RENT IS FALLING IN TORONTO? THE HOUSING MARKET SHOWS ITS SUPPLY SIDE
The cost to rent a home in Toronto and Vancouver is falling. At the same time, the construction of new homes – especially rentals – is in a multiyear surge, compared with before the pandemic. This news doesn’t mean it is suddenly cheap to rent in the two most expensive cities in the country or that there’s enough new housing in Canada. But it does show a significant increase in the new supply can help ease prices. The market works. The shift in Toronto is particularly striking. The average...
read moreWEEK OF AUGUST 26 2024 NEWSREEL WITH VANESSA TOPPLE
On Saturday, the Federal government announced properties that are available for housing, along with a new tool for builders called the Canada Public Land Bank, the first steps under the new Public Lands for Homes...
read moreCANADIAN CONDO PRICES SEE FIRST DOUBLE DIP DECLINE ON RECORD
Canada’s condo market has provided big returns for investors, but it’s currently running on fumes. Canadian Real Estate Association (CREA) data shows the price of a benchmark, or typical, condo apartment fell in July. The investor-dominated segment didn’t see prices fall nearly as much as the general market since rates began climbing. However, condos have resumed a downturn after a short break, as rate cuts fail to bring a surge of buyers that many had anticipated. Canadian Condo Prices Slip...
read more‘DEMAND, DEMAND, DEMAND’: INVESTMENT RED HOT IN CALGARY’S RENTAL REAL-ESTATE MARKET
Investment in Calgary rental properties almost doubled over the first six months of 2024 — a response to the city’s skyrocketing population and rent prices, one expert says. The data comes amid Calgary’s third-highest six-month stretch of commercial real estate investment since 2013, showing the greatest amount of interest in rental properties and industrial land. But while greater investor interest in rental properties could be a positive signal for renters weary of increases to their monthly...
read moreTRUDEAU LIBERALS’ 2015 PROMISES ARE HURTING THE MIDDLE CLASS
The Trudeau Liberals have failed Canada’s middle class. On taxes, housing, employment, economic growth, health care and income, ordinary working Canadians are worse off than they were in 2015 when the Liberals took over. The latest proof came this week from Statistics Canada’s family income data. On the surface, the numbers from the latest available year were not that bad: “In 2022, the median family after-tax income of Canadians was $60,800.” That was “up 2.5% from 2021, before adjusting for...
read moreWEEK OF AUGUST 19 2024 NEWSREEL WITH VANESSA TOPPLE
On Friday, CMHC released their July report on housing and although there was a jump in housing starts, the reason behind it may be short lived.
read moreMONTREAL HOUSING OUTLOOK 2024
Montreal Market Report Summary The average selling price of a home in Montreal increased by 3.2% year-over-year to $533,100 in July 2024. The average selling price of a single-family home in Montreal increased by 2.3% year-over-year to $623,400 in July 2024. The average selling price of a townhouse/multiplex in Montreal increased by 3.7% year-over-year to $599,600 in July 2024. The average selling price of a condo in Montreal increased by 4.5% year-over-year to $407,400 in July 2024. The...
read moreTORONTO’S CONDO MARKET TO ‘GET WORSE’ AS PRE-CONSTRUCTION STARTS ‘FALLING OFF A CLIFF’: EXPERT
Real estate markets will feel the downstream effects from a slowdown in Toronto’s condo market, according to one real estate expert who expects fewer completions of new units over the next few years. Last month, Bloomberg News reported that Toronto’s condo developers saw sales of new units in the first half of the year fall 57 per cent from the previous year, marking the slowest pace in 27 years amid high interest rates and a pullback in demand. Additionally, a report by CIBC Economics and...
read moreB.C. LANDLORD CAN INCREASE RENT 23.5% BECAUSE OF VARIABLE MORTGAGE: ARBITRATOR
A potentially precedent-setting ruling from the Residential Tenancy Branch has prompted B.C. Minister of Housing Ravi Kahlon to review regulations for special rent increase applications from landlords. At issue is a recently published May 8 ruling that allowed a landlord to increase rent by 23.5 per cent for four tenants. The landlord claimed that their increase in mortgage financing costs, due to a sharp rise in interest rates in 2022, “could not have been foreseen under reasonable...
read moreREAL ESTATE INSOLVENCIES IN CANADA SET TO SURPASS LEVELS OF GLOBAL FINANCIAL CRISIS
Residential property developers are facing rising insolvencies as they struggle with higher borrowing and construction costs – and industry experts warn the trend is likely to worsen as interest expenses remain elevated. The number of insolvent real estate companies and projects has been rapidly climbing over the past year and is now on track to surpass levels of the global financial crisis, according to data from the federal Office of the Superintendent of Bankruptcy. “This has been a long...
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