Airbnb CEO pledges more responsibility on housing impact

Airbnb CEO pledges more responsibility on housing impact

Home-booking company Airbnb has sparred with regulators across the globe, but CEO Brian Chesky on Thursday spoke of coming to terms with his responsibility for how the company can impact housing markets and neighbourhoods. Chesky’s view represents a striking evolution for the company, which just a few years ago defended itself as a passive technology platform, not responsible for what homes it listed or how they were used.

Reuters – Winnipeg Free Press – Winnipeg Free Press – CP Executive

More evidence of mortgage fraud: S&P

Evidence of mortgage fraud amid surging home prices and household debt has prompted S&P Global Ratings to lower a key risk metric for Canadian banks. The credit ratings agency dropped its economic risk assessment by one notch due to evidence of residential-mortgage fraud at smaller Canadian banks, which could compound existing risks from the country’s hot housing market, according to a statement Friday.

Bloomberg – CBC – Globe and Mail (Subscription required)

New mortgage rules, new opportunities for Atrium MIC

The new regulations introduced this past fall tightening mortgage requirements should be bad news for an alternative lender like Atrium Mortgage Investment Corporation (AI-T). Indeed, recent statistics point to the dampening effects of the new rules on Canada’s housing market with sales falling almost 15 per cent in January from December, according to the Canadian Real Estate Association.

Property Biz Canada

Quebec couple construct Canada’s second LEED V4 home

A Quebec couple’s picturesque retirement home along the St. Lawrence River has received Canada’s second LEED V4 Platinum home certification. The L’Heure Bleue in Charlevoix, Que., is a 2,350-square-foot modern farmhouse revival located on more than two acres of coastal property which is part of a UNESCO biosphere reserve. Homeowners Pierre Chevrier and Suzanne Rhéaume were guided by Quebec LEED Homes Provider Écohabitation for the project.

Sustainable Biz Canada

Ruling may spell end of Beedie’s proposed Vancouver condo

The fate of a condo project in Vancouver’s Chinatown that was rejected by the local planning board after it became a flashpoint in the debate about gentrification and development has taken another abrupt turn after the city issued a legal opinion saying it can’t hear a long-planned appeal about it. The unexpected ruling prompted opponents of the Beedie Living project at 105 Keefer St. to declare it all but dead.

Globe and Mail – Vancouver Sun

Vancouver map shows clusters of undeclared properties

The City of Vancouver released a heat map Thursday showing the distribution of residential properties where owners haven’t yet made a declaration to avoid its new empty-homes tax, and the highest concentration is in condo-rich Yaletown. The city says about 182,000 residential property owners — about 98 per cent — have submitted their declarations. Most of the undeclared properties are in the downtown core.

Vancouver Sun – Global News

Vancouver passes motion calling for ‘flipping tax’

The provincial government unveiled a suite of new taxes aimed at cracking down on property speculators last week, but Vancouver City Council says it doesn’t go far enough. That same day, Vancouver’s council passed a motion calling on the province to take two additional steps: a “flipping tax,” and new restrictions on foreign ownership

Global News

UDI casts doubt on B.C.’s housing affordability plan

When the provincial government pitched its sweeping housing measures in the B.C. budget last week, it was in the name of affordability. But the plan has left some in the real estate industry questioning its value. “We don’t see it having any positive impact on affordability — in fact, it could drive prices up,” said Anne McMullin, president and CEO of the Urban Development Institute.

CBC – Business In Vancouver – Victoria Times Colonist – Toronto Star

Ontario urged to follow B.C., track presale condo flips

The B.C. government’s plan to curb real estate tax evasion with a database that will track preconstruction condominium flipping puts pressure on Ontario to adopt a similar measure, analysts say. The private registry, which would be the first of its kind in Canada, would require developers to collect and report “comprehensive information” to the province about buyers who flip presale condo contracts.

Globe and Mail

Apartment towers proposed near University of Manitoba

A large lot in the 3000 block of Pembina Highway that’s been empty for about a decade may soon be the site of a major residential housing development in Winnipeg. The project — spearheaded by Winnipeg real estate development company Private Pension Partners — would see the construction of two large apartment towers.

