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Slow 2024 for housing starts means more high prices: CMHC
Slow 2024 for housing starts means more high prices: CMHC
The triple whammy of high demand and building costs, plus elevated interest rates will impact the housing industry across most of Canada through 2024, offering no relief to Canadians seeking entry into the housing market, the CMHC predicts.
Toronto area condo rents fall 7% in six months
A glut of condominium units on the market has given tenants in the Greater Toronto Hamilton Area rent relief. Urbanation found rents in the GTHA fell by 7.4 per cent from Q3 2023 to Q4 2024.
TRREB: condo rental transactions up in Q1 2024
The number of condominium apartment lease transactions reported through the Toronto Regional Real Estate Board’s (TRREB) MLS System was up strongly year-over-year in Q1, resulting in more choice for renters and flatlining in average rents compared to 2023.
Toronto condo developers offering incentives to buyers
Developers are scrambling to sell units by offering reduced deposits and mortgage assistance as demand for preconstruction condominium units continues to plummet. In Toronto since mid-2022, 11,595 units in 29 projects have been delayed.
Mattamy's condos in Milton under construction
Once known primarily for its sprawling farmlands and quiet, small-town charm, Milton is rapidly transforming into one of Canada’s fastest-growing towns. Soleil Condos and Mile & Creek Condos, two projects now under construction, are designed to complement Milton’s budding urban culture.
Modern modular taking over Hubbards homebuilders
Modern Modular Homes could be building more homes with the help of a new acquisition – Hubbards-based Interhabs Homes. Owner Scott Reinhardt, who was busy quenching wildfires and saving homes in 2023, plans to be building them in 2024.
Cenovus teams with First Nations to build Alberta homes
Raoul Montgrand, president of the Chard Métis Nation in northern Alberta, called a 200-square-foot camper trailer home for close to two years. The community leader's household was among the many residents affected by a housing crisis in the hamlet.
Tarion’s warranty decisions under review over impartiality
When Tarion declined Lesana Mohammed’s claim for warranty coverage for her unfinished new home, she fired off a terse email to the agency’s CEO. A dispute with her builder left her with nearly $90,000 worth of unfinished work.
19,000 B.C. homes permanently listed as short-term rentals
A provincial rule to limit short-term rentals to a homeowner's principal residence plus one secondary suite or accessory dwelling comes into force in B.C. May 1 in 60 communities, while 17 additional communities have chosen to opt into the rules.
A real estate platform offers an alternative to blind bidding
With changes to the Trust in Real Estate Services Act (TRESA), Ontario sellers can now choose whether they want to keep blind bidding. The TRESA legislation, however, has left an opening for new ways to do business.
Cottage prices expected to spike almost 7% in 2024
While some cottage owners will sell their property before the capital gains tax comes into effect in June, it will not significantly impact the overall market. Canada’s cottage prices are forecast to rise almost seven per cent by 2025.
Calculating capital gains on cottage or investment properties
Starting June 25, sellers pay tax on two-thirds of the capital gain above $250,000; half of gains up to that threshold will be taxable. The improvements you make to a cottage or investment property can reduce the taxable component.
Vancouver home reno soars to $1M, takes 8 years
Sandra Botnen thought it might cost $150,000 to $200,000 to renovate a house in Strathcona in 2016. Eight years later, she’s still working on it, and spent over $1-million after encountering layers of rules and regulations.
Calgary home sales jumped 7.3% YOY in April: CREB
The Calgary Real Estate Board (CREB) says April home sales were up 7.3 per cent from 2023. The board reported that 2,881 units were sold last month, while the benchmark price across all home types was $603,700 for April.
Bank of Mom and Dad key to home buyers in Toronto
More than a quarter of Toronto homes owned by adults born in the 1990s are co-owned with their parents, Statistics Canada says. Toronto's 27.2 per cent co-ownership rate soared past the 17.3 per cent rate across Canadian cities.
Majority of aspiring homeowners awaiting rate cuts: BMO
The Bank of Montreal says according to survey results, 72 per cent of respondents who are Canadians aspiring to buy a home say they will push their plans to next year or later to wait for interest rates to drop.
Largest U.S. minority, woman-owned brokerage join Real
The Real Brokerage, the fastest-growing, publicly traded real estate brokerage, today announced that Village Premier Collection, the nation’s largest minority and woman-owned independent brokerage, has joined the company under its recently launched Private Label program.
Company fined $150K after selling new homes illegally: HCRA
Ontario's homebuilders and vendors regulator has fined Christopher Lamb and Novel Condominiums $150,286 after they were found guilty of selling new homes illegally after 26 charges were identified through investigation by the HCRA.
B.C. advisor who defrauded couple of $285K banned, fined $310K
Canada’s regulator of mutual funds has found a Fraser Valley investment advisor defrauded a retired Langley couple of $258,000. Alvinder Singh Gill was fined $310,000 and permanently banned from the industry with this second fraud conviction.
Real estate fraudster Jim Pellerin appeals, walks free on bail
Victims of convicted fraudster Jim Pellerin were left with a bittersweet legal win last week after he was sentenced to a three-year prison term, ordered to pay a half-million dollars in restitution, then was released on bail pending an appeal.
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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