Real eState
Real estate investing frenzy rips through Canadian housing market – The Globe and Mail
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Michael Sarracini, who runs a property development company and a real estate investing education company, at his Guelph, Ont. home.Fred Lum/The Globe and Mail
When Michael Sarracini first started investing in real estate in 2000, he said people told him he was crazy. He was warned that he could be stuck with huge mortgage costs if interest rates hit double digits like they did in the 1980s. He was told he could end up defaulting on loan payments and lose his property to foreclosure.
“They would always reference some obscure moment in the 1980s where interest rates went up for 24 months,” he said. “Real estate investing was not common.”
At the time, Mr. Sarracini was a student at the University of Guelph. He used his student loan for a down payment and together with a friend and his dad as co-signer, they bought a house in Guelph for about $110,000. They added bedrooms in the basement and rented them out to fellow students. The rent covered their mortgage payments and other expenses, marking the start of Mr. Sarracini’s real estate investing career.
By the time he was 25, he owned more than 30 rental properties in Guelph – and was earning enough rental income to retire, he said. By the time he was 30, he had parlayed his experience into a full-time job teaching others how to invest in real estate.
Now 41, Mr. Sarracini runs a property development company and a real estate investing education company. He is part of a growing group of Canadians who see real estate as the best investment to secure their financial future. Bank of Canada data shows investor buying doubled from the second quarter of 2020 to the same period in 2021. Investors now account for one-fifth of all residential buyers in Canada and their purchases have increased across the country, especially in relatively cheaper areas such as Ottawa, Gatineau, Halifax and Winnipeg.
“We have never seen so many new investors reach out,” said Simeon Papailias, senior partner with REC Canada, which specializes in condo sales. “It is off the charts. Everyone is seeing the market go up by 30 per cent.” Mr. Papailias said the demand for every new condo project is “nuts,” with thousands of requests to purchase.
The surge in interest from investors, who provide the bulk of the country’s rental units, is feeding record levels of home construction and ramping up demand for real estate. But the new buyers are also contributing to increases in home prices, by competing with would-be owners at a time when there’s an acute shortage of properties for sale. The rise in demand is influencing what’s being built as well, with developers building more condos and smaller units – appealing for investors because the purchase price is generally cheaper than a house or an apartment building. It may cause other problems too, in the long term, for the new class of buyers. With interest rates likely to rise in the near future, purchasers who shoulder a high level of debt to finance their winning bid may find that their investments cost more than they expected.
Since the turn of this century, the average home price has risen over 300 per cent. The sharpest increases have happened during the pandemic and have hit less populated cities and suburbs the hardest: The typical price of a home across the country is 46 per cent more expensive than it was two years ago.
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When Sarracini was a student at the University of Guelph, he used his student loan for a down payment and together with a friend and his dad as co-signer, bought a house in Guelph for about $110,000.Fred Lum/The Globe and Mail
The surge in values has elevated real estate as an investment class at a time when more common ones like stocks and bonds have either proved volatile or delivered scant returns. Canada’s aging population is another factor driving investor growth: As the burden of providing for retirement has shifted from employers to individuals, Canadians are increasingly looking for investments that will generate cash when they retire and real estate is becoming increasingly popular.
“There’s only really one other place to turn. I mean we’re not going to count bitcoin or venture capital as a normal investment for somebody. The only alternative is real estate,” said Mr. Sarracini, chief executive of real estate education company Keyspire Group and former TV personality on HGTV’s Income Property. “What’s grown is the acceptance to real estate as an investment.”
