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CFAA comments on the CMHC rental report for Oct 2020

2021-12-17T11:56:53-05:00

News Release Recent changes temporary - Governments need to make the tax and development climate better for rental investment According to CMHC, the average rental vacancy rate in major centres across Canada increased from 2.0% in October 2019 to 3.2% in October 2020. According to CFAA’s members, vacancy rates generally increased in the city centres and university towns, while staying flat in suburbs and in smaller centres which do not serve universities or colleges. CFAA President, John Dickie, says, “Despite the increase in vacancy rates due to COVID-19, there remains an underlying shortage of rental housing, especially in Greater Toronto [...]

CFAA comments on the CMHC rental report for Oct 20202021-12-17T11:56:53-05:00

Take care NOW to maintain your access to CMHC-insured funds

2021-12-17T11:57:16-05:00

Take care NOW to maintain your access to CMHC-insured funds As a result of CMHC’s mortgage insurance changes announced on May 28, rental housing providers need to take new steps if they want to maintain maximum access to CMHC insured funds. The new rule is that CMHC insurance can no longer be used to insure funds which include equity take out from rental housing, except for the first insured financing for a newly constructed rental building. Generally, insured funds must be used for permitted purposes, which include the purchase of rental housing, capital repairs to rental housing, and construction of [...]

Take care NOW to maintain your access to CMHC-insured funds2021-12-17T11:57:16-05:00

Current Lobbying and Mortgage Webinar

2020-11-09T12:46:18-05:00

CFAA's current lobbying As you know, CFAA’s main lobbying issues are housing policy and tax policy as they affect rental housing property, at the federal level. CFAA is meeting with the new Finance Minister’s office about both key policy areas. We are also to make a presentation to the federal Finance Committee about Budget 2021. Key areas under the Finance Minister include: COVID-19 RELIEF 1: Accelerate the delivery of the Canada Housing Benefit (CHB) or other forms of rent subsidy, especially to deal with arrears built up due to COVID-19 2: A tax credit to help badly affected rental housing [...]

Current Lobbying and Mortgage Webinar2020-11-09T12:46:18-05:00

Update on CMHC’s New Use Of Funds Rule For Insured Borrowing

2021-12-17T11:57:34-05:00

UPDATE ON CMHC’S NEW USE OF FUNDS RULE FOR INSURED BORROWING Background As CFAA reported on June 2 and June 17, CMHC ruled on May 28 that its mortgage insurance cannot be used for upward re-financing to take out equity from rental properties of 5 units or more. Generally, equity can only be taken out (using insured funds) on the first insured financing of a new residential rental building, or after a purchase closed with uninsured funds and equity. In all situations, uninsured funds (“conventional funds”) can be used to take out equity, but that is more costly than [...]

Update on CMHC’s New Use Of Funds Rule For Insured Borrowing2021-12-17T11:57:34-05:00

CMHC’s May 28 Announcement

2020-07-09T13:55:46-04:00

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 [...]

CMHC’s May 28 Announcement2020-07-09T13:55:46-04:00

CMHC and tenant advocates say tenants should pay their rents if they can

2020-07-09T14:59:28-04:00

The information stated here is believed to be accurate at April 7, 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. CMHC and tenant advocates say tenants should pay their rents if they can This morning, CBC News published an article about the need for tenants to pay their rent, if they are able to. Evan Siddall, President & CEO of CMHC, released the following tweets on March 21, which the articles quotes: Please share widely: compassionate relief of mortgage and rent payments [...]

CMHC and tenant advocates say tenants should pay their rents if they can2020-07-09T14:59:28-04:00

Canada’s new Housing Supply Challenge

2020-07-08T16:29:22-04:00

Canada’s new Housing Supply Challenge CMHC is currently developing Canada’s first Housing Supply Challenge, a $300M competition announced in Budget 2019 to seek and to help implement new ideas to reduce the barriers associated with the creation of additional housing, and especially affordable or mixed income housing. The program is likely to be divided into several categories. Possible categories include intensification while enhancing quality of life,Northern housing, housing data and others. The ability to replicate proposals will likely be an important criterion in the competitions. The first round of the competition is expected to be announced in June 2020, with [...]

Canada’s new Housing Supply Challenge2020-07-08T16:29:22-04:00

CFAA comments on CMHC Rental Market Reports

2020-07-08T16:26:24-04:00

Average vacancy rate decreases 0.2% to 2.2% --- Governments need to make the tax and development climate better for rentals According to CMHC, the average rental vacancy rate in major centres across Canada decreased from 2.4% in October 2018 to 2.2% in October 2019. Vacancy rates generally declined in the Maritimes, Quebec, Alberta, and Saskatchewan, while increasing by modest amounts in centres in Newfoundland, most of Ontario and most of British Columbia. CFAA President, John Dickie, says, “Despite low vacancy rates, the turnover rates show that there is adequate access to rental housing in some form in almost all centres, [...]

CFAA comments on CMHC Rental Market Reports2020-07-08T16:26:24-04:00

CMHC Housing Conference – presenting progressive views

2020-07-08T16:24:17-04:00

As well as continuing to provide mortgage insurance and rental market reporting, CMHC is reorienting its work and operations to focus more on affordable housing. CMHC’s new goal is that “by 2030, everyone in Canada will have a home they can afford and that meets their needs.” In November 2018, CMHC held a large two day Housing Conference, covering a broad range of housing topics, including numerous speakers who offered progressive views on many important issues related to rental housing. Many for-profit rental housing providers would take issue with some of the ideas the invited speakers put forward, or [...]

CMHC Housing Conference – presenting progressive views2020-07-08T16:24:17-04:00

CMHC’s Rental Market Survey coming soon

2020-07-08T16:24:10-04:00

Canada Mortgage and Housing Corporation (CMHC) will be conducting its annual Rental Market Survey during the first two weeks of October 2019. The Rental Market Survey is important for all landlords because it provides up-to-date, accurate, and comprehensive information on rental markets across Canada. CFAA encourages owners and property managers to provide their data to CMHC survey enumerators when they contact you. All survey data gathered is strictly confidential, and CMHC does not disclose building specific information to third parties, nor do they use it for reviewing mortgage loan applications or renewals. The Rental Market Survey reports should be available [...]

CMHC’s Rental Market Survey coming soon2020-07-08T16:24:10-04:00
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