Vancouver to adopt ‘locals-first’ housing strategy

Vancouver to adopt ‘locals-first’ housing strategy

Vancouverites are about to get first crack at some new condo projects in the region, as developers are either being forced to comply with new regulations or they are voluntarily changing tactics as they face an increasingly irate public. As the city’s real estate market continues to move out of reach for many local residents, reports of condo units being presold to foreign buyers have generated anger and concern.

Globe and Mail

How wealthy immigrants took back door into Van., TO markets

More than 46,000 wealthy immigrants took a back door into Vancouver and Toronto’s housing markets over the past three decades, according to custom Census data. That back door is the Quebec Immigrant Investor Program (QIIP). Established in 1986, it offers permanent residency to international business people with net assets of at least $1.6 million, who make an interest-free investment of $800,000 in la belle province.

Global News – Vancouver Province

Will B.C. close notorious tax-avoiding loophole?

Will B.C.’s NDP government close one of the biggest tax-avoiding loopholes in the real-estate industry, which could be shortchanging government coffers of hundreds of millions of dollars? For years, the B.C. government has failed to follow the lead of the Ontario government, which closed the so-called “bare-trust loophole” more than three decades ago because too many property buyers were abusing it to avoid paying various taxes.

Vancouver Sun – Vancouver Sun

GTA new construction, single-family home sales decline 58%

The search won’t get any easier this year for house hunters looking for an affordable, new construction, single-family home, says the association representing home builders. The supply shortage that helped drive up the average price of a newly built, single-family home 23 per cent year-over-year in December, to $1.23 million, will continue, said Dave Wilkes, who took over this month as CEO of the Building and Land Development Association (BILD).

Toronto Star – Canada Newswire – Newinhomes.com – CBC

Young people choosing not to buy homes in Calgary

If all goes well, the arc of early adulthood is supposed to go: graduate, get a job, buy a house. But wait. Some smart young people in Calgary with more than enough money to buy are opting to rent. Yep. Rent. Or, as your uncle might say, “paying someone else’s mortgage.”

CBC

Amazon HQ2 to drive up rents in any market

Amazon recently winnowed the prospective cities for HQ2 to 20. Apartment List, for its part, published an update of a its report from October, which predicts what an influx of 50,000 full-time Amazon workers and 66,250 supplementary workers would do to local housing markets. The answer? Rents would go up in any market that gets the brass Amazon ring. But some markets would feel the heat of rising rents more than others.

CP Executive – Financial Post – CBC – MarketWatch

Google’s Sidewalk Labs a mistake: Critics

In 2011, former Barcelona mayor Xavier Trias took office after running on a platform of turning the recession-ravaged Spanish municipality into a city of the future. The team he formed, Smart City Barcelona, initiated 83 projects in 12 areas it thought could be improved through technology including transportation, water, energy, waste and open government. 

Financial Post

Edmonton proposing height bonus for family-sized condo units

Edmonton officials are proposing two extra floors to any developer willing to build at least eight three-bedroom units into a new tower. The city that wants to give more options for families hoping to stay in the core. The rules go to Tuesday’s meeting of city council’s urban planning committee for debate.

Edmonton Journal

Condos approved for North Vancouver Telus site

North Vancouver city council voted last week to allow for 179 condo units at 150 East Eighth St. in North Vancouver. The Crest by Adera condos will share the site with Telus’ office building at that location. Despite neighbourhood outcry over a shortage of parking and an excess of density, four of seven councillors favoured construction of two six-storey buildings as well as 17 ground-floor townhomes.

Business In Vancouver

Greybrook, Fieldgate invest in Whitby development

Greybrook Realty Partners Inc. Monday announced the successful closing of an equity investment by its managed issuer of $4,825,000 to acquire and oversee the development of a prime parcel of land located in Whitby, Ont. Together with its developer partner, Fieldgate Homes, the firm will develop the property into a residential community consisting of more than 70 freehold townhomes.

