-Est “is the next El Dorado of development,” says Yan Le Houillier, president of the development division of Groupe Magma, which has developed more than 700 condominium units in the Montreal area.

Property Biz Canada

Average one-bedroom rent reaches $1,000

There are no signs of slowing down the ultra-hot Canadian rental market. Although some prices are declining, one-bedroom rental costs for the top 10 cities have all risen above $1,000 for the first time ever, according to PadMapper. Vancouver and Toronto continue their hot streak and remain the top two cities with the most expensive rental markets in Canada

Daily Hive – Huffington Post Canada – Markets Insider

Half of ‘peak’ millennials renting: Royal LePage

Just over a third of ‘peak millennials,’ those between the ages of 25-30, already own property but a majority of them are still dreaming of a detached home, according to the Royal LePage Peak Millennial Survey released on Thursday. The online survey of found 61 per cent of respondents across the country would prefer to buy a detached home.

Calgary Herald – Globe and Mail – CBC – CBC

Developing densified Vancouver into a designer metropolis

In their 1977 study of architecture and social behaviour, researchers Andrew Baum and Stuart Valins housed college students in two types of dormitories: one with a traditional corridor-design layout, with bedrooms next to each other and a shared bathroom on every floor, and another with a suite-style design, with several bedrooms, a bathroom and shared lounge in every suite.

Globe and Mail

Vancouver third-most livable city: Economist

Vancouver is the third most livable city globally, following Melbourne and Vienna, according to a new report by the Economist. The Economist Intelligence Unit surveyed 140 global cities to gauge which locations provide the best or worst living conditions. According to the report, the top five livable cities in overall ratings are: Melbourne, Australia (97.5), Vienna, Austria (97.4), Vancouver (97.3), Toronto (97.2), and Calgary (96.6).

Business In Vancouver

Condo owners protest forced sale of their homes

Condominium owners who oppose selling their strata corporation’s building are becoming more vocal at BC Supreme Court hearings. The rise in angry condominium owners has its roots in B.C. government changes to the Strata Property Act last year that allow owners of units in stratified buildings to dissolve the strata corporation if 80% of owners vote in favour.

Business In Vancouver

Balmoral Hotel case puts emphasis on Vancouver’s problem landlords

Charges laid two years ago against the owners of the Balmoral Hotel Ltd. for multiple bylaw violations, including fire-related infractions, highlight some of the challenges Vancouver faces in cracking down on problem landlords. After years of escalating problems, the city in June ordered the 176-room hotel, a single-room occupancy building (SRO), be vacated because of “imminent danger” to residents, including structural and fire concerns.

Globe and Mail

Abbotsford a growing region and a great bet

Many Metro Vancouverites may think of Abbotsford as a sleepy suburb, too far east to be relevant. But, Abbotsford is a hot, hot, hot real estate market – and likely getting hotter. It has been seeing a huge amount of ripple effect from the larger cities to its west, as prices have pushed home buyers into more affordable areas.

Western Investor

	B.C. wildfires’ impact on real estate, residents
	The following section of the RENX newsletter is dedicated to news about the wildfires in British Columbia and their impact on real estate.

 

Nineteen fires merge to create largest blaze in B.C. history

More than 400 firefighters are battling to contain the largest recorded wildfire in B.C.’s history. Kevin Skrepnek with the B.C. Wildfire Service says 19 fires have merged in B.C.’s Interior, creating a single fire estimated to be more than 4,600 square kilometres in size. Previously, the largest recorded B.C. wildfire was a 2,200-square-kilometre blaze in the northeastern part of the province in 1958.

CTV

Building-code changes could add $80,000 to new home: Critics

The Capital Regional District is polling the construction industry to determine if it’s ready for a change to the provincial building code. The B.C. Energy Step Code is an amendment to the B.C. Building Code announced this year. Local governments around B.C. are exploring options to support its adoption and address gaps in their current building energy policies.

Victoria Times Colonist

Trico Homes has much on its community plate

Trico Homes‘ construction crews are working at street level on a new 44-unit residential building that addresses the need for affordable and accessible housing in Calgary. Designed by Zeidler Partnership Architects, the Delaney is the first rental-only building by Trico that’s also a private/public partnership project.

Calgary Herald

‘Reduced price’ listings pop up in Hamilton’s cooling market

As the Hamilton housing market’s fever continues to break, “reduced price” and “new price” listings are popping up. A listing for a house in the Kirkendall neighbourhood screams, “JUST REDUCED!!” The two-bedroom fixer-upper was listed for $499,900 but has seen its price drop to $449,900. A tweet for another house in West Hamilton teased: “New price improvement coming tomorrow.”

CBC – Global News

Mortgage restrictions prevent mobile home refinancing

There are approximately 183,000 owners of manufactured homes in Canada, and nearly all of them have been banned from accessing refinancing of their mortgaged homes. Recent government actions outlawing the refinancing apply to all homeowners with an insured mortgage, but owners living in manufactured home parks will be the most affected.

Western Investor

RENX Columnists

The truth behind GTA home prices

Cause and effect; supply and demand – the reasons for record high new home prices in the GTA are a matter of government actions and simple economics. Despite some very recent cooling of the market, pricing for new detached homes in the GTA has skyrocketed in the past few years. The resale and condo markets have followed in step.

Read more

Market Conditions

Cost-burdened renters: Not who you think

With 43 million Americans renting rather than owning their homes, it stands to reason the non-ownership model cuts across generations. As this population grows, it stands to reason the numbers of cost-burdened renters — those who spend more than 30 per cent of their income on housing — will also increase.

