A major Canadian office landlord says about 30 per cent of downtown Toronto’s buildings are obsolete as tenants reduced their office footprint to deal with the shift to remote work, writes Rachelle Younglai. Michael Cooper, chief executive of Dream Office REIT, says a wide swath of downtown office towers are becoming obsolete due to high operating costs, and prospective tenants have a lot more decision power in this market.
Influx of new buyers driving older renters from Calgary city centre
Owners of Kensington Gate, a mixed-use, multifamily building in Calgary are planning to transform it into a luxury condo building, and existing tenants say they’re being pushed out, writes Ximena Gonzalez. Sable Gate, the company that owns and operates the building, submitted a development application to transform Kensington Gate into the Kenten, a luxury condo building with units starting at $1-million. They say the decision was influenced by the aging building’s rising costs, and the demand for high-end units in the area. Current tenants will have to leave by next July.
This week’s lowest available mortgage rates
Predicting mortgage rates can be a hard and messy process – you’d have a better chance predicting the weather, writes Robert McLister in his weekly column. But there are two notable exceptions: short-term trends and rate cycle predictions. A popular indicator for the short-term direction of mortgage rates is the five-year Government of Canada bond yield. Usually, when the five-year yield moves 20-plus basis points and stays there, most fixed mortgage rates will follow.
Residents of historic Toronto building at centre of acclaimed documentary fear development will prompt renovictions
The documentary Charlotte’s Castle made its debut on Sunday, featuring an eclectic cast of tenants in Toronto’s Annex neighbourhood and their successful fight to defend their nearly 120-year-old boutique rental building from a property developer with plans to renovate away the heritage charm. But now, just a few years later, the tenants worry a redevelopment could prompt renovictions, writes Shane Dingman. While existing policies enshrine rights of return for tenants evicted for construction and renovations, the practical reality is that such disruption means many tenants will never get their apartments back.
Home of the week: Prince Edward County retreat pays its way with summer rentals
Home of the Week, 3286 County Road 8, Prince Edward County, Ont.ONELOOK PHOTOGRAPHY
The 33-acre beachfront cottage compound in Ontario’s Prince Edward County features a main building with a peaked barn-like structure, a massive six-door garage, a large open-concept kitchen overlooking the lake, and a two-bedroom winterized beach house on the lake.
But the standout feature of the property is the eponymous Two Sisters Beach. The wide sandy strip stretches across the mouth of the inlet, and the previous owner built a huge covered outdoor kitchen and dining area. For those looking to spend time in Prince Edward County, it’s both private and well-appointed. There’s even a tiki-themed lounge area with thatched shade.
Guess the price
What do you think is the asking price for the property?
HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.
Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.
Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.
The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.
Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.
They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.
The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.
This report by The Canadian Press was first published Oct. 24, 2024.
Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.
Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.
Average residential home price in B.C.: $938,500
Average price in greater Vancouver (2024 year to date): $1,304,438
Average price in greater Victoria (2024 year to date): $979,103
Average price in the Okanagan (2024 year to date): $748,015
Average two-bedroom purpose-built rental in Vancouver: $2,181
Average two-bedroom purpose-built rental in Victoria: $1,839
Average two-bedroom purpose-built rental in Canada: $1,359
Rental vacancy rate in Vancouver: 0.9 per cent
How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent
This report by The Canadian Press was first published Oct. 17, 2024.
VANCOUVER – Voters along the south coast of British Columbia who have not cast their ballots yet will have to contend with heavy rain and high winds from an incoming atmospheric river weather system on election day.
Environment Canada says the weather system will bring prolonged heavy rain to Metro Vancouver, the Sunshine Coast, Fraser Valley, Howe Sound, Whistler and Vancouver Island starting Friday.
The agency says strong winds with gusts up to 80 kilometres an hour will also develop on Saturday — the day thousands are expected to go to the polls across B.C. — in parts of Vancouver Island and Metro Vancouver.
Wednesday was the last day for advance voting, which started on Oct. 10.
More than 180,000 voters cast their votes Wednesday — the most ever on an advance voting day in B.C., beating the record set just days earlier on Oct. 10 of more than 170,000 votes.
Environment Canada says voters in the area of the atmospheric river can expect around 70 millimetres of precipitation generally and up to 100 millimetres along the coastal mountains, while parts of Vancouver Island could see as much as 200 millimetres of rainfall for the weekend.
An atmospheric river system in November 2021 created severe flooding and landslides that at one point severed most rail links between Vancouver’s port and the rest of Canada while inundating communities in the Fraser Valley and B.C. Interior.
This report by The Canadian Press was first published Oct. 17, 2024.
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