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Canada housing plans considered vague by BMO

Blogs / Amy / 11 October 2022 / affordable, Canada, Canadian budget, Canadian building industry, Homebuyers, Housing, housing plans, inflation, interest rates, low-cost housing, Real Estate

Canada housing plans considered vague by BMO April 7th witnessed the release of the Canadian budget for the fiscal year 2022-23. Through the budget release, the Canadian government promises to enhance the housing conditions by making it more affordable and cost-efficient. The liberal party committed a few key measures, in case of re-election, that they will include a tax-free savings accounts for the first home for residents of Canada falling under the age of 40 years. A second promise is to double the home buyer text credit from $5000 to $10,000 to save on closing costs. The government has made commitments in order to speed up supply with the inclusion of $4 billion of investment in the housing accelerator fund in order to achieve growth in the annual housing supply. The federal government aims at the creation of 100,000 new, middle-class housing by the year 2024-25 and the conversion of void offices into residential components along side affordable build and repair With such eminent promises by the country’s government, came a warning from the economists’ bench. They called the dream of better and affordable housing in today’s market a dream far-fetched. Despite the Canadian Government’s full-fledged on-paper strategy, the economists are skeptical of such a plan and are calling it an impossible strategy or a political agenda that is not efficient enough to conceive itself. The Economists are reluctant to accept this plan and warn the people, who have hope in their eyes, to beware of the ‘extreme’ housing goals and the risks that could drown them with such a housing plan. Economists stand firm on the view that the federal government lacks an understanding of inflation costs that undergoes double home construction and states that the plan is too dismal to turn into reality. Most economists agree that the new housing plan determines the existing supply level to be negligible while dismissing the fact that one in ten dollars of the economic output of the country is spent on building houses. Here are a few economists who shared their opinions along with the reason why they think the new housing policies are the waves of hot air. Stephen Brown, a senior Canada economist at capital economics, feels that this plan is a demand-weighted strategy and that backfire is imminent. He analyses the situation and believes that for a less number of buyers a demand-oriented strategy could work but in the long-run housing will become expensive, dismissing the whale objective of the new plan. A certain Economist at BMO states the following reasons for their disagreement with the flow of the new housing plans – The skilled laborers and materials for the construction are in a shortage supply due to the fixed capacity of the Canadian building industry. If the production was to be doubled it’d result in a significant rate of inflation dismissing the entire goal of the campaign. It’s easier to talk about the zoning changes than to actually implement them in a real off-paper world. The economist warns about a strong political resistance. The federal government’s interference with the municipal committees will result in abuse of power. In the coming few years, Canada is likely to witness a change in its demographic structure. The millennials are currently peaking their demand needs which will result in low demand in the future. Moreover, the second half of the plan if would ever be conceived and implemented will result in housing for none. <br The said economist was also in high disagreement with the Ontario transit-oriented community project and housing plans. BMO economist titled the strategy as a way of pandering to a higher number of votes. In regards to the new housing plans, Brett House- deputy chief economist at Scotiabank believes ‘Policy efforts to stoke demand will only increase prices. All levels of government need to do the hard work together to enable an increased supply of appropriate housing with related services in Canada’s major cities.’ Angelo Melino, a professor at the University of Toronto, feels ‘You can’t improve affordability by subsidizing purchasers. This will just raise the price of the existing housing stock. Affordability requires an increase in the stock of low-cost housing.’ A chunk of economists praises the housing plans devised by the government as an admirable and an ambitious move but question the supply of workers needed to achieve the targets. Doubling production by cutting the extra costs seems like an intangible plan because of the rooted inflation that can devour the economy. Conclusion With such intricate views on one hand and the ambitious promises of the government, one needs to think if they should get their hopes high, think of this as a political agenda, and use their precious votes next time, or is there a grey area that everybody is missing on? The future is the only answer to all these questions and risks and decisions. Related posts. Canada housing plans considered vague by BMO by admin123 The Canadian Blind Bidding Ban Dilemma by admin123 Hamilton to witness the tallest building: 45 Storey Tower by admin123 Expert’s Reaction to the increasing rates by the Bank of Canada by admin123 Living in Main Floors- A Great matter of importance for Aging Canadians who want a Pleasant Life Ahead by admin123 National home prices historically higher, listings terribly low by admin123

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The Canadian Blind Bidding Ban Dilemma

Blogs / Amy / 11 October 2022 / Canada, Homebuyers, housing plan, housing production, inflation, interest rates, Real Estate, Real estate industry, real estate market

