Backlash grows against B.C.’s speculation tax

Backlash grows against B.C.’s speculation tax

The provincial government’s controversial real estate speculation tax is facing increasing opposition as elected officials in affected municipalities and regions across B.C. field hundreds of angry calls from affected individuals and groups such as the construction industry and developers. Local politicians across the province are reacting by appealing to the NDP government to exempt their regions — or cancel the tax outright.

Vancouver Sun – CBC – Maclean’s – Globe and Mail

Allied, Westbank JV on affordable housing plan

The federal government is looking at a real estate developer’s proposal to build 50,000 units of affordable housing primarily in Toronto and Vancouver — a plan valued at as much as $14 billion that could become a big part of Ottawa’s national housing strategy. The project would be led by the Creative Housing Society, whose founding partners would be Westbank, CMHC, Allied Properties REIT (AP-UN-T) and an investor.

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

Industrial Alliance selling two multi-residential buildings

Industrial Alliance, an insurance and financial services company, is selling two long-owned multi-residential properties in very desirable neighbourhoods in Toronto and Calgary. Bids are being accepted for the properties until March 28 and the buildings can be purchased individually or as a package. The buildings are La Salle Tower in Toronto’s Davisville neighbourhood and Calgary’s Central Towers in the Beltline.

Property Biz Canada

Home sales fall nearly 17% year-over-year: CREA

Canada’s national average home price was down five per cent and sales volume dropped 16.9 per cent in February compared with a year ago, evidence many buyers raced to purchase before new mortgage rules came into effect. There was also a 6.5 per cent decline in transactions between January and February, the second month-over-month decline and the lowest reading in nearly five years, the Canadian Real Estate Association reported.

Globe and Mail – Newinhomes.com – Globe and Mail (Subscription required) – Canada Newswire

TREB calls on political parties for housing policy debate

As everyone’s attention is shifting to the upcoming June 7 provincial election, the Toronto Real Estate Board (TREB) has called on all three major parties to outline their housing policies in a debate format. It seems like just yesterday the 16-point Fair Housing Plan was announced. Some of the points just kicked in at the beginning of this year.

Newinhomes.com

Vancouver condo assembly can be sold despite holdouts

A judge has ruled the sale of a Vancouver West End assembly can proceed despite two holdout owners who believed the sale price was too low and that they were not kept informed during the sale process. Barclay Terrace is a 36-unit concrete complex built in 1992. Of the 36 units in the building, 34 belong to two corporations, Barclay Thurlow Property Inc. (BTPI) and Shepstone Investments Inc.

Vancouver Sun – Western Investor

Hamilton’s controversial Connolly condo project is dead

The much-delayed and controversial Connolly condo tower project is dead. The project’s developer has found a buyer — but that buyer is only interested in the land, not the condo tower. The developer, receiver Spergel Inc., sent a letter last week to buyers who purchased units in the planned 30-storey downtown development. The letter says Hue Developments and Investments Canada Inc. bought the land.

CBC – Hamilton Spectator

Milton’s rapid growth lays ground for development

The number of births has been steadily increasing over the past decade as Milton’s population has grown, according to Halton Healthcare. That growth is being fuelled by families like the Lees, part of a young, house-hungry demographic driven to the outskirts of the Toronto region by the relative affordability of real estate. The Lees bought a three-bedroom, semi-detached house last spring for about $700,000.

Toronto Star

Victoria weighs higher density to help relieve housing crunch

Victoria is considering pre-zoning areas of the city where provision of affordable housing would allow for increased density. The measure would be part of a new inclusionary housing and density-bonus strategy designed to help ease what’s seen as a crisis in housing affordability.

Victoria Times Colonist – Vancouver Sun

Developer bets on small Manitoba city’s appetite for condos

Condos are typically associated with an urban lifestyle, but can they thrive in a rural setting? That’s the leap being taken by Hive Development Group, which recently announced the construction of The Lexington condo development in Morden, Man. The three-storey, 27-unit complex is being touted as a sign of growth in that city and in the Pembina Valley in general.

Winnipeg Free Press

Five things about Calgary-area multi-family construction

A surge in starts on apartment-style condos helped total new construction of multi-family development in the Calgary area last month top the February mark by 25 per cent.  Shovels turned for 282 multi-family units of all kinds in the Calgary census metropolitan area last month, growing from 212 a year earlier, says Canada Mortgage and Housing Corp. 

Calgary Herald

Windsor, Quebec City offer lowest apartment rental rates

The cost to rent an apartment in Windsor and in Quebec City is the lowest in Canada — a couple of hundred dollars per month cheaper than London, Ont., and less than half of what similar units would cost in Toronto. PadMapper released its most recent Canadian National Rent Report on Thursday, which pegged Windsor and Quebec City’s one-bedroom rent at $710 per month.

Windsor Star

Ottawa property manager finds proof of Airbnb scam

After a long game of “cat and mouse,” the owner of an Ottawa property management firm believes he finally has proof a tenant is illegally running an Airbnb business out of a downtown condo without the owner’s permission. According to reviews on Airbnb for the suite at 200 Rideau St., the tenant had been running a covert operation, telling guests to pick up their keys from a lock box.

