Author: Zoe Mitchell
Ottawa, November 29, 2024 – The Canada Mortgage and Housing Corporation (CMHC) has released its financial results for the third quarter of 2024, revealing a sustained increase in demand for multi-unit insurance products, driven largely by the continued success of its MLI Select program. As Canada’s sole provider of mortgage loan insurance for multi-unit residential properties, CMHC facilitates access to lower borrowing costs and preferred interest rates for construction, purchase, refinance, and mortgage renewals. These efforts form a core part of CMHC’s broader mandate, which also includes delivering housing programs on behalf of the federal government. For the three months…
The Distillery District is a key part of Toronto’s history, but now it is also where the future begins. The Goode Condos is a sleek 32-storey development that plans to offer modern urban living within the Distillery District, one of the city’s most cherished neighbourhoods. This new development will blend history, innovation, and connectivity, to stand as one of the final opportunities to own a residence in this renowned historic locale. Prime Location at the Heart of the Distillery District The Goode Condos’ location is a true highlight, placing residents within steps of Toronto’s celebrated Distillery District, where classic brick…
The City of Vancouver has published its first Annual Progress Report on its efforts to meet the provincial housing targets, marking a significant step toward addressing the region’s housing needs. Despite facing challenges such as rising interest rates, construction costs, and labour shortages, Vancouver’s development pipeline is on track to meet the provincial housing targets set for the next five years. Progress Toward Provincial Housing Targets Between October 1, 2023, and September 30, 2024, Vancouver completed 4,143 new housing units. This represents 80% of the year-one target set by the Province. The targets per year are: Year 1: 5,202 Year…
Calgary’s real estate market offers unique opportunities for investors looking to start or expand a real estate portfolio. Known for its relatively affordable property prices, steady population growth, and a diversified economy, Calgary has emerged as a highly desirable market in Canada. Partnering with a leading Calgary investment realtor can assist investors in identifying ideal properties, both in and around the city, which align with their objectives and have good potential. Jesse Davies, leader of the Jesse Davies Team with Century 21, shares some of his insights on what investors need to know before starting or expanding their portfolios in…
The Toronto Regional Real Estate Board (TRREB) recently released a report “Breaking the Backlog: Restoring Fairness and Justice to Ontario’s Landlord and Tenant Board”, providing insights on systemic inefficiencies in the Landlord and Tenant Board (LTB) and their broader implications for Ontario’s housing market. Their report calls for a series of reforms aimed at improving the LTB’s operations and restoring trust in its ability to deliver timely resolutions for landlords and tenants. The province has taken some initial steps and is adopting a couple of the recommendations under the report. In its Fall 2024 Red Tape Reduction package, announced on…
Vacation Rental Business Development If you are looking to invest in a vacation rental property to diversify your portfolio and earn extra income, it is important that you are prepared fully on how to manage and rent out your vacation property, so it can be a highly successful vacation rental business for you. The vacation rental industry is competitive; being well-informed is critical to compete. Vacation Rental Business Development Before buying holiday homes and hoping to rent them out, there are several aspects to research and business activities to conduct. Financing An obvious first step is to look into financing…
Setting Up a Vacation Rental Business Investing in vacation rental properties offers an opportunity to diversify your portfolio, generate additional income, and potentially create a lifestyle asset. However, the vacation rental market is highly competitive, so a deep understanding of various business aspects is required to succeed. Strategic Business Development for Vacation Rentals Before purchasing a vacation property, conduct thorough research to understand market dynamics, regulatory requirements, and potential financial returns. There are a few key steps to help shape your business approach. How Will You Use the Property? First, consider whether the property will be used solely as a…
The Residential Construction Council of Ontario is challenging whether the City of Toronto has legal authority to impose green building standards on new residential construction projects. In a nutshell, we feel they do not as the regulations are already established in the Ontario Building Code (OBC). We have filed a legal application with the Ontario Superior Court of Justice and are seeking a mandatory order that would block the city from enforcing escalating Toronto Green Standard (TGS) performance measures that go well beyond those set out in the building code. We want the Building Code Act enforced and an order…
Atlantic Canada’s real estate market in Q3 2024 showed varied activity across residential, rental, industrial, and office sectors. Residential sales and prices rose alongside population growth, while rental rates increased year-over-year despite slight monthly declines. Industrial markets added significant new supply, raising availability rates and average rents. In the office sector, suburban and downtown submarkets displayed differing trends in Fredericton and St. John’s. Residential Summary for Q3 2024 Sales Residential sales in Atlantic Canada increased by 3.7% quarter-over-quarter and 4.3% year-over-year. Listings New listings rose by 2.4% from Q2 2024 and 7.2% year-over-year. Active listings saw a 2.1% decrease from…
Quebec’s real estate market in Q3 2024 reflected ongoing trends across residential, rental, industrial, and office sectors. Residential sales and prices sustained their upward momentum, while industrial and office markets experienced ongoing challenges. Residential Summary for Q3 2024 An Edge Realty Analytics report indicates some notable trends in the residential market for Quebec. Sales Residential sales in Quebec increased by 5.9% quarter-over-quarter, with an 18.6% year-over-year rise, reflecting sustained activity in the housing market. Listings New listings rose by 0.6% from Q2 2024 and 9.7% year-over-year. Active listings showed smaller growth, up 0.5% quarter-over-quarter and 17.1% year-over-year. Prices Home prices…