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Marijuana Rules for Condominiums

With the news of Cannabis Legislation being introduced shortly, condominium corporations are racing to put rules into place.

Many condominium managers and board members are asking, why the rush? There are important reasons for putting  new rules in place now.  Those rules should not only cover the smoking of marijuana but also should deal with the cultivation and delivery of cannabis to the condominium.

Some condominium corporations are taking this opportunity to become “smoke free” by prohibiting smoking of any kind in units and common areas.  When this is done, existing smokers are “grandfathered”.

To understand the impact of marijuana, how to implement rules and what it means to “grandfather” smokers.

This topic has been a very “hot” topic these past couple of months.  The following discussions outline some of the concerns that condo managers and board members should address:

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Toronto And Vancouver Housing Is Going To Get Even Pricier

Measures to promote supply are needed, but the resulting new-build supply won’t be cheap.

Housing in Toronto and Vancouver is very expensive, and it is going to get worse.

The respective provincial governments took action to combat the rapid price growth in these metro areas, with the biggest moves being taxes aimed at foreign buyers. The immediate reaction to the taxes were huge declines in transactions in the resale market.

Market interventions on the demand-side of the equation are the best solutions short-term, but they may not have a lasting impact on the market unless paired with processes aimed at encouraging supply.

Vancouver and Toronto have targeted supply measures to free up homes left empty by their owners, as well as actions to curb short-term rental platforms like Airbnb (to add those homes back into the rental stock).

Supply measures take time, and the average resale house price in the Greater Vancouver area is now approximately $70,000 above the peak price prior to the market intervention last year, demonstrating that the impact of the foreign buyer tax was temporary.

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Ottawa home prices jump 7.1% year over year

Ottawa’s housing market seems to be outperforming many other cities in Ontario, according to the latest numbers from the Canadian Real Estate Association (CREA).
Home prices rose 7.1 per cent in Ottawa in August compared to the same month a year prior, according to data CREA released Monday.
The price of a two-storey single-family home increased 8.2 per cent during the same time.
In previous years, Ottawa’s real-estate market didn’t see the same price growth that a lot of southern Ontario went through, said Ben Rabidoux, president of North Cove Advisors, a real-estate market research firm.
“You could almost argue this is a bit of a catch up … because Ottawa had underperformed for so long,” he said.
Ottawa’s growth was higher than several other places in the province the association tracks. Home prices rose 1.4 per cent in the Greater Toronto Area, 6.6 per cent in the Niagara region and 5.5 per cent in Guelph.
The Hamilton and Burlington area outpaced Ottawa’s numbers with a price increase of 7.2 per cent.
Prices in southern Ontario rose considerably over the past several years and have risen faster than people’s incomes, Rabidoux said.
“There is a bit more room for prices to run in Ottawa and for demand to stay a little more buoyant than you would in the southern Ontario metros.”
That could change if interest rates go up considerably or if there is a sudden surge of supply, Rabidoux said, but he expects prices may continue to rise for a few more quarters