On April 10, 2024, the Bank of Canada announced it was keeping its overnight rate target at 5%, alongside a Bank Rate of 5.25% and a deposit rate of 5%. It also maintained its strategy of reducing money in circulation, for quantitative tightening. The Bank predicts the global economy will grow around 3%, with inflation in most developed economies gradually decreasing and the US economy outperforming expectations. While US economic growth is expected to slow in the latter part of the year, it will still be stronger than expected in January. The euro area is anticipated to slowly recover from it ..read more

An Altus Group study found that, in the final quarter of 2023, the Greater Toronto Area (GTA) witnessed a total dollar volume of $22.8 billion in 2023’s final quarter, showing a drop of roughly 25% compared to the year before. Despite this slight deceleration, Toronto has kept its place as one of the top three markets for investors; Vancouver and Ottawa are the other leaders. The industrial sector maintained stability, with $7.6 billion in dollar volume transacted, showing a marginal increase year-over-year, while the hotel sector exhibited signs of recovery, with $202 million in dollar volume ..read more

Amidst macroeconomic challenges, Vancouver was the most preferred market by investors in the fourth quarter of 2023, followed by Toronto and Ottawa In the fourth quarter of 2023, Vancouver’s office sector saw a significant drop in value, down 36% from the previous year to $579 million. Office space availability increased slightly to 12.2%, showing stability. Around 608,769 ft2 of new office space became available, with 78% of it already leased. Notably, two new Class-A office buildings, The Post and B6, were added to downtown Vancouver. Additionally, construction is underway for nearly 4.1 mil ..read more

On March 21, 2024, Immigration, Refugees and Citizenship Canada made an announcement regarding temporary residents. While recognizing the contribution to Canada that immigration provides, a key point of the announcement is that a target has been set to decrease the temporary resident population to 5% of the total population over the next three years. The aim is to manage and balance immigration sustainably, aligning it with labour market needs, and ensuring integrity in the system. The announcement notes that employment is 1.2 million jobs above the pre-COVID February 2020 level. As of Februar ..read more

Significant legislative changes to short-term rentals in BC are coming into effect on May 1, 2024. The Short-Term Rental Accommodations Act, which gained royal assent on October 26, 2023, was aimed at increasing the supply of long-term residential housing, empowering local authorities with better tools for short-term rental bylaws, and developing a new provincial registry for all short-term rental hosts. The overall goal was to return short-term rental units back to the long-term rental market. While some of the legislation took effect immediately, some changes are slated to come into effect i ..read more

The Metro Detroit area is diverse and dynamic, and offers real estate investment opportunities to match. With its unique mix of affordability, growth potential, and a growing business sector, Detroit appeals to investors looking to capitalize on emerging opportunities.  However, investing in Metro Detroit’s real estate market requires a keen understanding of the data trends shaping property values, rental demand, and economic growth, as well as in-depth knowledge of the wide range of neighbourhoods and their unique characteristics. Developing informed strategies to capitalize on emerging ..read more

On March 27, 2024, Prime Minister Justin Trudeau announced that there would be measures coming out in Budget 2024 aimed at helping renters and making it easier for them to become homeowners. The 2024 federal budget will be presented on April 16th. He unveiled some key initiatives, which include the introduction of a new $15 million Tenant Protection Fund to bolster legal aid and tenant advocacy efforts, protecting tenants against unjust rent hikes, exploitative landlords, and “renovictions”. A renoviction is a tactic where a landlord will evict a tenant, claiming to be completing major renovat ..read more

Traditional investment structures play an important role in real estate, but they often have limitations that impact both developers and investors, restricting growth and efficiency. They can diminish the potential investment fund pool for developers, and minimize choices and tax efficiency investing for investors. However, Axiom’s Mutual Fund Trust (MFT) structure offers a compelling solution, revolutionizing the way developers access capital and providing a win-win scenario for both parties involved. Mutual Fund Trusts (MFTs) Mutual Fund Trusts (MFTs) are very popular because of their tax-ef ..read more

On January 3, 2023, the B.C. government implemented the Home Buyer Rescission Period (HBRP) for residential real estate transactions.  This “cooling-off period,” gave homebuyers up to three business days to rescind an offer on a home after the offer had been accepted, with certain exceptions. The period excludes weekends and holidays. Under the HBRP, only buyers have the right to rescind a contract. To do so, buyers must notify the seller in writing before the rescission period ends and pay a rescission fee, which amounts to 0.25% of the offer price. In March this year, however, the BC Re ..read more

As space becomes more of a premium, especially in population-dense areas in Ontario, more Canadian homeowners are looking for storage solutions. Maximizing storage has become an important part of managing spaces for homeowners, renters, and entrepreneurs or businesses alike. As a result, finding effective storage to solve a range of modern lifestyle challenges is becoming a rising Canadian trend. Various strategies for maximizing space and decluttering are very effective, but more Canadians are still finding a need for extra storage, turning to solutions like Self Stor Storage. Maximizing Spac ..read more