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The share of home purchases by first-time
homebuyers has declined since 2015
Share of total home purchases, by type of homebuyer, per cent
Investors (right scale)
First-time homebuyers
(left scale)
Repeat homeowners
(right scale)
the globe and mail, Source: bank of canada
![](https://www.theglobeandmail.com/files/graphics/0218-rb-cd-real-estate-investors-2/0218-rb-cd-real-estate-investors-2-mobile-large.png?token=1)
The share of home purchases by first-time
homebuyers has declined since 2015
Share of total home purchases, by type of homebuyer, per cent
Investors (right scale)
First-time homebuyers
(left scale)
Repeat homeowners
(right scale)
the globe and mail, Source: bank of canada
![](https://www.theglobeandmail.com/files/graphics/0218-rb-cd-real-estate-investors-2/0218-rb-cd-real-estate-investors-2-desktop.png?token=1)
The share of home purchases by first-time homebuyers has declined since 2015
Share of total home purchases, by type of homebuyer, per cent
Investors (right scale)
First-time homebuyers
(left scale)
Repeat homeowners
(right scale)
the globe and mail, Source: bank of canada
Part of that acceptance comes via social media. Real estate investing is ubiquitous in Canada, with homebuyers and realtors talking up the housing market on Twitter, Facebook, YouTube, Instagram and other platforms.
Businesses that support real estate investing are seeing a surge in demand. Since the pandemic started, Keyspire has seen enrolment double for its real estate investing courses. The company is currently drawing 3,000 to 5,000 new registrants from across North America every week compared with about half that volume prepandemic.
Real estate investing clubs are taking off. Realtors with investing businesses are being inundated with requests.
“More and more people are seeking yield for their capital. Real estate is one of those stable assets in Canada,” said Patrick Francey, the chief executive of Real Estate Investment Network, which has been providing real estate investing courses for 30 years.
Jacqueline Francis, 41, and her partner Leo, 40, started seriously getting into real estate investing in 2020. They did it to give their three children a better life. “We want to begin to create wealth for them, give them opportunities that we haven’t had,” said Mr. Francis, who grew up in a small, roach-infested three-bedroom apartment in Toronto with his four siblings and parents.
Before they started investing, Mr. Francis worked full time as a dump truck driver, hauling material out of construction sites. Many of the sites were residential real estate projects and his world revolved around developers and other professionals in the industry. At the same time, some of the couple’s friends and relatives were investing or becoming realtors. The Francises described real estate as being a constant presence in their lives, so they decided to give it a try and enrolled in investing courses. They decided to focus on small apartments also known as multi-residential buildings. “It’s not like get-rich-quick because it’s something that takes time,” Ms. Francis said.
The couple, who live in a house in Durham, Ont., own a condo in Toronto, two multi-residential buildings in Niagara – a 16-unit building and a six-plex – and have made deposits on two preconstruction units. They are also expected to close on a 12-plex in London. They used their home equity line of credit to buy the first multi-residential property in 2020 and raised cash from friends and family to buy the smaller one in 2021.
The couple described feeling more financially secure and say they will soon have more freedom. They said their friends are noticing and are starting to ask about real estate investing. “They want to know what we’re doing,” Mr. Francis said. “They want to get involved.”
Growing demand from investors has helped provide more rental supply, but has trickle-down effects that concern affordable housing advocates.
Housing specifically built for rental, also known as purpose-built rental, makes up a small percentage of the total housing units in the country. Government-funded social housing is an even smaller share.
New purpose-built rental units started declining in the 1990s, as developers turned to condos, and federal funding for social housing slowed. About 20 per cent of the housing starts were specifically for rental in 1990, according to CMHC data. That percentage fell as low as 6 per cent and then hovered around 10 per cent until 2015, the beginning of the previous housing boom in Toronto and Vancouver. Meanwhile, the pace of condo development ramped up, accounting for 25 per cent of the housing starts in the 1990s, expanding to 30 per cent at the turn of the century and rising to as much as 40 per cent by 2012.
“The housing system has moved away from purpose-built rental towards individual investors as a source of rental supply,” said Aled ab Iorwerth, deputy chief economist of Canada Mortgage and Housing Corp., the federal mortgage insurer.
The growth in investor purchasing is “absolutely shaping the market. There’s no question,” said Heather Tremain, chief executive officer of Options For Homes, a non-profit developer that provides shared-equity mortgages for low-income earners so they can own their home. “You see this tendency to be building smaller units,” she said.
Last year, there was record levels of home building in Canada. Builders broke ground on 244,025 new homes, according to CMHC, nearly 60 per cent of which was apartment or condo units.
