Toronto
Toronto Real Estate’s Newest Lie: Rent Controls Force Landlords To Lose Money (Better Dwelling)
The Toronto real estate scene appears to be grossly misinformed when it comes to rent controls. Since Ontario announced the Fair Housing Plan, real estate agents, developers, and even politicians have said the province is attacking landlords. You’ve probably heard someone on the news, or even a friend, discuss how the “unfair” the new Rental Fairness Act is.
They’re under the impression that the new controls will force landlords to rent at a future loss. Turns out the Province isn’t that mean, and the fear mongering is bulls**t. Rent controls are designed to preserve cap rates, while preventing predatory increases against tenants.
Lakeview lands sold to developers for $275M (Toronto Star)
The Lakeview lands in Mississauga have officially been sold to developers for $275 million in the latest step toward the transformation of the city’s waterfront.
The 177-acre site, formerly a provincial coal-fired generating station, will be transformed into a sustainable, mixed-use residential community by Lakeview Community Partners, a consortium that includes Argo Development, TACC Construction, Branthaven Homes, Greenpark Group and CCI Development Group, according to a press release from provincial agency, Ontario Power Generation (OPG).
As Toronto housing cools, A-Rod, Pitbull bring wealth ‘cheerleading’ (BNN)
A video of rapper Pitbull jumping and dancing on stage, surrounded by six dancers, isn’t an image one would typically associate with the property market.
But that’s the first item showcased on the website of the Real Estate Wealth Expo, which will have thousands flocking to the Metro Toronto Convention Centre - one of the city’s biggest event venues - in early April.
Canada
Move over, Toronto and Vancouver: Montreal is poised to become new capital of luxury real estate (Financial Post)
Calgary and Montreal are on track to eclipse Toronto and Vancouver as Canada’s fastest growing luxury real estate market this year as rising consumer confidence boosts demand for homes over $1 million.
A new Sotheby’s report on the luxury sector shows sales of $1 million-plus homes in Montreal increased by 20 per cent to 104 units in the first two months of this year, while transactions in Canada’s two largest metropolitan areas flagged amid headwinds from government policy interventions.
These Canadian cities are going to see a major boost to their luxury real estate markets in 2018 (BuzzBuzzNews)
For years, Vancouver and Toronto have dominated conversations about luxury real estate in the Canadian housing market. But according to a new report, there’s a new city that everyone will be talking about this spring.
“Montreal has been Canada’s ‘dark horse’ in luxury real estate,” writes Sotheby’s president and CEO Brad Henderson, in the company’s 2018 Spring Market Forecast. “For many years, political uncertainty and a stagnant economy tethered performance, but those factors have now dissipated. This spring, we expect strong gains that will set new records for the city.”
Here are the best (and worst) places in Canada to buy a home on one income (Times Colonist)
Greater Vancouver is the least affordable place in Canada to buy property on a single income, according to a new study conducted by Toronto-based real estate brokerage Zoocasa, and Victoria isn’t far behind.
If you ever dreamed of buying property on your own — without a partner, without a co-ownership arrangement, without family support — Greater Vancouver is definitely not the place to do it.
USA
Controversial ex-Uber CEO returns to business with new real estate company (Toronto Star)
SAN FRANCISCO—Former Uber co-founder and CEO Travis Kalanick accelerated his return to the business landscape Tuesday with a tweet announcing he would become the chief executive of a real estate-focused company.
Kalanick’s newly formed venture fund, 10100, pronounced ten-one-hundred, has invested $150 million (U.S.) in City Storage Systems, a controlling interest that will find Uber’s controversial former boss take over as CEO.
Best U.S. Investment Markets for Single Family Rentals in 2018 Revealed (World Property Journal)
ATTOM Data Solutions has just released this week their Q1 2018 Single Family Rental Market Report, which ranks the best U.S. markets for buying single family rental properties in 2018.
According to the report, the average annual gross rental yield (annualized gross rent income divided by median purchase price of single family homes) among the 449 counties was 8.9 percent for 2018, down from an average of 9.2 percent in 2017.
International
Office Rents Rising in East Hong Kong (World Property Journal)
According to JLL's Property Market Monitor released this week, a tight vacancy environment and rising rents continues to drive larger occupiers to seek office space beyond Central into other submarkets on Hong Kong Island, including Hong Kong East. As a result, rents in Hong Kong East recorded the strongest growth among the city's major office submarkets in February 2018.
Among the more notable new lettings, Kering pre-leased two whole floors (37,300 sq. ft) at One Taikoo Place in Quarry Bay as part of their consolidation out of offices in Causeway Bay. RGA Reinsurance, meanwhile, relocated within Swire Properties' Island East portfolio, leasing 26,000 sq. ft at Dorset House to accommodate expansion plans.
A massive commercial property sell-off driven by 2 huge Chinese investors could disrupt US real-estate markets (Business Insider)
Two huge real-estate investors based in China are strapped for cash, and that could mean trouble for some commercial property valuations in the US.
Chinese regulators started buckling down on Anbang Insurance (AI) and HNA Group (HNA) last year, and now the companies are scrambling to pay off debts. They're getting rid of properties left and right, many in the US.