CBC – CBC

Developer attempts to patent residential design

Newman Garrison + Partners recently patented its New Block concept for urban developers nationwide. The architectural concept was created and patented by NG+P to address challenges faced by developers, landowners, financial institutions, and municipalities who primarily build on smaller urban sites. GlobeSt.com chatted with the firm’s Kevin Newman, chairman and CEO, about the new concept and its advantages.

GlobeSt.com

Record funds flow into U.S. multi-family sector

Even as analysts wonder how much momentum remains behind the long run in the current multi-family “golden age,” the sector remains awash in capital. All told, capital sources pumped $174.9 billion into multi-family debt in the fourth quarter of 2017, according to Federal Reserve data, $46 billion more than any previous quarter. 

CoStar Group

Market Conditions

Saskatoon apartment rental rate falls: Colliers

The average cost of renting a two-bedroom apartment in Saskatoon fell by about $150 per month, to $965, last year as vacancy rates remained well above normal levels, according to a new report from Colliers International. “It’s great news for renters,” said Duncan Mayer, a research manager in the commercial real estate company’s Saskatoon office and co-author of the 2018 multi-family market report. 

Saskatoon StarPhoenix

Cape Breton dotted with abandoned homes

In Cape Breton, some homes are worth less than cars. The area is among the most beautiful places in Canada, known for dramatic Atlantic shorelines and excellent hiking along the Cabot Trail. Nowadays however, sightseers don’t just encounter whales in the Gulf of St. Lawrence, but hundreds of boarded-up homes and derelict buildings, dotted around the island. A falling population has turned once-thriving neighbourhoods into ghost towns.

CBC

Millennials lead all U.S. homebuyers

Home purchases by millennials ticked up over the past year, but inventory constraints and higher housing costs kept their overall activity subdued and prevented some from leaving the more affordable confines of their Gen X and baby boomer parents’ homes.  This is according to the National Association of Realtors 2018 Home Buyer and Seller Generational Trends study.

PR Newswire – PR Newswire

New Developments

Edmonton approves six-storey apartment complex

Edmonton’s Lendrum housing project is a go. After a public hearing on Monday, councillors gave approval to a mid-rise residential development at 11420 60 Ave. “The city is getting better at working with housing providers to try different kinds of public engagement earlier in the process and that isn’t eliminating opposition to social housing but it is certainly tempering it . . .” said Mayor Don Iveson.

Edmonton Journal

Moncton council approves 99-unit development

Moncton city council approved a new 99-unit rental project in the city’s north end after residents expressed concern over the project at a Monday night council meeting. PVC Home Builders proposed development that includes one 51-unit apartment building and seven multi-unit townhouses that will connect Ryan Street and Silver Shale Way. It would then extend Silver Shale Way to Lady Russel Street, connecting the two neighbourhoods in the area. 

CBC

Natural Disasters

Fort Mac condo owners consider bankruptcy

Some condo owners in Fort McMurray thought they would have been back in their rebuilt units by now. Instead, some residents of the 214-unit Hillview Park complex, one of the largest wildfire rebulds, are booking appointments with lawyers or considering foreclosure and bankruptcy. Some told CBC News they haven’t been getting clear answers from the condo board since builder Viceroy Construction was removed from the project.

CBC – Fort McMurray Today

Affordable Housing

Calgary’s affordable housing campaigns fall short

In Q1 2018, two milestone projects tackling homelessness and affordable housing come to an end in Calgary: the city’s 10-Year Plan to End Homelessness and the affordable housing collaboration, Resolve. With neither project fulfilling the entirety of its mandate, those involved are reflecting on the challenges within Calgary’s unique housing landscape and the growing urgency around affordable housing for families.

Globe and Mail

Mountain View unveils affordable initiative

Mountain View Industries Ltd., a manufacturer of premium ready-to-move (RTM) homes, Thursday announced its Canada-wide affordable housing initiative. The affordable RTM homes come with all the features and customizations of a regular home. The house is manufactured in about 90 days and then moved to the site.

Marketwired

Cities, Towns and Urban Issues

How to solve housing crunch on college campuses

It is predicted that this year alone, 30.4 million students will enroll in higher education institutions in the U.S. – 5.1 million more than in 2000. Yet, while enrollments are on the rise, the availability of campus housing has consistently lagged behind. In fact, on-campus bed capacity, a metric many say helps assess overall satisfaction of student life and campus culture, has been largely ignored over the years.

Building Design & Construction

Buying and Selling

B.C. sets up tip line for reporting shady agents

B.C. has created an anonymous tip line so consumers — and fellow agents — can report shady real estate agents to the provincial regulator. The province said the line is another measure to ensure that agents are abiding by professional standards, while protecting consumers who report unethical behaviour. There are now two ways to send tips to the Real Estate Council of B.C.: By phone: 1-833-420-2400; Online anonymous tip line.

CBC – Mortgage Broker News

Other

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