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Canada’s #1, most widely read publication for Apartment Owners, Managers and Association Executives

Vol.7 No.1 March 2014 rentalhousingbusiness.ca

RENTAL HOUSING BUSINESS

HAMILTON OWNERS ILLUSTRATE REGIONAL STRENGTH Industry Trivia

Association Spotlight: WRAMA

RHB Apartment Market Report

National Outlook: RHB Edition


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T

he 2014 federal budget included no measures aimed at rental housing, and no tax increases or decreases. There is also relatively little new on federal housing policy.

What is new is the approach CFAA is taking to our annual Rental Housing Conference, taking place this year in Vancouver from June 9 to 11. Rather than addressing rental investment on day 1 and rental operations on day 2, this year’s conference covers both broad topics on both days. Instead of two streams of topics per day, there will be three. As well, CFAA has arranged for four key note speakers, two per day, to add more energy to the conference. Benjamin Tal will be back with his always-entertaining economic update. Also on June 10, Michelle Ray will address the issues in leading our multigenerational workforce and customer base. On June 11, we will welcome Lisa Trosien, the Apartment Expert, to speak about the human factor in leasing. Michael Geller will address the development of new rental housing, including new incentive programs and the impact of new development on existing rental housing. Besides the keynote speakers, CFAA will present more than 50 experienced landlords, consultants and suppliers. Speakers will address topics of relevance to landlords of all sizes on both days.

Another conference of note for rental housing providers is Landlord WEBCON, which will take place on May 8, and is described at page 5. National Outlook also reports and comments on landlord licensing, which is now spreading both within and outside Ontario. This issue of RHB Magazine profiles the Waterloo Regional Apartment Management Associations, Arun Pathak, a landlord in Hamilton (and long-time association leader), and Paul R. J. Martindale, who operates Wink Properties & Realty Inc. Still available from CFAA is the Rental Housing Employee Compensation Survey for 17 cities or areas across Canada, which includes both building-based and head office positions. For details about the compensation survey, or the 5th annual CFAA Rental Housing Conference, see www.cfaa-fcapi.org or telephone 613-235-0101 (between 9:00 and 5:00 Eastern time). We look forward to hearing from you!.

John Dickie John Dickie, CFAA President

The Conference will include the building innovations tour (during the afternoon of June 9); a reception and supper, and an after-party hosted by Wyse Meter Solutions, all at the Vancouver Lookout Tower (June 10); two full days of educational sessions; and lots of networking opportunities. More details are set out in National Outlook, following page 28.

CFAA Member Associations Eastern Ontario Landlord Organization (EOLO) www.eolo.ca P: 613-235-9792

London Property Management Association (LPMA) www.lpma.ca P: 519-672-6999

Federation of Rental-housing Providers of Ontario (FRPO) www.frpo.org P: 416-385-1100, 1-877-688-1960

Manufactured Home Park Owners Alliance of British Columbia (MHPOA) www.mhpo.com P: 1-877-222-4560

Greater Toronto Apartment Association (GTAA) www.gtaaonline.com P: 416-385-3435

New Brunswick Apartment Owners Association (NBAOA) www.nbaoa.myidealhome.com P: 506-640-1460

Hamilton & District Apartment Association (HDAA) www.hamiltonapartmentassociation.ca P: 289-440-3185

Professional Property Managers’ Association (of Manitoba) (PPMA) www.ppmamanitoba.com P: 204-957-1224

Investment Property Owners Association of Nova Scotia (IPOANS) www.ipoans.ns.ca P: 902-425-3572

Landlord BC www.landlordbc.ca P: 1-888-330-6707

Kingston Rental Property Owners Association (KRPOA) www.kingstonrentals.com P: 613-572-7276

Vancouver Office (formerly BCAOMA) www.bcaoma.com P: 604.733.9440, 1-877-700-9440

Victoria Office (formerly ROMS BC) www.romsbc.com P: 250-382-6324, 1-888-330-6707 Saskatchewan Rental Housing Industry Association (SRHIA) www.srhia.ca P: 306-653-7149 Waterloo Regional Apartment Management Association (WRAMA) www.wrama.com P: 519-748-0703 The Canadian Federation of Apartment Associations represents the owners and managers of close to one million residential rental suites in Canada, through 13 apartment associations and direct landlord memberships across Canada. CFAA is the sole national organization representing the interests of Canada’s $480 billion rental housing industry. For more information about CFAA itself, see www.cfaa-fcapi.org or telephone 613-235-0101


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Editor’s Note

I

Vol. 7 No. 1 CO-FOUNDER, DIRECTOR

’m sure that most of you have had enough cold, snow and whatever inclement weather you’ve experienced in 2014. I was fortunate enough to get away for a week to warmer climes, where a few clouds and a gust of wind was considered a bad day. But it’s time to move on, and I don’t want to become jealous of my past self.

Juan Malvestitti juan@rentalhousingbusiness.ca

But let’s reflect on the past for a moment. Over the years, RHB Magazine has written about some of Canada’s largest firms in the rental housing industry, which have been instrumental in shaping the market. Many local and regional firms have made their mark in their respective markets, and we believe in telling their stories. This issue profiles two business owners whose companies operate in Hamilton and the surrounding area.

EDITORIAL

Our first feature profiles Arun Pathak of SMAR Holdings Ltd. After being born in India and growing up in England, he emigrated to Canada to establish a life in Hamilton, where he built a business in buying and managing rental housing properties. Arun’s hands-on approach helped him to grow his company, and spurred his involvement in the rental housing industry, which includes serving as president of the Hamilton and District Apartment Association.

DESIGN

Our second feature profiles Paul R.J. Martindale of WINK Property Investment and WINK Properties & Realty. Real estate investment has been a part of his family’s DNA, dating back to his grandfather’s purchases of apartment buildings nearly half a century ago. Paul forged his own path by investing in, managing and rehabilitating multi-residential and commercial properties throughout Hamilton.

SUBSCRIPTIONS Canada: One year $27.00 Elsewhere: $39.00

This issue includes the 2014 RHB Apartment Market Report, which covers the current state of the rental housing industry across Canada. It includes vacancy rates, average rent increases, and economic and apartment sales forecasts for 2014 and 2015. The report breaks down the Canadian market by province and major cities within Atlantic Canada, Quebec, Ontario, the Prairies and BC.

Opinions expressed in articles are those of the authors and do not necessarily reflect the views and opinions of the CFAA Board or management. CFAA and RHB Inc. accept no liability for information contained herein. All rights reserved. Contents may not be reproduced without written permission from the publisher.

RHB Magazine is committed to being the voice of the rental housing industry. For the second consecutive year, we will be the exclusive media partner at Landlord WEBCON on May 8 at Pearson Convention Centre in Toronto. New this year at Landlord WEBCON and exclusive to us is the RHB Launch Pad, which enables industry suppliers to introduce their new technology-related products or services. Take advantage of the RHB promo code and save $50 per ticket, information on the show and the promo code can be found on page 29. We will also be attending the HDAA Conference and Trade Show on March 26 at the Michelangelo Banquet Centre in Hamilton. You can also sign up to read RHB Newsreel, which features industry headlines, market updates and the latest trends. Check out the rest of the magazine, including our new trivia contest, CFAA’s newsletter, National Outlook, and our association spotlight of WRAMA. Enjoy the issue!

CO-FOUNDER, PUBLISHER

Marc L. Côté marc@rentalhousingbusiness.ca

David Gargaro david@rentalhousingbusiness.ca

CONTRIBUTING EDITOR

John Dickie, President CFAA jdickie@rentalhousingbusiness.ca Thomas Calvert

PHOTOGRAPHY Dave Gruggen

OFFICE MANAGER Kayla Clark

Single copy sales: Canada $9.00 Elsewhere: $12.00

P.O. Box 696 Maple, ON, L6A 1S7 416.236.7473 www.rentalhousingbusiness.ca

All contents copyright © RHB Inc.

David Gargaro To view the online edition of RHB, please go to www.rentalhousingbusiness.ca

Canadian Publications Mail Product Sales Agreement No. 42652516


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TABLE OF CONTENTS

Arun Pathak (Left) of SMAR Holdings and HDAA, with Paul R.J. Martindale (right) of WINK Properties and Realty Inc.

12 20

ARUN PATHAK & SMAR HOLDINGS Arun Pathak has always been a hands-on person – whether that means fixing a broken door hinge at one of SMAR Holdings’ rental units or making presentations about rental housing issues on behalf of the Hamilton & District Apartment Association.

10

RHB Industry Trivia

30

Association spotlight: WRAMA

32

2014 RHB Apartment Market Report

WINK PROPERTIeS AND REALTY INC. From performing on a musical stage to construction site to board room, the path to corporate asset management for Paul R.J. Martindale has been anything but typical; however, each has contributed to his success in real estate.

Test your rental housing knowledge against your peers to see how well you know your industry.

Learn more about WRAMA’s role in serving its membership, as well as the issues and challenges facing this regional association.

The RHB Apartment Market Report for 2014 reports on the current state of the rental housing industry across Canada, including vacancy rates and average rent increases. It also provides economic and apartment sales forecasts for 2014 and 2015.

march 2014

NATIONAL OUTLOOK

RHB EDITION

CFAA Rental Housing Conference critical information for investing or managing in 2014

At its Rental Housing Conference 2014, from June 9 to 11, CFAA will be presenting four keynote speakers, who all have something critical to say to the rental housing industry. Benjamin Tal will update investors on where the economy is going. Benjamin is the Deputy Chief Economist of CIBC World Markets. He meets with the head of the Bank of Canada and key finance officials, who sometimes use his forecasts. Benjamin always engages the audience, and offers fresh insights on the economic forces that buffet or buoy the rental housing industry.