High mortgage rates to overwhelm Canadian housing Canada and The real estate Industry have always walked hand in hand and soared high profits when it came to output. An all-time high housing market burns red with ultimately no sign of cooling down. From 2021 to February 2022 the real estate market in Canada bagged a solid profit because of the purchase of around roughly 552,000 homes. Despite such an increase and heavy profit rate, the real estate industry of Canada is worried about the future market rate of housing in Canada. It has become an ironic situation, with the government promising to double the housing production and cutting the costs to make housing affordable through the release of the fiscal budget meanwhile the market and mortgage rates are hitting an all-time high and are expected to escalate more during near summers. Such a condition really tells that there will not only be a shortage of housing possibilities but also warns about the phase where housing will be available for none. Price hike The end of 2021 concluded around a 19 percent rise in the prices above the borrowing capacity of a median- Canadian household. Such a rate is expected to rise to a 30 percent or more in the near future making housing in Canada a dream far-fetched. The reason for such a hike in pricing is mere because the supply is always low but the demand keeps increasing in the country. Low bank interest rates are just another crackle in the fire that will keep increasing the demand and the mortgage rates along with it. Rising Mortgage Rates The Government of Canada 5 Year Bond closed at the most elevated level in a decade nowadays. Five Year yields are critical to a genuine domain, affecting one of the key contract rates. As a result, Canadians ought to anticipate paying the most elevated contract intrigued in a decade — and these rates are fair getting begun. Bond yields impact the mortgage as well as the interest debt in the real estate industry. The hot red pricing of the 5-year bond yield has become the reason for worry in the estate market because such a bond yield directs the 5 years fixed mortgage. It has been a record, that the Canadian 5-year bond yield has not taken this big a leap since April 2011. Due to such conditions, the Canadian 5-year mortgage rates are also at an all-time high resulting in a 17 percent drop in the buyer estimate. The five-year fixed mortgage was relatively the preferred plan for buyers until a year before but now the buyers will seek new and variable buying options with different ranges of the mortgage. This leaves a gap in the market contributing to higher levels of inflation. Recently the bank hiked 0.5 percent of the interest rates which will invariably result in nothing since the demand soars up but the supply to suffice higher demand is not nearly abundant. A lot of buyers are now indifferent to the price hike since the interest rates are lower even than the pre-pandemic rates. The real estate market will be in a slump as the properties are decreasing and the number of buyers running to buy the estate is high. With this there is the expectation of a solid hike in interest rate which is instigating the buyers to buy in today, colling down an all-time hot-selling real estate market. This would not only result in higher prices and lower demands in the future but also a scarcity of property until the government’s housing plan comes to the rescue in real-time. But is the Government’s housing plan a tangible asset, well the economists say otherwise. An entirely new perspective While the distress of the real estate market is evident Canada’s president Christopher Alexander feels a cooling down of the market won’t happen. In an interview when asked about the rising prices and mortgage rates the Canadian president was heard saying “It will take some froth out, which I think we would all enjoy. But I think the market will adjust demand is still incredibly strong and Canadians really believe in the value of homeownership. So I think that will still continue to see people wanting to buy, just might take them a little bit longer than they had hoped.” Conclusion The fate of housing in Canada is dismal from some perspectives while ambitious from others, the future will only hold the decision of the winning perspective. Related posts. The Canadian Blind Bidding Ban Dilemma by admin123 Hamilton to witness the tallest building: 45 Storey Tower by admin123 Expert’s Reaction to the increasing rates by the Bank of Canada by admin123 Living in Main Floors- A Great matter of importance for Aging Canadians who want a Pleasant Life Ahead by admin123 National home prices historically higher, listings terribly low by admin123 Housing prices kicks off, stuck historically high, but trended lower in January by admin123

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Hamilton to witness the tallest building: 45 Storey Tower

Blogs / Amy / 11 October 2022 / 45-storey high tower, Bruce Kuwabara, Burlington, City Council, Hamilton, Housing, Lake Ontario, residential units, residents

Hamilton to witness the tallest building: 45 Storey Tower The City of Hamilton is deciding to build a tower along its waterfront that would be the tallest in the city. The government has decided to take this step so that it can be considered a move towards higher density for the growing Southern Ontario City. However, after the announcement of this news, not all the residents are happy with this decision as some are claiming that building this tower will block sightlines. This 45-storey high tower will be designed by architect Bruce Kuwabara. The proposed tower will have two storeys more than the current tallest tower in Hamilton city. According to the government, this proposal is a major part of the redevelopment plan of over five hectares of land along the waterfront. This is to be built at Pier 8 into a new community. According to the proposal presented, the tower will occupy the northwest corner of the pier. This tower will contribute to more than 1,600 residential units, over 1,400 parking spaces that the pier is set to have after the redevelopment is completed and more than 13,000 square metres of commercial and institutional space. This tower will provide a beautiful view and it will be a landmark for the city of Hamilton city. The building announced on May 20th will be a part of the new Pier 8 redevelopment plan. The height of this building would challenge The Urban Hamilton Official Plan. The architect, Bruce Kuwabara, thinks the building would be considered a work of architecture for Hamilton city as a flagship and a landmark; especially for Pier 8. But the tower will work at the tip of Lake Ontario. Initially, it was designed that the tower should be cylindrical but later on, during a Design Review Panel, two more options were added and presented in front of Bruce Kuwabara. It is decided that the exterior of the building would consist of curves, giving a floral-like shape from a birds-eye view. This was the second design presented. The third design, named Lily, consisted of a more organic form due to its asymmetric and abstract shape. Bruce Kuwabara mentioned that the variations will give more meaning to the character of the building. The occupants will have different perspectives and experiences regarding what it is like to live in a building that has wavy patterns versus what it would be like to live in a building that would have softer, flatter and floral curves. But towards the end, the design of the building will be kept simple, minimal, and elegant as said by Bruce Kuwabara. As the tower would be the tallest building in Hamilton city, it will be visible not just from Hamilton but also from Burlington as well. One can view this tower from points around the bay, from LaSalle Park, and from down as well. This tower will be a landmark for Hamilton city, it doesn’t matter whether it’s the Waves, Cylinder or Lily. This tower will become a part of the image of the entire city of Hamilton in an intentional manner. However, though this tower will certainly be a new focal point for the city of Hamilton, not all residents are in support of the construction of this tower. After the Planning committee discussed this project in a meeting, a number of petitions were submitted against the construction of this tower. Some people commented that the city has not considered the potential issues that this tower will put on the neighbourhood. People said that the interference with the enjoyment of their property has been completely neglected by the government as a part of the current redevelopment process going on. People will not be able to enjoy the beautiful view of the waterfront and the traffic will be directed to Guise Street which would create a lot of issues for them. Even the issue of shadows of the tower being cast over nearby streets was also raised by some commoners. The North End Neighbourhood Association and Harbour West Neighbours Inc, however, supported this project and have raised their voices in support as well. In a letter to the Planning Committee, The North End Neighbourhood Association mentioned that if the government approves this construction of the tower then it will significantly lower the development density and allow housing purposes that will attract families from everywhere. By attracting families with children, it will benefit the neighbourhood and provide support to restaurants, education, retail, transportation services, etc. Listening to the comments and reviews of the people, Bruce Kuwabara has emphasized the point that, although people think that building itself is high-density, the entire level of land density for the parcel of land will not be changed. Bruce Kuwabara has named this thing “zoning”. According to this, it is not adding, not a land grab and increase in density. But rather zoning means the stabilization of density. In simpler terms, it means the distribution of those units over Pier 8. The design team has promised to ensure that the tower itself, although will be the tallest building in Hamilton city, will have the least amount of impact on its surrounding environment. Bruce Kuwabara has clearly stated that they are trying to make an elegant building. The very fork of it will be aerodynamic. The designers are very concerned regarding mitigating wind through design and they have decided that it will have comfortable outdoor amenity spaces. This 45-storey tall building will be iconic from the Pier 8 shoreline and it will symbolize progress in Hamilton’s growth. Yet to date, no legal approvals have been given to the project. Hamilton’s Design Review Panel will once again present the idea and discuss the proposal in a meeting that is scheduled to be held on April 27, 2022. The recommendation will be provided by the review panel but the ultimate decision will lie in the hands of the City Council. Related posts. Hamilton to witness the tallest building: 45 Storey Tower by admin123