Family-sized homes are becoming increasingly hard to find. So are affordable smaller units for renters, since rising prices are driving up fees. The price of a preconstruction condo in the Toronto region was $1,322 per square foot at the end of last year, according to condo research group Urbanation. That means a 550-square-foot condo costs about $730,000. If a buyer made the 20-per-cent down payment and had a mortgage rate of 3.1 per cent over 25 years, the monthly mortgage payments would run around $2,821, without factoring in condo fees, taxes and insurance. To cover their mortgage expenses, an investor would have to charge at least that much as monthly rent – an exorbitant amount for many would-be renters.
“If you look at numbers, it is creating new housing supply but is it addressing some of the long-standing challenges within our community? No,” said Brian Doucet, an associate professor at the University of Waterloo’s school of planning, whose research includes gentrification, housing and neighbourhoods.
In Prof. Doucet’s community of Kitchener-Waterloo, there is extensive development along the new transit lines. There is a similar push to build more densely around transit hubs throughout Southern Ontario, the lower mainland in B.C. as well as major cities such as Edmonton. But the bulk of the new development is small housing units.
Prof. Doucet said the question of what to build and for whom is really left to the private sector to build what is more profitable and when a large percentage of buyers do not intend to live in the homes, developers are filling investor demand as opposed to demand from those seeking shelter.
“Until we confront the conflicting role that housing plays in our society as both shelter and a commodity, I am not very hopeful that adding new supply will address long-standing housing challenges, particularly for those on low incomes,” he said.
Prof. Doucet thinks governments need to take a more pro-active role in determining the type of housing that’s needed and not just the location. Ms. Tremain said some governments shape supply by requiring a range of unit sizes in a new project. But it’s tricky. Three-bedroom condos are expensive to build and can cost as much as a house, even without factoring in condo fees. “Requirements for large units need to be balanced with an understanding of the real demand and affordability for those units,” Ms. Tremain said.
Policy-makers have struggled to quantify the investor effect and to figure out what, if anything, should be done.
CMHC has repeatedly said investors are an important part of the housing market because they turn their properties into rental units and help finance new development.
CMHC’s Mr. ab Iorwerth said investors contribute to home-buying competition but said “they may be more a symptom than a cause,” of the current housing froth.
Regardless, policy-makers recognize that there is a problem with Canada’s housing market. The federal government has said affordable housing is a priority. It is spending billions of dollars on refurbishing and building affordable housing and has proposed measures aimed at helping first-time homebuyers. It has zeroed in on house flippers, foreign buyers and foreign owners of empty homes to try to tamp down speculative buying. And it wants to curb investors’ “excessive profits” in investment properties though it has not defined “excessive” and has suggested it would only apply to institutional investors, not individual investors. Down payment requirements for investment properties are also under review.
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Homebuyers find it hard to believe that the Canadian real estate market could drop for a sustained period of time, especially when home prices have been on an upward trajectory for three decades.Evan Buhler/The Canadian Press
CMHC has warned that the housing market is overheated and at risk of a downturn. But that warning has been largely ignored. Homebuyers find it hard to believe that the Canadian real estate market could drop for a sustained period of time, especially when home prices have been on an upward trajectory for three decades. Still, if home prices do fall, investors are more vulnerable to losing their properties and life savings.
But for now, the lure of real estate is hard to resist. Even for investors who have had a hard time renting their properties, they have still managed to walk away with a handsome profit.
Cheryl Vanditelli and her partner Robert Harris bought five houses in Niagara in 2015. Each house was under $200,000. They started buying real estate because they were worried Ms. Vanditelli would soon lose her job. At first, they had tenants but then they ran into problems. One tenant stopped paying three months after moving in. Another stopped paying when the eviction moratorium went into place in the early days of the pandemic.