CFAA’s

al Nationok Outlo dition

Benjamin’s speech will be the high point of the investment topics streams on June 10, which will also cover major rental sales, expected financing conditions, rental demand, the condo market and other key topics. Michelle Ray will address multigenerational workforce and customer base. Michelle is a highly sought-after business speaker, author and educator. From thousands of entries received Michelle recently reached the Top Ten of “North America’s Next Greatest Speaker” contest. Michelle will address the issue faced by property managers, executives and leasing personel in dealing with Gen Y and Millennials. Michelle’s talk will speak to the benefits of “leading yourself first”, and how to attract young people without putting off older people, both prospective

RHB E

continued on page 3

In National Outlook (Digital edition) Available at www.cfaa-fcapi.org

New CMHC fees and charges Renters tax relief in New York state Employee compensation trends Provincial growth comparisons

Landlord licensing – a growing problem for landlords and tenants By John Dickie, CFAA President

In Ontario, several municipalities have brought in landlord licensing for buildings with fewer than five or six rental units. In all cases, the trigger has been the objections long-standing residents have to students renting in their neighbourhoods. Residents object to noise, to mess (either generally or from garbage put out at the wrong time), and sometimes to scruffy-looking young people walking across the lawns on their street. The first two issues are behavioural issues. The third one is about people’s appearance, and how they look, dress and live. A municipality in Northern Saskatchewan looked at licensing as a way to discourage rentals to aboriginals. Now the Council of Halifax Regional Municipality has directed a staff study of landlord licensing. continued on page 6

National Outlook - RHB Edition 1

NATIONAL OUTLOOK National Outlook, the newsletter of the Canadian Federation of Apartment Associations (CFAA), provides political news, policy updates, association news and other information to keep rental housing providers up to date and ready for future opportunities and risks.


Industry Trivia Brought to you by:

New is our Industry Trivia, a fun way to test your rental housing knowledge. Topics range from politics to marketing and everything fun in-between! Have a go and let’s see who has what it takes; you may just win a free pair of tickets to a major industry event!

1. 2. 3. 4. 5. 6. 7.

RENTAL HOUSING What is the average rent in Canada for a twobedroom apartment? Which rent-contolled province allowed the lowest rent hike for 2014?

POLITICS At what street address does the Prime Minister of Canada live? What percentage of the popular vote did the Conservatives win in the last General Election?

LEGAL In your province, when was the current statute (law) that governs residential tenancies enacted (i.e., in what year)? Out of Canada’s 10 provinces, how many have rent control in force? Name them.

MARKETING/SOCIAL MEDIA How many million Canadians check their Facebook daily?

Submit your answers now to www.rentalhousingbusiness.ca/IndustryTrivia


Arun Pathak

&

SMAR Holdings Ltd.

Arun Pathak has always been a hands-on person; he believes in getting personally involved when he has a personal stake in the outcome. He actually does get his “hands dirty” – whether that means fixing a broken door hinge at one of SMAR Holdings’ rental units or making presentations about rental housing issues on behalf of the Hamilton & District Apartment Association. This approach has enabled him to develop a successful business, which should continue to grow with the help of his children.

12 march 2014


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[ SMAR Holdings ]

Background

Hands-on approach

Arun was born in India but moved to London, England when he was three years old. His father worked in Saville Row as a tailor, started a chain of supermarkets where Arun worked during his youth, and purchased and rented out homes. After graduating from the National College of Agricultural Engineering, Arun purchased and operated a dairy farm in Devon, England. During this time, he married his wife Rama, and they had their first daughter.

SMAR Holdings has focused on purchasing properties that are within a 30-minute drive from where Arun lives, which keeps him within the cities and suburbs of Hamilton and Burlington. Being geographically close has enabled the company to be hands-on in their approach to maintaining properties and servicing tenants. Because Arun has a degree in Agricultural Engineering, he has been able to apply his knowledge and experience with machinery, electrical controls, plumbing and construction. Arun gets his hands dirty when necessary.

In the early 1980s, after several family members moved to Canada, Arun decided to emigrate as well. He lived in Scarborough for several years, and later moved to Dundas, which is now part of Hamilton, where he and his wife raised their four children. While selling real estate for two different companies, Arun developed an interest in the rental housing industry. In 1985, Arun and three silent partners founded SMAR Holdings Ltd. to purchase and manage rental properties. Their first purchase consisted of two rental properties in Hamilton, with a total of 60 units; they sold these properties several years later. Since that time, SMAR Holdings has followed a buy and hold strategy, using refinancing to grow the portfolio to include six apartment buildings and a townhouse complex in and around the Hamilton area. “I looked for investment properties in Toronto that would fit our requirements and found nothing suitable,” said Arun. “It became obvious that there was an opportunity to invest in Hamilton and get better returns. That is still the case today. Some people consider Hamilton a secondary market, or less attractive city to invest in, but that perception is changing quickly.”

“When I only had one maintenance person, I kept a set of overalls in the office, so that I would be able to assist if a job required two people,” said Arun. “I have at times done the work of superintendent, cleaning, renting, snow shovelling, painting, etc. I think my education helped me understand the repair and maintenance side of the business, not only when our staff were doing it, but also when dealing with contractors and suppliers, in a way that some landlords do not.” Besides choosing geographically convenient locations, SMAR Holdings has focused on purchasing buildings that fit their investment and management strategy. They chose buildings in good locations that had good apartment layouts. The company also selected properties that lacked extra amenities, such as exercise rooms, tennis courts and swimming pools. This enabled SMAR Holdings to maintain reasonable rent levels while still offering clean, comfortable apartments or townhouse units. “Overall, rents in Hamilton are lower than those charged in the Greater Toronto Area, as well as Burlington and Oakville, which is why

“A number of people in the industry asked me why I took on that project, as the rewards did not justify the risk and work involved. Part of the reason we tackled this project was to end the bad press being heaped upon the rental housing industry in Hamilton, and to contribute to turning around the media view.”

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[ SMAR Holdings ]

many people choose to live here,” said Arun. “However, keeping rents down is becoming more difficult, as multiresidential property tax rates are higher than most municipalities, and the affordable rental stock is limited.” In 2009, SMAR Holdings bought an 18-storey apartment building with serious issues, as well as a vacancy rate above 50 per cent. The City of Hamilton was planning to evacuate the building, which had a number of serious structural and operational concerns, such as electrical safety issues and malfunctioning elevators. The Hamilton Spectator wrote several articles about the rental property to highlight the problems with the city’s rental housing industry. After purchasing the property from the mortgage company that had taken it over, SMAR Holdings renovated the building from top to bottom, which included a new roof, new boilers, new windows, balcony work, parking lot repairs and hardwood floor replacement in every room (except the bathrooms and kitchens). SMAR also dealt with work orders for general repairs, and a long list of fire safety deficiencies. “We turned that building around, as it is now full, and operating as a normal rental property,” said Arun. “A number of people in the industry asked me why I took on that project, as the rewards did not justify the risk and work involved. Part of the reason we tackled this project was to end the bad press being heaped upon the rental housing industry in Hamilton, and to contribute to turning around the media view.” Political activism When Bob Rae became Premier of Ontario in 1990, the provincial government implemented legislation that retroactively cancelled rent increases due to major repairs or renovations. The retroactive rent increase limits forced SMAR Holdings to cancel planned rent increases that were essential to running its business. These measures came close to devastating the company, and nearly wiped out

16 march 2014


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[ SMAR Holdings ]

“Our industry is very heavily regulated because some smaller landlords have not been educated on following the rules or proper procedures. We need to reach out to these property owners and help them to be more professional. We can work together to improve our industry, which will be beneficial for everyone.”

the owners’ equity. After working hard to save SMAR Holdings, Arun decided to become politically involved to help defend his business and the rental housing industry. In 1990, Arun joined the Hamilton and District Apartment Association (HDAA), which represents landlords and property managers in Hamilton and the Golden Horseshoe; he became the association’s president in 2003. Over the years, he has made numerous presentations on rental housing issues to various committees of the Ontario Legislature, and the municipalities of Hamilton and Halton. He has been a part of the Halton Housing Advisory Committee (HHAC) since its inception. Arun has also been involved with the City of Hamilton’s Sub-Committee on the issue of multi-residential tax rates, and Hamilton’s Affordable Housing Flagship. “I have been interviewed on radio and television, and have written articles for newspapers and magazines on topics affecting the rental housing industry,” said Arun. “Although some of this work may not have shown immediate results, I feel I have added to the information and knowledge base about our industry.” Arun is involved in rental housing issues at the provincial and national levels, such as low rent increase guidelines and older rental housing stock. He has served on the Board of Directors for the Federation of Rental-Housing Providers of Ontario (FRPO), which represents landlords who own, manage and finance rental housing in Ontario. He is also on the Board of Directors of the Canadian Federation of Apartment Associations (CFAA), which represents the owners and managers of more than one million residential rental suites across Canada. Since SMAR Holdings owns and manages properties within Hamilton and the surrounding area, Arun has dedicated himself to dealing with

18 march 2014

local rental housing issues. One such matter was the City of Hamilton’s push to license rental properties. Arun and the HDAA mobilized the membership to attend city meetings and speak out against licensing, taking the stand that it is unnecessary because legislation and by-laws already exist that deal with problem properties. “We were very active in the fight against licensing, and having the City of Hamilton decide to put that aside for now was a great victory for the industry,” said Arun. “It is also a victory for tenants, who would have paid the added costs from licensing. I feel that my involvement has helped the rental housing industry, as well as my business, tenants and the community.” The importance of getting involved Arun often tells other landlords and property managers that being a part of an association will provide opportunities to get involved politically and network with other property managers. Association involvement will also enable them to build contacts with contractors, consultants and suppliers, which can help them to save money on building repairs, maintenance and upgrades. Meeting with experienced property managers will also allow them to expand their knowledge and learn from the mistakes of others. “Our industry is very heavily regulated because some smaller landlords have not been educated on following the rules or proper procedures,” said Arun. “We need to reach out to these property owners and help them to be more professional. We can work together to improve our industry, which will be beneficial for everyone.” RHB


