SkyCity condo buyers to get their money back

SkyCity condo buyers to get their money back

Buyers who put down 10 per cent deposits on condo units in SkyCity Centre Winnipeg, will be getting their money back — and Richmond Hill, Ont.-based Fortress Real Developments says it is “not currently viable to proceed to build this tower as originally planned.” The $200-million, 45-storey building was set to become Winnipeg’s tallest tower when it was announced in 2013, but construction has been repeatedly delayed.

CBC – Property Biz Canada – Globe and Mail (Subscription required)

Winnipeg’s real estate ‘not about home runs’

Investors and developers from Toronto and Vancouver  in attendance at last week’s Winnipeg Real Estate Forum heard about the well-paced and organized — albeit modest — housing market in the Manitoba capital. One of the speakers remarked Winnipeg’s multi-family market is under-demolished rather than overbuilt.

Winnipeg Free Press – Property Biz Canada

Spire Developments building a niche in Vancouver

The people behind Spire Development have large ambitions. The Delta B.C.-headquartered developer has been carving out a niche in the Lower Mainland with projects such as an exclusive condo building in the south Granville neighbourhood and Vancouver’s largest, multi-unit, Passive House apartment building.

Property Biz Canada

Tempered enthusiasm in multi-family sector

On the surface, things seem to be in good shape for multi-family developers. However, there are a few issues coming to the surface that take a bit of shine off the optimism. The good news is developers have started to construct more purpose-built rental apartments.

Property Biz Canada

Student housing lucrative opportunity for investors

As enrolment at Canada’s universities and colleges continues to grow, the space for on- and off-campus student housing is becoming more scarce. More than 1.5 million full-time students are currently enrolled in Canadian universities and colleges.

Financial Post – Property Biz Canada

Vancouver takes 400 short-term rental units off the market

One month after introducing new short-term rental regulations, the City of Vancouver says it has de-listed 400 units, or converted them into long-term rental housing. In a release, the city also said it is “actively investigating” more than 1,500 units that appear to be illegal.

CBC – Western Investor

VillaNova to transform former Montreal industrial lands

A $1-billion housing development to be built on decontaminated industrial sites in the historic Montreal borough of Lachine points the way forward for future urban developments, its developer says. VillaNova is designed to create 4,000 housing units, ranging from townhouses and duplexes to multi-storey condo towers.

Property Biz Canada

Developers sate appetite for high-end rentals

In a market plagued with a chronic undersupply of rental accommodation, soaring land costs, and consumer demand for a home with all the bells and whistles, some developers and investors are taking a second look at purpose-built rental towers.

Western Investor

Developer has plans for former Hogtown abattoir

A mixed-use condominium proposal for the former Quality Meat Packers Ltd. facility could provide a front-row view of how the sausage gets made in Hogtown’s most grinding and never-ending argument: How tall is too tall and what is appropriate for this neighbourhood?

Globe and Mail

Has Toronto hit peak condo?

One word that has not been used about the downtown Toronto condo market for some time is “disappointment.” However, disillusioned condo owners are prompting industry insiders to murmur the seemingly unstoppable Toronto condo market may have peaked.

Globe and Mail (Subscription required) – Newinhomes.com – CityNews – Toronto Star

Hamilton revitalization leaving some behind

Hamilton continues to prosper, but “inequalities remain significant.” This year’s Vital Signs report highlights a growing arts scene, higher graduation rates and low unemployment, but the city’s resurgence isn’t benefiting all, leaving some Hamiltonians at a larger disadvantage.

CBC

Vancouver homeowners want to rein in frenzy

Vancouver is so expensive politicians want to tax its rmarket into submission and many homeowners — who will lose money if home prices fall — think it’s a great idea. “If I got to lose 200 or 300 grand to keep the kids and the future of this place, so be it,” said Rob Welsh.

Toronto Star – Vancouver Sun – Business In Vancouver – CBC

Many Calgary short-term rental properties ‘rarely rented’: Report

As Calgary scrambles to regulate a growing home-share industry, a preliminary city report shows a surprisingly high number of houses, apartments, and bedrooms offered are rarely rented. “Calgary is not New York or Banff,” said Lindsay Luhnau, business strategist with Calgary community standards.

Toronto Star – Calgary Herald

Surrey to create more park space for kids in condos

Surrey changed its slogan years ago from City of Parks to The Future Lives Here but don’t let the shift in branding fool you. Council approved a plan at Monday’s meeting to spend more than $350 million over the next decade to create new park space and recreation facilities.

CBC

Grenfell Tower residents wrongly told to stay inside

Residents of London’s Grenfell Tower were wrongly told to stay in their apartments as fire raged through the high-rise building nearly a year ago, aided by flammable external cladding and a host of fire-safety failings, an expert report said Monday. Fire-safety engineer Barbara Lane said the fire department’s “stay put” policy was shown to have “effectively failed” barely half an hour into the fire.

