WEEK OF SEPTEMBER 25 2023 NEWSREEL WITH JEFFREY MCNEIL
On October 3rd, the people of Manitoba will head to the polls for the province’s 43rd provincial election – we look at who’s leading and what’s at stake. Plus, a FRPO webinar, HDAA announcement and IPOANS Women in Rental Housing Luncheon.
read moreHOUSING CRISIS FINALLY PUSHES CANADA’S ECONOMY INTO RECESSION: REPORT
The long-anticipated, but delayed, recession on the Canadian economy has finally arrived, according to a new report by Oxford Economics. Highly indebted households and overvalued home prices are the driving factors leading to a pullback in consumer spending, which has slowed significantly since early 2023 — even with strong immigration, strong job growth, and the remaining spending spree backed by excess pandemic-time savings. The recession was originally expected to hit in the fourth quarter...
read moreCMHC EXAMINES 1970S TAX SHELTER AS AGENCY SEEKS SOLUTIONS TO RENTAL CRISIS
Canada’s housing agency has reached back nearly five decades to examine a long-abandoned tax shelter that was aimed at spurring the construction of apartment buildings, as it analyzes how to deal with the “persistent undersupply” of rental housing in the country. On Thursday, the federal Liberal government announced it was immediately lifting the GST from the construction of new rental apartments, a move developers have long called for. But internal records show the Canada...
read moreWHAT THE LIBERALS’ AFFORDABILITY BILL MEANS FOR CANADIANS, AND HOW IT WILL AFFECT HOUSING AND FOOD PRICES
Minister of Finance Chrystia Freeland tabled on Thursday Bill C-56, the Affordable Housing and Groceries Act, which removes the GST on new rental housing construction and amends the Competition Act to enhance competition, particularly in the grocery sector. Here is a rundown of what this bill means for Canadians, and how it could affect construction housing and grocery prices moving forward. Which buildings would be subject to the GST rental rebate? The goal of the measure is to incentivize...
read moreTHE RENTAL MARKET AND A $2.1 TRILLION HOUSING GAP
Immigration is transforming Canadian real estate. While a host of other factors are impacting the market, this historic surge underpins the state of opportunity. As Canada’s population continues to grow, the demand for housing, particularly in urban centers like Toronto, Montreal, and Vancouver, has intensified. This phenomenon has ushered in a wave of opportunities and challenges for investors in the rental housing market. The central challenge in the current housing market is the imbalance...
read moreWEEK OF SEPTEMBER 18 2023 NEWSREEL WITH JEFFREY MCNEIL
On September 14th, the federal government announced the removal of the GST for new construction in the hope of getting more shovels in the ground and lowering rents – one might be possible – the second not likely.
read moreOTTAWA URGES N.S. GOVERNMENT TO ELIMINATE SALES TAX ON RENTAL BUILDING PROJECTS
Sean Fraser, the federal minister of housing, infrastructure and communities, wrote Nova Scotia Premier Tim Houston on Thursday to urge the removal of the provincial portion of the Harmonized Sales Tax off rental home construction. “We must build more homes — and we must build them by the millions,” Fraser said in the letter. “Let us be bold so we may give hope to millions of Canadians who are not living the life they had hoped for themselves, in large part because they do...
read moreMANY CALGARY RESIDENTS ‘SQUEEZED OUT’ OF THE HOUSING MARKET
A professor of planning says both renters and buyers in Calgary are feeling the impact of higher prices – and she says the city should adopt recommendations from its housing affordability task force to tackle the issue. Sasha Tsenkova, a professor of planning at the University of Calgary, said in an interview with BNN Bloomberg Wednesday that rental costs in Calgary have increased by 37 per cent over the last year and house prices have risen by 40 per cent during that time. “A lot of people...
read moreB.C. GENERAL EMPLOYEES’ UNION CALLS ON PROVINCE TO IMPLEMENT VACANCY CONTROL RENTAL POLICY
As the province moves to raise rent increase maximums, the B.C. General Employees Union (BCGEU) is urging officials to take a different approach to affordable living in B.C. On Monday, the province announced that the annual allowable rent increase in 2024 will be 3.5 per cent — up from 2 per cent. Premier David Eby said the province tried to weigh the needs of both landlords and renters, both of whom are feeling the effects of inflation. The union, which represents more than 85,000 workers in...
read moreCANADA’S HOUSING CRISIS WILL TAKE YEARS TO SOLVE: FINANCE MINISTER
An affordable housing crisis that is hurting the Canadian government’s popularity will take years to resolve, even if construction hits an 80-year high, Finance Minister Chrystia Freeland said on Saturday. Her comments were among the first by a senior member of Prime Minister Justin Trudeau’s Liberal administration to acknowledge the scale of the challenge. Polls show the Liberals trailing their Conservative rivals, who blame Ottawa for high inflation and soaring home prices....
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