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Money Is this rare new rental building the answer to Toronto’s rental housing woes?

09:00  09 december  2019
09:00  09 december  2019 Source:   nationalpost.com

Why this short-term rental owner is worried about possible regulations

  Why this short-term rental owner is worried about possible regulations A short-term rental owner in Georgetown, P.E.I., says she is concerned with regulations that could change the rules of the industry. Stacy Toms said there is too much negative talk from politicians and other groups and individuals, so she recently posted on social media defending short-term rentals. "Trying to give a different face on it, it's not necessarily big corporations, it's small families just trying to make a bit of extra money," Toms said. The Toms family bought a home about two years ago with another relative, and rented it out this summer. "Just a way to give us a bit of extra income," she said.

Also, the perception of purpose- built rental apartment buildings in the city is that they are generally older buildings in lower socio-economic communities, with often fewer amenities and poor maintenance, this is The answer lies with developers, who see the value in purpose- built rentals .

Toronto ' s Rental Housing Future. Blog. Les Klein. Intensified residential rental properties that include new units beside, under or over existing structures can increase a site's value. Building retail reinvigorated the project’s program, space at grade and the 211 new units above provide new rental

a large skyscraper in a city: LivMore Community.© Alec Donnell Luna of Ded Agency - All Right Reserved © LivMore Community.

Until recently, a building like the Livmore, a new 43-storey, 595-unit housing tower in downtown Toronto, would have been a rarity in the city. Not just because of its unique mix of amenities — which includes a dog spa, an outdoor dog park and a two-storey sky lounge — but because it’s a purpose-built rental, not a condo like many of its Bay Street neighbours.

Structures such as the Livmore were once common in Toronto. Between the mid-1960s and 1970s, developers built 140,000 rental apartment units, a number that started to dwindle when Ontario’s introduced modern rent controls in 1975. Those controls protected the budgets of existing tenants, but limited the return on investment for developers’. By the 2000s, little more than a thousand units were coming onto the market every year — or less than 10 per cent of the number of condo units completed over the same period.

Nine tips for renters struggling in Vancouver's tough housing market

  Nine tips for renters struggling in Vancouver's tough housing market Finding a rental home in the Vancouver region can be a fraught experience full of disappointment. While there may be some anecdotal softening of the rental market, given the arrival of new purpose-built rental homes and various interventions in housing policy by government, finding a rental home in the region has not yet become significantly easier, said Robert Patterson, a legal advocate for the Tenant Resource and Advisory Centre (TRAC). “TheWhile there may be some anecdotal softening of the rental market, given the arrival of new purpose-built rental homes and various interventions in housing policy by government, finding a rental home in the region has not yet become significantly easier, said Robert Patterson, a legal advoc

The City of Toronto ensures that tenants live in safe, well-maintained buildings through RentSafeTO, a bylaw enforcement program. Building owners must comply with the bylaws within the program or face financial penalties. RentSafeTO currently governs apartment buildings and rooming houses .

Prevailing rents do not reflect asking rents • Shelter, Support & Housing Administration and City Proposed rental supply is increasing Approximate number of purpose- built rental units proposed • The second annual call for applications for new affordable rental housing under the Open Door

Today, though, a confluence of factors is changing the city’s housing mix. Condos are still king (there were more than 56,600 units in development as of September 2019), but there are more rentals currently under construction than at any time since at least 1990 – 7,800 as of September, with another 50,000 or so proposed. The city’s rapidly rising rents – the average one-bedroom currently goes for $2,300 a month, the highest in the country – and historically low vacancy rates (about one per cent) are enticing investors, as are new provincial and national initiatives such as relaxed rent controls, deferred development fees and cheap federal loans.

a group of lawn chairs sitting on top of a red chair:  LivMore Community.© Alec Donnell Luna of Ded Agency - All Right Reserved © LivMore Community.

For a long time, the economics of constructing a rental made little sense compared to a condo. Condo builders get a significant portion of their financing directly from future unit owners, who give hefty deposits to secure their spot and therefore assume some of the risk. Rental landlords, on the other hand, need to front the majority of the equity, assuming all the risk themselves. When a condo building is complete and all the units have been sold and paid for, the developers quickly reap the returns on their investment and move on. For a rental building, the returns take many, many years longer.

Overcrowding In Housing Is Worst In Toronto, Western Canada: StatCan

  Overcrowding In Housing Is Worst In Toronto, Western Canada: StatCan MONTREAL ― Four decades of negligible rental housing construction is catching up to Canada’s cities, particularly those with rapid population growth. Nearly one in 10 Canadian households that rent on the open market are suffering from overcrowding, Statistics Canada reported in the first batch of data from its Canadian Housing Survey. This is the first time StatCan has run this survey, so there is no earlier data that would allow us to see whether the problem is intensifying.

Little new housing will be built , the experts said, and what remains of the existing stock will tend to be converted to cooperatives where possible. In this standard method of rental finance, large amounts of principal are still owed when the mortgage comes due. The approach that the lender takes varies

Apply Rent Control to Newer Buildings , editorial, March 20. This editorial distorted an important fact. The evidence used to support this assertion was that so few purpose- built rental units have been built . While technically that ’ s true, the editorial missed the point that condos are the new rentals .

“Planning for the Livmore began over 10 years ago, in 2008,” says Todd Nishimura, director of marketing and leasing at GWL Realty Advisors, the company that owns the project. Tenants started moving into the building in September 2018, with full occupancy expected in 2020. That 11- to 12-year delay from conception to rent collecting would be impossible to shoulder for many investors except the largest institutions. (GWL is backed by the financial-services holding company Great-West Lifeco.)

