2020 News Index
Home sales rally stalled by virus
Housing sales in major Canadian markets were in the midst of a rally in March, but that ended mid-month when the extent of the COVID-19 crisis hit home, according to real estate sales data.
Many did not pay rent in B.C. on April 1
British Columbia, Manitoba and Quebec have all banned rental evictions for the next three to four months due to COVID-19 job losses. In B.C. many have taken this as a signal not to pay rent.
Ontario halts most construction for 14 days
Following the lead of Quebec—and perhaps a harbinger for other provinces—the Ontario government has temporarily shut down most residential construction amid efforts to contain COVID-19.
Renovators work around virus
While self-isolation and economic woes threaten Canada’s $50 billion home renovation industry, some
1.99% mortgage as BoC slashes rate
HSBC began offering a 1.99 per cent three-year term mortgage as of March 27 after the Bank of Canada (BoC) slashed its benchmark interest rate to 0.25 per cent amid the COVID-19 pandemic.
Virus may cause “paralysis” in housing market
While some mortgage brokers and real estate agents say the effects of the COVID-19 pandemic could spur housing sales due to lower interest rates, the B.C. Real Estate Association (BCREA) warns there will be a sharp downturn at least during the first half of 2020.
Renovation spending was tracking up
Renovation spending in Canada was tracking upwards, according to Altus Group, but most contractors say a slowdown is expected in the first half of this year. The reason, of course, is the COVID-19 pandemic which is keeping many Canadian households in isolation.
COVID-19 slump exposes contractor liability
Residential and commercial construction will slow in the face of the COVID-19 crisis and the Council of Ontario Construction Association (COCA) warns this could leave builders on the hook.
Home shows cancelled, meetings postponed
Canada’s largest home show, the Toronto Home Show, has been cancelled.The largest home show in North America, in Chicago, had earlier been called off. Both cancellations were due to fears of the new coronavirus.
Emergency BoC rate cut will fuel home sales
The 0.5 per cent reduction in the Bank of Canada (BoC) overnight lending rate on March 13 in response to the coronavirus pandemic will “add fuel to the fire” in the housing market. Some homebuyers could be paying mortgage rates as low as 1.95 per cent.
GTA home sales kick into higher gear
Housing sales across Greater Toronto soared 45.6 per cent in February compared to February 2019 in a widely based rebound that reached from downtown Toronto to communities through the Greater Toronto Area (GTA).
Unique insulation promises aesthetics, performance
A unique new insulation product may please both architects and contractors on new home sites, perhaps a breakthrough itself.
Rate cut expected to fuel home sales
The dramatic rate cut by the Bank of Canada could throw fuel on a rapidly developing housing sales recovery in Canada’s biggest and most expensive housing markets.
'Trust in Real Estate' act passed
Ontario has passed the Trust in Real Estate Services Act (RESA), which has wide support from the real estate community, including the Ontario Real Estate Association (OREA) and the Toronto Real Estate Board.
It’s housing starts, stupid
Minor tinkering with government monetary policy and buyer incentives is not what is needed to create more affordable and accessible homes in Canada: It is an increase in the supply of homes that is the solution, analysts argue.
Mortgage stress test relief coming
Minister of Finance, Bill Morneau, has announced changes to the benchmark rate used to determine the minimum qualifying rate for insured mortgages, also known as the “stress test.”
Soaring condo insurance costs spook B.C. realtors
Soaring insurance costs for condominium projects and condominium owners has convinced the B.C. Real Estate Association (BCREA) to rewrite its provincial disclosure statements for homebuyers.
Immigrants not filling skilled labour gap: study
Three in five new immigrants to Canada hold a university degree but what appears to be a bonus is actually causing problems in meeting Canada’s actual skilled labour shortage.
Sales down, starts up as new decade begins
Sales of existing homes were down but starts of new homes increased in
January 2020 compared to the last month of the previous decade.
Immigrants pooling in just three cities
If three cities are taken out of the equation, the rest of Canada is seeing only about 56,000 new immigrants a year, according to new Statistics Canada data, despite immigration levels hitting unprecedented highs.
Uh-oh, Toronto bounces back into boom zone
January home sales in the Greater Toronto Area (GTA) were so strong the Toronto Regional Real Estate Board (TRREB) is now forecasting a return to the booming levels of four years ago.
TD kicks off five-year rate cut cycle
In what some believe could be the start of a downward cycle, TD Bank has chopped its interest rate on five-year mortgage loans.
Smarter concrete sensors allow remote monitoring
Concrete sensors have been around for a while now, but new technology unveiled at the World of Concrete trade show in Las Vegas this month has moved the dial on its acceptance and versatility.
Robot dogs patrol construction site
A Montreal construction site is using two roving robot dogs for safety and monitoring—apparently the first time in the world that such robots are used daily on an active work site.
Few opt for first-time buyer incentive
Less than 3,000 applicants were approved last year for the federal First-Time Home Buyer Incentive (FTHBI) which began September 2, 2019. But the program is not the “flop” that some critics claim, according to Canada Mortgage and Housing Corp. (CMHC).
Land swapped for low-cost seniors’ housing
In a unique agreement, Vancouver developer Intracorp has partnered with a non-profit group to deliver affordable senior housing and develop market townhouses.
Daniels Corp. building Canada’s biggest project
Daniels Corp. has been awarded the contract for what is being hailed as the largest mixed-use development in Canada—a 130-acre project surrounding the Square One Shopping Centre in Mississauga that will eventually include 18,000 residential units.
New appliances for condo spaces
A sink that washes dishes and range with an onboard air fryer are among the hot new appliances designed for condo living, but could also be incorporated into secondary suites during renovations.
Edmonton realtors brace for slow year
Edmonton housing sales will not be much better in 2020 than a year earlier, even as housing prices decline and housing starts increase, according to the Realtors Association of Edmonton (RAE).
Mortgage stress linked to rental crisis
Evidence is mounting that the federal government mortgage stress test may have led to the current rental crisis in Canada, which has seen rental vacancy rates fall to 2.2 percent—their lowest level in 18 years—and rental costs rise for the third year in a row.
Mortgage delinquency rate rising
Apparently slightly more Canadian homeowners are slipping behind in their mortgage obligations, perhaps a reflection of the higher consumer debt load.
Townhouses becoming rare in Vancouver
Despite high buyer demand and a record-setting home construction pace, new townhouses are becoming rare in the city of Vancouver.
Jeld-Wen opens new tri-pane window
Jeld-Wen Window and Doors will use the Western Retail Lumber Association (WRLA) 2020 Buying Show taking place in Calgary from January 22-24 to introduce its new line of windows, the Northern Tri-Pane Collection.
AI could help condo buyers
A Vancouver tech company says it has come up with an artificial intelligence (AI) platform that can help condo buyers and their real estate agents sift through years of condominium and strata corporation documents.
5,400 more construction jobs—more growth predicted
Canada’s construction industry added 5,400 jobs from October to November of 2019— but this may pale in comparison to potential job creation in 2020.
First-time buyers face challenging year
It will be difficult for first-time buyers to share in the expected housing recovery in 2020, according to Canada Mortgage News.
GTA housing demand will eclipse supply
Re/Max is bullish on the Greater Toronto Area (GTA) heading into 2020, forecasting a 6 per cent increase in average composite house prices from the $766,236 level of 2019.
Steady sales, rising prices seen for 2020
The Canadian housing market will gain strength in 2020 and homebuyers will continue to see rising prices right into 2021, according to Canada Mortgage and Housing Corp. (CMHC).
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