ALBERTA POPULATION SURGE CAUSING RAFT OF POLITICAL AND FINANCIAL PROBLEMS FOR THE PROVINCE
Alberta’s classrooms are crowded. Housing costs are expected to climb, propping up inflation. Economic growth will lag population growth. The province started its most recent fiscal update with good news: It expects a surplus of $2.9-billion this year, more than eight times larger than it originally predicted. Then came the bad: “The rapid and unexpected growth in population has added pressures on government programs and services,” the government said. This clinical description, contained in...
read moreCANADA’S UNEMPLOYMENT RATE APPROACHING ‘WORRYING LEVELS’: SENIOR ECONOMIST
A senior economist at job-search website Indeed says that Canada’s unemployment rate is approaching “worrying levels” as employment growth continues to lag behind the number of new participants in the labour force. “The story really is that the job numbers aren’t keeping up with that soaring size of the labour force and it’s resulting in a weaker employment situation,” Brendon Bernard told BNN Bloomberg in a Friday interview. Bernard’s comments came immediately after Statistics Canada released...
read moreRENT SUPPLEMENT CHANGES COMING AFTER HUNDREDS IN N.S. RECEIVE MORE THAN THEIR ACTUAL RENT
Changes are being made to a joint provincial-federal rent supplement program after hundreds of its clients in Nova Scotia received payments that exceeded their actual rent. The province said about 860 applicants currently receive benefits that are higher than the amount they pay for rent, under the Canada-Nova Scotia Targeted Housing Benefit, a program introduced to help people struggling with rising rental costs during the housing crisis. “I think that’s been going on since the...
read moreRENT IS FALLING IN TORONTO? THE HOUSING MARKET SHOWS ITS SUPPLY SIDE
The cost to rent a home in Toronto and Vancouver is falling. At the same time, the construction of new homes – especially rentals – is in a multiyear surge, compared with before the pandemic. This news doesn’t mean it is suddenly cheap to rent in the two most expensive cities in the country or that there’s enough new housing in Canada. But it does show a significant increase in the new supply can help ease prices. The market works. The shift in Toronto is particularly striking. The average...
read moreMONTREAL 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...
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