GlobeSt.com – GlobeSt.com

Mortgage and Finance

Home equity lenders say they ‘fill a need,’ critics warn of risk

Their ads trumpet the ease of using the equity in your home to get cash. Alpine Credits helps customers get loans approved “regardless of your credit, age, or income,” the company’s commercials say. In a Capital Direct radio spot, veteran B.C. broadcaster Bill Good encourages listeners to call one of the company’s “friendly” advisers “if you could use any amount up to $300,000 or more.” 

Financial Post

Larger mortgages result in higher prices: Fraser Institute

Canadians have been able to qualify for much larger mortgages over the past two decades because of declining interest rates and rising incomes, and that has more than likely translated into higher home prices, finds a new study by the Fraser Institute. The new study, Interest Rates and Mortgage Borrowing Power in Canada, finds that between 2000 and 2016, interest rates fell from 7.0 to 2.7 per cent.

Marketwired

Average Canadian mortgage nears $200K

Canadians owe more than ever before on their mortgages, but fewer and fewer borrowers are falling behind on their payments. A report  from credit monitoring firm TransUnion looked at every active credit file across the country to gauge the financial health of borrowers and consumers. TransUnion found that as of the end of June, the average Canadian mortgage had $198,781 remaining.

CBC – Globe and Mail – BNN – Stockhouse

New Developments

Victoria considers island’s tallest condo for downtown

A developer hopes the City of Victoria will approve its application to build what would be the tallest building on Vancouver Island. Townline has requested a height variance on its condo project in Victoria’s downtown. Justin Filuk, Townline’s director of development, says the request for a 29-storeylbuilding is to accommodate the approved density on a “challenged” site..

CBC – Victoria Times Colonist – Property Biz Canada – Property Biz Canada

Taxes and Utilities

Making waste a utility could drop property tax hike: Report

City council’s governance and priorities committee will consider ideas from city staff on how to reduce a projected 5.77 per cent property tax increase for 2018. Among them is turning waste collection into a utility, which could save $8.9 million next year and reduce the hike by 4.04 per cent, according to an administration report to be received by the committee at its Monday meeting.

Saskatoon StarPhoenix

Construction

U.S. houses using more Russian lumber, thanks to Canada spat

Russia has emerged as one of the winners from the trade dispute between Canada and the U.S over lumber. The U.S. is importing more softwood lumber from overseas after it slapped tariffs on Canadian supplies, making them more expensive. Russian shipments are 42 percent higher so far in 2017, according to U.S. government data.

Bloomberg

U.S. housing starts fall as multi-family construction slumps

U.S. homebuilding unexpectedly fell in July amid broad declines in single– and multi-family home construction, suggesting the housing market was struggling to rebound after slumping in the second quarter. Housing starts declined 4.8 per cent to a seasonally adjusted annual rate of 1.16 million units, the Commerce Department said on Wednesday. June’s sales pace was revised down to 1.21 million units from the previously reported 1.22 million units.

Reuters

Buying and Selling

$28-million price-tag for Surrey estate raises eyebrows

Two years after completing a 14,225-square-foot mansion in the “Tuscan-villa” style on Surrey agricultural reserve land, a B.C. couple is asking $28 million for the 76-acre property. The “Villa di Fonti” estate — boasting a 15-acre vineyard and cavalcade of luxury features — is now offered for $25 million over its current assessed value of $2.9 million.

Vancouver Sun – Vancouver Sun

Casalova opens first Vancouver office

Casalova, the full-service online real estate platform and marketplace, has opened a new office in Vancouver, marking its first expansion in Canada. Casalova, which has been operating in Toronto since November 2014, sees great potential and demand for a new approach to traditional real estate in the Vancouver market.

Canada Newswire

At least one real estate agent welcomes the slowdown

I entered the industry at an interesting time. Average prices were hitting record highs, resale and new home supply were at all-time lows, and people were still buying like crazy. As a new agent, it was overwhelming, which is why I’m welcoming a cooler market. I don’t even see it as a slowdown, things are just going back to normal.

Newinhomes.com/

Six-figure income needed to buy almost any GTA home: Report

It takes a six-figure income to afford virtually any Toronto area home — even a condo — and that expense is presenting a considerable financial challenge to an important cohort of millennial consumers. It takes a household income of more than $200,000 a year to carry the $1.15 million cost of the average detached house in the Toronto region, according to a report from TheRedPin brokerage.

Toronto Star – HuffPost Canada

Other

OHBA unveils 2017 Awards of Distinction finalists

The Ontario Home Builders’ Association (OHBA) has unveiled the finalists of the 2017 Awards of Distinction, selected by a panel of judges consisting of industry experts from across the province. The 39 categories encompass building, design, sales and marketing, recognizing the best in the industry, highlighting the excellence practiced by Ontario builders over the course of the previous year.

Newinhomes.com

Ikea 2018 catalogue predicts technological shift

How will Canadians be living in 2018? They will be “together apart” within their homes, surrounded with blues and greens, natural materials and glitzy metallic embellishments. The predictions come from Ikea Canada, which releasing its 2018 furniture and design catalogue Monday. Widely considered a predictor of lifestyle shifts, the catalogue will reach seven million homes across Canada by Aug. 25.

Toronto Star – The Saskatchewan Edge

	RENX has surpassed 10,100 Twitter followers
	Recent follower Pamela Ventresca is COO of PACE Developments, P2 Realty, Brokerage, with its head office in Richmond Hill, Ont.
	Follow RENXca, the most comprehensive news feed on Twitter for Canadian real estate professionals.