Canada Real Estate
Why you shouldn’t bet on a Montreal housing bubble
Royal LePage: Price of a home rose 10.8 per cent annually in Q4
Mortgage bond market may get a boost from new Canadian rules
Vancouver considers banning foreign buyers amid ‘perfect storm’ in housing market
Housing experts and politicians divided over Liberals' $40B affordable housing plan
Vancouver limits short-term Airbnb rentals in laneway houses, basement suites
Family travelers should be a priority in regulating short-term rentals
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 ...
Haider-Moranis Bulletin: Canadians’ addiction to debt adds risk to real estate market
2017-11-30 14:34:12 They are under 35, heavily indebted and own homes with relatively large mortgages and longer amortization periods. Also, they are readily found in Toronto or Vancouver. A recent report by the Bank of Canada identifies the at-risk borrowers who are more vulnerable to economic shocks, such as a sudden loss in income or a rapid increase in mortgage rates. The highly indebted young borrowers have low-ratio mortgages, which are usually uninsured and have loan-to-value ratios below the 80 per cent threshold   Read More ...
Vancouver considers banning foreign buyers amid ‘perfect storm’ in housing market
2017-11-28 21:32:59 VANCOUVER — The city of Vancouver is considering restricting ownership of housing to local residents, among other strategies, as it looks to cool a hot real estate market that it says is fuelled by foreign and local speculation. A foreign buyer ban is just one of numerous supply and demand measures outlined in Vancouver’s new 10-year housing strategy, which was announced late last week and presented to city council on Tuesday   Read More ...
Average rent for 2-bedroom apartment in Canada hits $989, up 2.7% in past year
2017-11-28 18:09:00 The average monthly rent for a two-bedroom apartment in Canada last month was $989, a rise of 2.7 per cent in the past 12 months.   Read More ...
Manulife says new office building a sign of its commitment to Montreal
2017-11-28 02:03:41 Insurance giant Manulife says its new downtown Montreal office building is a sign of the company’s commitment to the city and to the province. “Its symbolic of the increased presence that we believe we need to have in Quebec,” said Michael Doughty, the president and CEO of Manulife Canada. The 27-storey Maison Manuvie, at the corner de Maisonneuve Blvd. and Mansfield St   Read More ...
Renters rule in Montreal, spending an average $835 monthly on housing
2017-11-27 18:38:35 Montreal is a city of renters. Almost two-thirds of people who live in the city rent rather than own their homes, spending an average of $835 on housing, including rent, electricity and heat, according to new analysis of 2016 census data. Rent is highest in Outremont — $1,269. But Westmount homeowners spend the most on housing: $2,304, including mortgage, real-estate taxes, condo fees, electricity and heating   Read More ...
Housing experts and politicians divided over Liberals' $40B affordable housing plan
2017-11-23 03:33:29 Prime Minister Justin Trudeau unveiled Wednesday the Liberal government’s $40-billion plan to take pressure off low-earning families through a series of housing promises over the next decade. A new housing benefit for low-income tenants, billions in repairs for aging affordable housing, and the creation of 60,000 new affordable units are among the government’s strategy. According to the most recent data from Statistics Canada, nearly 1   Read More ...
Liberals announce billions for affordable housing measures
2017-11-22 22:04:48 OTTAWA -- The Liberals will create a new housing benefit to go directly to low-income tenants, spend billions to repair existing affordable housing units and find a way to build 100,000 more units as part of a housing strategy announced today. The government says the portable housing benefit could help 300,000 households cumulatively between 2021 -- when the money is to start flowing -- and 2028   Read More ...
Liberals propose billions for affordable housing, including individual benefits
2017-11-22 21:32:41 OTTAWA -- The Liberals will create a new housing benefit to go directly to low-income tenants, spend billions to repair existing affordable housing units and find a way to build 100,000 more units as part of a housing strategy announced today. The government says the portable housing benefit could help 300,000 households cumulatively between 2021 -- when the money is to start flowing -- and 2028   Read More ...
Haider-Moranis Bulletin: Why rent control is a false cure for housing shortages
2017-11-18 17:02:39 Rent controls and stabilization are supposed to improve the lives of renters. They seldom do. Still, from New York to Toronto, such restrictions are politicians’ favoured response to housing shortages and affordability concerns. The Ontario Liberals followed that mantra in April when they restricted the annual rent increases for existing tenants to a maximum of 2.5 per cent. Ontario Premier Kathleen Wynne claimed such measures were needed to cool rents and house prices   Read More ...