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Expert’s Reaction to the increasing rates by the Bank of Canada

Blogs / Amy / 11 October 2022 / bank of canada, Greater Toronto Area, labour market, raising rates

Expert’s Reaction to the increasing rates by the Bank of Canada The Bank of Canada raised its overnight rate target by 25 basis points to 0.5 percent in its second policy rate announcement of 2022. Economists and industry experts are weighing in on the bank’s decision, which marks the first increase in the mortgage-influencing overnight rate since October 2018. When COVID-19 broke out, the Bank of Canada made three emergency cuts to the overnight rate in March 2020, bringing it down from 1.75 percent in a matter of weeks as the pandemic sent shockwaves through global markets. Until now, the overnight rate has remained at a quarter percent. The Bank of Canada stated in its announcement that Canada’s economic growth has been strong, rising 6.7 per cent in Q4-2021, higher than the bank had predicted and confirming that “economic slack has been absorbed.” Household spending is increasing as a result of the Omicron variant’s rebound, and this trend is expected to continue as more public health restrictions are lifted. However, the Consumer Price Index for inflation is 5.1 percent, well above the Bank of Canada’s inflation target of 2%. Inflation may also arise as a result of the Ukraine conflict and rising commodity prices. “Russia’s unprovoked invasion of Ukraine is a big new source of worry,” the bank stated in a news release. “Oil and other commodity prices have skyrocketed.” This will raise global prices, and the negative effects on confidence and fresh supply disruptions may weigh on the global economy. Volatility in the financial markets has risen. The situation is still fluid, and we are keeping a careful eye on developments. As the economy grows and inflationary pressures remain, the Bank of Canada anticipates that interest rates will need to rise further. The next announcement of the overnight rate goal is set for April 13th, 2022. Economic Research at RBC After a near call in January, Josh Nye, senior economist at RBC Economics, noted in a daily economic briefing that there “looked to be a low bar to raise rates.” Even though January’s job data were negative, Nye noted that the labour market has recovered from prior COVID-19 waves, and GDP is expanding. Inflationary pressures are projected to rise further as a result of rising food and energy commodity prices as a result of the Russia-Ukraine war. “The Bank of Canada will have to assess the additional inflationary pressure caused by the war against two-way domestic effects (greater revenue for commodities producers, higher prices for consumers) and worries about the global economic picture.” Normally, central banks would consider geopolitically driven commodity price pressures, but with inflation already well over the goal, the Bank of Canada has stated that it is more concerned about upside risks to inflation than downside ones. Indeed, it stated that ‘consistently rising inflation raises the likelihood that longer-run inflation expectations may rise.’ Aside from inflation projections, the bank will keep a close eye on financial circumstances. Government bond rates have declined as growth fears and risk aversion have increased, while corporate credit spreads have grown. Other financial channels have been rather stable—the Canadian currency has been trading in a narrow range over the last month, and the TSX has performed well in comparison to other equity markets. At this point, we don’t believe geopolitical events prohibit the second rise in April, nor do they argue for the more aggressive tightening path that markets continue to price.” Bank of Montreal (BMO) Another rate rise might be on the way next month, according to Benjamin Reitzes, managing director of Canadian rates and a macro analyst at BMO. If global circumstances do not “further worsen,” April might bring another 25 basis points. “The tone on the domestic economy was fairly positive following yesterday’s better-than-expected Q4 GDP result.” There was considerable momentum coming into 2022, and the year began better than expected. This implies that ‘first-quarter growth is now looking more strong than originally anticipated.’ The Bank recognised growth in housing, household expenditure, and trade, and expressed confidence that employment would recover from the Omicron-induced dip in January. The Russian invasion of Ukraine ‘creates a significant new source of uncertainty.’ The Bank predicts an increase in inflation, while the loss of confidence and additional supply difficulties ‘may weigh on global growth.’ There’s a lot of ambiguity there, and the BoC will be keeping a careful eye on things. Assuming the economy continues on its upward track and inflation remains high (which seems unlikely in the short term), the Bank of Canada ‘expects interest rates will need to increase further.’ This is consistent with the rate increase path narrative and our forecast of another 25 basis point rise at the April meeting. Meanwhile, there have been no adjustments to the balance sheet, while policymakers are considering discontinuing reinvestment and QT.” The TD Economics The Bank of Canada opted to raise the overnight rate today, as “widely predicted,” according to TD Economics senior economist James Orlando. However, the bank’s policy approach is not set in stone, and review may be required if the Russia-Ukraine crisis unfolds. “It occurred at long last. The Bank of Canada has raised its policy rate, possibly kicking off a series of interest rate rises over the next few months. With employment expected to bounce strongly next week and inflation expected to rise further, the necessity for higher interest rates is self-evident.” “The Bank of Canada’s policy path is not fixed.” Financial conditions are tightening as a result of the Russia/Ukraine war. If the spillover becomes more entrenched, greater tightening may be necessary.” CIBC Capital Markets Avery Shenfeld, managing director and chief economist at CIBC Capital Markets, indicated that statistics supporting the economy’s rebound from Omicron and stronger-than-expected growth may be why the BoC opted to raise the overnight rate now rather than in January. “So why now, rather than in January?” The key difference is that, unlike two months ago, the Bank can now point to data indicating that ‘the rebound from Omicron appears to

