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Winnipeg real estate market 'Red Hot' this summer – CHVN Radio

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Now is the best time that one real estate expert has ever seen in the city to sell a home.

A cautious spring has led Winnipeggers to postpone their house shopping, and now, there is a boom.

“It is the best time, really ever, to sell your house in Winnipeg,” Benny Woligroski says.

He says the next couple of weeks will be the best time to sell a home.

“On the flip side, if you are a buyer, it is pretty tough out there… it is great to sell but tough to buy.”

Before the pandemic, Woligroski anticipated a one-and-a-half per cent growth in Winnipeg. When the pandemic arrived, he was surprised by the real estate market’s reaction.

“Generally speaking, the market has gone up about three per cent, which is, to be honest, double what I thought it would be at the start of the year. When COVID hit, I thought it would flatline.”

Taking a brief pause in the spring, Woligroski says everyone who had wanted to purchase a home waited until the summer. Now, home prices are rising as the demand for homes continues. He says house listings are down significantly, creating more demand than supply.

“You have multiple people interested in your house and the more people interested, the (more the) price pushes up.”

Woligroski is finding that houses are selling for more money, with as many as ten offers coming into the same home at once.

He adds that interest rates are also quite low right now.

The market is hot now, but Woligroski says it will not stay like that forever. Come fall, he expects fewer people will be looking for homes as the school year begins.

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LOTR – The Land Owner Transparency Registry – Real Estate and Construction – Canada – Mondaq News Alerts

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Canada:

LOTR – The Land Owner Transparency Registry

To print this article, all you need is to be registered or login on Mondaq.com.

In an effort to increase disclosure of the ownership of real
estate in B.C., the Land Owner Transparency Act (“LOTA”)
received royal asset and will be in force as soon as regulations
are prescribed. The Land
Title and Survey Authority of B.C.
is advising that the Land
Owner Transparency Registry (“LOTR”) will be launched
soon – as early as this Fall. Once launched,
transferees will be required to file a “transparency
declaration” which will be stored in LOTR, a searchable public
registry
with information about indirect ownership interests in
land.

But what does that disclosure look like?

Who must disclose?

  1. “Reporting bodies,”
    generally including:

    • Trusts
    • Partnerships
    • Corporations
  1. “Individual interest
    holders,” generally including

    • Trust beneficiaries
    • Partners in a partnership
    • Corporate interest holder of at least
      10% of outstanding shares or voting rights. (Confusingly, this is
      different than the requirements under Property Transfer Tax Returns
      and under the new
      Business Corporations Amendment Act
      )

When to disclose?

  • Upon registering a legal interest in
    land in the Land Title Office;
  • If there is a change in interest
    holder(s);
  • A reporting body discovers an
    inaccurate filling;
  • A reporting body is a pre-existing
    owner when LOTA comes into force; and
  • A registered owner ceases to be a
    relevant reporting body.

It’s also recommended that you obtain additional
advice

in these scenarios
.

What to disclose?

  • A transparency
    declaration
    indicating if you are a reporting body and
    what type.
  • Reporting Bodies must also file a
    transparency report disclosing the following
    information:

    • Corporations: name, registered
      address and head office address, jurisdiction of incorporation or
      continuation, incorporation number and business number
    • Trusts: information regarding
      the trustee and settlor corresponding to certain information
      required for individual interest holders
    • Partnerships:
      partnership’s business name, type of partnership, registered
      address or head office address, address of principal business
      premises, jurisdiction of organization, and identification number
      and business number
  • Individual interest holders of
    the relevant reporting body must disclose:
  • Full name, date of birth, SIN, tax
    number, principal residence and last known address;
  • Residency and citizenship status;
    and
  • Date on which one became or ceased to
    be an interest holder and the nature of the individual’s
    interest in the reporting body.

As noted above, these disclosure requirements are confusingly
similar to, but different from:

  • The B.C. private companies
    Transparency Register (FAQs
    here
    )
  • Property Transfer Tax Requirements
    (PTT Return Guide
    here
    ; additional info
    here
    )
  • B.C. Law Society Client
    Identification and Verification Requirements (Details
    here
    )

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.

POPULAR ARTICLES ON: Real Estate and Construction from Canada

Your Second Home – Principal Residence Exemption

Minden Gross LLP

From what I have read, the demand for cottage properties has soared during COVID. City folk are eager to get out of the city for a change of scenery, especially since many people are still working from home.

