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Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing   December 09, 2018   49   0   0   0   0   0
In response to a Canada Mortgage and Housing Corporation report assessing cash flow in Montreal’s new high-rise condo towers—specifically concluding that up to 75% of investor-landlords are in the red—it’s being posited that the report paints an incomplete picture. “What we tend to see, the smaller the unit the higher the chances of it being an investment,” Sacha Brosseau, chief brokerage officer at Sotheby’s International Realty Canada, is quoted as saying in the Montreal Gazette.“When we sell smaller sized units, more often than not, our agents that represent them see questions asked like, ‘How much do you think we can rent this for?’” All the real estate news you’ll need, every single month – all in CREW. Use code HOLIDAYS2018 to get your festive subscription gift. Jennifer Walker, a broker with Sutton Group Centre Ouest and founder of the Montreal Real Estate Investor’s Group, notes that finding a new rental condo with positive cash flow isn’t without its challenges if the down payment is only 20%.However, cash flow is far from investors’ only goal. “A lot of people buy on the potential, meaning appreciation, that the value will be going up,” Walker told the Gazette. To be fair to the CMHC report’s author, Francis Cortellino, an economist, intended
Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing   December 09, 2018   51   0   0   0   0   0
Overall residential property sales in Montreal went up by 6% in November to reach 3,630 transactions, a number that the Greater Montreal Real Estate Board acknowledged as a new record high for that month. The GMREB also stated that November represented the 45th consecutive monthly increase in sales volume. All the real estate news you’ll need, every single month – all in CREW. Use code HOLIDAYS2018 to get your festive subscription gift.[1] Not only a greater number of homes are selling, but they are also getting snapped up from the market even faster, the Board added. “Homes are selling faster and faster in the Montreal area, as the average selling time, for all property categories combined, was 80 days in November, which is 7 days less than one year ago,” GMREB board of directors Nathalie Bégin explained. “Single-family homes and plexes sold the fastest – in an average of 72 days – while it took an average of 94 days for a condominium to sell.” Read more:Montreal in no danger of overheating any time soon[2] And unlike in other popular markets, every asset class in Montreal enjoyed sales growth last month.Condo transactions still led the way with a 10% annual increase (1,256 sales), while
Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing   December 09, 2018   45   0   0   0   0   0
The southwestern British Columbian market continues to feel the impact of a markedly lower level of demand, according to the Fraser Valley Real Estate Board. “Lessening demand continues to impact our market significantly,” Board president John Barbisan said.“In turn, that has given purchasing power back to buyers who now have more time and more options when it comes to making a decision.” Don’t forget your CREW subscription this holiday season. Get your CREW with code HOLIDAYS2018.[1] Overall sales last month stood at 1,028 completed deals.The Board stated that this was 11% lower compared to October 2018, and 41% compared to November last year. To compare, last month saw the addition of 2,077 new for-sale listings in the market.Fraser Valley’s total inventory as of the end of November was 7,355 listings, representing a slight 5% decline from October but a notable 43.4% increase from last year. Read more:B.C.’s home owners are the richest nationwide, but...[2] These factors are keeping prices for all housing types at reasonable levels, according to the Board.Single-family detached median prices dropped by 1.1% compared to October 2018 (down to $976,200), while townhouses experienced a miniscule 1% month-over-month shrinkage (down to $532,800). Apartment benchmark prices declined by 2.4% from October, settling
Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing   December 06, 2018   80   0   0   0   0   0
Recession and heavy regulation weigh heavily on Calgary and as it’s redirecting more people to the city’s rental market. Albertan crude is oversupplied and undervalued and B-20 is making homeownership prohibitive.With up to 100,000 jobs on the line in the province, it’s no wonder Calgary’s rental vacancy rate has dropped. All the real estate news you’ll need, every single month – all in CREW. Use code HOLIDAYS2018 to get your festive subscription gift.[1] “In Calgary’s rental market, there’s significant tightening reflected in the vacancy rate, which dropped from 6.3% last year to 3.9% this year,” said James Cuddy, a senior analyst with the Canada Mortgage and Housing Corporation.“Supply has grown quite considerably;it grew 6.7% for condo rentals and 3.7% for purpose-built rentals.” According to a CMHC rental report, rents in the city grew for the first time since 2014, increasing 1.7% year-over-year.Cuddy notes that, while rental supply in Calgary is strong, demand has outpaced it, and that’s partly the result of population growth. “We’ve seen some population growth for 2018.Alberta has a resurgence of interprovincial migration,” he said.“The two-and-a-half years before 2018, there was an outflux of individuals, resulting from the oil shocks, but now there’s positive flow and it’s pushed demand for rentals.” The effects of the past
Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing   December 06, 2018   70   0   0   0   0   0
After exhibiting relatively modest performance for most of 2018 with the advent of stricter mortgage qualification rules, Toronto is seeing a resurgence in market competition once again. The latest numbers from the city’s real estate professionals’ association indicated that the total number of active for-sale listings in the GTA saw a 9.8% year-over-year decrease in November, down to 16,420 units. Subscribe to CREW for the best in real estate news and insight – whatever the season. Use code HOLIDAYS2018 to claim your free festive gift.[1] During the same time frame, the volume of new for-sale listings in the region shrank by 26.1%. “New listings were actually down more than sales on a year-over-year basis in November,” TREB President Garry Bhaura said, as quoted by Bloomberg. Read more:Toronto apartment inventory having trouble catching up with demand[2] “This suggests that, in many neighbourhoods, competition between buyers may have increased.Relatively tight market conditions over the past few months have provided the foundation for renewed price growth,” Bhaura added. Average home sales price last month was $788,345, growing by 3.5% from the same time last year. Meanwhile, total sales in November stood at at 6,251 completed deals, representing a 14.5% annual decline. TREB stressed, however,
Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing   December 06, 2018   63   0   0   0   0   0
Buyers and investors alike have adopted a cautious stance towards Vancouver’s real estate assets for most of 2018, which the city’s real estate board attributed as the main driver of slower overall activity. In November, the market’s sales volume fell 42.5% year-over-year, bringing it to a level 34.7% below the 10-year average, according to the latest numbers from the Real Estate Board of Greater Vancouver. Don’t forget your CREW subscription this holiday season. Get your CREW with code HOLIDAYS2018.[1] This followed a pronounced decrease in demand for the city’s residential properties in October.In its report, the Canadian Real Estate Association stated that Vancouver’s sales-to-new-listings ratio fell by 26.22% annually during that month to reach 48.4. Read more:B.C.gov’t has yet to make good on affordability commitments[2] Complicating matters is the fact that only 1 out of 10 people currently renting in the city are planning to buy their own homes next year, a problematic prospect in a market with a demand level that is the 3rd lowest in Western Canada. “While homebuying intentions are up among current home buyers [14% in 2017 to 19% this year], this has been offset by weaker intentions among current renters – the latter being the primary pool for
Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing   December 04, 2018   23   0   0   0   0   0
Montreal might have one of Canada’s hottest real estate markets, but that doesn’t mean its high-rise condo investors are reaping the benefits. According to a Canada Mortgage and Housing Corporation report, upwards of 75% of investors in the new high-rises that have recently sprouted around downtown Montreal are in the red—the reasons being their mortgage payments, condo fees and annual taxes. Subscribe to CREW for the best in real estate news and insight – whatever the season. Use code HOLIDAYS2018 to claim your free festive gift.[1] “We had a sample of 375 condo units being rented out of the new high-rises in Montreal, and we see cash flow is mostly negative in those condos,” Francis Cortellino, a CMHC economist, told CREW. The number could be lower, though.Cortellino advises that the study presumed those buyers only put 20% down to purchase their units, but the reality is a number either put more money down or even purchased in cash. The report brings to mind a joint report from CIBC and Urbanation earlier this year that revealed 44% of Toronto’s condo investors were in negative cash flow—of which 45% were short by less than $500, and 20% between $500 and $1,000.In that case, investors were very likely banking on
Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing   December 04, 2018   22   0   0   0   0   0
Would-be investors who remain wary of the Canadian real estate market’s price growth should take a measure of comfort in the results of a new study conducted by Chartered Professional Accountants of Canada (CPA Canada). The research found that the market’s fundamentals have robustness as their main feature, precluding any U.S.-style meltdown in the near future. Give the gift of real estate success this year – grab a seasonal CREW subscription. Use code HOLIDAYS2018 to claim your free festive gift.[1] “Beyond prices and debt levels, Canada shares far fewer similarities with the U.S.than you might think.This becomes very apparent when you look at just one measure:credit quality,” CPA Canada chief economist Francis Fong stated. Fong emphasized that seeing the U.S.crisis as a reference point for the possibility of a Canadian collapse would be futile due to the pre-eminence of different factors in the two markets. Read more:Canadian retail will be a great investment destination in 2019[2] The sheer volume of subprime mortgages issued to borrowers with low credit quality, who cannot afford to repay debt, is frequently cited as one of the leading causes of the U.S.breakdown. In comparison, Canada’s share of high-credit-quality clients increased from 66% in 2002 to 88% in 2017,