Globe Newswire

Taaleri to develop housing project north of Toronto

Taaleri Investments Ltd.’s Canadian subsidiary has acquired a Barrie site on which it intends to build a high-quality apartment building. The site, purchased in collaboration with Aalto Real Estate, cost $6.42 million Cdn. Taaleri’s share of the investment is $5.8 million. The project, developed by Taaleri, will have a floor area of approximately 269,000 square feet and will have a completion date of 2021.

Globe Newswire

Ontario’s housing plan ‘giving in’ to developers: Critics

Proposed new rules that are supposed to help rein in the high price of housing in Ontario’s expensive cities are being criticized as too weak to have much impact. The provincial government is giving municipalities the power to force developers to price some units in new housing projects below market rates. Critics are calling it deeply flawed. 

CBC

Marijuana shops could boost nearby property values: Study

While Ontario landlords are looking to ban marijuana use in their rental units and several municipalities don’t want legal cannabis stores in their neighbourhoods, experts and a U.S. study suggest recreational pot could lift property values. Property prices for homes in Denver near shops which converted from medical marijuana to recreational pot in 2014 saw values increase by 8.4 per cent.

CTV

Renters are the majority in 42 U.S. cities

During the 10 years between 2006 and 2016, almost a quarter of the 100 largest cities in the United States shifted from owner- to renter-majority. In total, rentership growth outpaced homeownership in 97 of the 100 largest (by population) cities. 22 cities total made the shift, including key markets like Chicago, San Diego, Detroit, Austin, and Sacramento. The addition of these 22 cities now puts the total number of renter-dominated cities at 42, according to RENTCafé.

Building Design & Construction – National Real Estate Investor – Building Design & Construction

Four predictions for student housing in 2018

For the student housing sector, 2018 should once again prove a strong year, according to industry experts. College attendance is not slowing — even if graduate school applications decrease amid a low national unemployment rate. However, there are still issues to watch out for, particularly in certain markets seeing a lot of new supply. Here is an outlook on the sector for the upcoming year from several sector experts.

National Real Estate Investor – IPE Real Assets

Market Conditions

Finding a Charlottetown apartment just got tougher

Investment in new housing on P.E.I. is up more than 50 per cent, but despite record low vacancy rates investment in apartments is actually down. Statistics Canada‘s recently released housing investment figures showed a 57 per cent increase in new housing investment for the year to date compared to 2016, but investment in apartments was down nine per cent.

CBC

5 things: Multi-family real estate in Cochrane, Alta.

Part of the growth in demand for multi-family development in the Calgary area last year came from a smaller centre near the city’s northwest edge.  Both Canada Mortgage and Housing Corp. and the Calgary Real Estate Board have numbers that indicate a busier year for the condo, townhome and duplex market in Cochrane last year than in 2016. 

Calgary Herald

Hamilton’s housing market starts 2018 at a gallop

Hamilton has experienced a real estate boom for a few years now. But the movement may be intensifying with new nationwide rules surrounding uninsured mortgages and a recent interest-rate hike by the Bank of Canada. Michael St. Jean of St. Jean Realty Inc. has already tallied 20 deals in 2018 and he expects another five or so to firm up before the end of the month.

Globe and Mail (Subscription required)

U.S. home sales tumble 3.6 per cent in December

U.S. home sales slid 3.6 per cent in December, as rising prices and a declining number of available properties stifle purchases. The National Association of Realtors says sales of existing homes fell last month to a seasonally adjusted annual rate of 5.57 million units. Despite the monthly setback, sales totalled 5.51 million in 2017. That was the highest level since 2006, yet it marked a slight 1.1 per cent gain from 2016 as fewer homes are coming onto the market.

Ottawa Citizen

Finding a Charlottetown apartment just got tougher

Investment in new housing on P.E.I. is up more than 50 per cent, but despite record low vacancy rates investment in apartments is actually down. Statistics Canada‘s recently released housing investment figures showed a 57 per cent increase in new housing investment for the year to date compared to 2016, but investment in apartments was down nine per cent.

CBC

5 things: Multi-family real estate in Cochrane, Alta.

