The number of Canadians receiving regular Employment Insurance (EI) benefits in June was 442,600, virtually unchanged from the previous month.

Year-over-year, there were 21,300 fewer EI beneficiaries, a 4.3% reduction.

Statistics Canada says that the month-over-month data shows an increase in EI beneficiaries in Quebec while there was a decrease in Alberta, Saskatchewan, Nova Scotia, and New Brunswick.

Year-over-year decreases occurred in all provinces, with the exception of New Brunswick and Manitoba, where the number was little changed. However, the decrease was almost entirely due to a drop in the fall of 2018.

The number of claims nationwide, which is an indicator of those who may become beneficiaries was down 1.4% to 227,300 in June. Year-over-year this figure fell 4.1% with decreases in all provinces with the exception of British Columbia, where claims increased 3.5% on a year-over-year basis.

#DYK Compared with 12 months earlier, the number of EI beneficiaries in Canada was down 21,300 (-4.6%). This decrease was due almost entirely to declines observed in the fall of 2018.

— Statistics Canada August 22, 2019

 

Avison Young has appointed five highly regarded finance and strategy professionals to its team as it continues its rapid expansion worldwide.

The appointments include several thought leaders and comprise two promotions and three hires for newly created positions.

Tom Morande becomes chief financial officer for North America. He joined the firm as a principal in 2015 and has 22 years of commercial real estate experience. He will serve as a strategic business partner to the US, Canada and Mexico leadership teams and managing directors.

Ricardo Jenkins is promoted to chief accounting officer. He has been with the firm since 2006 and was previously with JLL. He has 13 years of real estate experience and will be responsible for all aspects of reporting on financial and operational performance against both the annual budget and the company’s long-term strategy while also overseeing financial planning and analysis.

The new hires include Robert Dunlop who becomes the company’s global treasurer having been VP & group treasurer at INEOS Styrolution Group GmbH in Frankfurt, Germany.

Also joining the Toronto-headquartered firm is director of strategy Ashwini Sawhney. She previously worked in the corporate development groups of Fortune 1000 companies, as an advisor to private-equity-owned middle-market companies and at a global financial advisory firm.

Finally, Steve Cresswell joins as European director of finance and operations, working with Gerry Hughes, president of Avison Young’s European business.

“The finance team comprises thought leaders who have proven track records and understand the financial intricacies of the commercial real estate business and other industries,” said Avison Young chair and CEO Mark E. Rose. “They have confidently – and competently – navigated companies through exponential growth while minimizing disruption and enhancing shareholder value. Working closely with our Chief Financial Officer Christine Battist, they will lead Avison Young’s global finance operations, oversee the aforementioned capital deployment, help implement our investment strategy and manage day-to-day accounting operations as we expand further.”

Homeowners who want to be truly satisfied with their home should avoid comparing its size to that of their neighbours’ homes.

A new study from Iowa State University has found that if their home is smaller than neighbouring homes, it often leads to dissatisfaction. The study was conducted by researchers led by Daniel Kuhlmann, assistant professor of community and regional planning.

“Although we may not realize it, our housing decisions may affect our neighbors’ actions,” Kuhlmann said. “Because housing consumption produces these types of externalities, by building a large house we could unwittingly push our neighbors to spend more money to buy larger homes to catch up.”

The study, published in the academic journal Housing Studies, suggests this need to keep up with the Jones’s may be why US single family homes have been getting bigger over the last 50 years.

“As suburbs become more developed and go through new homebuilding, that can waterfall,” he said. “The next person who builds a house would have been totally fine with a 10-bedroom house – but now they think they need a 12-bedroom house to be considered in good standing.”

Kulman says that the worry of developers that new construction may alter the character of a neighbourhood may be less of an issue than how those new homes may make existing homeowners feel about their homes.

The study shows that those with the smallest house in the neighbourhood are 5% more likely to be dissatisfied with their home than those in the largest.

The market for condo apartments remained strong in the Greater Toronto Area in the second quarter.

Greater Toronto Realtors reported 7,038 sales of condo apartments through the Toronto Real Estate Board’s MLS in the three months, up 3.2% compared to a year earlier.

New listings for the sector were down 3.5% year-over-year to 11,110; and the average price gained 5.1% to $589,887, although in the City of Toronto (70% of transactions) the gain was 5.9% to $639,316.

“As has generally been the case in the region since the implementation of the Ontario Government’s Fair Housing Plan in 2017, the condo market segment has remained tight in comparison to other major housing types. However, from a price point perspective, condo apartments continue to offer prospective buyers a relatively affordable housing option when looking across the GTA,” said TREB president Michael Collins.

