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Quebec City booms, Montreal stalls in October housing sales
Quebec City booms, Montreal stalls in October housing sales
Quebec City saw its third-highest number of October residential sales in 23 years, while residential transactions in Montreal dipped to “anemic” levels in October 2023, according to analysis by the Quebec Professional Association of Real Estate Brokers.
Quebec approves new tax and 'superpowers' to cities
Quebec has given the green light for cities to tax vacant or underused housing, unoccupied for at least 180 days per year, such as those reserved primarily for Airbnb-type rentals, capped at one per cent of the accommodation's value.
Calgary high end housing market leads Cda. for sales growth
Calgary’s resale real estate market is Canada’s hottest this year so far, including its luxury housing. Sotheby’s Top Tier Real Estate Report noted Calgary homes priced $1 million and up increased 69 per cent this summer year over year.
Greenbelt developer’s push to build a cottage country resort
A company owned by Markham-based FLATO Developments is proposing to build a “world-class” golf resort on the shores of Sturgeon Lake. A no tresspassing sign on a "public dock" was local residents' first indication of new ownership of the property.
Analyzing financial fitness of first-time homebuyers in 2023
Against the backdrop of macroeconomic factors, first-time homebuyers (those who purchased a home in the last two years) continue to outpace all Canadians when it comes to financial fitness according to Sagen's 2023 First-Time Homebuyer Survey and Financial Fitness Study.
BoC voices concerns about variable rate mortgages
The Bank of Canada (BoC) has urged banks to reconsider offering variable rate mortgages with fixed payments, concerned about the number of borrowers with negative amortization of their loans. Money markets see little chance of further tightening by the BoC.
Over 40% of the impact of rate hikes still to come: NBC
The BoC’s policy interest hikes may have finally ended, with the next moves either maintaining or cutting the rate. The Bank maintained the rate at five per cent on Oct. 25, 2023 with the last increase on July 12, 2023.
Preconstruction buyers in GTA abandon deposits
Troubling headwinds continue to persist in the preconstruction real estate industry as homebuyers are walking away from sizable deposits, some worth as much as $320,000. Buyers are unable to close when they can't qualify for a mortgage.
New condo sales drop 47% in 2023, new buyers flee GTA
New Toronto condo sales have dropped 47 per cent year-to-date in 2023 to a 10-year low as high interest rates and high sticker prices price out most people, according to a new report from research firm Urbanation.
Previously short-term rental units for sale in Victoria, B.C.
New legislation that would restrict British Columbians from listing their investment properties on short-term rental platforms may already have led to an uptick in sale listings in Victoria, according to Leo Spalteholz, a Victoria-based advocate for zoning reform.
B.C. law to require approval of missing-middle housing
Proposed legislation introduced by the B.C. NDP will force municipalities to green-light multi-unit housing on single-family lots whether they like it or not. It will also legalize secondary suites or laneway homes in all B.C. communities.
Vancouver struggles to put a price on the view
Questions about the value of mountain views for all Vancouverites are being asked by asking by former city staff and others as opposition mounts to the city council’s decision to review long-standing view protections that are unique to Vancouver.
Guelph considers a 10% increase in 2024 property tax
Guelph's mayor says he wants people to fully understand why the city's proposed 2024 budget could increase by more than 10 per cent compared to this year as the city council considers its first four-year budget plan.
B.C. cities can't densify housing without more infrastructure
B.C. municipalities are reacting to proposed housing legislation that would allow increased density in all communities — saying to get more secondary suites, duplexes, and other multi-unit housing built on lots traditionally restricted to single-family homes requires new infrastructure.
Tiny home development planned for Kelowna industrial area
BC Housing is leasing city-owned land in Kelowna for up to 10 years to facilitate the construction of 60 tiny homes with communal washroom and kitchen facilities. An additional 60 units of modular workforce housing are planned for another location.
Indwell acquires property for affordable housing project
Indwell, a Christian charity, recently purchased a vacant lot in Mississauga, Ont. to develop into 50 units of affordable supportive housing. The lot, located at 1639 Lakeshore Rd. W. in Clarkson Village will be the site of Indwell’s third community in the city.
Halifax permits people to live in RVs over the winter
Halifax will be keeping its municipally owned property, Shubie Campground, open all winter so people living in their RVs have a place to stay — and others elsewhere in Canada are hoping their governments will follow suit.
Halifax residential construction costs up 8.4% in Q3 YOY
Statistics Canada reported that residential construction costs rose 8.4 per cent in Halifax for July to September 2023 compared to the same quarter last year. Halifax had the second highest year-over-year increase after Toronto out of 11 cities surveyed.
Toronto condo gym ceiling suddenly collapses
Residents of high-rise apartment and townhouse complex Reunion Crossing along St. Clair Avenue West are raising safety concerns about the integrity of their home after the ceiling to their shared gym collapsed.
About a third of homes for sale in U.S. are new construction
30.6 per cent of U.S. single-family homes for sale in Q3 were new construction, according to Redfin. That’s the highest share of any Q3 on record, up from 28.9 per cent one year earlier and 25 per cent from 2021.
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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