Part of the growth in demand for multi-family development in the Calgary area last year came from a smaller centre near the city’s northwest edge.  Both Canada Mortgage and Housing Corp. and the Calgary Real Estate Board have numbers that indicate a busier year for the condo, townhome and duplex market in Cochrane last year than in 2016. 

Calgary Herald

Hamilton’s housing market starts 2018 at a gallop

Hamilton has experienced a real estate boom for a few years now. But the movement may be intensifying with new nationwide rules surrounding uninsured mortgages and a recent interest-rate hike by the Bank of Canada. Michael St. Jean of St. Jean Realty Inc. has already tallied 20 deals in 2018 and he expects another five or so to firm up before the end of the month.

Globe and Mail (Subscription required)

U.S. home sales tumble 3.6 per cent in December

U.S. home sales slid 3.6 per cent in December, as rising prices and a declining number of available properties stifle purchases. The National Association of Realtors says sales of existing homes fell last month to a seasonally adjusted annual rate of 5.57 million units. Despite the monthly setback, sales totalled 5.51 million in 2017. That was the highest level since 2006, yet it marked a slight 1.1 per cent gain from 2016 as fewer homes are coming onto the market.

Ottawa Citizen

Mortgage and Finance

U.S. 30-year mortgage rates hit 10-month high: Freddie Mac

U.S. 30-year mortgage rates rose to a 10-month peak this week in line with rising Treasury yields on expectations faster global economic growth and speculation of reduced stimulus from overseas central banks, Freddie Mac (FMCC.PK) said Thursday. The borrowing cost on 30-year mortgages, the most widely held type of U.S. home loan, averaged 4.15 per cent in the week ended on Jan. 25.

Reuters

U.S. 30-year mortgage rates hit 10-month high: Freddie Mac

U.S. 30-year mortgage rates rose to a 10-month peak this week in line with rising Treasury yields on expectations faster global economic growth and speculation of reduced stimulus from overseas central banks, Freddie Mac (FMCC.PK) said Thursday. The borrowing cost on 30-year mortgages, the most widely held type of U.S. home loan, averaged 4.15 per cent in the week ended on Jan. 25.

Reuters

Seniors Housing

Six predictions for the seniors housing sector in 2018

With the baby boomer population soon reaching retirement age and beyond, the seniors housing sector will likely see continued strength not just in 2018, but for the foreseeable future. However, there are several headwinds that need to be addressed—if not this year, then soon, some industry experts say. Here are some sector-wide trends to watch out for.

National Real Estate Investor

Six predictions for the seniors housing sector in 2018

With the baby boomer population soon reaching retirement age and beyond, the seniors housing sector will likely see continued strength not just in 2018, but for the foreseeable future. However, there are several headwinds that need to be addressed—if not this year, then soon, some industry experts say. Here are some sector-wide trends to watch out for.

National Real Estate Investor

Natural Disasters

FEMA, NYC redrawing city’s flood maps

The Federal Emergency Management Agency (FEMA) and New York City announced they will be working together to update the city’s flood maps. The need for updating FEMA’s flood maps has become more than apparent since at least 2005. New York City, in particular, suffered in the wake of Hurricane Sandy, when approximately 80% of those who experienced flood damage did not have flood insurance.

Lexology

FEMA, NYC redrawing city’s flood maps

The Federal Emergency Management Agency (FEMA) and New York City announced they will be working together to update the city’s flood maps. The need for updating FEMA’s flood maps has become more than apparent since at least 2005. New York City, in particular, suffered in the wake of Hurricane Sandy, when approximately 80% of those who experienced flood damage did not have flood insurance.

Lexology

Legal Issues

Frustration over fines for illegal rentals in Canmore

Efforts to crack down on illegal vacation rentals in Canmore are causing tension, as homeowners facing $2,500 charges for a first offence lose appeals against stop orders and fines issued by town officials. After running an informational campaign to educate residents about the rules around short-term rentals, such as those advertised on websites like AirBnB and VRBO, the town of Canmore started issuing fines to first-time offenders.

