Burnaby first B.C. city to protect rental suites

Burnaby first B.C. city to protect rental suites

The City of Burnaby will be the first in B.C. to take advantage of the province’s new rental zoning laws. The city says it will begin implementation of a rental zoning bylaw aimed at maintaining rental stock at affordable rates. On Monday, Burnaby council passed a motion asking city staff to implement the bylaw requiring developers to replace all rental suites if an apartment is renovated or rebuilt.

CTV

Mattamy withdraws plan to build homes on golf course

Mattamy Homes has withdrawn a plan to build homes on a section of the Stonebridge Golf Course and Country Club in Ottawa. In a newsletter to constituents sent Thursday, Coun. Jan Harder wrote that Mattamy Homes “has withdrawn their application on Longfields Drive.” The developer’s proposal to rearrange and shorten the course to build 158 homes was met with opposition from some residents at a late June meeting.

CBC

Monocle luxury condos centrepiece of Ottawa’s Q West

Developer David Choo calls Monocle Westboro the “boutique of the boutique” of condo projects in Ottawa. The luxury four-storey, 62-unit building is part of the final phase of Choo’s master-planned Q West development in the west-end community. “It’s a luxury building and because of its location it is exceptional,” said the founder and CEO of Choo Communities and Ashcroft Homes.

Property Biz Canada

Money-laundering vulnerabilities remain in B.C. real estate

Following the bombshell report detailing how Vancouver-area casinos became hubs of international money laundering, the second phase of B.C.’s battle against dirty money is expected to target real estate. And while the real estate sector largely drives B.C.’s economy, many members of the industry appear to have significant work to do on this front.

Vancouver Sun – Vancouver Sun

B.C. moves to stop tax evasion in real estate

The B.C. government is closing a loophole in an effort to avoid tax evasion in real estate. It says buyers, including real estate speculators, will need to disclose more complete information when they purchase a property through a corporation or trust. Starting Sept. 17, the new property transfer tax will require people to report additional information, including their name, citizenship and social insurance number.

Winnipeg Free Press

Cost of Tofino waterfront property jumps 112%

If you’re thinking about buying a summer cottage or place to retire by the sea in British Columbia, you may need keep saving. The cost of a recreational property in B.C. surged nearly 20 per cent in the past year, and in some of the more popular destinations, like Tofino, they went up more than 100 per cent. That’s according to the 2018 Re/Max Recreational Report released Thursday.

Vancouver Sun – Bloomberg – Canada Newswire

Modular homes market booms in rural and urban B.C.

Demand for modular homes is booming in B.C. as first-time homebuyers and downsizers increasingly embrace this affordable construction method.  From tiny homes to high-end single-family dwellings, factory-built housing can be built faster and cheaper than on-site. Modern designs and aesthetics are also appealing to a younger demographic, while the stigma surrounding modular housing is fading.

Western Investor

Overall housing market still highly vulnerable: CMHC

For the eighth consecutive quarter Canada’s overall housing market remains highly vulnerable, primarily due to evidence of overvaluation and price acceleration in Toronto, Vancouver, Victoria, and Hamilton, according to Canada Mortgage and Housing Corporation’s quarterly Housing Market Assessment. The national report provides the housing market assessment at the national level and summary assessment results for 15 Census Metropolitan Areas (CMAs).

Canada Newswire – Calgary Herald

Federal policies suppressing housing activity: Report

New government policies are causing consumers to have a more negative outlook for housing and real estate in Canada, according to the newly released Report on the Housing and Mortgage Market in Canada by Mortgage Professionals Canada. The overall strength of consumer sentiment has been weakened by increasing interest rates and the new rules making it harder for homebuyers to secure mortgage financing.

Canada Newswire – Globe and Mail

GTA must embrace the influx of condo kids

During one of my recent Google surfing adventures, I came across TheCondoKids.com, the domain of Toronto writer/editor/TV producer Jackie Burns. She and her husband are raising their two sons, Nathaniel and Benjamin, in a condominium. Jackie couldn’t find a single children’s book about kids who live in condos, so she did something about it. She’s writing a series of books under the umbrella title, The Condo Kids.

