Multi-Unit Residential Real Estate News, Tuesday, January 22 2013 Toronto's core feeling the pressure of Echo Boomer influx - TD Canada Trust In the last five years, the population of Toronto’s downtown core has more than tripled, fuelled by demand from the so-called Echo Boomers who want to live and play close to their workplaces. The explosion in density in the heart of Toronto is also in sharp reversal of a three-decade-long trend by Echo Boomers’ parents, who fled the downtown in the early 70s eager to buy larger, more affordable homes in the suburbs. Globe and Mail Tue Jan 22 2013 |
Downtown Toronto condo market shows strange signs of life Some Toronto realtors are seeing an unexpected surge in condo buyers scouring the market post Christmas and the return of a phenomenon not seen in months — bidding wars. “I was shocked,” says ReMax realtor Peter Krpan who advised one couple, first-time buyers, that the softening condo market meant they could take their time and bid low on almost any downtown unit they wanted. Toronto Star Tue Jan 22 2013 - Globe and Mail - Jan 16 - Toronto Star - Jan 16 |
Apartment REITs a good bet for investors: Scotia Capital It’s time for real estate investors to load up on apartment operators and owners if they want to hedge against a rising rate environment, says Mario Saric, an analyst with Scotia Capital. “We recommend [Real Estate Investment Trust] investors concerned about rising rates overweight apartment REITs,” said the analyst in a note to clients. Financial Post Tue Jan 22 2013 |
| Is Canada talking itself into a housing crisis? Little was heard of housing bubbles in Canada up to about a year ago. Now, predictions of crashes are on the front cover of Maclean’s and other publications. One might wonder if we are talking ourselves into a housing miasma, even though the fundamentals don’t point to one. Globe and Mail, January 21, 2013 |
InterRent REIT buys four-building apartment complex in Montreal - InterRent Real Estate Investment Trust - IIP.UN-T InterRent Real Estate Investment Trust has entered into an unconditional agreement to acquire a four-building apartment complex in Côte Saint-Luc on the Island of Montreal. The 174 suite acquisition is expected to be completed by the end of the month at a purchase price of about $19 million. Marketwire Tue Jan 22 2013 |
In the US big-name developers, investors boomerang back into condos For six long years following the burst housing bubble and subsequent recession, residential condominium sales remained in a deep freeze. However, late last year condo sales quietly began to recover in gateway markets such as Boston, San Francisco and New York. Costar Group Wed Jan 16 2013 |
Apartment building market remains strong in Vancouver - Goodman Report Prices and total sales are up, but the number of transactions is falling. That's the picture of Vancouver's apartment building market, according to the Goodman Report, produced by David and Mark Goodman. In 2012, both overall dollar volume and the average price per suite hit record highs, David Goodman said in the report. Vancouver Sun Tue Jan 22 2013 |
Vancouver housing ranked among world's least affordable - Demographia Six Canadian cities on an international survey are described as having severely unaffordable housing, with Vancouver listed as the second-most unaffordable in the world behind Hong Kong. Sydney, Australia, was third internationally. Other Canadian cities listed were Toronto, Victoria, Montreal, Abbotsford and Kelowna, B.C. CBC Tue Jan 22 2013 - Sydney Morning Herald |
| McDonald's restaurant closes to make way for more Toronto condos A multi-billion-dollar corporation has given up a prime piece of Toronto real estate - a casualty of condos. The McDonald’s outlet across from the Royal Ontario Museum on Bloor St. W. has closed. Taking its place will be a 32-storey condo tower called Exhibit, developed by Bazis International Inc. Toronto Star |
What women want: Single women taking over Canadian condo market Move over bachelor pad, and make way for the lady condo! A new report reveals that young single women are taking up an increasing share of the new condo market — up to one third of all sales in some cities — and developers are tailoring their designs to give solo female buyers exactly what they’re looking for in a new bachelorette home. Yahoo - Shine On Tue Jan 22 2013 |
B.C. landlords 'powerless' as tenants get free ride - BC ResidentialTenancy Branch Landlords are calling for tougher enforcement after being taken for thousands of dollars by “professional” scam-artist tenants who never pay rent and work the system to delay eviction. “They are in your house — and you know they are taking advantage of you," said Margarita Loyola, of Victoria, B.C. "You are powerless and there’s nothing you can do.” CBC Mon Jan 21 2013 |
