Canadian Housing News
The latest news on rental markets, tenant rights, housing policy, and real estate across Canada.
Insolvency volumes hit highest since 2009 amid strain among homeowners: Equifax
A new report from Equifax Canada says insolvency volumes have risen to the highest level since 2009 amid escalating financial strain on homeowners.
Canadian Building Investment Falls Despite Public Incentives
Canadian building investment is falling despite a wave of public incentives aimed at boosting construction. Statistics Canada (StatCan) data shows building investment fell sharply in March. Now at a 5-month low, building investment pulled back as residential construction investment fell for a third straight month. Non-residential investment moved higher, but it wasn’t the usual sign […] The post Canadian Building Investment Falls Despite Public Incentives appeared first on Better Dwelling.
Fitzrovia Expands Into Vancouver With First West-Coast Office
It was just nine years ago that Fitzrovia, now Canada’s largest purpose-built rental developer, opened the doors of its Yonge-St. Clair office in downtown Toronto. In under a decade, the company has delivered 3,500 rental units, hired 400 employees, and opened a second office in Montreal. Now, they’re putting down roots on the West Coast. This month, they opened their first B.C. office in downtown Vancouver, headed by Oscar Lisa. Lisa was Director of Investments on the Toronto team before moving cross-country to assume the role of Vice President, Investments and Vancouver Head. The move coincides with the opening of Sen̓áḵw Phase I — an Indigenous-owned rental development set to welcome occupants on June 1, and Fitzrovia’s first property management venture in B.C. Owned by the Squamish Nation, Nch’ḵay̓ Development Corporation, and OPTrust, the three-tower, 1,409-unit complex sits at the foot of Burrard Street Bridge in Vancouver’s Kitsilano neighbourhood. As one of the largest First-Nations led development projects in Canadian history, Sen̓áḵw is a huge deal — one that Fitzrovia’s CEO and Founder, Adrian Rocca, says was the ideal project to enter the B.C. market with. “We had the ability to get into the Vancouver market with two excellent institutional partners, that we could continue to grow with over time, on a flagship project that had a lot of visibility,” he says. “So for us, it checked almost every box.” But expansion into B.C. was always the goal. “We’ve wanted to be a coast-to-coast platform for a while now,” says Rocca. “You want to have exposure in the three largest markets: Toronto, Montreal, and Vancouver. We're already in two of those three, so Vancouver was the natural next entry point.” Right now, the company is focused on ramping up their Sen̓áḵw Phase I property management team, which will include 28 site team members, but Rocca says they are also currently looking into a number of development deals in Vancouver. This includes potential purpos
This Week’s Top Stories: Canadian Home Prices Hit New Highs, Borrowing Costs To Climb
Time for your cheat sheet on this week’s top stories. Canadian Real Estate Canadian Home Prices Near Record Highs In All But 2 Provinces What Canadian real estate price correction? The price of a typical home across Canada rose 0.3% to $666,400 in April, with prices rising last month in all but one province. The […] The post This Week’s Top Stories: Canadian Home Prices Hit New Highs, Borrowing Costs To Climb appeared first on Better Dwelling.
National Bank expands broker strategy nationwide through TMG and DLC partnerships
Canada’s sixth-largest bank is expanding its broker distribution strategy beyond its existing M3 partnership, adding TMG and DLC as it prepares a national rollout of its prime mortgage products through the broker channel.
National Bank ramps up broker strategy with TMG and DLC partnerships
Canada’s sixth-largest bank is deepening its broker-channel presence with a national rollout of its prime mortgage products through partnerships with Canada’s three largest broker networks.
National Bank expands prime mortgage products nationwide through broker channel
Canada’s sixth-largest bank is deepening its broker-channel presence with a national rollout of its prime mortgage products through partnerships with Canada’s three largest broker networks.
CRE8 Vancouver Launches For Women On Transaction Side Of Commercial Real Estate
Real estate is oftentimes about location. But the business side is oftentimes about relationships. Who you know and whether you’ve worked together in the past can go a long way, and it’s hard to have a long career in the industry without them. In 2018, a group of women working in commercial real estate in Toronto recognized this, and believed that there weren’t enough spaces for women on the transaction side of CRE — brokerage and landlord representation, primarily — to connect in a meaningful way and build those relationships. Thus, Lyndsay Hopps, Christina Karam, Lauren Luchini, Sonya Donovan, and Izzy Lazarova founded CRE8, a grassroots networking group for women on the deal level, to fill that void. “The commercial real estate industry has come a long way in improving diversity, fostering growth and career development for women, but the reality is that we still have a long way to go,” said Karam in a LinkedIn post after CRE8 was officially incorporated as a not-for-profit. “The purpose of this platform is to encourage women to come together, make new or enhance existing relationships, share valuable knowledge, create opportunities and ultimately empower one another to grow and advance in their careers.” It started with a single networking event and has since grown to include regular networking events, educational sessions, and mentorship programs, with a membership of over 430 women. One of those members is Bahareh Tabar, who was from Vancouver and was with Avison Young for a time before joining Cushman & Wakefield and relocating to Toronto, where she joined CRE8. She has since returned to Vancouver, still with Cushman & Wakefield, and helped bring CRE8 to Vancouver. “I was a part of CRE8 in Toronto and I’m still very good friends with Lauren Luchini, one of the founders in Toronto,” Tabar told STOREYS. “When I moved back to Vancouver a couple years ago, Lauren and the rest of the Board were talking about starting a chapter in Vancouver, so Lauren asked me to fi
Surging gas prices mask weak consumer spending in Canada
Canadian retail sales continued to rise last month after a solid first quarter, but skyrocketing gasoline prices appear to be increasingly eating into household budgets.
Recreational properties gain appeal as buyers look for alternative path into the market
REMAX Canada says younger buyers are helping drive demand as some Canadians view recreational properties as both a wealth strategy and a possible first step into homeownership.
Sunny skies in Toronto before clouds move in for the weekend
Thursday will be sunny with a high of 15 C and a very high UV value, Environment Canada predicts.
Canadian Household Debt Is Further Concentrating In Mortgages
Canadian households continue to rack up an epic amount of debt. Statistics Canada (StatCan) data shows household debt continued to climb in March. The record debt rivals the country’s whole output, placing a drag on growth. However, that wasn’t the biggest concern in the latest update—the concentration is. Despite a slow real estate market, households […] The post Canadian Household Debt Is Further Concentrating In Mortgages appeared first on Better Dwelling.