Real Estate Roundup – June 26, 2019

Local

  1. Nudists, township start rezoning appeal battle

The two sides in a rezoning dispute for a nude campground faced off in a preliminary hearing Tuesday morning.

2. Residents displaced from downtown Kingston condo building still waiting to return

Fifteen units at Harbour Place, which is located at Ontario and Clarence streets, had to be evacuated over two weeks ago because of a concrete problem along one side of the building.

3. High water levels cause nearly $700K in erosion damage to Wolfe Island winter ferry terminal

The high water levels on Lake Ontario have also posed challenges for those with waterfront residences and cottages.

4. Here in Kingston at 270 King Street East (St. George’s Cathedral)

Learn a bit about historic YGK in this article from the Kingstonist!

National

  1. Real Estate Professional: Ottawa announces next phase of the National Housing Strategy

The federal government has announced a new initiative as part of the National Housing Strategy. The next phase of the NHS adds $462 million of funding over eight years for the Federal Community Housing Initiative which will protect affordability for residents and stabilize the operations of some 55,000 units of federally administered community housing projects.

2. Mortgage Broker News: The market influence of Canada’s senior home owners is intensifying

Latest research by Point2 Homes has found that both British Columbia and Ontario are aging fast, with most of their senior home owners currently residing in markets outside the main Vancouver and Toronto metropolitan areas. The trend is particularly strong in BC where, “with very few exceptions, most people over age 55 are currently living in cities outside the Greater Vancouver Area,” per 2016 census data.

3. Real Estate Professional: New incentive will boost condo purchasing power outside Toronto’s core

The federal First-Time Home Buyer Incentive will primarily benefit buyers looking at condominiums situated away from the busiest parts of Toronto, according to real estate information portal Zoocasa. “Buyers are hard pressed to find a resale home within the eligible price range (up to $505,000) in the City of Toronto and there are only 13 of 35 MLS district neighbourhoods where such homes are available,” Zoocasa reported. “Even then, buyers’ options are limited to condos located away from the city core.”

4. The Star: They cook Toronto’s food, and build its houses — but can they afford to live here?

What happens when the workers who make a city function can no longer afford to live there? In Toronto, some paramedics are commuting from as far away as St. Catharines and Campbellford. Social workers are competing with their clients for housing. And cooks, who are turning out tasty fare in the city’s signature restaurants, are often priced out of the neighbourhoods they serve.

5. Real Estate Professional: Toronto’s future showcased

While there’s no actual crystal ball involved, Torontonians will have a week to look into the future. Toronto of the Future, a biannual event, kicked off this week at the Metro Centre as an assemblage of the city’s preeminent real estate developers, architecture firms and government agencies are showcasing everything from 3D models to illustrations, visual presentations and more. According to Robert J. Vezina, president of Cities of the Future Management, the event is an opportunity for attendees to understand how their city—the fastest growing in North America—is slated to develop in the years ahead.

6. Canadian Real Estate Magazine: New regulations might benefit Vancouver long-term rental supply

In the four months since Vancouver’s new real estate regulations came into effect on September 2018, a little over 300 homes have returned to the market’s long-term rental supply, after previously being used as full-time Airbnb units. The new study by McGill University researchers asserted that this volume was sufficient to nudge up Vancouver’s vacancy rate, which fell to as low as 0.7% in 2016. Furthermore, if all 1,800 homes classified as full-time Airbnb listings prior to September 2018 go back to the rental segment, vacancy will increase by an estimated 1%.

7. Global News: How government policies are impacting B.C.’s real estate market for better or worse

The speculation tax, foreign buyers’ tax and school tax are just some of the factors cooling this region’s real estate market. In part two of our real estate reality check, Sarah MacDonald looks at the drop in demand and the impact it has had on property transfer tax revenue to the province.

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