Most millennials have already bought a home: Genworth

Most millennials have already bought a home: Genworth

Perhaps to the surprise of many, the majority of adult Canadians between the ages of 23 and 38 have already bought a home, according to a study from Genworth Canada. The national study commissioned by Genworth found 59 per cent of millennials own a home. 

Business In Vancouver – Newinhomes.com – CBC – Financial Post

Montreal condo buyers left in lurch after developer sells project

A group of Montreal condominium buyers fear they’ve lost both their deposits and their condos after the unfinished building they were to move in to in Saint-Henri was sold to another developer. New developer Gestion S. Lampron claims it has no legal tie to the buyers. Lampron did offer them condos — but at higher prices then they had paid Groupe CTI Canada.

CBC

39 Niagara rentals complement Minto Toronto Westside condos

Buy or rent. Residents of a new enclave being constructed by Minto Capital Management Inc. in Toronto’s Downtown West District will have both options following the developer’s recent announcement of its new 39 Niagara tower with 501 rental units. “At a time when demand for rentals is at an all-time high, we’re pleased to offer a new housing option in the city,” said Minto vice-president Paul Baron.

Property Biz Canada

Condo-like theme to Minto’s Ottawa apartment renos

Minto Group is taking a few pointers from Ottawa’s downtown condo market as it makes extensive renovations at two of its Centretown rental buildings, the eight- and nine-storey The James and The Gilmour properties. “It’s a very vibrant neighbourhood . . .” said Minto Properties’ Ben Mullen.

Property Biz Canada

Downsview redevelopment presents major challenges

When Mazyar Mortazavi, CEO of TAS Design Build, decided to redevelop the old Shriner’s temple on Keele Street in Toronto, he was keenly aware of the emerging urban context around what may seem like an unremarkable address on 1960s-vintage suburban arterial.

Globe and Mail

GTA new-home sales hit 20-year low

New construction home sales hit the lowest number for April in over 20 years, says the Building and Land Development Association (BILD). Newly built single-family home prices dropped five per cent year over year to $1.15 million, down from about $1.2 million in March. 

Toronto Star – Globe and Mail (Subscription required)

‘Unprecedented’ reliance on housing fuels recession call

This recession call is coming from inside the house. The Bank of Canada has highlighted elevated household debt and imbalances within the nation’s real estate market as the two chief vulnerabilities to the financial system in the event of a recession.

Globe and Mail – Globe and Mail (Subscription required) – Maclean’s

Vancouver aims to curb Broadway Corridor speculation

The City of Vancouver has proposed new policy aiming to limit land speculation along the Broadway Corridor. The Development Contribution Expectation (DCE), will require developers to plan projects that will support public amenities and affordable rental housing. 

Western Investor

A search for the ‘missing middle’

Canada’s major cities, which used to consist of small apartment zones surrounded by vast swathes of single-family houses, are undergoing a major transformation. In Vancouver, Toronto, and Montreal, apartments dominate as the main form of housing developers are building.

Globe and Mail

Toronto plan puts focus on 2- & 3-bedroom units

Nearly half of new residential developments in downtown Toronto could be made up of two- and three-bedroom units, a new plan for the core just approved by city council outlines. The city’s sweeping TOcore plan for downtown growth considers many aspects of living.

Toronto Star – Newinhomes.com – CBC

Ottawa wants to cap number of bedrooms in dwellings

The City of Ottawa plans to limit the number of bedrooms in new residential buildings for the first time in an effort to prevent new unregulated rooming houses from cropping up. City council put a temporary halt to new rooming houses in 2017.

CBC

Toronto condo boards move to ban pot smoking

Bracing for impending legalization of marijuana, condominium properties are starting to enact policies around its use. oneeleven recently banned all smoking in common spaces, on balconies or inside suites, said condo board president Curtis Priest.

Toronto Star – CBC

Edmonton condo boards should have pot bylaws: Lawyer

The rules for growing and smoking cannabis should be a priority for condo boards, says Roberto Noce, a partner at Miller Thompson LLP and a former city councillor. Noce is urging condo boards to consider amending their bylaws to address cannabis to avoid future challenges.