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Rental Housing Business 19


WINK

20 march 2014


[ WINK Properties & Realty Inc. ]

Properties & Realty Inc. ‘Tic-Tac-Dough...The origins behind the name driving investment in Hamilton real estate’ From performing on a musical stage to construction site to board room, the path to corporate asset management for Paul R.J. Martindale has been anything but typical; however, each has contributed to Paul’s success in real estate. Knowledge of his grandfather’s humble beginnings and observing his mother Olga as a property manager also played a part. Why “Wink”? Paul was nicknamed “Wink” by his many high school friends, after the 1970‘s Hollywood game show host bearing the same last name and unique first name (Wink Martindale), whose most famous TV show was “Tic-Tac-Dough.” Combining these traits together over the last 18 years, and you have Wink Properties & Realty Inc., a real estate brokerage and property management company that owns and manages over 100 rental units, led by Paul and determined to continue growing. Family roots Real estate investment has been part of Paul’s DNA for several generations. Paul’s grandfather, Joseph Apostol, was part of a stream of Ukrainian-Jewish-Polish immigrants who came to Canada in the early 1900s via transatlantic steamship from England to Halifax to New York City, and eventually settling near Winnipeg. Over time, Joseph and his wife, Theodosia, moved to the Greater Hamilton Area, where they had livestock and grew crops on a 65-acre farm with their children, including Olga, Paul’s mother. Joseph, also a keen investor and landlord, bought and sold houses along the way and an apartment building prior to his passing in 1976, when Paul was five years old. Olga married Paul A. Martindale in 1961, and had their son, Paul Robert, in 1971. Upon Joseph’s death, Olga was left to manage his remaining properties. The marriage between Olga and Paul Sr. ended in divorce. In spite of this, Paul states, “I had an inspirational father, and a very special second mother, Karen, from my father’s remarriage. It was my father, Paul Sr., a retired school board chief executive officer, who always provided me with the greatest moral support and sound advice toward my business ventures.” Personal struggle A difficult home environment led Paul to leave home at 17 while he was still in high school. He rented a basement apartment from a friend’s aunt, ate a lot of Kraft Dinner and drove a high-mileage car given

Rental Housing Business 21


[ WINK Properties & Realty Inc. ]

to him by a cousin. Paul did however learn to be creative, to adapt quickly, to be responsible and to understand serious budgeting, all while finishing high school. Fortunately, many great people and mentors surrounded (and fed) Paul. They included friends’ parents future in-laws, and people he worked for along the way. “People with tremendous business backgrounds taught me a solid work ethic, and how to be a successful entrepreneur,” says Paul. Between 2005 and 2008, however, Paul and his mother Olga were able to reconcile their relationship, perhaps in part due to the passing of Paul Sr. from cancer in 2006. Origins and growth of a company Paul’s extensive trades qualifications have provided an advantage in assessing property condition and investment viability not only for the company, but also as a value-added perk to clients. Successful rehabilitation and repositioning of buildings has always been the WINK focus, since it offers the best value proposition. Paul is a certified master electrician, carpenter, with HVAC and mechanical experience - all building skills that have proven fundamental to company growth. “This approach however has become increasingly difficult as prices have risen sharply coinciding with Hamilton’s new found popularity, changing culture, gentrification and recognition as one of the top cities to invest in Canada,” said Paul. Paul started WINK Property Investment from scratch in 1995 after the bank requested four additional guarantors for Paul’s first commercial purchase. Now with over 18 years of experience in investing, managing and rehabilitating multi-residential and commercial properties in Hamilton, the company manages and owns a portfolio of over 100 rental units. In 2009, Paul, as the broker of record, established a real estate sales division (WINK Properties & Realty Inc.) focusing on the leasing, buying and selling of multi-residential and commercial property. Paul’s largest project to date has been working on an international sale that includes the offering of a resort property that may exceed $100 million. Hamilton’s challenges According to Paul, the lack of product for sale and rising prices in Hamilton poses challenges for new buyers’ ROIs, cap rates and feasibility to purchase. From a national perspective, Hamilton still remains one of the better value propositions compared to other markets such as Toronto, Burlington, Oakville, Mississauga, Montreal, Calgary and Vancouver. “The culture of municipal government seems to be changing at City Hall. It is showing signs of creating better business relationships with local groups such as the Realtors Association of Hamilton-Burlington, the Chamber of Commerce and the Hamilton and District Apartment Association,” says Paul.

22 march 2014

Personal highlights and achievements Paul’s mother, Olga, started him into classical piano lessons at age five. In spite of his hiding under furniture to avoid practicing Royal Conservatory piano training, Paul progressed to enjoy a diverse and extensive musical career, playing predominantly R&B and soul music with performances at the Toronto International Film Festival, Hamilton Air Show, Burlington Sound of Music and Toronto area clubs such as the iconic Chicken Deli. Upon returning from touring Switzerland, Paul and his group, The Soul Revue, performed for actor Kiefer Sutherland and guests at his 1996 Toronto wedding to Canadian actress Kelly Winn. Marrying his wife Kendra, after proposing in a small mountainside church in the Swiss Alps, definitely ranks high on Paul’s list of great achievements. They have been happily together for 21 years, with Kendra playing an integral role within the company. Being the current Chairman of the Regional Commercial Council and a Director for the Realtors Association of Hamilton-Burlington has been fulfilling. Paul is also honoured to be part of ongoing collaborative efforts with the local Realtors and Apartment Associations, which prepared and submitted a host of alternative solutions for the city to consider. “One achievement I’m definitely proud of is succeeding after being immersed in a marathon five-year effort to defeat proposed rental property licensing in Hamilton,” said Paul. To highlight business and rental opportunities in Hamilton, Paul worked with his colleague G. Shawn Maher to bring to Hamilton as a keynote speaker George H. Ross, Executive Vice President and Senior Counsel of the Trump Organization in New York City. Shawn continues to work with George on a new development in Corktown, near the Hamilton GO Transit station, while Paul continues to work with the Trump Organization on a resort investment opportunity. Future plans and advice “Property investment is not for the faint of heart,” says Paul. “It requires constant involvement to provide effective customer service and a variety of skills to achieve success. Preparedness and perseverance over time will pay dividends and yield great rewards. Engage yourself in the industry on any level, be an advocate, not a wallflower; and prepare to donate and get involved whenever bad policy is contemplated. Surround yourself with good people who compliment your philosophy and work ethic, and develop your team.” “Most of all,” added Paul, “get money when you don’t need it - it’s always harder to get when you’re in a position of need.” Wink Martindale must have been onto something in 1978, because if you TIC-TAC the right moves in real estate, you’ll eventually get the DOUGH. RHB Paul would like to dedicate this article to Bob Vistorino, whose humour, friendship and influence over the years will be sadly missed.


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IN THE KNOW NEW FRPO PRESIDENT & CEO Scott Andison was named President & CEO of the Federation of Rentalhousing Providers of Ontario (FRPO) in January, 2014. FRPO represents those who own, manage, build, and finance residential rental properties in Ontario, with 2,200 members who own and manage 350,000 rental homes. Previously, Mr. Andison was the national practice leader for property tax with Cushman & Wakefield, providing legal and appraisal services for clients across Canada related to appeals on the assessed value of commercial and industry properties. His association management experience spans across the municipal, hospitality, and oil heat sectors where he held senior management positions in organizations at both the provincial and national levels. He has lead the introduction of new member services, overhauled board governance and regional representation models, and has implemented strategies that has brought about changes to public policy. His government relations experience includes senior management positions in provincial government ministries such as the Ontario Ministry of Health and Long-Term Care, as well as senior political positions with the Ontario government including the Chief of Staff to the Minister of Education, and the Chief of Staff to the Minister of Finance. Mr. Andison holds an undergraduate degree in administration from Laurentian University, and the certificate program on Management & Leadership at the Massachusetts Institute of Technology, Sloan School of Business.