Rental market also tight

In the rental market, average rents for one-bedroom and two-bedroom apartments increased above the rate of inflation on a year-over-year basis in Q2 2019 as the market remained tight.

“However, we have seen an acceleration in the number of units listed for rent, which has provided renters with more choice in the market place and has coincided with a slower pace of average rent growth over the past year,” said Jason Mercer, TREB’s Chief Market Analyst.

 

When art director Cory Ingwersen started searching for a home in Toronto earlier this year, his hunt began in a slumping housing market.

Yet bidding war after bidding war, Ingwersen says he and his wife made multiple offers on several properties, only to be met by counter-bids that were 10 to 20 per cent more than the asking price – and more than they were willing to spend.

“We felt defeated,” Ingwersen, 32, said in an email interview.

Ingwersen isn’t alone in his home-buying experience, as some in the real estate industry say that bidding wars are now making a comeback in the city. And this is occurring despite the country’s largest housing market cooling considerably last year, as a result of officials tightening mortgage regulations, imposing taxes on foreign buyers and taking other measures aimed at curbing dizzying prices.

“We’re starting to see [bidding wars] happen,” said Toronto-based mortgage broker David Larock, in a July 11 interview with BNN Bloomberg. “The sky not falling and interest rates falling have combined to bring some enthusiasm back to the housing market.”

Toronto homes sales rose 10.4 per cent in June, compared to the same time last year, according to the latest Toronto Real Estate Board data. Meanwhile, the combination of rising sales and fewer active listings helped lift the average selling price three per cent to $832,703 from last June.

As for where bidding wars are popping up, real estate agent Ira Jelinek says he’s seeing them specifically in Toronto areas that have scarce supply or in central locations that are considered more affordable.

“Products outside of the core that are mispriced are sitting longer,” Jelinek said by email. “Inside the core, anything that is priced close to fair market value or a bit higher is selling quickly.”

After two months of serious hunting, Ingwersen says he and his wife finally landed on buying a historical row house in Toronto’s Cabbagetown neighbourhood. When Ingwersen’s realtor approached him and his wife with this particular property, it looked too good to be true, even though they started their search wanting a detached home, Ingwersen says.

“We were the first people to see the listing, and absolutely loved the house, which was by far the best listing we had seen to date,” Ingwersen said.

However, his realtor told him that the owner’s agent had neglected to properly strategize the listing, which opened the door for them to jump in. Ingwersen took a chance and submitted an offer immediately, but under the asking price.

After some back and forth, Ingwersen ended up snapping up the home at its listed price – and without having to enter the ring of a bidding war.

“Overall it was a very exciting process, but along the way we had extreme highs, and very low lows. It was a rollercoaster ride that had no end in sight,” Ingwersen said.

“We looked at over 60 houses in a very short timeline and what we quickly learned is that we had to compromise on the criteria we had begun our search with.”

Ingwersen notes that he was not surprised to find himself in the middle of bidding wars. He expected it because of warnings from his realtor, research he and his wife had consistently been doing on the Toronto market, and stories he heard from people close to him who had recently purchased properties.

“One friend lost out on three houses before being able to confirm an offer,” he said.

With bidding wars making a return, Larock says it’s important to do enough legwork long before offer night in order to prepare for the possibility of a battle.

He adds that buyers should determine how much they want to spend on a home, how much it will cost them to carry the property, the price they’re most comfortable with, and the maximum amount a lender will provide.

“You want to have a plan and an understanding going in before the emotion of the bidding takes place,” Larock said.

In a city full of condos, you may be surprised to know that there are only a handful of Toronto condos that allow short-term rentals. Albeit, there are many condo owners and renters that choose to ignore the short-term rental policy their condo building may have in place, but that’s a conversation for another day.

