Real housing boom is in the suburbs

Real housing boom is in the suburbs

The transformation of once-decrepit downtown neighbourhoods such as Vancouver’s Yaletown, Toronto’s Liberty Village and Montreal’s Griffintown into bustling modern burgs of condo-dwelling millennials only looks like the defining urbanization trend of the past decade. While condo cranes dotting city skylines get all the attention, the real story in most Canadian cities remains the unabated growth of the suburbs.

Globe and Mail

Demand heavy for rentals at Townline’s Victoria project

Within a few days of opening the leasing centre for Townline’s latest development in the Hudson District, more than half of the rental units in 106-unit Hudson Walk Two were already leased. With Victoria’s rental vacancy rate sitting at around 0.5 per cent, it’s unlikely it will have to wait long to fill the building.

Victoria Times Colonist – CTV

Vast majority of Quebec Airbnb rentals unregistered

The majority of Quebecers who list their properties on Airbnb and other home rental websites are not registering with the province, just over a year since it implemented a law regulating them, new data suggests. The province’s Tourism Department says it issued 967 permits for rental hosts out of 2,244 applications in the year since the law took effect on April 15, 2016.

CTV

Builders, TO planners trying to create family-friendly condos

The Goodtimes hope they’ll be able to live in their condo forever, but they admit squeezing their life into a 730-square-foot space is difficult. Condo dwellers used to be a pretty equal mix of first-time buyers and empty-nesters, but many are now choosing to stay in condos, says Mimi Ng, vice-president of sales and marketing at Menkes  Developments Inc.

CBC – CBC – CBC – Globe and Mail

When condo living turns into a dictatorial nightmare

Earlier this month, a Toronto condo board introduced a new workplace harassment rule to its residents. One of the examples of harassment cited: “Unreasonable and/or repetitive expression of concerns with respect to the administration of the affairs of the condominium corporation.” The unusually-worded rule has raised the ire of tenants renting in the building.

Maclean's

TO condo owners push out serial board members

Residents of a luxury downtown Toronto condo have successfully forced the resignation of members accused of commandeering their condo board and taking control of their building’s multi-million-dollar budget. The four members took over the board at Five Condos last summer after a controversial election at the centre of a vote-rigging controversy.

CBC

TO homeowners suddenly in a rush to sell

After a double whammy of government intervention and the near-collapse of Home Capital Group Inc. (HCG-T), Toronto sellers are rushing to list their homes to avoid missing out on the recent price gains. “We are seeing people who paid those crazy prices over the last few months walking away from their deposits,” said Royal LePage broker Carissa Turnbull. 

Bloomberg – Globe and Mail – Globe and Mail – Toronto Star

B.C. regulator overwhelmed by complaints

British Columbia’s real estate regulator is struggling to clear a mountain of public complaints, which have jumped 61 per cent. B.C. suffered a year of unprecedented public attention over the industry’s inability to police misbehaving realtors in the province’s superheated housing market, Erin Seeley told the Real Estate Council of British Columbia during its May meeting.

Globe and Mail

Number of Van. unsold new townhouses hits record low

Metro Vancouver’s inventory of newly built, family-friendly, townhouses hit a record low in the first three months of 2017, according to the Urban Development Institute, which argues is evidence the region needs a more focused regional housing strategy. The UDI’s quarterly state-of-the-market report found no newly built townhouses available for sale in the City of Vancouver.

Vancouver Sun

Van. Chinatown residents fight Beedie tower plan

It could easily have been overlooked as “just another condo.” But Beedie Development Group‘s proposed 12-storey condominium in the heart of Vancouver’s iconic Chinatown has stoked a red-hot debate, pitting those who believe the development is needed to revitalize the neighbourhood against those who fear the project will further erode the area’s unique character.

Vancouver Province – Business In Vancouver – Business In Vancouver

Edmontonians fight back against densification

Property owners who refuse to allow the city to increase density on their lots could face higher taxes under a new plan pitched by Edmonton Coun. Michael Oshry. In at least three areas of the city, residents have organized to sign restrictive covenants, a legal tool that forever prevents their lots from being split to allow for higher density.

Edmonton Journal

Local zoning bylaws need updating: BILD CEO

Now that the province has increased intensification and density targets in the GTA, and plans to replace the Ontario Municipal Board with a local planning-appeal tribunal, it’s more important than ever that municipalities update their zoning bylaws. Zoning bylaws determine what types of buildings can be built, and control the size, height and location of new developments.

Toronto Star – Newinhomes.com – Toronto Star – Canada Newswire

Victoria increasing development fees

Victoria councillors have approved higher development application fees despite pushback from builders’ organizations who say the additional costs will increase the cost of housing. The approval by councillors comes even as the city netted a $500,000 surplus in revenue from development fees last year, grossing $4.046 million in fees against expenses of $3.540 million. That surplus is expected to increase this year. 

Victoria Times Colonist

Vancouver’s first Passive House Plus home in the works

Work will soon be underway on Vancouver’s first certified Passive House Plus home. The two-storey house that will be constructed on 5th Avenue in East Vancouver was designed by Marken Design and Consulting.

Property Biz Canada

Some Gatineau homeowners will not be allowed to rebuild

Gatineau homeowners whose residences need to be demolished and are located in a certain flood zone will not be able to rebuild under provincial law. In a meeting on Tuesday, the City of Gatineau announced measures to make it easier for flood victims who need to demolish or renovate their homes.

CBC

RENX Columnists

‘Water frontage’ and ‘river view’ still great selling points?

Some 1,200 homeowners in the Ottawa-Gatineau area are facing costly repairs if not outright reconstruction in the wake of this year’s record flooding. Other areas across the region and the country have fought their own battles against rising waters. I always find the flood issue interesting because people don’t really give it much thought until they’re really wet.