Winnipeg Free Press

Winnipeg’s infill guidelines to get makeover

Residential infill development has become a divisive issue in Winnipeg, pitting neighbour against developer and, occasionally, neighbour against neighbour. Community activists rage against the pitfalls and costs of suburban sprawl, but are often the first to object when a developer wants to put anything other than a single-family home in an older, established neighbourhood.

Winnipeg Free Press

Bank loans also to blame for red-hot market: Study

According to a new study by the B.C. Government & Service Employees’ Union (BCGEU), there’s a missing element in the region’s housing crisis. Study co-author and BCGEU treasurer Paul Finch said while foreign capital and its connection to speculation and lack of supply is often discussed, bank lending is also part of the problem.

Global News

Housing crunch could drain Toronto talent pool

If the Toronto region is going to attract and retain top talent, the province needs to fix the area’s housing shortage, in part by revising its recently expanded rent controls, says the Toronto Region Board of Trade.

A survey by the business group last year shows 42 per cent of young professionals would consider leaving the region because of the high cost of housing.

Toronto Star

Global market for construction growing quickly

The global market for residential building construction totaled $4,171.3 billion in 2017 and is estimated to reach $6,800.9 billion by 2022, growing at a compound annual growth rate (CAGR) of 10.3 per cent during 2017-2022.  The North American market totalled $809 billion in 2017 and is estimated to reach $1,434.3 billion by 2022, growing at a CAGR of 12.1% during 2017-2022. 

PR Newswire

N.Y.C. multi-family sector hammered in 2017

Despite some heightened broker hustling, New York City’s multi-family market took a punch to the mouth in 2017. Dollar volume hit $7.22 billion, its lowest level since 2011 and a 48 per cent drop, according to data from Ariel Property Advisors. Deal volume, at 457 trades, was at a seven-year low. Pricing remained high and even the go-to multi-family buyers scaled back.

The Real Deal

Market Conditions

January’s GTA new home sales lowest since pre-2000

The Building Industry and Land Development Association (BILD) released its new home market statistics for January 2018, announcing a drop in Greater Toronto Area (GTA) sales compared to last year. According to Altus Group, BILD’s trusted source for new home market intelligence, there were only 1,251 sales in January 2018, which is the lowest since before 2000. Only 365 of these sales were single-family homes, meaning the vast majority were condos (more than 70%).

Newinhomes.com – Toronto Star – CTV

Banff property values spike by ‘astronomical’ 17%

Banff property values have been increasing steadily year over year, but the latest assessment may have given homeowners a bit of sticker shock. Residential property assessments increased 17 per cent from 2016 to 2017, up from a 5.6 per cent increase the previous year.

CBC

Sales of U.S. homes fall year-over-year by most in 3 1/2 years

 U.S. sales of existing homes fell in January from a year earlier by the most in more than three years. Would-be buyers were stymied by rising prices and a shortage of homes for sale. The National Association of Realtors said Wednesday sales dropped 3.2 per cent from December to January, the second straight monthly decline, to a seasonally adjusted annual rate of 5.38 million.

Winnipeg Free Press

Mortgage and Finance

Canadians flocking to home equity borrowing

Canadians are borrowing against their houses at the fastest pace in more than five years, as home equity lines of credit (HELOCs) emerge as a preferred means of accessing funds. Balances of non-mortgage loans to individuals for non-business purposes, jumped 7.2 per cent in December from a year earlier, the fastest annual growth since 2012, according to data published by the Office of the Superintendent of Financial Institutions.

Toronto Star

New Developments

Winnipeg condo turned down three years after approval

An application for a condominium in East Kildonan was rejected Wednesday by the same community committee that approved it in 2015. The application was given the green light by the East Kildonan-Transcona community committee in 2015, paving way for two homes to be demolished on the 400 block of Henderson Highway and a two-storey condo complex to be built in their place.

Winnipeg Free Press

Metro Vancouver directors torn on controversial development

A planned residential development in rural Hazelmere in south Surrey was described Friday as both a dangerous land-use precedent and a boost to young farmers and the local environment. The Metro Vancouver regional board ultimately decided residents should have a say at a public hearing before a final decision is made on the project.

