Grosvenor building first Vancouver tower

Grosvenor building first Vancouver tower

Grosvenor has been building in and around Vancouver for 60-plus years, but their public profile has been near invisible. That’s about to change. The British developer is building its first residential tower in downtown Vancouver, on Hornby at Pacific. The Grosvenor Pacific will be a 40-storey condo tower designed by Montreal’s Maxime Frappier, in partnership with IBI Group.

Globe and Mail

Construction underway on YUL Condominiums’ second tower

YUL Condominiums, one of the largest residential projects in downtown Montréal, Thursday held an official ceremony marking the start of construction work on its second 38-storey tower. Located at 1400 René-Lévesque Boulevard West, this second tower will be an integral part of the project being co-developed by the Brivia Group and the Tianco Group.

Canada Newswire

Rose Corporation takes on partners to build rentals

The Rose Corporation partnered with Greenwin/Verdiroc Developments on Newmarket’s 212 Davis Apartments, the first new, privately funded, purpose-built market rental apartment tower in Ontario’s York Region since the 1980s. “We’ve become increasingly focused on the rental market and look forward to more opportunities in that area,” said Rose Corp. CEO Sam Reisman.

Property Biz Canada

B.C. to close loophole that gets around rent controls

A loophole anti-poverty advocates say has allowed landlords to get around rent controls and jack up rents could soon be closed. B.C. Housing Minister Selina Robinson is expected to introduce an amendment to the Residential Tenancy Act in the legislature next week. It would eliminate “vacate clauses” from fixed-term lease agreements. 

Victoria Times Colonist – Gobe and Mail – Business In Vancouver

Vancouver condo council develops anti-Airbnb strategy

A Yaletown strata council has developed an aggressive new strategy to try to keep Airbnb rentals out of its building. It’s given up on going after condo owners themselves. Instead, it is targeting the online vacation-rental service itself. The Parkview Gardens strata has had a lawyer send demand letters to the offices of Airbnb in Ireland and San Francisco.

theglobeandmail – Business In Vancouver

Vancouver’s mayor’s motion on condo presales passes

Vancouver city council has passed Mayor Gregor Robertson’s motion to explore developing a policy that would give “residents who live and work in Metro Vancouver the first opportunity to purchase new presale homes in Vancouver.” “This motion really is about local tools. Looking at affordability and access,” said Robertson in introducing the motion.

CBC

Developers balk at proposed Van. sewage fee hike

This week, the regional district of Metro Vancouver will consider increasing a fee for developers to pay for new sewage infrastructure — a proposal many developers say they’re not happy about. Developers typically pay development cost charges to offset the munipalities’ costs related to essential services — like sewage infrastructure or road costs — required for a new developmen

CBC – Business In Vancouver

CRA probing presale condo flips in Toronto

Federal government auditors are scrutinizing 2,800 preconstruction condo flips in the Toronto area as part of a crackdown on tax evasion in the real estate industry. The Canada Revenue Agency obtained court orders last year compelling 44 condominium developers to hand over information about people who sold their units before projects were completed, a practice known as paper flipping or selling on assignment.

Globe and Mail (Subscription required)

TO’s new condo guidelines designed to create kid-friendly communities

When Emily Runions moved out of her one-bedroom-plus-den in August to a two-bedroom condo, it solved a bunch of problems — not the least of which was giving daughter Sadie enough space to make slime and other crafts with her friends after school. In their old Liberty Village apartment, Sadie, had a cool loft bed that took advantage of the high ceilings.

Toronto Star

The Plant designed for Toronto residents: Opinion

The idea that the approving and building of condos could be approached as an act of city-building has been all but forgotten in the rush to cash in on Toronto’s boom. That’s why the appearance of The Plant, a 10-storey condo at Dovercourt and Sudbury Sts., is especially interesting. To begin with, it takes retail seriously.

Toronto Star

King Portland Centre condos substantially sold out

RioCan REIT and Allied Properties REIT announced the residential condominium units at King Portland Centre are substantially sold out, subject to customary closing conditions and rights of rescission. RioCan and Allied expect the profitability of these units to exceed initial expectations.

Marketwired – Property Biz Canada

Montreal condo prices among fastest-growing in Canada since 2006

A nationwide study conducted by CENTURY 21 Canada has revealed the average price-per-square foot (PPSF) of homes in Ville Marie and Southwest areas of Montreal have more than doubled in the past decade. Montreal prices have gone up by 251 per cent since 2006 but at $533.30 PPSF they are still far below Vancouver’s, the nation’s most expensive market at $1,210 PPSF. Since 1997, Montreal prices have gone up an astounding 468%.

