Burnaby loses 500 rental apartments in seven years

Burnaby loses 500 rental apartments in seven years

From his $830-a-month bachelor apartment near Metrotown, Matthew Davies has watched three holes growing in the ground across the street with dread. Older apartment buildings like his used to stand there, but the tenants were evicted when a developer got the land rezoned to build a much higher condo tower.

Metro News

B.C. government offers loans to first-time home buyers

British Columbia’s government wants to help first-time homebuyers get into the market by offering interest-free and payment-free loans for the first five years. Premier The government will provide first-time homebuyers with a 25-year loan for a down payment to a maximum of $37,500, as long as the funds have been matched by buyers.

Financial Post – Business in Vancouver – Vancouver Sun

CHBA president keeping pressure on governments

The Canadian Home Builders’ Association (CHBA) claims residential construction represents more jobs and economic impact than any industry in Canada, and president Bob Finnigan is trying to ensure that clout is recognized by all levels of government. “We are in every single community from coast to coast and from north to south,” said Finnigan.

Property Biz Canada

Developer could reap financial benefit from bankruptcy filing

Urbancorp, the Toronto developer that left hundreds of new home buyers in the lurch when it filed for bankruptcy protection from its creditors this spring, could pocket as much as $31.6 million on the proceeds of six properties sold in central Toronto through a bankruptcy court.  The prospective home owners will not get their homes but will be refunded their full deposits.

Financial Post

B.C.’s first condo wind-up approval under new law

Owners of a Vancouver condominium complex have became the first in B.C.’s history to successfully vote to dissolve their strata corporation and sell their building to a developer without obtaining unanimous support. On December 12, more than 20 owners voted in excess of the necessary 80% threshold to accept an offer to buy their building.

Business in Vancouver

Toronto approves new rules protect tenants

Tougher rules for landlords and better protections for tenants could be in place by next summer. The new plan, accepted by city council on Wednesday, will require property owners to register with the city, have a comprehensive pest management plan that includes licensed professionals, use licensed contractors for all repairs and have a state of good repair capital plan.

Metro News

Solar power firm hopes to light up Vancouver

A solar power company that has successfully installed more than 2,500 residential solar systems in southern California is now going after the Vancouver market. Headquartered in San Diego, but with a Vancouver based chairman and CEO, Solar Alliance Energy Inc. is targeting the luxury home market in Canada’s west coast city.

Sustainable Biz Canada

CMHC ends 30-year monopoly mortgage documentation

Canada Mortgage and Housing Corp. has effectively broken up a 30-year monopoly related to the custody of mortgage records in the country, a move the new entrant into the market says could open up the multi-billion dollar securitization business to others.

Financial Post

Rise of non-bank lenders poses risk: BoC

Canada’s growing industry of non-bank mortgage lenders has helped fuel an abundance of cheap housing debt, but has also made the country’s financial system more vulnerable in the event of a real estate correction, the Bank of Canada warns. Policy makers have found that less-regulated mortgage finance companies have become an increasingly important player in the country’s housing market.

Globe and Mail

Transparency is better than mystery pricing: Editorial

Real estate listings for any city, suburb or rural hamlet across Canada are a mouse-click away. You can see asking prices, take a virtual tour, look up heating costs, check out the latest property tax assessment – but don’t ask the realtors’ associations who control the main listing services to make public the price these houses sold for.

Globe and Mail

TREB urges city council to stop proposed LTT increase

The Toronto Real Estate Board is urging Toronto City Council to act early to stop a potential significant Land Transfer Tax increase. Changes in LTT policy could see home buyers of average-priced properties pay another $750 to City Hall, on top of the $11,000 in LTT that they already pay City Hall as a closing cost.

Marketwired

The rebirth of Howard Street

Lanterra embarks on major heritage restoration effort as first step in redevelopment of a prominent Toronto crossroads. Toronto, it is widely known, is a movie stand-in for Chicago, New York, and even Southern California. Until recently, a long, triangular patch of land near Bloor and Parliament was a shoo-in for Detroit.