AF Andrea Ford   December 03, 2018   687   0   0   0   0   0
Your tenants are the golden geese that provide you with a monthly golden egg, and your investment property is the nest they live in. Whether you manage your own property, are part of a rental pool with professional management or are an individual with property management in place, it’s important to keep your tenants happy and convert them into long-term tenants – what I like to call residents. Using the term ‘resident’ signifies a difference in the way that both the tenant and the landlord view the property. Generally, residents consider their dwelling to be more like their own home, and with that comes pride in your property. When I was a tenant (before I was a landlord), I found that when I was considered a resident, I was treated with more respect and, in turn, wanted to stay longer and treated the property with more respect – even though I was just renting. So, as a landlord, it’s in your best interest to elevate how you view and treat long-term tenants. Having quality long-term residents can minimize wear and tear on your property, as well as reduce turnover and the need to advertise, interview and vet new tenants (thereby saving you time and money). To achieve this type of relationship, and reduce many of the issues and hassles associated with real estate investment, follow my top 15 tips to keeping your tenants happy. 1. ...
 
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Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing   December 02, 2018   26   0   0   0   0   0
Canadian real estate investors are often dissuaded from purchasing American properties because of the exchange rate, but a lot of needless headaches can be avoided by receiving U.S.financing from select Canadian banks. “A $400,000 home in the U.S.will become $532,000CAD, so the U.S.mortgage makes sense to mitigate the impact of the weak Canadian dollar,” said Alain Forget, RBC’s director of business development in the U.S.“At $0.76, a lot of Canadians are backing out of purchases because they’ll still have to change their money at about 33% exchange.A lot of Canadians don’t know they can get U.S.financing from a Canadian bank like RBC, and for investment properties they rent out all year long we can finance 75% of that.But for a second home, if they use the property for six to eight weeks and want to rent seasonally for a few months, we can go with 20% down.” Canadians are investing increasingly south of the border, spending $10.5 billion last year. “It averaged $384,000, and that number can buy you a lot of real estate in the U.S.’s Sun Belt states,” continued Forget.“There’s a lot of opportunity in those markets to get three- or four-bedroom homes, or even nice townhomes with three bedrooms and 3,000 square feet in gated communities that have resort lifestyles.”
Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing   December 02, 2018   28   0   0   0   0   0
A high-end property in Vancouver’s premier West End district will be put up for sale to the highest international bidder as part of Concierge Auctions’ December sale. The single-family, multi-level 6137 Collingwood Place, which boasts of a design by legendary Vancouver architect Kenneth McKinley, will be offered at Concierge’s online marketplace to Chinese property investors starting December 14.Bidding is expected to close at a live auction in Hong Kong on December 20 (December 19 Canada time). The 2,900-square-foot property was previously offered for $3.67 million – and taking updated zoning into account, the parcel offers substantial opportunities for expansion into a multi-family building, “either up to approximately 8,147 square feet,” Concierge said. Read more:Canada’s luxury property markets maintain strong performances[1] “Between its multi-family development potential, land assembly condo potential, location and superior design, the property itself appeals to a wide range of buyers,” according to listing agent Mark Wiens of Dracco Pacific Realty. “I believe a set auction date will induce the buyers who have already expressed interest to take action.I can personally attest to the extra exposure the property is receiving since starting the Concierge Auctions process.This has already led to enquiries coming from areas where a standard Multiple Listing Service listing would not have reached.”   Related stories:
Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing   December 02, 2018   27   0   0   0   0   0
