IT’S’NAIVE’ TO BLAST THE BIG INSTITUTIONS THAT PROVIDE RENTAL HOUSING, SAY DEVELOPERS
In the House of Commons last year, Vancouver East NDP MP Jenny Kwan lambasted the powerful “profiteers” that “financialize” rental housing. The Liberals, and the Conservatives before them, have long encouraged the creation of real estate investment trusts, commonly known as REITs, through which corporations “make a killing,” Kwan said. “Real estate investment trusts enjoy preferential tax treatment, and the seven largest REITs alone have saved a combined $1.5 billion through federal tax...
read moreLIBERALS ANNOUNCE 3% RENT CAP, WITH A CAVEAT
New Brunswick tenants can expect a promised three per cent cap on rent increases effective Feb. 1, but landlords will get some wiggle room, on a case-by-case basis, to help cover the cost of “capital renovations.” On Wednesday, Housing Minister David Hickey introduced amendments to the Residential Tenancies Act and its regulation to create a permanent rent cap but also to establish a process for landlords to seek rent increases above the new threshold. Under the proposed new rules, New...
read moreMAYOR CHOW PROPOSING BIG CHANGE THAT WOULD SEE BUILDINGS GO UP ALL OVER TORONTO
Mayor Olivia Chow has proposed a major change to the process of how housing is built in Toronto, one that would allow a new generation of buildings to pop up on major streets across the city. Chow is looking to implement sweeping as-of-right zoning on Toronto’s avenues that would allow for drastic changes in the city’s built form. Toronto’s development scene has been dominated by tall towers in recent years, but Chow’s new push to change zoning regulations could result in a more Parisian style...
read moreVANCOUVER WAS ORDERED TO BUILD 1,405 AFFORDABLE RENTALS OVER THE PAST YEAR. ONLY 313 WERE COMPLETED
Vancouver fell short of meeting the province’s housing targets for the last year, mostly due to a failure to meet the goal for affordable rentals, according to a report coming to city council. B.C. passed the Housing Supply Act last September, giving the province the authority to set a minimum number of net new units to be completed by municipalities over a five-year period. In Vancouver, the target set for the first year, from Oct. 1, 2023 to Sept. 30, 2024, was 5,202 units. In that...
read more2024 ONTARIO FALL ECONOMIC STATEMENT: DEFICIT CUT TO $6.6B, FEW NEW INITIATIVES
As the Ford government aims to advance an agenda centred around building Ontario infrastructure and jobs, officials have unveiled few new initiatives beyond what was previously announced in the 2024 budget as they slash the projected deficit by more than $3 billion. In the 2024 Ontario fall economic statement unveiled at Queen’s Park Wednesday afternoon, the government is currently set to run a $6.6-billion deficit for the 2024-2025 budget year as it’s on track to spend more than $218 billion....
read moreVICTORIA CONDO OWNERS SEEK COMPENSATION FOR PROPERTY VALUE DROP DUE TO NEW RENTAL RULES
Owners of 22 former short-term rental units in Victoria have filed nine lawsuits against the province, arguing legislation banning short-term rentals amounts to expropriation of their units, and owners are owed compensation.The lawsuits were filed in the Supreme Court of B.C. in Victoria last week.Provincial rules banning most short-term rentals unless they are in an owner’s principal residence came into effect May 1, prompting an outcry from owners of condo units used for vacation rentals....
read morePBO PROJECTS DEFICIT EXCEEDED LIBERALS’ $40B PLEDGE, ECONOMY TO REBOUND IN 2025
The federal government likely failed to keep its deficit below the promised $40-billion cap in the last fiscal year, the parliamentary budget officer said on Thursday. The budget watchdog estimates in its latest economic and fiscal outlook that the federal government posted a $46.8 billion deficit for the 2023-24 fiscal year. The final tally of the last year’s deficit will be confirmed when the government publishes its annual public accounts report this fall. “Based on our analysis, the...
read more3 HOUSING EXPERTS WEIGH IN ON WHAT’S MISSING IN NEW BRUNSWICK HOUSING POLICY
A rent cap, tax reform and funding for a broader spectrum of housing are three of the keys to solving New Brunswick’s housing woes, according to people with close eyes on the sector. “The crisis is continuing,” said Julia Woodhall-Melnik, a housing researcher with the University of New Brunswick in Saint John. Rents are up about 10 per cent in the last year, encampments have grown around cities and unaffordability has increased in rural areas, she said. Woodhall-Melnik is in...
read moreBLUE MOUNTAIN COUNCIL REJECTS RENTAL HOUSING PROJECT … AGAIN
For the second time in two weeks, Town of the Blue Mountains council has rejected a developer’s request for help to speed up a proposed rental housing project. At its recent meeting, in a 4-3 vote, council rejected a new motion to explore all planning process options available to move forward a proposal to build a significant rental housing project not far from the Village at Blue. Councillors Paula Hope, Gail Ardiel, June Porter and Alex Maxwell combined to vote against the resolution that...
read moreCANADIAN TEMPORARY RESIDENT GROWTH FALLS 48%, LONG “OVERDUE”: BMO
Canada’s policymakers went from explaining that millions of temporary residents are needed, to cheering on the reversal of their policies over a few short months. Statistics Canada (Stat Can) data shows the flow of non-permanent (temporary) residents slowed in Q2 2024. After doubling in a couple of years, the temporary population remains robust but marks a stark shift in policy. Consequently, one of the country’s largest banks is telling investors to pay close attention, as it can mean big...
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