B.C. government intends to crack down on hidden ownership of real estate

B.C. government intends to crack down on hidden ownership of real estate
VICTORIA — The British Columbia government is taking steps to end opportunities to anonymously invest and hide wealth in real estate. Finance Minister Carole James says a new, publicly accessible registry is being created to identify the owners of real estate in the province. A news release from the Ministry of Finance says the first-of-its-kind registry in Canada is aimed at improving... Read More

Brookfield bids for Aussie retirement community company Gateway Lifestyle

Brookfield bids for Aussie retirement community company Gateway Lifestyle
TORONTO — Brookfield Property Group has made a non-binding takeover offer for Gateway Lifestyle worth the equivalent of C$686 million, topping a rival bid for the Australian firm last week. The arm of Brookfield Asset Management Inc. is offering AU$2.30 per stapled security valuing the retirement community company at about AU$698.6 million. The proposal tops an offer last week by U.S.... Read More

CREA cuts home sales forecast, May sales down 16.2% compared with year ago

CREA cuts home sales forecast, May sales down 16.2% compared with year ago
OTTAWA — The Canadian Real Estate Association is lowering its national home sales forecast for this year due to weaker sales in B.C. and Ontario. The industry association which represents about 100,000 real estate agents across Canada said Friday it now expects home sales this year to fall 11 per cent compared with a year ago to 459,900 units this... Read More

Montreal borough votes to restrict Airbnb-style rentals in downtown core

Montreal borough votes to restrict Airbnb-style rentals in downtown core
MONTREAL — A Montreal borough is bringing in new rules aimed at limiting the number of short-term rentals in the city’s downtown core in the hopes of preventing conflicts between tourists and residents. Councillors in the Ville-Marie borough adopted a new motion Tuesday evening to restrict private tourist rentals such as those offered on Airbnb. The rules will limit new permits for “tourist residences” to a 3.3-kilometre stretch surrounding one... Read More

Pace of new housing construction slows in May, as multi-unit projects slide

Pace of new housing construction slows in May, as multi-unit projects slide
OTTAWA — Canada Mortgage and Housing Corp. says the pace of new housing construction slowed in May, largely because of a 16.4 per cent decline in multi-unit projects in urban areas after several months of above-average activity. The federal agency says the seasonally adjusted rate of housing starts for all of Canada was 195,613 units in May, down from 216,775... Read More

Single homes in Metro Vancouver nudge mark where prices can fall: board

Single homes in Metro Vancouver nudge mark where prices can fall: board
VANCOUVER — Home sales across Metro Vancouver tumbled last month, when compared with May 2017 and the Real Estate Board of Greater Vancouver says that raises the potential of lower prices for some types of homes. The board says 2,833 properties sold in its region in May, a 35.1 per cent plunge from sales recorded in the same time last year, although May’s sales... Read More

Greater Toronto Area home sales in May down 22.2 per cent from year ago

Greater Toronto Area home sales in May down 22.2 per cent from year ago
TORONTO — Prospective buyers are still hesitating to wade into the Greater Toronto Area housing market, pushing May home sales in the region down by 22.2 per cent compared with the same month last year, said the Toronto Real Estate Board (TREB). The board said Monday that while the number of sales was down year-over-year to 7,834 units, the annual rate of decline was... Read More