CBC

Judge orders sale of Vancouver home fraudulently transferred

A judge has ordered the sale of a Vancouver home after finding that title to the property was fraudulently transferred by the owners, who had been implicated in a multi-million-dollar business fraud in Washington state. Mary Yang and her husband, Samuel Zhu, bought the property in April 2003. In November 2008, they transferred title to the two-storey, six-bedroom home to Yang’s 14-year-old daughter, Yang’s sister and the sister’s husband.

Vancouver Province

Pair fined $50k in mortgage broker ‘fronting’ case

B.C.’s Registrar of Mortgage brokers says he hopes hefty fines issued against a pair of B.C. men will send a message to the public about the dangers of licensed brokers “fronting” business for unlicensed partners. In a decision issued last week, Dennis Percival Rego and Arvind Shankar were each fined $50,000 — the maximum penalty allowed under the Mortgage Brokers Act.

CBC

Frustration over fines for illegal rentals in Canmore

Efforts to crack down on illegal vacation rentals in Canmore are causing tension, as homeowners facing $2,500 charges for a first offence lose appeals against stop orders and fines issued by town officials. After running an informational campaign to educate residents about the rules around short-term rentals, such as those advertised on websites like AirBnB and VRBO, the town of Canmore started issuing fines to first-time offenders.

CBC

Judge orders sale of Vancouver home fraudulently transferred

A judge has ordered the sale of a Vancouver home after finding that title to the property was fraudulently transferred by the owners, who had been implicated in a multi-million-dollar business fraud in Washington state. Mary Yang and her husband, Samuel Zhu, bought the property in April 2003. In November 2008, they transferred title to the two-storey, six-bedroom home to Yang’s 14-year-old daughter, Yang’s sister and the sister’s husband.

Vancouver Province

Pair fined $50k in mortgage broker ‘fronting’ case

B.C.’s Registrar of Mortgage brokers says he hopes hefty fines issued against a pair of B.C. men will send a message to the public about the dangers of licensed brokers “fronting” business for unlicensed partners. In a decision issued last week, Dennis Percival Rego and Arvind Shankar were each fined $50,000 — the maximum penalty allowed under the Mortgage Brokers Act.

CBC

Construction

Alberta finally sees uptick in housing construction investment

Spending on new housing construction in Alberta increased year-over-year for the first time since April 2015, according to the latest figures from Statistics Canada. Alberta’s uptick of $105.3 million in new housing construction investment from November 2016 to November 2017 led the country, just ahead of Ontario, where spending was up by $101 million.

CBC

New home construction pace quickens in B.C.

“Build, baby, build” is the B.C. housing market mantra as urban-area starts accelerated to a hefty 49,600 annualized units in December, up from a 44,890-unit pace in November. The Vancouver census metropolitan area (CMA) led December’s uptick with solid gains, while Kelowna and Victoria also posted increases. 

Business In Vancouver

Alberta finally sees uptick in housing construction investment

Spending on new housing construction in Alberta increased year-over-year for the first time since April 2015, according to the latest figures from Statistics Canada. Alberta’s uptick of $105.3 million in new housing construction investment from November 2016 to November 2017 led the country, just ahead of Ontario, where spending was up by $101 million.

CBC

New home construction pace quickens in B.C.

“Build, baby, build” is the B.C. housing market mantra as urban-area starts accelerated to a hefty 49,600 annualized units in December, up from a 44,890-unit pace in November. The Vancouver census metropolitan area (CMA) led December’s uptick with solid gains, while Kelowna and Victoria also posted increases. 

Business In Vancouver

Affordable Housing

Would Ireland’s first-time buyer program work in Ontario?

We just caught wind of an unprecedented first-time homebuyer program – unfortunately, you’ll have to become a citizen of Ireland to take advantage of this one. The Rebuilding Ireland Home Loan offers government backed mortgages for eligible first-time buyers. The program is designed for those who don’t qualify for social housing but also can’t afford to enter the market.

Newinhomes.com

Would Ireland’s first-time buyer program work in Ontario?