A 36-storey office tower touted by its developers as the tallest commercial building in Vancouver to date will feature the latest innovations to meet the “net zero carbon” emissions standard – a major step in Canada’s long-term program to combat the worst effects of global climate change. The 161.5-metre Stack tower by Oxford Properties Group will be among Canada’s very first buildings to pilot the new standard, a move that is anticipated to magnetize a greater volume of high-quality investment, according to head of real estate management Andrew McAllan. “There’s a convergence of interests in sustainable building.Some are altruistic and some are just good, old-fashioned capitalism,” McAllan told The Globe and Mail. Scheduled for completion by 2022, the complex will offer 540,000 square feet of office space.That volume of commercial space operating to the specifications of the most advanced green standards will cement Canada’s place as a worldwide leader in sustainable development, Oxford said. Read more:Vancouver office sector to see good inventory, falling vacancy[1] The building is the latest in Canada’s drive towards illustrating that environmental consciousness and high-class commercial spaces are a package deal.The Canada Green Building Council estimated that since 2004, it has certified over 3,600 LEED buildings nationwide and registered over 7,600. “Overall, Canada ranks very
Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing   November 29, 2018   29   0   0   0   0   0
A confluence of government policy, affordability and extremely robust market fundamentals is impeding movement in Toronto’s rental market. The Canada Mortgage and Housing Corporation’s Rental Market Report for Ontario revealed that Toronto’s vacancy rate hasn’t changed much from the 16-year low recorded in 2017 (increasing from 1% to 1.1% in 2018), and that the year-over-year turnover rate recorded in October dropped. “The rental market is still pretty tight,” said Jordan Nanowski, a CMHC senior market analyst.“We saw average rent increase 4.9% and people are staying put as a result.The turnover rate has decreased substantially from 14.5% to 11.2% because the average rent for vacant units are 18% higher than occupied units.” The prohibitive cost of homeownership in the GTA has forced a growing number of residents into rental accommodations, of which the dearth is dire, and coupled with population inflow there simply aren’t enough rental units available. “It’s a function of very strong demand that is exceeding supply,” said Nanowski.“A lot of factors go into it, like housing prices, which are more expensive in the GTA, so people are turning to renting instead of owning.It’s also that there are higher borrowing costs with interest rates rising, and there’s less mortgage availability because of OSFI’s [Office of the Superintendent of Financial Institutions] new stress testing.”
Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing   November 29, 2018   26   0   0   0   0   0
A throng of retirees, investors, and buyers from Canada’s major metropolitan areas should be credited for robust recreational property performance, according to a new report by Royal LePage. “Across our vast land are recreational regions that offer adventure, opportunities for creating priceless family memories and a simple refuge from the hustle and bustle of city life,” Royal LePage president and CEO Phil Soper said. The phenomenon was especially visible in Ontario, which saw Toronto and Golden Horseshoe residents gather in droves at the province’s cottage markets in search of the perfect seasonal getaway. Collingwood’s median detached home prices increased by 6.3% year-over-year (to reach $549,900), and condos by 5.4% (up to $407,700). “Torontonians, and those living west of the city in Cambridge, Guelph and Kitchener-Waterloo, make up the largest buyer segment in Collingwood, and the region is seeing increased sales activity from these purchasers,” Royal LePage Locations North broker and manager Rick Crouch stated.“Recreational property buyers are choosing Collingwood for its year-round amenities, such as access to private ski resorts in Blue Mountain, bicycling clubs and hiking trails.” Read more:Retirees’ influence heating up recreational home prices[1] Another leading recreational province was Quebec, which magnetized buyers and investors through its strong economic performance, consumer confidence, and geographic features. “Proximity to the slopes
Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing   November 29, 2018   28   0   0   0   0   0
While Montreal’s average home sales price considerably increased by 6.29% year-over-year in October, historical trends will quash any fears that the market is headed towards a state of potential meltdown, the Canadian Real Estate Association assured. The last peak that Montreal reached prior to last month was June 2010’s annual price growth of 8.89%.This is a positively bygone era compared to Toronto and Vancouver’s peaks, which were on April 2017 (31.43% increase) and July 2016 (32.61% growth), respectively. In addition, Montreal’s prices grew by 41.19% over the past 10 years, a rate less than half that of Vancouver (96.98%) or Toronto (113.34%). Read more:Montreal housing market continues hot streak to 2020[1] “Montreal real estate price growth is attracting attention since it leads the country,” Better Dwelling noted in its analysis of the CREA numbers.“Except Montreal has lagged Toronto and Vancouver significantly over the past few years.” Indeed, Montreal’s average home price was at $350,000 as of October.Toronto ($766,300) and Vancouver ($1,062,100) continued to host Canada’s most expensive housing markets.   Related stories: Montreal to grow increasingly unfriendly to first-time buyers Montreal’s largest mixed-use complex to arise soon[2][3]   Are you looking to invest in property?If you like, we can get one
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