First-time buyers stretched to the max: CMHC

First-time buyers stretched to the max: CMHC

The vast majority (85 per cent) of first-time buyers are spending the maximum they can possibly afford on their first home purchase, reveals a Canada Housing and Mortgage Corporation (CMHC) survey released Thursday. That compares with 68 per cent of repeat home buyers stretching their budgets to the max, according to the survey of 4,000 Canadians who took out a mortgage in the past year.

Business In Vancouver – Newinhomes.com – Canada Newswire

B.C. government moving ahead on speculation tax

B.C.’s finance minister has introduced legislation to move ahead with a controversial speculation tax on vacant or underutilized properties. The bill ends months of speculation about how the province planned to use the new levy to help deal with runaway housing prices in some B.C. communities. If the legislation is passed, the new tax will apply to all properties in designated regions of B.C. 

CBC – Vancouver Sun – Victoria Times Colonist

Vancouver’s Beedie branches out, grows residential business

For Ryan Beedie and the development firm that shares his last name, the past couple of years have included a personal loss and frustration over a contentious project, but also major growth for the 65-year-old company, founded by Ryan’s late father Keith. “Our business has evolved and changed a lot, especially in the last two, three, four, five years,” Ryan Beedie said in a recent interview.

Property Biz Canada

Broccolini unveils details of Montreal’s tallest residential tower

Broccolini has unveiled new details and several modifications to the design of its Victoria sur le Parc, a 58-storey tower which will become the largest residential high-rise in Montreal when it is completed in 2020. The project is Broccolini’s “most ambitious yet” the company says, and comprises one of the final elements of the redevelopment of Montreal’s International District.

Property Biz Canada

Habitations Trigone, Fonds building Viva-Cité Saint-Constant

Habitations Trigone and its partner Fonds immobilier de solidarité FTQ broke ground Tuesday on a new residential rental project. Viva-Cité Saint-Constant is ideally situated in Saint-Constant on the south shore of Montreal, just steps from the commuter train station and Lac des Fées, and across the street from a multi-functional park and trails. Slated for completion in spring 2019, the first phase will consist of 154 apartments.

Canada Newswire – Canada Newswire

Developers acquire Montreal building housing art studios

The building located at 305 rue de Bellechasse in Montreal has new ownership. The 80,000-square-foot four-storey building was acquired by Brandon Shiller and Jeremy Kornbluth. Evoking the development history of the two promoters, many of the many artists whose studios are housed rue de Bellechasse are worried rising rents that would push them to leave. “I sold, and it’s sad because I’ve spent most of my life here,” ex-owner Howard Shiff said.

Le Devoir – Montreal Gazette

Growing demand in China for Montreal properties

Realtors and other real estate professionals have been noticing an increase in the number of buyers from China in the past year or so. A new analysis released this month indicates these observations are not just anecdotal. It used to be that most non-resident buyers were coming from France or the United States. Now, they are more likely to come from China.

Montreal Gazette – Shupilov Real Estate News

Réseau Sélection becomes Groupe Sélection

Réseau Sélection announced Thursday it will now be known as Groupe Sélection, a name that better represents its distinguishing vertical integration structure. The company will also be slightly adjusting its logo. The changes take place amidst the company’s 30^th anniversary year and align with its strategic goals, which include a planned expansion outside Québec.

Canada Newswire – Property Biz Canada

Consumer tech changing the way developers build condos

When the future residents of Toronto’s Line 5 Condos building order home delivery of groceries or a bite from Uber Eats or Foodora, there will be no need to rush home to ensure their food isn’t left at the front desk. Instead, the products will wait in designated hot and cold food storage rooms — just one of the ways developers are kitting out their projects with technology-driven designs.

Montreal Gazette – Property Biz Canada

Most landlords plan to ban cannabis use in rental units: Survey

The majority of landlords polled in a new survey have responded negatively to cannabis use in rental units, going so far as to offer lower rent to tenants who agree to not smoking in units. The survey conducted by real estate website Zoocasa was conducting in anticipation of last Wednesday’s cannabis legalization.  A whopping 88 per cent of landlords say they plan to prohibit smoking in their buildings.