To rectify the imbalance, in 2017 the federal Liberal government introduced a $2.5-billion, CMHC-backed program offering low-interest, long-term loans to rental developers. Currently, rates are between 1.5 and 3 per cent, with loans locked in for 10 years. So far, the program has helped fund some 12,000 new rental units across the country. Those include 761 units in a massive three-tower development in Toronto’s West Don Lands by Tricon Capital Group and Dream Unlimited Corp., which received $357 million in federal financing. The program has been so popular that the government is increasing the fund to $14 billion by 2028.

City of Kelowna hiring company to find illegal short-term rentals

  City of Kelowna hiring company to find illegal short-term rentals Five months after a short-term rental licence became officially required, more than 800 people still don't have one.According to the city, five months after a short-term rental licence became officially required, more than 800 people still don't have one.

Renting in Toronto is subject to some laws and regulations that many tenants might not know about! Q: How do rental evictions work in Toronto ? A: There are several reasons why you could be evicted Stay Updated. Subscribe for house renting tips, hot new listings, and real estate must-reads.

While Vancouver' s rental woes are nothing new —the average for a one-bedroom, the highest in the country, is ,900—a local CBC reporter nonetheless found herself stunned while checking out an open house yesterday. " This is the hunger games of renting in Vancouver," she tweeted.

Also helping: Ontario’s Progressive Conservative government decided to both defer development fees for new purpose-built rentals — offsetting upfront financing costs — and limit rent controls to structures built before 2018. Previously, when the now-departed Liberal government tightened rent controls in 2017, developers turned 1,000 planned rental units into condos. Now, potentially higher profits are incentivizing them to get back into the rental game.

All of which might suggest that relief is in sight for the city’s growing pool of tenants, whose cost of renting has gone up by approximately 30 per cent since 2012. And there has been some impact, says Toronto’s Conrad Rygier, a real estate broker with Right At Home Realty Inc.

“Things have moderated a bit,” Rygier explains. “Instead of competing with six or eight other tenants, now people are competing with three or four. And rents are still rising, just not as much as a few years ago.”

Overall, though, prices are staying high because demand is still far outstripping supply. Each year, approximately 22,000 new renters are coming to Toronto every year. According to a recent report by RBC Economics, rental stock would have to expand by 26,800 units over the next few years in order to catch up with the current backlog and for prices to level off.

Millions falling for online rental scams, says Better Business Bureau

  Millions falling for online rental scams, says Better Business Bureau An indepth investigative study by the Better Business Bureau has found online rental home and vacation scams are overwhelmingly widespread . "The number of scams are so far-reaching that almost 50 percent of persons looking for something to rent online are likely to encounter a rental scam," said Karla Davis, BBB Mainland B.C. spokesperson. The BBB says over five million people have been impacted by the scams and which have been appearing across North America since 2016.In fact, the Canadian Anti-Fraud Centre found Canadians have lost almost $1.4 million in the last three years to online rental scams.

Vancouver-based Concert Properties building new rental building at Bay and Dundas Sts. Toronto ’ s condo construction boom might lead many to believe there is little happening in the way of Concert believes there will always be a demand for rental housing in Toronto ’ s core in some part

Toronto Police Service confirmed the event number that Menkes provided to Toronto Storeys was in fact tied Sears suggests a fear of missing out of a possible rental unit in Toronto ’ s strong market. Anything above this would mean stiffer penalties for grand theft if caught. For new condo rentals , it’s

“Though the city is being better supplied, we won’t be at that level any time soon,” says Shaun Hildebrand, the president of real estate research firm Urbanation. “It would still take more policy to truly build up supply.”

“There are lots of things we can do in the city to increase rental development,” says David Sajecki, an urban planner who often consults with builders interested in rental housing. “The city could loosen zoning regulations prohibiting building in the yellow-belly” — the 70 per cent of the city currently restricted to single-family housing. “That would free up more land for what I call ‘gentle density,’ small-scale buildings that allow more people to live in established neighbourhoods. We could also give HST credits to those involved in building, to make their development more competitive with condo builders.”

Further refining rent controls could also bolster interest from developers. “It seems we have flip-flops, where people don’t know what the rules will be from administration to administration,” says Dr. Jim Clayton, the director of the Brookfield Centre in Real Estate & Infrastructure at York University’s Schulich School of Business. Ambiguity in such an important policy heightens risk. Especially given the long time horizons of a construction project, developers don’t want to start a building under one set of regulations only to find those regulations voided by a change in government.

As well, there might be more effective ways to approach such legislation. “Maybe we should have income-tested controls,” says Clayton, “so that high-income professionals don’t stay in rent-controlled places, limiting supply for people who might need it more.”

One 2019 study from Stanford University in California suggested that government rebates or subsidies would benefit tenants subjected to rent hikes more effectively than traditional controls would. Otherwise, the researchers found, rent controls disproportionately benefit existing tenants (who tend to be older and less likely to move), while reducing supply for new renters (who tend to be younger), driving up their cost of living. The researchers also suggested that unchecked gentrification is another consequence of rent controls, as developers start building more condos and fewer rentals when controls tighten.

The study was based on data from San Francisco, a city that first introduced rent controls in the 1970s, and where millennials today can barely afford to live. Where have we seen that movie before?

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