2014 RENT INCREASE GUIDELINES Each year, the provincial governments which impose rent control set a guideline rent increase for landlords for the upcoming year. In most of those provinces, the guideline rent increase is calculated with reference to inflation (e.g. the Consumer Price Index (CPI) for the province). Some provinces look at specific components within CPI. Others adjust the CPI to reach a different guideline. For example, B.C. adds 2% to the CPI amount, whereas Ontario uses the amount of the CPI, subject to a cap of 2.5% (for 2014 and each of the following two years.) The guideline is the maximum amount by which most landlords can increase a tenant’s rent during the year without making an application to the Landlord and Tenant Board or Rental Board (the name of which varies from province to province). In most cases, the rent for a unit can be increased if at least 12 months have passed since the tenant first moved in, or since his or her last rent increase. Depending on the province, the tenant must generally be given proper written notice of the rental increase at least two months to six months before the rent increase takes effect. Ontario: 0.8% Manitoba: 2.0% British Columbia: 2.2% plus a calculated percentage in a manufactured home park PEI: Heated premises: 2.0% Unheated premises: 1.0% Mobile home site only in a mobile home park: 1.0% Nova Scotia: Land lease communities (only) 2.9 % Continued on page 25

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CFAA RENTALOwners, HOUSING CONFERENCE 2014 da’s Voice for Apartment Managers and Association Executives

RH Business

NTAL HOUSING

da’s Voice for Apartment Owners, Managers and Association Executives

RH business REGISTER NOW TO SAVE! June 9 - 11, 2014 Sheraton Vancouver Wall Centre Hotel

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Don’t miss Benjamin Tal’s Economic Update

and CFAA’s other great keynote speakers, Michelle Ray, Michael Geller and Lisa Trosien, da’s Voice for Apartment Owners, Managers and Association Executives as well as more than 50 landlords, consultants, suppliers and other experts

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Building Innovations Bus Tour - June 9 Investment and Managing Employees topics - June 10 Vancouver Outlook Supper and After-party - June 10 Rental Operations and Investment topics - June 11

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For more details, visit our website www.cfaa-fcapi.org or call CFAA: 613.235.0101

Organized by CFAA with the support of LandlordBC.

da’s Voice for Apartment Owners, Managers and Association Executives


2013 FRPO MAC Awards MARKETING AND ADVERTISING AWARDS

PROPERTY MANAGEMENT WEBSITE

ADVERTISING EXCELLENCE - SINGLE CAMPAIGN

ADVERTISING EXCELLENCE - SOCIAL MEDIA

Realstar Management (www.realstar.ca) Pictured: Fayez Kassam, Colin Martin

Timbercreek Communities Pictured: Kayla Shaw, Connie Pappas, Colleen Krempulec

CAPREIT Pictured: Trish MacPherson, Michael Di Nunzio

NEW CONSTRUCTION & RENOVATION AWARDS

CURB APPEAL

LOBBY RENOVATION OF THE YEAR

SUITE RENOVATION OVER $7500

Rosebind Developments Ltd & Greenwin Inc. - 30 Carabob Pictured: David Binder, Kris Boyce

Preston Group - 90 Eastdale Avenue Pictured: Bryan Levy, Gloria Salomon, Richard Aubry

Tandem Property Management - Sheppard Centre Apartments Pictured: Tandem, Leonard Visconti, Evelyn Visconti

RENTAL DEVELOPMENT OF THE YEAR

AMENITIES AWARD OF EXCELLENCE

Skyline Group of Companies - The Gummer Building Pictured: Bethany Curtis, Jason Ashdown, BJ Santavy

Ferguslea Properties Ltd - Accora Village, Ottawa Pictured: Al Bolduc, Sana Qureshi, Steve Ryan


and the Winners are... PINNACLE AWARDS

ENVIRONMENTAL EXCELLENCE AWARD

OUTSTANDING COMMUNITY SERVICE AWARD

Starlight Investments Ltd. Pictured: John Lucic, Daniel Drimmer

Ferguslea Properties Ltd. Pictured: Al Bolduc, Sana Qureshi, Steve Ryan

PROPERTY MANAGER OF THE YEAR

LEASING PROFESSIONAL OF THE YEAR

RESIDENT MANAGER OF THE YEAR

KG Group - Dianna Attar Pictured: Dianna Attar

Greenwin Inc. - Floyd Taylor Pictured: Floyd Taylor

CAPREIT - Siddeek Mohamed Ahamed Pictured: Siddeek Mohamed Ahamed

CUSTOMER SERVICE AWARD OF EXCELLENCE

LIFETIME ACHIEVEMENT AWARD

Concert Realty Services Ltd. Pictured: Jennifer Collier, Liza Williams, Rod Pirie, Darlene Wesley, Alexandra Koumoudouros, Alicia Mitchell, Anjela Kalendjian

Concert Realty Services Ltd. Pictured: Mike Chopowick Carol Weinbaum, Allan Weinbaum, Gloria Salomon


FRPO would like to thank this year’s sponsors:

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NATIONAL OUTLOOK

RHB EDITION

CFAA Rental Housing Conference critical information for investing or managing in 2014

At its Rental Housing Conference 2014, from June 9 to 11, CFAA will be presenting four keynote speakers, who all have something critical to say to the rental housing industry. Benjamin Tal will update investors on where the economy is going. Benjamin is the Deputy Chief Economist of CIBC World Markets. He meets with the head of the Bank of Canada and key finance officials, who sometimes use his forecasts. Benjamin always engages the audience, and offers fresh insights on the economic forces that buffet or buoy the rental housing industry. Benjamin’s speech will be the high point of the investment topics streams on June 10, which will also cover major rental sales, expected financing conditions, rental demand, the condo market and other key topics. Michelle Ray will address multigenerational workforce and customer base. Michelle is a highly sought-after business speaker, author and educator. From thousands of entries received Michelle recently reached the Top Ten of “North America’s Next Greatest Speaker” contest. Michelle will address the issue faced by property managers, executives and leasing personel in dealing with Gen Y and Millennials. Michelle’s talk will speak to the benefits of “leading yourself first”, and how to attract young people without putting off older people, both prospective continued on page 3

In National Outlook (Digital edition) Available at www.cfaa-fcapi.org

New CMHC fees and charges Renters tax relief in New York state Employee compensation trends Provincial growth comparisons

Landlord licensing – a growing problem for landlords and tenants By John Dickie, CFAA President

In Ontario, several municipalities have brought in landlord licensing for buildings with fewer than five or six rental units. In all cases, the trigger has been the objections long-standing residents have to students renting in their neighbourhoods. Residents object to noise, to mess (either generally or from garbage put out at the wrong time), and sometimes to scruffy-looking young people walking across the lawns on their street. The first two issues are behavioural issues. The third one is about people’s appearance, and how they look, dress and live. A municipality in Northern Saskatchewan looked at licensing as a way to discourage rentals to aboriginals. Now the Council of Halifax Regional Municipality has directed a staff study of landlord licensing. continued on page 6

National Outlook - RHB Edition 1


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NATIONAL OUTLOOK

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tenants and employees. Michelle will add vision to a full topic stream on hiring and managing employees, also on June 10. On June 11, Lisa Trosien, the Apartment Expert, will speak about the Human Factor in Leasing. Lisa is an expert in apartment marketing who acts as a performance coach in the apartment industry. Lisa captivates her audience with her fast-paced and witty approach. Lisa’s talk will compliment a topic stream addressing social marketing, which will continue with two sessions on tenant selection. Michael Geller will address the development of new rental housing, including past programs, new incentive programs and the impact of new development on existing rental housing. Michael is an architect, planner and real estate consultant and developer, who is often asked to comment on housing issues in the Vancouver media. Michael’s talk will be the capstone to a topic stream for investors and executives on June 11, which will include using wood frame construction for 5 and 6 storey buildings, succession planning, organization trend sin rental housing and new ways to maximize revenue. Besides the keynote speakers, CFAA will present more than 50 experienced landlords, consultants and suppliers. Speakers will address topics of relevance to landlords of all sizes.

Topics for independent rental owners By popular request, the conference will address topics for independent rental owners (hands on landlords) such as:

Enjoy the CFAA Trade Show

s (OWTOGROWAPORTFOLIO s $UEDILIGENCEFORPURCHASES s (OW#-(#DECIDEONAMORTGAGE insurance application s 2ENTALHOUSINGSALESINNON MAJORMARKETS s 7HATTOEXPECTFROMPROPERTYMANAGEMENT s )NDEPENDENT2ENTAL/WNERS2OUND4ABLE Other speakers Major landlords committed to speak include Scott Ullrich of Gateway, Kris Boyce of Greenwin, David Horwood of Effort Trust, BJ Santavy of Skyline Apartment REIT, Barry Remai of Remai Group, Wayne Tuck of Centurion Apartment REIT and Rob Hunter of Devon Properties. Other key industry figures include Peter Altobelli of Yardi Systems, Richard Brown of E-Comm Media, Darren Henry of National Efficiency Systems Inc., John Dombrowski of Rent Check and Steven Osiel of Pal Benefits Inc. Delegates will also hear from hands-on landlords, HR heads, lawyers, accountants, engineers, appraisers, real estate brokers, marketing experts, lenders, CMHC, apartment association leaders and others.

CFAA limits the Trade Show to 15 exhibitors each day to ensure your experience is relaxed, informative and personal. Delegates like the size of the Trade Show, and often find valuable options for their operations and investments there. Exibitors will include:

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National Outlook - RHB Edition 3


NATIONAL OUTLOOK

Vancouver Lookout Supper and Wyse After-Party

March 2014

Building innovation bus tour On Monday, June 9, CFAA will be presenting a building innovation tour from 1:00 pm to 5:00 pm. Among the buildings on the tour will be International Plaza Apartments at 1989 Marine Drive, North Vancouver, owned and managed by CAPREIT. Access to the building requires a drive across the Lions Gate Bridge, which is worthwhile in and of itself. For the other buildings on the tour, go to the conference page at www.cfaa-fcapi.org. Delgates must register for the building tour in advance, perferably when they register for the education sessions.

On Tuesday, June 10, CFAA Conference delegates are invited to join their colleagues at the Vancouver Lookout Supper and Wyse After-Party. Guests will be treated to an evening filled with food, entertainment and networking, while enjoying the 360º aerial view of Vancouver. The adventure starts with a 40 second glass elevator ride, whisking guests 553 feet (169 meters) skyward to the panoramic observation deck. Three different guided tours will each be offered at several times throughout the evening, both in daylight and darkness, namely the general tour, the Rental Housing tour and the Crimes and Ghosts tour. Running from 7:30 to 10:30 pm, the Wyse After-Party includes the views from the Vancouver Lookout, a choice of the three guided tours, a host bar, snacks and networking with your colleagues. In addition to the guided tours, the Lookout Tower has four 60-inch television screens allowing for the viewing of a Stanley Cup game, an historic hockey game or highlights. Transportation will be provided between the Sheraton Vancouver – Wall Centre Hotel and the Vancouver Lookout Tower.

