Inbox - In The News
August 26-30, 2019
Toronto & GTA
Six days of hearings commenced at the start of the week involving a spectrum of stakeholders of short-term rentals in the city of Toronto ranging from industry professionals, landlords, and tenant organizations.
With 80 per cent of new immigrants settling in the GTA, the federal government launched pilot program to assist the province of Ontario in building stronger communities outside of the GTA.
Purpose-built rental buildings generally served as a more inexpensive alternative to condos in Toronto; however, the average rents of PBRs have increased more than their counterpart during a span of nine months from October 2018 through June 2019 due to constraints created by financing and inventory levels.
Home to some twenty tenants, one of Montreal’s most significant real estate and tech success stories has been sold to Spear Street Capital, a San Francisco real estate fund that develops buildings for companies active in tech and other sectors.
Multiple offers are beginning to spread in PEI. Over the past three years, the average price of a house in the province’s capital, Charlottetown, have increased 38.5 per cent and has a vacancy rate of 0.2 per cent in the downtown area.
The price per square foot of new condos in the GTA increased 9.1 per cent to $743 in the twelve months ending in July; whereas, the largest drop in any major Canadian market was in Vancouver where condo prices have dropped 8.3 per cent to $764 per square foot.
The gap between the price per square foot of condos and detached continued to narrow across the country between January through to July when compared to the same time period in 2018.
Chinese investment in commercial and retail real estate in the US has diminished over the past two years as investment has significantly increased by Canadian firms over the same time period, accounting for 55 per cent of all foreign investment in the sector.
Fewer transactions took place in Scotland since 2014 due to higher taxes, low inventory, lowered confidence in the market, and higher prices driving up deposits required to purchase.