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Many places in and around Toronto and Vancouver have crisis-level vacancy rates.

Original article HERE

 

High levels of immigration, strong job growth and an aging population are among the reasons why it's becoming increasingly difficult to find an apartment for rent in Canada, a new report says.


Canada Mortgage and Housing Corp.'s latest rental market report found the country's apartment vacancy rate is falling, meaning there are fewer apartments available for rent.

 

The situation is particularly dire in and around Toronto and Vancouver, where many cities have crisis-level vacancy rates below 1 per cent.

 

 

Toronto's vacancy rate fell to 1 per cent in October of this year, from 1.3 per cent the same month a year before. That's the lowest rate the city has seen in 16 years.

 

"Rising costs of homeownership forced more people to seek and remain in rental accommodation," CMHC said in its report.

"House prices in the Greater Toronto Area reached unprecedented levels during the early part of 2017, making homeownership out of reach for the majority of potential first-time buyers."

 

That, in turn, led to rental rate increases, with the average rent up 4.2 per cent in Toronto. The average rent in Toronto is now $1,404 for a two-bedroom apartment and $2,301 for a two-bedroom condo. The CMHC report includes rates both for units on the market and already-occupied units.

 
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Origin article HERE

 

 

Gregor Robertson

 

 

The Canadian government launched its long-awaited national housing strategy Wednesday, but Vancouver advocates say the move is long overdue in a city already that is facing record levels of homelessness and an affordability crisis.

 

The 10-year plan includes some bold promises such as committing $40 billion to build 100,000 new affordable housing units, repairing 300,000 existing affordable housing units. The initiative also aims to cut chronic homelessness in half and remove 530,000 households from "housing need" by 2027.

 

Vancouver affordable housing advocates say the move is long overdue. According to Union Gospel Mission spokesperson Jeremy Hunka, it may be too late for some of the 2,100 currently facing homelessness in the city.

"The bottom line is this is a big number, there’s a lot of money coming, help is on the way. A lot of that help is a long way down the road and a lot of people are going to be struggling until that comes," he told CTV Vancouver Wednesday. "A lot of people are going to be suffering and some people might not make it to see some of this help because that’s the reality of the homeless crisis."

 

The strategy also allocates $4 billion for a national housing benefit intended to provide low-income renters with an annual $2,500-subsidy beginning in 2020.

 

"There’s a lot of single mothers, a lot of families who are low-income who could really use that subsidy. For it to not come until 2020 means a lot of long, hard years ahead," Hunka said. "We’re glad this funding is coming, but we’ve got a huge mountain to climb a lot of challenge to overcome until that help is there."

 

Vancouver Mayor Gregor Robertson said the city has struggled to have conversations about housing with provincial and federal governments in the past.

 

"It’s been an embarrassment to not have a national housing strategy as a country and it’s fantastic to see one delivered that has had rigour and has had input from all levels," he said Wednesday.

 

"We’ve struggled as a city with provincial and federal governments past who were not at the table with us at the level we needed them and as a result we’ve had record levels of homelessness right across Metro Vancouver, right across our region right now and it’s never been worse."

 

B.C. Premier John Horgan also echoed the sentiment that governments need to collaborate to address housing affordability and homelessness.

 

"If we’re going to crack the affordability crisis of housing in British Columbia, we need all levels of government working together," he said at a press conference. "This is a step in the right direction."

 

Robertson said the housing strategy shows just how important "urgent action" is for the country.

 

"We have to treat housing as a human right and it’s critical that our federal government recognizes that and follows through in terms of the monitoring and the reporting on that," he said.

 

However, both Robertson and Hunka pointed out that while having a strategy is a good start, targets need to be set to ensure the plan is implemented.

 

"It’s fantastic to have a game plan," Robertson said. "We need to take those next steps and take action."

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Original article HERE

 

Are Foreign Buyers Really Ditching Vancouver For Seattle?

"It's like Vancouver, but cheaper."

For those priced out of Vancouver's housing market, a recent story suggesting that foreign buyers are bailing on Vancouver in favour of Seattle may seem like good news.


But that may not translate into more affordable housing in Vancouver, because even as Seattle becomes the hot new alternative to Vancouver, there are still plenty of foreign buyers staking a claim in the Canadian city.

 

"A lot of people who were looking in Vancouver are automatically looking further south now to Seattle," Matthew Gardner, chief economist at Seattle's Windermere Real Estate, told CBC News.


"It's like Vancouver, but cheaper," Chinese real estate broker Yi Liu told the Seattle Times.


The influx of foreign buyers, which Gardner described as "frenetic," has shot Seattle-area house prices up by 17.6 per cent in the past year, according to the region's multiple listing service.

 

A detached home in Seattle now costs US$735,000 (C$934,000). But that is still much lower than the C$1.6 million average price for a detached home in Vancouver.


