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2024 to be a 'Goldilocks year' for housing: Royal LePage CEO
2024 to be a 'Goldilocks year' for housing: Royal LePage CEO
A new normal for interest rates will drive aggregate housing prices in Canada up 5.5 per cent in 2024, according to Royal LePage president and CEO Phil Soper and the firm's 2024 Market Survey Forecast.
Bank regulator maintains uninsured mortgage stress test rate
The Office of the Superintendent of Financial Institutions says the minimum qualifying rate for uninsured residential mortgages will remain the greater of 5.25 per cent, or the mortgage contract rate plus two per cent despite industry speculation it would change.
Ottawa to launch pre-approved home design catalogue
The federal government is planning to launch a catalogue of pre-approved home designs to speed up the home-building process for developers. The federal government announced it will begin a consultation process to develop the catalogue in January.
B.C. proposes to increase height for tall wood buildings
The B.C. government is proposing changes to the provincial building code to allow for tall wood buildings to be built up to 18 storeys high. That’s an increase from the current 12-storey limit.
Toronto is seeing more ‘vendor take-back’ mortgages
Vendor take-back mortgages offer an alluring option for buyers who have bought a pre-construction home but have seen their appraisals fall short by hundreds of thousands of dollars, experts say as Torontonians adjust to a high-interest rate environment.
Open bidding has arrived in Ontario. Will it be used?
New real estate rules that allow sellers and buyers to enter into an open bidding process went into effect Dec. 1 in Ontario, meant to bring transparency to buying and selling, but most agents say sellers are unlikely to opt in.
CREA housing sales forecast hinges on BoC moves
The Canadian Real Estate Association (CREA) updated its forecast for home sales and average home prices for 2023 and 2024. Some 449,614 residential properties are forecast to transact in 2023, a 9.8 per cent decline from 2022.
Real estate buyers still active in fading days of 2023
After a lacklustre fall in Toronto-area real estate, a few determined home buyers are willing to spar with competing bidders as 2023 draws to a close. Elli Davis of Sotheby’s Canada, has sold three properties in competition in recent weeks.
CRE investors pile into luxury RV parks despite issues
Luxury RV resorts with hotel-style amenity packages are the latest market segment to capture the attention of commercial real estate investors. Interest in the sector exploded as the pandemic, remote work and shifting demographics gave way to new clientele.
Unsanctioned RV camp in B.C. to be cleared of residents
Scores of residents at an unofficial RV camp in Chilliwack have been given until the end of January to relocate. The camp is home to 50 or more RVs, campers and trailers. Many people have been living there for years.
Surrey homeowners ordered to demolish addition
Surrey homeowners who converted a single-family house into four rental suites without a building permit have been ordered by the courts to demolish the recent addition they built, leaving their tenants to find new homes.
City determines McMaster's student residence is lawful
McMaster University students who moved into a new $100 million, 30-storey building under construction have said the conditions are far worse than the school described. Some students are requesting the option of breaking their leases.
Ontario property assessment notices are in the mail
Last month, the Municipal Property Assessment Corporation (MPAC), which oversees the appraisal of approximately 5.5 million properties across Ontario, mailed 713,000 property assessment notices. Nearly half the notices, a process paused during COVID, were due to property ownership updates.
Waterloo region average residential taxes rise $165
The average homeowner in Waterloo region will see their regional tax bill rise by $165 in 2024. It is a 6.9 per cent increase over 2023 that comes after regional councillors passed a 2024 budget of $2.1 billion.
Vancouver residential property tax to jump 7.5 per cent
Residential homeowners in Vancouver will see their property tax bills jump 7.5 per cent in 2024. City staff had presented the 2024-2028 Budget Outlook in June, projecting a 9.5 per cent increase in 2024 unless cuts were made.
West Van. owners paid second-highest vacancy tax in B.C.
Figures released by B.C.’s finance ministry this week show homeowners in West Vancouver paid more than $8.754 million in the province’s speculation and vacancy tax in 2022, the second-highest among B.C. municipalities after Vancouver.
Calgary Canada's most expensive city in which to live
It is more expensive to live in Calgary than in Vancouver or Toronto. The latest Market Basket Measure update by Statistics Canada shows it costs more for a “moderate” standard of living in Calgary than any other major Canadian city.
HRM surplus properties set aside for non-profit housing
At Halifax Regional Council on Tuesday, staff presented a list of surplus properties that, with council’s blessing, would be offered up for sale to non-profits to build affordable housing.
Women's housing crisis must be addressed: Advocates
A national coalition of housing advocates has sent a report to the federal housing minister with 15 calls to action, all leading to one main request: to address and commit to solutions for women and gender-diverse people experiencing housing precarity.
B.C. strata owner sued for tenant's vile behaviour
A B.C. strata owner was sued for his tenant’s disgusting behaviour, with the strata corporation alleging he committed 75 bylaw infractions. Some of the claims against the strata owner and his tenant aren’t for the faint of heart.
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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