Torontonians looking to find footing on the city'sproperty ladder have begun a search fortheir housing soulmates through speed dating events. One recent event at aYorkville bar attracted about two dozen home-buying hopefuls.
Real Estate News

This week's news: Priced-out Torontonians turn to real estate speed dating

May 11, 2017

08:18 AM

Our weekly round-up of real estate news in Toronto, across Canada and the world for the week ending May 12, 2017.

Toronto

Would you co-own with a total stranger? Priced-out Torontonians turn to real estate speed dating (Toronto Star)

There is nervous laughter among the gulps of wine, tentatively proffered handshakes and exchanged numbers. But the personalized name tags at this speed-dating event in a Yorkville pub are a clue that this isn’t a romantic quest.


“I have a big down payment,” reads the badge of a woman in a stylish grey business suit.

Toronto, Victoria are world's fastest-growing luxury real estate markets: Report (BNN)

Toronto and Victoria, B.C. are the world’s “hottest” markets for luxury homes as investors flock to Canada for its political and economic stability, according to a new report from Christie’s International Real Estate.

Christie’s CEO Dan Conn told BNN in an interview Wednesday that even with the rise in million-dollar-plus home sales, Toronto is cheap compared to other luxury markets.  “I consider Toronto, even with the heat at the upper end of the market, it is still a comparative bargain on the global map,” he said.

Toronto has too much housing despite overall population growth: report (The Toronto Star)

Don’t let the mushrooming condos downtown fool you. There is no housing shortage in Toronto, says new planning research out of Ryerson University.

The draft report, called “Protecting the Vibrancy of Residential Neighbourhoods,” shows that Toronto is over-housed, with a majority of 140 city neighbourhoods suffering from a stagnant or declining population over the last 30 years — along with most residentially zoned land restricted to single-family detached homes.

Canada

What Will B.C.'s Next Government Do About Its Simmering Real Estate Market? (Huffington Post)

A simple Google search of "political promises in Canadian real estate market" gives you an idea of where our minds are at this election.

From Canadian Business, "Why Canada's politicians won't do what it takes on housing market"; to CBC, "Politicians meddle with real estate -- but would Canadians tolerate intervention in other markets?"; and The Globe and Mail, "How to fix Canada's red-hot housing markets: A guide to what's happening, what's been proposed and what buyers can do," the sentiment is pretty clear. Canadians want to know what our next provincial government is going to do about the simmering B.C. real estate market?

'The need is huge': Habitat for Humanity still building in midst of red-hot real estate (CBC News)

The Greater Vancouver's Habitat for Humanity branch says the need to build homes for families who don't qualify for a traditional mortgage is greater than ever.

"The need is huge," said CEO Dennis Coutts, "we get a lot more applications for housing than we ever have."

Home Capital investors are victims of Canadian real estate uncertainty: Don Pittis (CBC News)

There are a lot of Home Capital investors looking for someone to blame.

Today when the company releases its delayed results, everyone will be going over those books with a fine-tooth comb, trying to divine whether the mortgage finance firm will survive and prosper — in which case it's a great buy — or if confidence in the company will continue to slump.

USA

Five Percent of U.S. Homeowners Behind On Mortgage Payments (World Property Journal)

According to CoreLogic's latest monthly Loan Performance Insights Report, 5 percent of U.S. mortgages were delinquent by 30 days or more (including those in foreclosure) in February 2017. This represents a 0.5 percentage point decline in the overall delinquency rate compared with February 2016 when it was 5.5 percent.

As of February 2017, the foreclosure inventory rate, which measures the share of mortgages in some stage of the foreclosure process, was 0.8 percent compared with 1.1 percent in February 2016. The serious delinquency rate, defined as 90 days or more past due including loans in foreclosure, was 2.2 percent in February 2017, down from 2.8 percent in February 2016.

These Cities Are the 10 Biggest Comeback Stories in U.S. Real Estate (SFGATE)

Everyone loves a great comeback story.

And there are plenty to go around. Rocky. Steve Jobs. The Chicago Cubs. Jesus. Lil Bub (Google her!). And, with apologies to Jesus, perhaps the most impressive comeback of all, the one that hits us exactly where we live: the housing industry.

Kushners Confront Turbulence in New Jersey Real Estate Plans (The New York Times)

The Kushner real estate family, whose scion Jared Kushner is President Trump’s son-in-law and close adviser, has run into more turbulence in Jersey City, where it has placed a major bet on development.

The Kushners have six projects under development in Jersey City — with square footage equivalent to two Empire State Buildings — the once blue-collar town that sits a mile across the Hudson River from Manhattan.