Marketwired – Marketwired – Marketwired – Marketwired

Mortgage industry sees loophole in OSFI’s new rules

New rules designed to ensure homebuyers in the uninsured mortgage market can withstand rising interest rates contain a loophole lenders could exploit to qualify more mortgages, according to industry sources. In guidelines published Tuesday, the Office of the Superintendent of Financial Institutions pushed ahead with a controversial mortgage stress test.

Financial Post – Globe and Mail – Globe and Mail (Subscription required) – Reuters

HQ2 could raise rents in some apartment markets

Apartment List recently published a report, involving the 15 likely top contenders for Amazon HQ2, detailing what an influx of workers (as many as 50,000 over 10 years, plus more supplementary workers) would mean for local apartment markets. Mainly, it would increase rents up to an additional two per cent  per year in the metro selected for the Amazon HQ2. 

CP Executive – Globe and Mail

‘No pets allowed’: B.C. group rallies for change

Finding a home to rent in many parts of British Columbia can be tough at the best of times and, throw a pet into the mix, can become nearly impossible. Pets OK BC is trying to remove what it says are unfair restrictions on pet owners. Under current laws, landlords can turn away a renter with pets as well as restrict the number, size and type of pet.

CBC – Victoria Times Colonist

Market Conditions

How resilient is Canadian housing to a U.S.-style crash?

The country’s largest mortgage default insurer, which backs almost $500 billion in loans, says anti-globalization threats are an increasing fear so it has added those concerns to its ongoing stress tests. Canada Mortgage and Housing Corp. said it looked at anti-globalization, earthquakes, a steep oil price fall and a U.S.-style housing correction to see how its insurance portfolio would hold up.

Financial Post – Better Dwelling: Part I – Better Dwelling: Part II – Better Dwelling: Part III

What sets Seattle’s apartment market apart?

Multi-family developers have been very busy in Seattle, especially in the core sub-markets around downtown. But thanks to affordability and strong job growth — including in the city’s core — few new apartments are sitting vacant and rents continue to rise.

National Real Estate Investor

U.S. existing home sales unexpectedly rebound in September

 U.S. home resales unexpectedly increased in September as the effects of Hurricanes Harvey and Irma began to dissipate, but a persistent dearth of properties for sale continued to weigh on overall activity. The National Association of Realtors said Friday existing home sales rose 0.7 percent to a seasonally adjusted annual rate of 5.39 million units last month. August’s sales pace was unrevised.

Reuters – Reuters – Winnipeg Free Press

U.S. multi-family lending hit new high in 2016

The Mortgage Bankers Association said Thursday U.S. multi-family lending was up eight per cent year-over-year for 2016. Although the Y-O-Y increase was smaller than the 28% rise seen in 2015, nonetheless it established a new high for lending in the sector, and MBA data show the current year reflects further progress.

GlobeSt.com – GlobeSt.com – GlobeSt.com – GlobeSt.com

New Developments

Saanich rejects Cordova Bay condos

A groundswell of community opposition was evident as Saanich councillors rejected a controversial four-storey condo development in Cordova Bay, a move that could create a chill for other developments in the area. The development by Citta Group would have removed two 1950-era houses and 27 trees on two single-family lotsto make room for a 25-unit, four-storey condominium project.

Victoria Times Colonist

Taxes and Utilities

Where does Saskatoon really rank on property taxes?

Calgary Mayor Naheed Nenshi won a divisive election campaign last week in which, new arena aside, high property taxes featured as the major issue. Calgary’s residential property taxes are generally considered among the lowest in Canada. Saskatoon ranks fourth highest among the five largest Prairie cities.

Saskatoon StarPhoenix

Natural Disasters

‘U.S. housing market can’t take the shock of a natural event’

The exact tally is still impossible to calculate, but at least 10,000 U.S. homes and other structures have been destroyed by floods, winds and fires in the past three months. Given the acute construction labour shortage that was already at play before these disasters, reconstruction and its repercussions in residential real estate could pose yet another disaster.

CNBC

Affordable Housing

Vancouver donates land to build 358 affordable homes

The first 48 affordable rental homes of a land trust partnership opened in Vancouver on Sunday. In a building called The BRice, named after the retired executive director of the Sanford Housing Society, Bonnie Rice, the one-bedroom homes at 1720 Kingsway will welcome singles and couples, according to a release from the city of Vancouver.

Vancouver Province

Rising rents heightening America’s housing crisis

The home-buying struggles of Americans, particularly millennials, have been well-documented. Yet a recent study by Hunt.com found the often-proposed “solution” of renting is not much of a panacea. Rents as a percentage of income, according to Zillow, are now at a historic high of 29.1%, compared with the 25.8% rate that prevailed from 1985 to 2000.

Forbes – GlobeSt.com – GlobeSt.com

Other

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