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Vancouver's Whitford townhomes fifth joint venture for Grosvenor, Citimark
Whitford townhomes fifth JV for Grosvenor, Citimark
A near two decades-long partnership between B.C. developers Grosvenor and Citimark has reached its fifth project: the 68-townhome community Whitford in Vancouver’s Shaughnessy neighbourhood. Construction on Whitford is set to begin in a few weeks.
Annual pace of housing starts in June down 9%: CMHC
Canada Mortgage and Housing Corp. (CMHC) said the country's annual pace of housing starts in June fell nine per cent compared to May. The seasonally adjusted annual rate of housing starts in June amounted to 241,672 units.
Housing starts in Montreal up 226% since last year
Housing construction seems to have finally taken off in Quebec. The Montreal region led with an explosion in the number of housing starts of all types — an increase of 226 per cent compared to June 2023.
Total damages from Toronto flood could surpass $1B
The cost of Tuesday’s widespread flood in Toronto could surpass $1 billion, according to the Insurance Bureau of Canada. The bureau said the storm was comparable to the 2013 Toronto flood, which resulted in $1 billion in damages.
Toronto saw a sharp drop in housing starts in June
Housing starts in the Toronto area were down drastically last month, with the CMHC reporting a 60 per cent decline in total housing starts in June over the same period last year.
B.C. home sales drop by almost 20% year-over-year
The number of homes changing hands across B.C. saw a significant drop in June, according to the B.C. Real Estate Association. The report shows 7,082 homes were sold in June this year, a 19 per cent decrease from June 2023.
Prince Edward County is becoming a buyer’s market
Ontario's Prince Edward County saw 33 sales in June with an average price of $759,570, according to the Central Lakes Association of Realtors. That compares with 31 sales in May with an average price of $802,759.
Timmins, Ont. housing plan aims to spur development
To increase affordable housing, the City of Timmins Housing Action Plan emphasizes subdivision development, pre-fabricated housing and intensifying housing where it already exists by adding units and developing empty lots.
Solo mortgages are the new homebuying trend
According to a new report from online real estate marketplace Point2, nearly half of renting Canadians are willing to take the leap to home ownership solo. Forty-two per cent of overall renters are considering applying for a mortgage alone.
Canadian luxury real estate outperforms market trends
Engel & Völkers released its 2024 Mid-Year Luxury Real Estate Market Report, highlighting that luxury properties in Halifax, Ottawa, Toronto and Vancouver are outperforming market trends in the $1 million-plus market segment.
Investors still see Vancouver as low-risk, high-reward
Private investors are still salivating over property opportunities in Vancouver. That’s according to a report from real estate services firm Avison Young, which found the city’s capitalization rates to be among the lowest in Canada during Q2.
Most Cdn. homeowners plan to stay put amid high living costs
Ninety-four per cent of Canadian homeowners plan to remain in their current homes for at least the next year, a report by Angus Reid and Financeit finds. Nearly a quarter note the higher costs of living as their reasoning.
What’s bigger for buyers: interest rates or price?
A report from Zoocasa found purchase price is still the most important factor for 58 per cent of homebuyers, suggesting that if the Bank of Canada cuts rates next week, it's unlikely to bring shoppers back to the market.
B.C. Realtor fined, banned over mortgage fraud network
B.C. Realtor Rashin Rohani, who falsified her income to purchase five North Vancouver properties through an unregistered mortgage broker, has been barred from the industry by the B.C. Financial Services Authority and fined $130,000.
B.C. brokerage fined for anti-money laundering violations
The Financial Transactions and Reports Analysis Centre of Canada (Fintrac) has fined Vancouver real estate firm Masters Realty (2000) Ltd. $83,655 for five compliance violations of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
Yet another Toronto home sold at devastating loss
A three-bathroom home in Toronto's Silverthorn neighbourhood sold in June for $742,500, a devastating loss of $207,500. In December 2021, the property sold for $950,000. The home was re-listed twice in April 2023 but failed to sell.
City of Vancouver bought new $38.5M apartment
COLUMN: Property records show the City of Vancouver spent $38.5 million to buy a six-storey building at the corner of Main Street and East 41st Ave., with 46 market rental homes and a liquor store on the ground floor.
Falling U.S. real estate commissions could impact Canada: analyst
Real estate commission fees in the U.S. are likely to fall next month as the result of class action lawsuits, according to one expert, who says the development could have downstream effects on Canada’s real estate market.
Major Australian builder collapses, leaving projects unfinished
Brisbane, Australia-based AQWA Constructions has gone under, leaving behind 35 unfinished projects and owing millions of dollars to creditors across the country. AQWA owner Paul James Galvin filed for bankruptcy on April 25, with $2.8 million AUD in debts.
Why U.K. is finally changing its ancient ‘leasehold’ laws
“Leaseholds” are one of the oddest, and most contested, quirks of Britain’s ancient property laws. Critics who see them as a license for building owners to rip off tenants have convinced a new Labour government to overhaul the system.
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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