Value: Weighed and Measured

Market Conditions

Bubble far cry from 2006 U.S.: National Bank

Debt among Canadian households is at record levels. Vancouver home prices are inflated, while Toronto is in bubble territory. There’s trouble at Home Capital Group Inc. And, Moody’s has downgraded Canada’s banks. But relax, says National Bank of Canada (NA-T), we’re still a “far cry” from where the U. S. was in the runup to the financial crisis. 

Globe and Mail (Subscription required) – Financial Post – Motley Fool

Federal measures spark drop in CMHC insurance

New mortgage insurance rules introduced by the federal government to cool the housing market have led to a sharp drop in insurance volumes for Canada Mortgage and Housing Corp. as fewer home buyers qualify for mortgage insurance. CMHC said total insured volumes fell 41 per cent in the first quarter of 2017, including a 23 per cent drop in homeowner insurance volumes.

Globe and Mail – Bloomberg

Cooling real estate dents consumer confidence

Canadians became less confident this month about housing and prospects for the economy amid the troubles of Home Capital Group, according to telephone polling. The Bloomberg Nanos Canadian Confidence Index fell to 58.5 in the week ending May 26. That’s down from 59.4 at the end of April, the first monthly decline in four.

Bloomberg

U.S. home prices rising twice as fast as wages

U.S. home prices climbed in March at the strongest rate in nearly three years as a dwindling supply of houses for sale caused prices to significantly outpace income growth. The Standard & Poor’s CoreLogic Case-Shiller 20-city home price index released Tuesday rose 5.9 per cent over the past 12 months ended in March, the most since July 2014. 

Globe and Mail – Globe and Mail

New Developments

Hamiltonians fight mandated gated community

This isn’t Scottsdale, Arizona, and Hamilton communities shouldn’t be gated, says inner-city councillor Matthew Green, who is siding with a group of Ancaster residents fighting a plan to do just that. The city says the gate at Augusta at Ancaster Glen will help differentiate the new development’s private road from the nearby public ones. But Green said it looks exclusionary.

CBC

Surrey residents oppose new development on golf course

More than 100 have signed a petition to fight Anthem Properties‘ proposed residential development on a portion of Surrey’s Eagle Quest Coyote Creek golf course. “We think it’s terrible to begin with, that there would even be consideration of ripping out groomed green space like a golf course to throw up some high-density housing,” Surrey resident John McKitrick said.

CBC

Taxes and Utilities

Plea for Calgary Housing tax cut gets amended nod

The Calgary Housing Company (CHC), the agency responsible for most subsidized housing in the city, will pay $1.3 million less in taxes in 2017. Council approved a notice of motion by Coun. Brian Pincott after it was amended to exclude the provincial tax component. Pincott made the case arguing the CHC’s revenues had decreased because rents are tied to residents’ income.

CBC – CBC

Queen’s Park defends 25 per cent hydro rate cut

Premier Kathleen Wynne is making no apologies for the Liberals’ 25 per cent hydro rate cuts a legislative watchdog warns will cost at least $21 billion over three decades. In the wake of Financial Accountability Officer Stephen LeClair’s report on the “Fair Hydro Plan,” Wynne emphasized Ontario electricity consumers demanded and deserved relief.

Toronto Star

New Alberta bill enables price cap on power

The Alberta government introduced a bill Tuesday that will allow it to place a cap on regulated electricity rates for the next four years. The move to cap consumer power rates at a maximum of 6.8 cents per kilowatt-hour for four years was announced in November 2016 by Premier Rachel Notley.

CBC

Natural Disasters

Okanagan Lake flooding concerns on the rise

The water level for B.C.’s Okanagan Lake has crept up another 1.7 centimetres since Sunday, adding to flooding concerns across the Central Okanagan Regional District. Environment Canada reports Okanagan Lake has reached 343.08 metres, eight centimetres above historic flood levels dating back to 1948.

CTV – CBC – Globe and Mail – CBC

Legal Issues

Reserve residents win court challenge over rent increase

Dozens of residents leasing property on the Musqueam reserve in southwest Vancouver have won a longstanding dispute about what is considered fair rent. A judge has accepted their challenge of a Musqueam Band proposal to increase rents by an average of $80,000 a year or about 800 per cent.

CBC – Vancouver Sun

Construction

Hamilton housing starts slowing

Housing construction in Hamilton is expected to slow down this year after a breakneck pace, but the city’s economic outlook is steady, according to new data from the Conference Board of Canada. The board’s economic outlook report for the spring of 2017, released Thursday, shows that after a poor year in job creation, the region is set to rebound and add thousands of new jobs, which should push the region’s unemployment rate down, projections show.

CBC

U.S. multi-family starts retreat in April

The value of new construction starts in April dropped 13 per cent from the previous month to a seasonally adjusted annual rate of $647.8 billion, according to Dodge Data & Analytics.  The decline followed three straight months of gains, which saw total construction activity rising 20% from the lacklustre numbers reported in December.

Multifamily Biz

Affordable Housing

What Vancouver can learn from Vienna

Vancouver and Vienna often end up on the top of the “most liveable cities” lists, ranked highly for their quality of life, air, health care and education. But the two couldn’t be more different in one crucial aspect. Vancouver is a region racked by the negative effects of spiralling real-estate prices and rents.

Globe and Mail

Buying and Selling

Vancouver bitcoin house sale offer ‘an honest mistake’

A Metro Vancouver house advertised for sale in bitcoins was an “honest mistake that never should have been made,” said Derek Drew, manager-broker of Sutton Centre Realty in Burnaby. The listing drew attention to China’s crackdown on currency outflows. It has been suggested bitcoins offer a route for some to move money out of the country.

Business In Vancouver

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