Globe and Mail

Condo buyers advised of new Quebec inspection rules

Before purchasing a condo, potential buyers should find out if the building is subject to inspection under 2015 amendments to the Quebec building act, Canada Mortgage and Housing Corporation advises in a report made public today. CMHC estimates about 1,400 condo and rental buildings in the Montreal area are subject to the regulations.

Montreal Gazette

Halifax’s goal of 5,000 affordable homes in 5 years

Halifax regional council has endorsed what the mayor says is a bold goal of having 5,000 affordable housing units in the city within the next five years. A quarter of the households in the municipality spend 30 per cent or more of their household income on housing, according to the Housing and Homelessness Partnership, a local coalition dedicated to combating homelessness.

CBC

Asbestos testing should be required before renovations

The federal government’s plan to ban asbestos by 2018 does nothing to protect homeowners, say local experts.  The ban, announced Thursday, will prohibit the import, export and use of asbestos in renovations or new building projects, yet does not address the tens of thousands of homes and buildings in Canada that were built using asbestos.

CBC – Edmonton Journal – CBC

RENX Columnists

Federal government introduces responsible new mortgage rule

October 17th the Liberal’s new mortgage rule requires that anyone applying for an insured mortgage must qualify at the Bank of Canada’s five-year fixed rate of 4.64 per cent.

Read more

Market Conditions

Low apartment vacancy rates persist in B.C. cities

There were few surprises in Canada Mortgage and Housing Corp.’s recently released semi-annual scan of B.C. rental markets in the purpose-built segment. The province’s average apartment vacancy rate held steady at 1.3%, up from 1.2% in 2015.

Business in Vancouver

Average rent for one-bedroom apartment dips in Vancouver

The average rent for a one-bedroom apartment in Vancouver dipped slightly in December, but the city still has Canada’s highest rent for that home type. On average, Vancouverites are paying $1,820 for an apartment with one bedroom, which is down 1.1% compared with November. The reason for the drop isn’t entirely clear.

Business in Vancouver

Duplexes lead Calgary-area’s multi-family building starts

While multi-family housing starts of all kinds in the Calgary area cooled in November, the duplex segment continued to surpass its output from the same time in 2015. New multi-family construction in the Calgary census metropolitan area last month slipped to 399 starts from 1,039 a year earlier, says Canada Mortgage and Housing Corp.

Calgary Herald

Canada’s household debt hits another record

Canadian household debt as a share of income hit another record in the third quarter as the pace of borrowing outstripped wage gains. The ratio of debt to disposable income rose to 166.9 per cent from an adjusted 166.4 per cent in the second quarter.

Globe and Mail

Mortgage and Finance

Trump presidency expected to push up Canadian mortgage rates

What do new mortgage qualification rules for homebuyers and Donald Trump’s unexpected election to the presidency of the United States have in common? They are both factors behind an expected 25-basis point jump in five-year mortgage rates in 2017, according to the British Columbia Real Estate Association.

Business in Vancouver

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New Developments

Airbnb said to be developing flight-booking tool

Airbnb Inc. is developing a service for booking air travel as the home-rental startup looks to compete with Priceline Group Inc. and Expedia Inc. for more of people’s online travel spending.  Development of the flight-booking feature is early, and the company is considering various routes to break into the business.

Toronto Star

Legal Issues

Condominium Management

Three up-and-coming condo trends

Condo owners run the gamut from young professionals to downsizing empty nesters, but all want something more out of their housing choice than just a roof over their heads. Buyers are not just looking for a unit but a lifestyle, says San Diego designer Jules Wilson, who sees three new trends among her condominium clients.

Multifamily Executive

Buying and Selling

Some first-time buyers reconsider home ownership

Earlier this year, Meghan Morrison and her fiance made the difficult decision to add two hours of commuting onto their day in order to pursue their dream of owning a house. The couple could have purchased a condo in the Toronto area but they wanted more space to engage in their hobbies and start a family.

CBC

Other

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