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BC Extends The Temporary Rental Supplement To August – Real Estate and Construction – Canada – Mondaq News Alerts

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Canada:

BC Extends The Temporary Rental Supplement To August

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On June 19, 2020, the provincial government announced the extension of the
temporary rental supplement (“TRS”)
.
The TRS began on April 9, and is now extended to the end of August
2020. This latest announcement reflects the province’s effort
to continue to support renters and landlords.

The TRS provides $500 per month to eligible households with
dependents and $300 to eligible households without dependents.
Those who have been approved for the TRS do not need to reapply for
the extension; instead, they will receive an email to confirm that
they will be living at the same address for July and August. New
applications for the TRS will continue to be accepted until August
31, 2020.

Please visit our previous article for
more information on the TRS.

The provincial government also announced that the current
moratorium on rent increases and evictions for non-payment of rent
will continue. However, the ban on evictions for reasons other than
non-payment of rent will end later this month through a new
provincial order. Landlords will still need to meet the required
notice period under the Residential Tenancy
Act
for evictions. The new order will also allow eviction
notices served before the moratorium (March 30) to come into effect
and be enforceable.

Originally published June 19, 2020

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.

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Veteran real estate professional calls Boardwalk 'best building west of Toronto' – Chatham Daily News

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A veteran real estate professional, whose firm will be leasing Boardwalk on the Thames apartments, said it is rare to have a building of this quality in a community the size of Chatham.

A veteran real estate professional, whose firm will be leasing Boardwalk on the Thames apartments, said it’s rare to have a building of this quality in a city the size of Chatham.

“I’ve been in this business 35 years. I’m going to call this one of the best buildings I’ve ever seen,” said Derek Lobo, CEO and broker of record at Toronto-based SVN Advisors Inc.

“This is the best building west of Toronto, I think I can say with quite a bit of confidence. Chatham is blessed to have something like that in its downtown.”

With a rental price ranging from $2,000 to $4,400 per month, Lobo said the apartment complex will appeal to a growing market he refers to as “the renter by choice.”

“This person can afford to buy a condo, (but) they choose not to,” he said.

Lobo, who has worked for the Bradley family and did work for Motor Wheel years ago, said he is familiar with Chatham.

He anticipates the primary residents in the Boardwalk will be upscale seniors who want to stay long term in a smaller, but high-quality, living space with no worries about maintenance. He added secondary residents will be professionals moving to the community for work who plan to live in the complex for a few years before purchasing a home.

Although they would be welcome, Lobo doesn’t anticipate many families living there because, for the rent they’ll pay, they could buy a house.

Project developer Victor Boutin has received ample public criticism for the time it’s taken to construct the building after with breaking ground on the project nearly a decade ago.

Lobo said he’s done some consulting work for Boutin in the past and has got to know the family well. The developer, he said, is a craftsman who likes things to be perfect.

“If the vine suffers, then the grapes of the wine are really good,” said Lobo, using an analogy to illustrate Boutin’s painstaking approach.

He believes Boutin is “building something that he’s proud of and he’s put an extraordinary amount of effort into – and love.”

Lobo added Boutin has already had hundreds of people contact him about living in the building.

Boutin has often been optimistic about the building ‘s completion, recently telling The Chatham Daily News people could be moving in by the end of summer.

Lobo believes it would be fair to say the building will be ready for occupancy by the fall. However, he said they won’t start renting apartments until there’s a firm completion date.

SVN sales associate Carolyn Ennest, who has spent a lot of time at the complex, called the finishes “pretty extraordinary” while praising its exterior as an example of “luxurious Victorian-inspired architectural detail.”

She said there is a very European flare to the apartments that feature high, vaulted ceilings, rounded walls and large trim. She added the average developer wouldn’t typically spend the money to add those features.

“He’s really gone beyond and delivered a really high-end, luxury building,” Ennest said.

She said the apartments are large, comparing them to walking into a bungalow, noting the largest units are more than 204 square metres (2,200 square feet).

Lobo said it’s rare to find apartments of that size anywhere.

He anticipates the units will go quickly once they become available to rent.

“This is boutique luxury apartment building. … We’re going to fill it up with people who want this lifestyle,” Lobo said.

eshreve@postmedia.com

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'We have had record sales,' Real estate market has dramatic rebound in cottage country – CTV News

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PORT CARLING, ONT. —
The real estate market has rebounded since the pandemic first hit, and in Muskoka, the demand for cottages has risen dramatically.

For many Canadians, a cottage by the lake is a dream that more people are trying to make a reality.

“We have had record sales,” said realtor Catharine Inniss, Johnston and Daniel Rushbrooke Realty.

In June 2019, 161 cottages were sold in the District of Muskoka while last month, 278 were sold, which is an increase of 73 per cent year over year.

Jodi Kovitz lives in a condo in downtown Toronto with her daughter and said she’s on the hunt for a Muskoka cottage.

“We’re doing great. We’re healthy, and we live in 11-hundred square feet, and we haven’t really left it for four months,” Kovitz said she’s looking to find her dream cottage.

It’s a trend taking shape across the world.

A recent article in the Wall Street Journal reported 39 per cent of urban dwellers in the United States are thinking about moving somewhere more rural because of the pandemic.

