Canada Real Estate
Vancouver’s hot housing market just got tougher for wealthy Chinese
What Ontario renters need to know about the province’s new lease agreements
What renters need to know about Ontario's new tenancy lease agreements
TD and CIBC join RBC in hiking mortgage rates ahead of Bank of Canada decision next week
Royal LePage: Price of a home rose 10.8 per cent annually in Q4
Foreign money driving top of housing market in Vancouver, Toronto
Haider-Moranis Bulletin: Canadians’ addiction to debt adds risk to real estate market
Online shopping isn’t the only thing killing Canadian malls — it’s millennials, too
2018-03-12 15:06:48 Malls were once a go-to shopping destination and a teenager’s hang-out of choice, but now face an uncertain future as some of their biggest tenants lay off employees, file for creditor protection or hang a “closed” s. Beleaguered retailers have been quick to blame online shopping for their decline. But retail experts say scapegoating e-commerce is an oversimplification of a multifaceted problem: changing consumer tastes, demographic shifts, technological advances and other forces also add to their woes   Read More ...
Four men charged in 'sophisticated' $17M mortgage fraud
2018-03-06 16:12:25 TORONTO — Four men are facing charges for alleged mortgage fraud targeting a high-end neighbourhood. Toronto Police said Tuesday officers with the force’s financial crimes unit began investigating the alleged fraud in the spring of 2013 in a probe dubbed ‘Project Bridle Path.’ Police allege the men took part in a “sophisticated and complex” scheme involving “several high-end properties.” Mortgages were to be secured for properties but they were never registered and were misrepresented to the lenders, police say   Read More ...
Crooked Lake cottagers face up to 700% rent increase, could be evicted by Sakimay First Nation
2018-02-28 12:08:53 Geoff Leo has been a reporter for CBC News in Saskatchewan since 2001. His work has won numerous awards. Grant Singer and his family considered their cottage at Crooked Lake their quiet refuge for years. Now it's up for sale — although he says he has little hope anyone would be foolish enough to buy it. "If somebody really wanted it, they can have the headache   Read More ...
Vancouver’s hot housing market just got tougher for wealthy Chinese
2018-02-21 21:33:31 Vancouver, one of the hottest housing markets in North America, is getting a little tougher for wealthy Chinese buyers. British Columbia Finance Minister Carole James announced measures targeting foreign buyers and speculators in the first budget since her government was elected on a pledge to make housing more affordable for residents of Canada’s Pacific Coast province. Starting Wednesday, foreigners will pay the province a 20 per cent tax on top of the listing value, up from 15 per cent now, and a levy on property speculators will be introduced later this year, according to budget documents released Tuesday   Read More ...
Canadian home prices rise as Toronto sees first gain in 6 months
2018-02-14 21:08:16 National house price index rose 0.3% in January, while Toronto prices rose 0.2% Related Stories The Canadian real estate market got off to a good start this year with house prices rising in January, as Toronto saw its first gain in six months, according to a bank measurement. The Teranet-National Bank composite house price index, rose 0.3 per cent last month from December and gained 8   Read More ...
Millennials’ prolonged stay at Parents Inn is having a profound impact on housing markets
2018-02-14 19:04:44 Should millennials rent, or should they own? To rent or not to rent is not the question. At least, it is not the complete question. When housing prices escalated in the recent past, some experts recommended prolonged renting to those who couldn’t afford to own. Some even wondered if Canada would transform into a nation of renters while others dreamed of a “Wealthy Renter   Read More ...
What Ontario renters need to know about the province’s new lease agreements
2018-02-13 16:05:59 TORONTO — Ontarians fed up with battling their landlord over contentious terms they didn’t realize were hidden in the fine print of their lease will soon be getting some reprieve. On April 30, it will become mandatory for most residential landlords to use a 13-page standardized lease agreement, recently unveiled by the provincial government in hopes of protecting tenants from being tricked by lengthy agreements rife with illegal clauses and language that is hard to understand and often winds up in litigation   Read More ...
