Industry relevant news articles being posted here for your reference. Articles being posted every Monday, Thursday and Friday. All major news will be posted here and in seperate blog for only major events.
November 1st/2024 - News Articles
Shelter price inflation remained high at 5.0% in September, driven partly by elevated mortgage rates
mortgage interest costs rose 16.7% - main contributor to headline inflation
Home resales expected to grow by 2.0% in 2024, and 13.4% in 2025
average resale price is projected to increase by 0.3% in 2024, and 4.7% in 2025.
Key Highlights:
Investments in Municipal Housing Infrastructure:
Nearly $2B directed to municipal housing-enabling infrastructure through the Housing-Enabling Water Systems Fund (HEWSF) and Municipal Housing Infrastructure Program (MHIP)
includes funding 54 water infrastructure for approximately 500,000 new homes across Ontario.
Cutting Red Tape to Build More Homes Act: New legislation aims to reduce costs and speed up home construction by reducing regulatory barriers
( EX: flexible parking requirements near transit)
Building Faster Fund: rewarded municipalities that meet or exceed 80% of their housing goals, providing over $260 million in funding.
HST Reduction on New Purpose-Built Rentals:
provincial portion HST removed on qualifying new purpose-built rental housing
Homeowner Protection Act:
bans the registration of Notices of Security Interest (NOSI) on titles for consumer goods, providing stronger protections for homeowners.
revised housing start projections: 81,300 for 2024
87,900 predicted in the budget
125,000-home target—highlight the need for continued, focused action
Ontario lowers projections for how many new homes will be built (Canadian Mortgage Trends)
The best mortgage rates in Canada right now (Financial Post)
Young Canadians aren’t giving up on homeownership just yet, poll says(Wealth Professional)
Canada faces worsening home ownership crisis with stalled condo sales(CTV News)
Homeownership, pension plans playing big role in Canada’s wealth gap(Global News)
Toronto proposes plan to build 20,000 housing units (Global News)
Young Montrealers hopeful they can be homeowners amid housing crisis(City News)
Calgary’s overbidding market cools in Q3 with 44% drop while prices hold steady (Real Estate Magazine)
Yellowknife affordable housing complex one step closer to construction(CBC News)
October 30th/2024 - News Articles
StatCan latest wealth survey shows stark disparity between homeowners, renters (Canadian Mortgage Trends)
Fewer young Canadians own homes but majority planning to buy within five years: poll (Canadian Mortgage Trends)
The best mortgage rates in Canada right now (Financial Post)
Impact of rate cuts on Canada's housing market (BNN Bloomberg)
Saanich falls short of housing target, but could hit it next year (Times Colonist)
Sluggish housing starts point to big challenges for B.C. (Business Intelligence)
Toronto Condo Prices Just Had One of The Worst Months On Record (Better Dwelling)
Barrie invests millions to spur affordable housing developments (CTV News)
Is housing the future of shopping malls? (CBC News)
Housing development permit approved for empty downtown Yellowknife lots(CBC News)
Proposed affordable housing development for the Quarters gives neighbours hopes of vibrancy (CBC News)
For your reference, i've also attached a report of the sold statistics of major areas in the GTA for the week.
*** place weekly report here from REALM
October 21st/2024 - News Articles
The article discusses how Toronto and Vancouver have become the weakest real estate
markets in Canada. It highlights a significant decline in home sales and prices in these cities, contrasting them with other markets in the country that are performing better. Factors contributing to this downturn include rising interest rates and economic uncertainties. The piece emphasizes the impact of these trends on homeowners and potential buyers in these major urban areas.
The article profiles two successful renovators who purchased a semi-detached home in Toronto's Junction area and renovated it extensively before selling it for double the purchase price. It details their renovation process, the strategies they employed to increase the home's value, and the current state of the real estate market that allowed for such a significant profit. The piece highlights the challenges and rewards of house flipping in a competitive market.
The article discusses how home flippers in Toronto, facing a challenging real estate market, have begun looking beyond the city for opportunities. As prices in Toronto have surged and regulations have tightened, many renovators have shifted their focus to areas like cottage country and Calgary, where they see more potential for profit. The article highlights the changing dynamics of the real estate market and how investors are adapting by exploring new locations that offer better prospects for renovation and resale.
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