The Ford government tabled new legislation that will give itself the power to convert underutilized schools in Ontario into affordable housing or sell off the properties on the open market, in a major overhaul of education policies. The new bill, called the Better Schools and Student Outcomes Act, includes sweeping new measures aimed at standardizing […]
Building permits for multi-unit dwellings are on the rise in Ontario as the province continues to face pressure from increased demand and a critical shortage of housing. The total value of building permits in Canada increased by 8.6 per cent to $10.7 billion in February compared to January, indicating “robust intentions” for both residential and […]
Annual price growth is now at its lowest level since January 2022 The annual pace of inflation in Canada cooled again in February, with a 5.2% year-over-year increase in the consumer price index meaning it is now at its lowest level since January last year. New figures released by Statistics Canada on Tuesday morning showed […]
The Bank of Canada finally hit pause on rate hikes in its latest announcement – and its language in the statement suggests its preference is to keep its benchmark rate unchanged for the remainder of the year, according to a prominent economist. Benjamin Tal (pictured), deputy chief economist at CIBC World Markets, told Canadian Mortgage […]
Sales remain low across the city’s housing market Toronto’s home price index rose by 1.1% in February over the previous month but continued to plummet on a yearly basis, with sales volumes across the city also remaining subdued. The Toronto Regional Real Estate Board (TRREB) revealed that the home price index (HP) sat at just […]
The Bank also gave a significant update on its plans for future rate announcements The Bank of Canada has announced a quarter-point hike to its benchmark policy rate, a move that marks its eighth consecutive rate increase and the first of 2023 – although it also indicated that it could be its last for some […]
Canadians faced an average annual rent increase of 10.9 per cent in 2022, with another five per cent increase forecast for 2023, according to year end data from Urbanation and Rentals.ca. Average monthly rent for December was up 12.2 per cent at $2,005 on a year-over-year basis, according to the groups’ monthly rental report. That […]
Just under 32,000 new condo units are slated for completion in the Greater Toronto Area (GTA) in 2023, according to real estate consulting firm Urbanation. Urbanation President Shaun Hildebrand tells STOREYS the figure may more realistically be in the ballpark of 25,000 to 30,000 units — he says the industry typically falls short of its […]
Recent news stories have highlighted the dangers of real-estate title fraud, which take place when fraudsters or scam artists steal ownership of a home in order to benefit from its value. Yesterday, CBC News reported on a Toronto family that was able to thwart an attempted scam where someone used fake identification to pose as […]
After hovering just above and then just below the $2,000-a-month mark in September and October, the national average rent for all property types bounced back over the threshold in November, rising 2.5 per cent to $2,024, according to the latest report by Rentals.ca and Urbanation Inc. While month-over-month rents increased only slightly, year-over-year rents were […]
National home sales increased by 1.3% in December over the previous month, according to the Canadian Real Estate Association (CREA), although homebuying activity was down by more than 39% compared with the same time last year. The association’s latest statistics also showed that the MLS Home Price Index fell by 1.6% on a monthly basis, […]
A record number of new condo units will be completed in Toronto in 2023, just as skyrocketing mortgage rates make it harder for investors to close on their properties. Nearly 32,000 condos will hit the city and surrounding suburbs, according to data from condo research firm Urbanation Inc. That surpasses the previous high in 2020, […]
Toronto’s regional transit network could have looked much different in an alternate timeline, and one high school student from Hamilton has visualized how the GO Transit system may have looked in a reality where every single proposal played out as first envisioned. William (who prefers to be identified by first name only), a 16-year-old student […]
The Bank of Canada raised the target for its overnight rate by 50bps to 3.75% in its October 2022 meeting, below broad expectations that pointed to a more aggressive 75bps increase. Still, it marked the sixth consecutive rate hike, adding to the 350bps in interest rate increases in the current tightening path and pushing borrowing […]
The city hopes to coax affordable secondary units into Hamilton’s housing market through a forgivable loan pilot program. The $250,000 initiative offers applicants of low to moderate income up to $30,000 to build or renovate suites in single-family homes. Those secondary units — whether basement apartments or garden suites — must rent for no more […]
Texas-based 3D technology company ICON, has broken ground on what will become the world’s largest 3D-printed community. The neighborhood located North of Austin in Georgetown, Texas will consist of 100 3D-printed homes codesigned by Bjarke Ingels Group (BIG) and implemented by Lennar, a large construction company based out of Florida, was first announced in 2021. […]
California engineer Curtis Wong is applying tech innovation to the affordable housing crisis and hoping his ideas will take hold across the U.S. The former employee of Elon Musk’s SpaceX is the founder of startup Cloud Apartments, which has a patented design for contemporary, cool-looking apartment modules and snap-together construction. The young company, based in […]
Toronto’s development industry has been sent into a frenzy with Pinnacle International’s submission of revised plans for its Pinnacle One Yonge development that would increase the height to 92 and 105 storeys. Designed by Hariri Pontarini Architects, the latest revisions see additional height and density requested for the phase 2 and 3 towers of the […]
Count economist Benjamin Tal among those who do not see a housing crash in Canada in the near future. Tal, the deputy chief economist at CIBC, also suggested during a recent speech to engineers that the world’s producers are showing signs of coming to grips with the global supply chain problem, praised the Bank of […]
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