Montreal condos on REM sites are were the exception to a record breakingyear for Canadian real estate.
Rates will likely remain low, but there is talk of change.
Montreal’s new light-rail transit system is set to change the landscape of the city’s commercial real estate market, according to industry experts.
Office vacancy rates have climbed across the country during the pandemic, with downtown Toronto’s jumping to 7.2 per cent in the fourth quarter, as tenants tried to offload space and did not renew leases after months of having their employees work remotely.
Retail landlord First Capital Real Estate Investment Trust cut its monthly distribution in half as economic shutdowns escalate across Canada, marking the second major retail REIT to slash its payout over the past month.
Over a 12-month period ending July 1, 2020, and overlapping with the first wave of the pandemic, the metropolitan area of Toronto saw a net intraprovincial outflow of 50,375 people, according to Statistics Canada figures released Thursday. That means 50,375 more people left the Toronto area for other parts of Ontario than moved in – a record high according to data going back almost two decades.
Areas outside downtown cores have also been affected by lockdowns, and building owners and managers, business and retail tenants and investors and developers are not only looking to respond in the short term but are looking at what trends may continue long term.
Apartment vacancy rates in Toronto spiked to 5.7 per cent last year, a record high as demand weakened during the pandemic and sent rental prices tumbling.
The annual pace of housing starts in December fell compared with November, according to Canada Mortgage and Housing Corp.
Home starts declined to 228,300 units last month on an annualized basis, down 12.6% from a revised 261,200 units in November, Canada Mortgage and Housing Corp. said Monday in Ottawa. The overall number missed the 230,000 median forecast in a Bloomberg survey.
Getting a mortgage for a resort-area condo might become more difficult after Fannie Mae and Freddie Mac moved to tighten rules on buildings with many short-term rentals and hotel-like amenities, some Realtors and bankers say.
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