What renters need to know about Ontario's new tenancy lease agreements
2018-02-13 13:03:35 TORONTO - Ontarians fed up with battling their landlord over contentious terms they didn't realize were hidden in the fine print of their lease will soon be getting some reprieve. On April 30, it will become mandatory for most residential landlords to use a 13-page standardized lease agreement, recently unveiled by the provincial government in hopes of protecting tenants from being tricked by lengthy agreements rife with illegal clauses and language that is hard to understand and often winds up in litigation   Read More ...
What renters need to know about Ontario's new tenancy lease agreements
2018-02-13 12:03:43 TORONTO -- Ontarians fed up with battling their landlord over contentious terms they didn't realize were hidden in the fine print of their lease will soon be getting some reprieve. On April 30, it will become mandatory for most residential landlords to use a 13-page standardized lease agreement, recently unveiled by the provincial government in hopes of protecting tenants from being tricked by lengthy agreements rife with illegal clauses and language that is hard to understand and often winds up in litigation   Read More ...
Three in hospital after explosion at commercial building in Mississauga
2018-02-11 15:32:35 Three people were taken to hospital following an explosion at a building in Mississauga this morning. The blast was reported at a commercial building near Hurontario and Dundas streets at around 7:30 a.m. Paramedics say one male was taken to hospital in serious condition and a female and child also suffered minor injuries. The cause of the explosion is not yet known   Read More ...
In 225 pages on home prices, the CMHC looked at almost everything but foreign buyers’ taxes
2018-02-09 05:32:41 The Canada Mortgage and Housing Corporation (CMHC) issued a report this week with some ideas on how to calm soaring home prices in overheated cities like Toronto and Vancouver.And its main conclusion was familiar: encourage more supply. The report was 225 pages long, and it was the result of “advanced, data-driven quantitative and statistical analyses” looking at a multitude of factors such as housing starts, population growth, interest rates and zoning   Read More ...
Ontario revokes mortgage broker BDMC license over risky investments
2018-02-02 18:32:27 TORONTO (Reuters) - Ontario’s financial regulator said on Friday it has revoked the license of mortgage brokerage Building Development and Mortgages Canada Inc (BDMC) and Vince Petrozza, a co-founder of a related firm, Fortress Real Developments, following an investigation into risky syndicated mortgage investments. Regulator FSCO said BDMC, the lead broker for Fortress projects, and three mortgage brokers, FDS Broker Services Inc, FFM Capital Inc and FMP Mortgage Investments Inc, which marketed Fortress products as their primary or sole line of business, were fined a total of C$1   Read More ...
These were the most expensive homes sold in La Cañada Flintridge last year
2018-01-31 19:16:12 Now, the city is more known for its wealthy residents and excellent schools, and it offers a quiet life away from the hustle and bustle of the city. In 2017, there were 93 single-family home sales of $2 million or more in La Cañada Flintridge, up from 81 the previous year, according to the Multiple Listing Service. There were six sales of $5 million or more, or three more than there were in 2016   Read More ...
Hudson holds line on residential property taxes
2018-01-31 01:04:12 Hudson’s town council delivered on an election campaign promise to freeze property taxes in 2018 at a special council meeting on Monday night. Mayor Jamie Nicholls, elected to town hall last November, said the 2018 plan was a “responsible budget” that accounted for new expenses, such as a mandatory organic waste collection to begin this fall, without raising taxes. Hudsonites will also see no increase in their property tax or water and sewer bills, said Nicholls   Read More ...
CMHC says national housing market still 'highly vulnerable' for 6th straight quarter
2018-01-30 21:10:04 Some centres in B.C. and Ontario still highly overvalued: economist Related Stories Canada Mortgage and Housing Corp. (CMHC) says the country's housing markets remain "highly vulnerable" overall for the sixth consecutive quarter with evidence of overvaluation and price acceleration, despite some improvements seen in Winnipeg and Saskatoon. In its latest quarterly housing market assessment released Tuesday, CMHC said it found the housing markets in Toronto, Hamilton, Vancouver and Victoria continue to be highly vulnerable due to price acceleration and overvaluation   Read More ...
