StoryLine By CondoNow
Our CondoNow experts have narrowed down the top 10 real estate news stories from June 11 – 24, 2018.
A new CIBC poll says 47 per cent of millennial homeowners are landlords, B.C. government to create a public real estate registry to crack down on tax avoidance and Waterfront Shores’ Pier 8 could easily become Hamilton’s hottest real estate. We’ve cultivated a list of the top 10 stories. Here’s the latest news!
Millennials Become Landlords to Reach Housing Goals
A new CIBC poll says Canadians who own a rental property earn about $2,189/month – 50 per cent more than their monthly costs – and those who rent out space in their home offset their housing costs by 70 per cent.
Full Story on REMOnline.com
B.C. Government Will Create Public Registry to Reveal Who Owns Real Estate
In an effort to crack down on tax avoidance, the B.C. government will create a public registry to show who owns real estate in the province.
Full Story on TheStar.com
Waterfront Development Expects to Attract Strong Interest, Have Low Maintenance Fees
The City of Hamilton has approved a plan to rejuvenate its waterfront with a massive mixed-use development, joining similar initiatives by other municipalities as far east as Toronto.
Full Story on CanadianRealEstateMagazine.ca
Mixed-Use Urban Real Estate Project Blurs the Line Between Working and Living
Ed Sonshine, chief executive officer at RioCan REIT, discusses a joint development with Allied Properties to build a new mixed-use urban real estate project that blurs the lines between working and living, and why it will be an oasis in an urban jungle.
Full Story on BNNBloomberg.ca
Gehry Condo Developers Great Gulf Group Forge Ahead as Market Cools
Great Gulf Group is well aware it’s forging ahead with one of Canada’s ritziest condo projects in a market that appears to be cooling. In fact, it’s bracing for the possibility.
Full Story on TheStar.com
Canadian Mortgage Borrowing Drops to Lowest Level Since 2014
Mortgage activity in Canada has dropped to the lowest level since 2014, falling by $2 billion to $13.7 billion in the first three months of the year, according to Statistics Canada data released Thursday.
Full Story on BNNBloomberg.com
OREA Laments Rejection of Cannabis Recommendation
The legalization of recreational cannabis came along with the dismissal of a Senate recommendation that would have given provinces the power to restrict the growing of marijuana on residential properties.
Full Story on MortgageBrokerNews.ca
As of June 15, B.C. Real Estate Agents Are No Longer Allowed to Represent Buyer and Seller at the Same Time
Real estate agents in B.C. say they are not ready and may risk significant financial penalties when new rules are implemented prohibiting “dual agency,” the practice where an agent represents both a buyer and a seller.
Full Story on TheStar.com
Credit Market U-Turn: As Bond Yields Retreat, Variable Mortgages Are Looking All the More Attractive
Just five weeks ago, economists were on TV heralding a July rate hike as interest rates rocketed to seven-year highs.
Then the market changed the channel.
Full Story on TheGlobeAndMail.com
Current Price Correction in Ontario Not Similar to Previous Bust Periods – CMHC
It’s been more than five months since the roll-out of new mortgage rules that forced even homebuyers with a larger downpayment to undergo a financial stress test. A lot has happened since then.
Full Story on MortgageBrokerNews.ca