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Living in Main Floors- A Great matter of importance for Aging Canadians who want a Pleasant Life Ahead

Blogs / Amy / 11 October 2022 / condominium, toronto

Living in Main Floors- A Great matter of importance for Aging Canadians who want a Pleasant Life Ahead The main floor, single storey living is in high demand for elderly Canadians who want to spend their years living peacefully at their homes. A survey conducted by Royal Lepage reveals that 44 percent of the answerers say that a well-furnished living space is important for Canadians who wish to spend their remaining years in a restful environment. 55 percent of the people said that a single-storey living, which can make room for a bedroom, bathroom, laundry, and kitchen on a floor was preferable. This survey was conducted with expert sales representatives who excel in senior and accessible housing.“Seniors are mostly looking to be able to choose where and how they live, instead of someone else making that decision for them. Except this, they all have different needs and are looking for independent home features” Says Caroline Baile, a certified Accredited senior agent with Royal Lepage. “Along with that, they are also concerned about their long-term requirements much before than previous generations. They are thinking about their life after retiring, even before it has happened Most buyers desire a home that will help them adjust into their old years easily.” Living in a senior home is an experience, this is partly the reason why many aged people are selecting to stay in their own homes. 75 percent of the answerers of the survey revealed that Canadians are inquiring about staying at single-storey houses rather than in senior homes, which can be pretty expensive. Around 60 percent of the people are concerned about the safety of senior homes, which have been in talks during the pandemic. According to another survey, Boomer generation, the oldest one alive would prefer to reconstruct their own houses rather than go to a new place for living. Many people are mostly choosing to live in a condominium or a cottage without stairs because of its low maintenance and downsize. 40 percent of the answerers said that aged clients prefer an entrance to the front and backyard without a stairway and also a bathtub that could be walked into or a shower with a far-ranging entry. Slipring floors were by no means an option for aged people. At 80 percent, 50 percent, and 48 percent respectively it was decided that Tubs, shelves, and a wheelchair-accessible stairway were ‘not compulsory’ for clients. Older people prefer to live close by their families, hospitals, and other services like restaurants and stores within walking distance. ‘Well-being and relief are the priorities for them’ One day they might need much more support and even a wheelchair or walker, Further added Baile. They want to stay in their homes for a lifetime, then they will have to develop their homes according to these circumstances. Related posts. Living in Main Floors- A Great matter of importance for Aging Canadians who want a Pleasant Life Ahead by admin123 National home prices historically higher, listings terribly low by admin123 Housing prices kicks off, stuck historically high, but trended lower in January by admin123 Soleil Condominiums by Mattamay to beam in Milton by admin123 As home prices rise, Ford wants to approve developments as soon as possible by admin123 The average detached house in Toronto has already surpassed the $2 million mark by admin123

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National home prices historically higher, listings terribly low

Blogs / Amy / 11 October 2022 / Average home price, Greater Toronto Area, Mattamy Homes