Vancouver renters' union forms to fight soaring costs in housing market
2018-01-30 11:03:40 VANCOUVER - Rising rental costs, evictions and a scarcity of units in Vancouver's densely populated West End were among the reasons for Gail Harmer's decision to join a group that is taking a new approach to advocating for the rights and protection of tenants. The Vancouver Tenants Union formed last spring in response to a growing number of renters who say they fear eviction or being priced out of their homes and neighbourhoods   Read More ...
First Nations leaders hand eviction notice to B.C. fish farm
2018-01-23 05:03:28 Setting out from Port Hardy on Vancouver Island, members of at least six B.C. First Nations took to the sea Monday to deliver an eviction notice to a fish farm operated by Marine Harvest: one of Canada’s largest producers of farmed Atlantic salmon. “This is our right and this is our territory and we need to protect it,” organizer and Kwakiutl First Nation elder James Wadhams told CTV News   Read More ...
Ontario landlords call for right to immediately ban pot in rentals despite tenant laws
2018-01-23 01:00:58 TORONTO -- Ontario landlords want the right to immediately ban the use of pot in rental properties when recreational weed is legalized this summer, arguing they should be allowed to change tenants' existing leases to stop the drug from being consumed in their units. Some marijuana users say, however, that the situation would leave renters with few places to legally use weed, given the province's already restrictive rules around the drug   Read More ...
Marijuana grow-op discovered after mobile home fire
2018-01-16 13:37:43 Firefighters in the South Shore municipality of Sainte-Angèle-de-Monnoir dispatched to deal with a blaze in a mobile home Monday night discovered a marijuana grow op in the building’s basement. Provincial police say there were no injuries in the incident and no one was in the home when the fire broke out. Their investigation will continue on Tuesday.   Read More ...
This $750K Toronto listing could be the litmus test for Canada’s housing market
2018-01-15 18:33:34 Wondering whether rising interest rates and the new mortgage rules are going to blow the froth off Canada’s hottest real estate market? The test for that may be what happens to a new Toronto listing that has locals talking. The two-bedroom, one bathroom rowhouse is on the market for an asking price of just under $750,000 in the coveted neighbourhood of Trinity-Bellwoods, where you’d be lucky to snatch a single-family home for under $1 million   Read More ...
TD and CIBC join RBC in hiking mortgage rates ahead of Bank of Canada decision next week
2018-01-13 04:38:37 Several Canadian lenders have boosted their mortgage rates ahead of an interest rate decision next week by the Bank of Canada. A Royal Bank of Canada spokesperson said Friday that the lender had increased its five-year fixed mortgage rate by 15 basis points, to 5.14 per cent. The special rate for a five-year fixed mortgage with a 25-year amortization period rose to 3   Read More ...
Why you shouldn’t bet on a Montreal housing bubble
2018-01-11 17:05:52 Earlier this week, final numbers were released on the Montreal housing market for 2017, and unlike Vancouver and Toronto, Canada’s second-largest city posted strong gains in sales. No fewer than 44,448 housing units transacted in the Greater Montreal Area in 2017, an eight per cent increase over 2016. At the same time, housing prices increased by 6 per cent year-over-year to reach $364,500   Read More ...
Montreal budget includes biggest non-residential property tax increase since 2012
2018-01-10 17:37:47 Non-residential property taxes in Montreal are going up by an average of 3 per cent in the city’s 2018 budget. It’s the biggest increase in non-residential property taxes since 2012. The increase in what the city calls general tax charges, which includes property tax and the road tax, will rise by 2.1 per cent, the biggest increase in those taxes since 2013   Read More ...