Ms. Vanditelli said they could not afford to make their mortgage payments and pay for the upkeep of the properties without renters. Then they had a hard time finding new tenants because Niagara’s economy depends on American tourists and those tourists disappeared when the Canada-U.S. borders closed to non-essential travellers. So they sold. “It is not as easy as people think,” Ms. Vanditelli said. Still, they made a profit. She estimates that they earned $80,000 on the sale of one property, $100,000 on the second and about $100,000 on the third.
Ms. Vanditelli does not have any immediate plans to buy more property. But when asked if she thought it was worth it, she said: “Absolutely. You can’t put a price on your freedom.”
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Real eState
Canada’s Best Cities for Renters in 2024: A Comprehensive Analysis
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In the quest to find cities where renters can enjoy the best of all worlds, a recent study analyzed 24 metrics across three key categories—Housing & Economy, Quality of Life, and Community. The study ranked the 100 largest cities in Canada to determine which ones offer the most to their renters.
Here are the top 10 cities that emerged as the best for renters in 2024:
St. John’s, NL
St. John’s, Newfoundland and Labrador, stand out as the top city for renters in Canada for 2024. Known for its vibrant cultural scene, stunning natural beauty, and welcoming community, St. John’s offers an exceptional quality of life. The city boasts affordable housing, a robust economy, and low unemployment rates, making it an attractive option for those seeking a balanced and enriching living experience. Its rich history, picturesque harbour, and dynamic arts scene further enhance its appeal, ensuring that renters can enjoy both comfort and excitement in this charming coastal city.
Sherbrooke, QC
Sherbrooke, Quebec, emerges as a leading city for renters in Canada for 2024, offering a blend of affordability and quality of life. Nestled in the heart of the Eastern Townships, Sherbrooke is known for its picturesque landscapes, vibrant cultural scene, and strong community spirit. The city provides affordable rental options, low living costs, and a thriving local economy, making it an ideal destination for those seeking both comfort and economic stability. With its rich history, numerous parks, and dynamic arts and education sectors, Sherbrooke presents an inviting environment for renters looking for a well-rounded lifestyle.
Québec City, QC
Québec City, the capital of Quebec, stands out as a premier destination for renters in Canada for 2024. Known for its rich history, stunning architecture, and vibrant cultural heritage, this city offers an exceptional quality of life. Renters benefit from affordable housing, excellent public services, and a robust economy. The city’s charming streets, historic sites, and diverse culinary scene provide a unique living experience. With top-notch education institutions, numerous parks, and a strong sense of community, Québec City is an ideal choice for those seeking a dynamic and fulfilling lifestyle.
Trois-Rivières, QC
Trois-Rivières, nestled between Montreal and Quebec City, emerges as a top choice for renters in Canada. This historic city, known for its picturesque riverside views and rich cultural scene, offers an appealing blend of affordability and quality of life. Renters in Trois-Rivières enjoy reasonable housing costs, a low unemployment rate, and a vibrant community atmosphere. The city’s well-preserved historic sites, bustling arts community, and excellent educational institutions make it an attractive destination for those seeking a balanced and enriching lifestyle.
Saguenay, QC
Saguenay, located in the stunning Saguenay–Lac-Saint-Jean region of Quebec, is a prime destination for renters seeking affordable living amidst breathtaking natural beauty. Known for its picturesque fjords and vibrant cultural scene, Saguenay offers residents a high quality of life with lower housing costs compared to major urban centers. The city boasts a strong sense of community, excellent recreational opportunities, and a growing economy. For those looking to combine affordability with a rich cultural and natural environment, Saguenay stands out as an ideal choice.
Granby, QC
Fredericton, NB
Saint John, NB
Saint John, New Brunswick’s largest city, is a coastal gem known for its stunning waterfront and rich heritage. Nestled on the Bay of Fundy, it offers renters an affordable cost of living with a unique blend of historic architecture and modern conveniences. The city’s vibrant uptown area is bustling with shops, restaurants, and cultural attractions, while its scenic parks and outdoor spaces provide ample opportunities for recreation. Saint John’s strong sense of community and economic growth make it an inviting place for those looking to enjoy both urban and natural beauty.