Landowners responsible for environmental cleanup, court rules - Ontario Divisional Court The Ontario Divisional Court has ruled that innocent landowners can be held responsible to remedy contamination caused to their properties by a neighbour. Back in December, 2008, Thompson Fuels filled the fuel oil tanks at the Hazel St. home of Wayne and Liana Gendron in the city of Kawartha Lakes (Lindsey). Subsequently, several hundred litres of the oil leaked from the basement of the house onto city property. Toronto Star Fri Jan 18 2013 |
The nation's capital looks for better way to manage its rental properties - National Capital Commission The National Capital Commission is tweaking the way it manages its $100-million portfolio of rental properties. And it is inviting the property management industry to offer advice about how to do it. The NCC rents out about 600 residential properties and 94 commercial buildings and other assets, many of them along Sussex Drive. Ottawa Citizen Fri Jan 18 2013 |
| Video: Micro apartments are the future in New York The number of singles and couples living in big cities is growing, according to city planners. That is why a New York City museum has built a full size micro apartment to showcase the need for smaller living spaces. Globe and Mail |
Vancouver builders follow the lure of culture Vancouver is suffering growing pains as the landmarks and small beloved icons come down to make way for condo and mixed-use developments. The recent selling of the Waldorf Hotel to a condo developer felt like the nail in the coffin for many Vancouverites, after the recent loss of the old Pantages theatre on Hastings and the Ridge movie theatre on Arbutus Street. Globe and Mail Mon Jan 21 2013 |
Barrie’s Harmony Village will work with nature - Harmony Village For decades, Barrie has been known as a major hub for urban workers commuting the hour or more to and from Toronto. So much so that it is now commonly considered a suburb of Toronto. Barrie is also one of Canada’s fastest growing cities. A new project on the edge of Lake Simcoe on Kempenfelt Bay will deliver an innovative, mixed-use community, setting a new standard for architectural design and landscaping. Toronto Star Mon Jan 21 2013 |
Canadian homebuyers more experienced, financially prudent , says RE/MAX - RE/MAX Changing market conditions have triggered a shift in the Canadian homebuyer mix and mindset, a fact identified and confirmed by the RE/MAX Canadian Homebuying Trends Survey 2013-2014 released Tuesday. The national survey provides a snapshot of Canadian homebuyers heading into a period of moderation. Canada News Wire Tue Jan 22 2013 - RE/MAX National Trends - Montreal Gazette - Globe and Mail |
Scotiabank cuts off mortgage brokers at ING Direct - Scotiabank ING Direct, fresh off its purchase by Bank of Nova Scotia in November, informed mortgage brokers Wednesday it will no longer do business with them. The move is rankling some people in the industry, who fear the consumer is losing a major advocate. Financial Post Thu Jan 17 2013 |
Real Estate Forums 2013 - Winter Event Calendar |
Home > Residential > Market Conditions Is Canada talking itself into a housing crisis? Little was heard of housing bubbles in Canada up to about a year ago. Now, predictions of crashes are on the front cover of Maclean’s and other publications. One might wonder if we are talking ourselves into a housing miasma, even though the fundamentals don’t point to one. Globe and Mail Tue Jan 22 2013 |
Video: Is this Canada's real estate tipping point? Chief strategist John Johnston of Davis Rea says lower prices in Vancouver is a sign of a coast to coast correction on housing prices. CTV Thu Jan 17 2013 |
What will spring bring for Toronto real estate? - BMO For now, anxious sellers in the Toronto real estate market who are hoping for a spring rebound seem evenly matched by optimistic buyers looking for a deal. Bank of Montreal economist Douglas Porter looks at the Toronto housing market and sees a satisfying balance. But February is traditionally the month when the spring market revs up. Globe and Mail Thu Jan 17 2013 |
More young Americans leaving the parental nest, boosting housing recovery Americans are feeling increasingly confident in the future and more and more are striking out to set up their own homes, a move that is helping propel the housing recovery. The deep financial crisis and recession of 2007-2009 kept many Americans from leaving their parents’ nests and drove others back into them, putting a sharp brake on the pace at which new households formed. Financial Post Mon Jan 21 2013 |