Royal LePage: Price of a home rose 10.8 per cent annually in Q4
2018-01-10 13:03:44 TORONTO -- Canada's residential real estate market saw strong, but slowing year-over-year price growth in the fourth quarter of 2017, according to a report by Royal LePage. The real estate company says based on data in 53 markets, the price of a home in Canada increased 10.8 per cent year-over-year to $626,042 in the quarter. Broken down housing type, Royal LePage says the median price of a two-storey home rose 11   Read More ...
Price of a home rose 10.8 per cent annually in fourth quarter, Royal LePage says
2018-01-10 13:03:21 TORONTO - Canada's residential real estate market saw strong, but slowing year-over-year price growth in the fourth quarter of 2017, according to a report by Royal LePage. The real estate company says based on data in 53 markets, the price of a home in Canada increased 10.8 per cent year-over-year to $626,042 in the quarter. Broken down housing type, Royal LePage says the median price of a two-storey home rose 11   Read More ...
December home sales in Montreal up 15 per cent from 2016: real estate board
2018-01-08 19:04:34 The number of homes sold in the Montreal region in December was up 10 per cent from December 2016, according to the Greater Montreal Real Estate Board. With 2,781 residential property sales during the month, it was the busiest December since 2009, the GMREB said. The increase was greater on the island of Montreal, which saw the number of sales rise by 15 per cent   Read More ...
Mortgage bond market may get a boost from new Canadian rules
2018-01-04 22:04:17 The Canadian government is increasingly reluctant to insure mortgages against default. That may end up giving new life to a nascent bond market in the nation. For decades, most home loans made in Canada were made by the biggest banks and guaranteed by the government’s housing agency. In late 2016, regulators tightened the requirements for qualifying for that insurance, resulting in more people doing without it: about three-quarters of the mortgages made by federally regulated banks last year didn’t have government backing   Read More ...
Is 2018 the year to buy a home? 5 factors that could affect housing prices
2017-12-28 18:02:05 What a difference a year makes in Canada’s housing market. Let’s say you purchased a typical Toronto home in March 2016. It would have cost you, on average, $688,011 -- an unimaginably high amount to many people just a few years earlier. If you decided to sell that home one year later in March 2017, it would have fetched around -- an incredible $228,556 more   Read More ...
Foreign money driving top of housing market in Vancouver, Toronto
2017-12-22 23:06:57 VANCOUVER/OTTAWA (Reuters) - Foreign buyers in Canada’s two largest housing markets are focused on larger and more expensive homes, new data from Statistics Canada shows, confirming industry lore that their money drives up top-end real estate prices in Vancouver and Toronto. Public debate over the role of foreign investment in Canada has reached a fever pitch, with locals saying price increases of 60 percent in Vancouver and 40 percent in Toronto over the past three years are keeping them out of the market   Read More ...
Chinese buyers increasingly present in Montreal housing market
2017-12-20 17:03:55 The proportion of buyers from China purchasing housing in Montreal in 2017 increased significantly, according to statistics unveiled Tuesday by the Canada Mortgage and Housing Corp. and Statistics Canada. And CMHC analysts suspect that the local increase might have been a transfer in demand triggered by the imposition of foreign property ownership taxes in Toronto and Vancouver to cool down their housing markets   Read More ...
Condos and climbing prices: 5 real estate trends to expect in 2018
2017-12-18 17:04:14 With tighter mortgage regulations coming in January, some uncertainty surrounds the real estate market in 2018. Real estate expert Karyn Filiatrault spoke with CTV’s Your Morning on Monday, to share the five real estate trends she expects in 2018: Condo popularity will surge: “We have baby boomers that are downsizing and are liking the low-maintenance lifestyle,” she said. “We have families that have been priced-out (of the household) market--they’re moving into condos--and millennials love the ‘live, work, play’ lifestyle   Read More ...
Mobile home fire in Saint-Jean-sur-Richelieu leaves man dead
2017-12-18 14:04:36 A 69-year-old man died after a fire broke out early Monday in a mobile home in the L’Acadie district of Saint-Jean-sur-Richelieu. Local firefighters were called in to fight the blaze at a little after midnight and were assisted by their colleagues from Chambly and Napierville. The man’s body was found in the debris of structure while two firefighters were slightly injured   Read More ...
