Congratulations to the CFAA 2020 Rental Housing Awards winners! Earlier today, CFAA announced the winners of the 5th annual Rental Housing Awards. All the finalists and winners were outstanding rental housing providers, employees, suppliers and rental developers. We congratulate them all, and especially our winners! To view the complete list of winners and finalists, click here or visit the CFAA website. To view the video of the awards presentation, including a CFAA Update from CFAA Chair, Geoff Younghusband, click the link below. CFAA Awards Presentation CFAA asks for your feedback To help CFAA assess our awards presentation, and possibly bring you [...]
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CMHC’S NEW USE OF FUNDS RULE FOR INSURED BORROWING Background On May 28, CMHC issued a notice to rental owners who have pending applications for CMHC mortgage insurance for re-financings under CMHC’s Multi-Unit Mortgage Loan Insurance (5+ units). Prompted by an acceleration in applications for refinancing, CMHC imposed a new restriction prohibiting the use of upward re-financings for equity take out. Under these new rules, upward refinancing proceeds can only be used for a permitted purpose which supports the provision of housing in Canada. See https://cfaa-fcapi.org/cmhcs-may-28-announcement/ for more details. CMHC’s clarifications On June 5, 12 and 15, CFAA met with senior [...]
CFAA Rental Housing Awards Presentation only 1 week away! Just a reminder that if you have not yet registered for CFAA's Rental Housing Awards Presentation 2020 on Thursday, June 25 at 2:00pm EDT (11:00am PDT, 12:00pm MDT/CST, 1:00pm CDT, 3:00pm ADT), you only have one week left to do so! The awards presentation is free to view live, but you must register in advance. To register, please click the link below. Register to View the Awards Presentation Note: After you register through the CFAA website, you will be sent a link to the Zoom event. You must also register [...]
Watch the CFAA Awards Presentation Live CFAA will be holding an awards presentation via Zoom to celebrate the finalists and winners of the CFAA Awards Program 2020. CFAA Awards Presentation Date: Thursday, June 25, 2020 Time: 2:00pm EDT* *11:00am PDT, 12:00pm MDT/CST, 1:00pm CDT, 3:00pm ADT The awards presentation is free to view live, but you must register in advance. To register, please click the link below. Register to View the Awards Presentation Note: Please use the same email to register as you use for Zoom, to avoid needing to register twice. [...]
Access the recording of "CFAA Presents: Benjamin Tal" CFAA recently presented Benjamin Tal's economic update for May 27, 2020. The state of the economy is important for rental housing providers. Factors such as unemployment, immigration and non-permanent residents, and consumer spending, impact directly on rental demand, and thus on vacancies and rent levels. Interest rates affect the value of rental properties for any given level of net income. The presentation ends with comments about the varying impacts of COVID-19 across Canada's rental markets going into the future. Landlords can expect different impacts in Toronto and Vancouver from the impacts in [...]
CMHC’s May 28 Announcement On Thursday, May 28, CMHC issued a notice to rental owners who have pending applications for CMHC insurance for re-financings in relation to CMHC’s Multi-Unit Mortgage Loan Insurance (5+ units). Prompted by an acceleration in applications for refinancing, CMHC imposed a new restriction on use of funds as a condition of insurance for market refinance loans. Under the new rule, refinance proceeds must be used for a permitted purpose in relation to residential housing. This could include one or more of the following: purchase, construction, capital repairs/improvements (including for increased energy efficiency and accessibility), securing [...]
CFAA-FRPO Lobbying Success for Mixed-Use Landlords Canada Emergency Commercial Rent Assistance (CECRA) Of interest to landlords with ANY commercial tenants anywhere in Canada The federal government created the CECRA to help small businesses pay their commercial rents. With costs divided between them, the federal government and each provincial government will provide forgivable loans paid to qualifying commercial property owners to cover 50% of the April, May, and June rent payments for eligible small business tenants. The relief can be applied retroactively. Under the program, the tenant would pay at most 25% of rent, and the landlord must forego at [...]
Webinar - CFAA Presents: Benjamin Tal The webinar, CFAA Presents: Benjamin Tal, will take place on Wednesday, May 27, from 4:00pm to 5:00pm EDT. Benjamin's presentation will be on the economy, and what Canadian rental housing providers can expect for the next 12 months, due to COVID-19. REGISTER TODAY CFAA Affiliate Members can attend for $75+HST. CFAA Affiliate Members include the landlord members of CFAA member associations. For this webinar, we will also extend that price to supplier members of CFAA member associations. CFAA Direct Members can obtain a discount of $30, for a net cost of $45. To receive [...]
The information stated here is believed to be accurate at May 11, 2020. The program details may change at any time. Readers should check for updates, and obtain advice from their professional advisors about their particular situations. COVID-19 Relief Updates and Reminders This e-Newsletter addresses three sets of benefits for tenants, and four which may be available to some landlords. Canada Emergency Response Benefit (CERB) Landlords may want to make sure tenants know they need to reapply every four weeks. CFAA understands that many applicants received eight weeks worth of benefits in mid-April: four weeks to cover March [...]
Webinar: May Rent Collections, Tenant Relations and Staffing Issues The face-to-face version of CFAA-RHC 2020 was cancelled due to COVID-19, but CFAA still plans to bring you our education sessions and wonderful speakers. However, this will be done by webinar. The first webinar, May Rent Collections, Tenant Relations and Staffing Issues, takes place on Thursday, May 14 from 11:00am to 12:00pm EDT. REGISTER TODAY Direct Members of CFAA and Affiliate Members (landlord members of CFAA member associations) can attend for free. Non-members may register and attend for $45+HST. ADVANCE REGISTRATION IS REQUIRED. The following speakers, whose companies operate in all 10 provinces, [...]