Liberals look to make housing more affordable for neediest families

Liberals look to make housing more affordable for neediest families
OTTAWA — The Liberals will announce plans today to spend tens of billions in federal dollars on a housing strategy that will provide housing benefits directly to low-income tenants, as well as repairs and renovations to some 300,000 units. Multiple sources with knowledge of the national housing strategy say the government will also announce plans to legislate a right to housing, which... Read More

CREA reports October home sales in Canada up 0.9 per cent from September

CREA reports October home sales in Canada up 0.9 per cent from September
OTTAWA — Canadian home sales in October ticked higher compared with September, the third consecutive monthly increase. The Canadian Real Estate Association said Wednesday the number of homes sold through its MLS system in October was up 0.9 per cent from the previous month, led by the Toronto region and the Fraser Valley in B.C. TD Bank senior economist Michael Dolega said the... Read More

Home sales in B.C. rise in October despite higher prices, less choice

Home sales in B.C. rise in October despite higher prices, less choice
VANCOUVER — British Columbia’s housing market continues to power forward even though real estate experts say fewer properties are available for sale. The British Columbia Real Estate Association says there were 8,677 residential sales across the province in October, a leap of 19.3 per cent over the same period last year. The association says $6.25 billion changed hands during last month’s transactions, a 41.6... Read More

Condo cancellation renews calls for more protections for pre-build buyers

Condo cancellation renews calls for more protections for pre-build buyers
The cancellation of a ten-storey Toronto condominium development that has thrust would-be owners back into an increasingly competitive condo market has renewed calls for tighter regulations and more protections for buyers of pre-construction projects. The Museum FLTS condominium cancelled earlier this month is the latest condo project to be shelved. Developer Castlepoint Numa cited lengthy delays in obtaining the necessary approvals, building permits and, in turn, financing, as... Read More

PROREIT announces major expansion with binding agreement to acquire 19-property portfolio anchored primarily by Rexall pharmacies

PROREIT announces major expansion with binding agreement to acquire 19-property portfolio anchored primarily by Rexall pharmacies
PRO Real Estate Investment Trust (TSXV: PRV.UN), an unincorporated open-ended real estate investment trust, announced earlier this morning that it has entered into a binding agreement to acquire 19 properties in British Columbia, Alberta, Saskatchewan and Ontario, the majority of which is anchored by Rexall pharmacies. The properties comprise both stand-alone drug stores and community service centres. The purchase price... Read More

Vancouver readies homeowners for empty homes tax; first payments in February

Vancouver readies homeowners for empty homes tax; first payments in February
VANCOUVER — Owners of secondary homes in Vancouver that sat vacant for more than six months this year will soon have to pay a new empty homes tax, but it remains to be seen whether it’s having an effect on the city’s tight rental market. The city became the first in Canada to introduce such a tax this year. Owners of empty secondary properties... Read More

Tech, housing boom creates homeless crisis on West Coast

Tech, housing boom creates homeless crisis on West Coast
SEATTLE — In a park in the middle of a leafy, bohemian neighbourhood where homes list for close to $1 million, a tractor’s massive claw scooped up the refuse of the homeless – mattresses, tents, wooden frames, a wicker chair, an outdoor propane heater. Workers in masks and steel-shanked boots plucked used needles and mounds of waste from the underbrush. Just a... Read More

Greater Montreal homes sold quicker in October as prices rose 9.2 per cent

Greater Montreal homes sold quicker in October as prices rose 9.2 per cent
MONTREAL — Greater Montreal homes sold more quickly in October as continued strong demand propelled average prices 9.2 per cent higher, the area’s real estate board said Monday. “The single-family home and plex markets are becoming increasingly favourable to sellers, as selling times for these property categories are falling,” said Mathieu Cousineau, president of the Greater Montreal Real Estate Board. Single family... Read More

Five things to watch for in the Canadian business world in the coming week

Five things to watch for in the Canadian business world in the coming week
TORONTO — Five things to watch for in the Canadian business world in the coming week: Economic update Bank of Canada governor Stephen Poloz will speak at a conference co-hosted by CFA Montreal and the Montreal Council on Foreign Relations on Tuesday. Last week, Poloz told a Commons committee that Canada is at a “crucial” spot in the economic cycle facing... Read More