CTV – Toronto Star

RENX Columnists

Design takes on new importance in condominium market

New Column Contributor: Now that Ottawa is following in Toronto’s footsteps as a hot residential market, we have much to learn from that urban centre, especially when it comes to condominium design. Toronto and other vibrant North American cities are home to a variety of residential architectural styles, from traditional to transitional and contemporary, sleek to ornate…

Read more

Market Conditions

Mississauga’s 10 most expensive condo buildings

Toronto-based real estate brokerage and website Zoocasa says Mississauga is a particularly popular buying destination, offering good value as well as return on real estate investment. Zoocasa says that, over the last year, Mississauga condo prices rose 5.5 per cent to $435,254. “This has all contributed to steady demand for units – but some buildings are appreciating in value at a faster clip than others,” Zoocasa says.

Insauga.com

Housing market cools in first half of year

Changes to mortgage rules heralded in with the New Year have brought widespread market cooling across the country, a Conference Board of Canada report shows. Sales have continued to dip as the government’s new mortgage stress test has weighed heavily on markets.

Winnipeg Free Press

Growing number of Quebec properties selling above asking

There are more signs Montreal has become a seller’s market for real estate as the number of properties for sale has dropped. The Greater Montreal Real Estate Board says 10 per cent of homes are being sold above asking price.

CTV – Canada Newswire – Montreal Gazette

Victoria benchmark single-family home price sets record

Greater Victoria’s real estate market is changing as several factors create new scenarios for sellers and buyers. That was evident as overall sales numbers declined in May, and a record-high benchmark price was set for a single-family house in the core.

Victoria Times Colonist

Don’t sweat U.S. apartment supply wave: CBRE

Spencer Levy, head of research and senior economic advisor for CBRE, has a reassuring message for all those owners and investors in the burgeoning U.S. multi-family property sector: don’t sweat it, concerns over a recent slowdown in the rental sector are overblown.

CoStar Group

Mortgage and Finance

Less than 10% of U.S. homeowners are underwater

More than a decade after the housing market collapsed, the recovery has passed another milestone. The share of homeowners who owe more than the value of their home is 9.1 per cent, falling below 10 for the first time since the housing market fell, according to Zillow.

PR Newswire

New Developments

Iconic Quebec watering hole giving way to condos

The Pioneer, then Clydes, then the Pioneer is a storied structure on the main strip of Quebec’s Pointe-Claire Village and if the scuttlebutt is true, it is poised to close for good. Owner Diane Marois is not granting interviews, but a West Island real estate company is already promoting a condo development at the location. Pointe-Claire communications coordinator Marie-Pier Paquette-Séguin said the necessary zoning is in place.

Montreal Gazette – CTV – Global News

Taxes and Utilities

GTA residents seek cut to land transfer tax

Greater Toronto Area residents want the next provincial government to reduce the land transfer tax and focus on policies that increase housing supply in the region, according to a poll from the Toronto Real Estate Board. TREB also reported a 22-per-cent year-over-year drop in the home sales.

Globe and Mail – Toronto Star – 680 News – Toronto Star

Construction

Vancouver fast tracks new home building permits

Just a couple of years ago, it took Vancouver city staff an average of more than six months to process building permits for a new home. The city is hoping to bring that wait time down to between six and eight weeks.

CBC – Western Investor – Financial Post

Affordable Housing

How various Ontarians are faring

Housing affordability is a major issue for many Ontarians getting set to cast their ballots in the provincial election. Average home prices and rents in Ontario are still above national averages, and costs in Toronto remain high. The Canadian Press looked at how some Ontarians have fared.

Winnipeg Free Press

Cities, Towns and Urban Issues

Edmontonians buying into skinny homes

Skinny homes are moving up in Edmonton. The narrow houses, typically two storeys tall and 17 feet wide, are becoming commonplace in places like Glenora, Westmount and Inglewood, a few years after long-time residents decried them as ruining the feel of their mature, tree-lined neighbourhoods.

CBC

Amnesty for Calgary’s illegal secondary suites in effect

A two-year amnesty to encourage the owners of illegal secondary suites in Calgary to bring their units into compliance started Friday. The amnesty was called by city council in March when it approved secondary suite reform measures.

CBC – Toronto Star – CBC

Buying and Selling

First-time buyer reveals his biggest fear

Going through the homebuying process for the first time can be intimidating. There are many steps and you’re making deals with hundreds of thousands of dollars. To get a better feel for the fear, anxiety, and nervousness experienced by a first-time buyer, we interviewed one.

Newinhomes.com

Charging stations latest cost for new condo buyers

Three hundred dollars isn’t much but the mandatory cost for an electric vehicle (EV) charging station is the latest ding in government fees and regulations that now add more than $220,000 to the cost of a typical new Vancouver condominium, according to industry studies.

Business In Vancouver

Smoking pot can lower the value of your home

With marijuana about to become legal, many Quebecers might even be hoping to grow a plant or two. But if you are also selling your home, or planning to, you might want to think carefully about when, where and how you enjoy your weed.

Montreal Gazette

Other

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