WEEK OF OCTOBER 7 2024 NEWSREEL WITH VANESSA TOPPLE
This week, AI offered insight to the housing crisis. Will it help solve the crisis, well, no but it does expose issues we’ve been covering for years....
read moreONTARIO’S BIG CITIES SAW INVESTORS BUY UP TO 85% OF CONDOS, FUELED BY GOVERNMENT INCENTIVES
Canadian real estate is increasingly being scooped up by investors, and incentives play a large role. That was the take in the latest report from the Canadian Housing Statistics Program (CHSP) at Statistics Canada (Stat Can). The agency’s latest numbers show that up to 85% of condo apartments in Ontario’s ten largest census metropolitan areas (CMAs) were investor-owned in 2022. More surprisingly, the CHSP attributes this boom in part to large, single corporate investors fueled by government...
read moreINFLATION, SUPPLY CHAIN AND INSURANCE: TACKLING CANADA’S MULTIFAMILY REAL ESTATE HURDLES
Josh Pillsbury, co-founder and managing partner of Summit Cover, describes a complex and evolving landscape in Canada’s multifamily real estate market, driven by significant demographic shifts and persistent housing shortages. According to Pillsbury (pictured above), the country is facing a supply crunch that is putting immense pressure on both property managers and real estate investment trusts (REITs) to meet demand. “Right now, we don’t have enough housing supply for, you know,...
read moreBLUE MOUNTAIN COUNCIL REJECTS RENTAL HOUSING PROJECT … AGAIN
For the second time in two weeks, Town of the Blue Mountains council has rejected a developer’s request for help to speed up a proposed rental housing project. At its recent meeting, in a 4-3 vote, council rejected a new motion to explore all planning process options available to move forward a proposal to build a significant rental housing project not far from the Village at Blue. Councillors Paula Hope, Gail Ardiel, June Porter and Alex Maxwell combined to vote against the resolution that...
read moreCALGARY HOUSING PRICES STILL CLIMBING, RENTS TAPERING AS CITY HITS RECORD FOR STARTS AND COMPLETIONS
Calgary’s home construction industry has supercharged as the city absorbs record numbers of newcomers arriving in the province — though its increasing population is still nudging home prices higher, housing data show. The city is an outlier among Canada’s major cities that are struggling to build new homes as they, too, continue to see high immigration. It comes as welcome news as Calgary’s housing prices have been climbing for several years. It’s also a departure from the rather grim tone at...
read moreWEEK OF SEPTEMBER 30 2024 NEWSREEL WITH VANESSA TOPPLE
Multiple reports this week have concluded the housing crisis is not getting better, in fact in the coming years will only get worse....
read moreMANITOBA GOVERNMENT ANNOUNCES $1.2M TO END PAUSE ON RENT TOP-UP PROGRAM FOR LOW-INCOME RESIDENTS
The Manitoba government says it’s spending another $1.2 million to end what it previously called a “temporary pause” on a program that hundreds of people at risk of homelessness count on to pay their rent. The province had in recent weeks paused new applications to the youth and homelessness streams of the Canada-Manitoba Housing Benefit, which it said in a letter issued to some community organizations last month was because of “unprecedented demand” for the...
read moreCALGARY BUILDERS LURE INVESTOR BUYERS
Amid a housing affordability crisis, new construction is essential to meet the demand of Calgary’s growing population. As home-ownership costs rise beyond the reach of many, investor buyers in the new-build condo market play an important role in securing a steady supply of new homes. Investor activity, however, can create significant challenges for first-time buyers, as competing interests emerge. “Developers need to cater to investors to get their projects off the ground,” says Natasha...
read moreCANADIAN TEMPORARY RESIDENT GROWTH FALLS 48%, LONG “OVERDUE”: BMO
Canada’s policymakers went from explaining that millions of temporary residents are needed, to cheering on the reversal of their policies over a few short months. Statistics Canada (Stat Can) data shows the flow of non-permanent (temporary) residents slowed in Q2 2024. After doubling in a couple of years, the temporary population remains robust but marks a stark shift in policy. Consequently, one of the country’s largest banks is telling investors to pay close attention, as it can mean big...
read moreCAPITAL GAINS TAX BREAKS IN THE CROSSHAIRS IN HOUSING AFFORDABILITY REPORT
The corporate quest for profit via real estate holdings is exacerbating Canada’s rental affordability crisis, according to a report from Canadians for Tax Fairness. The report, released earlier this week, blamed capital gains and residential real estate investment trust tax policies for “financializing” housing — “increasing ownership by financial actors” — with the organization suggesting that Ottawa’s much-criticized change to the capital gains inclusion rate is needed to shift the tide....
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