About half of the foreign buyers in Seattle are from Asia, Gardner said. Chris Hu, the vice-president of Beijing-based real estate agency B.A. & 515J Group, told the Times about half the homes bought by foreigners were for investment purposes, and half were bought to live in.

 
"The no-growth trend in Vancouver is far different than what we see overall, in all locations."Byron Burley, Juwai

So does this mean foreign buyers will leave Vancouver alone now? The data suggests that is not happening.

According to an analysis from Chinese real estate portal Juwai, the number of Chinese buyers in the Vancouver market has been "flat as a pancake" for the past year-and-a-half, following a steep plunge in the wake of the foreign buyers' tax introduced in the summer of 2016.


But Chinese buyer inquiries worldwide jumped 8.7 per cent over the past year year, meaning Vancouver is seeing a shrinking share of overall foreign buyer interest.

 

"The no-growth trend in Vancouver is far different than what we see overall, in all locations," said Byron Burley, a B.C.-based vice-president of Juwai, in a press statement.


"Vancouver's tax is working by driving a share of buyers to other cities, especially Seattle. It has taken the froth off of the top."


Burley says these days there are more "and-or" buyers — people who look into buying a home in Vancouver and/or Seattle, and/or Toronto, rather than just targeting Vancouver.


"When these uncommitted buyers compare Vancouver prices plus the tax to what they can get somewhere else, sometimes they decide it's not worth it."


Despite the change in foreign buyer habits, Burley doesn't see the city's housing market declining. The market "is more like a pancake than a deflating soufflé. Buyer demand has not collapsed, it's merely flat."


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Original article HERE

 

Image result for air bnb

 

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.

 

Mayor Gregor Robertson and members of his Vision Vancouver party defended the rules as necessary because the vacancy rate is just above zero and housing is needed for long-term renters.

 

"I'm stunned to hear that some councillors don't believe there's a problem here. We have 6,000 illegal short-term rentals in the city," he said.

 

"I can't imagine doing nothing."

 

The new regulations will come into effect on April 1, 2018. Hosts must buy a business licence that costs $49 annually, plus spend $54 on a one-time application fee, and display their licence number in online listing. Those who fail to comply will face a $1,000 ticket per violation.

 

Homeowners will still be allowed to list an individual room inside their principal residence. Tenants who are renting a basement apartment or laneway house will be allowed to list it on Airbnb, as long as it's their principal residence and they have permission from the owner.

 

Some short-term rental hosts criticized the proposed rules at a public hearing last month, saying the changes will deprive them of much-needed income.

 

Image result for laneway homes vancouver

 

Councillors from the opposing Non-Partisan Association echoed those concerns on Tuesday, with Coun. George Affleck warning that homeowners who depend on the extra income will be forced to leave Vancouver or lead "very challenging lives."

 

Affleck said the city should instead focus on ensuring more rental housing gets built.

"We're just creating more bureaucracy, more taxation, more sticks and we're not solving the problem. We're making Vancouver more unaffordable and a harder place to live, whether you're a renter or an owner," he said.

 

But Coun. Andrea Reimer of Vision Vancouver said secondary suites and laneway houses were approved to provide accommodation for local residents, not tourists.

 

She said she just received an eviction notice at her rental home on Monday night — her second eviction in 16 months due to "speculation and flipping.

 

If the vacancy rate rises to four per cent or higher, city staff will report back to council on whether to allow owners to list their secondary suites on short-term rental websites.

 

Council also passed a voluntary transaction fee of three per cent on bookings, which would be remitted to the city.

Alex Dagg, public policy manager for Airbnb Canada, said the company is unable to impose a voluntary fee and instead would like to see the province amend the hotel tax so that it applies to short-term rentals.

 

Dagg applauded Vancouver for making short-term rentals legal, but she criticized the ban on listing secondary suites. Many people list them on Airbnb because they're in use by family or friends for most of the year and can't be rented to long-term tenants, she said.

 

"What short-term renting does is allow a homeowner or someone in a primary residence to use their space in a flexible way," she said in an interview.

 

The city estimates 80 per cent of short-term rentals will become legal under the new rules. Dagg said the estimate lines up with Airbnb's numbers on people who are renting their principal residences.

 

Vancouver is the latest jurisdiction to crack down on vacation websites. Seattle council voted Monday to impose a levy of $14 per night for short-term rentals of entire homes, and $8 per night for rooms, with the taxes to kick in by 2019.

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Sping cleaning, fall edition! 

 

Original article HERE

 

#1 Wash Bed Pillows

 

A bed with white lines and fluffy blue-green pillowsImage: Laura W.

You love your trusty, old, perfectly-snugged-to-your-head pillow. But guess what’s also snug against your head? Fungus — 4 to 16 species to be precise. Gross!