National home prices historically higher, listings terribly low According to the Canadian real estate association (CREA) as supplies have dwindled and transactions remained historically high in the month of January, the average price of a Canadian home has continued to rise annually. Company chair Cliff Stevenson noted that January was “pretty quiet,” for new listings, with supply numbers unlikely to shift until warmer weather appears. This is according to CREA’s monthly national statistics report released today. In the report, he had said that ‘The question is will that supply be overwhelmed by demand as it was last spring, or will we start to see the re-emergence of some of the many would-be sellers who have been hunkered down for the last two years?’ Here’s the information we have collected about Canada’s January housing market from the latest report of CREA Slight Increase in Home Sales from December The number of homes that traded hands over MLS has grown by 1% between December to January. The actual number of transactions was over 10% in the month of January which was actually less than the monthly record established in January 2021. That was mostly the case throughout the second half of 2021 but January 2022 still reported the second-highest sales. There was an even split between local communities which reported the increase and decrease in the sales last month. Monthly new home supplies even had a double-digit drop. It fell by almost 11 percent. According to CREA, A pullback in the Greater Toronto Area made up more than half of the national decline. There were 1.6 months of inventory on a national basis by the end of the month. This is the level that ties with December 2021 for the lowest level ever recorded. 85% of local markets were categorised as seller’s market based on this ratio in January. The remaining 15% were in balanced market territory. “If that were to occur, similar to 2021, we’d likely see a massive number of sales take place which would get a lot of frustrated buyers into homeownership, and we’d likely see some cooling off on the price growth side if those offers are spread across more listings,” explained Cathcart. “Those are all things this market needs. It really comes down to how many properties come up for sale in the months ahead.” Cathcart is CREA’s senior economist. There is a rise in average home price up to more than 20 percent as compared to 2021 The Aggregate Composite MLS Home Price Index (HPI) had increased 2.9 percent from December to January as market conditions stay persistently tight. This is similar to the gains reported in the last three months. The non-seasonally adjusted Aggregate Composite MLS HPI increased 28 percent yearly in January. Annual price growth was recorded in multiple communities Several cities are found to have reported price increases after analyzing markets across the country. Yearly price growth is “in line,” with the national figure at 28 percent in British Columbia, but lower in Vancouver and higher in other areas of the province. Alberta and Saskatchewan experienced annual price growth in the mid-to-high single-digit range, while Manitoba saw gains of 13 percent annually. Price increases stayed above 30 percent in Ontario as the GTA caught up with the pace of gains. Prices increased between 25% to 40% yearly throughout the rest of the province. Montreal has reported growth of slight 20% increase. In the Maritimes, New Brunswick has seen prices rise 30 percent in New Brunswick, 27 percent in Prince Edward Island, and 12 percent in Newfoundland and Labrador year-to-year. Related posts. Living in Main Floors- A Great matter of importance for Aging Canadians who want a Pleasant Life Ahead by admin123 National home prices historically higher, listings terribly low by admin123 Housing prices kicks off, stuck historically high, but trended lower in January by admin123 Soleil Condominiums by Mattamay to beam in Milton by admin123 As home prices rise, Ford wants to approve developments as soon as possible by admin123 The average detached house in Toronto has already surpassed the $2 million mark by admin123

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Housing prices kicks off, stuck historically high, but trended lower in January

Blogs / Amy / 11 October 2022 / home prices, housing starts, toronto

Housing prices kicks off, stuck historically high, but trended lower in January According to the latest information from the Canada Mortgage and Housing Corporation (CMHC) new housing starts across Canada trended lowered after wrapping up for the first month of 2022. The trend in housing starts was 254,133 units in January which was a drop as compared to December. This trend is defined as a six-month rolling mean of the monthly cyclical adjusted annual rates (SAAR) of housing starts by the CMHC. These kinds of trend measures are used as a supplement to the periodic SAAR of housing starts to “account for considerable swings in monthly estimates,” Bob Dugan who is CMHC’s chief economist said that the trend on a monthly basis has increased historically high but the 6-month trend in housing was much lower in December to January. Between Montréal, Toronto, and Vancouver, Montréal was the only market to report growth in total SAAR starts in January as a result of higher single-detached and multi-family starts. As noted by Dugan. The standalone monthly SAAR of total housing kicks off for all areas in the country was 230,754 units in the month of January which is a 3 percent drop as compared to December. Also, in January the SAAR dropped by 5% of total urban. The value was 204,428 units and the rural starts were to be 26,326 units. Multiple urban starts dropped by 9% in a periodic way to 144,332 units by housing type. this is because single-detached urban starts really grew 7. It was 60,096 units between January and December. The SAAR of total urban starts dropped five percent monthly to 204,428 units, while rural starts were estimated to be 26,326 units at a seasonally adjusted annual rate in the same month. In January, Toronto, Montréal, and Vancouver reported SAAR totals of 21,714 units, 26,456 units, and 22,192 units by metropolitan area. This is basically a 27% and 17% decrease in Toronto and Vancouver but also a 16% increase in Montreal. This exactly equals 27% and also a decrease of 17% and its increases were actually noted in Ottawa-Gatineau which is 94% and Winnipeg which is 4%. A housing start when construction starts on a building where a dwelling unit is located, usually when concrete has been poured for the footing over the structure, or the equal stage when a basement is not one part of the structure is defined by CMCH. Related posts. Housing prices kicks off, stuck historically high, but trended lower in January by admin123 Soleil Condominiums by Mattamay to beam in Milton by admin123 As home prices rise, Ford wants to approve developments as soon as possible by admin123 The average detached house in Toronto has already surpassed the $2 million mark by admin123 February 2022 Construction Start and Completions in Toronto by admin123 The Martha James Condominiums are set to open in Burlington by admin123

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As home prices rise Ford wants to approve developments as soon as possible

Soleil Condominiums by Mattamay to beam in Milton

Blogs / Amy / 11 October 2022 / Greater Toronto Area, Market News Soleil Condos, Mattamy Homes, Mattamy Hub

