Author: Zoe Mitchell
The latest Canada Mortgage and Housing Corporation (CMHC) Rental Market Report, released in December, sheds light on various shifts in Canada’s rental landscape, including the critical role that condominiums have played in boosting the rental supply, particularly in markets like Toronto and Vancouver. As rental conditions remain tight across most major urban centers, new condominium apartment completions have been significant contributors to Canada’s rental stock. Increase in Condominium Apartment Completions One of the standout findings from CMHC’s report is the significant rise in condominium apartment completions, particularly in cities like Toronto and Vancouver. As more investor-owned condominium units entered the…
Investing in affordable and sustainable housing has often been seen as a compromise between social impact and financial return. However, the Canada Mortgage and Housing Corporation’s (CMHC) MLI Select program aims to change this. By incentivizing projects that prioritize affordability, sustainability, and accessibility, MLI Select enables real estate investors to achieve both goals. The Mechanics of MLI Select MLI Select uses a scoring system built around three pillars: affordability, energy efficiency, and accessibility. Each project earns points based on its alignment with these criteria. Higher scores unlock more favourable financing terms, such as: Enhanced loan-to-value (LTV) ratios: Up to 95%,…
In 2024, Canada’s purpose-built rental market experienced its highest annual supply growth in over three decades. The sector grew by 4.1%, reflecting efforts to respond to sustained demand for rental housing across the country. Key Contributors: Montréal and Calgary Outpace Averages According to the latest CMHC Fall 2024 Rental Market Report, released in December, Montréal and Calgary played central roles in the increase, contributing more units than their historical norms. Montréal added over 14,000 new rentals, surpassing its average by 34%, while Calgary delivered nearly 7,000 units, which was 165% above its usual levels. Both cities were responding to strong…
In November, Vancouver’s housing market experienced slowing sales activity after a surge in October, high inventory levels, and stabilizing prices showing signs of stabilization. Sales After a notable 19% surge in October, the second-largest monthly increase since the COVID lockdowns, seasonally adjusted home sales in Vancouver declined by an estimated 3% in November, according to a report from Edge Realty Analytics. Despite the dip, sales remained 28% higher than in November of last year. Source: Edge Realty Analytics New Listings Seasonally adjusted new listings dropped by approximately 4% in November compared to October. However, they were still 10% higher than…
If you’re looking to buy a new home in Ontario, the financials are getting tougher – not easier. That’s our take on findings in a new report done for RESCON by the Canadian Centre for Economic Analysis. The average tax burden on the final purchase price of a new home in Ontario has jumped to almost 36 per cent of the purchase price, a substantial increase from the 31-per-cent figure of just three years ago. On the average price of a new home in Ontario, which is $1,070,000, consumers would now pay nearly $381,000 in income taxes, corporate, sales and…
November saw Toronto’s housing market regain some momentum, with sales improving, but with some complexities. Home Sales Show Gains Seasonally adjusted home sales in Toronto rose by 1.9% month-over-month (m/m) in November. However, October’s figures were revised downward by 1%, making November’s gains appear slightly stronger than they truly were. Despite this adjustment, sales remain up by an impressive 39% compared to November last year. Detached home sales in the 416 area showed particularly robust growth, nearly 50% higher year-over-year (y/y). Over the past two months, the sales trend has shown notable improvements in both the condo and single-family home…
For many Canadians, purchasing their first home is a significant milestone and a cornerstone of financial stability. However, with careful planning and strategic decision-making, this milestone can be just the beginning of a journey towards financial independence through real estate investments. Step 1: Set Goals and Plan It is never too early to set long-term goals. Circumstances will change, and you will need to regularly reassess them, but having an extended plan, with realistic, shorter-term milestones, is crucial to guide and ensure forward progress. Define your long-term financial objectives, including retirement savings, debt repayment, and lifestyle aspirations. Establish a timeline…
Prince Edward Island (PEI) has secured $2.4 million in federal funding through Natural Resources Canada’s Codes Acceleration Fund to adopt more energy-efficient building standards. This initiative will help reduce greenhouse gas emissions, support energy affordability, and modernize construction practices across the province. The building sector is Canada’s third-largest source of greenhouse gas emissions, contributing significantly to climate change. With space and water heating accounting for 96% of building-related emissions, transitioning to energy-efficient designs has the potential for significant impact. Enhancing Building Codes in PEI The funding will enable PEI to implement higher performance tiers of the 2020 National Model Energy…
The Manitoba real estate market experienced notable activity in November 2024, with increasing sales, declining inventories, and rising prices shaping the landscape. Total Residential Market Sales The number of homes sold through MLS® Systems in Manitoba totalled 1,077 units in November 2024, representing a 20.3% increase compared to November 2023. Sales were 1.5% below the five-year average and 5.9% above the 10-year average for the month. Year-to-date home sales reached 14,963 units in the first 11 months of 2024, a 10.9% rise from the same period in 2023. Listings New residential listings saw a slight increase of 0.1% year-over-year, with…
The Northern BC real estate market in November 2024 demonstrated a mix of resilience and tightening conditions. Sales activity showed growth compared to the previous year, while inventory levels continued to contract. Rentals remained affordable. This region includes the Bulkley-Nechako, Cariboo, Fraser Fort George, Peace River/Fort Nelson, and Skeena/North Coast areas. Sales In November 2024, the northern regions of British Columbia experienced strong home sales momentum. A total of 304 homes were sold, marking a 20.2% increase compared to November 2023. While sales were still 5.3% below the five-year average and 1.9% below the 10-year average for November, the year-to-date…