MONTREAL REVAMPS SOCIAL HOUSING BYLAW, AIMS TO GET MORE DEVELOPERS ON BOARD
In 2021, a bylaw took effect with the goal of forcing Montreal developers to include social, family and affordable housing in their projects. Nearly three years later, and with many questions swirling about the effectiveness of that bylaw, the city is revamping its rules and being more lenient with developers. Benoit Dorais, the vice-president of Montreal’s executive committee who is in charge of the housing file, said the bylaw, which is called the Règlement pour une métropole...
read moreTWO FORMER SAINT JOHN SCHOOLS TO BE TURNED INTO MORE THAN 100 APARTMENTS
After remaining tight-lipped for months about plans for two former Saint John school buildings, a Fredericton-based developer is now revealing details. Erik de Jong, president of City Line Holdings, said the schools represent about a third of the roughly 340 new housing units planned for Saint John in the coming years. City Line bought the former St. Patrick’s School, on the city’s west side, and the former St. Vincent’s High School, on Cliff Street in the shadow of St....
read more‘BOTTOM STILL ISN’T FALLING OUT OF THE ECONOMY’: WHAT ECONOMISTS MAKE OF THE GDP DATA
The Canadian economy hung tough in the final quarter of last year, expanding one per cent on annualized basis after contracting in the third quarter, Statistics Canada said on Feb. 29. Here’s what economists are saying the latest gross domestic product numbers could mean for inflation and interest rates. ‘Sea of red’: Douglas Porter, BMO Economics Setting aside the increase in exports and consumer consumption, the fourth quarter was mostly “a sea of red,” said Douglas Porter, chief economist...
read moreRENTERS TO TARGET MPP MICHAEL FORD’S OFFICE IN PUSH FOR STRICTER RENT CONTROLS
Toronto tenants’ advocates are gearing up for a rally Wednesday outside the constituency office of Michael Ford, Progressive Conservative MPP and Premier Doug Ford’s nephew. It’s one of eight demonstrations that ACORN, a tenants’ rights group, has planned for Feb. 21, outside the offices of PC MPPs across the province. They’re pushing for stricter new rent control guidelines that they say are necessary in the face of unprecedented pressures on renters in Ontario....
read moreBANK OF CANADA’S INFLATION ‘BUFFET’ MUDDIES TIMING OF CUTS
The Bank of Canada says it’s watching core inflation closely as it weighs when to cut rates, but a mixed bag of measures gives it options on timing and clouds the outlook for markets and economists. The central bank has no less than six indexes it monitors to get a grasp on underlying price pressures. Governor Tiff Macklem has pushed back against focus on a specific indicator, describing core inflation as more of a “concept.” While that reflects the bank’s need for certainty before declaring...
read moreINCREASING INFLATION TO A GROWING POPULATION, EDMONTON’S RENTAL MARKET IS UNDER PRESSURE
Edmonton’s steadily rising population is coming head-to-head with a strained housing market, in which the cost of buying a home has become too high and the supply of rental units has hit its lowest point in a decade. The pressure of high mortgage rates and inflation have caused a shift in demand from buying a home to renting. And the demand for rentals is expected to surpass new supply, according to David Dale-Johnson, executive professor of real estate at the University of...
read moreRATE CUTS TO START IN JULY, FORMER BANK OF CANADA OFFICIAL SAYS
An ex-member of the Bank of Canada’s governing body says he believes the central bank will start cutting interest rates in about six months if inflation pressures ease as expected. Policymakers will wait until they see underlying price pressures cool, even if the economy has entered a period of excess supply, former Deputy Governor Paul Beaudry said. “I wouldn’t see the potential of rate cuts until probably the July decision,” Beaudry said in an interview with Avery Shenfeld, the chief...
read moreTHE CASE AGAINST HIGH PROPERTY TAX RATES ON MULTI-RESIDENTIAL BUILDINGS IN ONTARIO
Should a renter only be able to use half the number of municipal roads as a homeowner? What about getting police or fire protection half the times they call? Of course not. These are critical municipal services open to all. But renters in many of Ontario’s oldest multi-residential rental buildings are paying twice as much for the same services as residents of single-family homes through the rent that building owners pass through to them. This discrepancy not only places an undue financial...
read moreBLACKSTONE BIDS $3.5 BILLION TO TAKE OVER RENTAL PROPERTY OWNER TRICON RESIDENTIAL
Blackstone Inc., one of the world’s largest real estate investors, is jumping into the Toronto apartment market by bidding US$3.5-billion for rental property owner Tricon Residential Inc. On Friday, New York-based Blackstone (BX-N) announced a friendly takeover offer for Tricon (TCN-T), which has US$2.5-billion of apartment buildings under development in Toronto and plans to spend US$1-billion on single-family homes in the U.S. Sun Belt. Founded in 1988, Tricon is one of Toronto’s largest...
read moreBRAMPTON TACKLING ILLEGAL RENTALS THROUGH NEW LICENSING PILOT
The City of Brampton says they are cracking down on illegal and problematic rental units by introducing a residential rental licensing pilot for five wards. The pilot project will be evaluated over the next two years by the city. Landlords in wards one, three, four, five and seven should expect to pay a hefty price to obtain the license. The pilot project requires owners of rental properties with one to four residential dwelling units to obtain a license from the City Clerk’s Office. Which...
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