Soleil Condominiums by Mattamay to beam in Milton Mattamy Homes’ Soleil Condos, located in the foothills of the Niagara Escarpment, will provide an extraordinary connection to the outdoors. Residents of Soleil will be well situated for both work and play, with Rattlesnake Point Conservation Area and the Bruce Trail offering a hiker’s paradise of pathways just around the corner from the two-building development, and with easy access to recreational centres, baseball fields, basketball courts, and Mattamy’s National Cycling Centre. The measurements of each condo The two mid-rise Soleil Condos, designed by KNYMH, will each climb six stories into the air and accommodate 128 and 122 residential apartments, respectively. Suites will be large with open concept designs and will be available in one, one plus den, and two plus den configurations. When natural light penetrates via floor-to-ceiling windows, contemporary kitchens with modern finishes will glow. The technology hub Mattamy Hub smart home technology, which will provide residents with a 24/7 connection with an in-suite security system featuring digital door locking through their wall pad or smartphone, will be a distinctive feature of the Soleil suites. The service of automated locker Soleil’s lobby on the first floor will offer concierge services 24 hours a day, seven days a week, as well as a postal room with automated lockers. Tara Lee Designs Inc will design the buildings’ bright interiors, which will include warm tones and delicate textures. Other building features will include a social room where residents may entertain. This welcoming amenity space will have a full kitchen, dining area, and fireplace. The best place for working personnel Soleil will also include a dedicated co-working lounge, which will be a linked space that will allow residents to seamlessly separate the workday from home life by providing an open concept working area as well as private meeting spaces. Fitness freaks got a place There will also be a fitness centre with a naturally light gym and yoga studio, as well as everything inhabitants, need to be active on days when going outdoors isn’t an option. And don’t forget about the rooftop terrace, which will have a fire pit, grills, and a seating area with views of Milton and the nearby escarpment. Distance Milton is a wonderful location for individuals who want to be linked to both the city and the environment. It is only 50 minutes from Toronto and less than a half-hour from Mississauga. The remainder of the Greater Toronto Area is also accessible by GO rail or bus from this location off Highway 401. Soleil Condos is scheduled to be completed in 2024. More information about this development will be available shortly, but in the meanwhile, you may learn more by visiting our Database file for the project, which is linked below. You may join the discussion in the relevant Project Forum topic, or leave a comment in the space given on this page. New data research service, provides complete information on building projects in the Greater Toronto Area, from proposal to completion. In addition, our daily subscription email, New Development Insider, arrives in your inbox to help you monitor projects through the planning process. Related posts. Housing prices kicks off, stuck historically high, but trended lower in January by admin123 Soleil Condominiums by Mattamay to beam in Milton by admin123 As home prices rise, Ford wants to approve developments as soon as possible by admin123 The average detached house in Toronto has already surpassed the $2 million mark by admin123 February 2022 Construction Start and Completions in Toronto by admin123 The Martha James Condominiums are set to open in Burlington by admin123

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As home prices rise, Ford wants to approve developments as soon as possible

Blogs / Amy / 11 October 2022 / Ford, home prices, Ontario, toronto

As home prices rise, Ford wants to approve developments “as soon as possible Ontario is seeking to decrease the amount of red tape around development applications, Premier Doug Ford said on Thursday, as constrained supply continues to drive up housing prices. Ford stated that the summit’s purpose was to devise tangible solutions to assist more families to purchase a home. “While the answers may appear apparent, putting them into action requires a lot of hard work and commitment,” he stated at the start of the virtual summit. “We know we need to better standardise processes and procedures across areas, and we know we need to enhance data collecting and reporting so we can better track success and where we can improve.” Ford remarked that the province had the greatest number of home starts in 30 years last year, but with inventory still running short, he vowed to provide municipalities with “every tool available to make us a lot faster when it comes to achieving housing starts.” “We have to do rid of all the red tape and bureaucracy,” Ford stated. “We’re collaborating with all of the municipalities, and I think we had a pretty excellent meeting.” Mayor Tory, I believe, was also present. We all want to ensure that there is affordable housing throughout the province.” Ford also admitted that the problem of increasingly pricey housing isn’t limited to the GTA, but has expanded throughout the province. According to Ford, a new $45 million Streamline Development Approval Fund will assist the 39 largest towns to approve housing proposals more rapidly. In addition, the province stated that it will collaborate with municipalities to create a data standard for planning and development applications, which should speed up the process. His remarks on Thursday reflected the suggestions made earlier this month by the Ontario Housing Affordability Task Force. The task group, which was formed by the provincial government and included nine specialists in not-for-profit housing, Indigenous housing, real estate, house construction, financial markets, and economics, argued for increased density and less public discussions on planned buildings. The housing problem in Ontario will not be addressed overnight, according to Municipal Affairs and Housing Minister Steve Clark, but cutting red tape will help get more houses constructed faster. “The way housing is approved and built was designed for a different era when the province was less constrained by space and had fewer people,” Chair of the Housing Affordability Task Force Chair and Chief Executive Officer and Group Head, Global Banking and Markets at Scotiabank Jake Lawrence wrote in the report. “However, it no longer satisfies the demands of Ontarians.” The scales have tipped too far in favour of prolonged discussions, bureaucratic red tape, and pricey appeals. It is far too simple to oppose new housing, and it is also too expensive to create. We are in a housing crisis, which necessitates quick and far-reaching reforms.” Related posts. Soleil Condominiums by Mattamay to beam in Milton by admin123 As home prices rise, Ford wants to approve developments as soon as possible by admin123 The average detached house in Toronto has already surpassed the $2 million mark by admin123 February 2022 Construction Start and Completions in Toronto by admin123 The Martha James Condominiums are set to open in Burlington by admin123 The battle of the list price homebuyers are irritated by too-low asking prices by admin123