International

Capital Controls Continue To Halt Mainland Chinese Real Estate Buyers (Better Dwelling)

One month isn’t a trend, but three and we’re getting there. According to the latest numbers from the State Administration of Foreign Exchange (SAFE), China’s foreign exchange reserves rose to a 5 month high. New capital controls have effectively shut off the valve for the world’s largest buyers of international property. This trend has had a noticeable impact in markets that have seen a sudden surge of Mainland Chinese buyers.

Move over London, the world has a new luxury housing capital (CNN)

Big money home sales in the former British colony last year included four that topped $100 million, according to a new survey from Christie's International Real Estate. It was also home to the world's biggest single sale of 2016, worth more than $270 million.

Political turmoil and higher taxes likely contributed to London's slide to second place, Christie's said. But while the vote to leave the European Union has created uncertainty, the plunge in the value of the pound "has spurred renewed interest" in luxury properties in central London, it added.

African real estate is 'the new global economy driver' (Trade Arabia)

Over the last few years, notably in the hotel, retail and residential sectors, Africa’s rapidly growing property markets have been attracting increased interest from international investors, developers and occupiers.

In spite of developments occurring at a breakneck speed, the key areas seen continually strapped to the back-bench are financial planning, project execution and most importantly, the implementation of sustainable measures.

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Construction

Northern BC Project Could Be Blueprint For Canada’s $25B Modular Push

With its 40-unit modular rental build in Prince Rupert, NorthStar Development is testing what it will take to deliver factory-built housing at scale in Canada.

Development Projects

Hullmark Acquires Interest In Jane Finch Mall, Will Manage Redevelopment

Brad-Jay Investments announced Monday that Hullmark has acquired minority interest in Jane Finch Mall and will act as Master Development Manager for the redevelopment.

REITs & Institutions

H&R REIT Considering Strategic Sale After Receiving Multiple Offers

​H&R REIT (TSX: HR.UN) said that it formed a special committee in February after receiving an unsolicited expression of interest from a potential buyer.

People

Camrost Felcorp Names Joseph Feldman President & COO Ahead Of 50th Anniversary

David Feldman, who Joseph Feldman credits as being one of the “most nimble” in the industry, will stay on as Chairman and Chief Executive Officer.

Development Projects

Plans For 34, 11 Storeys Near Kennedy GO Advance With SPA Application

The development would deliver 565 rental units within a 10-minute transit ride to Kennedy GO and subway stations.

Meet The Agent

Meet The Agent: Ankur Singla, Homelife Silvercity Realty Inc.

​​​It's time to say "Hello" to Ankur Singla of Homelife Silvercity Realty Inc., who focuses on Brampton, Caledon, Mississauga, Toronto and the Waterloo Region.

Real Estate News

Toronto Releases Free Pre-Approved Garden, Laneway Suite Plans

​In combination with self-service submissions and an expanded engineers seal program, the move is meant to crunch timelines and get more missing middle housing built across the city.

Hotel

Truman Announces 69-Storey W Hotel And 62-Storey JW Marriott In Calgary

Truman and Louson are now developing a total of three hotels — the W Calgary, JW Marriott Calgary, and Autograph Collection Hotel — in Calgary's Culture + Entertainment District.

Development Projects

Akelius Eyes 69 Storeys For Isabella Street With Heritage Integration

A total of 647 units are planned for the site in Church-Wellesley Village, including a 50% share of larger family-sized units.

Real Estate News

GTA Active Listings Hit Another High, With 31,600 Units On The Market

Active listings only grew over the course of June as tariff-related economic uncertainty continued to win out over improved affordability.

Real Estate News

Greater Vancouver Real Estate Market Seeing "Emerging Signs Of A Recovery"

​Home sales in Greater Vancouver are still down, but started to regain footing in June, according to Greater Vancouver Realtors.

Policy

Vancouver Unveils New Rupert And Renfrew Plan, Unlocking Up To 10K New Homes

​The new Rupert and Renfrew Station Area Plan has been in the works since late-2021 and is set to be approved by Vancouver City Council on July 8.

Development Projects

Polygon Planning 31-Storey "Elysée" Condo Tower Near Oakridge Park

​Polygon acquired the 5655 Cambie Street site earlier this year and has submitted a rezoning application for a 31-storey tower named Elysée.

Development Projects

Toronto Greenlights Cineplex Queensway, Coach Terminal Redevelopments And More

Proposals from Kilmer-Tricon, First Capital REIT, Devron Developments, and Pinemount Developments got the go-ahead from Toronto City Council last week.

Hotel

Brookfield Buys Shangri-La Vancouver From Westbank & Peterson, Rebrands It As Hyatt

The Shangri-La Vancouver is located within a 62-storey tower developed by Westbank and Peterson and is set to be rebranded as a Park Hyatt in 2026.