Western Investor – Lexology

Half of homeowners say cannabis use will hurt property values: Poll

More than half of Canadian homeowners recently surveyed say they would be less likely to consider a property if they knew cannabis had been grown inside, according to a poll released Tuesday. Real estate listings company Zoocasa, which commissioned the study, found 52 per cent of homeowners would think twice about buying a home that had been used to grow even a legal amount of marijuana.

CTV – Newinhomes.com

‘Leaning’ tower proposed for downtown Victoria

A proposal that would give Victoria its own “leaning” tower has been submitted to city hall. The application from Cox Developments features a 15-storey condominium or rental building designed in a way to create the illusion that it leans. It would not actually tilt, of course. The impression would be created by each floor extending out a little more than the one below, on one side of the building.

Victoria Times Colonist

Stress test most harms young homebuyers: Mortgage industry

A recently toughened stress test is making it more difficult for young people and newcomers to the country to buy homes, Canadian mortgage industry leaders say. Anyone taking out an uninsured mortgage must be able to prove they could continue to make their payments if their interest rate rose by two per cent, or to two per cent more than the Bank of Canada’s five-year benchmark rate.

CTV – Canada Newswire – Globe and Mail

Looming regulations a concern for Calgary Airbnb owner

A suite of recommendations aiming to make owners of short-term rental units like Airbnb more neighbourly is slated to come before a council committee before the end of the year. Coun. Ward Sutherland said the goal of regulating the industry isn’t to add red tape, but to ensure such rentals are run safely and instances of public disorder are minimized.

Calgary Herald

Developers finally see money in home-sharing

Airbnb and short-term rental models have flipped the hospitality industry on its head. Since the launch of the Airbnb platform in 2008, more than five million “hosts” have hopped on the bandwagon, helping the company rake in a jaw-dropping $2.7 billion to date. And while most assume these are mom-and-pop operations. stats show more and more pros are joining the game and leveraging this multi-billion dollar industry.

Forbes

Market Conditions

Toronto, Vancouver luxury condo market soars

Sales of single-detached homes priced $1-2 million have declined in Toronto and Vancouver, down 35 per cent year-over-year, according to the 2018 RE/MAX Spotlight on Luxury Report. In contrast, condominiums in the $1-2 million range remain popular, particularly in larger urban centres. Toronto experienced a two per cent increase in luxury condo sales, while Vancouver sales were up six per cent and Victoria luxury condo sales increased 19 per cent.

Canada Newswire – Vancouver Sun

Metro Vancouver’s high-end house rents plunge

The dramatic slowdown in the detached home resale market and the introduction of the speculation and vacancy tax and other demand-side measures have prompted changes, says Orca Realty co-owner Petr Vokoun. Orca is getting a slew of phone calls from luxury home owners who can’t sell their high-end homes and have reluctantly decided to rent out their property instead, or non-occupier owners who want to avoid paying speculation tax.

Victoria Times Colonist – Western Investor

GTA average condo sale price up 8.4% year-over-year

The Toronto Real Estate Board announced the average selling price for condominium apartments reported sold by Greater Toronto Area realtors through TREB’s MLS System in the third quarter of 2018 was up by 8.4 per cent year-over-year to $552,269. The MLS Home Price Index (HPI) Apartment Benchmark Price was up by 10.1 per cent year-over-year to $506,300 in September 2018.

Globe Newswire – Globe Newswire – Toronto Star

U.S. rents decline year-over-year for the first time since 2012

Rents declined nationwide on an annual basis for the first time in more than six years. The median U.S. rent is $1,440, according to the September Zillow Real Estate Market Report. That’s down 0.2 per cent (which translates to $36 in annual rent) from September 2017, the first annual nationwide decrease since July 2012. Rent appreciation slowed for seven consecutive months before turning negative in September.

PR Newswire – AP News

Mortgage and Finance

Homeowners worried about paying down debt

Many Canadian homeowners are worried about rising interest rates and how they will impact their budget, a new CBC Research survey finds. Thanks to years of access to cheap money, household debt has ballooned in Canada. Out of 1,000 Canadian homeowners surveyed online between Oct. 5 -11, almost three-quarters of those with debt on their home — mainly mortgages — confessed they’re worried about rate hikes.