Vancouver Sun

Seasonal Homes

Canadians with B.C. vacation homes face new tax

B.C.’s new property tax targeting out-of-province owners will hit Albertans and other Canadians who have vacation homes there with a big additional bill of thousands of dollars.  It would apply to owners who do not pay income tax in British Columbia. Principal residences are exempt, as are properties with long-term renters.

Globe and Mail – CBC – Globe and Mail

Taxes and Utilities

New taxes stoke confusion, concern in Okanagan

New housing taxes in B.C.’s provincial budget have left municipal officials in the Okanagan confused and worried about the impact on their region, which has some cities – but not others – designated for both levies. The popular Central Okanagan regional district, known for its desert-like climate, lakes and vineyards, is newly included in the province’s existing foreign-buyers tax, which will rise from 15 to 20 per cent.

Globe and Mail – Globe and Mail – Winnipeg Free Press – Regina Leader-Post

Legal Issues

Condo owners sue former board members

Condo owners at Toronto’s Five Condos are suing several former members of their board for $800,000. The owners claim the building is deeply in debt, and they’ve been hit with a $750,000 special assessment. The lawsuit alleges a group of individuals posed as condo owners, forged ballots and managed to take control of their condo board in 2016.

CBC

B.C. realtor fined $5,000 for role in house-flip plot

A B.C. realtor who failed to represent the best interest of her client when she sold a Richmond home to her daughter, who then flipped it for a total profit of more than $200,000, has been fined $5,000. Guo Xin Bo, also known as Angela Guo, listed a three-bedroom Richmond home for $1,388,000 in January 2016. She then sold the house to her daughter for $1,285,000.

Globe and Mail

Former mortgage broker sentenced to 4½ years

A provincial court judge who described Brandon Antonini as a liar and “totally unbelievable” sentenced the former Calgary mortgage broker Thursday to 4½ years in prison — matching the high end of the sentence requested by the Crown prosecutor. Antonini, 46, was found guilty of 23 counts of theft and fraud after a trial in Calgary last year. Ten counts of theft were officially stayed.

CBC

Affordable Housing

New affordability rules won’t work in Hamilton

Local decision makers say new Liberal legislation that’s supposed to help Hamilton’s affordable housing crisis isn’t going to work here after all. The province is drafting new legislation around inclusionary zoning, a promise the Liberals made in 2016 to help make urban housing more affordable. Under the new rules, municipalities can demand that a certain percentage of a new development is affordable housing.

CBC

Hotel tax won’t go to housing, Victoria mayor says

Victoria isn’t likely to take advantage of new regulations which allow it to use the hotel tax to pay for affordable housing, says Mayor Lisa Helps. In Tuesday’s budget speech, the province said it will give local governments the “flexibility” to use hotel tax revenue to build housing in their communities.

Victoria Times Colonist

Cities, Towns and Urban Issues

Moose Jaw looking to regulate shipping container use

The City of Moose Jaw is looking at a proposed new bylaw that prohibits people from living in shipping containers. Currently, shipping containers are only allowed in commercial and industrial parts of the city and they are prohibited in residential areas. Michelle Sanson, director of planning and development services for the city, said Moose Jaw hasn’t had any issues with people living in shipping containers.

CBC

Buying and Selling

B.C. shuts door on help for first home purchase

A short-lived and little-used loan program for first-time homebuyers in B.C. is coming to an end. Applications under the B.C. Home Owner Mortgage and Equity Partnership will be accepted until the end of March. Current borrowers under the program will not be affected, a B.C. Housing official said in a statement on Thursday. 

Victoria Times Colonist

Ontario regulator probes cryptocurrency use

The Real Estate Council of Ontario (RECO) is raising serious concerns about brokerage transactions in cryptocurrencies such as bitcoin.”The decision to accept cryptocurrencies would be based solely on the law, our code of ethics and assurances that consumers will be safeguarded and no harm can come to people involved in buying and selling real estate in Ontario.” says Daniel Roukema, senior adviser, external communications at RECO.

Globe and Mail – CBC

Other

	RENX has surpassed 10,410 Twitter followers
	Recent follower Bazinga provides a suite of software and services for councils/boards for record-keeping, document sharing, community management and communication.
	Follow RENXca, the most comprehensive news feed on Twitter for Canadian real estate professionals.