Vancouver Limits Airbnb, in an Effort to Combat Its Housing Crisis
2017-11-16 01:05:57 Photo OTTAWA — Trying to ease its severe housing shortage, Vancouver moved this week to limit short-term rentals, a measure particularly targeting Airbnb. The new regulations, passed by the City Council on Tuesday, bar businesses from offering short-term rentals through Airbnb and similar services; individuals will be allowed to rent only their principal residences. Suites in basements, above garages or in coach houses can no longer be offered as short-term rentals   Read More ...
Vancouver limits short-term Airbnb rentals in laneway houses, basement suites
2017-11-15 17:34:35 Vancouver has banned owners of basement suites and laneway houses from listing them on Airbnb after a heated debate in which some city councillors warned that homeowners would not be able to pay their mortgages without the extra income. City council approved new regulations in a 7-4 vote Tuesday for vacation websites such as Airbnb and Expedia. The rules prohibit hosts from listing homes that are not their principal residence, including any secondary suites on their property   Read More ...
Canadian home sales edge up in October, but prices fall amid mortgage rule changes
2017-11-15 17:07:27 OTTAWA — Resales of Canadian homes rose 0.9 per cent in October from September, but prices declined in the month and tighter mortgage rules will likely put more pressure on Canada’s once-booming housing market, separate reports showed on Wednesday. The Canadian Real Estate Association said resales edged higher for a third straight month in October as the market stabilized after a series of mortgage rule changes and a foreign buyers’ tax in Toronto doused demand in spring and summer   Read More ...
Valérie Plante wants power to levy foreign buyers' tax on real estate
2017-11-14 23:37:13 Valérie Plante said she will ask the provincial government for the power to levy a tax on residential real estate purchases by foreign buyers. The mayor-elect wants the city to be able to impose a foreign buyers’ tax in case the housing market overheats, Plante said on Tuesday. She said she spoke with the mayors of Vancouver and Toronto – where taxes on foreign buyers are in place – who told her they would have liked to act sooner to deal with rapidly rising housing prices in those cities   Read More ...
Vancouver passes $49/yr Airbnb licence fee
2017-11-14 23:12:46 Vancouver has voted to implement regulations around short-term rentals in the face of a housing crunch and a near-zero rental vacancy rate. Councillors approved the new regulations on Tuesday, finally legalizing a significant chunk of the hospitality industry operating on home-sharing platforms such as Airbnb that have grown rapidly in popularity while occupying a legally grey area. “This is a straightforward regulatory approach” that is in the “middle of the spectrum between strict regulation or prohibition and doing nothing on the other end,” said Mayor Gregor Robertson   Read More ...
CMHC targets shadow lenders as more people take out ‘riskier’ uninsured mortgages
2017-11-14 18:05:56 Canada’s housing agency is seeking more data on home loans from shadow lenders, amid concern rising levels of debt aren’t being adequately tracked and may increase the risk of financial instability. Canada Mortgage & Housing Corp. will seek data from participants in the securitization program on their uninsured conventional mortgage lending, said Evan Siddall, chief executive officer at the Ottawa-based agency   Read More ...
'She played us like a piano': Landlord fights for months to evict tenant with long criminal history
2017-11-13 03:11:51 Non-payers have landlords calling for a provincial registry of repeat problem tenants Rosa Marchitelli has more than a decade of experience reporting and in the anchor chair. She is currently host of the CBC News segment Go Public. Go Public stories come almost exclusively from people who write in story ideas. The segment seeks to shed light on untold stories that are of public interest and hold those responsible accountable   Read More ...
Tenants evacuated after fire at apartment building in Garden District
2017-11-12 13:07:43 Police say tenants of a downtown apartment building were evacuated after a fire broke out late Saturday night. The fire started on the fifth floor of the building, located near Sherbourne and Shuter streets. Police say no injuries were reported. The area was shut down to traffic as crews worked to get the fire under control.   Read More ...
Airbnb landlord makes over $20 million per year renting 881 London properties
2017-11-11 23:04:03 While some people use Airbnb to make a little extra money on the side, some landlords are using the platform to make millions of dollars. According to data from AirDNA analysts, the highest-earning Airbnb landlord makes £11.9 million (over C$20 million) annually from renting out 881 London properties. The next highest Airbnb earner made approximately C$19 million from renting out 504 Bali properties during the same time period   Read More ...