Newinhomes.com

Barrie first-time homebuyers squeezed by falling values

There are fledgling signs of recovery in the Toronto region’s real estate market. But those have come too late for homebuyers like Abid Mirza and his fiancée, Sapna Singh, who bought a pre-construction home in Barrie at the height of the market in February 2017. They think their house, not yet finished, is now worth about $100,000 less than the $639,900 they agreed to pay.

Toronto Star

Pointe-Claire condo project faces formidable opposition

The Pioneer closed its doors, likely for the last time, recently after a rousing farewell bash that saw lineups, and some beer, spill onto Lakeshore Rd. in the Pointe-Claire Village. Patrons packed the iconic bar to raise a glass and drink up the nostalgia that only comes from revelling in a 117-year-old building that once housed a hotel and served as a local watering hole for generations.

Montreal Gazette

Staples launches Student Living Centre

Staples Monday launched its first Student Living Centre, an in- store and online showcase featuring products catered to students living in close quarters on and off campus. Available on the online Staples Back-to-School Centre and in select stores across the country, the space is a fully functional and decorated room with desk, dresser, bed and linens, coffee maker, mini-fridge, and wall-mounted customized supplies and artwork.

Canada Newswire

Architect incorporates living environment into his design

Architect James Cutler has designed some really big homes — most notably Bill Gates’ 66,000-square-foot home that is estimated to have cost $125 million to build. He has also designed some really small ones — like the Rock House, a 704-square-foot house near Ghost Lake, Alta., that was named the 2017 cabin of the year by Wallpaper Magazine.

CBC

International buyers dropping out of U.S. housing market

After strong interest for several years, international buyers appear to be souring on the U.S. housing market. The dollar volume of U.S. home sales to international buyers between April 2017 and March 2018 dropped 21 per cent compared with the year-ago period, according to the National Association of Realtors. Of the $121 billion in sales to international buyers, those currently living in the U.S purchased $67.9 billion in properties, while non-resident foreigners purchased $53 billion.

CNBC – MarketWatch – Bloomberg

Market Conditions

GTA’s new home market continues to focus on condos: BILD

In June, new condominium apartment sales in the GTA continued to outpace new single-family home sales, despite another rise in the benchmark price of condo apartments and a slight softening in the prices of single-family homes, the Building Industry and Land Development Association (BILD) announced. Condominium apartments in low, medium and high-rise buildings, stacked townhouses and loft units accounted for 2,079 of the 2,500 total new home sales in June.

Canada Newswire – Newinhomes.com

Calgary’s housing glut declines for first time post-recession

Calgary’s housing glut is beginning to ease, according to new data confirming the city has reached yet another marker on the road to economic recovery. Results from the 2018 civic census show there are 19,408 vacant housing units in Calgary, down from 23,553 in 2017. The overall vacancy rate in the city is 3.86 per cent — a decline from a peak of 4.76 per cent in 2017, the highest vacancy rate in nearly 20 years.

Calgary Herald

Affordable Housing

P.E.I.’s affordable housing shortage hits seniors, renters

P.E.I. is suffering from an affordable housing shortage, which is hitting seniors and renters the hardest. Charlottetown’s rental vacancy rate is less than one per cent, and rental prices have risen 13.7 per cent since 2014. As of April, there were close to 1,000 seniors and families on the province’s wait list for affordable housing. On Monday, the province announced its long-awaited strategy to tackle the growing need for affordable housing.

The Guardian – CBC

Windsor OKs $39M plan to build affordable housing

For the first time in three decades, the City of Windsor will build new affordable housing — thanks to a $38.8-million plan to create up to 150 units. Councillors on Monday unanimously approved a plan to construct a multi-storey building at 3100 Meadowbrook Lane in the east end, likely starting construction next year and welcoming residents in 2020.

Windsor Star

Other

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