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MORE HOUSING TAXES WON’T HELP ANYONE, SAYS EBY

Posted in Housing, Industry Trends, Newsworthy, Tax Law

MORE HOUSING TAXES WON’T HELP ANYONE, SAYS EBY

Housing Minister David Eby is rejecting calls for more housing taxes, saying a “massive” increase in the housing supply is his preferred route to improve housing affordability in B.C. “No tax policy is going to put a roof over someone’s head,” Eby declared this week in fending off calls for the New Democrats to bring in new taxes and thereby discourage demand. The proposal from UBC-based Generation Squeeze for a surtax on homes valued at more than $1 million? “I don’t agree,” Eby told Stephen...

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RENTING A PLACE IN 2022? HERE’S WHAT YOU SHOULD KNOW FIRST

Posted in Industry Trends, Newsworthy, Rental Rates

RENTING A PLACE IN 2022? HERE’S WHAT YOU SHOULD KNOW FIRST

Last year, Noélla Ingabire listed a two-bedroom Toronto condo for $2,500 per month around May and barely had a handful of applications. Just months later, in September, she relisted the same unit and immediately got more than 30 potential tenants outbidding one another. Ultimately, the realtor rented out that condo for $4,000. That’s just one of many cases illustrating the frenzy happening in the Canadian rental market. BNN Bloomberg interviewed a variety of experts about the trends taking...

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BANK OF CANADA WILL RAISE RATES 500% THIS YEAR, TO START WITHIN WEEKS: NATIONAL BANK

Posted in Finance, Industry Trends, Newsworthy

BANK OF CANADA WILL RAISE RATES 500% THIS YEAR, TO START WITHIN WEEKS: NATIONAL BANK

Canada’s central bank is about to take away the punch bowl real estate has been binging on for the past few years. The National Bank of Canada (National Bank) has forecast interest rates will rise over the next few weeks to combat inflation. Canada’s freshly lowered neutral rate means this will top out fairly fast, though. Canadians Should Expect Interest Rates To Rise 500% This Year National Bank sees interest rates doing a steep climb this year, and they expect it to start within weeks. In...

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MORE PEOPLE MOVED TO ALTA.; NORTH BAY, ONT., THAN ANY OTHER PROVINCE OR CITY: U-HAUL REPORT

Posted in Industry Trends, Newsworthy

MORE PEOPLE MOVED TO ALTA.; NORTH BAY, ONT., THAN ANY OTHER PROVINCE OR CITY: U-HAUL REPORT

U-Haul has named Alberta as the country’s top growth province for 2021 as more trucks moved in than out compared to the previous year. Alberta netted more one-way U-Haul truck customers than any other province, followed by British Columbia and Ontario, according to the company’s collection of migration trends for the year. The province saw a 33-per-cent increase in trucks arriving in 2021 compared to the previous year, while departures rose by 29 per cent. Overall, U-Haul reports that...

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VICTORIA RENT PRICES ARE OFFICIALLY MORE EXPENSIVE THAN TORONTO’S

Posted in Industry Trends, Newsworthy, Rental Rates, Vacancy Rates

VICTORIA RENT PRICES ARE OFFICIALLY MORE EXPENSIVE THAN TORONTO’S

If renting in a big city like Vancouver or Toronto is too expensive, then you might want to look to a smaller city to get rent relief. But you’d be hard-pressed to find it in Victoria, BC, because it just surpassed Toronto, Ontario, as the second most expensive city to rent across Canada. According to a new rent report from liv.rent, it’s a new year, with new higher rental averages for Victoria. liv.rent While Toronto used to be the most expensive city to rent in across Canada, Vancouver...

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CANADA NEEDS A FRESH APPROACH TO BUILD DESPERATELY NEEDED NEW HOMES

Posted in Housing, Industry Trends, Newsworthy

CANADA NEEDS A FRESH APPROACH TO BUILD DESPERATELY NEEDED NEW HOMES

A new year has dawned but the same old housing challenges remain. Most forecasts suggest housing prices will continue to increase, although more slowly than before, since the demand for housing will exceed the supply of available homes even if the expected rise in mortgage rates takes some heat out of the market. Markets across Canada concluded 2021 with escalating sales and prices, which is a boon for sellers and a source of anguish and despair for frustrated unsuccessful buyers. For example,...

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CANADIAN REAL ESTATE NEEDED TIGHTER MONETARY POLICY A YEAR AGO: BMO

Posted in Housing, Industry Trends, Newsworthy

CANADIAN REAL ESTATE NEEDED TIGHTER MONETARY POLICY A YEAR AGO: BMO

Just when you think Canadian real estate can’t get any more exuberant, the central bank straps a rocket to it. That was the take from BMO, whose Friday research note is a quick look at Toronto real estate prices. The city, much like the rest of Canada, is seeing some of the highest home price growth since 2017. Except back then, various levels of government considered it an emergency. Now they’re pumping the market higher. The country’s oldest bank didn’t mince words, pinning the exuberant...

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PROPOSED SURTAX ON HOMES WORTH MORE THAN $1M RIDICULOUS

Posted in Affordable Housing, Housing, Industry Trends, Newsworthy, Tax Law

PROPOSED SURTAX ON HOMES WORTH MORE THAN $1M RIDICULOUS

It took less than one week into 2022 for me to find that I needed to dig deep and fight the involuntary urge to slam my head into my keyboard upon reading of the latest proposal to cure our Canadian housing affordability crisis. Perhaps you missed it, lost in the deluge of media coverage of the absolute barn-burner that was the 2021 Canadian real estate market is a new report coming out of B.C. proposing a surtax on homes over $1 million. Published by Vancouver-based non-profit Generation...

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RISING INTEREST RATES, LOW HOUSING SUPPLY IN STORE FOR CANADA IN 2022: REPORT

Posted in Housing, Industry Trends, Newsworthy

RISING INTEREST RATES, LOW HOUSING SUPPLY IN STORE FOR CANADA IN 2022: REPORT

After nearly two years of historic lows, aspiring Canadian homeowners will have to keep an eye out for rising interest rates in 2022. A recently released report from real estate agency Zoocasa outlined five major predictions that Canadians should anticipate in 2022 — including rising interest rates. As to be expected as we continue to move through the pandemic, there will be some less-than-exciting changes coming to the real estate market. But unfortunately, when it comes to the aspects of the...

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CANADIAN REAL ESTATE PROVIDED OVER 10% OF GDP GROWTH

Posted in Finance, Industry Trends, Newsworthy

CANADIAN REAL ESTATE PROVIDED OVER 10% OF GDP GROWTH

Canadian real estate’s economic contribution was slowing, but it’s back with a vengeance. Gross domestic product (GDP) made a big jump in October, with real estate doing a lot of the heavy lifting. A component, real estate and rental and leasing (RERL) provided over a tenth of the monthly GDP increase. RERL showed the biggest growth since last year. Canadian Real Estate Rental And Leasing Canadian real estate significantly boosted the economy’s growth last month. In October, the RERL sector...

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