Saint-Hyacinthe, QC
Saint-Hyacinthe, located in the Montérégie region of Quebec, is a vibrant city known for its strong agricultural roots and innovative spirit. Often referred to as the “Agricultural Technopolis,” it is home to numerous research centers and educational institutions. Renters in Saint-Hyacinthe benefit from a high quality of life with access to excellent local amenities, including parks, cultural events, and a thriving local food scene. The city’s affordable housing and close-knit community atmosphere make it an attractive option for those seeking a balanced and enriching lifestyle.
Lévis, QC
Lévis, located on the southern shore of the St. Lawrence River across from Quebec City, offers a unique blend of historical charm and modern conveniences. Known for its picturesque views and well-preserved heritage sites, Lévis is a city where history meets contemporary living. Residents enjoy a high quality of life with excellent public services, green spaces, and cultural activities. The city’s affordable housing options and strong sense of community make it a desirable place for renters looking for both tranquility and easy access to urban amenities.
This category looked at factors such as average rent, housing costs, rental availability, and unemployment rates. Québec stood out with 10 cities ranking at the top, demonstrating strong economic stability and affordable housing options, which are critical for renters looking for cost-effective living conditions.
Québec again led the pack in this category, with five cities in the top 10. Ontario followed closely with three cities. British Columbia excelled in walkability, with four cities achieving the highest walk scores, while Caledon topped the list for its extensive green spaces. These factors contribute significantly to the overall quality of life, making these cities attractive for renters.
Victoria, BC, emerged as the leader in this category due to its rich array of restaurants, museums, and educational institutions, offering a vibrant community life. St. John’s, NL, and Vancouver, BC, also ranked highly. Québec City, QC, and Lévis, QC, scored the highest in life satisfaction, reflecting a strong sense of community and well-being. Additionally, Saskatoon, SK, and Oshawa, ON, were noted for having residents with lower stress levels.
For a comprehensive view of the rankings and detailed interactive visuals, you can visit the full study by Point2Homes.
While no city can provide a perfect living experience for every renter, the cities highlighted in this study come remarkably close by excelling in key areas such as housing affordability, quality of life, and community engagement. These findings offer valuable insights for renters seeking the best places to live in Canada in 2024.
Real eState
Former B.C. Realtor has licence cancelled, $130K in penalties for role in mortgage fraud
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The provincial regulator responsible for policing B.C.’s real estate industry has ordered a former Realtor to pay $130,000 and cancelled her licence after determining that she committed a variety of professional misconduct.
Rashin Rohani surrendered her licence in December 2023, but the BC Financial Services Authority’s chief hearing officer Andrew Pendray determined that it should nevertheless be cancelled as a signal to other licensees that “repetitive participation in deceptive schemes” will result in “significant” punishment.
He also ordered her to pay a $40,000 administrative penalty and $90,000 in enforcement expenses. Pendray explained his rationale for the penalties in a sanctions decision issued on May 17. The decision was published on the BCFSA website Wednesday.
Rohani’s misconduct occurred over a period of several years, and came in two distinct flavours, according to the decision.
Pendray found she had submitted mortgage applications for five different properties that she either owned or was purchasing, providing falsified income information on each one.
Each of these applications was submitted using a person referred to in the decision as “Individual 1” as a mortgage broker. Individual 1 was not a registered mortgage broker and – by the later applications – Rohani either knew or ought to have known this was the case, according to the decision.
All of that constituted “conduct unbecoming” under B.C.’s Real Estate Services Act, Pendray concluded.
Separately, Rohani also referred six clients to Individual 1 when she knew or ought to have known he wasn’t a registered mortgage broker, and she received or anticipated receiving a referral fee from Individual 1 for doing so, according to the decision. Rohani did not disclose this financial interest in the referrals to her clients.
Pendray found all of that to constitute professional misconduct under the act.
‘Deceptive’ scheme
The penalties the chief hearing officer chose to impose for this behaviour were less severe than those sought by the BCFSA in the case, but more significant than those Rohani argued she should face.
Rohani submitted that the appropriate penalty for her conduct would be a six-month licence suspension or a $15,000 discipline penalty, plus $20,000 in enforcement expenses.
