Ontario Apartment Group

04/04/2024

⬇️Ottawa Considering Renter's Bill of Rights, Including Rent Price History.⬇️

The Canadian federal government is proposing the introduction of a Canadian Renters' Bill of Rights, a move necessitating the cooperation of the nation's ten provinces and three territories.

During a speech in Vancouver, Justin Trudeau underscored the 2024 Budget's focus on renter protections, fair rental market practices, and facilitating renters' transition to homeownership. The proposed budget includes a $15 million allocation for a tenant protection fund designed to support legal aid and tenants' rights organizations to combat issues such as unjust rent hikes, evictions under the guise of renovations, and problematic landlords.

Central to the proposed Renters' Bill of Rights, to be developed in collaboration with provincial and territorial governments, is the establishment of a rent registry for transparent apartment pricing histories, aiming to empower renters. The budget also proposes a standardized national tenancy agreement.

John Dickie of the Canadian Federation of Apartment Associations, was one of many who voiced concerns, questioning the constitutional validity of the proposal and predicting resistance from several provinces, rightly pointing out that housing regulation falls within provincial purview.

The initiative also encompasses measures like amending the Canadian Mortgage Charter to incorporate rental payment histories in credit assessments, potentially influencing landlords, banks, and credit agencies. While some stakeholders, including the Corporation des propriétaires immobiliers du Québec, view the bill as a positive step towards clarifying tenants' rights, others, like tenant advocacy groups, await further details, hopeful for financial support to bolster their efforts in advocating for tenant rights and the establishment of rental registries to counter significant rent increases.

To be clear, rental (un)affordability is not a landlord issue. It is a policy issue resulting from the demand created by the perfect storm of short supply (land policy), home ownership unaffordability (bank policy), and unprecedented population growth (immigration policy). The Trudeau government is deflecting.

Further specifics on the Renters' Bill of Rights are anticipated with the full budget presentation in Parliament.

https://www.cbc.ca/news/politics/government-renters-bill-of-rights-1.7157206 #:~:text=Ottawa%20will%20work%20with%20provinces,tenants%20to%20negotiate%20their%20rent

04/02/2024

⬇️Ottawa Considering Renter's Bill of Rights, Including Rent Price History.⬇️

The Canadian federal government is proposing the introduction of a Canadian Renters' Bill of Rights, a move necessitating the cooperation of the nation's ten provinces and three territories.

During a speech in Vancouver, Justin Trudeau underscored the 2024 Budget's focus on renter protections, fair rental market practices, and facilitating renters' transition to homeownership. The proposed budget includes a $15 million allocation for a tenant protection fund designed to support legal aid and tenants' rights organizations to combat issues such as unjust rent hikes, evictions under the guise of renovations, and problematic landlords.

Central to the proposed Renters' Bill of Rights, to be developed in collaboration with provincial and territorial governments, is the establishment of a rent registry for transparent apartment pricing histories, aiming to empower renters. The budget also proposes a standardized national tenancy agreement.

John Dickie of the Canadian Federation of Apartment Associations, was one of many who voiced concerns, questioning the constitutional validity of the proposal and predicting resistance from several provinces, rightly pointing out that housing regulation falls within provincial purview.

The initiative also encompasses measures like amending the Canadian Mortgage Charter to incorporate rental payment histories in credit assessments, potentially influencing landlords, banks, and credit agencies. While some stakeholders, including the Corporation des propriétaires immobiliers du Québec, view the bill as a positive step towards clarifying tenants' rights, others, like tenant advocacy groups, await further details, hopeful for financial support to bolster their efforts in advocating for tenant rights and the establishment of rental registries to counter significant rent increases.

Further specifics on the Renters' Bill of Rights are anticipated with the full budget presentation in Parliament.

https://www.cbc.ca/news/politics/government-renters-bill-of-rights-1.7157206 #:~:text=Ottawa%20will%20work%20with%20provinces,tenants%20to%20negotiate%20their%20rent

03/11/2024

⬇️ Bank of Canada Interest Rate Announcement ⬇️

On March 6th, the Bank of Canada announced the overnight rate would be held at 5% once again. The Canadian economy continues to strengthen, but at a slow pace. The Consumer Price Index (CPI) fell to 2.9% in January, easing the cost of goods, but shelter price inflation remains high and is the single biggest contributor to overall inflation currently. The Bank decided to hold the policy rate steady as they are still concerned about the outlook for inflation, as it hasn’t come down quite enough yet for them to feel comfortable lowering the policy rate.

Most industry experts have been predicting that the policy rate would be coming down as early as April but this outlook seems to be moving further out. The Bank’s Governor indicated in their press release that they are anticipating inflation to remain around 3% until mid-year and then they expect to see a slow decline in the latter half of the year, which implies they will likely keep the policy rate steady until later in the year.

What does this mean for Ontario landlords?

The cost of borrowing will remain relatively high until rates start coming down, and the longer the overnight rate stays high, the more risk that landlords due to renew their mortgages will be renewing at higher rates than in the past.