QUICK RECAP OF TORONTO SHORT TERM RENTAL REGULATIONS

Short-term rental platforms like Airbnb and Vrbo have grown in popularity over the last decade and popular cities like Toronto are trying to go with the flow and put some regulations in place for the city as a whole. The proposed short-term rental regulations set for Toronto are as follows:

  • A short-term rental is considered anything fewer than 28 days.
  • Eligible short-term rental properties must be the host’s principal residence.
  • Hosts can rent up to three rooms or their entire home.
  • Secondary suites, such as in-law or basement units, are eligible for short-term rental as long as they are the host’s principal residence.
  • Hosts can only rent their property for a maximum of 180 days of the year.
  • Hosts would have to pay an annual $50 fee and register with the city.
  •  Hosts will have to pay a 4% Municipal Accommodation Tax (MAT) on rentals fewer than 28 days.
    Short-term agencies, like Airbnb, pay a one-time licence fee of $5,000 and $1 per night that’s booked

It’s also worth noting that Toronto City Council had approved the regulations for short-term rentals at the end of 2017 and beginning of 2018. It has since been appealed to the Local Planning Appeal Tribunal (LPAT) with a scheduled hearing on August 26, 2019. Until then the regulations for short-term rentals are not being enforced.

LIST OF TORONTO CONDOS THAT ALLOW SHORT-TERM RENTALS

The biggest concentration of short-term rentals Toronto has are all within the same area: The Entertainment District. These condos allow for short-term rentals because this is a high-traffic tourist area with countless attractions in and around this part of the city.

Below is the list of condos that allow short-term rentals.

 

 

 

REVE CONDOS

Located at 560 Front Street West, Reve Condos has just over 300 condos and stands 15-storeys. Overlooking the rail corridor on the south and Victoria Memorial Square Park on the north, it is a hop skip and a jump to all things entertainment. Amenities include a gym, sauna, yoga room, party room, theatre and rooftop terrace. Reve Condos is pro-short-term rentals and to accommodate those who do, the Property Management has a short-term rental registration form that must be submitted to the management office with each rental that takes place.

Latest listings for Reve Condos

 

AQUARIUS AT WATERPARK CITY

Located at 219 Fort York Blvd, Aquarius at Waterpark City has 490 condos and stands 38-storeys tall. This condo is nestled between the luscious green of Fort York National Historic Site and Coronation Park along the waterfront. Renters will love the amenities that include a pool, sauna, and rooftop terrace to name a few.

Latest listings for Aquarius at Waterpark City

 

NEPTUNE I & NEPTUNE II

Located at 209 and 215 Fort York Blvd you’ll find Neptune I and Neptune II condos. Featuring 861 condo units between them and each comes with a balcony. Neighbour to Aquarius at Waterpark City, these condos also enjoy views of Fort York National Historic Site. Inside, amenities include a pool, sauna, rooftop terrace, party room and media room.

Neptune Condos is one of the first condos in Canada to be part of Airbnb’s Friendly Building’s Program. As part of the program, hosts renting out their entire unit must pay $50 per month to the building for general upkeep but not those renting out just a room in their unit. Both security and the condo board have access to current rental activity, so they know who is hosting, who and how many guests are staying, and how much money is being being earned — 5% of which is given to the condo board from Airbnb.

Latest listings for Neptune I | Neptune II at Waterpark City

 

ICE I & ICE II

Soaring 67-storeys tall in the heart of the Entertainment District are the ICE Towers. With over 1300 condos in a perfect tourist-driven destination, and knowing the correlation of tourism and rentals, the condo board here does allow short-term rentals. Uniquely, though, condo owners who rent their condos out for fewer than three months at a time are required by the condo board to get a commercial insurance policy of $5MM.

Latest listings for Ice Condos

 

LOCAL AT FORT YORK

The Local at Fort York is a 15-storey condo with 7-storey podium located at 50 Bruyeres Mews. Featuring 249 condos that seemlessly blend modern finishes with the historic appeal of Fort York. Amenities at Local include rooftop terrace with BBQs, sauna and party room.

 

Latest listings for Local at Fort York

 

QUARTZ CONDOS


Standing at 41-storeys tall at 75 Queens Wharf Blvd, Quartz Condos has an array of amenities to keep you entertained. From billiards to basketball, a fitness centre and pool. A short walk to the waterfront and the Entertainment District.

Latest listings for Quartz Condos

 

SPECTRA CONDOS

Neighbour to Quartz Condos is Spectra at 85 Queens Wharf Boulevard. Standing at 39-storeys with views of the lake, the CN Tower and tons of green space. Spectra and Quartz Condos share amenities that are referred to as the Prism Club and have more than your traditional condo with pool and hot tubs, basketball courts, yoga studios, and stunning rooftop terrace to name a few.

Latest listings for Spectra Condos

 

MAPLE LEAF CONDOS

Rising above the Scotiabank Arena are Maple Leaf Condos at 55 and 65 Bremner Boulevard. For those who want to be in on the action, this place is for you. Get to the Scotiabank Arena for a Raptors or Leafs game without even going outside. The Rogers Centre is also just a stone’s throw away. The only downfall is short-term rental guests don’t have access to the building amenities. It’s also important that guests sign in at the front desk.