We just caught wind of an unprecedented first-time homebuyer program – unfortunately, you’ll have to become a citizen of Ireland to take advantage of this one. The Rebuilding Ireland Home Loan offers government backed mortgages for eligible first-time buyers. The program is designed for those who don’t qualify for social housing but also can’t afford to enter the market.

Newinhomes.com

Cities, Towns and Urban Issues

Half of new-build luxury London flats fail to sell

More than half of the 1,900 ultra-luxury apartments built in London last year failed to sell, raising fears that the capital will be left with dozens of “posh ghost towers.” The swanky flats, complete with private gyms, swimming pools and cinema rooms, are lying empty as hundreds of thousands of would-be first-time buyers struggle to find an affordable home,

The Guardian – The Guardian

Richmond MLAs want city to act on farmland mega mansions

Richmond, B.C.’s Liberal MLAs say it’s time city council take stricter measures on house sizes in the Agricultural Land Reserve. Richmond South Centre MLA Linda Reid says the majority of city councillors are sending mixed messages on protecting farmland by claiming they are stewards of the land while still allowing mega mansions to be built on such fertile soil.

Business In Vancouver

Vancouver vigilantes take housing matters into their own hands

Alec Smecher had put a deposit down on a Vancouver rental apartment, but the landlady called the next day to say she’d rented to someone else. She said she’d tear up his cheque. Later, when he saw the woman was renting another suite in her five-bedroom house on Airbnb, it pushed him over the edge. Now, Smecher has become something of a housing vigilante.

Globe and Mail

Half of new-build luxury London flats fail to sell

More than half of the 1,900 ultra-luxury apartments built in London last year failed to sell, raising fears that the capital will be left with dozens of “posh ghost towers.” The swanky flats, complete with private gyms, swimming pools and cinema rooms, are lying empty as hundreds of thousands of would-be first-time buyers struggle to find an affordable home,

The Guardian – The Guardian

Richmond MLAs want city to act on farmland mega mansions

Richmond, B.C.’s Liberal MLAs say it’s time city council take stricter measures on house sizes in the Agricultural Land Reserve. Richmond South Centre MLA Linda Reid says the majority of city councillors are sending mixed messages on protecting farmland by claiming they are stewards of the land while still allowing mega mansions to be built on such fertile soil.

Business In Vancouver

Vancouver vigilantes take housing matters into their own hands

Alec Smecher had put a deposit down on a Vancouver rental apartment, but the landlady called the next day to say she’d rented to someone else. She said she’d tear up his cheque. Later, when he saw the woman was renting another suite in her five-bedroom house on Airbnb, it pushed him over the edge. Now, Smecher has become something of a housing vigilante.

Globe and Mail

Buying and Selling

Estate fetches highest price in Greater Victoria since 2006

A Calgary couple has spent $9 million to acquire a two-acre waterfront estate in North Saanich, making it the highest price for a home sale through the multiple listing service in that municipality. The new owners, whose names were not revealed, moved into their retirement home Friday, said listing agent Logan Wilson of Sotheby’s International Realty Canada.

Victoria Times Colonist – Globe Newswire

Estate fetches highest price in Greater Victoria since 2006

A Calgary couple has spent $9 million to acquire a two-acre waterfront estate in North Saanich, making it the highest price for a home sale through the multiple listing service in that municipality. The new owners, whose names were not revealed, moved into their retirement home Friday, said listing agent Logan Wilson of Sotheby’s International Realty Canada.

Victoria Times Colonist – Globe Newswire

Other

Amy world’s first AI-powered real estate agent

Taking the lead in reimagining the way people property hunt through online portals, TheMove.com has done it again with its first AI SuperAgent. She’s just as adept at doing everything you expect of a SuperAgent at TheMove.com, but more. Introducing the world’s first AI-powered real estate agent—Amy.

PR Newswire

Amy world’s first AI-powered real estate agent

Taking the lead in reimagining the way people property hunt through online portals, TheMove.com has done it again with its first AI SuperAgent. She’s just as adept at doing everything you expect of a SuperAgent at TheMove.com, but more. Introducing the world’s first AI-powered real estate agent—Amy.

PR Newswire