On the plus side, inflation in the cost of goods is slowly coming down, which means that landlords purchasing items for renovations or repairs should see some relief on those costs. And of course rent inflation remains high, so increased asking rents can continue to help to offset the increased costs associated with carrying a mortgage or other loans.

For more information, visit:
https://www.bankofcanada.ca/2024/03/fad-press-release-2024-03-06
https://www.bankofcanada.ca/2024/03/opening-statement-2024-03-06

12/22/2022

FIRM SALE: 123 King St East, Colborne

10/28/2022

NEW TO MARKET

Re/Max Eastern Realty Inc. Brokerage – Ontario Apartment Group is pleased to present 123 King St East, currently operating as a 22-unit rental apartment property located in Colborne, Ontario. The property offers significant rental upside through market leasing upon tenant turnover.

Offering Memorandum available on request. Access to the Due Diligence Material package is available to Prospective Purchasers who complete the Confidentiality Agreement available at https://ontarioapartmentgroup.ca/CA/123-king

10/11/2022

In this second episode of the Ontario Multifamily Investment Podcast we’re joined by guest Robert Gauvreau from Gauvreau Accounting & Tax Advisory.

Full Episode: https://ontarioapartmentgroup.ca/resources/podcast/robert-gauvreau/

09/21/2022

In this introductory episode of the Ontario Multifamily Investment Podcast we’re joined by guests Adam Powadiuk and Aaron Cameron from First National.

Full Episode: https://ontarioapartmentgroup.ca/resources/podcast/multifamily-financing-update-with-adam-powadiuk-and-aaron-cameron-of-first-national/

05/20/2022

The Ontario government recently convened the Ontario Housing Affordability Task Force, meant to address the growing issue of housing needs across the province. Despite the slow decline in housing starts over the past several decades, and the exacerbating effects of the COVID-19 pandemic, 2021 saw a sharp increase in housing starts, which sets an optimistic start to the push to increase Ontario’s housing supply. The Task Force recently published a report outlining 55 recommendations to spur on this progress, with the primary goal being to build 1.5 million new housing units over the next 10 years to close Ontario’s housing gap.



Read More: https://ontarioapartmentgroup.ca/resources/rental-market/the-housing-crisis-part-3-ontario-housing-affordability-task-force/

03/25/2022

Affordable housing, both for prospective homeowners and renters, is in very short supply across the province. Rental vacancy rates in major urban centres typically being lower than the recommended “healthy” rate of 3-5%.

Households renting long term can carry an unfair stigma that they are less financially stable or are somehow lacking in character if they are unable to afford to buy a house or condo.

There is also a misplaced but common concern that the presence of affordable housing in a community will lower property values and/or increase crime rates in the area.



Read more:

Affordable housing, both for prospective homeowners and renters, is in very short supply across the province. Rental vacancy rates in major urban centres typically being lower than the recommended “healthy” rate of 3-5%. Households renting long term can carry an unfair stigma that they are less ...

03/12/2022

The COVID-19 pandemic has permanently changed the way we view our daily interactions with each other and our environments.
Buildings are currently designed with certain risks in mind, such as smoke, fire, power failures, and flooding. But the pandemic has manifested the need for the future of building design to safeguard public health.

Considerations such as contactless interaction, ventilation, moisture control, noise reduction, and adequate space for working from home are all pivotal factors, among others, being considered in the future of building design following the experiences of tenants throughout the pandemic.



Read more:

The COVID-19 pandemic has permanently changed the way we view our daily interactions with each other and our environments. Buildings are currently designed with certain risks in mind, such as smoke, fire, power failures, and flooding. But the pandemic has manifested the need for the future of buildi...

02/25/2022

The COVID-19 pandemic has permanently altered the way we experience and perceive our environments, with new considerations taking priority in what we expect from property owners and managers.

Public health guidelines and city bylaws have been issued and updated regularly since the onset of the pandemic. Some guidelines have been discontinued or made redundant as we have gained a better understanding of the virus and the most effective means of controlling it, but several more have become engrained in society as part of “the new normal”, and will likely be integrated into building functionality permanently.

There are several staffing and tenant control measures, as well as record, data, and process management actions which can support the maintenance of COVID safe buildings moving forward.



Read more:

The COVID-19 pandemic has permanently altered the way we experience and perceive our environments, with new considerations taking priority in what we expect from property owners and managers. Public health guidelines and city bylaws have been issued and updated regularly throughout the province sinc...

02/11/2022

A long-term strategic capital expenditure plan should be the first line of defense in ensuring no unforeseen large capital expenses creep up on landlords. Not to be confused with operating expenditures (OpEx) such as wages, taxes, insurance, equipment maintenance, etc., a thorough CapEx plan should include information on assets which provide a long-term benefit to the landlord and tenants, such as structures (foundation, windows, parking lot resurfacing, etc.), equipment (computers, security systems, printers, etc.), and appliances (laundry machines, stoves, refrigerators, etc.).



Read more:

A long-term strategic capital expenditure plan should be the first line of defense in ensuring no unforeseen large capital expenses creep up on landlords. Not to be confused with operating expenditures (OpEx) such as wages, taxes, insurance, equipment maintenance, etc., a thorough CapEx plan should....