CBC

New Developments

Work underway on Canlight’s new Hamilton condo project

When Vernon Shaw came to town in 1996 to convert Hamilton’s historic Pigott Building into condos, the city’s downtown was a different place. The Canlight Group founder sees his latest Hamilton project — Harbour Condos on the Bay — as helping to transform a different area of the city at a similar time in its development.

Hamilton Spectator

Renovation, Repair and Maintenance

On-demand insurance now available in B.C., Alberta

Duuo by co-operators, The Co-operators‘ new digital insurance brand, Wednesday launched its on-demand, pay-per-use insurance product in British Columbia and Alberta. The first insurance product to launch under the duuo brand is an on-demand insurance product for hosts who rent their properties using popular platforms like Airbnb, HomeAway, VRBO and others.

Canada Newswire

$83M needed to repair 24 Sussex, official residences

It’ll take tens of millions of dollars over the next decade to restore and maintain Canada’s official residences — including the “fire hazard” that is 24 Sussex Drive — due to chronic underfunding, according to a new report by the National Capital Commission. The audit concluded 24 Sussex Drive and Harrington Lake, the PM’s country residence, are in “critical” condition, meaning they need “frequent emergency maintenance and repair.”

CBC – CTV – Ottawa Citizen

Natural Disasters

Tornado recovery efforts continue one month later

One month after tornadoes ripped through parts of Ottawa and Gatineau, communities are still reeling from the damage. In total, six tornadoes touched down in parts of Eastern Ontario and Western Quebec, with the two most devastating twisters cutting straight through the national capital region. Thirty houses in the small community of Dunrobin have been or will be demolished. In Gatineau, almost 1,700 housing units were damaged by the storm.

CBC – Ottawa Citizen – CTV

Earthquake early-warning sensors installed off B.C. coast

An earthquake early-warning system tested off British Columbia’s coast could give residents anywhere from 20 seconds to two minutes to prepare before a quake. The first-of-its kind warning sensors developed by Ocean Networks Canada is installed along the Cascadia subduction zone and when fully operating next March will be able to estimate location and magnitude of a megathrust earthquake.

Globe and Mail

36 lives, $3 billion in timber lost to Michael: Official

Trees brought down by Hurricane Michael’s ferocious winds took a heavy toll on life, property and the timber industry in the heavily forested Florida Panhandle, where $3 billion in timber was lost, authorities said Friday. Florida Agriculture Commissioner Adam Putnam said pulp mills, sawmills and other production facilities were also damaged in 11 of the top timber-producing counties in state.

CNN

Legal Issues

Protecting condo buyers

A series of condo cancellations and failures across the country have pre-construction investors crying foul. And while there are some protections in the ever-evolving condominium legislation, the rules vary from province to province and they don’t always apply to the principle investment and any lost interest or opportunities.

Canadian Lawyer Magazine

Law to stop bad-faith evictions not working

Robyn Lemire was compensated a month’s rent when she was evicted from her Corktown condo this summer. That seemed fair, until she found out her landlord’s wife didn’t move in like she was supposed to. A day after Lemire left, her unit popped up on multiple rental sites for about $600 more than what she had been paying.

CBC

Affordable Housing

Banff unveils affordable housing project

There are now 131 more affordable housing units in Banff to chip away at a shortfall estimated in the hundreds. “The projected shortfall is between 400 and 700 units, roughly,” Banff’s housing sustainability manager Sharon Oakley said Wednesday. How much of a dent will the Ti’nu affordable apartment complex make in a community with a zero per cent vacancy rate and sky-high rents?

CBC – CTV

Buying and Selling

Zillow launches first Canadian property listings

After months of speculation and outreach to the Canadian real estate industry, U.S. online giant Zillow begins posting Canadian properties on its site and mobile app on Tuesday. The Seattle-based company has agreements to receive more than 50,000 Canadian listings, including those from Century 21, Right at Home Realty and Toronto-based Re/Max Ultimate Realty.

Toronto Star – CBC

Other

Mix of honours at 2018 GOHBA Housing Design Awards

It was a fun mix of surprises and the expected at this year’s Housing Design Awards gala Saturday night. Sure, perennial heavyweights such as RND Construction and architects Christopher Simmonds and Barry Hobin walked off with armloads of trophies, but there was no one company that dominated and the accolades were generously spread among some 40 firms as the Greater Ottawa Home Builders’ Association recognized its own.

Ottawa Citizen