4 National Outlook - RHB Edition

For more information or to register Exact topics and speakers are subject to change if need be. For the latest updates, or to register go to the conference page at www.cfaa-fcapi.org. An early registration discount is available until May 1. Companies registering more than 3 delegates can obtain a discount code from CFAA at 613-235-0101. The education sessions will be held at the Sheraton Vancouver Wall Centre Hotel, in the heart of downtown Vancouver. Discounted hotel rooms are available until 4:00 pm on May 19. Be sure to book your hotel room through the CFAA website!


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NATIONAL OUTLOOK

march 2014

continued from page 1

Landlords are greatly opposed to licensing because of the licensing fees and the paper burden it imposes. However, many politicians do not care about the impact of new rules on landlords. They care about municipal revenue, ratepayers’ wishes, and sometimes about housing affordability or human rights. For the most part, if landlords want to influence the decision to license or not license we have to address those other impacts, and address misconceptions about our industry and our customers. Discrimination/Human Rights Besides prohibiting discrimination on the grounds of race or ethnic origin the provincial Human Rights Codes ban discrimination on the basis of age. Discrimination against a feature strongly correlated to age is also prohibited under the Codes. An example is status as a post-secondary student since that correlates closely to young adulthood.

Landlord Licensing in Waterloo The City of Waterloo has a long history of licensing rooming houses. In the past that licensing primarily addressed health and safety concerns, and especially fire safety. However, in 2012 the City expanded the licensing program dramatically to include all rental building containing three units or less, including attached townhouses in large complexes. The cost of obtaining a license varies with the building size and type, between about $300 and $700. The annual renewal fee is somewhat less. Besides all the usual requirements, Waterloo requires a certificate of inspection of the heating (and cooling) system by a TSSA certified technician, but ironically it does not require a fire safety inspection. The licensing bylaw is to prohibit additional rental properties if there is less than a specified minimum separation between them. That is a provision usually used for group homes, not rental properties. The provision is clearly aimed at limiting the number of tenants who can rent in any given city block. The Waterloo Regional Apartment Management Association lobbied against the new by-law without success. WRAMA is now concerned that a similar by-law will be rolled out in neighbouring municipalities, such as Guelph, Cambridge or Kitchener.

In Oshawa, Ontario, the trigger for landlord licensing was students renting in a community of single family homes in the area of a new college and expanded university. Licensing was brought in for that area alone, and so far Oshawa has stared down the Human Rights Commission, and won a court challenge to its power to license landlords.

6 National Outlook - RHB Edition

In North Bay, Ontario, students and landlords objected to the age discrimination in its licensing proposal. To mask that, the city decided to extend licensing to the whole City. However, the licensing rules prohibit the use of more than 40% of the total floor area of all dwellings as bedrooms. That is aimed at students since many are eager to rent houses with lots of bedrooms since they mostly relax and entertain themselves on-campus, and want to divide the rental cost among more occupants even though it means living without a family room or dining room. Additional arguments address the perceived benefits of landlord licensing. On closer examination, the benefits do not exist, while unintended negative consequences abound. Better solutions exist to all of the problems licensing is supposed to solve. Wasting resources Under landlord licensing regimes, both municipal and private resources are spent across a broad swath of rental housing, much of which does not have any significant problem. Beside a substantial fee, the typical licensing regime requires an application form, a copy of the property deed, proof of insurance, a property maintenance plan, a parking plan, a garbage plan, details of the tenancy, a criminal records check on the owner and a set of plans of the unit(s). As well, to be licensed, properties must typically be inspected by the electrical safety authority, the fire department and a city building inspector. A mass of paper is created, which the city must receive, review and file. Rather than time being spent addressing problems, time is spent creating plans and shuffling paper. More inspectors must be hired, most of whom spend their time inspecting premises that are in order. More file clerks must be hired. This is usually paid for by the licensing fees, but the costs can easily exceed the licensing revenue. The better approach is targeted enforcement of the existing city bylaws concerning parking, garbage and noise. That way it is the minority of tenants (or landlords) who are not complying with the rules who suffer added costs, not landlords and tenants generally.


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NATIONAL OUTLOOK

Adding more regulations Michael Fenn is a former Deputy Minister of Municipal Affairs and Housing in Ontario, as well as the former Chief Administrative Office of the City of Hamilton. He wrote a research report on landlord licensing for the Federation of Rental-housing Providers of Ontario. Mr. Fenn wrote, “Non-directed, pro-forma licensing and code inspections run the risk of focusing on deficiencies and non-compliance of the sort that many responsible homeowners would innocently find in our own homes. Frequently, broad-scale enforcement devotes too much attention to the easily enforced elements of the regulatory regime, rather than to the difficult, time-consuming and often frustrating pursuit of the more serious cases,” which is where the resources are best applied. Municipal liability Municipalities also need to consider the possibility that a landlord licensing regime will bring liability down on them. If landlord licensing is in place, then any shortfalls in inspections

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8 National Outlook - RHB Edition

march 2014

or follow ups may bring legal liability for damages due to a fire or other disaster which would have been avoided if the building inspections were done more promptly or better. Injured parties look to possible defendants with deep pockets, just as many owners of defective buildings sue the municipality for deficient building inspections. Negative impacts on tenants Landlord licensing clearly adds to the cost of providing rental units. Inevitably, that has the effect of driving up rents, making housing less affordable. The enforcement mechanism under licensing is also problematic for tenants. A landlord licensing regime often prohibits a property owner from renting a unit without a license, and reciprocally makes it a violation for a tenant to rent a unit which is not licensed. If licensing is to have a point, and that situation exists, then the city demands that the landlord stop renting the unit. To do that the landlord must evict the tenant. Rather than protecting the tenant, the regime puts the tenant at the real risk of eviction. The solution If residents want landlords to avoid renting to badly-behaved students, then they should advocate for laws that allow landlords to identify the badly-behaved students (or older people.) Landlords and tenant screening services used to be able to get lists of tenants who were evicted for cause; but new privacy concerns and rules have made those lists more difficult to compile and less comprehensive. Cities which know who has been convicted of noise violations; may well not make that information available. Cities know against whom noise complaints have been made, but privacy concerns prevent them from making that information available to landlords for enforcement or screening purposes. With access to such information, landlords and the City could make it clear to all renters that if they misbehave they will not be able to rent the homes they want to rent in the future. That should reduce the amount of bad behaviour since people will know that acting badly will negatively affect them in the future. (It is also critical that the municipalities not impose liability on landlords for tenant behaviour over which they do not have control, such as avoiding excess noise or handling garbage correctly. As one sensible City Councillor said in opposing such rules, “Landlords are not the tenants’ parent or the police.” The key to solving the problem of bad behaviour is making the wrong-doers responsible, while not imposing burdens on students and renters who behave, or on landlords who follow sensible rules about issues that are within their control.


Continued from page 24

Quebec The Quebec system is different from the system in the English speaking provinces because in Quebec the landlord can give a notice at whatever rent the landlord chooses, but the tenant can challenge the rent increase at the Rental Board. Barring unusual costs for a particular building, the Rental Board will usually apply for the following guidelines for rent increases from April 2, 2014 to April 1, 2015: Dwellings heated by fuel oil 0.6% Dwellings heated by natural gas 1.1% Dwellings heating by electricity 1.1% Unheated dwellings 0.8% (heated by the tenant) Other Provinces The provinces not listed above do not limit the amount of a rent increase, although they do usually control the timing of a rent increase relative to the last rent increase or the commencement of the lease. Currently free of control on the amount of rent increase are rental units in Newfoundland and Labrador, New Brunswick, Saskatchewan, Alberta and Nova Scotia (except for land lease lot rentals in Nova Scotia)” RANDI ZUCKERBERG HEADLINES ALL STAR LINEUP AT LANDLORD WEBCON 2014 Landlord WEBCON, Canada’s Apartment Marketing Conference, takes place this year on May 8th at Pearson Convention Center in Toronto. Randi Zuckerberg, former Facebook Marketing Director and NY Times bestselling author of Dot Complicated, headlines an exciting lineup of speakers. “We’re featuring speakers with backgrounds from Google and Linkedin as well as HubSpot, says Jason Leonard, President of Landlord Web Solutions. We also have US apartment marketing experts, Toni Blake and Tami Siewruk plus others to round out our incredible lineup.” With technology evolving at a remarkable pace, Landlord WEBCON has become a must attend annual event for landlords wanting to get a handle on the impact its having on the industry. Nearly every facet of the apartment industry is affected by these rapid changes and as a result, everyone from the marketing department to HR to senior executives now attend the conference.

This year’s event will also have an exciting new element the RHB Launch Pad. Industry suppliers with new technology related products or services will be given 5 minutes to make their announcement on the specially designated stage. To learn more about Landlord WEBCON, or to order your tickets, go to www.landlordwebcon.ca call 905-397-5088. Use promo code RHBMAG and save $50 per ticket until April 30. BC COURT OF APPEAL REJECTS RELIEF FROM FORFEITURE Until recently the British Columbia courts have considered that they can grant relief from forfeiture, which allows a tenant to reinstate a lease after non-payment. However, in January, 2014, the BC Court of Appeal released its decision in Ganitano v Metro Vancouver Housing Corp, which reverses that position. The tenant had leased a unit from the Metro Vancouver Housing Corporation (“MVHC”) from 1984 to 2009, but was often been late paying rent. The MVHC eventually issued notice to terminate the tenancy. By not paying and not disputing the notice, the tenant then forfeited her tenancy under the terms of the BC Residential Tenancy Act (RTA). The MVHC was granted an order for possession and the tenant applied for judicial review of the order. The judge upheld the order itself, but relied on the BC Law and Equity Act to grant equitable relief from the forfeiture, cancelling the notices of termination and reinstating the tenancy. The Court of Appeal held that the tenant’s obligation to pay rent is not only contractual, but also a statutory obligation imposed by the RTA. As such, the Court of Appeal held that the courts have no authority to provide equitable relief from the forfeiture of the lease. The lower court order was set aside. This decision will not change the law in Ontario since the Ontario Residential Tenancies Act itself provides for the Landlord and Tenant Board to grant relief from forfeiture, and allows appeal courts to make any order which the LTB could make. The situation in other provinces depends on the exact wording of their residential tenancies legislation.

