Patrick  Hulley

Patrick Hulley

Broker of Record

RE/MAX RISE EXECUTIVES, BROKERAGE*

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613-541-9821
Office:
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Patrick Hulley's blog

The Bank of Canada's December 11th Interest Rate Announcement (Updated Dec 11th!)

The Bank of Canada (BoC) is widely anticipated to reduce its benchmark interest rate by 50 basis points at its upcoming policy meeting on December 11, 2024. This expected cut would lower the overnight rate from 3.75% to 3.25%, marking the fifth consecutive rate reduction since June.

Economic Indicators Influencing the Decision:

  • Rising Unemployment: In November, Canada's unemployment rate unexpectedly increased to 6.8%, the highest level in nearly eight years, excluding the pandemic period.This rise occurred despite the addition of 50,500 jobs, indicating that job creation is not keeping...

Key Impacts of CMHC Policy Changes on Apartment Lending (Effective November 15, 2024)

Key Impacts of CMHC Policy Changes on Apartment Lending (Effective November 15, 2024)

1. Appraisals

  • All multi-unit loan applications now require appraisals, regardless of size.
  • Reports must meet industry standards, include three valuation methods, and be dated within 12 months of submission.

2. Qualifying Interest Rates

  • For loans with terms of 10+ years, CMHC will apply the higher of the market or contract interest rate.
  • This mirrors the approach for 5-year terms and may make shorter terms (e.g., 5 years) more appealing for borrowers due to better debt-service ratios (DSCR).
  • Increased...

Top 5 Things Real Estate Investors Need to Know About Bill 23

At the end of 2022, the Provincial Government of Ontario introduced Bill 23, a game-changing zoning law that surprisingly few know about. This legislation allows "As of Right Zoning," meaning you can now convert single-family homes or vacant land into duplexes, triplexes, or even a duplex with a detached unit without the lengthy, costly approval process that used to be required. 

Previously, such conversions involved public meetings and hefty development charges, often adding tens of thousands to the cost. Now, Bill 23 not only simplifies the process but also eliminates many of these fees,...

INCENTIVIZING RESIDENTIAL MULTI-FAMILY DEVELOPMENT IN CANADA

Incentivizing Residential Multi-Family Development in Canada: What Developers Need to Know

The landscape of Canadian housing markets has long grappled with the challenge of limited vacancy rates. Finally, political measures are in motion to address this pressing issue by incentivizing the construction of new rental housing stock. As the legislation progresses towards final approval, it's crucial for developers to grasp the implications for the construction of new residential apartments.

Here's a breakdown of key points that developers should consider:

  1. HST Rebates: The...

GST Rebate for Landlords Announced by Federal Government

Enhanced GST Rebate for Landlords of New Residential Buildings Announced by Federal Government

Introduction:

The Canadian federal government has recently unveiled a new and enhanced goods and services tax (GST) rebate for landlords of new residential rental buildings, in response to the growing concerns surrounding housing affordability in Canada. The significant rebate will apply to specific types of rental housing, such as certain apartment buildings, student housing, and senior residences, designed for long-term rental accommodation. In this blog post, we'll delve into the details...

FOREIGN BUYERS CAN PURCHASE IN ONTARIO: EXPLORING REAL ESTATE OPPORTUNITIES

Introduction

Purchasing property in a foreign country presents exciting prospects. For those eyeing Ontario, Canadaas their real estate destination, recent regulatory changes that took effect in January 2023 have brought about a landscape of both opportunities and considerations. This guide delves into the intricacies of these changes, offering a thorough understanding of the real estate options available to those from abroad who are considering Ontario as their new home or investment destination.

Understanding the New Rules for Foreign Home Buyers

The Canadian government’s aim...

ZONING

ONE WORD WITH BIG MEANING

In the ever-evolving world of commercial real estate, the devil does lie in the details. Whether you’re leasing or acquiring a commercial property for your future endeavors, there’s one crucial detail that reigns supreme: ZONING. This single word can mean the difference between smoothly operating within a location or being caught up in a web of regulations, seeking variances or amendments to zoning by-laws and official plans. Who needs the hassle and headaches that come with it, right?

Let’s dive into the realm of zoning by exploring the City of Kingston...

LEASING 101

INSIGHTS FROM A COMMERCIAL LEASING PROFESSIONAL

Thinking of leasing space for your business? Finding the right fit can be a daunting task. With a career spanning over three decades in real estate, I’ve learned valuable lessons and hard-earned insights to share with fellow tenants. I’m here to assist you in navigating the world of commercial leasing with confidence and success.
 

Getting Started

First thing’s first. A lease starts with a leasing mandate. The mandate should take a holistic approach that considers both the current and projected (5-10 years) business needs. In some...

HST ON COMMERCIAL REAL ESTATE PURCHASES

Every HST-registered business understands the basics of HST. You charge it on goods and services you provide (outputs) and you pay it on goods and services you purchase to run your business (input tax credits, or ITCs). Every reporting period, typically quarterly, you either remit or claim the difference between HST outputs and HST input tax credits. That we all understand. But things can quickly become less clear. To use an example, let's say a private consulting firm elects to purchase an office building and move away from leasing. For this example, the building purchased costs...

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