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Asking rents hit record high in December 2023: Rentals.ca
Asking rents hit record high in December 2023: Rentals.ca
Rents for new listings continued to surge in 2023, with the average asking rent for all residential property types in Canada reaching a record-high of $2,178 in December 2023, according to a report by Rentals.ca and Urbanation.
Bringing home building indoors
Ottawa home builder Caivan Group's, subsidiary called Advanced Building Innovation Company, uses about two dozen types of software, including artificial intelligence systems, robotics, process optimization tools and just-in-time inventory controls to produce components for four to six customized homes daily.
Feds fund BECC Modular manufacturer in Hamilton
The federal government announced $2.5-million in funding for the expansion of BECC Modular, a manufacturer of modular homes based in Hamilton. The firm specializes in steel framing for modular homes housing projects and commercial properties.
Brad Wells elected to Canadian Condominium Institute board
Associa Canada, a provider of condominium management services, announced Regional VP Brad Wells, has been elected to the Canadian Condominium Institute (CCI). In this capacity, he will work with board members to provide services to local and national CCI chapters.
Toronto's ultra-luxury real estate market thrived in 2023
Engel & Völkers unveiled its 2023 Year-End Luxury Real Estate Market Report featuring data on homes priced over $1 million in Canada's major markets. In Toronto, 31 sales were over $8-million in 2023, compared to 15 in 2019.
A final flurry in Toronto real estate lifts early 2024 outlook
National Bank of Canada economist Daren King noted seasonally adjusted sales in the GTA jumped 21.3 per cent in December from November, the first increase in seven months. The average December price in the GTA stood at $1,084,692.
Mortgage holders can make higher payments: survey
Canadians are increasingly cutting back on spending while mortgage holders remain confident they can keep up with higher payments when their loans renew, according to the Bank of Canada's Q4 consumer expectations and business outlook survey released Monday.
Kingsett Capital breaks ground on Valhalla Village project
KingSett Capital, its project team BDP Quadrangle and Reliance Construction Group, officially started construction on Valhalla Village, a housing development located at Bloor and The East Mall in Toronto, the first ground-up purpose-built housing development for KingSett's Affordable Housing Fund.
Housing starts across Canada fall seven per cent in 2023
The GTA saw a slight increase in housing starts, driven largely by condos, but only because of a lag in the impact of interest rates locally, according to the latest figures from the Canada Mortgage and Housing Corporation.
Bankruptcy trustees encounter more prebuild homebuyers
Since the spring, Scott Terrio has encountered roughly a dozen homebuyers unable to close on their pre-construction property, as appraisals fall hundreds of thousands of dollars short. He has not encountered such buyers before in 14 years in consumer insolvency.
Power of sale listings surge in 2024 in the GTA
In the GTA, there are dozens of power of sale listings, and more being added with a surge of new court filings in the new year, a procedure that can result in a signficant loss for the property owner.
Municipalities must end exclusionary zoning to get funding
At a Toronto event, Canada’s housing minister Sean Fraser warned municipalities without a ban on exclusionary zoning, and a willingness to adopt zoning reforms, key for communities that signed deals with Ottawa, will not receive federal housing accelerator funding.
Feds provide funding to build homes faster in Guelph
The City of Guelph will receive $21.4 million from the $4 billion federal Housing Accelerator Fund intended to fast-track housing to assist the city and incentivize the creation of 739 new housing units over the next three years.
The impact of Toronto's proposed budget on property taxes
Toronto homeowners may soon have to pay approximately $370 more in property taxes every year if the city's proposed 10.5 per cent hike goes ahead — the largest since Toronto's amalgamation two decades ago.
City of Kelowna approves short-term rental restrictions
Ahead of sweeping provincial restrictions for the short-term rental market, Kelowna council voted to approve short-term rental restrictions that will not allow such rentals to operate as a principal or secondary land use.
A 'quieter year' in 2023 for B.C. Interior real estate market
The real estate market in B.C.'s interior had a subdued 2023, impacted by high interest rates, among other factors. “It definitely was a little bit of a quieter year ... ” said Chelsea Mann, president of the Association of Interior Realtors.
Metro Van. residents desperate for below-market housing
Wait lists for social and non-market housing have more than doubled in some Metro Vancouver areas since 2020. Most growth happened in suburban municipalities like Delta, Langley and the Tri-Cities, although wait lists increased in every Metro municipality since 2018.
A new refugee targetted non-profit home-sharing platform
Operating like a non-profit version of Airbnb, a new online sharing tool by Refugee Housing Canada has been launched in the face of Canada's housing crisis. It matches asylum seekers in need of accomodation with potential Canadian hosts.
Two unlicensed B.C. property managers fined $140K
B.C.’s real estate regulator has issued $140,000 in fines against two unlicensed rental property managers. In separate decisions, the managers were found to be operating without a licence or exemption from licensing under the Real Estate Services Act.
B.C. resident commits real estate related fraud
A B.C. Securities Commission (BCSC) panel has found that a B.C. resident committed fraud, obstructed justice and illegally sold shares of her purported real estate company. Cherie Evangeline White was the owner and CEO of KingdomInvestments2015 Inc.
Industry Events
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Canadian Home Building Association: National Fall Meetings
Oct 21 2024
to Oct 25 2024
Ottawa, Ontario
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Canada Real Estate Auction
Oct 22 2024
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MIPIM: The Global Urban Festival
Mar 11 2025
to Mar 14 2025
Palais des Festivals, Cannes, France
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Housing Central Conference
Nov 18 2025
to Nov 20 2025
Sheraton Vancouver Wall Centre Hotel, BC
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