Edmonton Journal

Canada to monitor tax evasion among foreign owners

China and Canada will exchange tax and financial information for the first time this fall, a move that will give Canadian authorities a window into the activities of some foreign-property owners who evade Canadian taxes in real estate markets such as Vancouver.

Globe and Mail (Subscription required)

U.S. apartment rent concessions ‘back with a vengeance’

It’s the age-old developer’s trade-off. In a market saturated with new apartments, building owners have a decision to make. You can either tolerate higher vacancy rates and hope they don’t last too long. Or, you can offer a month or two of free rent.

Costar Group

Market Conditions

Montreal’s first-time homebuyers priced out of market

The bar is getting higher for first-time homebuyers who hope to get into the Montreal market. It isn’t just that prices are going up. It’s that buying power is going down, according to Paul Cardinal, an economist for the Quebec Federation of Real Estate Boards.

Montreal Gazette

Curbs on demand won’t solve surging prices: C.D. Howe

The cost of housing has been going through the roof in many parts of Canada. Ontario and B.C. have introduced foreign-buyers taxes. Ottawa has put in place new rules on mortgages. However, supply constraints are more likely the key cause of surging prices.

Globe and Mail

Sales of $3-million Vancouver homes cool

The BC NDP government’s February budget measures to rein in Vancouver’s runaway real estate market are starting to erode sales and prices for higher-end properties. In March and April, 79 properties in the City of Vancouver sold for more than $3 million, with most being detached houses.

Globe and Mail (Subscription required) – Toronto Star – CBC – Globe and Mail

Mortgage and Finance

Mortgage rates on the rise

Canada’s big banks are locked in a competitive pricing war over variable-rate mortgages, but economic trends point to more interest rate hikes ahead — leaving Canadian mortgage borrowers struggling to interpret the mixed messages.

Toronto Star – Globe and Mail (Subscription required) – Financial Post

Stop blaming stress tests for killing housing market

When things go wrong in the housing market, people get angry. The narrative is already taking shape: The introduction of mortgage stress tests for home buyers by the federal government’s banking regulator has ruined the housing market and, in particular, hurt first-time buyers.

Globe and Mail – Newinhomes.com

Seasonal Homes

Boomers, retirees bounce into cottage country

Baby boomers and retirees now account for 91 per cent of recreational property sales in Canada, according to an annual survey of the recreational residential market by Leger for Re/Max Canada. However, buying a cottage isn’t the same as buying a home in the city.

Business In Vancouver – Toronto Star

Natural Disasters

Evacuation alerts issued for B.C. residents

More than a dozen residents in British Columbia’s southern Interior have been asked to evacuate their homes, as the 2018 wildfire season makes an aggressive start with two large blazes. The Thompson-Nicola Regional District issued evacuation orders for 14 properties and evacuation alerts for another 51 addresses.

National Post – Globe and Mail – CBC – Calgary Herald

Cities, Towns and Urban Issues

B.C. tenants gain more rights

The B.C. government recently amended the Residential Tenancy Act to require landlords to give tenants four months’ notice to end a tenancy in order to demolish, renovate or repair the dwelling. Previously, landlords could evict a tenant on two months’ notice.

Business In Vancouver

Alberta renter advocate calls for regulation

Kate Jacobson, an advocate for renters’ rights, says the Alberta government needs to step in with greater regulations after a family’s lease was ended because of a crying baby.  “I think we need to look at the laws . . . ” she said. 

CBC

Buying and Selling

Search Realty adds five Southern Ontario locations

Search Realty Corp., a boutique real estate brokerage service, Monday announced the opening of five new locations in Southern Ontario in the cities of Toronto, Oakville, North York, Richmond Hill, and Kitchener.

Canada Newswire

Other

13,000 Québec brokers mobilize against Bill 141

The Québec Federation of Real Estate Boards (QFREB) is calling for the withdrawal of non-consensus provisions of Bill 141, including the section on real estate brokerage. The QFREB has concluded the Minister of Finance must take more time to consult and reach consensus on necessary measures.

Canada Newswire

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