With fall being the height of guest season, you’ll want your guest pillows fresh, too. Pop them in the washing machine and dryer for an all-over clean feeling. (But check manufacturer advice, too. Some pillows shouldn’t be washed, but replaced instead.)

#2 Clean the Mattress, Too

 

A pink note attached to a mattressImage: Anne Arntson for HouseLogic

 

Sleeping soundly gets even better when you know you’re lying on a clean and fresh mattress. The yuck factor: Skin cells and sweat get into the mattress, then dust mites show up for a dinner party featuring those tasty skin cell morsels.


You’ll want your guest mattress to be at it’s freshest. It’s easy to do: Vacuum it and then wipe it down with a cloth dampened with an upholstery shampoo. But be sure to let it dry; otherwise, you’re inviting mold. Also, be sure to rotate it 180 degrees to help keep it lump-free.


(Another option: if you’ve got a flippable mattress, go ahead and flip it. That, too, can help kill the yucky mites.)

#3 Insulate Windows

 

A living room with couch and blue roman shades on windowImage: Nick Smith, photographer | Clare Gaskin Interiors, designer

Bone-chilling drafts seriously detract from the cozy vibe you want. Keep it cozy by hanging drapes as close to your windows as possible to help you keep the heat inside.


You can even add clear Velcro strips or dots to the back of the drape and attach to fasteners on the wall to help insulate. Be sure to cross one drape over the other when you close up for the night. Insulating shades can do the trick, too.

#4 Stock Up on Snow Supplies

 

A man in a blue coat using a snow blower in a neighborhoodImage: Chiyacat/Getty

If snow is a given where you live and you’re lacking supplies, take advantage of seasonal sales now to make sure you’re not the one rushing to the hardware store at the last minute — only to find out they just sold out of ice melt.


If you have a snow blower, be sure to have it serviced and fueled up before the first winter storm arrives — and with it, price hikes on all the snow stuff.

 

#5 Trim Tree Branches

 

A woman with a green short-sleeved T-shirt trimming branchesImage: Michele Constantini/PhotoAlto/Getty

 

The last thing you need is a winter storm loosing the wrath of that mighty tree whose branches are angling over your roof. Long limbs invite pests to explore your roof for excess water to seep into cracks in the roof or siding.


Keep limbs and branches at least 3 feet from the house. Plus it’s easier to trim branches after leaves have fallen. (If it’s an evergreen, well, sorry about that. It’ll be a prickly job, but the bonus is you’ll have greenery for the holidays!)

 

#6 Get a Chimney Sweep to Inspect the Fireplace

 

 

It’s time to dust off and sweep the chimney! Best to hire someone who knows wood-burning fireplaces. A professional chimney sweep will ensure your wood-burning fireplace burns more efficiently and will help prevent chimney fires and carbon monoxide poisoning during the winter. So yeah, it’s pretty important. 

 

Tip: If you don’t already have a chimney cap, this is also the time to add one to stop wild outdoor critters from crawling down it — and (yikes!) into your house.

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Original article HERE

 

The traditional way of buying and selling in Canada has its limitations. You are only given one way to buy or sell a house. In a real estate economy that had previously only seen auctions as distressed property sales, it’s an unfamiliar system to many Canadians. But with over 125 years of proven success around the world – and growing popularity in the USA – auctions are evolving in the minds of Vancouverites as a successful, practiced and proven method of sale for all types of homes, from your everyday condo to luxury estates.

 

The best part about auctions is that they work well in both cold and hot markets, and benefit both buyers and sellers. In a slow or cooling market, the auction gives sellers another competitive way to stand out, and the process sets a clear timeline of sale and ensures the highest true market value of the home.

 

The same goes for a hot or rising market: you don’t want to sell for too little, so you let the competition bid up the price.

 

In both cases, buyers have an opportunity to negotiate terms and conditions prior to bidding, and to see how all other interested bidders value the property. It’s transparent, clear and equitable.

Here are some tips for both selling and buying a home via auction.

Selling at Auction

As a seller, the traditional pricing process can sometimes feel like a guessing game. How do you know the right price? What if your list price is too high? What if no one is interested? What if your list price is too low?

At auction, the buyers’ focus is shifted from price to value, as many auction properties are simply listed with no price at all.

 

The terms, conditions and property information take centre stage and negotiation around this is dealt with in an orderly fashion. The buyer must complete all due diligence before auction day, and the home is readily made available with a generous timeline – not the four or five days that many MLS® listings are exposed to the market for.

Once all interested buyers have individually agreed their terms with the seller, they register to bid at auction, and then it’s only price that remains to be established. Sellers know that all registered bidders are happy with the terms and the home, and all buyers know that whatever terms they have already negotiated with the seller are acceptable and that they are now completely qualified and ready to bid and to buy.