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The average detached house in Toronto has already surpassed the $2 million mark

Blogs / Amy / 11 October 2022 / Detached house, Greater Toronto Area, Mattamy Homes, price growth

The average detached house in Toronto has already surpassed the $2 million mark People are snapping up houses in the Greater Toronto Area at near-record rates, with last month coming in hot and achieving the second-highest sales statistics of any February in history, surpassed only by the record-breaking Feb. 2021. The Toronto Regional Real Estate Board (TRREB) reveals that 9,097 residences changed hands last month, a 16.8 per cent decrease year over year but a staggering 61.4 per cent increase from the previous month. It’s a significant amount of properties sold, but it’s still a 16.8 percent decline from last year’s record when purchasers resurfaced between pandemic waves. A Much-Necessary Rebound Bustling sales undoubtedly got a lift from an influx of much-needed supply: 14,147 new listings were added to the market, more than double (109.4 percent) from January levels. While inventory is still down 6.6 percent year on year, because the decrease was less severe than sales, it has helped improve total inventory, pushing market conditions ever-so-slightly toward balanced. The month ended with a total of 6,985 properties for sale, up more than 2,000 from the previous month and perhaps indicating that overall supply is on the rise. If you want a 416 address, expect to pay an average of $1,210,889, up from $995,171 in February 2021. And the 905 is even more expensive, with houses now costing $1,402,948, up from $1,070,710 in February 2021.The most concerning figure, however, is the new average price of a detached home in Toronto, which has officially surpassed the two-million barrier with a February 2021 average of $2,073,989. The costly detached sector continues to have the highest amount of sales, with 3,928 purchases led by activity in the 905 areas. The total average price of a single-family detached home increased by 31% to $1,797,203 and has officially surpassed the $2 million mark in the City of Toronto, at $2,073,989 (23 per cent. Condos, on the other hand, are hanging near the $800,000 mark, with an average price of $799,966. A total of 2,722 units were sold, with 1,842 of them concentrated in the 416 area. Prices are expected to rise further, though not to such extremes, with TRREB Chief Market Analyst Jason Mercer predicting “a more moderate pace of price growth in the second half of 2022 as higher borrowing costs result in some households temporarily putting their home purchase on hold as they resituate themselves in the market.” TRREB CEO John DiMichele predicts that these conditions will be a prominent topic in the 2019 Ontario provincial election, adding, “we know that housing affordability will be front of mind.” “Demand for ownership homes continues to be robust throughout the GTA, and while we are somewhat off the record pace observed last year, any buyer searching in this market is unlikely to feel it with competition continuing the standard,” he adds. “Many households accelerated their home purchase and closed in 2021, which is one reason the number of sales was predicted to be lower this year, and a trend toward increased borrowing costs will have a restraining influence on home sales.” Significant immigration levels and a persistent scarcity of supply, on the other hand, will have a mitigating influence on rising mortgage rates.” All of this will be on the minds of policymakers and politicians as election season approaches; following the recommendations of the province-appointed Ontario Housing Affordability Task Force, it will be interesting to see whether — if any — of their 55 proposals will be enacted before Ontarians go to the polls. DiMichele emphasizes that “political parties and candidates must focus on bold and inventive policies that will encourage greater and diversified housing supply to account for the current gap and future population expansion as immigration accelerates.” Related posts. As home prices rise, Ford wants to approve developments as soon as possible by admin123 The average detached house in Toronto has already surpassed the $2 million mark by admin123 February 2022 Construction Start and Completions in Toronto by admin123 The Martha James Condominiums are set to open in Burlington by admin123 The battle of the list price homebuyers are irritated by too-low asking prices by admin123 Toronto surpassing its the house-price insanity capital of Canada by admin123

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February 2022 Construction Start and Completions in Toronto

