MONTREAL HOUSING OUTLOOK 2024
Montreal Market Report Summary The average selling price of a home in Montreal increased by 3.2% year-over-year to $533,100 in July 2024. The average selling price of a single-family home in Montreal increased by 2.3% year-over-year to $623,400 in July 2024. The average selling price of a townhouse/multiplex in Montreal increased by 3.7% year-over-year to $599,600 in July 2024. The average selling price of a condo in Montreal increased by 4.5% year-over-year to $407,400 in July 2024. The...
read moreA QUARTER OF EMPLOYED CANADIANS NOW WORK FOR THE GOVERNMENT
Canadian employment doesn’t look like it moved much, but under the surface was a giant shift. Statistics Canada (Stat Can) data shows the number of jobs virtually unchanged in July, growing 1.7% (+345k jobs) over the past year. As a result, the unemployment rate was also flat at 6.4%, adding 0.9 points from last year. Mostly boring until you dive into the details that show the public sector now accounts for most jobs, overseeing 1 in 4 employees in Canada. Canada’s Private Sector Suffers A...
read moreCANADIAN GDP DRIVEN BY PUBLIC SECTOR, PER CAPITA RECESSION DEEPENS
Canada’s economy beat expectations but dive into the details before celebrating. Statistics Canada (Stat Can) data shows real gross domestic product (GDP) grew faster-than-expected in May. However, even with a rapid public sector expansion driving half the advance, it failed to meet population growth. As a result, Canada’s GDP per capita recession printed an 8th consecutive quarter of losses. Canada’s Real GDP Grew Much Faster Than Forecast First, the good news—Canada’s real GDP advanced much...
read moreBOSA PROPERTIES SAYS BURNABY POLICIES MAKE PURPOSE-BUILT RENTAL PROJECTS “UNBUILDABLE”
At a time when cities across Canada are in desperate need of more rental homes, well-intentioned policies in the City of Burnaby are making purpose-built rental projects unviable, says Bosa Properties, one of British Columbia’s largest developers. In a letter to Burnaby City Council dated July 2, Senior Director of Development Kyle Wright told Council that Bosa Properties had spent the past six months contemplating two 100% purpose-built rental projects — one in the Metrotown...
read moreCALGARY MAYOR ANNOUNCES $60M HOUSING INITIATIVE
Groups interested in building affordable rental housing can now apply for a new program initiated by the City of Calgary. On Thursday, the city announced it is providing $60 million in funding over three years as part of the Housing Capital Initiative (HCI). From now until Oct. 10, the city is taking HCI applications from charities, non-profit organizations and Indigenous groups seeking help with the cost of building new properties or acquiring existing buildings. The city would fund up to 30...
read moreSTRAIT-AREA BUILDER AIMING FOR LOW RENT ON 2 NEW HOUSING PROJECTS
The developer of two new housing projects in the Strait of Canso area says he’s seeking every avenue to ease the financial burden on new renters. Brela Construction purchased a vacant school building in Evanston, N.S., from the Municipality of Richmond County in May to convert to affordable seniors’ housing. A month later, the Arichat company signed a development deal with the Town of Port Hawkesbury to set up housing units within walking distance of the Nova Scotia Community...
read moreTORONTO COUNCIL SUPPORTS ACCELERATION OF RENTAL HOUSING PROJECTS
Toronto City Council has approved recommendations in staff reports that will allocate $351 million in capital funding to 18 affordable rental housing projects, enabling construction to start in 2024 and 2025. The funding will help almost 6,000 new rental homes including 2,600 affordable rental and 3,380 rent-controlled homes currently delayed in pre-development phases move forward towards construction, stated a release. The city’s new Rental Housing Supply Program proposes a framework to...
read moreCANADIAN POPULATION EXPECTED TO HIT 63 MILLION BY 2073, LIFE EXPECTANCY FALLS FURTHER
Canada’s population is expected to slow in growth but still add a whole lot of people. Statistics Canada (Stat Can) data released this morning shows they expect growth to slow. The population is expected to hit 63 million people by 2073, driven almost exclusively by migration. At the same time, the country’s older population is set to explode, which will lead to pressure on resources such as healthcare. Pressures will be less pronounced after they reach their demographic peak, but that will...
read moreFOUR OF CANADA’S RED PARTY LEADERS INVESTED IN REAL ESTATE
Four of the leaders of Canada’s five parties in Parliament are landlords and/or invested in real estate (or have spouses that are), according to new data examined by The Maple. MPs are required to complete public disclosure reports that include property they own and additional sources of income and investments. These reports tell us if our elected representatives, and/or their spouses, are landlords/invested in real estate. The Maple has gone through all this data and identified which...
read moreHUNDREDS OF RENTAL UNITS UP FOR DEMOLITION VOTE TUESDAY
About 240 rental units in Toronto could move one step closer to being torn down for new developments Tuesday, causing their tenants to be victims of a demoviction in the process. A demoviction, or demolition driven eviction, is when a landlord evicts tenants from a building so that it can be demolished and redeveloped into new apartments or condos. The applications to demolish and replace the units will be before the Toronto and East York Community Council Tuesday, which will decide whether to...
read more