 

As a seller, the key to successfully using the auction process is to understand that when selling real estate, it’s never you or your agent that sets the selling price of your home; it’s the buying public that sets the true market value. That said, you can set a reserve price; if the bidding doesn’t reach your minimum, you’re under no obligation to sell.

At the end of the day, auctions don’t always result in a sale before auction or on auction day. This doesn’t mean your property or the process has failed; it has taught you exactly how much buyersaren’t willing to pay for your home. Your property’s reputation remains intact because you haven’t advertised your list price, and it’s a win-win situation because you can now go to market as a conventional listing, armed with a tremendous amount of information about the true perceived market value of your home.

Buying at Auction

As buyers, the auction process is a beautifully transparent and equitable process.

 

Firstly, there is more clarity surrounding the sellers’ desired terms. You will know the deposit, terms of sale, and closing timeline prior to even making an offer or bidding. All reports and disclosures – often reviewed by the buyer during the subject removal period – have been offered in advance by the seller. You can even submit offers on an auction property prior to auction, and the seller may accept your offer then and there. If your offer isn’t enough to “stop the show”, you simply register to bid at auction and see if your budget will allow you to make the purchase.

At auction, bids are called in a transparent environment and you see exactly how much money it will take to be the highest bid instead of wondering why your offer wasn’t accepted. If other bidders surpass the amount you’re willing to pay, you’re under no obligation to keep bidding, and while you may walk away disappointed, you’ll never leave wondering what just happened. You will also never blindly overpay.

 

In short, an auction is simply another way in which to transact real estate, and both buyers and sellers can benefit from the process. Auctions of all types of homes will see an increase in popularity in Vancouver in the years to come, as more of the public come to appreciate its simple effectiveness as a proven method to buy or sell a home. 

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Original Article HERE

 

In early October, there was an affordable housing event hosted by the Kehilla Residential Program that discussed affordable housing and overall trends in the Canadian residential housing market. Dr. Frank Clayton, a noted housing economist at Ryerson University, proclaimed that the government essentially wants to make building suburban single-detached housing illegal in the Greater Toronto Area.

 

 

ACH-DP VIA GETTY IMAGES

 

Environmentalists are in favour of such a ban, as they want to preserve farmland and reduce commuting. Many municipalities struggle to fund the short- and long-term infrastructure costs required to service many of these new communities. Despite the opposition, buyers continue to flock to inexpensive new low-rise subdivisions far from employment centres.

 

In our latest Market Manuscript report, we asked urban planners what could be done to keep those buyers local, and prevent them from buying and/or moving elsewhere. Over half of the respondents indicated that governments should provide incentives for developers to build family-size condominiums. Sales of larger three-bedroom condos tend to be much slower than smaller units, and developers offer them less frequently as a result. New apartment units can be very expensive as well, due to high land, construction and financing costs. According to the latest census data, there were approximately 416,250 households in 2016 that own condominium apartments in Canada that are five storeys or taller; just 11 per cent of those units are occupied by families with children.

 
Is it smart to push families to high-density housing, even though a high percentage of future buyers don't desire it?

Many young couples currently living in high-rise buildings that are looking to start a family plan to move to a single-family house once they have children. The question remains as to whether there are enough homes to accommodate them, as the demographic clog that are the Baby Boomers will continue to occupy the most desirable ground-related homes for years to come. In addition, the Canadian population grew by nearly 450,000 people over the past year based on estimates from Statistics Canada, the highest level since the late 1980s. If we continue to add more people, but don't build new suburban housing, young families will have no choice but to live in vertical communities (unless they outbid others for a low-rise home, increasing their debt burden and further driving up house prices).

 

Should the government make financial incentives available to condominium or rental apartment developers to build larger units and encourage more families in high-rise towers? Is it smart to push families to high-density housing, even though a high percentage of future buyers don't desire it? Would it even help subdue the domestic housing crisis?

 

GETTY IMAGES/ALL CANADA PHOTOS

 

If a developer's apartment proposal has a certain percentage of larger units, a municipality could waive the application or building permit fees, they could reduce development charges, they could fast-track zoning approvals or support a much taller building. Perhaps the incentives could target the buyer instead of the builder: no property taxes for families in larger condos for the first five years after completion, or a direct rental subsidy to families that are leasing those suites.

 

Alternatively, the province could provide low-interest loans to developers for construction financing, or agree in advance to buy the larger units during pre-construction to ensure the developer is not stuck with unsold inventory. The city could buy up space in a new building to provide low-cost daycare to the residents, which is another major financial impediment for families in downtown locations.

 

If it was guaranteed that these units would be used by local families, would you support your tax dollars being used to boost the supply of family sized condos?

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