U.S. home construction rises at fastest pace since 2008 - U.S. Commerce Department U.S. builders started work on homes in December at the fastest pace since the summer of 2008 and 2012 finished as the best year for residential construction since the start of the housing crisis. The Commerce Department says builders broke ground on houses and apartments at a seasonally adjusted annual rate of 954,000. That was up 12.1 per cent from November’s annual rate of 608,800. Globe and Mail Thu Jan 17 2013 |
Deals for snowbirds as foreclosure crisis won’t end for Florida - RealtyTrac Inc. Florida’s foreclosure crisis just won’t end. More than six years after subprime lending and overbuilding led to the worst U.S. real estate slump, the state had the biggest increase in home seizures last year, and the highest foreclosure rate, RealtyTrac Inc. said. One in every 32 Florida households received a notice of default, auction or repossession in 2012. Bloomberg Fri Jan 18 2013 |
Home > Residential > Mortgage and Finance Banks see more evidence of slowing mortgage growth Historically, bull housing markets have tended to end sharply with little warning. But among financial industry players there is growing consensus that this time will be different. At a recent bank chief executive conference in Toronto, the heads of the major Canadian lenders agreed that the mortgage volume growth is moderating after a period of double-digit growth, partly because of moves by the federal government to tighten rules around mortgage lending. Financial Post Thu Jan 17 2013 |
Home > Residential > Buying and Selling RECO and Tarion play different roles - Real Estate Council of Ontario Q: What’s the difference between RECO and Tarion? A: There can sometimes be confusion about the roles the two organizations play. Both the Real Estate Council of Ontario (RECO) and the Tarion Warranty Corp. were established by the Ontario government to protect the public interest by regulating a sector of the real estate industry. Your Home Wed Jan 16 2013 |
Who’s losing in the housing slump? Real estate agents - Canadian Real Estate Association December transactions from the Canadian Real Estate Association show the dollar volume for the month was down almost $1.379-billion from a year ago. Using a 5% commission rate, the industry standard, that means almost $70-million in lost revenue for realtors in December alone. Financial Post Thu Jan 17 2013 |
Electronic signatures for real estate deals coming to Canada - Instanet Solutions The Canadian Real Estate Association and Instanet Solutions have reached an agreement that will allow electronic signatures on real estate documents. Instanet's electronic signature solution is known as Authentisign which is an online signing service. PR Newswire Thu Jan 17 2013 |
Commission Pitch hopes to get agents bidding for business - Commission Pitch Homebuyers and sellers use the online platform to help them choose a real estate agent through anonymous profiles. Local agents reply with competing offers that detail their commission rates and fees. Commission Pitch is launching in Southwestern Ontario. Marketwire Fri Jan 18 2013 |
Home > Residential > Construction Two different approaches to four-season living - Knight Developments Canada Two condominium developments underway here are taking two distinct construction approaches and targeting different price points in the market. Knight Developments is converting the 129-year-old Connaught School building on Napier St. into four condo units known as Duke Lofts. Toronto Star Wed Jan 16 2013 |
Going for gold in Toronto's West Don Lands Formerly a sprawling grey vista of old industrial lands, the West Don Lands is on its way to becoming a vibrant community, thanks to historic revitalization plans that include affordable housing, green space and the 2015 Pan/Parapan American Games Athletes' Village. Located at Cherry and Front Sts., the village will later become a state-of-the-art YMCA and George Brown College student residence. Toronto Star Mon Jan 21 2013 |
Home > Residential > Cities, Towns and Urban Issues Spain launches housing plan for neediest eviction victims Spain’s government on Thursday launched a social housing plan offering properties at low rents to some families who have been evicted from their homes. Close to 6,000 properties owned by the country’s banks will be offered to the most needy, the government said. Globe and Mail Thu Jan 17 2013 |
Underground work lays foundation for vertical communities of the future Peek behind the plywood barrier, and you’ll see a different side of the transformation that is occurring from the waterfront to North York. Descending about 10 metres below street level, the massive condo hole is supported by concrete walls, hundreds of wooden slats (or tie-backs) and steel bolts and cables, driven horizontally into the ground and anchored with more concrete. Toronto Star Mon Jan 21 2013 |
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