Latest listings for Maple Leaf Condos

 

STUDIO ON RICHMOND

Located in the heart of the Downtown Core at 199 Richmond Street West is Studio on Richmond Condos. This 31-storey condo has some condos that are over 3,200 square feet. Located around the corner from the shops and restaurants of Queen West and the entertainment of the Entertainment District, there’s no better location for those seeking short-term rentals.

Latest listings at Studio on Richmond Condos

 

QWEST CONDOS

Qwest Condos at 168 Simcoe Street is just down the street from Studio on Richmond. While they have been known to allow condo owners to rent their condos on short-term rental platforms they’re less clear on their rules. Word of advice would be to confirm with management ahead of renting out your condo on Airbnb or otherwise.

Latest listings at Qwest Condos

 

WATERCLUB CONDOS

Waterclub Condos at 8 York Street is in the true heart of tourism. Walk out to the Toronto Harbourfront beyond your door or up the street to the Scotiabank Arena. Amenities here include a billiards room, party room, rooftop with BBQs, and an indoor/outdoor pool. Perfect for peak tourist season. The views from this 37-storey condo are breathtaking: lake views, CN Tower and city views! You’ll have no trouble renting a condo here.

Latest listings for Waterclub Condos

 

THE VERVE CONDOS

The Verve Condos is the only one on the list that’s not in the downtown core. Located at 120 Homewood Avenue adjacent to charming Corktown, shops on Bloor, and even Yonge-Dundas Square. The view from the Verve’s rooftop pool are breathtaking — 40-storeys up with cabanas and a hot tub too.

Latest listings for The Verve

 

HARBOUR VIEW ESTATES II

Located at the corner of Spadina Avenue and Bremner Boulevard is Harbour View Estates II. This 49-storey condo is on the corner of the Entertainment District. A popular choice for short-term rentals with its proximity to all things Toronto: the Rogers Centre, Scotiabank Arena, the Rec Room, CN Tower, and Ripleys Aquarium to name a few. Easily get around on transit or by foot.

Latest listings at Harbour View Estates II

 

PARADE I & PARADE II


The Parade Condos are iconic with iconic Skybridge that connect the 39 and 43 storey towers. Located at 15 and 21 Iceboat Terrace, these tall towers are easily identifiable along Toronto’s skyline. The Party Zone is equipped with free WIFI, they have a games room, theatre, squash courts, gym, pool and even mani-pedi rooms. It’s the perfect “hotel alternative” and condos for sale at Parade I & II are more affordable than some other Toronto condos.

 

If you’re interested in buying a condo that permits short-term rentals, be sure to keep your eye on the ruling of Toronto short-term rental regulations this summer. Be kind to your neighbours and do your research. While short-term rentals in these building in the Entertainment District will surely be easy to rent, Toronto’s rental market in general is also very competitive and rents are at an all time high.

Latest listings for Parade

 

INDX Condos

Located in The Core neighbourhood, this Toronto condo was completed in 2015 by Lifetime Developments. You will find INDX near the intersection of Richmond St West & Bay St West in Toronto’s Downtown area. Spread out over 53 stories, suites at INDX will range in size from 365 to 1035 sqft. This Toronto condo will have 784 condo units and is set to be located at 70 Temperance Street. This condo will offer it’s residents amenities such as a Gym / Exercise Room, Common Rooftop Deck, Concierge and Party Room. Other amenities include a Media Room / Cinema and Games / Recreation Room.

latest listings for INDX Condos

 

If you need help crunching the numbers and want to know the best way to use your condo investment in Toronto’s market, book a call to discuss.

Urbanation released its Q2-2019 condo market results for the Greater Toronto Area this week. It was a robust quarter, following a slower Q1. Here are a few highlights:

– 8,902 condo units were sold across the GTA in Q2-2019. This is the second highest Q2 level on record after Q2-2017 (11,413 sales).

– The average price for all remaining (unsold) inventory in the GTA hit $1,000 psf for the first time ever, representing a 9% year-over-year increase.

– The region saw increased activity in the outskirts, including Hamilton, as a result of purchasers/investors looking for value buys.

– Only 6 projects launched for pre-sale in the former/old City of Toronto (the core). The average opening price was $1,284 psf.

– Average pricing for remaining units in the core is now $1,291 psf. This is the new standard for centrally located housing.