Blogs / Amy / 11 October 2022 / Reina Condos, The Stack at Bayview, toronto

February 2022 Construction Start and Completions in Toronto The construction in Toronto never seems to end, with new buildings continuously being presented to the City for approval, new cranes sprouting up on the skyline, and old ones being removed. In this article, we will provide an overview of projects where work has begun and those where we have changed the status to finished as the first residents have moved in with this monthly feature. Construction Starts The following are the initiatives that started – or were about to start – in February: Reina Condos BDP Quadrangle has developed a 9-storey, 200-unit mixed-use condominium project for Urban Capital Property Group on the southeastern corner of The Queensway and Penhurst Avenue in South Etobicoke. Reina Condos held a ceremonial groundbreaking event on February 19, according to their Instagram account, indicating that the building is likely to start soon. Alba The 32-story, 418-unit tower, designed by Core Architects for Edenshaw Developments Limited, will also include 4 townhomes and is scheduled to be completed in downtown Mississauga by 2025. Work has recently begun to prepare the site for shoring, with a digger, many dump trucks, and a large pile of excavation seen on site. Jac Condos Turner Fleischer Architects designed the 34-story, 489-unit mixed-use complex for Graywood Developments and Phantom Developments on the west side of Jarvis Street, just south of Carlton Street. The site’s below-grade levels have lately been sunk two storeys deep, and it comprises a shoring rig, a digger, a bobcat, and lagging piles in its pit. Realm Condos Realm Condos, constructed by Adi Development Group, is situated in Burlington at the junction of Thomas Alton Boulevard and Appleby Line. The two buildings will each be 16 stories tall, joined by a 5-story platform, and will add nearly 400 additional homes to the neighbourhood. The project was officially kicked off on February 9th, and soil has already been dug up and loaded into dump trucks. Royal Bayview Royal Bayview is located in Markham, just off Bayview Avenue on Royal Orchard Boulevard, and will have 91 and 77 home-sized condominium units in two 12- and 14-story residential structures with views of the exclusive Ladies’ Golf Club of Toronto. The Kirkor Architects Planners-designed structure, which is being developed by Tridel, is anticipated to be finished in 2024, and two shoring rigs have lately appeared on site. Completed Projects The following are the projects that we consider finished, based on the fact that they have awarded occupancy to their first residents: Nova Urban Towns Nova Urban Towns, located at 57 Finch Avenue West, appears to be finished and residents have begun to move in. The Kaleido Corporation created the 4-story town houses, which were designed by SRN Architects Inc. and include a total of 42 apartments. The Stack at Bayview The Stack, new retail and residential development in Toronto’s Leaside neighbourhood developed by The Brown Group of Companies, was recently finished. Kohn Partnership Architects Inc. created the low-rise building at 1680 Bayview Avenue, which is seven stories tall and houses 146 residential apartments. Is there still a project that we’ve overlooked? Please feel free to contact us and let us know whether we missed it. Meanwhile, keep an eye on our Forum for new construction projects that are starting or wrapping up this month. More detailed information about each of these advances will be available shortly, but in the meanwhile, you may read more about the projects by visiting our Database files, which are linked below. You can participate in discussions on the Project Forum threads linked above, or leave a remark in the area provided on this page. The latest data research service provides detailed information on building projects in the Greater Toronto Area, from proposal to completion. In addition, our daily subscription newsletter, New Development Insider, is delivered to your mailbox to assist you in tracking initiatives through the planning process. Related posts. The average detached house in Toronto has already surpassed the $2 million mark by admin123 February 2022 Construction Start and Completions in Toronto by admin123 The Martha James Condominiums are set to open in Burlington by admin123 The battle of the list price homebuyers are irritated by too-low asking prices by admin123 Toronto surpassing its the house-price insanity capital of Canada by admin123 It might finally be time for Canadian homeowners to sell by admin123

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The Martha James Condominiums are set to open in Burlington

Blogs / Amy / 11 October 2022 / Market News Burlington, Martha James Condominiums, Mattamy Homes

The Martha James Condominiums are set to open in Burlington Mattamy Homes, best known for developing single-family homes in the suburbs, is bringing a new condominium to Burlington, located west of Toronto. Martha James Condominiums “blends small-town charm with urban convenience,” as Mattamy proudly proclaims. The property focuses on unrivalled facilities, both inside and out, and is located only steps from downtown Burlington’s shops and equidistant from Lake Ontario’s shoreline. This 13-story, the 11,700-square-metre structure was designed by Graziani + Corazza Architects and is expected to be completed in 2024. The Martha James Condominiums are named after the crossroads of Martha and James streets, which is located in a mature park-side neighbourhood. It is only a short walk from there to busy Brant Street, the lakefront, Brant Street Pier, and the adjacent parks and trails. The community’s location provides easy access to major transportation routes such as the QEW, Highways 403 and 407, and the Burlington GO station is only a five-minute drive north. It is ideal for people looking for a laid-back lifestyle with the comforts of a city since Toronto is only a 40-minute drive away. A total of 150 residential apartments will be available, ranging from one-bedroom to two-bedroom with den suites, in this new residential complex. Residents will have access to two floors of residential facilities, which include everything from exercise and co-working rooms to a large rooftop terrace for sunbathing and summer picnics. Graziani + Corazza + Biase (GCB) Interior Architecture Inc., the architecture firm’s in-house design studio has furnished the building with amenity areas that have a soft, natural palette and a domestic atmosphere, with meticulous attention to detail. The building’s entrance, which is located on the southeast corner of the crossroads, leads to a large lobby with concierge service. The versatile, well-appointed lounge features co-working places, communal areas, and private dining; the space fluidly transforms into the ideal place to entertain. The building also has a Workout Centre with an interactive fitness studio to help you maintain your physical as well as your emotional well-being. With such a private yoga deck, a sundeck lounge, as well as a community garden for anyone who’s not afraid to get their hands dirty, Martha James’ rooftop provides additional possibilities to relax the body and the mind. If you just want to “inject some sunshine into your busy schedule,” as Mattamy puts it, there’s even a co-working area. The rooftop lounge with all of its enormous lake viewpoints, “provides the perfect backdrop for alfresco dining, or simply unwinding.” The residential suites, which each have nine-foot ceilings, elegant cabinets, and open-concept layouts, are treated with the same degree of care and attention to detail, and excellence of finishes. All of the apartments will be light-filled thanks to the abundance of windows. Related posts. February 2022 Construction Start and Completions in Toronto by admin123 The Martha James Condominiums are set to open in Burlington by admin123 The battle of the list price homebuyers are irritated by too-low asking prices by admin123 Toronto surpassing its the house-price insanity capital of Canada by admin123 It might finally be time for Canadian homeowners to sell by admin123 Plans at the New Bloor-Lansdowne GO Altered for Height and Park Size. by admin123

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