But if you are considering a move, Inniss has some tips, including using a local realtor.

“They know whether there’s flooding, shore allowances, septics, etc.,” she explained.

Inniss added that while properties are moving quickly, there are still plenty out there.

Local real estate agents expect prices to continue to climb slowly and demand in cottage country to remain high through the fall.

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RE/MAX | Investing in Vancouver Real Estate: Yay or Nay? – RE/MAX News

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Despite having about one-fifth of Canada’s population, how did British Columbia avoid both a massive coronavirus outbreak and a provincewide lockdown? Since May, the province has been relaxing COVID-19 pandemic rules, but British Columbia had fewer than many other provinces to begin with as it maintained a lower hospitalization rate than Alberta, Ontario, and Quebec. Overall, the West Coast has maintained a steady steam of good news throughout this public health crisis.

Since the coronavirus was largely contained in B.C., does this mean the Vancouver real estate market was unaffected, too? It has been a bumpy ride, but it appears the worst could be over.

According to the Real Estate Board of Greater Vancouver (REBGV), sales activity in the Greater Vancouver Area in June surged 64.51 per cent, up from the 35.8 per cent gain in May. This is also up 17.62 per cent from the same time a month ago. Prices recorded a modest 3.5 per cent increase from the same time in 2019 as a drop in supply and demand attempted to balance the market. The current MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is $1,025,300.

But with the economy – provincially and nationally – starting to reopen, can the Vancouver market return to pre-crisis levels?

Vancouver’s Housing Market

The Canada Mortgage and Housing Corporation (CMHC), the government’s mortgage insurer, forecasts a major drop in the nation’s biggest real estate markets. CMHC projects that Vancouver will face the biggest decline of all, with prices falling 12.35 per cent by 2022 from the 2019 average.

With the increase in sales activity over the last month, not everyone is convinced of a national slowdown. That said, local experts say that it is critical to monitor the data to pinpoint developing trends.

“REALTORS® continue to optimize new technology tools and practices to help their clients meet their housing needs in a safe and responsible way,” said REBGV Chair Colette Gerber in a statement. “Over the last three months, home buyers and sellers have become more comfortable operating within the physical distancing and other safety protocols in place.”

Greater Vancouver is reporting a bump in new listing activity. In June, there were 5,787 new listings, which is up 57.1 per cent from the same time a year ago. These dramatic trends have surprised analysts considering that the spike has occurred so soon after the outbreak. The number of active listings came in at 11,424, up 15.1 per cent from June 2019.

The sales-to-active-listings ratio for June was 21.4 per cent – anything below 12 percent suggests downward pressure on home prices.

Suffice it to say, if you have been waiting to dive into the Vancouver housing market, now could be the best time to dip your toe in real estate investment. The city’s fundamentals are still there:

  • Vancouver is one of the cleanest cities in the world.
  • The city offers moderate temperature seasons all year long.
  • Close proximity to the United States border.
  • Vancouver is a culturally diverse metropolis.
  • Residents can enjoy the myriad of sea-to-sky activities.

And then there are the dollars and cents.

One of the most important factors for any investor right now is how low borrowing costs are. In March, the Bank of Canada (BoC) slashed interest rates by 150 basis points to 0.25%. The new head of the central bank, Tiff Macklem, left rates unchanged at the June monetary policy meeting, suggesting that low rates are here to stay to support the economic recovery. Whether you want to purchase a rental property or you want to take out a loan to renovate a house, financing these endeavours has never been cheaper.

Housing Affordability to Attract More Buyers?

One of Canada’s biggest banks released its housing affordability data for the first quarter of 2020. The Royal Bank of Canada (RBC) noted that Canadian affordability is still getting worse, but Vancouver has seen the largest affordability improvement in the Great White North.

According to RBC, the median Vancouver household now needs 79 per cent, down 4.2 per cent from last year. This is the steepest drop in the country. Although prices are still 30.57 per cent higher than the long-term average, affordability is improving.

This is a positive development for both homebuyers and investors, particularly for millennials. In recent years, this demographic has been driving new trends in the Vancouver housing and condo market.

Vancouver Adapting to COVID-19

Industry insiders say that an essential trend in Vancouver real estate has been homebuyers and sellers adapting to this new COVID-19 society. Whether it is practicing social distancing or embracing more stringent hygiene routines, everyone is doing their part – and this is benefiting the real estate market.

Like other key markets, Vancouver REALTORS® have installed physical distancing mechanisms to abide by the government’s health and safety recommendations. And more people are becoming more comfortable with this new normal for real estate transactions.

In addition to wearing masks, gloves, and limiting contact, agents are taking advantage of digital tools, from business documents to virtual tours. This makes buying and selling real estate in Vancouver still doable, despite a public health crisis still gripping Canada.

A Pre-Pandemic Housing Market

British Columbia is transitioning into the third phase of its reopening plan. Phase three will permit residents to travel across the province as hotels, motels, resorts, and RV parks restart operations. More people will return to work, local economies will be stimulated, and anybody who had suspended plans to buy or sell a home will reconsider their options. Amid low interest rates and pent-up demand, Vancouver real estate is primed to pick up where it left off before the coronavirus pandemic.

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