For its part, the BCFSA asked Pendray to cancel Rohani’s licence and impose a $100,000 discipline penalty plus more than $116,000 in enforcement expenses.
Pendray’s ultimate decision to cancel the licence and impose penalties and expenses totalling $130,000 reflected his assessment of the severity of Rohani’s misconduct.
Unlike other cases referenced by the parties in their submissions, Rohani’s misconduct was not limited to a single transaction involving falsified documents or a series of such transactions during a brief period of time, according to the decision.
“Rather, in this case Ms. Rohani repetitively, over the course of a number of years, elected to personally participate in a deceptive mortgage application scheme for her own benefit, and subsequently, arranged for her clients to participate in the same deceptive mortgage application scheme,” the decision reads.
Pendray further noted that, although Rohani had been licensed for “a significant period of time,” she had only completed a small handful of transactions, according to records from her brokerage.
There were just six transactions on which her brokerage recorded earnings for her between December 2015 and February 2020, according to the decision. Of those six, four were transactions that were found to have involved misconduct or conduct unbecoming.
“In sum, Ms. Rohani’s minimal participation in the real estate industry as a licensee has, for the majority of that minimal participation, involved her engaging in conduct unbecoming involving deceptive practices and professional misconduct,” the decision reads.
According to the decision, Rohani must pay the $40,000 discipline penalty within 90 days of the date it was issued.
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Real eState
Should you wait to buy or sell your home?
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The Bank of Canada is expected to announce its key interest rate decision in less than two weeks. Last month, the bank lowered its key interest rate to 4.7 per cent, marking its first rate cut since March 2020.
CTV Morning Live asked Jason Pilon, broker of Record Pilon Group, whether now is the right time to buy or sell your home.
When it comes to the next interest rate announcement, Pilon says the bank might either lower it further, or just keep it as is.
“The best case scenario we’re seeing is obviously a quarter point. I think more just because of the job numbers that just came out, I think more people are just leading on the fact that they probably just gonna do it in September,” he said. “Either way, what we saw in June, didn’t make a big difference.”
Here are the pros of buying/ selling now:
Pilon suggests locking in the rate right now, if you don’t want to take a risk with interest rates going up in the future.
He says the environment is more predictable right now, noting that the home values are transparent, which is one of the benefits for home sellers.
“Do you want to risk looking at what that looks like down the road? Or do you want to have the comfort in knowing what your house is worth right now?” Pilon said.
And when it comes to buyers, he notes, the competition is not so fierce right now, noting that there are options to choose from.
“You’re in the driver seat right now,” he said while noting the benefits for buyers.
Here are the cons of buying/ selling now:
He says one of the cons would be locking in the rate right now, then seeing a rate cut in the future.
The competition could potentially become fierce, if the bank decides to cut the rate further more, he explained.
He notes that if that happens, the housing crisis will become even worse, as Canada is still dealing with low housing inventory.
An increase in competition would increase the prices of houses, he adds.
Selling or buying too quickly isn’t the best practice, he notes, suggesting that you should take your time and put some thought into it.
Despite all the pros and cons, Pilon says, real estate remains a good investment.
According to the latest Royal LePage House Price Survey for the second quarter of this year, the average home price in Canada is $824,300. That’s up 1.9 per cent from the same time last year, and up 1.5 per cent from the first quarter of 2024.
In the Ottawa Housing Market Report for June 2024, the average price of a home was up 2.4 per cent from this time last year to $686,535, but down 0.6 per cent from May 2024.
Experts believe many potential buyers are still hesitant of jumping into the housing market and waiting for another interest rate cut of 50 to 100 basis points.
“I don’t think it’s going to be the rush that we see in the past, because people are used to more of a conservative approach right now,” said Curtis Fillier, president of the Ottawa Real Estate Board. “I think there’s still a bit of a hold back, but I definitely do think with another rate cut, we’ll probably see a very positive fall market.”
With files from CTV News Ottawa’s Kimberly Fowler
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