Rental Housing Business 29


[ Association Spotlight ]

Waterloo Regional Apartment Management Association (WRAMA) Geographic area served: Kitchener-Waterloo, Cambridge, Guelph and the surrounding area Number of members: over 500 Total unit count of WRAMA members: over 19,000 The main roles of the association: Advocating for landlords while providing education and promoting quality in rental housing. WRAMA deals mostly with municipal governments since FRPO acts at the provincial level and CFAA advocates to the federal government. The most important issues facing WRAMA today: The impact of the municipal government on rental housing, including landlord licensing, excessive property taxes and the imposition of obligations on landlords that should be obligations of their tenants. The most important challenges WRAMA faces: Getting politicians and city staff to understand the impact of their decisions, and to make decisions that support rental housing rather than making it less attractive. MIKE MILOVICK President of WRAMA (a rotating, volunteer position) Main occupation: Realtor, focusing on rental investment properties, and especially student housing. Most rewarding aspect of leading WRAMA: Meeting so many great people, and helping landlords find the resources they need to address their problems. The key thing Mike would change in rental housing: Restoring cooperation between municipal government agencies and landlords, so that the focus of regulation is on fire and building safety (as it used to be), rather than control and conflict (which is the result of the moves toward landlord licensing).

30 march 2014

LARRY SMITH A current director and former President of WRAMA. Larry is also WRAMA’s CFAA director and a director of FRPO. Main occupation: A realtor working for Haney Realty Inc. in Waterloo. Larry is also an independent rental owner with close to 50 suites in Waterloo, primarily in the student housing market. Most rewarding aspect of leading WRAMA: The ability to share my experiences and try to help improve our industry for future generations of independent landlords. The key thing Larry would change in rental housing: Achieving greater coordination among landlords and apartment associations dealing with the three levels of government so that we can achieve a stronger voice with all levels of government.


Eat, drink & be merry! Once again The Byng Group held their Holiday Cocktail Party immediately following the FRPO MAC Awards Gala Dinner. Over 480 FRPO Members, both Property Owner members and Associate members, enjoyed the fabulous all access event. The festivities were held just steps away from the FRPO Gala. Cruiser tables were placed throughout and guests enjoyed mingling and networking opportunities. VIP Lounges offered luxurious seating areas for those who preferred to sit and enjoy a more intimate setting. Beverages, both alcoholic and nonalcoholic, flowed freely from the illuminated bar and delicious hors d’oeuvres were served all night long. This was a magical evening, putting everyone in a festive spirit; a truly enjoyable event for everyone. “This is definitely an industry ‘must attend’ event” and “Mark me down for next year”, were sentiments shared by many in attendance. Special thanks to our Official Media Partner, RHB Magazine, who contributed to the success of this year’s event and we look forward to working with them 2014! For information or to book your tickets for this year’s event visit www.thebynggroup.com


2014

RHB Apartment Market Report

32 march 2014


The RHB Apartment Market Report for 2014 reports on the current state of the rental housing industry across Canada, including vacancy rates and average rent increases. Also provided are economic and apartment sales forecasts for 2014 and 2015. The report has been prepared by John Dickie, CFAA President, and Tony Manganiello of Cushman & Wakefield, using the CMHC Fall 2013 Rental Market Surveys, CMHC Housing Market Outlook, Canada Edition – First Quarter 2014, and proprietary data and asset price forecasts provided by Cushman & Wakefield. The report breaks down the Canadian market by province and major cities within five regions, namely Atlantic Canada, Quebec, Ontario, the Prairie provinces and BC. The vacancy and rent figures reported below are for buildings of three units or more for census metropolitan areas. They show considerable variations between and within regions. ATLANTIC CANADA

In Atlantic Canada, vacancy rates rose between October 2012 and October 2013, most notably in Saint John, NB, where the rate rose from 9.7% to 11.4% and in Moncton where the rate rose from 6.7% to 9.1%. St. John’s, NL experienced a modest increase in the vacancy rate, along with an average rent increase of 5.2%. In Newfoundland and Labrador, economic growth is expected to be 1.5% in 2014 (down from 5.0% in 2013). In St. John’s, CMHC expects the vacancy rate to nudge up to 3.5% while rents increase by 4.2%. Atlantic Canada Vacancy rate % (all apartment sizes)

Average rent (2 BR) $

Change in average rent (fixed sample)

Oct. 2012

Oct. 2013

Oct. 2013

St. John’s, NL

2.8

3.2

864

5.2%

Halifax

3.0

3.2

976

1.2%

Moncton

6.7

9.1

742

2.0%

Saint John, NB

9.7

11.4

691

0%

Rental Housing Business 33


2014 RHB Apartment Market Report

Nova Scotia and Halifax forecasts

the vacancy rate in the older, existing product is creeping up even in prime downtown Halifax locations. Building prices can be expected to stay flat given the increase in supply and the rising vacancy rates and moderating rents that new supply will produce.

In Nova Scotia, economic growth is expected to be 1.0% in 2014 and 1.6% in 2015, while the unemployment rate remains flat at 9.3%. In Halifax, CMHC expects the October 2014 vacancy rate to rise to 4.3%, while rents rise by 1.9%. For 2015 the vacancy rate forecast is 4.6%.

New Brunswick and PEI forecasts

On the apartment sales front, 2013 was a very quiet year for Halifax. This resulted more from the supply side than the demand side, because the market is dominated by investors who want to grow their existing portfolios. New apartment construction recently surged in Halifax, which is causing the rental market to soften. From 2001 to 2010, Halifax averaged 650 multi-family starts per year. 2012 saw the addition of 1,600 units, while CMHC is forecasting another 2,500 starts over the next 12 - 18 months. Local developers and apartment owners are starting to feel the increase in supply as a rise in the vacancy rate. New projects are now taking up to 18 months to fully absorb, and

In New Brunswick, GDP growth is expected to be 0.6% in 2014 and 0.9% in 2015. Unemployment is forecast to rise to 10.6% despite some net out-migration. In 2014, CMHC expects vacancy rates to remain high at 9.0% to 11.5%, while rents increase slightly. In PEI, economic growth is expected to be close to 1.0% in 2014, while the unemployment rate remains at 11.2%. In Charlottetown, the vacancy rate is forecast to increase to 9.0%, while CMHC expects rents to increase by 2.0%.

Montreal forecasts

QUEBEC

According to the CMHC Rental Market Survey conducted in October 2013, demand for rental housing was limited by the continued strong movement to homeownership among young households (aged 25 to 34). However, this factor was offset by the still high net migration into the Montreal CMA and the recent improvement in youth employment. On the supply side, compared to the size of the Montreal rental market, very few new rental units were added to the market in 2013. The level was about 1,500 new conventional rental dwellings, compared to some 2,300 per year in the early 2000s. There were more rental condominiums added to the supply than conventional rental housing units. In the end, with supply and demand having shown little change, the vacancy rate remained stable.

In Quebec City, the average vacancy rate rose slightly between October 2012 and October 2013, while it remained stable in Montreal. Rents rose slightly in Quebec City and modestly in Montreal, the reverse of last year. Quebec forecasts In the province of Quebec, GDP growth of 1.7% and 2.0% is expected in 2014 and 2015, respectively. On the demographic front, net migration will be limited by the more attractive labour markets in Ontario and the West. Total net migration is expected to approach 44,000 people in 2014 and 46,000 in 2015 (mostly from abroad). Starts of multiple dwellings are projected at 24,800 units in 2014 and 25,400 in 2015.

Montreal is considered to be one of Quebec’s most desirable and livable cities, and boasts one of the highest percentages of renters in Canada. The metropolitan area of Montreal continues to be a draw for many within the province due to the established high-tech and education sectors. Once seen by large institutions as the last affordable market for asset acquisitions, today demand has driven prices higher, which has resulted in asset values more in line with other large Canadian metropolitan areas. Those values should remain the norm for sales in 2014.

In Quebec City, CMHC expects the vacancy rate to rise slightly to 2.5%, while rents rise by 1.7%. In Montreal, the vacancy rate is expected to fall slightly to 2.6%, while rents rise by 1.4%. The vacancy rate in Montreal has remained relatively stable in recent years, having varied between 2.4% and 2.9% since 2006.

Quebec Vacancy rate % (all apartment sizes) Oct. 2012

Oct. 2013

Average rent (2 BR) $

Change in average rent (fixed sample)

Oct. 2013

Quebec City

2.0

2.3

757

1.0%

Montreal

2.8

2.8

730

2.0%

34 march 2014


2014 RHB Apartment Market Report

ONTARIO

Apartment and townhouse sales - Ottawa

In Ontario as a whole, the average vacancy rate was virtually unchanged between October 2012 and October 2013, moving from 2.5% to 2.6%. Most regions within Ontario showed only minor changes, some up and some down. The exception was Windsor where the vacancy rate fell from 7.3% to 5.9%, even though landlords achieved a modest average rent increase of 2.0% there. Average rents went up 2.9%, 3.1% and 3.2% in Toronto, Hamilton and Kitchener-Waterloo, respectively. (Both Hamilton and Kitchener-Waterloo had seen increases of 3.1% between 2011 and 2012.)

