Purpose-built rentals are considered an essential ingredient in the housing mix, because they provide affordable shelter for those who are priced out of the ownership market or prefer to rent than own. Such rental stock is also usually cheaper than renting a unit in a condo building, which are often newer and offer better amenities. But recent data from Toronto revealed rents in purpose-built rentals (PBR) are climbing at a faster rate and narrowing the gap with rental condominiums, so the assumption that they will remain cheaper than condos might need reexamining. The rental dynamics in populous cities across Canada are characterized…

Is an increase in the number of renter households the answer to Canada’s housing affordability challenges? A number of recent commentaries have suggested that if Canada were to follow the example of certain European countries, where renting is more common than it is here, perhaps Canada would be able to better cope with its housing affordability challenges. Implicit in such suggestions are several assumptions, including that housing affordability is a Canada-wide challenge. The RBC Housing Affordability Index, however, reveals that while homeownership costs relative to income have increased over time, the significant increases are confined to a select few cities in British Columbia…

  After decades in the doldrums, rental housing construction is starting to pick up again in Canada. Statistics Canada data shows an increase in the number of purpose-built rental (PBR) units under construction in urban regions, where the demand for rental housing has been high. The increase in PBR construction is led by the Montreal Census Metropolitan Area (CMA), where the share of renter households is the highest among the major cities in Canada. The Vancouver CMA follows Montreal with the second largest number of PBR starts. PBR construction also saw a moderate increase in the Toronto CMA, but at a level not nearly…

The local real estate market is mostly frozen as fears about the spread of COVID-19 have halted most home showings and there is uncertainty in the market for buyers and sellers. The list of causes for this uncertainty is long, from personal health well-being to job security to newly announced policies such as the B.C. government’s ban on rental evictions, according to real estate agents. B.C. Premier John Horgan said Wednesday that a temporary renters’ supplement of $500 a month will be paid to landlords and that it should be used by renters who have seen a drop in their work hours…

As we Realtors do our part to minimize the spread of COVID-19, adopting new strategies and techniques for safely showing properties is essential. Many brokerages are encouraging Realtors to use virtual showings in place of in-person ones. When you can’t meet your clients in person, the best way to show them a house from a safe distance is to use video chat. It’s hard to believe that any buyer would make such a monumental financial decision without visiting a property. At this time, most do not. A virtual tour via video chat is merely a tool to help buyers vet a…

As the world fights the coronavirus, everyone should be adopting social distancing or voluntary self-isolation to help slow the spread of the virus. Here are some tips about what real estate professionals can do while they are spending time at home: Reorganize your sphere of influence or CRM system. Update your WhatsApp groups, or if you don’t have one, create it. Complete your continued education if it’s due in the upcoming months. Make sure all the admin or paperwork you have for your pending transactions is up to date. Learn something online that you always wanted to know but never had the time to find…

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During this unprecedented time, the rules, relief available and government statements are ever changing. And they’re changing because of the various impacts COVID-19 is having on how and if we can work and how we live. As such, the information below regarding rent payments and evictions in the residential context may change. I strongly suggest that you keep yourself updated by visiting reliable sources such as your province’s landlord and tenant board and the official websites of your local and provincial governments. It is also important to note that the below relates to Ontario, as other provinces such British Columbia have…

What we have seen clearly is that the vast majority of homeowners are not feeling a long-term financial impact related to COVID-19, and that potential home buyers are still very much in the market for a home, signs of which are being seen in regions across the country. To this point, the greatest economic effects of COVID-19 have been experienced by young age groups and people in lower wage occupations. In consequence, the housing market impacts will likely be greater in the rental sector than for homeownership. We were surprised by responses that show higher expectations about buying homes in the…

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