Here’s what the new mortgage rules will do to home prices in 2018: Royal LePage
2017-12-14 09:32:41 New mortgage rules coming into effect on Jan. 1 won’t trigger home price decreases, according to Royal LePage’s 2018 outlook for the Canadian housing market.The real estate powerhouse sees home prices climbing 4.9 per cent by the end of next year, up to $661,919. The estimate is based on a composite price index that measures home prices in 53 Canadian cities   Read More ...
B.C. changes tenancy regulations to limit rent increases to match area rates
2017-12-09 23:02:46 VANCOUVER -- The B.C. government has announced it's closing another loophole in residential tenancy regulations in an effort to keep rental rates affordable. MLA Spencer Chandra Herbert says the province is eliminating a clause that permits landlords to raise rates above the allowable rental increase limit to match high rents within a geographic area. The current allowable rent increase is set at four per cent but the clause allows landlords in hot markets to raise rents at significantly higher rates to match neighbouring prices   Read More ...
Toronto votes to regulate and restrict short-term rentals
2017-12-08 02:39:32 (Reuters) - The Toronto city council on Thursday approved regulations governing short-term rentals, requiring operators to register with the city and restricting the types of properties that homeowners can rent as it grapples with a growing affordability crisis. Under the new rules, homeowners will only be allowed to rent their principal residence on homesharing sites like Airbnb and Expedia Inc’s Homeaway, which the city hopes will lead to more units being available for long-term rentals   Read More ...
Toronto eyes new short-term rental rules
2017-12-04 14:10:35 TORONTO — Politicians in Toronto will be scrutinizing proposed rules for short-term rentals this week that could spell major changes for those who offer secondary residences for rent on platforms like Airbnb. Among the raft of regulations going before city councillors is a rule that would ban short-term rentals of homes that aren’t the landlord’s primary dwelling. Some tenants are heralding the proposed regulations as much needed in a city grappling with high rents and low vacancy rates, while those who offer secondary residences on home-sharing platforms like Airbnb argue the rules would be punitive   Read More ...
Renters and Airbnb landlords square off as Toronto considers new short-term rental rules
2017-12-04 11:32:50 TORONTO -- Politicians in Toronto will be scrutinizing proposed rules for short-term rentals this week that could spell major changes for those who offer secondary residences for rent on platforms like Airbnb. Among the raft of regulations going before city councillors is a rule that would ban short-term rentals of homes that aren't the landlord's primary dwelling. Some tenants are heralding the proposed regulations as much needed in a city grappling with high rents and low vacancy rates, while those who offer secondary residences on home-sharing platforms like Airbnb argue the rules would be punitive   Read More ...
Feds fear expanding Home Buyers' Plan would fuel hot housing market: document
2017-12-03 20:32:19 OTTAWA -- The federal Liberals are having second thoughts about a 2015 campaign promise out of concern that expanding the popular Home Buyers' Plan would throw fuel on overheated housing markets. An internal document suggests high housing prices are a key reason the Liberals don't appear to be in a hurry to fulfil an election pledge that would enable Canadians to dip back into their registered retirement savings to help pay for a home   Read More ...
Federal appeals court rules real estate agents must make data public
2017-12-01 21:11:06 TORONTO - The Federal Court of Appeal upholds a previous decision by the Competition Tribunal ruling that the Toronto Real Estate Board must allow its realtor members to make home sales data publicly available online.   Read More ...
‘No quick fixes’: Housing market still rife with risk, despite Bank of Canada optimism
2017-11-30 15:33:11 OTTAWA — The Bank of Canada is breathing a sigh of relief that Canada’s housing boom and the hints of a bust in Toronto are stabilizing, but the optimism is premature, analysts said on Wednesday. Central bank Governor Stephen Poloz said Tuesday a stronger economy and good policymaking are bringing about “a gradual easing” of vulnerabilities in housing and household debt, and the trend should continue   Read More ...