2012

2013

% change

Sales volume (buildings of 20+ units)

$672M

$209M

- 69%

Average price per unit

$119,700

$110,400

+ 7.8%

4.2 to 6.7%

4.5 to 6.3%

Net cap rate range

Source: Juteau, Johnson, Comba Inc, Real Estate Advisors and Appraisers

2012 saw a very high sales volume in Ottawa due to a number of portfolio transactions, including major high-rise complexes. We can expect a more normal sales volume, like the 2013 volume, to continue in 2014.

Ontario forecasts According to CMHC, Ontario will see increased economic growth in 2014 and 2015, due to an improving US and world economy. Higher earnings and an increased overall population will create some increased demand for both owner-occupied and rental homes. However, supply will largely keep pace with demand.

Apartment sales - Greater Toronto Area (GTA)

Ontario economic growth is forecast to improve gradually, rising from an estimated 1.6% in 2013 to 2.6% by 2015. Ontario’s unemployment rate should trend lower. Migratory outflows from Ontario will lessen as economic growth rebalances somewhat across Canada in the years ahead. Net migration to Ontario will rise, and reach 87,600 and 95,500 net migrants by 2014 and 2015, respectively. Multiple housing starts will slow to 37,800 and 36,700 units in 2014 and 2015.

2012

2013

% change

Sales volume (buildings of 20+ units)

170

117

- 31%

Average price per unit

$131,000

$142,000

+ 8.4%

Average net cap rate

CMHC forecasts modest changes in the vacancy rates in 2013, along with modest rent increases. Among the major centres, average rent increases are forecast to be 0.6% in Toronto, 0.7% in Sudbury, between 1.0% and 1.7% in Windsor, Hamilton and London, and 2.4% or 2.5% in Kitchener-Waterloo and Ottawa.

5.4%

2013 was the third slowest year for sales since 2001. We can expect an increase to a more normal sales volume in 2014. Asset market forecast Along with Vancouver, the Greater Toronto Area is still the preferred investment market for both domestic and international investors. With a

Ontario Vacancy rate % (all apartment sizes)

Average rent (2 BR) $

Change in average rent (fixed sample)

Oct. 2012

Oct. 2013

Oct. 2013

Ottawa

2.5

2.9

1,132

2.0%

Toronto

1.7

1.6

1,213

2.9%

Hamilton

3.5

3.4

932

3.1%

Kitchener-Waterloo

2.6

2.9

952

3.2%

London

3.9

3.3

924

1.6%

Windsor

7.3

5.9

788

2.0%

Sudbury

2.7

3.4

914

1.4%

Rental Housing Business 35


2014 RHB Apartment Market Report

majority of the immigrants settling in those centres, they continue to be safe bets for multi-family investment plays. With prices reaching and in many cases surpassing even the most optimistic projections, the appetite for aggressive purchases has decreased as bidders are becoming more rational in pricing by factoring in possible ‘what if’ risk scenarios. While the Ontario economy has shown unremarkable employment growth in the past three years, home-ownership has become less affordable. That is keeping more would-be first-time home buyers in the rental market, maintaining downward pressure on vacancy rates, particularly in high demand areas of downtown Toronto and the 905 suburban markets.

MANITOBA, SASKATCHEWAN AND ALBERTA

In Winnipeg and Regina the vacancy rate rose, while it remained flat in Saskatoon and fell in Calgary and Edmonton. Not surprisingly, rents in the Prairies continued to show strong rent increases due to the region’s economic strength, with the largest rent growth in Calgary at 7.2% followed by Edmonton at 5.6%. With the exception of an average rental decrease in 2009, Edmonton rents have increased every year since 1995. Manitoba forecast Manitoba’s economy is projected to grow by 2.2% in 2014 and 2.5% in 2015. Employment in Manitoba is projected to rise by 1.0% in 2014 and 1.2% in 2015. Following an estimated gain of 8,600 people in 2013, net migration is expected to be 8,500 in 2014 and 8,400 in 2015. In 2013, wage growth below inflation held back some new home purchases. Increasing inventories and high vacancy rates will cause builders to moderate production to 3,200 multiple housing starts in both 2014 and 2015. In Winnipeg, CMHC forecasts the rental vacancy rate will increase from 2.5% to 2.8%, while rents will rise by 4.2%. Saskatchewan forecast Saskatchewan’s real GDP is projected to increase by 2.4% in 2014 and 2.6% in 2015 due to the improving global economy. Employment growth

Apartment investors in Ontario should expect continued strong demand for well-located product, resulting in upward pressure as competition for more desirable rental product intensifies. Looking forward, market dynamics are unlikely to change as purpose-built construction is expected to remain subdued and demand relatively high. However, the supply of for-sale condos is set to increase as completions are expected to rise slightly in the next two years. As it has for many years, the supply of condos for rent will continue to moderate the upward pressure on high-end apartment rents, and thus the upward price movement of those apartment assets.

in Saskatchewan is projected to be 2.1% in 2014 and 1.8% in 2015. Substantial net migration will continue to support housing demand, with a net population growth of 12,700 people in 2014 and 10,800 in 2015, although levels will be below the high levels experienced in 2012 and 2013. After decreasing from an elevated level to 4,106 units in 2013, multiple housing starts are forecast to moderate to 3,800 units in 2014 and 3,700 units in 2015. CMHC expects both Saskatoon and Regina to see modest increases in the vacancy rate, to 2.8% in both cities, with rent increases in the range of 3.1% to 3.3%. Alberta forecasts In Alberta, a faster-growing US economy in 2014 is expected to help increase real GDP by 3.1% in 2013 and 3.0% in 2015, with employment growth of 2.3% in 2014 and 2.2% in 2015. Alberta’s population grew around 3.5% in 2013, thanks to a record level of net migration of close to 100,000 people. Net migration is expected to moderate to 71,000 people in 2014 and to 63,000 in 2015. Population growth will drive economic growth and housing demand. After rising to 17,580 units in 2013, multiple housing starts are projected to increase to 18,000 units in 2014 and then to moderate to 17,600 units in 2015. CMHC expects to see small increases in the vacancy rates in Calgary and Edmonton (to 1.2% and 1.6%, respectively), while average rent increases are forecast at 4.6% and 3.0%, respectively. Cushman & Wakefield forecasts Calgary vacancies to tighten in an already crimped market dropping below 1%. As a result of tightening vacancies, rents have risen 7.9% to an average $978 per month.

Manitoba, Saskatchewan and Alberta Vacancy rate % (all apartment sizes)

Average rent (2 BR) $

Change in average rent (fixed sample)

Oct. 2012

Oct. 2013

Oct. 2013

Winnipeg

1.7

2.5

969

4.8%

Saskatoon

2.6

2.7

1,041

4.0%

Regina

1.0

1.8

1,018

3.7%

Calgary

1.3

1.0

1,224

7.2%

Edmonton

1.7

1.4

1,141

5.6%

36 march 2014


2014 RHB Apartment Market Report

In the Calgary CMA, apartment building prices peaked in early 2013 and have stabilized since then, but sales activity was slow due to limited supply of buildings for sale. In 2013, the sales volume dropped off by more than half since 2012 and was only about a third of what it was in 2011. The tightening market has spurred some developers into action planning new rental buildings, with some projects breaking ground this year. Moving to the Edmonton market we see much of the same dynamics at work as in Calgary. Optimism continues to drive the Edmonton economy and positive momentum will foster Canada-leading-growth throughout 2014. Multi-family property continues to entice purchasers seeking a stable cash flow investment. Vacancy hovering just above 1%, coupled with persistent and escalating in-migration provides a compelling reason to buy. Owners who were reluctant to part with coveted assets are beginning to yield and prices have risen to levels not easy to ignore. Slight increases in mortgage rates have prompted many cautious purchasers to offer higher prices and buy now as opposed to waiting while interest rates creep upwards. As a result, there was a

slight decrease in capitalization rates, which averaged 6.1% in 2013 as compared to 6.3% in 2012. The total Edmonton CMA transaction volume in 2013 was $325 million. Volume was up 55% from 2012, which saw $210 million in sales. During 2013, 71 buildings comprising 2,484 units sold for an average price of $130,850 per unit. However, the average is skewed by several large sales of newer buildings, and a few institutional grade high-rises, which sold at very high prices. The average price per unit for a wood-frame walk-up apartment, built prior to 1990, with less than 50 units was $110,300. In 2014, expect aggressive purchasers to be successful in new acquisitions. Continued low vacancy and continued rent increases will ensure multi-family remains a highly sought-after asset class. Rapid spikes in rents will be tempered, however, by the addition of over 5,000 new rental units currently at different stages in the construction pipeline. This rental building boom, the greatest since the late 1970s and early 1980s, will help to ease some competitive pressures and ensure Edmonton continues to be an attractive option for would-be migrants.

market are forecast to be 2.1% in Vancouver and 3.0% in Victoria (both up slightly), while average rents are expected to increase by 1.5% in Vancouver and 0.7% in Victoria.