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What's unique to this hardened real estate insurance market – Canadian Underwriter

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At the same time insurers have a reduced appetite to take on real estate risks, real estate developers during a pandemic-induced economic recession have an aversion to investing a lot of money into risk-reduction measures. These twin dynamics are a recipe for a long and arduous hard market in real estate insurance lines, according to a real estate insurance expert.

“What we’re facing right now is a circumstance where there is less and less appetite to take on the broader and wider risk,” said Jeff Charles, managing director for Gallagher. “That’s the whole supply-and-demand issue that the market is facing. And then there is the multi-year accumulation of attritional losses compounded by cat losses. And it’s a zero per cent interest rate environment. The insurance companies are on their heels with where they can be profitable, and that is driving the focus on their underwriting.”

Carriers are looking for more information about risks associated with where developers are building, primarily in areas with a high flood risk, Charles observed. Absent the right amount of information, it’s easier for companies to say they’re going to pass on an application. “’It doesn’t suit our profile and we don’t have enough information,’” said Charles, reciting what brokers are hearing insurance companies say. “That’s becoming more common and, arguably, appropriate.”

iStock.com/BeeBright

Broker conversations with clients are now shifting, Charles said. Clients will be asked if they’re willing to fork over the money and take on the increased costs to transfer the risks to insurance. Or they have the option to do something different, like take that money and invest in actions to mitigate risks and be pro-active.

There’s no straightforward path for clients to take in this environment, Charles told Canadian Underwriter. He finds the market “fascinating,” since one developer will see things differently from another.

When asked if the aversion to investing in risk mitigation would mean a day of reckoning was coming, Charles said it’s already here.

“The reckoning is starting,” he said. “But what’s particularly unique about this [hardening market in real estate] is that as long as we continue to operate in this low interest rate environment, and insurers are restricted in how they generate their income — they’re playing with one arm tied behind their back with the investment returns — that’s going to leave a continued focus on underwriting profitability and potential reliance on generating the majority of their returns to shareholders from their underwriting profitability.”

Related: COVID-19 compounds ongoing real estate insurance challenges

In other words, insurers have to make better decisions about the risks to which they are deploying capacity, and how much premium they’re going to charge. “We’ve started to see price move and we’re starting to see limitations on terms and conditions,” Charles said.

This is not just a Canada-only problem, he pointed out. The same issues are playing out around the world. Compared to other countries, Canadian flood risk may be small potatoes for global insurers who operate in Canada.

“What’s missing from this conversation is the reinsurance conversation,” Charles said. “What kind of price increases is the insurance company seeing. And what’s the driving impact to the end-user of that cost of reinsurance? That’s where you see…the tolerance to take on additional water issues is being tightened fastest.”

Feature image by iStock.com/Warchi

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Canadian real estate shares drop on Ontario move to freeze rents – BNN

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Shares of Canadian apartment companies dropped after the country’s largest province said it plans to freeze residential rents in 2021.

New rules announced Thursday apply to the vast majority of rental units in Ontario. Without the change, owners of rent-controlled apartments, condos and houses would have been able to boost rents by 1.5 per cent next year. The legislation also extends a ban on evictions of small businesses.

Real estate investment trusts with rental properties in Ontario had been trading higher before the announcement. Ottawa-based Minto Apartment REIT fell to C$17.96 as of 2:37 p.m. Toronto time, down 3.2 per cent from its intraday high, while InterRent REIT sagged 1.8 per cent from its earlier high.

Canadian Apartment Properties REIT, the country’s second-largest real estate trust by market value, initially fell more than 1 per cent on the announcement before recovering. The REITs didn’t immediately provide comment on the rule change.

“The last thing I want any family to worry about right now is whether or not they can afford to stay in their home,” Ontario Premier Doug Ford said at a news conference in Toronto.

Ford’s government also imposed new limits on social gatherings in Toronto, Ottawa and Peel, where COVID-19 cases have been rising. Outdoor gatherings are now restricted to 25 people, down from 100, and indoor gatherings are limited to 10, down from 50. The rules are primarily meant to crack down on parties and don’t apply to restaurants, movie theaters and other businesses operating with less strict capacity limits.

Ontario reported 293 new cases of Covid-19 in the past day, 21% higher than the average of the previous seven days.

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