BRITISH COLUMBIA

Apartment and townhouse sales - Vancouver In Vancouver and Victoria, British Columbia, the reported vacancy rates were stable. In Vancouver average rents went up by 2.1%, while in Victoria the average rent increase was 0.7%. BC forecasts As measured by real Gross Domestic Product (GDP), the British Columbia economy is forecast to grow by 2.3% in 2014 and 2.8% in 2015, compared to an estimated 1.7% in 2013. Employment is expected to grow by 1.5% in 2014 and 2.4% in 2015, following a slight contraction in 2013. Despite the absence of employment growth in 2013, a rising share of full-time employment boosted growth in average weekly earnings above the national average. This rising trend is expected to continue. The BC population is forecast to grow about 1.0% per year. Net international migration is expected to continue at close to 40,000 people per year in 2014. Multi-family housing starts in BC (including both condos and rentals) should stay flat at 18,700. Vacancy rates in the purpose-built (conventional) rental

2012

2013

% change

Sales volume (buildings of 20+ units)

46

54

+17%

Greater Vancouver

92

94

+2%

Average price per unit - City of Vancouver

$265,000

$262,000

-1%

Greater Vancouver

$202,000

$230,000

+13.8%

4.5%

4.5%

Average net cap rate

Vancouver has long been one of the most desirable places in Canada to own and manage multi-family assets. It continues to impress market watchers with record low cap rates and some of the highest rents in Canada. Both sale volumes and building prices can be expected to remain strong in 2014. RHB

British Columbia Vacancy rate % (all apartment sizes)

Average rent (2 BR) $

Change in average rent (fixed sample)

Oct. 2012

Oct. 2013

Oct. 2013

Vancouver

1.8

1.7

1,291

2.1%

Victoria

2.7

2.8

1,068

0.7%

Rental Housing Business 37


COAST TO COAST HDAA – 2014 Trade Show March 26 Michelangelo Banquet Centre, Hamilton

WRAMA – Annual Trade Fair April 9 St. George Hall, Waterloo

The Hamilton District Apartment Association is hosting the 2014 Trade Show at the Michelangelo Banquet Centre. The trade show is free to attend. Landlords, owners & property managers are invited to a VIP reception prior to the trade show from 5:30-6:30. Tickets for the reception are $35.00 each. They are on sale now. Visit the HDAA website for details www.hamiltonapartmentassociation.ca/.

The Waterloo Regional Apartment Management Association is hosting its Annual Trade Fair. Admission to the Trade Fair is free. For registration information, email Frances at tradefair@wrama.com. Visit the WRAMA website for details wrama.com.

Spring Hope Food Drive April 8, 2014

The Saskatchewan Rental Housing Industry Association (SRHIA) is hosting its Annual General Meeting. CFAA President John Dickie will be the keynote speaker. Visit the SRHIA website for details www.srhia.ca.

The Spring Hope Food Drive is being organized across Canada in April by member associations of CFAA to encourage tenants to contribute to local food banks. In Ontario, the Spring Hope Food Drive will take place on April 8. If you manage a residential rental building and are interested in participating or wish to volunteer, please visit the websites or contact the people shown according to the location of your buildings. In Greater Toronto: the GTAA website at www.gtaaonline.com. In the London area: the LPMA website at www.lpma.ca, or email Brenda Davidson at info@lpma.ca.

SRHIA – AGM April 9

FRPO – RTA Seminars April Various cities and datese The Federation of Rental-Housing Providers of Ontario (FRPO) is hosting Residential Tenancies Act seminars across the province in April. Visit the FPRO website http://www.frpo.org or contact Lynzi Michal lmichal@frpo.org for details. Registration is open now. s!PRILn4ORONTO

In Ottawa: e-mail Spencer Kenney at eolo@magma.ca .

s!PRILn/TTAWA

In other places in Ontario: the FRPO website at www.frpo.org , or e-mail Lynzi Michal at lmichal@frpo.org .

s!PRILn+INGSTON

For information relating to BC, go to: www.bcaoma.com/2014FoodDrive.asp. PPMA – RTB Session April 8, 9:30am -11:30am 1335 Henderson Hwy., Winnipeg The Professional Property Managers Association (of Manitoba) is hosting an RTB session covering topics such as Hearings, Order of Possessions, and Claims on April 8. See the PPMA website for more details: www.ppmamanitoba.com/index.php/ppma-events.

38 march 2014

s!PRILn4ORONTO s!PRILn,ONDON FRPO – Members Only Spring Social April 10 Toronto The Federation of Rental-Housing Providers of Ontario (FRPO) is hosting a spring social for members. For details, visit the FPRO website www.frpo.org or contact Lynzi Michal lmichal@frpo.org.


EOLO ––2014 Spring LPMA Trade ShowNetworking Event March 26 April 15 Centurion Conference Centre Lamplighter Inn, London

GTAA – Night at the Races May 2 - 5:30 pm - 9:00 pm Woodbine Race Track

EasternProperty OntarioManagers Landlord Organization is hosting its 2014 The London Association (LPMA) is hosting its Spring annual Trade Networking Event at the Centurion Conference Centre. This event is Show. Attendance is free, no registration required. Sponsorship opportunities members only.Visit Visit EOLO website www.eolo.ca for details about are available. thethe LPMA website foratdetails www.lpma.ca. contacting EOLO regarding membership. PPMA – General Member Meeting April 16, 8pm Trade -10pmShow HDAA – 2014 Masonic Memorial Temple, Winnipeg March 26

The Greater Toronto Apartment Association (GTAA) is a night at the Woodbine Racetrack. To register contact Lorraine Fisher at lfisher@gtaaonline.com

Michelangelo Centre Association (of Manitoba) is hosting The ProfessionalBanquet Property Managers General Member Meeting on April 16. See theisPPMA for more The Hamilton District Apartment Association hostingwebsite its details: www.ppmamanitoba.com/index.php/ppma-events. 2014 Trade Show at the Michelangelo Banquet Centre. The trade

Landlord WEBCON, Canada’s Apartment Marketing Conference, will feature Randi Zuckerberg, former Facebook Marketing Director and NY Times bestselling author of Dot Complicated, along with speakers with backgrounds from Google, Linkedin and HubSpot, as well as US apartment marketing experts, Toni Blake and Tami Siewruk.

show is free to attend. Visit the HDAA website for details HDAA – Lease Workshop www.hamiltonapartmentassociation.ca/ April 17 555 Bay Street, Hamiltong CFAA – 2014 Rental Housing Conference The District Apartment Association is hosting a Lease Workshop JuneHamilton 9-11, 2014 on April 17. Visit the HDAA Sheraton Vancouver - website for details www.hamiltonapartmentassociation.ca Wall Centre Hotel, Vancouver BC The conference will open on Monday, June 9, in the afternoon, with a tour PPMA – RTB Session of innovative rental-11:30am buildings in Vancouver. On Tuesday, June 10, speakers April 22, 9:30am will address investment rental housing. The keynote speaker will be 1335 Henderson Hwy.,inWinnipeg Benjamin Tal of CIBC World Markets, who is always very well received. On The Professional Property Managers Association (of Manitoba) is hosting Tuesday evening delegates are invited to a social event. The conference will an RTB session covering topics such as Notice of Entry, Warning letters, wrap up on Wednesday, June 11, with a day focusing on Rental Operations. and Terminations. See the PPMA website for more details: Ifwww.ppmamanitoba.com/index.php/ppma-events you are interested in participating in the CFAA conference as a speaker or a sponsor, please contact CFAA today at admin@cfaa-fcapi.org. If you MHPOA – Spring want to attend as a Conference delegate, please watch the CFAA website at April 25-26 www.cfaa-fcapi.org for updates. Registration will open in February 2014. Penticton, BC The Manufactured Home Park Owners Alliance of BC Spring Conference will cover topics such as selecting the right renters and creating a community in your park. There will also be networking activities. For more information or to register, call Al Kemp, at 1-877-222-4560 or email info@mhpo.com

Landlord WEBCON 2014 May 8 Pearson Convention Center, Toronto

To learn more about Landlord WEBCON, or to order your tickets, go to www.landlordwebcon.ca or call 905-397-5088. Save $50 per ticket until March 31. CFAA – 2014 Rental Housing Conference June 9-11 Sheraton Vancouver Wall Centre Hotel The CFAA Rental Housing Conference will include a tour of innovative rental buildings in Vancouver, a reception, supper and Wyse After-Party at the Vancouver Lookout Tower, and two full days of education sessions covering both investment issues and rental operations issues on both days. The keynote speakers will be Benjamin Tal, giving his Economic Update; Michelle Ray addressing how to reach Gen Y, and our intergenerational workforce and customer base; Lisa Trosien, addressing the human factor in leasing; and Michael Geller addressing rental housing development. Over 50 additional speakers will add their experience and expertise. For more details see National Outlook, following page 28, or go to www.cfaa-fcapi.org.

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http://www.cfaa-fcapi.org/ Tel: (613) 235-0101 | Fax: (613) 238-0101 Email: admin@cfaa-fcapi.org Rental Housing Business 39


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A1 PLUMBING a-1plumbingandmech@hotmail.com . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 A RESCUE ROOTER www.arescuerooter.ca . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 BROOK RESTORATION www.brookrestoration.ca . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . OBC CARMA INDUSTRIES www.carmaindustries.com . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7+39 CFAA www.cfaa-fcapi.org . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 COINAMATIC www.coinamatic.com . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . IBC + 24 + 40 FIRST NATIONAL www.firstnational.ca . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 FRPO www.frpo.org . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 GRAYROCK RESTORATION www.grayrockrestoration.ca . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 H&S BUILDING SUPPLIES www.hsbuild.com . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 K3D IINC. www.k3d.ca . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 LANDLORD WEBCON www.landlordwebcon.ca . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 NORSTAR WINDOWS www.norstarwindows.com . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 REGIONAL RESTORATION regionalrestoration@bell.net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17+19 RENTSEEKER www.rentseeker.ca . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 TAYLOR LELBOW ACCOUNTANTS www.taylorlelbow.com . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 THE BYNG GROUP www.thebynggroup.com . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 TRIPEMCO INSURANCE www.tripemco.com . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 YARDI www.yardi.com . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . IFC+29+38 ZIPSURE.CA www.zipsure.ca . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Bolded advertisers are CFAA Allied Members

40 Profile

RHB MARCH